Document:

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                                                                     EXHIBIT 4.8

                            LIBERTY MEDIA CORPORATION

                                       AND

                              THE BANK OF NEW YORK

                                     Trustee

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

                          THIRD SUPPLEMENTAL INDENTURE

                          Dated as of February 2, 2000

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

                        Supplementing the Trust Indenture

                            Dated as of July 7, 1999

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

                $1,000,000,000 8-1/4% Senior Debentures due 2030

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         THIRD SUPPLEMENTAL INDENTURE, dated as of the 2nd day of February,
2000, between LIBERTY MEDIA CORPORATION, a corporation existing under the laws
of the State of Delaware (the "Company"), and The Bank of New York, a New York
banking corporation, having its principal corporate trust office in The City of
New York, New York, as trustee (the "Trustee");

         WHEREAS, the Company has heretofore executed and delivered to the
Trustee an Indenture dated as of July 7, 1999 (the "Original Indenture" and,
together with this Third Supplemental Indenture, the "Indenture") providing for
the issuance by the Company from time to time of its senior debt securities to
be issued in one or more series (in the Original Indenture and herein called the
"Securities");

         WHEREAS, the Company, in the exercise of the power and authority
conferred upon and reserved to it under the provisions of the Original Indenture
and pursuant to appropriate resolutions of the Board of Directors, has duly
determined to make, execute and deliver to the Trustee this Third Supplemental
Indenture to the Original Indenture in order to establish the form and terms of,
and to provide for the creation and issue of, a series of Securities designated
as the "8-1/4% Senior Debentures due 2030" under the Original Indenture in the
aggregate principal amount of $1,000,000,000;

         WHEREAS, Section 901 of the Original Indenture provides, among other
things, that the Company, when authorized by a Board Resolution, and the
Trustee, at any time and from time to time, without the consent of any Holders,
may enter into an indenture supplemental to the Original Indenture to establish
the terms of Securities of any series as permitted by Sections 201 and 301 of
the Original Indenture; and

         WHEREAS, all things necessary to make the Securities, when executed by
the Company and authenticated and delivered by the Trustee or any Authenticating
Agent and issued upon the terms and subject to the conditions hereinafter and in
the Indenture set forth against payment therefor, the valid, binding and legal
obligations of the Company and to make this Third Supplemental Indenture a
valid, binding and legal agreement of the Company, have been done;

NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH that, in order to
establish the terms of a series of Securities designated as the "8-1/4% Senior
Debentures due 2030," and for and in consideration of the premises and of the
covenants contained in the Original Indenture and in this Third Supplemental
Indenture and for other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, it is mutually covenanted and
agreed as follows:

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                                  ARTICLE ONE

                              DEFINITIONS AND OTHER
                        PROVISIONS OF GENERAL APPLICATION

         Section 101. Definitions.

         Each capitalized term that is used herein and is defined in the
Original Indenture shall have the meaning specified in the Original Indenture
unless such term is otherwise defined herein.

         "Cedel" shall mean Cedelbank.

         "Depository" shall have the meaning assigned to it in the Original
Indenture.

         "DTC" shall mean The Depository Trust Company.

         "Euroclear" shall mean the Euroclear System.

         "Initial Purchasers" shall mean Lehman Brothers Inc. and Salomon Smith
Barney Inc.

         "Interest Payment Date" shall have the meaning assigned to it in
Section 206.

         "Permanent Regulation S Security" shall have the meaning assigned to it
in Section 213(c).

         "Regulation S" shall mean Regulation S under the Securities Act.

         "Restricted Period" shall have the meaning assigned to it in Section
207.

         "Rule 144A" shall mean Rule 144A under the Securities Act.

         "Rule 144A Security" shall have the meaning assigned to it in Section
213(b).

         "Securities" shall mean the Company's 8-1/4% Senior Debentures due
2030.

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

         "Temporary Regulation S Security" shall have the meaning assigned to it
in Section 213(c).

         Section 102. Section References.

         Each reference to a particular section set forth in this Third
Supplemental Indenture shall, unless the context otherwise requires, refer to
this Third Supplemental Indenture.

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                                  ARTICLE TWO

                        TITLE AND TERMS OF THE SECURITIES

         Section 201. Title of the Securities.

         The title of the Securities of the series established hereby is the
"8-1/4% Senior Debentures due 2030."

         Section 202. Amount and Denominations.

         The aggregate principal amount of the Securities which may be
authenticated and delivered under the Indenture is limited to $1,000,000,000,
except for Securities authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities of the same series
pursuant to Section 304, 305, 306, 904 or 1107 of the Original Indenture;
provided, however, that the Securities may be reopened, without the consent of
the Holders thereof, for issuance of additional Securities.

         Section 203. Registered Securities.

         The certificates for the Securities shall be Registered Securities and
shall be in substantially the form attached hereto as Exhibits A-1, A-2 and A-3,
and shall bear the legends as are inscribed thereon.

         Section 204. Issuance and Pricing.

         The Securities shall be issued and sold by the Company to the Initial
Purchasers, parties to the Purchase Agreement dated January 26, 2000 with the
Company, at a price equal to 98.324% of the principal amount thereof, and the
initial price to purchasers of the Securities from the Initial Purchasers shall
be 99.199% of the principal amount thereof, plus accrued interest, if any, from
February 2, 2000.

         Section 205. Stated Maturity.

         The Stated Maturity of the Securities on which the principal thereof is
due and payable shall be February 1, 2030.

         Section 206. Interest.

         The principal of the Securities shall bear interest from February 2,
2000 or from the most recent Interest Payment Date to which interest has been
paid or provided for, payable semiannually on February 1 and August 1 of each
year (each, an "Interest Payment Date"), commencing August 1, 2000, to the
Persons in whose names the Securities (or one or more Predecessor Securities)
are registered at the close of business on the January 15 or July 15 next
preceding such Interest Payment Date. Interest on the Securities shall be
computed on the basis of a 360-day year of twelve 30-day months.

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         Interest on the Securities will accrue at the rate of 8-1/4% per annum
until the principal thereof is paid or made available for payment.

         Section 207. Registration, Transfer and Exchange.

         The principal of and interest on the Securities shall be payable and
the Securities may be surrendered or presented for payment, the Securities may
be surrendered for registration of transfer or exchange, and notices and demands
to or upon the Company in respect of the Securities and the Indenture may be
served, at the office or agency of the Company maintained for such purposes in
The City of New York, State of New York from time to time, and the Company
hereby appoints the Trustee, acting through its office or agency in The City of
New York designated from time to time for such purpose, as its agent for the
foregoing purposes; provided, however, that at the option of the Company,
payment of interest on the Securities may be made by check mailed to the address
of the Persons entitled thereto, as such addresses shall appear in the Security
Register; and provided, further, that (subject to Section 1002 of the Indenture)
the Company may at any time remove the Trustee as its office or agency in The
City of New York designated for the foregoing purposes and may from time to time
designate one or more other offices or agencies for the foregoing purposes and
may from time to time rescind such designations. Notwithstanding the foregoing,
a Holder of $10 million or more in aggregate principal amount of certificated
Securities on a Regular Record Date shall be entitled to receive interest
payments on the next succeeding Interest Payment Date, other than an Interest
Payment Date that is also the date of Maturity, by wire transfer of immediately
available funds if appropriate wire transfer instructions have been received in
writing by the Trustee not less than 15 calendar days prior to the applicable
Interest Payment Date. Any wire transfer instructions received by the Trustee
will remain in effect until revoked by the Holder.

         Rule 144A Security to Temporary Regulation S Security. Prior to the
expiration of the "40-day restricted period" (within the meaning of Rule
903(c)(3) of Regulation S) (the "Restricted Period"), if a holder of a
beneficial interest in a Rule 144A Security deposited with the Depository wishes
at any time to exchange all or a portion of its interest in such Rule 144A
Security for an interest in the Temporary Regulation S Security, or to transfer
all or a portion of its interest in such Rule 144A Security to a Person who
wishes to take delivery thereof in the form of an interest in such Temporary
Regulation S Security, such holder may, subject to the rules and procedures of
the Depository and to the requirements set forth in the following sentence,
exchange or cause the exchange or transfer or cause the transfer of such
interest for an equivalent beneficial interest in such Temporary Regulation S
Security. Upon receipt by the Trustee, as transfer agent, at its office in The
City of New York of (1) instructions given in accordance with the Depository's
procedures from an agent member directing the Trustee to credit or cause to be
credited a beneficial interest in the Temporary Regulation S Security in an
amount equal to the beneficial interest in the Rule 144A Security to be
exchanged or transferred, (2) a written order given in accordance with the
Depository's procedures containing information regarding the Euroclear or Cedel
account to be credited with such increase and the name of such account and (3) a
certificate substantially in the form of Exhibit B hereto given by the holder of
such beneficial interest, the Trustee, as transfer agent, shall instruct the
Depository, its nominee, or the custodian for the Depository, as the case may
be, to reduce or reflect on its records a reduction of the Rule 144A Security by
the aggregate principal amount of the beneficial interest in such Rule 144A
Security to be so exchanged or transferred and the Trustee, as transfer agent,

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shall instruct the Depository, its nominee, or the custodian for the Depository,
as the case may be, concurrently with such reduction, to increase or reflect on
its records an increase of the principal amount of such Temporary Regulation S
Security by the aggregate principal amount of the beneficial interest in such
Rule 144A Security to be so exchanged or transferred, and to credit or cause to
be credited to the account of the Person specified in such instructions (who
shall be the agent member of Euroclear or Cedel, or both, as the case may be) a
beneficial interest in such Temporary Regulation S Security equal to the
reduction in the principal amount of such Rule 144A Security.

         Rule 144A Security to Permanent Regulation S Security. After the
expiration of the Restricted Period, if a holder of a beneficial interest in the
Rule 144A Security deposited with the Depository wishes at any time to exchange
all or a portion of its interest in such Rule 144A Security for an interest in
the Permanent Regulation S Security, or to transfer all or a portion of its
interest in such Rule 144A Security to a Person who wishes to take delivery
thereof in the form of an interest in such Permanent Regulation S Security, such
holder may, subject to the rules and procedures of the Depository and to the
requirements set forth in the following sentence, exchange or cause the exchange
or transfer or cause the transfer of such interest for an equivalent beneficial
interest in such Permanent Regulation S Security. Upon receipt by the Trustee,
as transfer agent, at its office in The City of New York of (1) instructions
given in accordance with the Depository's procedures from an agent member
directing the Trustee to credit or cause to be credited a beneficial interest in
the Permanent Regulation S Security in an amount equal to the beneficial
interest in the Rule 144A Security to be exchanged or transferred, (2) a written
order given in accordance with the Depository's procedures containing
information regarding the Euroclear or Cedel account to be credited with such
increase and (3) a certificate substantially in the form of Exhibit C hereto
given by the holder of such beneficial interest, the Trustee, as transfer agent,
shall instruct the Depository, its nominee, or the custodian for the Depository,
as the case may be, to reduce or reflect on its records a reduction of the Rule
144A Security by the aggregate principal amount of the beneficial interest in
such Rule 144A Security to be so exchanged or transferred and the Trustee, as
transfer agent, shall instruct the Depository, its nominee, or the custodian for
the Depository, as the case may be, concurrently with such reduction, to
increase or reflect on its records an increase of the principal amount of such
Permanent Regulation S Security by the aggregate principal amount of the
beneficial interest in such Rule 144A Security to be so exchanged or
transferred, and to credit or cause to be credited to the account of the Person
specified in such instructions (who shall be the agent member of Euroclear or
Cedel, or both, as the case may be) a beneficial interest in such Permanent
Regulation S Security equal to the reduction in the principal amount of such
Rule 144A Security.

         Regulation S Security to Rule 144A Security. If a holder of a
beneficial interest in the Temporary Regulation S Security or the Permanent
Regulation S Security which is deposited with the Depository wishes at any time
to exchange its interest for an interest in the Rule 144A Security, or to
transfer its interest in such Temporary Regulation S Security or Permanent
Regulation S Security to a Person who wishes to take delivery thereof in the
form of an interest in such Rule 144A Security, such holder may, subject to the
rules and procedures of Euroclear or Cedel and the Depository, as the case may
be, and to the requirements set forth in the following sentence, exchange or
cause the exchange or transfer or cause the transfer of such interest for an
equivalent beneficial interest in such Rule 144A Security. Upon receipt by the
Trustee, as transfer agent, at its offices in The City of New York of (1)
instructions from Euroclear or Cedel

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or the Depository, as the case may be, directing the Trustee, as transfer agent,
to credit or cause to be credited a beneficial interest in the Rule 144A
Security in an amount equal to the beneficial interest in the Temporary
Regulation S Security or the Permanent Regulation S Security to be exchanged or
transferred, such instructions to contain information regarding the agent
member's account with the Depository to be credited with such increase, and (2)
with respect to an exchange or transfer of an interest in the Temporary
Regulation S Security (but not the Permanent Regulation S Security) for an
interest in the Rule 144A Security, a certificate substantially in the form of
Exhibit D hereto given by the holder of such beneficial interest, the Trustee,
as transfer agent, shall instruct the Depository, its nominee, or the custodian
for the Depository, as the case may be, to reduce or reflect on its records a
reduction of the Temporary Regulation S Security or such Permanent Regulation S
Security, as the case may be, by the aggregate principal amount of the
beneficial interest in such Temporary Regulation S Security or such Permanent
Regulation S Security to be exchanged or transferred, and the Trustee, as
transfer agent, shall instruct the Depository, its nominee, or the custodian for
the Depository, as the case may be, concurrently with such reduction, to
increase or reflect on its records an increase of the principal amount of such
Rule 144A Security by the aggregate principal amount of the beneficial interest
in such Permanent Regulation S Security or such Temporary Regulation S Security,
as the case may be, to be so exchanged or transferred, and to credit or cause to
be credited to the account of the Person specified in such instructions a
beneficial interest in such Rule 144A Security equal to the reduction in the
principal amount of such Permanent Regulation S Security or such Temporary
Regulation S Security, as the case may be.

         Temporary Regulation S Security to Permanent Regulation S Security.
After the expiration of the Restricted Period, interests in a Temporary
Regulation S Security as to which the Trustee has received from Euroclear or
Cedel, as the case may be, a certificate substantially in the form of Exhibit E
hereto to the effect that Euroclear or Cedel, as applicable, has received a
certificate substantially in the form of Exhibit F hereto from the holder of a
beneficial interest in such Temporary Regulation S Security, will be exchanged,
on and after the Restricted Period, for interests in the Permanent Regulation S
Security. The Trustee shall effect such exchange by delivering to the Depository
for credit to the respective accounts of the holders of Securities represented
by a beneficial interest in the Temporary Regulation S Global Security, a duly
executed and authenticated Permanent Regulation S Security, representing the
principal amount of interests in the Temporary Regulation S Security initially
exchanged for interests in the Permanent Regulation S Security. The delivery to
the Trustee by Euroclear or Cedel of the certificate or certificates referred to
above may be relied upon by the Company and the Trustee as conclusive evidence
that the certificate or certificates referred to therein has or have been
delivered to Euroclear or Cedel pursuant to the terms of this Third Supplemental
Indenture and the Temporary Regulation S Security. Upon any exchange of
interests in a Temporary Regulation S Security for interests in a Permanent
Regulation S Security, the Trustee shall endorse the Temporary Regulation S
Security to reflect the reduction in the principal amount represented thereby by
the amount so exchanged and shall endorse the Permanent Regulation S Security to
reflect the corresponding increase in the amount represented thereby. Until so
exchanged in full and except as provided therein, the Temporary Regulation S
Security, and the Securities evidenced thereby, shall in all respects be
entitled to the same benefits under the Indenture as the Permanent Regulation S
Security, the Rule 144A Security and the Restricted Certificated Securities
authenticated and delivered hereunder.

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         Section 208. Redemption of the Securities.

         The Securities may not be redeemed by the Company prior to their Stated
Maturity.

         Section 209. Denominations.

         The Securities shall be issued in denominations of $1,000 and integral
multiples in excess thereof.

         Section 210. Currency.

         The interest and principal on the Securities shall be payable only in
Dollars.

         Section 211. Applicability of Certain Indenture Provisions.

         Sections 402 (including, without limitation, Sections 402(2) and
402(3)), 403, 1005, 1006 and 1007 of the Indenture shall apply to the
Securities.

         Section 212. Security Registrar and Paying Agent.

         The Trustee shall be Security Registrar and the initial Paying Agent
and initial transfer agent for the Securities (subject to the Company's right
(subject to Section 1002 of the Indenture) to remove the Trustee as such Paying
Agent and/or transfer agent with respect to the Securities and, from time to
time, to designate one or more co-registrars and one or more other Paying Agents
and transfer agents and to rescind from time to time any such designations), and
The City of New York is designated as a Place of Payment for the Securities.

         Section 213. Global Securities.

         (a) Securities may be issued in whole or in part in the form of one or
more temporary or permanent global Securities. The initial Depository for the
global Securities shall be DTC, and the depositary arrangements shall be those
employed by whoever shall be the Depositary with respect to the Securities from
time to time.

         (b) Rule 144A Securities. Securities initially offered and sold in
reliance on Rule 144A to Qualified Institutional Buyers (as such term is defined
in Rule 144A) shall be issued in the form of permanent Global Securities in
definitive fully registered form without interest coupons, substantially in the
form of Exhibit A-1 (a "Rule 144A Security"). Each Rule 144A Security shall be
deposited on behalf of the purchasers of the Securities represented thereby with
the custodian for the Depositary, and registered in the name of a nominee of the
Depositary, duly executed by the Company and authenticated by the Trustee as
provided in the Original Indenture. The aggregate principal amount of a Rule
144A Security may from time to time be increased or decreased by adjustments
made on the records of the custodian for the Depositary or the Depositary or its
nominee, as the case may be.

         (c) Temporary Regulation S Securities; Permanent Regulation S
Securities. Securities initially offered and sold in reliance on Regulation S
shall be issued in the form of temporary Global Securities in definitive fully
registered form without interest coupons, substantially in the

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form of Exhibit A-2 (a "Temporary Regulation S Security"). Each Temporary
Regulation S Security shall be deposited on behalf of the purchasers of the
Securities represented thereby with the custodian for the Depositary, and
registered in the name of a nominee of the Depositary, duly executed by the
Company and authenticated by the Trustee as provided herein, for credit to their
respective accounts (or to such other accounts as they may direct) at Euroclear
or Cedel. After the expiration of the Restricted Period, each Temporary
Regulation S Security will be exchanged for a permanent Global Security,
substantially in the form of Exhibit A-3 (a "Permanent Regulation S Security").
Until the expiration of the Restricted Period, interests in a Temporary
Regulation S Security may only be held by agent members of Euroclear and Cedel.
During the Restricted Period, interests in a Temporary Regulation S Security may
be exchanged for interests in a Rule 144A Security. The aggregate principal
amount of a Temporary Regulation S Security and a Permanent Regulation S
Security may from time to time be increased or decreased by adjustments made on
the records of the custodian for the Depositary or the Depositary or its
nominee, as the case may be, as provided herein.

         The provisions of the "Operating Procedures of the Euroclear System"
and the "Terms and Conditions Governing Use of Euroclear" and the "Management
Regulations" and "Instructions to Participants" of Cedel, respectively, shall be
applicable to any Global Security insofar as interests in such Global Security
are held by the agent members of Euroclear or Cedel. Account holders or
participants in Euroclear and Cedel shall have no rights under the Indenture
with respect to such Global Security, and the Depositary or its nominee may be
treated by the Company, the Trustee, and any agent of the Company or the Trustee
as the owner of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee, or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary
or impair, as between DTC and its agent members, the operation of customary
practices governing the exercise of the rights of a holder of any Security.

         Section 214. Payments on Temporary Regulation S Security.

         Prior to expiration of the Restricted Period, payments (if any) on the
Temporary Regulation S Securities will only be paid to the Holder thereof to the
extent that there is presented by Cedel or Euroclear to the Trustee a
certificate, substantially in the form set out in Exhibit E hereto, to the
effect that it has received from or in respect of a beneficial owner of an
interest in such Temporary Regulation S Securities (as shown by its records) a
certificate substantially in the form of Exhibit F hereto. After the Restricted
Period, the Holders of Temporary Regulation S Securities will not be entitled to
receive any payment thereon.

         Section 215. Sinking Fund.

         The Securities shall not be subject to any sinking fund or similar
provision and shall not be redeemable at the option of the holder thereof.

         Section 216. Conversion.

         The Securities shall not be convertible into Common Stock and shall not
be exchangeable for any other securities.

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                                  ARTICLE THREE

                            MISCELLANEOUS PROVISIONS

         The Trustee makes no undertaking or representations in respect of, and
shall not be responsible in any manner whatsoever for and in respect of, the
validity or sufficiency of this Third Supplemental Indenture or the proper
authorization or the due execution hereof by the Company or for or in respect of
the recitals and statements contained herein, all of which recitals and
statements are made solely by the Company.

         Except as expressly amended hereby, the Original Indenture shall
continue in full force and effect in accordance with the provisions thereof and
the Original Indenture is in all respects hereby ratified and confirmed. This
Third Supplemental Indenture and all its provisions shall be deemed a part of
the Original Indenture in the manner and to the extent herein and therein
provided.

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

         This Third Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

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         IN WITNESS WHEREOF, the parties hereto have caused this Third
Supplemental Indenture to be duly executed as of the day and year first above
written.

                           LIBERTY MEDIA CORPORATION

                           By:
                              --------------------------------------------------
                                  Name:
                                  Title:

                           THE BANK OF NEW YORK, as Trustee

                           By:
                              --------------------------------------------------
                                  Name:
                                  Title:

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               EXHIBITS A-1 THROUGH A-4 ARE INTENTIONALLY OMITTED.

                                      A-1

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                                    Exhibit B

                          FORM OF TRANSFER CERTIFICATE
                FOR EXCHANGE OR TRANSFER FROM RULE 144A SECURITY
                       TO TEMPORARY REGULATION S SECURITY

The Bank of New York
101 Barclay Street
Floor 21 West
New York, New York  10286

                  Re:      Liberty Media Corporation
                           [$1,000,000,000 8-1/4% Senior Debentures due 2030
                           (the "Securities")]

         Reference is hereby made to the Indenture dated as of July 7, 1999,
between THE BANK OF NEW YORK (the "Trustee") and LIBERTY MEDIA CORPORATION (the
"Company") (as supplemented by the Third Supplemental Indenture, dated as of
February 2, 2000, between the Company and the Trustee, the "Indenture").
Capitalized terms not defined in this Certificate shall have the meanings given
to them in the Indenture.

         This Certificate relates to ______________ principal amount of
Securities represented by a beneficial interest in the Rule 144A Security (CUSIP
No.____) held through the Depository by or on behalf of [transferor] as
beneficial owner (the "Transferor"). The Transferor has requested an exchange or
transfer of its beneficial interest for an interest in the Temporary Regulation
S Security (CUSIP (CINS) No._____) to be held with [Euroclear] [Cedel] (ISIN
Code _____) (Common Code _____) through the Depository.

         In connection with such request and in respect of such Securities, the
Transferor does hereby certify that such exchange or transfer has been effected
in accordance with the transfer restrictions set forth in the Securities and
pursuant to and in accordance with Rule 903 or Rule 904 (as applicable) of
Regulation S under the Securities Act, and accordingly the Transferor does
hereby certify that:

         (1)      the offer of the Securities was not made to a person in the
                  United States;

         (2)      either:  (A)      at the time the buy order was originated,
                                    the transferee was outside the United States
                                    or the Transferor and any person acting on
                                    its behalf reasonably believed that the
                                    transferee was outside the United States, or

                           (B)      the transaction was executed in, on or
                                    through the facilities of, a designated
                                    offshore securities market and neither the
                                    Transferor nor any person acting on its
                                    behalf knows that the transaction was
                                    prearranged with a buyer in the United
                                    States;

                                       B-1
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         (3)      no directed selling efforts have been made in contravention of
                  the requirements of Rule 903(b) or 904(b) of Regulation S, as
                  applicable;

         (4)      the transaction is not part of a plan or scheme to evade the
                  registration requirements of the Securities Act; and

         (5)      upon completion of the transaction, the beneficial interest
                  being transferred as described above is to be held with the
                  Depository through Euroclear or Cedel or both (Common Code
                  ____ (ISIN Code _____)).

         This Certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the initial purchasers of the
Securities being exchanged or transferred. Terms used in this Certificate and
not otherwise defined in the Indenture have the meanings set forth in Regulation
S under the Securities Act.

                              [Insert Name of Transferor]

                              By:
                                 ----------------------------------------------
                                     Name:
                                     Title:

Dated:
        --------------------------------

cc:      Liberty Media Corporation

                                      B-2
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                                    Exhibit C

                    FORM OF TRANSFER CERTIFICATE FOR TRANSFER
                       OR EXCHANGE FROM RULE 144A SECURITY
                       TO PERMANENT REGULATION S SECURITY

The Bank of New York
101 Barclay Street
Floor 21 West
New York, New York  10286

                  Re:      Liberty Media Corporation
                           [$1,000,000,000 8-1/4% Senior Debentures due 2030
                           (the "Securities")]

         Reference is hereby made to the Indenture dated as of July 7, 1999,
between THE BANK OF NEW YORK (the "Trustee") and LIBERTY MEDIA CORPORATION (the
"Company") (as supplemented by the Third Supplemental Indenture, dated as of
February 2, 2000, between the Company and the Trustee, the "Indenture").
Capitalized terms not defined in this Certificate shall have the meanings given
to them in the Indenture.

         This Certificate relates to ______________ principal amount of
Securities represented by a beneficial interest in the Rule 144A Security (CUSIP
No.____) held through the Depository by or on behalf of [transferor] as
beneficial owner (the "Transferor"). The Transferor has requested an exchange or
transfer of its interest for an interest in the Permanent Regulation S Security
(CUSIP (CINS) No. [____]) to be held by [Euroclear][Cedel] (ISIN Code _______)
(Common Code) through the Depositary.

         In connection with such request and in respect of such Securities, the
Transferor does hereby certify that such exchange or transfer has been effected
in accordance with the transfer restrictions set forth in the Securities and
that, with respect to transfers made in reliance on Regulation S under the
Securities Act:

         (1)      the offer of the Securities was not made to a person in the
                  United States;

         (2)      either:  (A)      at the time the buy order was originated,
                                    the transferee was outside the United States
                                    or the Transferor and any person acting on
                                    its behalf reasonably believed that the
                                    transferee was outside the United States, or

                           (B)      the transaction was executed in, on or
                                    through the facilities of, a designated
                                    offshore securities market and neither the
                                    Transferor nor any person acting on its
                                    behalf knows that the transaction was
                                    pre-arranged with a buyer in the United
                                    States;

         (3)      no directed selling efforts have been made in contravention of
                  the requirements of Rule 903(b) or 904(b) of Regulation S, as
                  applicable; and

                                      C-1
<PAGE>   16

         (4)      the transaction is not part of a plan or scheme to evade the
                  registration requirements of the Securities Act.

         This Certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the initial purchasers of the
Securities being exchanged or transferred. Terms used in this Certificate and
not otherwise defined in the Indenture have the meanings set forth in Regulation
S under the Securities Act.

                                 [Insert Name of Transferor]

                                 By:
                                    --------------------------------------------
                                        Name:
                                        Title:

Dated:
        --------------------------

cc:      Liberty Media Corporation

                                      C-2
<PAGE>   17

                                    Exhibit D

                  FORM OF TRANSFER CERTIFICATE FOR TRANSFER OR
                  EXCHANGE FROM TEMPORARY REGULATION S SECURITY
                              TO RULE 144A SECURITY

The Bank of New York
101 Barclay Street
Floor 21 West
New York, New York  10286

                  Re:      Liberty Media Corporation
                           [$1,000,000,000 8-1/4% Senior Debentures due 2030
                           (the "Securities")]

         Reference is hereby made to the Indenture dated as of July 7, 1999
between THE BANK OF NEW YORK (the "Trustee") and LIBERTY MEDIA CORPORATION (the
"Company") (as supplemented by the Third Supplemental Indenture, dated as of
February 2, 2000, between the Company and the Trustee, the "Indenture").
Capitalized terms not defined in this Certificate shall have the meanings given
to them in the Indenture.

         This Certificate relates to ______________________________________
principal amount of Securities which are held in the form of the Temporary
Regulation S Security (CUSIP No. ___) with [Euroclear/Cedel] (ISIN Code [___])
(Common Code [___]) through the Depository by or on behalf of transferor as
beneficial owner (the "Transferor"). The Transferor has requested an exchange or
transfer of its interest in the Securities for an interest in the Rule 144A
Security (CUSIP NO. [___]).

         In connection with such request, and in respect of such Securities, the
Transferor does hereby certify that such transfer is being effected in
accordance with the transfer restrictions set forth in the Indenture and
pursuant to and in accordance with Rule 144A under the United States Securities
Act of 1933, as amended (the "Securities Act"), to a transferee that the
Transferor reasonably believes is purchasing the Securities for its own account
or an account with respect to which the transferee exercises sole investment
discretion and the transferee and any such account is a "qualified institutional
buyer" within the meaning of Rule 144A, in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United States or any other jurisdiction.

         This Certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the initial purchasers of the
Securities being transferred.

                               [Insert Name of Transferor]

                               By:
                                  ---------------------------------------------
                                      Name:
                                      Title:

Dated:
      ----------------------------

cc:      Liberty Media Corporation

                                      D-1

<PAGE>   18

                                    Exhibit E

                       FORM OF CLEARING SYSTEM CERTIFICATE

                  Re:      Liberty Media Corporation
                           [$1,000,000,000 8-1/4% Senior Debentures due 2030
                           (the "Securities")]

         Reference is hereby made to the Indenture dated as of July 7, 1999
between THE BANK OF NEW YORK (the "Trustee") and LIBERTY MEDIA CORPORATION (the
"Company") (as supplemented by the Third Supplemental Indenture, dated as of
February 2, 2000, between the Company and the Trustee, the "Indenture").
Capitalized terms not defined in this Certificate shall have the meanings given
to them in the Indenture.

         This is to certify that, based solely on certifications we have
received in writing, by tested telex or by electronic transmission from member
organizations appearing in our records as persons being entitled to a portion of
the principal amount set forth below (our "Member Organizations") substantially
to the effect set forth in the Indenture, as of the date hereof,
$_________________ aggregate principal amount of Securities represented by such
Temporary Regulation S Global Security is owned by (a) non-U.S. Persons or (b)
U.S. Persons who purchased such Securities in transactions that did not require
registration under the United States Securities Act of 1933, as amended (the
"Securities Act"). As used in this paragraph, the term "U.S. Person" has the
meaning given to it by Regulation S under the Securities Act.(1)

         We further certify (i) that we are not making available herewith for
payment of interest any portion of a Temporary Regulation S Global Security
excepted in such certifications and (ii) that as of the date hereof we have not
received any notification from any of our Member Organizations to the effect
that the statements made by such Member Organizations with respect to any
portion of a Temporary Regulation S Global Security submitted herewith for
payment of interest are no longer true and cannot be relied upon as the date
hereof.

         We understand that this certification is required in connection with
certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection
with which this certification is or would be relevant, we irrevocably authorize
you to produce this certification to any interested party in such proceedings.

                                             Yours faithfully,

--------
     (1)  Note: Unless Morgan Guaranty Brussels and Cedelbank are otherwise
          informed by the Initial Purchasers or the Trustee, the Standard
          Long-Form Certification set out in the Operating Procedures of
          Euroclear will be deemed to meet the requirements of this sentence.

                                      E-1
<PAGE>   19

                                       [MORGAN GUARANTY TRUST COMPANY OF
                                       NEW YORK, Brussels office, as operator of
                                       the Euroclear System]
                                       or
                                       [CEDELBANK]

                                       By:
                                          --------------------------------------

Dated:                        (2)
     ------------------------

---------------------
     (2)  Not earlier than 15 days prior to the relevant Interest Payment Date
          or Redemption Date, as the case may be.

                                      E-2
<PAGE>   20

                                    Exhibit F

                   FORM OF CERTIFICATE OF BENEFICIAL OWNERSHIP

                  Re:      Liberty Media Corporation
                           [$1,000,000,000 8-1/4% Senior Debentures due 2030
                           (the "Securities")]

         Reference is hereby made to the Indenture dated as of July 7, 1999
between THE BANK OF NEW YORK (the "Trustee") and LIBERTY MEDIA CORPORATION (the
"Company") (as supplemented by the Third Supplemental Indenture, dated as of
February 2, 2000, between the Company and the Trustee, the "Indenture").
Capitalized terms not defined in this Certificate shall have the meanings given
to them in the Indenture.

         This is to certify that as of the date hereof, and except as set forth
below, the above-captioned Securities held by you for our account are
beneficially owned by (a) non-U.S. person(s) or (b) U.S. person(s) who purchased
the Securities in transactions which did not require registration under the
Securities Act of 1933, as amended (the "Act"). As used in this paragraph, the
term "U.S. person" has the meaning given to it by Regulation S under the
Securities Act.

         As used herein, "United States" means the United States of America
(including the States and the District of Columbia); and its "possessions"
included Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island
and the Northern Mariana Islands.

         We undertake to advise you promptly by tested telex or by electronic
transmission on or prior to the date on which you intend to submit your
certification relating to the Securities held by you for our account in
accordance with your operating procedures if any applicable statement herein is
not correct on such date, and in the absence of any such notification it may be
assumed that this certification applies as of such date.

         This certification excepts and does not relate to $____________________
of such interest in the above Securities in respect of which we are not able to
certify and as to which we understand exchange and delivery of definitive
Securities (or, if relevant, exercise of any rights or collection of any
interest) cannot be made until we do so certify.

                                      F-1
<PAGE>   21

         We understand that this certification is required in connection with
certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection
with which this certification is or would be relevant, we irrevocably authorize
you to produce this certification to any interested party in such proceedings.

Date:                              (3)
     ------------------------------        By:
                                              ----------------------------------

         As, or as agent for, the beneficial owner(s) of the Securities to which
this certificate relates.

-----------------------
     (3)  Not earlier than 15 days prior to the certification event to which the
          certification relates.

                                      F-2<PAGE>   1
                                                                     EXHIBIT 4.9

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

                          REGISTRATION RIGHTS AGREEMENT

                          DATED AS OF FEBRUARY 2, 2000

                                      AMONG

                            LIBERTY MEDIA CORPORATION

                                       AND

                              LEHMAN BROTHERS INC.

                                       AND

                            SALOMON SMITH BARNEY INC.

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

<PAGE>   2

                          REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (the "Agreement") is made and entered
into this 2nd day of February, 2000, among Liberty Media Corporation, a Delaware
corporation (the "Company"), and Lehman Brothers Inc. and Salomon Smith Barney
Inc. (collectively, the "Initial Purchasers").

     This Agreement is made pursuant to the Purchase Agreement, dated January
26, 2000, among the Company and the Initial Purchasers (the "Purchase
Agreement"), which provides for the sale by the Company to the Initial
Purchasers of an aggregate of $1,000,000,000 principal amount of the Company's
8-1/4% Senior Debentures due 2030 (the "Securities"). In order to induce the
Initial Purchasers to enter into the Purchase Agreement, the Company has agreed
to provide to the Initial Purchasers and their direct and indirect transferees
the registration rights set forth in this Agreement. The execution of this
Agreement is a condition to the closing under the Purchase Agreement.

     In consideration of the foregoing, the parties hereto agree as follows:

     1. Definitions.

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

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

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

     "Business Day" shall mean a day that is not a Saturday, a Sunday, or a day
on which banking institutions in New York, New York or Wilmington, Delaware are
authorized or required to be closed.

     "Closing Date" shall mean the Closing Time as defined in the Purchase
Agreement.

     "Company" shall have the meaning set forth in the preamble and shall also
include the Company's successors.

     "Depositary" shall mean The Depository Trust Company, or any other
depositary appointed by the Company, provided, however, that such depositary
must have an address in the Borough of Manhattan, in The City of New York.

     "Exchange Offer" shall mean the exchange offer by the Company of Exchange
Securities for Registrable Securities pursuant to Section 2.1 hereof.

     "Exchange Offer Registration" shall mean a registration under the 1933 Act
effected pursuant to Section 2.1 hereof.

                                       2
<PAGE>   3

     "Exchange Offer Registration Statement" shall mean an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate
form), and all amendments and supplements to such registration statement,
including the Prospectus contained therein, all exhibits thereto and all
documents incorporated by reference therein.

     "Exchange Period" shall have the meaning set forth in Section 2.1 hereof.

     "Exchange Securities" shall mean the 8-1/4% Senior Debentures due 2030
issued by the Company under the Indenture containing terms identical to the
Securities in all material respects (except for references to certain interest
rate provisions, restrictions on transfers and restrictive legends), to be
offered to Holders of Securities in exchange for Registrable Securities pursuant
to the Exchange Offer.

     "Holder" shall mean an Initial Purchaser, for so long as it owns any
Registrable Securities, and each of its successors, assigns and direct and
indirect transferees who become registered owners of Registrable Securities
under the Indenture and each Participating Broker-Dealer that holds Exchange
Securities for so long as such Participating Broker-Dealer is required to
deliver a prospectus meeting the requirements of the 1933 Act in connection with
any resale of such Exchange Securities.

     "Indenture" shall mean the Indenture relating to the Securities, dated as
of July 7, 1999, between the Company and The Bank of New York, as trustee, as
supplemented by the Third Supplemental Indenture, dated as of February 2, 2000,
between the Company and The Bank of New York, as trustee, as the same may be
amended, supplemented, waived or otherwise modified from time to time in
accordance with the terms thereof.

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

     "Majority Holders" shall mean the Holders of a majority of the aggregate
principal amount of Outstanding (as defined in the Indenture) Registrable
Securities; provided that whenever the consent or approval of Holders of a
specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Company and other obligors on the Securities
or any Affiliate (as defined in the Indenture) of the Company shall be
disregarded in determining whether such consent or approval was given by the
Holders of such required percentage amount.

     "Participating Broker-Dealer" shall mean any of Lehman Brothers Inc.,
Salomon Smith Barney Inc., and any other broker-dealer which makes a market in
the Securities and exchanges Registrable Securities in the Exchange Offer for
Exchange Securities.

     "Person" shall mean an individual, partnership (general or limited),
corporation, limited liability company, trust or unincorporated organization, or
a government or agency or political subdivision thereof.

     "Private Exchange" shall have the meaning set forth in Section 2.1 hereof.

     "Private Exchange Securities" shall have the meaning set forth in Section
2.1 hereof.

                                       3
<PAGE>   4

     "Prospectus" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including any such
prospectus supplement with respect to the terms of the offering of any portion
of the Registrable Securities covered by a Shelf Registration Statement, and by
all other amendments and supplements to a prospectus, including post-effective
amendments, and in each case including all material incorporated by reference
therein.

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

     "Registrable Securities" shall mean the Securities and, if issued, the
Private Exchange Securities; provided, however, that Securities and, if issued,
the Private Exchange Securities, shall cease to be Registrable Securities when
(i) a Registration Statement with respect to such Securities shall have been
declared effective under the 1933 Act and such Securities shall have been
disposed of pursuant to such Registration Statement, (ii) such Securities have
been sold to the public pursuant to Rule 144 (or any similar provision then in
force, but not Rule 144A) under the 1933 Act, (iii) such Securities shall have
ceased to be outstanding or (iv) the Exchange Offer is consummated (except in
the case of Securities purchased from the Company and continued to be held by
the Initial Purchasers).

     "Registration Expenses" shall mean any and all expenses incident to
performance of or compliance by the Company with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. (the "NASD") registration and filing fees, including,
if applicable, the fees and expenses of any "qualified independent underwriter"
(and its counsel) that is required to be retained by any holder of Registrable
Securities in accordance with the rules and regulations of the NASD, (ii) all
fees and expenses incurred in connection with compliance with state securities
or blue sky laws and compliance with the rules of the NASD (including reasonable
fees and disbursements of counsel for any underwriters or Holders in connection
with blue sky qualification of any of the Exchange Securities or Registrable
Securities and any filings with the NASD), (iii) all expenses of any Persons in
preparing or assisting in preparing, word processing, printing and distributing
any Registration Statement, any Prospectus, any amendments or supplements
thereto, any underwriting agreements, securities sales agreements and other
documents relating to the performance of and compliance with this Agreement,
(iv) all fees and expenses incurred in connection with the listing, if any, of
any of the Registrable Securities on any securities exchange or exchanges, (v)
all rating agency fees, (vi) the fees and disbursements of counsel for the
Company and of the independent public accountants of the Company, including the
expenses of any special audits or "cold comfort" letters required by or incident
to such performance and compliance, (vii) the fees and expenses of the Trustee,
and any escrow agent or custodian, (viii) the reasonable expenses of the Initial
Purchasers in connection with the Exchange Offer, including the reasonable fees
and expenses of counsel to the Initial Purchasers in connection therewith, (ix)
the reasonable fees and disbursements of Brown & Wood LLP, counsel representing
the Holders of Registrable Securities and (x) the reasonable fees and
disbursements of the underwriters customarily required to be paid by issuers or
sellers of securities and the fees and expenses of any special experts retained
by the Company in connection with any Registration Statement, but excluding
underwriting discounts and commissions and transfer taxes, if any, relating to
the sale or disposition of Registrable Securities by a Holder.

                                       4
<PAGE>   5

     "Registration Statement" shall mean any registration statement of the
Company which covers any of the Exchange Securities or Registrable Securities
pursuant to the provisions of this Agreement, and all amendments and supplements
to any such Registration Statement, including post-effective amendments, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

     "SAS 72" shall have the meaning set forth in Section 3(f)(B).

     "SEC" shall mean the Securities and Exchange Commission or any successor
agency or government body performing the functions currently performed by the
United States Securities and Exchange Commission.

     "Shelf Registrable Securities" shall have the meaning set forth in Section
2.5.

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

     "Shelf Registration Statement" shall mean a "shelf" registration statement
of the Company pursuant to the provisions of Section 2.2 of this Agreement which
covers all of the Registrable Securities or all of the Private Exchange
Securities on an appropriate form under Rule 415 under the 1933 Act, or any
similar rule that may be adopted by the SEC, and all amendments and supplements
to such registration statement, including post-effective amendments, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

     "Special Counsel" shall have the meaning set forth in Section 3(g)(i).

     "TIA" shall have the meaning set forth in Section 2.1.

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

     2. Registration Under the 1933 Act.

     2.1 Exchange Offer. The Company shall, for the benefit of the Holders, at
the Company's cost, (A) prepare and, as soon as practicable but not later than
90 days following the Closing Date, file with the SEC an Exchange Offer
Registration Statement on an appropriate form under the 1933 Act with respect to
a proposed Exchange Offer and the issuance and delivery to the Holders, in
exchange for the Registrable Securities (other than Private Exchange
Securities), of a like principal amount of Exchange Securities, (B) use its
reasonable best efforts to cause the Exchange Offer Registration Statement to be
declared effective under the 1933 Act within 180 days of the Closing Date, (C)
use its best efforts to keep the Exchange Offer Registration Statement effective
until the closing of the Exchange Offer and (D) use its best efforts to cause
the Exchange Offer to be consummated not later than 210 days following the
Closing Date. The Exchange Securities will be issued under the Indenture. Upon
the effectiveness of the Exchange Offer Registration Statement, the Company
shall promptly commence the Exchange Offer, it being the objective of such
Exchange Offer to enable each Holder eligible and electing to exchange
Registrable Securities for Exchange Securities (assuming that such Holder (a) is
not an affiliate of the Company within the meaning of Rule 405 under the 1933
Act, (b) is not a broker-dealer tendering Registrable Securities acquired
directly

                                       5
<PAGE>   6

from the Company for its own account, (c) acquired the Exchange Securities in
the ordinary course of such Holder's business and (d) has no arrangements or
understandings with any Person to participate in the Exchange Offer for the
purpose of distributing the Exchange Securities) to transfer such Exchange
Securities from and after their receipt without any limitations or restrictions
under the 1933 Act and under state securities or blue sky laws.

     In connection with the Exchange Offer, the Company shall:

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

         (b) keep the Exchange Offer open for acceptance for a period of not
less than 20 Business Days after the date notice thereof is mailed to the
Holders (or longer if required by applicable law) (such period referred to
herein as the "Exchange Period");

         (c) utilize the services of the Depositary for the Exchange Offer;

         (d) permit Holders to withdraw tendered Registrable Securities at any
time prior to 12:00 midnight (Eastern Time), on the last Business Day of the
Exchange Period, by sending to the institution specified in the notice, a
telegram, telex, facsimile transmission or letter setting forth the name of such
Holder, the principal amount of Registrable Securities delivered for exchange,
and a statement that such Holder is withdrawing such Holder's election to have
such Securities exchanged;

         (e) notify each Holder that any Registrable Security not tendered will
remain outstanding and continue to accrue interest, but will not retain any
rights under this Agreement (except in the case of the Initial Purchasers and
Participating Broker-Dealers as provided herein); and

         (f) otherwise comply in all respects with all applicable laws relating
to the Exchange Offer.

     If, prior to consummation of the Exchange Offer, the Initial Purchasers
hold any Securities acquired by them and having the status of an unsold
allotment in the initial distribution, the Company upon the request of any
Initial Purchaser shall, simultaneously with the delivery of the Exchange
Securities in the Exchange Offer, issue and deliver to such Initial Purchaser in
exchange (the "Private Exchange") for the Securities held by such Initial
Purchaser, a like principal amount of debt securities of the Company on a senior
basis, that are identical (except that such securities shall bear appropriate
transfer restrictions) to the Exchange Securities (the "Private Exchange
Securities").

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

                                       6
<PAGE>   7

Private Exchange Securities and the Securities shall vote and consent together
on all matters as one class and that none of the Exchange Securities, the
Private Exchange Securities or the Securities will have the right to vote or
consent as a separate class on any matter. The Private Exchange Securities shall
be of the same series as the Exchange Securities and the Company shall use all
commercially reasonable efforts to have the Private Exchange Securities bear the
same CUSIP number as the Exchange Securities. The Company shall not have any
liability under this Agreement solely as a result of such Private Exchange
Securities not bearing the same CUSIP number as the Exchange Securities.

     As soon as practicable after the close of the Exchange Offer and/or the
Private Exchange, as the case may be, the Company shall:

          (i) accept for exchange all Registrable Securities duly tendered and
     not validly withdrawn pursuant to the Exchange Offer in accordance with the
     terms of the Exchange Offer Registration Statement and the letter of
     transmittal which shall be an exhibit thereto;

          (ii) accept for exchange all Securities properly tendered and not
     validly withdrawn pursuant to the Private Exchange;

          (iii) deliver to the Trustee for cancellation all Registrable
     Securities so accepted for exchange; and

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

     Interest on each Exchange Security and Private Exchange Security will
accrue from the last date on which interest was paid on the Registrable
Securities surrendered in exchange therefor or, if no interest has been paid on
the Registrable Securities, from the date of original issuance. The Exchange
Offer and the Private Exchange shall not be subject to any conditions, other
than (i) that the Exchange Offer or the Private Exchange, or the making of any
exchange by a Holder, does not violate applicable law or any applicable
interpretation of the staff of the SEC, (ii) the valid tendering of Registrable
Securities in accordance with the Exchange Offer and the Private Exchange, (iii)
that each Holder of Registrable Securities exchanged in the Exchange Offer shall
have represented that all Exchange Securities to be received by it shall be
acquired in the ordinary course of its business and that at the time of the
consummation of the Exchange Offer it shall have no arrangement or understanding
with any person to participate in the distribution (within the meaning of the
1933 Act) of the Exchange Securities and shall have made such other
representations as may be reasonably necessary under applicable SEC rules,
regulations or interpretations to render the use of Form S-4 or other
appropriate form under the 1933 Act available and (iv) that no action or
proceeding shall have been instituted or threatened in any court or by or before
any governmental agency with respect to the Exchange Offer or the Private
Exchange which, in the Company's judgment, would reasonably be expected to
impair the ability of the Company to proceed with the Exchange Offer or the
Private Exchange. The Company shall inform the Initial Purchasers of the names
and addresses of the Holders to whom

                                       7
<PAGE>   8

the Exchange Offer is made, and the Initial Purchasers shall have the right to
contact such Holders and otherwise facilitate the tender of Registrable
Securities in the Exchange Offer.

     Upon consummation of the Exchange Offer in accordance with this Agreement,
the Company shall have no further obligation to register the Registrable
Securities pursuant to Section 2.2 of this Agreement.

     2.2 Shelf Registration. (i) If, because of any changes in law, SEC rules or
regulations or applicable interpretations thereof by the staff of the SEC, the
Company determines after consultation with its outside counsel that it is not
permitted to effect the Exchange Offer as contemplated by Section 2.1 hereof,
(ii) if for any other reason (A) the Exchange Offer Registration Statement is
not declared effective within 180 days following the original issue of the
Registrable Securities or (B) the Exchange Offer is not consummated within 210
days after the original issue of the Registrable Securities, (iii) upon the
request of any of the Initial Purchasers holding Private Exchange Securities or
(iv) upon notice of any Holder given to the Company within 30 days after the
commencement of the Exchange Offer that (A) due to a change in law or policy it
is not entitled to participate in the Exchange Offer, (B) due to a change in law
or policy it may not resell the Exchange Securities acquired by it in the
Exchange Offer to the public without delivering a prospectus and the prospectus
contained in the Exchange Offer Registration Statement is not appropriate or
available for such resales by such Holder or (D) it is a broker-dealer and owns
Registrable acquired directly from the Company or an affiliate of the Company,
then in case of each of clauses (i) through (iv) the Company shall, at its cost:

          (a) As promptly as practicable, file with the SEC, and thereafter
     shall use its reasonable best efforts to cause to be declared effective as
     promptly as practicable but no later than 210 days after the original issue
     of the Registrable Securities, a Shelf Registration Statement relating to
     the offer and sale of the Registrable Securities by the Holders from time
     to time in accordance with the methods of distribution elected by the
     Majority Holders participating in the Shelf Registration and set forth in
     such Shelf Registration Statement.

          (b) Use its reasonable best efforts to keep the Shelf Registration
     Statement continuously effective in order to permit the Prospectus forming
     part thereof to be usable by Holders for a period of two years from the
     original issue of the Registrable Securities, or for such shorter period
     that will terminate when all Registrable Securities covered by the Shelf
     Registration Statement have been sold pursuant to the Shelf Registration
     Statement or cease to be outstanding or otherwise to be Registrable
     Securities (the "Effectiveness Period"); provided, however, that the
     Effectiveness Period in respect of the Shelf Registration Statement shall
     be extended up to a maximum of 90 days if necessary to permit dealers to
     comply with the applicable prospectus delivery requirements of Rule 174
     under the 1933 Act and as otherwise provided herein.

          (c) Notwithstanding any other provisions hereof, use its reasonable
     best efforts to ensure that (i) any Shelf Registration Statement and any
     amendment thereto and any Prospectus forming part thereof and any
     supplement thereto complies in all material respects with the 1933 Act and
     the rules and regulations thereunder, (ii) any Shelf Registration Statement
     and any amendment thereto does not, when it becomes effective,

                                       8
<PAGE>   9

     contain an untrue statement of a material fact or omit to state a material
     fact required to be stated therein or necessary to make the statements
     therein not misleading and (iii) any Prospectus forming part of any Shelf
     Registration Statement, and any supplement to such Prospectus (as amended
     or supplemented from time to time), does not include an untrue statement of
     a material fact or omit to state a material fact necessary in order to make
     the statements, in light of the circumstances under which they were made,
     not misleading.

     The Company shall not permit any securities other than Registrable
Securities to be included in the Shelf Registration Statement. The Company
further agrees, if necessary, to supplement or amend the Shelf Registration
Statement, as required by Section 3(b) below, and to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly as
reasonably practicable after its being used or filed with the SEC.

     2.3 Expenses. The Company shall pay all Registration Expenses in connection
with the registration pursuant to Section 2.1 or 2.2. Each Holder shall pay all
underwriting discounts and commissions and transfer taxes, if any, relating to
the sale or disposition of such Holder's Registrable Securities pursuant to the
Shelf Registration Statement.

     2.4 Effectiveness. (a) The Company will be deemed not to have used its
reasonable best efforts to cause the Exchange Offer Registration Statement or
the Shelf Registration Statement, as the case may be, to become, or to remain,
effective during the requisite period if the Company voluntarily takes any
action that would, or omits to take any action which omission would, result in
any such Registration Statement not being declared effective or in the Holders
of Registrable Securities covered thereby not being able to exchange or offer
and sell such Registrable Securities during that period as and to the extent
contemplated hereby, unless (i) such action is required by applicable law, or
(ii) such action is taken by the Company in good faith and for valid business
reasons (not including avoidance of the Company's obligations hereunder),
including the acquisition or divestiture of assets, so long as the Company
promptly thereafter complies with the requirements of Section 3(k) hereof, if
applicable.

     (b) An Exchange Offer Registration Statement pursuant to Section 2.1 hereof
or a Shelf Registration Statement pursuant to Section 2.2 hereof will not be
deemed to have become effective unless it has been declared effective by the
SEC; provided, however, that if, after it has been declared effective, the
offering of Registrable Securities pursuant to an Exchange Offer Registration
Statement or a Shelf Registration Statement is interfered with by any stop
order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Registration Statement will be deemed not to
have become effective during the period of such interference, until the offering
of Registrable Securities pursuant to such Registration Statement may legally
resume.

     2.5 Interest. The Indenture executed in connection with the Securities will
provide that in the event that either (a) the Exchange Offer Registration
Statement is not filed with the Commission on or prior to the 90th calendar day
following the date of original issue of the Securities, (b) the Exchange Offer
Registration Statement has not been declared effective on or prior to the 180th
calendar day following the date of original issue of the Securities or (c) the
Exchange Offer is not consummated or, if required, a Shelf Registration
Statement is not declared effective, in either case, on or prior to the 210th
calendar day following the date of

                                       9
<PAGE>   10

original issue of the Securities (each such event referred to in clauses (a)
through (c) above, a "Registration Default"), the interest rate borne by the
Securities shall be increased ("Additional Interest") by one-quarter of one
percent (0.25%) per annum upon the occurrence of each Registration Default,
which rate will increase by one quarter of one percent at the beginning of each
90-day period (or portion thereof) that such Additional Interest continues to
accrue under any such circumstance, provided that the maximum aggregate increase
in the interest rate will in no event exceed one percent (1%) per annum.
Immediately following the cure of a Registration Default, the accrual of
Additional Interest with respect to that particular Registration Default will
cease. Immediately following the cure of all Registration Defaults or the date
on which the Exchange Securities are saleable pursuant to Rule 144(k) under the
1933 Act or any successor provision, the accrual of Additional Interest will
cease and the interest rate will revert to the original rate.

     If the Shelf Registration Statement is declared effective but becomes
unusable by the Holders of Registrable Securities covered by such Shelf
Registration Statement ("Shelf Registrable Securities") for any reason, and the
aggregate number of days in any consecutive twelve-month period for which the
Shelf Registration Statement shall not be usable exceeds 30 days in the
aggregate, then the interest rate borne by the Shelf Registrable Securities will
be increased by 0.25% per annum of the principal amount of the Securities for
the first 90-day period (or portion thereof) beginning on the 31st such date
that such Shelf Registration Statement ceases to be usable, which rate shall be
increased by an additional 0.25% per annum of the principal amount of the
Securities at the beginning of each subsequent 90-day period, provided that the
maximum aggregate increase in the interest rate as a result of a Shelf
Registration Statement being unusable (inclusive of any interest that accrues on
such Shelf Registrable Securities pursuant to the first paragraph of this
Section 2.5) will in no event exceed one percent (1%) per annum. Upon the Shelf
Registration Statement once again becoming usable, the interest rate borne by
the Shelf Registrable Securities will be reduced to the original interest rate.
Additional Interest shall be computed based on the actual number of days elapsed
in each 90-day period in which the Shelf Registration Statement is unusable.

     The Company shall notify the Trustee within three business days after each
and every date on which an event occurs in respect of which Additional Interest
is required to be paid (an "Event Date"). Additional Interest shall be paid by
depositing with the Trustee, in trust, for the benefit of the Holders of
Registrable Securities, on or before the applicable semiannual interest payment
date, immediately available funds in sums sufficient to pay the Additional
Interest then due. The Additional Interest due shall be payable on each interest
payment date to the record Holder of Securities entitled to receive the interest
payment to be paid on such date as set forth in the Indenture. Each obligation
to pay Additional Interest shall be deemed to accrue from and including the day
following the applicable Event Date.

     3. Registration Procedures.

     In connection with the obligations of the Company with respect to
Registration Statements pursuant to Sections 2.1 and 2.2 hereof, the Company
shall:

         (a) prepare and file with the SEC a Registration Statement, within the
relevant time period specified in Section 2, on the appropriate form under the
1933 Act, which form (i)

                                       10
<PAGE>   11

shall be selected by the Company, (ii) shall, in the case of a Shelf
Registration, be available for the sale of the Shelf Registrable Securities by
the selling Holders thereof, (iii) shall comply as to form in all material
respects with the requirements of the applicable form and include or incorporate
by reference all financial statements required by the SEC to be filed therewith
or incorporated by reference therein, and (iv) shall comply in all respects with
the requirements of Regulation S-T under the 1933 Act;

         (b) prepare and file with the SEC such amendments and post-effective
amendments to each Registration Statement as may be necessary under applicable
law to keep such Registration Statement effective for the applicable period; and
cause each Prospectus to be supplemented by any required prospectus supplement,
and as so supplemented to be filed pursuant to Rule 424 (or any similar
provision then in force) under the 1933 Act and comply with the provisions of
the 1933 Act, the 1934 Act and the rules and regulations thereunder applicable
to them with respect to the disposition of all securities covered by each
Registration Statement during the applicable period in accordance with the
intended method or methods of distribution by the selling Holders thereof
(including sales by any Participating Broker-Dealer);

         (c) in the case of a Shelf Registration, (i) notify each Holder of
Registrable Securities, at least five business days prior to filing, that a
Shelf Registration Statement with respect to the Registrable Securities is being
filed and advising such Holders that the distribution of Registrable Securities
will be made in accordance with the method selected by the Majority Holders
participating in the Shelf Registration; (ii) furnish to each Holder of
Registrable Securities and to each underwriter of an underwritten offering of
Registrable Securities, if any, without charge, as many copies of each
Prospectus, including each preliminary Prospectus, and any amendment or
supplement thereto and such other documents as such Holder or underwriter may
reasonably request, including financial statements and schedules and, if the
Holder so requests, all exhibits in order to facilitate the public sale or other
disposition of the Registrable Securities; and (iii) hereby consent to the use
of the Prospectus or any amendment or supplement thereto by each of the selling
Holders of Registrable Securities in connection with the offering and sale of
the Registrable Securities covered by the Prospectus or any amendment or
supplement thereto;

         (d) use its best efforts to register or qualify the Registrable
Securities under all applicable state securities or "blue sky" laws of such
jurisdictions as any Holder of Registrable Securities covered by a Registration
Statement and each underwriter of an underwritten offering of Registrable
Securities shall reasonably request by the time the applicable Registration
Statement is declared effective by the SEC, and do any and all other acts and
things which may be reasonably necessary or advisable to enable each such Holder
and underwriter to consummate the disposition in each such jurisdiction of such
Registrable Securities owned by such Holder; provided, however, that the Company
shall not be required to (i) qualify as a foreign corporation or as a dealer in
securities in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3(d), (ii) take any action which would subject it
to general service of process or taxation in any such jurisdiction where it is
not then so subject, or (iii) conform its capitalization or the composition of
its assets at the time to the securities or blue sky laws of such jurisdiction;

                                       11
<PAGE>   12

         (e) notify promptly each Holder of Registrable Securities under a Shelf
Registration or any Participating Broker-Dealer who has notified the Company
that it is utilizing the Exchange Offer Registration Statement as provided in
paragraph (f) below and, if requested by such Holder or Participating
Broker-Dealer, confirm such advice in writing promptly (i) when a Registration
Statement has become effective and when any post-effective amendments and
supplements thereto become effective, (ii) of any request by the SEC or any
state securities authority for post-effective amendments and supplements to a
Registration Statement and Prospectus or for additional information after the
Registration Statement has become effective, (iii) of the issuance by the SEC or
any state securities authority of any stop order suspending the effectiveness of
a Registration Statement or the initiation of any proceedings for that purpose,
(iv) in the case of a Shelf Registration, if, between the effective date of a
Registration Statement and the closing of any sale of Registrable Securities
covered thereby, the representations and warranties of the Company contained in
any underwriting agreement, securities sales agreement or other similar
agreement, if any, relating to the offering cease to be true and correct in all
material respects, (v) of the happening of any event or the discovery of any
facts during the period a Shelf Registration Statement is effective which makes
any statement made in such Registration Statement or the related Prospectus
untrue in any material respect or which requires the making of any changes in
such Registration Statement or Prospectus in order to make the statements
therein not misleading, (vi) of the receipt by the Company of any notification
with respect to the suspension of the qualification of the Registrable
Securities or the Exchange Securities, as the case may be, for sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose
and (vii) of any determination by the Company that a post-effective amendment to
such Registration Statement would be appropriate;

         (f) (A) in the case of the Exchange Offer Registration Statement (i)
include in the Exchange Offer Registration Statement a section entitled "Plan of
Distribution" which section shall be reasonably acceptable to the Initial
Purchasers, and which shall contain a summary statement of the positions taken
or policies made by the staff of the SEC with respect to the potential
"underwriter" status of any broker-dealer that holds Registrable Securities
acquired for its own account as a result of market-making activities or other
trading activities and that will be the beneficial owner (as defined in Rule
13d-3 under the Exchange Act) of Exchange Securities to be received by such
broker-dealer in the Exchange Offer, whether such positions or policies have
been publicly disseminated by the staff of the SEC or such positions or
policies, in the reasonable judgment of the Initial Purchasers and their
counsel, represent the prevailing views of the staff of the SEC, including a
statement that any such broker-dealer who receives Exchange Securities for
Registrable Securities pursuant to the Exchange Offer may be deemed a statutory
underwriter and must deliver a prospectus meeting the requirements of the 1933
Act in connection with any resale of such Exchange Securities, (ii) furnish to
each Participating Broker-Dealer who has delivered to the Company the notice
referred to in Section 3(e), without charge, as many copies of each Prospectus
included in the Exchange Offer Registration Statement, including any preliminary
prospectus, and any amendment or supplement thereto, as such Participating
Broker-Dealer may reasonably request, (iii) hereby consent to the use of the
Prospectus forming part of the Exchange Offer Registration Statement or any
amendment or supplement thereto, by any Person subject to the prospectus
delivery requirements of the SEC, including all Participating Broker-Dealers, in
connection with the sale or transfer of the Exchange Securities covered by the
Prospectus or any amendment or supplement thereto, and

                                       12
<PAGE>   13

(iv) include in the transmittal letter or similar documentation to be executed
by an exchange offeree in order to participate in the Exchange Offer (x) the
following provision:

         "If the exchange offeree is a broker-dealer holding Registrable
         Securities acquired for its own account as a result of market-making
         activities or other trading activities, it will deliver a prospectus
         meeting the requirements of the 1933 Act in connection with any resale
         of Exchange Securities received in respect of such Registrable
         Securities pursuant to the Exchange Offer;"

and (y) a statement to the effect that by a broker-dealer making the
acknowledgment described in clause (x) and by delivering a Prospectus in
connection with the exchange of Registrable Securities, the broker-dealer will
not be deemed to admit that it is an underwriter within the meaning of the 1933
Act; and

              (B) in the case of any Exchange Offer Registration Statement, the
Company agrees to deliver to the Initial Purchasers upon the effectiveness of
the Exchange Offer Registration Statement (i) an opinion of counsel or opinions
of counsel substantially in the form attached hereto as Exhibit A, (ii)
officers' certificates substantially in the form customarily delivered in a
public offering of debt securities and (iii) a comfort letter or comfort letters
in customary form to the extent permitted by SAS 72 (or if such a comfort letter
is not permitted by SAS 72, an agreed upon procedures letter in customary form)
from the Company's independent certified public accountants (and, if necessary,
any other independent certified public accountants of any subsidiary of the
Company or of any business acquired by the Company for which financial
statements are, or are required to be, included in the Registration Statement)
at least as broad in scope and coverage as the comfort letter or comfort letters
delivered to the Initial Purchasers in connection with the initial sale of the
Securities to the Initial Purchasers;

         (g) (i) in the case of an Exchange Offer, furnish counsel for the
Initial Purchasers and (ii) in the case of a Shelf Registration, furnish Brown &
Wood LLP, as special counsel for the Holders of Shelf Registrable Securities
(or, if Brown & Wood LLP is unable or unwilling to serve, such other special
counsel (but not more than one) as may be selected by the Holders of a majority
in principal amount of such Shelf Registrable Securities ("Special Counsel")
copies of any comment letters received from the SEC or any other request by the
SEC or any state securities authority for amendments or supplements to a
Registration Statement and Prospectus or for additional information;

         (h) make every reasonable effort to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement at the earliest
possible moment;

         (i) in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities, and each underwriter, if any, without charge, at least
one conformed copy of each Registration Statement and any post-effective
amendment thereto, including financial statements and schedules (without
documents incorporated therein by reference and all exhibits thereto, unless
requested);

         (j) in the case of a Shelf Registration, cooperate with the selling
Holders of Shelf Registrable Securities to facilitate the timely preparation and
delivery of certificates representing

                                       13
<PAGE>   14

Shelf Registrable Securities to be sold and not bearing any restrictive legends;
and enable such Shelf Registrable Securities to be in such denominations
(consistent with the provisions of the Indenture) and registered in such names
as the selling Holders or the underwriters, if any, may reasonably request at
least three business days prior to the closing of any sale of Shelf Registrable
Shelf Securities;

         (k) in the case of a Shelf Registration, upon the occurrence of any
event or the discovery of any facts, each as contemplated by Sections 3(e)(v)
and 3(e)(vi) hereof, as promptly as practicable after the occurrence of such an
event, use its best efforts to prepare a supplement or post-effective amendment
to the Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of the Shelf Registrable Securities or
Participating Broker-Dealers, such Prospectus will not contain at the time of
such delivery any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. At such time as such
public disclosure is otherwise made or the Company determines that such
disclosure is not necessary, in each case to correct any misstatement of a
material fact or to include any omitted material fact, the Company agrees
promptly to notify each Holder of such determination and to furnish each Holder
such number of copies of the Prospectus as amended or supplemented, as such
Holder may reasonably request;

         (l) obtain a CUSIP number for all Exchange Securities, Private Exchange
Securities or Registrable Securities, as the case may be, not later than the
effective date of a Registration Statement, and provide the Trustee with
certificates for the Exchange Securities, Private Exchange Securities or the
Registrable Securities, as the case may be, in a form eligible for deposit with
the Depositary;

         (m) (i) cause the Indenture to be qualified under the TIA in connection
with the registration of the Exchange Securities or Registrable Securities, as
the case may be, (ii) cooperate with the Trustee and the Holders to effect such
changes to the Indenture as may be required for the Indenture to be so qualified
in accordance with the terms of the TIA and (iii) execute, and use its best
efforts to cause the Trustee to execute, all documents as may be required to
effect such changes, and all other forms and documents required to be filed with
the SEC to enable the Indenture to be so qualified in a timely manner;

         (n) in the case of a Shelf Registration, enter into agreements
(including underwriting agreements) and take all other customary and appropriate
actions in order to expedite or facilitate the disposition of such Shelf
Registrable Securities and in such connection whether or not an underwriting
agreement is entered into and whether or not the registration is an underwritten
registration:

          (i) make such representations and warranties to the Holders of such
     Shelf Registrable Securities and the underwriters, if any, in form,
     substance and scope as are customarily made by issuers to underwriters in
     similar underwritten offerings as may be reasonably requested by them;

                                       14
<PAGE>   15

          (ii) obtain opinions of counsel to the Company and updates thereof
     (which counsel and opinions (in form, scope and substance) shall be
     reasonably satisfactory to the managing underwriters, if any, and the
     holders of a majority in principal amount of the Shelf Registrable
     Securities being sold) addressed to each selling Holder and the
     underwriters, if any, covering the matters customarily covered in opinions
     requested in sales of securities or underwritten offerings and such other
     matters as may be reasonably requested by such Holders and underwriters;

          (iii) obtain "cold comfort" letters and updates thereof from the
     Company's independent certified public accountants (and, if necessary, any
     other independent certified public accountants of any subsidiary of the
     Company or of any business acquired by the Company for which financial
     statements are, or are required to be, included in the Registration
     Statement) addressed to the underwriters, if any, and use reasonable
     efforts to have such letter addressed to the selling Holders of Shelf
     Registrable Securities (to the extent consistent with SAS 72), such letters
     to be in customary form and covering matters of the type customarily
     covered in "cold comfort" letters to underwriters in connection with
     similar underwritten offerings;

          (iv) enter into a securities sales agreement with the Holders and an
     agent of the Holders providing for, among other things, the appointment of
     such agent for the selling Holders for the purpose of soliciting purchases
     of Shelf Registrable Securities, which agreement shall be in form,
     substance and scope customary for similar offerings;

          (v) if an underwriting agreement is entered into, cause the same to
          set forth indemnification provisions and procedures substantially
     equivalent to the indemnification provisions and procedures set forth in
     Section 4 hereof with respect to the underwriters and all other parties to
     be indemnified pursuant to said Section or, at the request of any
     underwriters, in the form customarily provided to such underwriters in
     similar types of transactions; and

          (vi) deliver such documents and certificates as may be reasonably
     requested and as are customarily delivered in similar offerings to the
     Holders of a majority in principal amount of the Shelf Registrable
     Securities being sold and the managing underwriters, if any.

The above shall be done at (i) the effectiveness of such Registration Statement
(and each post-effective amendment thereto) and (ii) each closing under any
underwriting or similar agreement as and to the extent required thereunder;

         (o) in the case of a Shelf Registration or if a Prospectus is required
to be delivered by any Participating Broker-Dealer in the case of an Exchange
Offer, make available for inspection by representatives of the Holders of the
Registrable Securities, any underwriters participating in any disposition
pursuant to a Shelf Registration Statement, any Participating Broker-Dealer, any
Special Counsel or any accountant retained by any of the foregoing, all
financial and other records, pertinent corporate documents and properties of the
Company reasonably requested by any such persons, and cause the respective
officers, directors, employees, and any other agents of the Company to supply
all information reasonably requested

                                       15
<PAGE>   16

by any such representative, underwriter, Special Counsel or accountant in
connection with a Registration Statement, and make such representatives of the
Company available for discussion of such documents as shall be reasonably
requested by the Initial Purchasers;

         (p) (i) in the case of an Exchange Offer Registration Statement, a
reasonable time prior to the filing of any Exchange Offer Registration
Statement, any Prospectus forming a part thereof, any amendment to an Exchange
Offer Registration Statement or amendment or supplement to such Prospectus,
provide copies of such document to the Initial Purchasers and to Brown & Wood
LLP, as counsel to the Holders of Registrable Securities, and make such changes
in any such document prior to the filing thereof as the Initial Purchasers or
such counsel to the Holders of Registrable Securities may reasonably request
and, except as otherwise required by applicable law, not file any such document
in a form to which the Initial Purchasers on behalf of the Holders of
Registrable Securities and such counsel to the Holders of Registrable Securities
shall not have previously been advised and furnished a copy of or to which the
Initial Purchasers on behalf of the Holders of Registrable Securities or such
counsel to the Holders of Registrable Securities shall reasonably object, and
make the representatives of the Company available for discussion of such
documents as shall be reasonably requested by the Initial Purchasers; and

             (ii) in the case of a Shelf Registration, a reasonable time prior
to filing any Shelf Registration Statement, any Prospectus forming a part
thereof, any amendment to such Shelf Registration Statement or amendment or
supplement to such Prospectus, provide copies of such document to the Holders of
Shelf Registrable Securities, to the Initial Purchasers, to Special Counsel and
to the underwriter or underwriters of an underwritten offering of Shelf
Registrable Securities, if any, make such changes in any such document prior to
the filing thereof as the Initial Purchasers, Special Counsel or the underwriter
or underwriters reasonably request and not file any such document in a form to
which the Majority Holders of Shelf Registrable Securities, the Initial
Purchasers on behalf of the Holders of Registrable Securities, Special Counsel
or any underwriter shall not have previously been advised and furnished a copy
of or to which such Majority Holders, the Initial Purchasers of behalf of the
Holders of Registrable Securities, Special Counsel or any underwriter shall
reasonably object, and make the representatives of the Company available for
discussion of such document as shall be reasonably requested by the Holders of
Registrable Securities, the Initial Purchasers on behalf of such Holders,
Special Counsel or any underwriter.

         (q) in the case of a Shelf Registration, use its best efforts to cause
all Shelf Registrable Securities to be listed on any securities exchange on
which similar debt securities issued by the Company are then listed if requested
by the Majority Holders or if requested by the underwriter or underwriters of an
underwritten offering of Registrable Securities, if any;

         (r) in the case of a Shelf Registration, use its best efforts to cause
the Shelf Registrable Securities to be rated by the appropriate rating agencies,
if so requested by the Majority Holders, or if requested by the underwriter or
underwriters of an underwritten offering of Registrable Securities, if any;

         (s) otherwise comply with all applicable rules and regulations of the
SEC and make available to its security holders, as soon as reasonably
practicable, an earnings statement

                                       16
<PAGE>   17

covering at least 12 months which shall satisfy the provisions of Section 11(a)
of the 1933 Act and Rule 158 thereunder;

         (t) cooperate and assist in any filings required to be made with the
NASD and, in the case of a Shelf Registration, in the performance of any due
diligence investigation by any underwriter and its counsel (including any
"qualified independent underwriter" that is required to be retained in
accordance with the rules and regulations of the NASD); and

         (u) upon consummation of an Exchange Offer or a Private Exchange,
obtain a customary opinion of counsel to the Company addressed to the Trustee
for the benefit of all Holders of Registrable Securities participating in the
Exchange Offer or Private Exchange, and which includes an opinion that (i) the
Company has duly authorized, executed and delivered the Exchange Securities
and/or Private Exchange Securities, as applicable, and the related indenture,
and (ii) each of the Exchange Securities and related indenture constitute a
legal, valid and binding obligation of the Company, enforceable against the
Company in accordance with its respective terms (with customary exceptions).

     In the case of a Shelf Registration Statement, the Company may (as a
condition to such Holder's participation in the Shelf Registration) require each
Holder of Shelf Registrable Securities to furnish to the Company such
information regarding the Holder and the proposed distribution by such Holder of
such Shelf Registrable Securities as the Company may from time to time
reasonably request in writing for use in connection with any Shelf Registration
Statement or Prospectus included therein, including without limitation,
information specified in Item 507 of Regulation S-K under the 1933 Act.

     In the case of a Shelf Registration Statement, each Holder agrees that,
upon receipt of any notice from the Company of the happening of any event or the
discovery of any facts, each of the kind described in Section 3(e)(v) hereof,
such Holder will forthwith discontinue disposition of Registrable Securities
pursuant to a Registration Statement until such Holder's receipt of the copies
of the supplemented or amended Prospectus contemplated by Section 3(k) hereof,
and, if so directed by the Company, such Holder will deliver to the Company (at
its expense) all copies in such Holder's possession, other than permanent file
copies then in such Holder's possession, of the Prospectus covering such Shelf
Registrable Securities current at the time of receipt of such notice.

     If any of the Registrable Securities covered by any Shelf Registration
Statement are to be sold in an underwritten offering, the underwriter or
underwriters and manager or managers that will manage such offering will be
selected by the Majority Holders of such Registrable Securities included in such
offering, provided such selection is acceptable to the Company. No Holder of
Registrable Securities may participate in any underwritten registration
hereunder unless such Holder (a) agrees to sell such Holder's Registrable
Securities on the basis provided in any underwriting arrangements approved by
the persons entitled hereunder to approve such arrangements and (b) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements.

                                       17
<PAGE>   18

     4. Indemnification; Contribution.

         (a) The Company agrees to indemnify and hold harmless the Initial
Purchasers, each Holder, each Participating Broker-Dealer, each Person who
participates as an underwriter (any such Person being an "Underwriter") and each
Person, if any, who controls any Holder or Underwriter within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:

          (i) against any and all loss, liability, claim, damage and expense, as
     incurred, arising out of any untrue statement or alleged untrue statement
     of a material fact contained in any Registration Statement (or any
     amendment or supplement thereto) pursuant to which Exchange Securities or
     Registrable Securities were registered under the 1933 Act, including all
     documents incorporated therein by reference, or the omission or alleged
     omission therefrom of a material fact required to be stated therein or
     necessary to make the statements therein not misleading, or arising out of
     any untrue statement or alleged untrue statement of a material fact
     contained in any Prospectus (or any amendment or supplement thereto) or the
     omission or alleged omission therefrom of a material fact necessary in
     order to make the statements therein, in the light of the circumstances
     under which they were made, not misleading;

          (ii) against any and all loss, liability, claim, damage and expense,
     as incurred, to the extent of the aggregate amount paid in settlement of
     any litigation, or any investigation or proceeding by any governmental
     agency or body, commenced or threatened, or of any claim based upon any
     such untrue statement or omission, or any such alleged untrue statement or
     omission; provided that (subject to Section 4(d) below) any such settlement
     is effected with the written consent of the Company; and

          (iii) against any and all expense, as incurred (including the fees and
     disbursements of counsel chosen by any indemnified party as provided
     therein), reasonably incurred in investigating or defending against any
     litigation, or any investigation or proceeding by any governmental agency
     or body, commenced or threatened, or any claim based upon any such untrue
     statement or omission, or any such alleged untrue statement or omission, to
     the extent that any such expense is not paid under subparagraph (i) or (ii)
     above;

provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company by the
Holder or Underwriter expressly for use in a Registration Statement (or any
amendment thereto) or any Prospectus (or any amendment or supplement thereto),
and provided further, that the Company shall not indemnify any Underwriter or
any person who controls such Underwriter from any loss, liability, claim or
damage (or expense incurred in connection therewith) alleged by any person who
purchased Exchange Securities or Registrable Securities from such Underwriter if
the untrue statement, omission or allegation thereof upon which such loss,
liability, claim or damage is based was made in (i) any preliminary prospectus,
if a copy of the Prospectus (as then amended or supplemented if the Company
shall have furnished any amendments or supplements thereto) was not sent or
given by or on behalf of

                                       18
<PAGE>   19

such Underwriter to such person at or prior to the written confirmation of the
sale of Exchange Securities or Registrable Securities to such person, and if the
Prospectus (as so amended or supplemented) corrected the untrue statement or
omission giving rise to such loss, claim, damage or liability; (ii) any
Prospectus used by such Underwriter or any person who controls such Underwriter,
after such time as the Company advised the Underwriters that the filing of a
post-effective amendment or supplement thereto was required, except the
Prospectus as so amended or supplemented, if the Prospectus as amended or
supplemented by such post-effective amendment or supplement would not have given
rise to such loss, liability, claim or damage; or (iii) any Prospectus used
after such time as the obligation of the Company to keep the same current and
effective has expired.

         (b) Each Holder severally, but not jointly, agrees to indemnify and
hold harmless the Company, the Initial Purchasers, each Underwriter and the
other selling Holders, and each of their respective directors and officers, and
each Person, if any, who controls the Company, the Initial Purchasers, any
Underwriter or any other selling Holder within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act, against any and all loss, liability,
claim, damage and expense described in the indemnity contained in Section 4(a)
hereof, as incurred, but only with respect to untrue statements or omissions, or
alleged untrue statements or omissions, made in the Shelf Registration Statement
(or any amendment thereto) or any Prospectus included therein (or any amendment
or supplement thereto) in reliance upon and in conformity with written
information with respect to such Holder furnished to the Company by such Holder
expressly for use in the Shelf Registration Statement (or any amendment thereto)
or such Prospectus (or any amendment or supplement thereto); provided, however,
that no such Holder shall be liable for any claims hereunder in excess of the
amount of net proceeds received by such Holder from the sale of Registrable
Securities pursuant to such Shelf Registration Statement.

         (c) Each indemnified party shall give written notice as promptly as
reasonably practicable to each indemnifying party of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, and
the indemnifying party shall assume the defense thereof, including the
employment of counsel satisfactory to the indemnified party, and the payment of
all expenses. Any omission to so notify an indemnifying party shall not relieve
such indemnifying party from any liability hereunder to the extent it is not
materially prejudiced as a result thereof and in any event shall not relieve it
from any liability which it may have otherwise than on account of this indemnity
agreement. Any such indemnified party shall have the right to employ separate
counsel in any such action or proceeding and to participate in the defense
thereof, but the fees and expenses of such separate counsel shall be paid by
such indemnified party unless (a) the indemnifying party has agreed to pay such
fees and expenses or (b) the indemnifying party shall have failed to assume the
defense of such action or proceeding and employ counsel reasonably satisfactory
to the indemnified party in any such action or proceeding or (c) the named
parties to any such action or proceeding (including any impleaded parties)
include both such indemnified party and indemnifying party, and the indemnified
party shall have been advised by its counsel that there may be a conflict of
interest between such indemnified party and indemnifying party in the conduct of
the defense of such action (in which case, if such indemnified party notifies
the indemnifying party in writing that it elects to employ separate counsel at
the expense of the indemnifying party, the indemnifying party shall not have the
right to assume the defense of such action or proceeding on behalf of such
indemnified party), it being understood, however, that the indemnifying party
shall not, in connection with

                                       19
<PAGE>   20

any one such action or proceeding or separate but substantially similar or
related actions or proceedings arising out of the same general allegations or
circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (unless the members of such firm are not admitted to
practice in a jurisdiction where an action is pending, in which case the
indemnifying party shall pay the reasonable fees and expenses of one additional
firm of attorneys to act as local counsel in such jurisdiction, provided the
services of such counsel are substantially limited to that of appearing as
attorneys of record) at any time for all indemnified parties, which firm shall
be designated in writing by the indemnified party. No indemnifying party shall,
without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 4 (whether or
not the indemnified parties are actual or potential parties thereto), unless
such settlement, compromise or consent (i) includes an unconditional release of
each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim 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 any
indemnified party.

         (d) If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 4(a)(ii) effected without its
written consent if (i) such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.

         (e) If the indemnification provided for in this Section 4 is for any
reason unavailable to hold harmless an indemnified party (other than by reason
of the first sentence of Section 4(c)) in respect of any losses, liabilities,
claims, damages or expenses referred to therein, then each indemnifying party
shall contribute to the aggregate amount of such losses, liabilities, claims,
damages and expenses incurred by such indemnified party, as incurred, (i) in
such proportion as is appropriate to reflect the relative benefits received by
the Company on the one hand and the Holders and the Initial Purchasers on the
other hand from the offering of the Securities, the Exchange Securities and the
Registrable Securities (taken together) included in such offering or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) above but also the relative fault of the Company on the one
hand and the Holders and the Initial Purchasers on the other hand in connection
with the statements or omissions which resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable
considerations.

     The relative benefits received by the Company on the one hand and the
Initial Purchasers on the other hand in connection with the offering of the
Securities, the Exchange Securities and the Registrable Securities (taken
together) included in such offering shall be deemed to be in the same respective
proportions as the total net proceeds from the offering of the Securities
pursuant to the Purchase Agreement (before deducting expenses) received by the
Company and the total

                                       20
<PAGE>   21

underwriting discount received by the Initial Purchasers, bear to the aggregate
initial offering price of the Securities.

     The relative fault of the Company on the one hand and the Holders and the
Initial Purchasers on the other hand shall be determined by reference to, among
other things, whether any such untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact relates to
information supplied by the Company, the Holders or the Initial Purchasers and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

     The Company, the Holders and the Initial Purchasers agree that it would not
be just and equitable if contribution pursuant to this Section 4 were determined
by pro rata allocation (even if the Initial Purchasers 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 above in this Section
4. The aggregate amount of losses, liabilities, claims, damages and expenses
incurred by an indemnified party and referred to above in this Section 4 shall
be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue or alleged untrue statement or omission or alleged omission.

     Notwithstanding the provisions of this Section 4, no Initial Purchaser
shall be required to contribute any amount in excess of the amount by which the
total price at which the Securities purchased and sold by it were offered
exceeds the amount of any damages which such Initial Purchaser 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 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

     For purposes of this Section 4, each Person, if any, who controls an
Initial Purchaser or Holder within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act shall have the same rights to contribution as such
Initial Purchaser or Holder, and each Person, if any, who controls the Company
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
shall have the same rights to contribution as the Company. The Initial
Purchasers' respective obligations to contribute pursuant to this Section 4 are
several in proportion to the principal amount of Securities set forth opposite
their respective names in Schedule A to the Purchase Agreement and not joint.

     5. Miscellaneous.

     5.1 Rule 144 and Rule 144A. For so long as the Company is subject to the
reporting requirements of Section 13 or 15 of the 1934 Act, the Company
covenants that it will file the reports required to be filed by it under the
1933 Act and Section 13(a) or 15(d) of the 1934 Act and the rules and
regulations adopted by the SEC thereunder. If the Company ceases to be so
required to file such reports, the Company covenants that it will upon the
request of any Holder

                                       21
<PAGE>   22

of Registrable Securities (a) make publicly available such information as is
necessary to permit sales pursuant to Rule 144 under the 1933 Act, (b) deliver
such information to a prospective purchaser as is necessary to permit sales
pursuant to Rule 144A under the 1933 Act and it will take such further action as
any Holder of Registrable Securities may reasonably request, and (c) take such
further action that is reasonable in the circumstances, in each case, to the
extent required from time to time to enable such Holder to sell its Registrable
Securities without registration under the 1933 Act within the limitation of the
exemptions provided by (i) Rule 144 under the 1933 Act, as such Rule may be
amended from time to time, (ii) Rule 144A under the 1933 Act, as such Rule may
be amended from time to time, or (iii) any similar rules or regulations
hereafter adopted by the SEC. Upon the request of any Holder of Registrable
Securities, the Company will deliver to such Holder a written statement as to
whether it has complied with such requirements. The Company's obligations under
this Section 5.1 shall terminate upon the later of the consummation of the
Exchange Offer and the Effectiveness Period.

     5.2 No Inconsistent Agreements. The Company has not entered into and the
Company will not after the date of this Agreement enter into any agreement which
is inconsistent with the rights granted to the Holders of Registrable Securities
in this Agreement or otherwise conflicts with the provisions hereof. The rights
granted to the Holders hereunder do not and will not for the term of this
Agreement in any way conflict with the rights granted to the holders of the
Company's other issued and outstanding securities under any such agreements.

     5.3 Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given
unless the Company has obtained the written consent of Holders of at least a
majority in aggregate principal amount of the outstanding Registrable Securities
affected by such amendment, modification, supplement, waiver or departure.

     5.4 Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, registered first-class
mail, telecopier, or any courier guaranteeing overnight delivery (a) if to a
Holder, at the most current address given by such Holder to the Company by means
of a notice given in accordance with the provisions of this Section 5.4, which
address initially is the address set forth in the Purchase Agreement with
respect to the Initial Purchasers; and (b) if to the Company, initially at the
Company's address set forth in the Purchase Agreement, and thereafter at such
other address of which notice is given in accordance with the provisions of this
Section 5.4.

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; two business days
after being deposited in the mail, postage prepaid, if mailed; when receipt is
acknowledged, if telecopied; and on the next business day if timely delivered to
an air courier guaranteeing overnight delivery.

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

                                       22
<PAGE>   23

     5.5 Successor and Assigns. This Agreement shall inure to the benefit of and
be binding upon the successors, assigns and transferees 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 Registrable Securities in violation
of the terms of the Purchase Agreement or the Indenture. If any transferee of
any Holder shall acquire Registrable Securities, in any manner, whether by
operation of law or otherwise, such Registrable Securities shall be held subject
to all of the terms of this Agreement, and by taking and holding such
Registrable Securities such person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement,
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.

     5.6 Third Party Beneficiaries. The Initial Purchasers (even if the Initial
Purchasers are not Holders of Registrable Securities) shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the Holders, on the other hand, and shall have the right to enforce
such agreements directly to the extent they deem such enforcement necessary or
advisable to protect their rights or the rights of Holders hereunder. Each
Holder of Registrable Securities shall be a third party beneficiary to the
agreements made hereunder between the Company, 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 it deems such enforcement necessary or
advisable to protect its rights hereunder.

     5.7 Specific Enforcement. Without limiting the remedies available to the
Initial Purchasers and the Holders, the Company acknowledges that any failure by
the Company to comply with its obligations under Sections 2.1 through 2.4 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 would 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 Company's obligations under
Sections 2.1 through 2.4 hereof.

     5.8 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.

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

     5.10 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS THEREOF.

     5.11 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.

                                       23
<PAGE>   24

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

                            LIBERTY MEDIA CORPORATION

                            By:
                               ------------------------------------------------
                               Name:
                               Title:

Confirmed and accepted as
  of the date first above
  written:

LEHMAN BROTHERS INC.
SALOMON SMITH BARNEY INC.

BY: LEHMAN BROTHERS INC.

    For itself and the other Initial Purchaser set forth above

By:
   --------------------------
   Name:
   Title:

                                       24
<PAGE>   25

                                                                       EXHIBIT A

                           FORM OF OPINION OF COUNSEL

Lehman Brothers Inc.
Salomon Smith Barney Inc.
c/o Lehman Brothers Inc.
3 World Financial Center
New York, New York 10281-1209

Ladies and Gentlemen:

     We have acted as counsel for Liberty Media Corporation, a Delaware
corporation (the "Company"), in connection with the sale by the Company to the
Initial Purchasers (as defined below) of $1,000,000,000 aggregate principal
amount 8-1/4% Senior Debentures due 2030 (the "Securities") of the Company
pursuant to the purchase agreement dated January 26, 2000 (the "Purchase
Agreement") among the Company and Lehman Brothers Inc. and Salomon Smith Barney
Inc. (collectively, the "Initial Purchasers") and the filing by the Company of
an Exchange Offer Registration Statement (the "Registration Statement") in
connection with an Exchange Offer to be effected pursuant to the Registration
Rights Agreement dated February 2, 2000, (the "Registration Rights Agreement")
between the Company and the Initial Purchasers. This opinion is furnished to you
pursuant to Section 3(f)(B) of the Registration Rights Agreement. Unless
otherwise defined herein, capitalized terms used in this opinion that are
defined in the Registration Rights Agreement are used herein as so defined.

     We have examined such documents, records and matters of law as we have
deemed necessary for purposes of this opinion. In rendering this opinion, as to
all matters of fact relevant to this opinion, we have assumed the completeness
and accuracy of, and are relying solely upon, the representations and warranties
of the Company set forth in the Purchase Agreement and the statements set forth
in certificates of public officials and officers of the Company, without making
any independent investigation or inquiry with respect to the completeness or
accuracy of such representations, warranties or statements, other than a review
of the certificate of incorporation, by-laws and relevant minute books of the
Company.

     Based on and subject to the foregoing, we are of the opinion that:

     The Exchange Offer Registration Statement, as of its effective date, and
the Prospectus, as of the date hereof (except as to (x) the financial
statements, notes and schedules thereto and other financial and statistical data
contained or incorporated by reference therein, (y) the documents incorporated
or deemed incorporated by reference therein, and (z) the Form T-1, as to which
such counsel need express no opinion), comply as to form in all material
respects with the

                                      A-1
<PAGE>   26

requirements of the 1933 Act and the applicable rules and regulations
promulgated under the 1933 Act. In passing upon the form of such documents, we
have necessarily assumed the correctness and completeness of the statements made
or included therein by the Company and take no responsibility for the accuracy,
completeness or fairness of the statements contained therein except insofar as
such statements related to the description of the Exchange Securities and the
Indenture or relate to us. However, in connection with our examination of the
Registration Statement and the Prospectus, we have had conferences with certain
officers and other representatives of the Company, and our examination of the
Registration Statement and the Prospectus and our discussions in such
conferences did not disclose to us any information (relying as to the
materiality of any such information primarily upon officers and other
representatives of the Company) which gave us reason to believe that either the
Registration Statement, as of its effective date, or the Prospectus, as of the
date hereof (except as to (x) the financial statements, notes and schedules
thereto and other financial and statistical data contained or incorporated by
reference therein and (y) the documents incorporated or deemed incorporated by
reference therein, as to which such counsel need express no opinion), contains
any untrue statement of a material fact or omits any material fact required to
be stated therein or necessary to make the statements therein (in the case of
the Prospectus, in light of the circumstances under which they were made) not
misleading.

     This opinion is being furnished to you solely for your benefit in
connection with the transactions contemplated by the Registration Rights
Agreement, and may not be used for any other purpose or relied upon by any
person other than you. Except with our prior written consent, the opinions
herein expressed are not to be used, circulated, quoted or otherwise referred to
in connection with any transactions other than those contemplated by the
Registration Rights Agreement by or to any other person.

                                  Very truly yours,

                                      A-2

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