Document:

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                                                                     EXHIBIT 4.2

                          REGISTRATION RIGHTS AGREEMENT

                                      among

                                PHOTRONICS, INC.

                                   as Issuer,

                                       and

                        MORGAN STANLEY & CO. INCORPORATED

               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

                                       and
                           J.P. MORGAN SECURITIES INC.

                              as Initial Purchasers

                           Dated as of April 15, 2003

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        REGISTRATION RIGHTS AGREEMENT dated as of April 15, 2003 among
Photronics, Inc., a Connecticut corporation (the "Company"), and Morgan Stanley
& Co. Incorporated, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P.
Morgan Securities Inc. (the "Initial Purchasers") pursuant to the Purchase
Agreement dated April 9, 2003 (the "Purchase Agreement"), between the Company
and the Initial Purchasers. In order to induce the Initial Purchasers to enter
into the Purchase Agreement, the Company has agreed to provide the registration
rights set forth in this Agreement. The execution of this Agreement is a
condition to the closing under the Purchase Agreement.

        The Company agrees with the Initial Purchasers, (i) for their benefit as
Initial Purchasers and (ii) for the benefit of the beneficial owners (including
the Initial Purchasers) from time to time of the Notes (as defined herein) and
the beneficial owners from time to time of the Underlying Common Stock (as
defined herein) issued upon conversion of the Notes (each of the foregoing a
"Holder" and together the "Holders"), as follows:

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

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

        "Amendment Effectiveness Deadline Date" has the meaning set forth in
Section 2(d) hereof.

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

        "Common Stock" means the shares of common stock, $.01 par value, of the
Company and any other shares of common stock as may constitute "Common Stock"
for purposes of the Indenture, including the Underlying Common Stock.

        "Conversion Price" has the meaning assigned such term in the Indenture.

        "Damages Accrual Period" has the meaning set forth in Section 2(e)
hereof.

        "Damages Payment Date" means each April 15 and October 15.

        "Deferral Notice" has the meaning set forth in Section 3(i) hereof.

        "Deferral Period" has the meaning set forth in Section 3(i) hereof.

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        "Effectiveness Deadline Date" has the meaning set forth in Section 2(a)
hereof.

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

        "Event" has the meaning set forth in Section 2(e) hereof.

        "Exchange Act" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated thereunder.

        "Filing Deadline Date" has the meaning set forth in Section 2(a) hereof.

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

        "Indenture" means the Indenture, dated as of April 15, 2003, between the
Company and The Bank of New York, as trustee, pursuant to which the Notes are
being issued.

        "Initial Purchasers" means Morgan Stanley & Co. Incorporated, Merrill
Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities Inc.

        "Initial Shelf Registration Statement" has the meaning set forth in
Section 2(a) hereof.

        "Issue Date" means the first date of original issuance of the Notes.

        "Liquidated Damages Amount" has the meaning set forth in Section 2(e)
hereof.

        "Losses" has the meaning set forth in Section 6 hereof.

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

        "Notes" means the 2 1/4% Convertible Subordinated Notes Due 2008 of the
Company to be purchased pursuant to the Purchase Agreement.

        "Notice and Questionnaire" means a written notice delivered to the
Company containing substantially the information called for by the Selling
Securityholder Notice and Questionnaire attached as Annex A to the Offering
Memorandum of the Company dated April 9, 2003 relating to the Notes.

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

        "Purchase Agreement" has the meaning set forth in the preamble hereof.

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

        "Record Holder" means with respect to any Damages Payment Date relating
to any Notes or Underlying Common Stock as to which any Liquidated Damages
Amount has accrued, the registered holder of such Note or Underlying Common
Stock on the April 1 immediately preceding a Damages Payment Date occurring on a
April 15, and on the October 1 immediately preceding a Damages Payment Date
occurring on a October 15.

        "Registrable Securities" means the Notes until such Notes have been
converted into or exchanged for the Underlying Common Stock and, at all times
subsequent to any such conversion or exchange the Underlying Common Stock and
any securities into or for which such Underlying Common Stock has been converted
or exchanged, and any security issued with respect thereto upon any stock
dividend, split or similar event until, in the case of any such security, (A)
the earliest of (i) its effective registration under the Securities Act and
resale in accordance with the Registration Statement covering it, (ii)
expiration of the holding period that would be applicable thereto, under Rule
144(k) or (iii) its sale to the public pursuant to Rule 144 (or any similar
provision then in force, but not Rule 144A) under the Securities Act, and (B) as
a result of the event or circumstance described in any of the foregoing clauses
(i) through (iii), the legend with respect to transfer restrictions required
under the Indenture are removed or removable in accordance with the terms of the
Indenture or such legend, as the case may be.

        "Registration Expenses" has the meaning set forth in Section 5 hereof.

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

        "Restricted Securities" means "Restricted Securities" as defined in Rule
144.

        "Rule 144" means Rule 144 under the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted
by the SEC.

        "Rule 144A" means Rule 144A under the Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.

        "SEC" means the Securities and Exchange Commission.

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        "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations promulgated by the SEC thereunder.

        "Shelf Registration Statement" has the meaning set forth in Section 2(a)
hereof.

        "Special Counsel" means Davis Polk & Wardwell or one such other
successor counsel as shall be specified by the Holders of a majority of the
Registrable Securities, but which may, with the written consent of the Initial
Purchasers (which shall not be unreasonably withheld), be another nationally
recognized law firm experienced in securities law matters designated by the
Company, the reasonable fees and expenses of which will be paid by the Company
pursuant to Section 5 hereof. For purposes of determining the holders of a
majority of the Registrable Securities in this definition, Holders of Notes
shall be deemed to be the Holders of the number of shares of Underlying Common
Stock into which such Notes are or would be convertible as of the date the
consent is requested.

        "Subsequent Shelf Registration Statement" has the meaning set forth in
Section 2(b) hereof.

        "TIA" means the Trust Indenture Act of 1939, as amended.

        "Trustee" means The Bank of New York, the Trustee under the Indenture.

        "Underlying Common Stock" means the Common Stock into which the Notes
are convertible or issued upon any such conversion.

        SECTION 2. Shelf Registration. (a) The Company shall prepare and file or
cause to be prepared and filed with the SEC, as soon as practicable but in any
event by the date (the "Filing Deadline Date") ninety (90) days after the Issue
Date, a Registration Statement for an offering to be made on a delayed or
continuous basis pursuant to Rule 415 of the Securities Act (a "Shelf
Registration Statement") registering the resale from time to time by Holders
thereof of all of the Registrable Securities (the "Initial Shelf Registration
Statement"). The Initial Shelf Registration Statement shall be on Form S-3 or
another appropriate form permitting registration of such Registrable Securities
for resale by such Holders in accordance with the methods of distribution
elected by the Holders and set forth in the Initial Shelf Registration
Statement. The Company shall use its reasonable best efforts to cause the
Initial Shelf Registration Statement to be declared effective under the
Securities Act as promptly as is practicable but in any event by the date (the
"Effectiveness Deadline Date") that is two hundred ten (210) days after the
Issue Date, and to keep the Initial Shelf Registration Statement (or any
Subsequent Shelf Registration Statement) continuously effective under the
Securities Act until the expiration of the Effectiveness Period. At the time the
Initial Shelf Registration Statement is declared effective, each Holder that
became a Notice Holder on or prior to the date ten (10) Business Days prior to
such time of effectiveness shall be named as a selling securityholder in the
Initial Shelf Registration Statement and the related Prospectus in such a manner
as to permit such Holder to

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deliver such Prospectus to purchasers of Registrable Securities in accordance
with applicable law. Subject to the following sentence, none of the Company's
security holders (other than the Holders of Registrable Securities) shall have
the right to include any of the Company's securities in the Shelf Registration
Statement. No provision in this Agreement shall prohibit or otherwise restrict
the Company's compliance with the Registration Rights Agreement dated April 4,
2002 between the Company and the investors named therein (the "PKL Agreement")
and the Company may, if required to do so by such investors pursuant to their
rights under the PKL Agreement, include Common Stock held by such investors for
registration in the Shelf Registration Statement.

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

        (c)     The Company shall supplement and amend the Shelf Registration
Statement if required by the rules, regulations or instructions applicable to
the registration form used by the Company for such Shelf Registration Statement
or if required by the Securities Act.

        (d)     Each Holder agrees that if such Holder wishes to sell
Registrable Securities pursuant to a Shelf Registration Statement and related
Prospectus, it will do so only in accordance with this Section 2(d) and Section
3(i). Each Holder wishing to sell Registrable Securities pursuant to a Shelf
Registration Statement and related Prospectus agrees to deliver a Notice and
Questionnaire to the Company prior to any intended distribution of Registrable
Securities under the Shelf Registration Statement. From and after the date the
Initial Shelf Registration Statement is declared effective, the Company shall,
as promptly as practicable after the date a Notice and Questionnaire is
delivered, and in any event upon the later of (x) ten (10) Business Days after
such date or (y) ten (10) Business Days after the expiration of any Deferral
Period in effect when the Notice and Questionnaire is delivered or put into
effect within ten (10) Business Days of such delivery date:

                (i) if required by applicable law, file with the SEC a
        post-effective amendment to the Shelf Registration Statement or prepare
        and, if required by applicable law, file a

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

                (ii) provide such Holder copies of any documents filed pursuant
        to Section 2(d)(i); and

                (iii) notify such Holder as promptly as practicable after the
        effectiveness under the Securities Act of any post-effective amendment
        filed pursuant to Section 2(d)(i);

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

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

                        (i)     the Initial Shelf Registration Statement has not
        been filed on or prior to the Filing Deadline Date,

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

                        (iii)   the Company has failed to perform its
        obligations set forth in Section 2(d) within the time period required
        therein,

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                        (iv)    any post-effective amendment to a Shelf
        Registration Statement filed pursuant to Section 2(d)(i) has not become
        effective under the Securities Act on or prior to the Amendment
        Effectiveness Deadline Date,

                        (v)     the aggregate duration of Deferral Periods in
        any period exceeds the number of days permitted in respect of such
        period pursuant to Section 3(i) hereof or

                        (vi)    the number of Deferral Periods in any period
        exceeds the number permitted in respect of such period pursuant to
        Section 3(i) hereof.

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

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

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

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

      (iii)       the date by which the Company   the date the Company performs
                  is required to perform its      its obligations set forth in
                  obligations under Section       Section 2(d)
                  2(d)

      (iv)        the Amendment Effectiveness     the date the applicable
                  Deadline Date                   post-effective amendment to a
                                                  Shelf Registration Statement
                                                  becomes effective under the
                                                  Securities Act

      (v)         the date on which the           termination of the Deferral
                  aggregate duration of           Period that caused the limit
                  Deferral Periods in any         on the aggregate duration
                  period exceeds the number       of Deferral Periods to be
                  of days permitted by            exceeded
                  Section 3(i)

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

      (vi)        the date of commencement        termination of the Deferral
                  of a Deferral Period that       Period that caused the
                  causes the number of            number of Deferral Periods
                  Deferral Periods to exceed      to exceed the number
                  the number permitted by         permitted by Section 3(i)
                  Section 3(i)

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

        Commencing on (and including) any date that an Event has begun and
ending on (but excluding) the next date on which there are no Events that have
occurred and are continuing (a "Damages Accrual Period"), the Company shall pay,
as liquidated damages and not as a penalty, to Record Holders of Registrable
Securities an amount (the "Liquidated Damages Amount") accruing, for each day in
the Damages Accrual Period, (i) in respect of any Note that is a Registrable
Security, at a rate per annum equal to 0.25% for the first 90 days and 0.5%
thereafter of the aggregate principal amount of such Note and (ii) in respect of
each share of Underlying Common Stock that is a Registrable Security at a rate
per annum equal to 0.25% for the first 90 days and 0.5% thereafter on the
Conversion Price on such date; provided that in the case of a Damages Accrual
Period that is in effect solely as a result of an Event of the type described in
clause (iii) or (iv) of the preceding paragraph, such Liquidated Damages Amount
shall be paid only to the Holders (as set forth in the succeeding paragraph)
that have delivered Notices and Questionnaires that caused the Company to incur
the obligations set forth in Section 2(d) the non-performance of which is the
basis of such Event. In calculating the Liquidated Damages Amount on any date on
which no Notes are outstanding, the Conversion Price and the Liquidated Damages
Amount shall be calculated as if the Notes were still outstanding.
Notwithstanding the foregoing, no Liquidated Damages Amount shall accrue as to
any Registrable Security from and after the earlier of (x) the date such
security is no longer a Registrable Security and (y) expiration of the
Effectiveness Period. The rate of accrual of the Liquidated Damages Amount with
respect to any period shall not exceed the rate provided for in this paragraph
notwithstanding the occurrence of multiple concurrent Events.

        The Liquidated Damages Amount shall accrue from the first day of the
applicable Damages Accrual Period, and shall be payable on each Damages Payment
Date during the Damage Accrual Period (and on the Damages Payment Date next
succeeding the end of the Damages Accrual Period if the Damage Accrual Period
does not end on a Damages Payment Date) to the Record Holders of the Registrable
Securities entitled thereto; provided that any Liquidated Damages Amount accrued
with respect to any Note or portion thereof repurchased by the Company upon a
fundamental change or converted into Underlying Common Stock on a

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conversion date prior to the Damages Payment Date, shall, in any such event, be
paid instead to the Holder who submitted such Note or portion thereof for
repurchase or conversion on the applicable repurchase date or conversion date,
as the case may be, on such date (or promptly following the conversion date, in
the case of conversion); provided further, that, in the case of an Event of the
type described in clause (iii) or (iv) of the first paragraph of this Section
2(e), such Liquidated Damages Amount shall be paid only to the Holders entitled
thereto pursuant to such first paragraph by check mailed to the address set
forth in the Notice and Questionnaire delivered by such Holder. The Trustee
shall be entitled, on behalf of registered holders of Notes or Underlying Common
Stock, to seek any available remedy for the enforcement of this Agreement,
including for the payment of such Liquidated Damages Amount. Notwithstanding the
foregoing, the parties agree that the sole damages payable for a violation of
the terms of this Agreement with respect to which liquidated damages are
expressly provided shall be such liquidated damages. Nothing shall preclude any
Holder from pursuing or obtaining specific performance or other equitable relief
with respect to this Agreement.

        All of the Company's obligations set forth in this Section 2(e) that are
outstanding with respect to any Registrable Security at the time such security
ceases to be a Registrable Security shall survive until such time as all such
obligations with respect to such security have been satisfied in full
(notwithstanding termination of this Agreement pursuant to Section 8(k)).

        The parties hereto agree that the liquidated damages provided for in
this Section 2(e) constitute a reasonable estimate of the damages that may be
incurred by Holders of Registrable Securities by reason of the failure of a
Shelf Registration Statement to be filed or declared effective or available for
effecting resales of Registrable Securities in accordance with the provisions
hereof.

        SECTION 3. Registration Procedures. In connection with the registration
obligations of the Company under Section 2 hereof, the Company shall:

                (a)     Prepare and file with the SEC a Registration Statement
        or Registration Statements on any appropriate form under the Securities
        Act available for the sale or transfer of the Registrable Securities by
        the Holders thereof in accordance with the intended method or methods of
        distribution thereof, and use its reasonable best efforts to cause each
        such Registration Statement to become effective and remain effective as
        provided herein; provided that before filing the Initial Registration
        Statement or related Prospectus or any amendments or supplements thereto
        with the SEC prior to the effectiveness of the Initial Shelf
        Registration Statement the Company shall, furnish to the Initial
        Purchasers and the Special Counsel of such offering, if any, copies of
        all such documents proposed to be filed and use its reasonable best
        efforts to reflect in each such document when so filed with the SEC such
        comments as the Initial Purchasers or the Special Counsel, if any,
        reasonably shall propose within five (5) Business Days of the delivery
        of such copies to the Initial Purchasers and the Special Counsel.

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

                (c)     As promptly as practicable give notice to the Notice
        Holders, the Initial Purchasers and the Special Counsel, (i) when any
        Prospectus, prospectus supplement, Registration Statement or
        post-effective amendment to a Registration Statement has been filed with
        the SEC and, with respect to a Registration Statement or any
        post-effective amendment, when the same has been declared effective,
        (ii) of any request, following the effectiveness of the Initial Shelf
        Registration Statement under the Securities Act, by the SEC or any other
        federal or state governmental authority for amendments or supplements to
        any Registration Statement or related Prospectus or for additional
        information, (iii) of the issuance by the SEC or any other federal or
        state governmental authority of any stop order suspending the
        effectiveness of any Registration Statement or the initiation or
        threatening of any proceedings for that purpose, (iv) of the receipt by
        the Company of any notification with respect to the suspension of the
        qualification or exemption from qualification of any of the Registrable
        Securities for sale in any jurisdiction or the initiation or threatening
        of any proceeding for such purpose, (v) of the occurrence of a Material
        Event and (vi) of the determination by the Company that a post-effective
        amendment to a Registration Statement will be filed with the SEC, which
        notice may, at the discretion of the Company (or as required pursuant to
        Section 3 (i)), state that it constitutes a Deferral Notice, in which
        event the provisions of Section 3(i) shall apply; provided that,
        following the effectiveness of the Initial Shelf Registration Statement,
        the Company's obligation to give notice with respect to the foregoing
        clauses (i) and (vi), except in the case of a notice that constitutes a
        Deferral Notice, shall be satisfied upon filing of the relevant
        Prospectus, prospectus supplement, Registration Statement or post-
        effective amendment on the SEC's EDGAR filing system.

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

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                (e)     Following the effectiveness of the Initial Shelf
        Registration Statement, if reasonably requested by any Notice Holder, as
        promptly as practicable incorporate in a prospectus supplement or
        post-effective amendment to a Registration Statement such information as
        the Initial Purchasers and the Special Counsel or such Notice Holders
        shall on the basis of an opinion of nationally-recognized counsel
        experienced in such matters, determine to be required to be included
        therein by applicable law and make any required filings of such
        prospectus supplement or post-effective amendment.

                (f)     As promptly as practicable furnish to each Notice
        Holder, the Special Counsel and the Initial Purchasers, without charge,
        upon the effectiveness of the Initial Shelf Registration Statement at
        least one (1) conformed copy of the Initial Shelf Registration Statement
        and the accompanying Prospectus.

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

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

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                (i)     Upon (A) the issuance by the SEC of a stop order
        suspending the effectiveness of the Shelf Registration Statement or the
        initiation of proceedings with respect to the Shelf Registration
        Statement under Section 8(d) or 8(e) of the Securities Act, (B) the
        occurrence of any event or the existence of any fact (a "Material
        Event") as a result of which any Registration Statement shall contain
        any untrue statement of a material fact or omit to state any material
        fact required to be stated therein or necessary to make the statements
        therein not misleading, or any Prospectus shall contain any untrue
        statement of a material fact or omit to state any material fact required
        to be stated therein or necessary to make the statements therein, in the
        light of the circumstances under which they were made, not misleading,
        or (C) the occurrence or existence of any pending corporate development
        that, in the reasonable discretion of the Company, makes it appropriate
        to suspend the availability of the Shelf Registration Statement and the
        related Prospectus for a discrete period of time:

                        (i) in the case of clause (B) above, subject to the next
                sentence, as promptly as practicable prepare and file, if
                necessary pursuant to applicable law, a post-effective amendment
                to such Registration Statement or a supplement to the related
                Prospectus or any document incorporated therein by reference or
                file any other required document that would be incorporated by
                reference into such Registration Statement and Prospectus so
                that such Registration Statement does not contain any untrue
                statement of a material fact or omit to state any material fact
                required to be stated therein or necessary to make the
                statements therein not misleading, and such Prospectus does not
                contain any untrue statement of a material fact or omit to state
                any material fact required to be stated therein or necessary to
                make the statements therein, in the light of the circumstances
                under which they were made, not misleading, as thereafter
                delivered to the purchasers of the Registrable Securities being
                sold thereunder, and, in the case of a post-effective amendment
                to a Registration Statement, subject to the next sentence, use
                its reasonable best efforts to cause it to be declared effective
                as promptly as is practicable, and

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

                The Company will use its reasonable best efforts to ensure that
        the use of the Prospectus may be resumed (x) in the case of clause (A)
        above, as promptly as is

                                       13

<PAGE>

        practicable, (y) in the case of clause (B) above, as soon as, in the
        sole judgment of the Company, public disclosure of such Material Event
        would not be prejudicial to or contrary to the interests of the Company
        or, if necessary to avoid unreasonable burden or expense, as soon as
        practicable thereafter and (z) in the case of clause (C) above, as soon
        as in the reasonable discretion of the Company, such suspension is no
        longer appropriate. The Company shall be entitled to exercise its right
        under this Section 3(i) to suspend the availability of the Shelf
        Registration Statement or any Prospectus, without incurring or accruing
        any obligation to pay liquidated damages pursuant to Section 2(e), no
        more than one (1) time in any three month period or three (3) times in
        any twelve month period, and any such period during which the
        availability of the Registration Statement and any Prospectus is
        suspended (the "Deferral Period") shall, without incurring any
        obligation to pay liquidated damages pursuant to Section 2(e), not
        exceed 30 days; provided that the aggregate duration of any Deferral
        Periods shall not exceed 30 days in any three month period (or 60 days
        in any three month period in the event of a Material Event pursuant to
        which the Company has delivered a second notice as required below) or 90
        days in any twelve (12) month period; provided that in the case of a
        Material Event relating to an acquisition or a probable acquisition or
        financing, recapitalization, business combination or other similar
        transaction, the Company may, without incurring any obligation to pay
        liquidated damages pursuant to Section 2(e), deliver to Notice Holders a
        second notice to the effect set forth above, which shall have the effect
        of extending the Deferral Period by up to an additional 30 days, or such
        shorter period of time as is specified in such second notice.

                (j)     If requested in writing in connection with a disposition
        of Registrable Securities pursuant to a Registration Statement, make
        reasonably available for inspection during normal business hours by a
        representative for the Notice Holders of such Registrable Securities,
        any broker-dealers, attorneys and accountants retained by such Notice
        Holders, and any attorneys or other agents retained by a broker-dealer
        engaged by such Notice Holders, all relevant financial and other records
        and pertinent corporate documents and properties of the Company and its
        subsidiaries, and cause the appropriate officers, directors and
        employees of the Company and its subsidiaries to make reasonably
        available for inspection during normal business hours on reasonable
        notice all relevant information reasonably requested by such
        representative for the Notice Holders, or any such broker-dealers,
        attorneys or accountants in connection with such disposition, in each
        case as is customary for similar "due diligence" examinations; provided
        that such persons shall first agree in writing with the Company that any
        information that is reasonably designated by the Company in writing as
        confidential at the time of delivery of such information shall be kept
        confidential by such persons and shall be used solely for the purposes
        of exercising rights under this Agreement, unless (i) disclosure of such
        information is required by court or administrative order or is necessary
        to respond to inquiries of regulatory authorities, (ii) disclosure of
        such information is required by law, (iii) such information becomes
        generally available to the public other than as a result of a disclosure
        or failure to safeguard by any such person or (iv) such information
        becomes

                                       14

<PAGE>

        available to any such person from a source other than the Company and
        such source is not bound by a confidentiality agreement, and provided
        further that the foregoing inspection and information gathering shall,
        to the greatest extent possible, be coordinated on behalf of all the
        Notice Holders and the other parties entitled thereto by the Special
        Counsel.

                (k)     Comply with all applicable rules and regulations of the
        SEC and make generally available to its securityholders earning
        statements (which need not be audited) satisfying the provisions of
        Section 11(a) of the Securities Act and Rule 158 thereunder (or any
        similar rule promulgated under the Securities Act) for a 12-month period
        commencing on the first day of the first fiscal quarter of the Company
        commencing after the effective date of a Registration Statement, which
        statements shall be made available no later than 45 days after the end
        of the 12-month period or 90 days if the 12-month period coincides with
        a fiscal year of the Company.

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

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

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

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

        SECTION 4. Holder's Obligations. Each Holder agrees, by acquisition of
the Registrable Securities, that no Holder shall be entitled to sell any of such
Registrable Securities pursuant to a Registration Statement or to receive a
Prospectus relating thereto, unless such Holder has furnished the Company with a
Notice and Questionnaire as required pursuant to Section 2(d) hereof (including
the information required to be included in such Notice and Questionnaire) and
the information set forth in the next sentence. Each Notice Holder agrees
promptly to furnish to the Company all information required to be disclosed in
order to make the information previously furnished to the Company by such Notice
Holder not misleading and any other information regarding such Notice Holder and
the distribution of such Registrable Securities as

                                       15

<PAGE>

the Company may from time to time reasonably request. Any sale of any
Registrable Securities by any Holder shall constitute a representation and
warranty by such Holder that the information relating to such Holder and its
plan of distribution is as set forth in the Prospectus delivered by such Holder
in connection with such disposition, that such Prospectus does not as of the
time of such sale contain any untrue statement of a material fact relating to or
provided by such Holder or its plan of distribution and that such Prospectus
does not as of the time of such sale omit to state any material fact relating to
or provided by such Holder or its plan of distribution necessary to make the
statements in such Prospectus, in the light of the circumstances under which
they were made, not misleading.

        SECTION 5. Registration Expenses. The Company shall bear all fees and
expenses incurred in connection with the performance by the Company of its
obligations under Sections 2 and 3 of this Agreement whether or not any
Registration Statement is declared effective. Such fees and expenses shall
include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses (x) with respect to filings required to be
made with the National Association of Securities Dealers, Inc. and (y) of
compliance with federal and state securities or Blue Sky laws (including,
without limitation, reasonable fees and disbursements of the Special Counsel in
connection with Blue Sky qualifications of the Registrable Securities under the
laws of such jurisdictions as Notice Holders of a majority of the Registrable
Securities being sold pursuant to a Registration Statement may designate), (ii)
printing expenses (including, without limitation, expenses of printing
certificates for Registrable Securities in a form eligible for deposit with The
Depository Trust Company), (iii) duplication expenses relating to copies of any
Registration Statement or Prospectus delivered to any Holders hereunder, (iv)
fees and disbursements of counsel for the Company and the Special Counsel in
connection with the Shelf Registration Statement (provided that the Company
shall not be liable for the fees and expenses of more than one separate firm for
all parties participating in any transaction hereunder), (v) reasonable fees and
disbursements of the Trustee and its counsel and of the registrar and transfer
agent for the Common Stock and (vi) Securities Act liability insurance obtained
by the Company in its sole discretion. In addition, the Company shall pay the
internal expenses of the Company (including, without limitation, all salaries
and expenses of officers and employees performing legal or accounting duties),
the expense of any annual audit, the fees and expenses incurred in connection
with the listing by the Company of the Registrable Securities on any securities
exchange on which similar securities of the Company are then listed and the fees
and expenses of any person, including special experts, retained by the Company.
Notwithstanding the provisions of this Section 5, each seller of Registrable
Securities shall pay selling expenses and all registration expenses to the
extent required by applicable law.

        SECTION 6. Indemnification.

        (a)     Indemnification by the Company. The Company shall indemnify and
hold harmless each Notice Holder and each person, if any, who controls any
Notice Holder (within the meaning

                                       16

<PAGE>

of either Section 15 of the Securities Act or Section 20 of the Exchange Act)
from and against any losses, liabilities, claims, damages and expenses
(including, without limitation, any legal or other expenses reasonably incurred
in connection with defending or investigating any such action or claim)
(collectively, "Losses"), arising out of or based upon any untrue statement or
alleged untrue statement of a material fact contained in any Registration
Statement or Prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or based upon any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, provided that the
Company shall not be liable in any such case to the extent that any such Losses
arise out of or are based upon an untrue statement or alleged untrue statement
contained in or omission or alleged omission from any of such documents in
reliance upon and conformity with any of the information relating to the Holders
furnished to the Company in writing by a Holder expressly for use therein;
provided further, that the indemnification contained in this paragraph shall not
inure to the benefit of any Holder (or to the benefit of any person controlling
such Holder) on account of any such Losses arising out of or based upon an
untrue statement or alleged untrue statement or omission or alleged omission
made in any preliminary prospectus or Prospectus provided in each case the
Company has performed its obligations under Section 3(a) hereof if either (A)
(i) such Holder failed to send or deliver a copy of the Prospectus with or prior
to the delivery of written confirmation of the sale by such Holder to the person
asserting the claim from which such Losses arise and (ii) the Prospectus would
have corrected such untrue statement or alleged untrue statement or such
omission or alleged omission, or (B) (x) such untrue statement or alleged untrue
statement, omission or alleged omission is corrected in an amendment or
supplement to the Prospectus and (y) having previously been furnished by or on
behalf of the Company with copies of the Prospectus as so amended or
supplemented, such Holder thereafter fails to deliver such Prospectus as so
amended or supplemented, with or prior to the delivery of written confirmation
of the sale of a Registrable Security to the person asserting the claim from
which such Losses arise.

        (b)     Indemnification by Holders. Each Holder agrees severally and not
jointly to indemnify and hold harmless the Company and its respective directors
and officers, and each person, if any, who controls the Company (within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act) or any other Holder, from and against all Losses arising out of or based
upon any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement or Prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or based
upon any omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in reliance upon and
in conformity with information furnished to the Company by such Holder expressly
for use in such Registration Statement or Prospectus or amendment or supplement
thereto. In no event shall the liability of any Holder hereunder be greater in
amount than the dollar amount of the proceeds received by such Holder upon the
sale of the Registrable Securities pursuant to the Registration Statement giving
rise to such indemnification obligation.

                                       17

<PAGE>

        (c)     Conduct of Indemnification Proceedings. In case any proceeding
(including any governmental investigation) shall be instituted involving any
person in respect of which indemnity may be sought pursuant to Section 6(a) or
6(b) hereof, such person (the "indemnified party") shall promptly notify the
person against whom such indemnity may be sought (the "indemnifying party") in
writing and the indemnifying party, upon request of the indemnified party, shall
retain counsel reasonably satisfactory to the indemnified party to represent the
indemnified party and any others the indemnifying party may designate in such
proceeding and shall pay the reasonable fees and disbursements of such counsel
related to such proceeding. In any such proceeding, any indemnified party shall
have the right to retain its own counsel, but the fees and expenses of such
counsel shall be at the expense of such indemnified party unless (i) the
indemnifying party and the indemnified party shall have mutually agreed to the
retention of such counsel or (ii) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the
indemnified party and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them. It
is understood that the indemnifying party shall not, in respect of the legal
expenses of any indemnified party in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the fees and expenses of
more than one separate firm (in addition to any local counsel) for all
indemnified parties, and that all such fees and expenses shall be reimbursed as
they are incurred. Such separate firm shall be designated in writing by, in the
case of parties indemnified pursuant to Section 6(a), the Holders of a majority
(with Holders of Notes deemed to be the Holders, for purposes of determining
such majority, of the number of shares of Underlying Common Stock into which
such Notes are or would be convertible as of the date on which such designation
is made) of the Registrable Securities covered by the Registration Statement
held by Holders that are indemnified parties pursuant to Section 6(a) and, in
the case of parties indemnified pursuant to Section 6(b), the Company. The
indemnifying party shall not be liable for any settlement of any proceeding
effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party from and against any loss or liability by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at
any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as contemplated
by the second and third sentences of this paragraph, the indemnifying party
agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 60
days after receipt by such indemnifying party of the aforesaid request and (ii)
such indemnifying party shall not have reimbursed the indemnified party in
accordance with such request prior to the date of such settlement. No
indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened proceeding in respect
of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability
on claims that are the subject matter of such proceeding.

                                       18

<PAGE>

        (d)     Contribution. To the extent that the indemnification provided
for in this Section 6 is unavailable to an indemnified party under Section 6(a)
or 6(b) hereof in respect of any Losses or is insufficient to hold such
indemnified party harmless, then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such Losses (i) in such
proportion as is appropriate to reflect the relative benefits received by the
indemnifying party or parties on the one hand and the indemnified party or
parties on the other hand or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the indemnifying party or parties on the one hand and of
the indemnified party or parties on the other hand in connection with the
statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations. Benefits received by the Company shall be
deemed to be equal to the total net proceeds from the initial placement pursuant
to the Purchase Agreement (before deducting expenses) of the Registrable
Securities to which such Losses relate. Benefits received by any Holder shall be
deemed to be equal to the value of receiving Registrable Securities that are
registered under the Securities Act. The relative fault of the Holders on the
one hand and the Company on the other hand shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to
information supplied by the Holders or by the Company, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The Holders' respective obligations to contribute
pursuant to this paragraph are several in proportion to the respective number of
Registrable Securities they have sold pursuant to a Registration Statement, and
not joint.

        The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 6(d) were determined by pro rata
allocation or by any other method or allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
The amount paid or payable by an indemnified party as a result of the Losses
referred to in the immediately preceding paragraph shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. Notwithstanding this Section 6(d), an
indemnifying party that is a selling Holder shall not be required to contribute
any amount in excess of the amount by which the total price at which the
Registrable Securities sold by such indemnifying party and distributed to the
public were offered to the public exceeds the amount of any damages that such
indemnifying party has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

        (e)     The indemnity, contribution and expense reimbursement
obligations of the parties hereunder shall be in addition to any liability any
indemnified party may otherwise have hereunder, under the Purchase Agreement or
otherwise.

                                       19

<PAGE>

        (f)     The indemnity and contribution provisions contained in this
Section 6 shall remain operative and in full force and effect regardless of (i)
any termination of this Agreement, (ii) any investigation made by or on behalf
of any Holder or any person controlling any Holder, or the Company, or the
Company's officers or directors or any person controlling the Company and (iii)
the sale of any Registrable Securities by any Holder.

        SECTION 7. Information Requirements. The Company covenants that, if at
any time before the end of the Effectiveness Period the Company is not subject
to the reporting requirements of the Exchange Act, it will cooperate with any
Holder and take such further reasonable action as any Holder may reasonably
request in writing (including, without limitation, making such reasonable
representations as any such Holder may reasonably request), all to the extent
required from time to time to enable such Holder to sell Registrable Securities
without registration under the Securities Act within the limitation of the
exemptions provided by Rule 144 and Rule 144A under the Securities Act and
customarily taken in connection with sales pursuant to such exemptions. Upon the
written request of any Holder, the Company shall deliver to such Holder a
written statement as to whether it has complied with such filing requirements,
unless such a statement has been included in the Company's most recent report
filed pursuant to Section 13 or Section 15(d) of Exchange Act. Notwithstanding
the foregoing, nothing in this Section 7 shall be deemed to require the Company
to register any of its securities (other than the Common Stock) under any
section of the Exchange Act.

        SECTION 8. Miscellaneous.

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

        (b)     Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the Company has obtained the written consent of Holders
of a majority of the then outstanding Registrable Securities (with Holders of
Notes deemed to be the Holders, for purposes of this Section, of the number of
shares of Underlying Common Stock into which such Notes are or would be
convertible as of the date on which such consent is requested). Notwithstanding
the foregoing, a waiver or consent to depart from the provisions hereof with
respect to a matter that relates exclusively to the rights of Holders whose
securities are being sold pursuant to a Registration Statement and that does not
directly or indirectly affect the rights of other Holders may be given by
Holders of at least a majority of the Registrable Securities being sold by such
Holders pursuant to such Registration Statement; provided that the provisions of
this sentence may not be

                                       20

<PAGE>

amended, modified, or supplemented except in accordance with the provisions of
the immediately preceding sentence. Each Holder of Registrable Securities
outstanding at the time of any such amendment, modification, supplement, waiver
or consent or thereafter shall be bound by any such amendment, modification,
supplement, waiver or consent effected pursuant to this Section 8(b), whether or
not any notice, writing or marking indicating such amendment, modification,
supplement, waiver or consent appears on the Registrable Securities or is
delivered to such Holder.

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

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

                        (ii)    if to the Company, to:

                                   Photronics, Inc.
                                   15 Secor Road
                                   Brookfield, CT 06804
                                   Attention: General Counsel
                                   Telecopy No.: (203) 755-5601

                                   and

                                   Shearman & Sterling
                                   599 Lexington Avenue
                                   New York, NY 10022
                                   Attention: Jonathan Jewett
                                   Telecopy No.: (212) 848-7179

                                       21

<PAGE>

                        (iii)   if to the Initial Purchasers, to:

                                   Morgan Stanley & Co. Incorporated
                                   Merrill Lynch, Pierce, Fenner & Smith
                                   Incorporated
                                   J.P. Morgan Securities Inc.

                                   c/o Morgan Stanley & Co. Incorporated
                                   1585 Broadway
                                   New York, New York
                                   Attention: Equity Capital Markets
                                   Telecopy No.: (212) 761-0538

                                   and

                                   Davis Polk & Wardwell
                                   450 Lexington Avenue
                                   New York, New York 10017
                                   Attention: Alan Dean
                                   Telecopy No.: (212) 450-3800

or to such other address as such person may have furnished to the other persons
identified in this Section 8(c) in writing in accordance herewith.

        (d)     Approval of Holders. Whenever the consent or approval of Holders
of a specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Company or its affiliates (as such term is
defined in Rule 405 under the Securities Act) (other than the Initial Purchasers
or subsequent Holders if such subsequent Holders are deemed to be such
affiliates solely by reason of their holdings of such Registrable Securities)
shall not be counted in determining whether such consent or approval was given
by the Holders of such required percentage.

        (e)     Successors and Assigns. Any person who purchases any Registrable
Securities from the Initial Purchasers shall be deemed, for purposes of this
Agreement, to be an assignee of the Initial Purchasers. This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each
of the parties and shall inure to the benefit of and be binding upon each Holder
of any Registrable Securities.

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

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

                                       22

<PAGE>

        (h)     Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

        (i)     Severability. If any term, provision, covenant or restriction of
this Agreement is held to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated thereby, and the parties hereto shall use their best efforts to
find and employ an alternative means to achieve the same or substantially the
same result as that contemplated by such term, provision, covenant or
restriction, it being intended that all of the rights and privileges of the
parties shall be enforceable to the fullest extent permitted by law.

        (j)     Entire Agreement. This Agreement is intended by the parties as a
final expression of their agreement and is intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and the registration rights
granted by the Company with respect to the Registrable Securities. Except as
provided in the Purchase Agreement, there are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein,
with respect to the registration rights granted by the Company with respect to
the Registrable Securities. This Agreement supersedes all prior agreements and
undertakings among the parties with respect to such registration rights. No
party hereto shall have any rights, duties or obligations other than those
specifically set forth in this Agreement. In no event will such methods of
distribution take the form of an underwritten offering of the Registrable
Securities without the prior agreement of the Company.

        (k)     Termination. This Agreement and the obligations of the parties
hereunder shall terminate upon the end of the Effectiveness Period, except for
any liabilities or obligations under Section 4, 5 or 6 hereof and the
obligations to make payments of and provide for liquidated damages under Section
2(e) hereof to the extent such damages accrue prior to the end of the
Effectiveness Period, each of which shall remain in effect in accordance with
its terms.

                                       23

<PAGE>

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

                                                  PHOTRONICS, INC.

                                                  By /s/ Sean T. Smith
                                                    ----------------------------
                                                    Name:  Sean T. Smith
                                                    Title: Vice President and
                                                           Chief Financial
                                                           Officer

Confirmed and accepted as of the date first above written:

MORGAN STANLEY & CO. INCORPORATED

By /s/ Joseph P. Coleman
  ---------------------------------
Name:  Joseph P. Coleman
Title: Managing Director

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

By /s/ Matthew J. Schultz
  ---------------------------------
Name:   Matthew J. Schultz
Title:  Vice President

J.P. MORGAN SECURITIES INC.

By /s/ Andrew Sanford
  ---------------------------------
Name:  Andrew Sanford
Title: Managing DirectorRegistration Rights Agreement dated December 17, 2002

 
Exhibit 4.2

 
EXECUTION COPY 
 
93⁄4% Senior Notes due 2009 
REGISTRATION RIGHTS AGREEMENT 
 
Dated as of December 17, 2002 
by and among 
 
Insight Midwest, L.P. 
Insight Capital, Inc. 
 
and 
 
CREDIT SUISSE FIRST BOSTON CORPORATION 
BANC OF AMERICA SECURITIES LLC 
BNY CAPITAL MARKETS, INC. 
MORGAN STANLEY & CO. INCORPORATED 
J.P. MORGAN SECURITIES INC. 
TD SECURITIES (USA) INC. 
FLEET SECURITIES, INC. 
SUNTRUST CAPITAL MARKETS, INC. 
BNP PARIBAS SECURITIES CORP. 
UBS WARBURG LLC 

 
This
Registration Rights Agreement (this “Agreement”) is made and entered into as of December 17, 2002 by and among Insight Midwest, L.P., a Delaware limited partnership (the “Company”), Insight Capital,
Inc., a Delaware corporation (together with the Company, the “Issuers”), and Credit Suisse First Boston Corporation, Banc of America Securities LLC, BNY Capital Markets, Inc., Morgan Stanley & Co. Incorporated, J.P.
Morgan Securities Inc., TD Securities (USA) Inc., Fleet Securities, Inc., Suntrust Capital Markets, Inc., BNP Paribas Securities Corporation and UBS Warburg LLC (each an “Initial Purchaser” and, collectively, the
“Initial Purchasers”), each of whom has agreed to purchase the Issuers’ 93⁄4% Series A Senior Notes due 2009 (the “Series A Notes”) pursuant to the Purchase Agreement (as defined below).

 
This Agreement is made pursuant to the Purchase
Agreement, dated December 12, 2002 (the “Purchase Agreement”), by and among the Issuers and the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Series A Notes, the Issuers have agreed to provide
the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 3 of the Purchase Agreement. Capitalized terms used herein and not
otherwise defined shall have the meaning assigned to them in the Indenture, dated October 1, 1999, between the Issuers and The Bank of New York, as successor trustee to the Harris Trust Company of New York, as trustee (the
“Trustee”), relating to the Series A Notes and the Series B Notes (the “Indenture”). 
 
The parties hereby agree as follows: 
 

	1.	 	DEFINITIONS 

 
As used in this Agreement, the following capitalized terms shall have the following meanings: 
 
Act: The Securities Act of 1933, as amended.

 
Affiliate: As defined in Rule 144
of the Act. 
 
Broker-Dealer: Any
broker or dealer registered under the Exchange Act. 
 
Certificated Securities: Definitive Notes, as defined in the Indenture. 
 
Closing Date: The date hereof. 
 
Commission: The Securities and Exchange Commission. 
 
Consummate: An Exchange Offer shall be deemed “Consummated” for purposes of this
Agreement upon the occurrence of (a) the filing and effectiveness under the Act of the Exchange Offer Registration Statement relating to the Series B Notes to be issued in the Exchange Offer, (b) the maintenance of such Exchange Offer Registration
Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the period required pursuant to Section 3(b) hereof and (c) the delivery by the Issuers to the Registrar under the Indenture of Series B Notes in
the same aggregate principal amount as the aggregate principal amount of Series A Notes tendered by Holders thereof pursuant to the Exchange Offer. 
 
Consummation Deadline: As defined in Section 3(b) hereof. 
 

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Effectiveness Deadline: As defined in Section 3(a) and 4(a) hereof. 
 
Exchange Act: The Securities Exchange Act of 1934, as amended. 
 
Exchange Offer: The exchange and issuance by the Issuers of a principal amount of Series B
Notes (which shall be registered pursuant to the Exchange Offer Registration Statement) equal to the outstanding principal amount of Series A Notes that are tendered by such Holders in connection with such exchange and issuance. 
 
Exchange Offer Registration Statement: The
Registration Statement relating to the Exchange Offer, including the related Prospectus. 
 
Exempt Resales: The transactions in which the Initial Purchasers propose to sell the Series A Notes to certain “qualified institutional buyers,” as such term is defined in Rule
144A under the Act and pursuant to Regulation S under the Act. 
 
Filing Deadline: As defined in Sections 3(a) and 4(a) hereof. 
 
Holders: As defined in Section 2 hereof. 
 
Prospectus: The prospectus included in a Registration Statement at the time such Registration Statement is declared
effective, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 
 
Recommencement Date: As defined in Section 6(d)
hereof. 
 
Registration Default: As
defined in Section 5 hereof. 
 
Registration
Statement: Any registration statement of the Issuers relating to (a) an offering of Series B Notes pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration
Statement, in each case, (i) that is filed pursuant to the provisions of this Agreement and (ii) including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material
incorporated by reference therein. 
 
Regulation S: Regulation S promulgated under the Act. 
 
Rule 144: Rule 144 promulgated under the Act. 
 
Series B Notes: The Issuers’ 93⁄4% Series B Senior Notes due 2009 to be issued pursuant to the Indenture (i) in the
Exchange Offer or (ii) as contemplated by Section 4 hereof. 
 
Shelf Registration Statement: As defined in Section 4 hereof. 
 
Suspension Notice: As defined in Section 6(d) hereof. 
 
TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on the date of the Indenture.

 

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

	2.	 	HOLDERS 

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

	3.	 	REGISTERED EXCHANGE OFFER 

 
(a) Unless the Exchange Offer shall not be permitted by applicable federal law (after the procedures set forth in Section 6(a)(i) below
have been complied with), the Issuers shall (i) cause the Exchange Offer Registration Statement to be filed with the Commission as soon as practicable after the Closing Date, but in no event later than 180 days after the Closing Date (such 180th day
being the “Filing Deadline”), (ii) use their reasonable best efforts to cause such Exchange Offer Registration Statement to become effective at the earliest possible time, but in no event later than 365 days after the Closing
Date (such 365th day being the “Effectiveness Deadline”), (iii) in connection with the foregoing, (A) file all pre-effective amendments to such Exchange Offer Registration Statement as may be necessary in order to cause it to
become effective, (B) file, if applicable, a post-effective amendment to such Exchange Offer Registration Statement pursuant to Rule 430A under the Act and (C) cause all necessary filings, if any, in connection with the registration and
qualification of the Series B Notes to be made under the Blue Sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of such Exchange Offer Registration Statement, commence and
Consummate the Exchange Offer. The Exchange Offer shall be on the appropriate form permitting (i) registration of the Series B Notes to be offered in exchange for the Series A Notes that are Transfer Restricted Securities and (ii) resales of Series
B Notes by Broker-Dealers that tendered into the Exchange Offer Series A Notes that such Broker-Dealer acquired for its own account as a result of market making activities or other trading activities (other than Series A Notes acquired directly from
the Issuers or any their Affiliates) as contemplated by Section 3(c) below. 
 
(b) The Issuers shall use their reasonable best efforts to cause the Exchange Offer Registration Statement to be effective continuously, and shall keep the Exchange Offer open for a period of not less
than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days. The Issuers shall cause the Exchange
Offer to comply with all applicable federal and state securities laws. No securities other than the Series B Notes shall be included in the Exchange Offer Registration Statement. The Issuers shall use their reasonable best efforts to cause the
Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but in no event later than 30 business 

 

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days thereafter or such later date that may be required by federal securities laws (such 30th or later day being the “Consummation Deadline”). 
 
(c) The Issuers shall include a “Plan of Distribution” section in the Prospectus contained in the
Exchange Offer Registration Statement and indicate therein that any Broker-Dealer who holds Transfer Restricted Securities that were acquired for the account of such Broker-Dealer as a result of market-making activities or other trading activities
(other than Series A Notes acquired directly from the Issuers or any Affiliate of the Issuers), may exchange such Transfer Restricted Securities pursuant to the Exchange Offer. Such “Plan of Distribution” section shall also contain all
other information with respect to such sales by such Broker-Dealers that the Commission may require in order to permit such sales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the
amount of Transfer Restricted Securities held by any such Broker-Dealer, except to the extent required by the Commission as a result of a change in policy, rules or regulations after the date of this Agreement. See the Shearman & Sterling
no-action letter (available July 2, 1993). 
 
Because such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Act and must, therefore, deliver a prospectus meeting the requirements of the Act in connection with its initial sale of any Series B
Notes received by such Broker-Dealer in the Exchange Offer, the Issuers shall permit the use of the Prospectus contained in the Exchange Offer Registration Statement by such Broker-Dealer to satisfy such prospectus delivery requirement. To the
extent necessary to ensure that the prospectus contained in the Exchange Offer Registration Statement is available for sales of Series B Notes by Broker-Dealers, the Issuers agree to use their reasonable best efforts to keep the Exchange Offer
Registration Statement continuously effective, supplemented, amended and current as required by and subject to the provisions of Section 6(a) and (c) hereof and in conformity with the requirements of this Agreement, the Act and the policies, rules
and regulations of the Commission as announced from time to time, for a period of 180 days from the Consummation Deadline or such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have
been sold pursuant thereto. The Issuers shall provide sufficient copies of the latest version of such Prospectus to such Broker-Dealers, promptly upon request, and in no event later than one day after such request, at any time during such period.

 

	4.	 	SHELF REGISTRATION 

 
(a) Shelf Registration. If (i) the Exchange Offer is not permitted by applicable law (after the Issuers have complied with the
procedures set forth in Section 6(a)(i) below) or (ii) if any Holder of Transfer Restricted Securities shall notify the Issuers within 20 Business Days following the Consummation Deadline that (A) such Holder was prohibited by law or Commission
policy from participating in the Exchange Offer or (B) such Holder may not resell the Series B Notes acquired by it in the 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 (C) such Holder is a Broker-Dealer and holds Series A Notes acquired directly from the Issuers or any of their Affiliates, then the Issuers shall: 
 
(x) use their reasonable best efforts to cause to be filed,
on or prior to 30 days after the earlier of (i) the date on which the Issuers determine that the Exchange Offer Registration Statement cannot be filed as a result of clause (a)(i) above and (ii) the date on which the Issuers receive the 

 

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notice specified in clause (a)(ii) above, (such earlier date, the “Filing Deadline”), a shelf registration statement
pursuant to Rule 415 under the Act (which may be an amendment to the Exchange Offer Registration Statement (the “Shelf Registration Statement”)), relating to all Transfer Restricted Securities, and 
 
(y) use their reasonable best efforts to cause such Shelf
Registration Statement to become effective on or prior to 90 days after the Filing Deadline for the Shelf Registration Statement (such 90th day the “Effectiveness Deadline”); 
 
provided that in no event shall the Filing Deadline and
Effectiveness Deadline under Section 4(a) be earlier than the Filing Deadline and Effectiveness Deadline under Section 3(a). 
 
If, after the Issuers have filed an Exchange Offer Registration Statement that satisfies the requirements of Section 3(a) above, the
Issuers are required to file and make effective a Shelf Registration Statement solely because the Exchange Offer is not permitted under applicable federal law (i.e., clause (a)(i) above), then the filing of the Exchange Offer Registration Statement
shall be deemed to satisfy the requirements of clause (x) above; provided that, in such event, the Issuers shall remain obligated to meet the Effectiveness Deadline set forth in clause (y). 
 
To the extent necessary to ensure that the Shelf Registration
Statement is available for sales of Transfer Restricted Securities by the Holders thereof entitled to the benefit of this Section 4(a) and the other securities required to be registered therein pursuant to Section 6(b)(ii) hereof, the Issuers shall
use their reasonable best efforts to keep any Shelf Registration Statement required by this Section 4(a) continuously effective, supplemented, amended and current as required by and subject to the provisions of Sections 6(b) and (c) hereof and in
conformity with the requirements of this Agreement, the Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of at least two years (as extended pursuant to Section 6(c)(i)) following the Closing
Date, or such shorter period as will terminate when all Transfer Restricted Securities covered by such Shelf Registration Statement have been sold pursuant thereto. 
 
(b) Provision by Holders of Certain Information in Connection with the Shelf Registration Statement.
No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Issuers in writing, within 20 days after
receipt of a request therefor, the information specified in Item 507 or 508 of Regulation S-K, as applicable, of the Act for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. No Holder
of Transfer Restricted Securities shall be entitled to liquidated damages pursuant to Section 5 hereof unless and until such Holder shall have provided all such information. Each selling Holder agrees to promptly furnish additional information
required to be disclosed in order to make the information previously furnished to the Issuers by such Holder not materially misleading. 
 

	5.	 	LIQUIDATED DAMAGES 

 
If (i) any Registration Statement required by this Agreement is not filed with the Commission on or prior to the applicable Filing
Deadline, (ii) any such Registration Statement has not been declared effective by the Commission on or prior to the applicable Effectiveness Deadline, (iii) the Exchange Offer has not been Consummated on or prior to the Consummation Deadline or (iv)
any Registration Statement required by this Agreement is filed and declared 

 

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effective but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded immediately by a
post-effective amendment to such Registration Statement that cures such failure and that is itself declared effective immediately (each such event referred to in clauses (i) through (iv), a “Registration Default”), then the
Issuers hereby jointly and severally agree to pay to each Holder of Transfer Restricted Securities affected thereby liquidated damages in an amount equal to $.05 per week per $1,000 in principal amount of Transfer Restricted Securities held by such
Holder for each week or portion thereof that the Registration Default continues for the first 90-day period immediately following the occurrence of such Registration Default. The amount of the liquidated damages shall increase by an additional $.05
per week per $1,000 in principal amount of Transfer Restricted Securities with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a maximum amount of liquidated damages of $.50 per week per $1,000 in
principal amount of Transfer Restricted Securities; provided that the Issuers shall in no event be required to pay liquidated damages for more than one Registration Default at any given time. Notwithstanding anything to the contrary set forth
herein, (1) upon filing of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in the case of (i) above, (2) upon the effectiveness of the Exchange Offer Registration Statement (and/or, if applicable,
the Shelf Registration Statement), in the case of (ii) above, (3) upon Consummation of the Exchange Offer, in the case of (iii) above, or (4) upon the filing of a post-effective amendment to the Registration Statement or an additional Registration
Statement that causes the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement) to again be declared effective or made usable in the case of (iv) above, the liquidated damages payable with respect to the
Transfer Restricted Securities as a result of such clause (i), (ii), (iii) or (iv), as applicable, shall cease. 
 
All accrued liquidated damages shall be paid to the Holders entitled thereto, in the manner provided for the payment of interest in the
Indenture, on each Interest Payment Date, as more fully set forth in the Indenture and the Notes. Notwithstanding the fact that any securities for which liquidated damages are due cease to be Transfer Restricted Securities, all obligations of the
Issuers to pay liquidated damages with respect to securities shall survive until such time as such obligations with respect to such securities shall have been satisfied in full. 
 

	6.	 	REGISTRATION PROCEDURES 

 
(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Issuers shall (x) comply with all applicable
provisions of Section 6(c) below, (y) use their reasonable best efforts to effect such exchange and to permit the resale of Series B Notes by Broker-Dealers that tendered in the Exchange Offer Series A Notes that such Broker-Dealer acquired for its
own account as a result of its market making activities or other trading activities (other than Series A Notes acquired directly from the Issuers or any of their Affiliates) being sold in accordance with the intended method or methods of
distribution thereof, and (z) comply with all of the following provisions: 
 
(i) If, following the date hereof there has been announced a change in Commission policy with respect to exchange offers such as the Exchange Offer, that in the reasonable opinion of counsel to the
Issuers raises a substantial question as to whether the Exchange Offer is permitted by applicable federal law, the Issuers hereby agree to seek a no-action letter or other favorable decision from the Commission allowing the Issuers to Consummate an
Exchange Offer for such 

 

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Transfer Restricted Securities. The Issuers hereby agree to pursue the issuance of such a decision to the Commission staff level. In
connection with the foregoing, the Issuers hereby agree to take all such other actions as may be requested by the Commission or otherwise required in connection with the issuance of such decision, including without limitation (A) participating in
telephonic conferences with the Commission, (B) delivering to the Commission staff an analysis prepared by counsel to the Issuers setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be
permitted and (C) diligently pursuing a resolution (which need not be favorable) by the Commission staff. 
 
(ii) As a condition to its participation in the Exchange Offer, each Holder of Transfer Restricted Securities (including,
without limitation, any Holder who is a Broker-Dealer) shall furnish, upon the request of the Issuers, prior to the Consummation of the Exchange Offer, a written representation to the Issuers (which may be contained in the letter of transmittal
contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the Issuers, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any person to
participate in, a distribution of the Series B Notes to be issued in the Exchange Offer and (C) it is acquiring the Series B Notes in its ordinary course of business. As a condition to its participation in the Exchange Offer, each Holder using the
Exchange Offer to participate in a distribution of the Series B Notes shall acknowledge and agree that, if the resales are of Series B Notes obtained by such Holder in exchange for Series A Notes acquired directly from the Issuers or an Affiliate
thereof, it (1) could not, under Commission policy as in effect on the date of this Agreement, rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings
Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (including, if applicable, any no-action letter obtained pursuant to clause
(i) above), and (2) must comply with the registration and prospectus delivery requirements of the Act in connection with a secondary resale transaction and that such a secondary resale transaction must be covered by an effective registration
statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K. 
 
(iii) Prior to effectiveness of the Exchange Offer Registration Statement, the Issuers shall provide a supplemental letter
to the Commission (A) stating that the Issuers are registering the Exchange Offer in reliance on the position of the Commission enunciated in Exxon Capital Holdings Corporation (available May 13, 1988), Morgan Stanley and Co., Inc.
(available June 5, 1991) as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and, if applicable, any no-action letter obtained pursuant to clause (i) above, (B) including a representation that neither
Issuer has entered into any arrangement or understanding with any Person to distribute the Series B Notes to be received in the Exchange Offer and that, to the best of the Issuers’ information and belief, each Holder participating in the
Exchange Offer is acquiring the Series B Notes in its ordinary course of business and has no arrangement or understanding with any Person to participate in the distribution of the Series B Notes received in the Exchange Offer 

 

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and (C) any other undertaking or representation required by the Commission as set forth in any no-action letter obtained pursuant to clause
(i) above, if applicable. 
 
(b) Shelf
Registration Statement. In connection with the Shelf Registration Statement, the Issuers shall: 
 
(i) comply with all the provisions of Section 6(c) below and use their reasonable best efforts to effect such registration
to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof (as indicated in the information furnished to the Issuers pursuant to Section 4(b) hereof), and pursuant
thereto the Issuers will prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance
with the intended method or methods of distribution thereof within the time periods and otherwise in accordance with the provisions hereof, and 
 
(ii) issue, upon the request of any Holder or purchaser of Series A Notes covered by any Shelf Registration Statement
contemplated by this Agreement, Series B Notes having an aggregate principal amount equal to the aggregate principal amount of Series A Notes sold pursuant to the Shelf Registration Statement and surrendered to the Issuers for cancellation; the
Issuers shall register Series B Notes on the Shelf Registration Statement for this purpose and issue the Series B Notes to the purchaser(s) of securities subject to the Shelf Registration Statement in the names as such purchaser(s) shall designate.

 
(c) General Provisions. In connection
with any Registration Statement and any related Prospectus required by this Agreement, the Issuers shall: 
 
(i) use their reasonable best efforts to keep such Registration Statement continuously effective and provide all requisite
financial statements for the period specified in Section 3 or 4 of this Agreement, as applicable. Upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain an untrue
statement of material fact or omit to state any material fact necessary to make the statements therein not misleading or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement,
the Issuers shall file promptly an appropriate amendment to such Registration Statement curing such defect, and, if Commission review is required, use their reasonable best efforts to cause such amendment to be declared effective as soon as
practicable; 
 
(ii) prepare and
file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the
case may be; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Act, and to comply fully with Rules 424, 430A and 462, as applicable, under the Act in a
timely manner; and comply with those provisions of the Act that are applicable to the Issuers with respect to the 

 

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disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or
methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 
 
(iii) advise each Holder promptly and, if requested by such Holder, confirm such advice in writing, (A) when the
Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any applicable Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the
Commission for amendments to the Registration Statement or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement under the Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding
purposes, and (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto or any document incorporated by
reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement in order to make the statements therein not misleading, or that requires the making of any additions to or changes in the Prospectus
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state
securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or Blue Sky laws, the Issuers shall use their
reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 
 
(iv) subject to Section 6(c)(i), if any fact or event contemplated by Section 6(c)(iii)(D) above shall exist or have
occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers
of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; 
 
(v) if requested by
a Holder, furnish to such Holder in connection with such exchange or sale, if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration
Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review and comment of such Holder in connection with such sale, if any, for a
period of at least two Business Days, and the Issuers will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus 

 

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(including all such documents incorporated by reference) to which such Holder shall reasonably object within two Business Days after the
receipt thereof. A Holder shall be deemed to have reasonably objected to such filing if such Registration Statement,
amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading or fails to comply with the
applicable requirements of the Act; 
 
(vi) if requested by a Holder, promptly prior to the filing of any document that is to be incorporated by reference into a Registration Statement or Prospectus, provide copies of such document to such Holder in connection with such
exchange or sale, if any, make the Issuers’ representatives available for discussion of such document and other customary due diligence matters, and include such information in such document prior to the filing thereof as such Holder may
reasonably request; 
 
(vii) make
available, at reasonable times, for inspection by each underwriter and any attorney or accountant retained by such underwriters, all financial and other records, pertinent corporate documents of the Issuers and cause the Issuers’ officers,
directors and employees to supply all information reasonably requested by any such underwriters, attorney or accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior
to its effectiveness; 
 
(viii) if
requested by any Holder in connection with such exchange or sale, promptly include in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such Holders may reasonably
request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Securities; and make all required filings of such Prospectus supplement or post-effective
amendment as soon as practicable after the Issuers are notified of the matters to be included in such Prospectus supplement or post-effective amendment; 
 
(ix) furnish to each Holder in connection with such exchange or sale, without charge, at least one copy of the
Registration Statement, as first filed with the Commission, and of each amendment thereto, including all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference); 
 
(x) deliver to each Holder without charge, as
many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Issuers hereby consent to the use (in accordance with law) of the Prospectus and any amendment
or supplement thereto by each selling Holder in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto; 
 

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(xi) upon the request of any Holder, enter into such agreements (including underwriting agreements) and make such representations and warranties and take all such other actions in connection therewith in order to expedite or
facilitate the disposition of the Transfer Restricted Securities pursuant to any applicable Registration Statement contemplated by this Agreement as may be reasonably requested by any Holder in connection with any sale or resale pursuant to any
applicable Registration Statement. In such connection the Issuers shall: 
 
(A) upon request of any underwriter, furnish (or in the case of paragraphs (2) and (3), use its reasonable best efforts to cause to be furnished) to such underwriter, upon Consummation of the Exchange
Offer or upon the effectiveness of the Shelf Registration Statement, as the case may be: 
 
(1) a certificate, dated such date, signed by the President and the Chief Financial Officer of each of the Issuers,
confirming, as of the date thereof, the matters set forth in Sections 6(ff), 9(a) and 9(b) of the Purchase Agreement and such other similar matters as such underwriter may reasonably request; 
 
(2) an opinion, dated the date of
Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, of counsel for the Issuers covering matters similar to those set forth in paragraph (e) of Section 9 of the Purchase Agreement
and such other matters as such underwriter may reasonably request, and in any event including a statement to the effect that such counsel has participated in conferences with officers and other representatives of each of the Issuers, representatives
of the independent public accountants for the Issuers and has considered the matters required to be stated therein and the statements contained therein, although such counsel has not independently verified the accuracy, completeness or fairness of
such statements; and that such counsel advises that, on the basis of the foregoing, no facts came to such counsel’s attention that caused such counsel to believe that the applicable Registration Statement, at the time such Registration
Statement or any post-effective amendment thereto became effective and, in the case of the Exchange Offer Registration Statement, as of the date of Consummation of the Exchange Offer, contained an untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary to make the statements therein not misleading, or that the Prospectus contained in such Registration Statement as of its date and, in the case of the opinion dated the date of
Consummation of the Exchange Offer, as of the date of Consummation, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. Without limiting the foregoing, such counsel may state further that such counsel assumes no responsibility for, and has not independently verified, the accuracy, completeness or fairness of the financial statements,
schedules and other financial data included in any Registration Statement contemplated by this Agreement or the related Prospectus; and 
 

11 

 
(3) a customary comfort letter, dated the date of Consummation of the Exchange Offer, or as of the date of effectiveness of the Shelf Registration Statement, as the case may be, from the Issuers’ independent accountants, in the
customary form and covering matters of the type customarily covered in comfort letters to underwriters in connection with underwritten offerings, and affirming the matters set forth in the comfort letters delivered pursuant to Section 9(h) of the
Purchase Agreement; and 
 
(B)
deliver such other documents and certificates as may be reasonably requested by the underwriter to evidence compliance with the matters covered in clause (A) above and with any customary conditions contained in any agreement entered into by the
Issuers pursuant to this clause (xi); 
 
(xii) prior to any public offering of Transfer Restricted Securities, cooperate with the selling Holders and their counsel in connection with the registration and qualification of the Transfer Restricted Securities under the
securities or Blue Sky laws of such jurisdictions as the selling Holders may reasonably request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities
covered by the applicable Registration Statement; provided, however, that neither Issuer shall be required to register or qualify as a foreign corporation, or limited partnership, as the case may be, where it is not now so qualified or to
take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not now so subject; 
 
(xiii) in connection with any sale of
Transfer Restricted Securities that will result in such securities no longer being Transfer Restricted Securities, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Transfer Restricted
Securities to be sold and not bearing any restrictive legends; and to register such Transfer Restricted Securities in such denominations and such names as the selling Holders may request at least two Business Days prior to such sale of Transfer
Restricted Securities; 
 
(xiv)
use their reasonable best efforts to cause the disposition of the Transfer Restricted Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable
the seller or sellers thereof to consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained in clause (xii) above; 
 
(xv) provide a CUSIP number for all Transfer Restricted Securities not later than the effective date of a Registration
Statement covering such Transfer Restricted Securities and provide the Trustee under the Indenture with printed certificates for the Transfer Restricted Securities which are in a form eligible for deposit with the Depository Trust Company;

 
(xvi) otherwise use their
respective reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make generally 

 

12 

available to their security holders with regard to any applicable Registration Statement, as soon as practicable, a consolidated earnings
statement meeting the requirements of Rule 158 (which need not be audited) covering a twelve-month period beginning after the effective date of the Registration Statement (as such term is defined in paragraph (c) of Rule 158 under the Act);

 
(xvii) cause the Indenture to
be qualified under the TIA not later than the effective date of the first Registration Statement required by this Agreement and, in connection therewith, cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be
required for such Indenture to be so qualified in accordance with the terms of the TIA; and execute and use their best efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and
documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner; and 
 
(xviii) provide promptly to each Holder, upon request, each document filed with the Commission pursuant to the
requirements of Section 13 or Section 15(d) of the Exchange Act. 
 
(d) Restrictions on Holders. Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of the notice referred to in Section 6(c)(iii)(C) or any notice from the Issuers of the existence of any fact
of the kind described in Section 6(c)(iii)(D) hereof (in each case, a “Suspension Notice”), such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration
Statement until (i) such Holder has received copies of the supplemented or amended Prospectus contemplated by Section 6(c)(iv) hereof, or (ii) such Holder is advised in writing by the Issuers that the use of the Prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus (in each case, the “Recommencement Date”). Each Holder receiving a Suspension Notice hereby agrees that it will
either (i) destroy any Prospectuses, other than permanent file copies, then in such Holder’s possession which have been replaced by the Issuers with more recently dated Prospectuses or (ii) deliver to the Issuers (at the Issuers’ expense)
all copies, other than permanent file copies, then in such Holder’s possession of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of the Suspension Notice. The time period regarding the
effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by a number of days equal to the number of days in the period from and including the date of delivery of the Suspension Notice to the
date of delivery of the Recommencement Date. 
 

	7.	 	REGISTRATION EXPENSES 

 
(a) All expenses incident to the Issuers’ performance of or compliance with this Agreement will be borne by the Issuers, regardless
of whether a Registration Statement becomes effective, including without limitation: (i) all registration and filing fees and expenses; (ii) all fees and expenses of compliance with federal securities and state Blue Sky or securities laws; (iii) all
expenses of printing (including printing certificates for the Series B Notes to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Issuers;
(v) all application and filing fees in connection with listing the Series B Notes on a national securities exchange or automated quotation 

 

13 

system; and (vi) all fees and disbursements of independent certified public accountants of the Issuers (including the expenses of any special
audit and comfort letters required by or incident to such performance). 
 
The Issuers will, in any event, bear their internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit
and the fees and expenses of any Person, including special experts, retained by the Issuers. 
 
(b) In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer Registration Statement and the Shelf Registration Statement), the Issuers
will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities who are tendering Series A Notes into in the Exchange Offer and/or selling or reselling Series A Notes or Series B Notes pursuant to the “Plan of
Distribution” contained in the Exchange Offer Registration Statement or the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, who shall be Latham & Watkins, unless another
firm shall be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared. 
 

	8.	 	INDEMNIFICATION 

 
(a) Each of the Issuers agrees, jointly and severally, to indemnify and hold harmless each Holder, its directors, officers and each
Person, if any, who controls such Holder(within the meaning of Section 15 of the Act or Section 20 of the Exchange
Act), from and against any and all losses, claims, damages, liabilities and judgments (including, without limitation, any legal or other expenses incurred in connection with investigating or defending any matter, including any action, that could
give rise to any such losses, claims, damages, liabilities or judgments) caused by any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, preliminary prospectus or Prospectus (or any amendment or
supplement thereto) provided by the Issuers to any Holder or any prospective purchaser of Series B Notes or registered Series A Notes, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or judgments are caused by an untrue statement or omission or alleged untrue statement or omission that is based upon information
relating to any of the Holders furnished in writing to the Issuers by any of the Holders; provided that the indemnity provided for in this paragraph shall not apply to any Holder who failed to deliver a Prospectus to any prospective purchaser of
Series B Notes or registered Series A Notes.  
 
(b) Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold harmless the Issuers, and their respective directors and officers, and each person, if any, who controls (within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act) the Issuers to the same extent as the foregoing indemnity from the Issuers set forth in paragraph (a) above, but only with reference to information relating to such Holder furnished in
writing to the Issuers by such Holder expressly for use in any Registration Statement. In no event shall any Holder, its directors, officers or any Person who controls such Holder be liable or responsible for any amount in excess of the amount by
which the total amount received by such Holder with respect to its sale of Transfer Restricted Securities pursuant to a Registration 

 

14 

Statement exceeds (i) the amount paid by such Holder for such Transfer Restricted Securities and (ii) the amount of any damages that such
Holder, its directors, officers or any Person who controls such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 
 
(c) In case any action shall be commenced involving any person
in respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the “indemnified party”), the indemnified party shall promptly notify the person against whom such indemnity may be sought (the
“indemnifying person”) in writing and the indemnifying party shall assume the defense of such action, including the employment of counsel reasonably satisfactory to the indemnified party and the payment of all fees and
expenses of such counsel, as incurred (except that in the case of any action in respect of which indemnity may be sought pursuant to both Sections 8(a) and 8(b) above, a Holder shall not be required to assume the defense of such action pursuant to
this Section 8(c), but may employ separate counsel and participate in the defense thereof, but the fees and expenses of such counsel, except as provided below, shall be at the expense of the Holder). Any indemnified party shall have the right to
employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the indemnified party unless (i) the employment of such counsel shall have been specifically
authorized in writing by the indemnifying party, (ii) the indemnifying party shall have failed to assume the defense of such action or employ counsel reasonably satisfactory to the indemnified party or (iii) the named parties to any such action
(including any impleaded parties) include both the indemnified party and the indemnifying party, and the indemnified party shall have been advised by such counsel that there may be one or more legal defenses available to it which are different from
or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume the defense of such action on behalf of the indemnified party). In any such case, the indemnifying party shall not,
in connection with any one action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of
attorneys (in addition to any local counsel) for all indemnified parties and all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by a majority of the Holders, in the case of the parties
indemnified pursuant to Section 8(a) above, and by the Company, in the case of parties indemnified pursuant to Section 8(b) above. The indemnifying party shall indemnify and hold harmless the indemnified party from and against any and all losses,
claims, damages, liabilities and judgments by reason of any settlement of any action (i) effected with its written consent or (ii) effected without its written consent if the settlement is entered into more than twenty business days after the
indemnifying party shall have received a request from the indemnified party for reimbursement for the fees and expenses of counsel (in any case where such fees and expenses are at the expense of the indemnifying party) and, prior to the date of such
settlement, the indemnifying party shall have failed to comply with such reimbursement request. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement or compromise of, or consent to the entry
of judgment with respect to, any pending or threatened action in respect of which the indemnified party is or could have been a party and indemnity or contribution may be or could have been sought hereunder by the indemnified party, unless such
settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability on claims that are or could have been the subject matter of such action and (ii) does not include a statement as to or an admission
of fault, culpability or a failure to act, by or on behalf of the indemnified party. 
 

15 

 
(d) To the
extent that the indemnification provided for in this Section 8 is unavailable to an indemnified party in respect of any losses, claims, damages, liabilities or judgments referred to herein, then each indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or judgments (i) in such proportion as is appropriate to reflect the relative benefits received by
the Issuers, on the one hand, and the Holders, on the other hand, from their sale of Transfer Restricted Securities or (ii) if the allocation provided by clause 8(d)(i) is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause 8(d)(i) above but also the relative fault of the Issuers, on the one hand, and of the Holders, on the other hand, in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities or judgments, as well as any other relevant equitable considerations. The relative fault of the Issuers, on the one hand, and of the Holders, on the other hand, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers, on the one hand, or by the Holders, on the other hand, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and judgments referred to
above shall be deemed to include, subject to the limitations set forth in Section 8(a) above, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 
 
The Issuers and each Holder agree that it would not be just
and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or judgments referred to in the immediately preceding paragraph shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any matter, including any action that could have given rise to
such losses, claims, damages, liabilities or judgments. Notwithstanding the provisions of this Section 8, no Holder, its directors, its officers or any Person, if any, who controls such Holder shall be required to contribute, in the aggregate, any
amount in excess of the amount by which the total received by such Holder with respect to the sale of Transfer Restricted Securities pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Transfer Restricted
Securities and (ii) the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are several in proportion to
the respective principal amount of Transfer Restricted Securities held by each Holder hereunder and not joint. 
 

	9.	 	RULE 144A AND RULE 144 

 
The Issuers agree with each Holder, for so long as any Transfer Restricted Securities remain outstanding and during any period in which
the Issuers (i) are not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request of any Holder, to such Holder or 

 

16 

beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer
Restricted Securities designated by such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A, and (ii) are subject to Section
13 or 15(d) of the Exchange Act, to make all filings required thereby in a timely manner in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144. 
 

	10.	 	MISCELLANEOUS 

 
(a) Remedies. The Issuers acknowledge and agree that any failure by the Issuers to comply with their obligations under Sections 3
and 4 hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any
such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Issuers’ obligations under Sections 3 and 4 hereof. The Issuers further agree to waive the defense in any action for
specific performance that a remedy at law would be adequate. 
 
(b) No Inconsistent Agreements. Neither Issuer will, on or after the date of this Agreement, enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement
or otherwise conflicts with the provisions hereof. Neither Issuer has previously entered into any agreement granting any registration rights with respect to its securities to any Person. The rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders of either Issuer’s securities under any agreement in effect on the date hereof. 
 
(c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless (i) in the case of Section 5 hereof and this Section 10(c)(i), the Issuers have obtained the written consent of Holders of all outstanding
Transfer Restricted Securities and (ii) in the case of all other provisions hereof, the Issuers have obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding Transfer
Restricted Securities held by the Issuers or their Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose Transfer Restricted Securities are
being tendered pursuant to the Exchange Offer, and that does not affect directly or indirectly the rights of other Holders whose Transfer Restricted Securities are not being tendered pursuant to such Exchange Offer, may be given by the Holders of a
majority of the outstanding principal amount of Transfer Restricted Securities subject to such Exchange Offer. 
 
(d) Third Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Issuers,
on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary or advisable to protect their rights or the rights of Holders
hereunder. 
 
(e) Notices. All notices and
other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery:

 

17 

 
(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture; and 
 
(ii) if to the Issuers: 
 
Insight Midwest, L.P. 
Insight Capital, Inc. 
810 Seventh Avenue 
41st Floor 
New York, NY 10019 
Telecopier No.: (917) 286-2301 
Attention: Ms. Kim Kelly 
 
With a copy to: 
 
Sonnenschein Nath & Rosenthal 
1221 Avenue of the Americas 
New York, NY 10020 
Telecopier No.: (212) 768-6800

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

 
Copies of all such notices, demands or other
communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 
 
(f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties, including without limitation and without the need for an express assignment, subsequent Holders; provided, that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer Restricted
Securities in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Transfer Restricted Securities in any manner, whether by operation of law or otherwise, such Transfer Restricted
Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Transfer Restricted Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof. 
 
(g) Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 
(h) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 

18 

 
(i)
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF. 
 
(j) Severability. In the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 
 
(k) Entire Agreement.
This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted with respect to the Transfer Restricted Securities. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject matter. 
 
[signature page follows] 
 

19 

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

	 INSIGHT MIDWEST, L.P.

	
	 By:
	 	 /S/    ELLIOT BRECHER

	 Name: Elliot Brecher
 Title:   Senior Vice President, Assistant Secretary
             and General Counsel

 
 

	 INSIGHT CAPITAL, INC.

	
	 By:
	 	 /S/    ELLIOT BRECHER

	 Name: Elliot Brecher
 Title:   Senior Vice President, Assistant Secretary
             and General Counsel

 
 
CREDIT SUISSE FIRST BOSTON CORPORATION 
BANC
OF AMERICA SECURITIES LLC 
BNY CAPITAL MARKETS, INC. 
MORGAN STANLEY &CO. INCORPORATED 
J.P. MORGAN SECURITIES INC. 
TD SECURITIES (USA) INC. 
FLEET SECURITIES,
INC. 
SUNTRUST CAPITAL MARKETS, INC. 
BNP PARIBAS SECURITIES CORP. 
UBS WARBURG LLC 
 
Credit Suisse First Boston Corporation 
On behalf of the several Initial Purchasers 
 

	
	 By:
	 	 /S/    STEPHEN FINKEL

	 Name: Stephen Finkel

	 Title:   Vice President

 

20

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