Document:

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                                                                     EXHIBIT 4.5

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
        THE DEPOSITORY TRUST COMPANY TO SILGAN HOLDINGS INC. OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER ENTITY
        AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
        COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR
        SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
        DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.
        OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE
        HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
        REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        TRANSFERS OF THIS GLOBAL DEBENTURE SHALL BE LIMITED TO TRANSFERS IN
        WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR
        THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
        GLOBAL DEBENTURE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
        THE RESTRICTIONS SET FORTH IN SECTION 2.08 OF THE INDENTURE.

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                              SILGAN HOLDINGS INC.

                    9% Senior Subordinated Debenture due 2009

                                                         CUSIP No.______________
                                                         ISIN No._______________
No.__                                                             $_____________

     SILGAN HOLDINGS INC., a Delaware corporation (the "Company", which term
includes any successor under the Indenture hereinafter referred to), for value
received, promises to pay to CEDE & Co., or its registered assigns, the
principal sum of _______________________ United States Dollars ($______________)
on June 1, 2009.

     Interest Payment Dates: June 1 and December 1, commencing December 1, 2002.

     Regular Record Dates: May 15 and November 15.

     Reference is hereby made to the further provisions of this Debenture set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

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     IN WITNESS WHEREOF, the Company caused this Debenture to be signed manually
or by facsimile by its duly authorized officers.

                                    SILGAN HOLDINGS INC.

                                    By: ________________________________________
                                        Name:  Anthony J. Allott
                                        Title: Executive Vice President and
                                               Chief Financial Officer

                                    By: ________________________________________
                                        Name:  Frank W. Hogan, III
                                        Title: Senior Vice President, General
                                               Counsel and Secretary

     This is one of the 9% Senior Subordinated Debentures due 2009 described in
the within-mentioned Indenture.

Date:  October __, 2002             National City Bank, N.A., as Trustee

                                    By: ________________________________________
                                        Authorized Signatory

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                              SILGAN HOLDINGS INC.

                    9% Senior Subordinated Debenture due 2009

1. Principal and Interest.

        The Company will pay the principal of this Debenture on June 1, 2009.

        The Company promises to pay interest on the principal amount of this
Debenture on each Interest Payment Date, as set forth below, at the rate per
annum shown above.

        Interest will be payable semiannually (to the holders of record of the
Debentures at the close of business on the May 15 or November 15 immediately
preceding the Interest Payment Date) on each Interest Payment Date, commencing
December 1, 2002.

        Interest on the Debentures will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from June 1,
2002; provided that, if there is no existing default in the payment of interest
and this Debenture is authenticated between a Regular Record Date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such Interest Payment Date. Interest will be computed on the basis
of a 360-day year of twelve 30-day months.

        The Company shall pay interest on overdue principal and premium, if any,
and interest on overdue installments of interest, to the extent lawful, at a
rate per annum that is 2% in excess of the rate otherwise payable.

2. Method of Payment.

        The Company will pay interest (except defaulted interest) on the
principal amount of the Debentures as provided above on each June 1 and December
1 to the persons who are Holders (as reflected in the Security Register at the
close of business on such May 15 and November 15 immediately preceding the
Interest Payment Date), in each case, even if the Debenture is cancelled on
registration of transfer or registration of exchange after such record date;
provided that, with respect to the payment of principal, the Company will make
payment to the Holder that surrenders this Debenture to a Paying Agent on or
after June 1, 2009.

        The Company will pay principal, premium, if any, and as provided above,
interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts. However, the Company may pay
principal, premium, if any, and interest by its check payable in such money. It
may mail an interest check to a Holder's registered address (as reflected in the
Security Register). If a payment date is a date other than a Business Day at a
place of payment, payment may be made at that place on the next succeeding day
that is a Business Day and no interest shall accrue for the intervening period.

3. Paying Agent and Registrar.

        Initially, the Trustee will act as authenticating agent, Paying Agent
and Registrar. The Company may change any authenticating agent, Paying Agent or
Registrar without notice. The

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Company, any Subsidiary of the Company or any Affiliate of any of them may act
as Paying Agent, Registrar or co-Registrar.

4. Indenture; Limitations.

        The Company issued the Debentures under an Indenture dated as of June 9,
1997, as modified by the First Supplemental Indenture dated as of June 24, 1997
and the Second Supplemental Indenture dated as of April 23, 2002 (as so modified
the "Indenture"), between the Company (as successor to Silgan Corporation), as
Issuer, and National City Bank, N.A.(as successor trustee to Bank One Trust
Company, N.A., which was the successor in interest to The First National Bank of
Chicago, the original trustee), as Trustee. Capitalized terms herein are used as
defined in the Indenture unless otherwise indicated. The terms of the Debentures
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act. The Debentures are subject to all such
terms, and Holders are referred to the Indenture and the Trust Indenture Act for
a statement of all such terms. To the extent permitted by applicable law, in the
event of any inconsistency between the terms of this Debenture and the terms of
the Indenture, the terms of the Indenture shall control. All references in this
Debenture to specified percentages of an aggregate principal amount of the
outstanding Debentures will be deemed to be references to the same percentages
of the aggregate principal amount of the Debenture and any existing Debentures
previously issued under the Indenture, treated together as a class, then
outstanding.

        The Debentures are unsecured, general obligations of the Company.

5. Redemption.

        The Debentures will be redeemable, at the Company's option, in whole or
in part, at any time on or after June 1, 2002 and prior to maturity, upon not
less than 30 nor more than 60 days' prior notice mailed by first-class mail to
each Holder's last address as it appears in the Security Register, at the
following Redemption Prices (expressed in percentages of their principal
amount), plus accrued and unpaid interest, if any, to the Redemption Date
(subject to the right of Holders of record on the relevant Regular Record Date
that is on or prior to the Redemption Date to receive interest due on an
Interest Payment Date), if redeemed during the 12-month period commencing on
June 1 of the applicable year set forth below:

                    Year                                   Redemption Price
                    ----                                   ----------------

                    2002 .......................................   104.500%
                    2003 .......................................   103.375%
                    2004 .......................................   102.250%
                    2005 .......................................   101.125%
                    2006 and thereafter ........................   100.000%

        Debentures in original denominations larger than $1,000 may be redeemed
in part. On and after the Redemption Date, interest ceases to accrue on
Debentures or portions of Debentures called for redemption, unless the Company
defaults in the payment of the Redemption Price.

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6.  Repurchase upon Change of Control.

        Upon the occurrence of any Change of Control, each Holder shall have the
right, subject to the terms of the Indenture, to require the repurchase of its
Debentures by the Company in cash pursuant to the offer described in the
Indenture at a purchase price equal to 101% of the principal amount thereof plus
accrued and unpaid interest, if any, to the Payment Date.

        A notice of such Change of Control will be mailed within 30 days after
any Change of Control occurs to each Holder at his last address as it appears in
the Security Register. Debentures in original denominations larger than $1,000
may be sold to the Company in part. On and after the Payment Date, interest
ceases to accrue on Debentures or portions of Debentures surrendered for
purchase by the Company, unless the Company defaults in the payment of the
purchase price.

7.  Denominations; Transfer; Exchange.

        The Debentures are in registered form without coupons in denominations
of $1,000 of principal amount and multiples of $1,000 in excess thereof. A
Holder may register the transfer or exchange of Debentures in accordance with
the Indenture. The Registrar may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture. The Registrar need not
register the transfer of or exchange any Debentures selected for redemption.
Also, it need not issue, register the transfer of or exchange any Debentures for
a period of 15 days before a selection of Debentures to be redeemed is made.

8.  Persons Deemed Owners.

        A Holder shall be treated as the owner of a Debenture for all purposes.

9.  Unclaimed Money.

        If money for the payment of principal, premium, if any, or interest
remains unclaimed for two years, the Trustee and the Paying Agent will pay the
money back to the Company at its request. After that, Holders entitled to the
money must look to the Company for payment, unless an abandoned property law
designates another Person, and all liability of the Trustee and such Paying
Agent with respect to such money shall cease.

10. Discharge Prior to Redemption or Maturity.

        If the Company deposits with the Trustee money or U.S. Government
Obligations sufficient to pay the then outstanding principal of, premium, if
any, and accrued interest on the Debentures (a) to redemption or maturity, the
Company will be discharged from the Indenture and the Debentures, except in
certain circumstances for certain sections thereof, and (b) to the Stated
Maturity, the Company will be discharged from certain covenants set forth in the
Indenture.

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11. Amendment; Supplement; Waiver.

        Subject to certain exceptions, the Indenture or the Debentures may be
amended or supplemented with the consent of the Holders of at least a majority
in aggregate principal amount of the Debentures then outstanding, and any
existing default or compliance with any provision may be waived with the consent
of the Holders of at least a majority in aggregate principal amount of the
Debentures then outstanding. Without notice to or the consent of any Holder, the
parties thereto may amend or supplement the Indenture or the Debentures to,
among other things, cure any ambiguity, defect or inconsistency and make any
change that does not materially and adversely affect the rights of any Holder.

12. Restrictive Covenants.

        The Indenture imposes certain limitations on the ability of the Company
and its Restricted Subsidiaries, among other things, to Incur additional
Indebtedness, make Restricted Payments, use the proceeds from Asset Sales,
engage in transactions with Affiliates or merge, consolidate or transfer
substantially all of its assets. Within 45 days after the end of each fiscal
quarter (120 days after the end of the last fiscal quarter of each year), the
Company must report to the Trustee on compliance with such limitations.

13. Successor Persons.

        When a successor person or other entity assumes all the obligations of
its predecessor under the Debentures and the Indenture, the predecessor person
will be released from those obligations.

14. Defaults and Remedies.

        The following events constitute "Events of Default" under the Indenture:
(a) default in the payment of principal of (or premium, if any, on) any
Debenture when the same becomes due and payable at maturity, upon acceleration,
redemption or otherwise, whether or not such payment is prohibited by the
subordination provisions set forth in Article Ten of the Indenture; (b) default
in the payment of interest on any Debenture when the same becomes due and
payable, and such default continues for a period of 30 days, whether or not such
payment is prohibited by the subordination provisions set forth in Article Ten
of the Indenture; (c) default in the performance or breach of Article Five of
the Indenture or the failure to make or consummate an Offer to Purchase in
accordance with Section 4.10 or 4.11 of the Indenture, whether or not such Offer
to Purchase is prohibited by the provisions set forth in Article Ten of the
Indenture; (d) the Company defaults in the performance of or breaches any other
covenant or agreement of the Company in the Indenture or under the Debentures
(other than a default specified in clause (a), (b) or (c) above) and such
default or breach continues for a period of 30 consecutive days after written
notice by the Trustee or the Holders of 25% or more in aggregate principal
amount of the Debentures; (e) there occurs with respect to any issue or issues
of Indebtedness of the Company or any Significant Subsidiary having an
outstanding principal amount of $10 million or more in the aggregate for all
such issues of all such Persons, whether such Indebtedness now exists or shall
hereafter be created, (I) an event of default that has caused the holder thereof
to declare such Indebtedness to be due and payable prior to its Stated Maturity
and such Indebtedness has

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not been discharged in full or such acceleration has not been rescinded or
annulled within 30 days of such acceleration and/or (II) the failure to make a
principal payment at the final (but not any interim) fixed maturity and such
defaulted payment shall not have been made, waived or extended within 30 days of
such payment default; (f) any final judgment or order (not covered by insurance)
for the payment of money in excess of $10 million in the aggregate for all such
final judgments or orders against all such Persons (treating any deductibles,
self-insurance or retention as not so covered) shall be rendered against the
Company or any Significant Subsidiary and shall not be paid or discharged, and
there shall be any period of 60 consecutive days following entry of the final
judgment or order that causes the aggregate amount for all such final judgments
or orders outstanding and not paid or discharged against all such Persons to
exceed $10 million during which a stay of enforcement of such final judgment or
order, by reason of a pending appeal or otherwise, shall not be in effect; (g) a
court having jurisdiction in the premises enters a decree or order for (A)
relief in respect of the Company or any Significant Subsidiary in an involuntary
case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, (B) appointment of a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Company or any
Significant Subsidiary or for all or substantially all of the property and
assets of the Company or any Significant Subsidiary or (C) the winding up or
liquidation of the affairs of the Company or any Significant Subsidiary and, in
each case, such decree or order shall remain unstayed and in effect for a period
of 60 consecutive days; or (h) the Company or any Significant Subsidiary (A)
commences a voluntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or consents to the entry of an order for
relief in an involuntary case under any such law, (B) consents to the
appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Company or any
Significant Subsidiary or for all or substantially all of the property and
assets of the Company or any of its Significant Subsidiaries or (C) effects any
general assignment for the benefit of creditors.

        If an Event of Default, as defined in the Indenture, occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the Debentures then outstanding may declare all the Debentures to be
due and payable subject to the terms of the Indenture. If a bankruptcy or
insolvency default with respect to the Company or any Restricted Subsidiary
occurs and is continuing, the Debentures automatically become due and payable.
Holders may not enforce the Indenture or the Debentures except as provided in
the Indenture. The Trustee may require indemnity satisfactory to it before it
enforces the Indenture or the Debentures. Subject to certain limitations,
Holders of at least a majority in principal amount of the Debentures then
outstanding may direct the Trustee in its exercise of any trust or power.

15. Subordination.

        The payment of the Debentures will, to the extent set forth in the
Indenture, be subordinated in right of payment to the prior payment in full, in
cash or cash equivalents, of all Senior Indebtedness.

16. Trustee Dealings with Company.

        The Trustee under the Indenture, in its individual or any other
capacity, may make loans to, accept deposits from and perform services for the
Company or its Affiliates and may otherwise deal with the Company or its
Affiliates as if it were not the Trustee.

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17. No Recourse Against Others.

        No incorporator or any past, present or future partner, stockholder,
other equity holder, officer, director, employee or controlling person as such,
of the Company or of any successor Person shall have any liability for any
obligations of the Company under the Debentures or the Indenture or for any
claim based on, in respect of or by reason of, such obligations or their
creation. Each Holder by accepting a Debenture waives and releases all such
liability. The waiver and release are part of the consideration for the issuance
of the Debentures.

18. Authentication.

        This Debenture shall not be valid until the Trustee or authenticating
agent signs the certificate of authentication on the other side of this
Debenture.

19. Abbreviations.

        Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors
Act).

        The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to Silgan Holdings Inc., 4
Landmark Square, Stamford, Connecticut 06901, Attention: General Counsel.

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                             FORM OF TRANSFER NOTICE

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s)
and transfer(s) unto ___________________________________________________________
                     (Please print or typewrite name and address including zip
                     code of assignee)
the within Debenture and all rights thereunder, hereby irrevocably constituting
and appointing _____________________________________________ attorney to
transfer said Debenture on the books of the Company with full power of
substitution in the premises.

Insert Taxpayer Identification No.
---------------------------------   _________________________

                       OPTION OF HOLDER TO ELECT PURCHASE

        If you wish to have this Debenture purchased by the Company pursuant to
Section 4.10 or Section 4.11 of the Indenture, check the Box: [_]

        If you wish to have a portion of this Debenture purchased by the Company
pursuant to Section 4.10 or Section 4.11 of the Indenture, state the amount:
$_____________.

Date: ________

Your Signature:_________________________________________________________________
                 (Sign exactly as your name appears on the other side of this
                                          Debenture)

Signature Guarantee: ____________________<PAGE>

                                                                     Exhibit 4.6

                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

                              Dated April 23, 2002

                                     between

                              SILGAN HOLDINGS INC.

                                       and

                        MORGAN STANLEY & CO. INCORPORATED
                          DEUTSCHE BANK SECURITIES INC.
                            SALOMON SMITH BARNEY INC.
                             FLEET SECURITIES, INC.

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and entered into
April 23, 2002, between SILGAN HOLDINGS INC., a Delaware corporation (the
"Company"), and MORGAN STANLEY & CO. INCORPORATED, DEUTSCHE BANK SECURITIES
INC., SALOMON SMITH BARNEY INC. and FLEET SECURITIES, INC. (the "Initial
Purchasers"),

          This Agreement is made pursuant to the Purchase Agreement dated April
23, 2002, between the Company and the Initial Purchasers (the "Purchase
Agreement"), which provides for the sale by the Company to the Initial
Purchasers of an aggregate of $200,000,000 principal amount of the Company's 9%
Senior Subordinated Debentures due 2009 (the "Securities"). In order to induce
the Initial Purchasers to enter into the Purchase Agreement, the Company has
agreed to provide to the Initial Purchasers and their direct and indirect
transferees the registration rights set forth in this Agreement. The execution
of this Agreement is a condition to the closing under the Purchase Agreement.

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

          1. Definitions.

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

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

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

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

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

          "Exchange Offer" shall mean the exchange offer by the Company of
     Exchange Securities for Registrable Securities pursuant to Section 2(a)
     hereof.

          "Exchange Offer Registration" shall mean a registration under the 1933
     Act effected pursuant to Section 2(a) hereof.

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

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          "Exchange Securities" shall mean securities issued by the Company
     under the Indenture containing terms identical to the Securities (except
     that the Exchange Securities will not contain restrictions on transfer) and
     to be offered to Holders of Securities in exchange for Securities pursuant
     to the Exchange Offer.

          "Holder" shall mean the Initial Purchasers, for so long as they own
     any Registrable Securities, and each of their successors, assigns and
     direct and indirect transferees who become registered owners of Registrable
     Securities under the Indenture; provided that for purposes of Sections 4
     and 5 of this Agreement, the term "Holder" shall include Participating
     Broker-Dealers (as defined in Section 4(a)).

          "Indenture" shall mean the Indenture relating to the Securities dated
     as of June 9, 1997, as supplemented by the First Supplemental Indenture
     dated as of June 24, 1997 and the Second Supplemental Indenture to be dated
     as of or prior to the Closing Date between the Company and Bank One Trust
     Company, N.A. (as successor in interest to The First National Bank of
     Chicago), as Trustee, and as the same may be amended from time to time in
     accordance with the terms thereof.

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

          "Majority Holders" shall mean the Holders of a majority of the
     aggregate principal amount of outstanding Registrable Securities; provided
     that whenever the consent or approval of Holders of a specified percentage
     of Registrable Securities is required hereunder, Registrable Securities
     held by the Company or any of its affiliates (as such term is defined in
     Rule 405 under the 1933 Act) (other than the Initial Purchasers or
     subsequent Holders of Registrable Securities if such subsequent holders are
     deemed to be such affiliates solely by reason of their holding of such
     Registrable Securities) shall not be counted in determining whether such
     consent or approval was given by the Holders of such required percentage or
     amount.

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

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

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

          "Registrable Securities" shall mean the Securities; provided, however,
     that the Securities shall cease to be Registrable Securities (i) when a
     Registration Statement with respect to such Securities shall have been
     declared effective under the 1933 Act and such Securities shall have been
     disposed of pursuant to such Registration Statement, (ii) when such
     Securities have been sold to the public pursuant to Rule 144(k) (or any
     similar

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     provision then in force, but not Rule 144A) under the 1933 Act or (iii)
     when such Securities shall have ceased to be outstanding.

          "Registration Expenses" shall mean any and all expenses incident to
     performance of or compliance by the Company with this Agreement, including
     without limitation: (i) all SEC, stock exchange or National Association of
     Securities Dealers, Inc. registration and filing fees, (ii) all fees and
     expenses incurred in connection with compliance with state securities or
     blue sky laws (including reasonable fees and disbursements of counsel for
     any underwriters or Holders in connection with blue sky qualification of
     any of the Exchange Securities or Registrable Securities), (iii) all
     expenses of any Persons in preparing or assisting in preparing, word
     processing, printing and distributing any Registration Statement, any
     Prospectus, any amendments or supplements thereto, any underwriting
     agreements, securities sales agreements and other documents relating to the
     performance of and compliance with this Agreement, (iv) all rating agency
     fees, (v) the fees and disbursements of the Trustee and its counsel, (vi)
     the fees and disbursements of counsel for the Company and, in the case of a
     Shelf Registration Statement, the fees and disbursements of one counsel for
     the Holders (which counsel shall be selected by the Majority Holders and
     which counsel may also be counsel for the Initial Purchasers) and (vii) the
     fees and disbursements of the independent public accountants of the
     Company, including the expenses of any special audits or "cold comfort"
     letters required by or incident to such performance and compliance, but
     excluding fees and expenses of counsel to the underwriters (other than fees
     and expenses set forth in clause (ii) above) or the Holders and
     underwriting discounts and commissions and transfer taxes, if any, relating
     to the sale or disposition of Registrable Securities by a Holder.

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

          "SEC" shall mean the Securities and Exchange Commission.

          "Shelf Registration" shall mean a registration effected pursuant to
     Section 2(b) hereof.

          "Shelf Registration Statement" shall mean a "shelf" registration
     statement of the Company pursuant to the provisions of Section 2(b) of this
     Agreement which covers all of the Registrable Securities (but no other
     securities unless approved by the Holders whose Registrable Securities are
     covered by such Shelf Registration Statement) on an appropriate form under
     Rule 415 under the 1933 Act, or any similar rule that may be adopted by the
     SEC, and all amendments and supplements to such registration statement,
     including post-effective amendments, in each case including the Prospectus
     contained therein, all exhibits thereto and all material incorporated by
     reference therein.

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

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          "Underwriter" shall have the meaning set forth in Section 3 hereof.

          "Underwritten Registration" or "Underwritten Offering" shall mean a
     registration under the 1933 Act in which Registrable Securities are sold to
     an Underwriter for reoffering to the public.

          2.    Registration Under the 1933 Act.

          (a)   To the extent not prohibited by any applicable law or applicable
     interpretation of the Staff of the SEC, the Company shall use its best
     efforts to cause to be filed an Exchange Offer Registration Statement
     covering the offer by the Company to the Holders to exchange all of the
     Registrable Securities for Exchange Securities and shall use its best
     efforts to have such Registration Statement declared effective by the SEC
     and remain effective until the closing of the Exchange Offer. The Company
     shall commence the Exchange Offer promptly after the Exchange Offer
     Registration Statement has been declared effective by the SEC and use its
     best efforts to have the Exchange Offer consummated on or prior to the date
     that is six months after the Closing Date. The Company shall commence the
     Exchange Offer by mailing the related Exchange Offer Prospectus and
     accompanying documents to each Holder stating, in addition to such other
     disclosures as are required by applicable law:

          (i)   that the Exchange Offer is being made pursuant to this Agreement
     and that all Registrable Securities validly tendered and not withdrawn in
     accordance with the terms of the Exchange Offer will be accepted for
     exchange;

          (ii)  the dates of acceptance for exchange (which shall be a period of
     at least 30 days from the date such notice is mailed) (the "Exchange
     Dates");

          (iii) that any Registrable Securities not tendered will remain
     outstanding and continue to accrue interest at the initial rate borne by
     the Registrable Securities and, other than Registrable Securities referred
     to in Section 2(b)(iii) below, will not retain any rights under this
     Agreement;

          (iv)  that Holders electing to have any Registrable Securities
     exchanged pursuant to the Exchange Offer will be required to surrender such
     Registrable Securities, together with the enclosed letters of transmittal,
     to the institution and at the address (located in the Borough of Manhattan,
     The City of New York) specified in the notice prior to the close of
     business on the last Exchange Date; and

          (v)   that Holders will be entitled to withdraw their election, not
     later than the close of business on the last Exchange Date, by sending to
     the institution and at the address (located in the Borough of Manhattan,
     The City of New York) specified in the notice a telegram, telex, facsimile
     transmission or letter setting forth the name of such Holder, the principal
     amount of Registrable Securities delivered for exchange and a statement
     that such Holder is withdrawing his election to have such Registrable
     Securities exchanged.

          As soon as practicable after the last Exchange Date, the Company
     shall:

                                       4

<PAGE>

          (i)   accept for exchange Registrable Securities or portions thereof
     tendered and not validly withdrawn pursuant to the Exchange Offer; and

          (ii)  deliver, or cause to be delivered, to the Trustee for
     cancellation all Registrable Securities or portions thereof so accepted for
     exchange by the Company and issue, and cause the Trustee to promptly
     authenticate and mail to each Holder, an Exchange Security equal in
     principal amount to the principal amount of the Registrable Securities
     surrendered by such Holder.

The Company shall use its best efforts to complete the Exchange Offer as
provided above and shall comply with the applicable requirements of the 1933
Act, the 1934 Act and other applicable laws and regulations in connection with
the Exchange Offer. The Exchange Offer shall not be subject to any conditions,
other than that the Exchange Offer does not violate applicable law or any
applicable interpretation of the Staff of the SEC. The Company shall, subject to
applicable law, inform the Initial Purchasers of the names and addresses of the
Holders to whom the Exchange Offer is made, and the Initial Purchasers shall
have the right, subject to applicable law, to contact such Holders and otherwise
facilitate the tender of Registrable Securities in the Exchange Offer.

          (b)   In the event that (i) the Company determines that the Exchange
Offer Registration provided for in Section 2(a) above is not available or may
not be consummated as soon as practicable after the last Exchange Date because
it would violate applicable law or the applicable interpretations of the Staff
of the SEC, (ii) the Exchange Offer is not for any other reason consummated by
the date that is six months after the Closing Date or (iii) in the opinion of
counsel for the Initial Purchasers a Registration Statement must be filed and a
Prospectus must be delivered by the Initial Purchasers in connection with any
offering or sale of Registrable Securities by the Initial Purchasers of
Registrable Securities that are acquired by the Initial Purchaser from the
Company, the Company shall use its best efforts to cause to be filed as soon as
practicable after such determination, date or notice of such opinion of counsel
is given to the Company, as the case may be, a Shelf Registration Statement
providing for the sale by the Holders of all of the Registrable Securities and
to have such Shelf Registration Statement declared effective by the SEC. In the
event the Company is required to file a Shelf Registration Statement solely as a
result of the matters referred to in clause (iii) of the preceding sentence, the
Company shall use its best efforts to file and have declared effective by the
SEC both an Exchange Offer Registration Statement pursuant to Section 2(a) with
respect to all Registrable Securities and a Shelf Registration Statement (which
may be a combined Registration Statement with the Exchange Offer Registration
Statement) with respect to offers and sales of Registrable Securities held by
the Initial Purchasers after completion of the Exchange Offer. The Company
agrees to use its best efforts to keep the Shelf Registration Statement
continuously effective until the expiration of the period referred to in Rule
144(k) with respect to the Registrable Securities or such shorter period that
will terminate when all of the Registrable Securities covered by the Shelf
Registration Statement have been sold pursuant to the Shelf Registration
Statement. The Company further agrees to supplement or 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 by the 1933 Act or by any other rules and regulations
thereunder for shelf registration or if reasonably requested by a Holder with
respect to information relating to such Holder, and to use its best efforts to
cause any such amendment to

                                       5

<PAGE>

become effective and such Shelf Registration Statement to become usable as soon
as thereafter practicable. The Company agrees to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly after
its being used or filed with the SEC.

          (c) The Company shall pay all Registration Expenses in connection with
the registration pursuant to Section 2(a) and Section 2(b). Each Holder shall
pay all underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of such Holder's Registrable Securities
pursuant to the Shelf Registration Statement.

          (d) An Exchange Offer Registration Statement pursuant to Section 2(a)
hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof will
not be deemed to have become effective unless it has been declared effective by
the SEC; provided, however, that, if, after it has been declared effective, the
offering of Registrable Securities pursuant to a Shelf Registration Statement is
interfered with by any stop order, injunction or other order or requirement of
the SEC or any other governmental agency or court, such Registration Statement
will be deemed not to have become effective during the period of such
interference until the offering of Registrable Securities pursuant to such
Registration Statement may legally resume. In the event the Exchange Offer is
not consummated and the Shelf Registration Statement is not declared effective
on or prior to the date that is six months after the Closing Date, the interest
rate on the Securities will be increased by 0.5 per annum to 9.5% per annum
until the Exchange Offer is consummated or the Shelf Registration Statement is
declared effective by the SEC.

          (e) Without limiting the remedies available to the Initial Purchasers
and the Holders, the Company acknowledges that any failure by the Company to
comply with its obligations under Section 2(a) and Section 2(b) 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 Company's obligations under Section 2(a)
and Section 2(b) hereof.

          3.  Registration Procedures.

          In connection with the obligations of the Company with respect to the
Registration Statements pursuant to Section 2(a) and Section 2(b) hereof, the
Company shall as expeditiously as possible:

          (a) prepare and file with the SEC a Registration Statement on the
     appropriate form under the 1933 Act, which form (x) shall be selected by
     the Company and (y) shall, in the case of a Shelf Registration, be
     available for the sale of the Registrable Securities by the selling Holders
     thereof and (z) shall comply as to form in all material respects with the
     requirements of the applicable form and include all financial statements
     required by the SEC to be filed therewith, and use its best efforts to
     cause such Registration Statement to become effective and remain effective
     in accordance with Section 2 hereof;

          (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 effective for the applicable period and cause each
     Prospectus to be

                                       6

<PAGE>

     supplemented by any required prospectus supplement and, as so supplemented,
     to be filed pursuant to Rule 424 under the 1933 Act; to keep each
     Prospectus current during the period described under Section 4(3) and Rule
     174 under the 1933 Act that is applicable to transactions by brokers or
     dealers with respect to the Registrable Securities or Exchange Securities;

          (c) in the case of a Shelf Registration, furnish to each Holder of
     Registrable Securities, to counsel for the Initial Purchasers, to counsel
     for the Holders and to each Underwriter of an Underwritten Offering of
     Registrable Securities, if any, without charge, as many copies of each
     Prospectus, including each preliminary Prospectus, and any amendment or
     supplement thereto and such other documents as such Holder or Underwriter
     may reasonably request, in order to facilitate the public sale or other
     disposition of the Registrable Securities; and the Company consents to the
     use of such Prospectus and any amendment or supplement thereto in
     accordance with applicable law by each of the selling Holders of
     Registrable Securities and any such Underwriters in connection with the
     offering and sale of the Registrable Securities covered by and in the
     manner described in such Prospectus or any amendment or supplement thereto
     in accordance with applicable law;

          (d) use its best efforts to register or qualify the Registrable
     Securities under all applicable state securities or "blue sky" laws of such
     jurisdictions as any Holder of Registrable Securities covered by a
     Registration Statement shall reasonably request in writing by the time the
     applicable Registration Statement is declared effective by the SEC, to
     cooperate with such Holders in connection with any filings required to be
     made with the National Association of Securities Dealers, Inc. and do any
     and all other acts and things which may be reasonably necessary or
     advisable to enable such Holder to consummate the disposition in each such
     jurisdiction of such Registrable Securities owned by such Holder; provided,
     however, that the Company shall not be required to (i) qualify as a foreign
     corporation or as a dealer in securities in any jurisdiction where it would
     not otherwise be required to qualify but for this Section 3(d), (ii) file
     any general consent to service of process or (iii) subject itself to
     taxation in any such jurisdiction if it is not otherwise so subject;

          (e) in the case of a Shelf Registration, notify each Holder of
     Registrable Securities, counsel for the Holders and counsel for the Initial
     Purchasers promptly and, if requested by any such Holder or counsel,
     confirm such advice in writing (i) when a Shelf Registration Statement has
     become effective and when any post-effective amendment thereto has been
     filed and becomes effective, (ii) of any request by the SEC or any state
     securities authority for amendments and supplements to a Shelf Registration
     Statement and Prospectus or for additional information after the Shelf
     Registration Statement has become effective, (iii) of the issuance by the
     SEC or any state securities authority of any stop order suspending the
     effectiveness of a Shelf Registration Statement or the initiation of any
     proceedings for that purpose, (iv) if, between the effective date of a
     Shelf Registration Statement and the closing of any sale of Registrable
     Securities covered thereby, the representations and warranties of the
     Company contained in any underwriting agreement, securities sales agreement
     or other similar agreement, if any, relating to the offering cease to be
     true and correct in all material respects or if the

                                       7

<PAGE>

     Company receives any notification with respect to the suspension of the
     qualification of the Registrable Securities for sale in any jurisdiction or
     the initiation of any proceeding for such purpose, (v) of the happening of
     any event during the period a Shelf Registration Statement is effective
     which makes any statement made in such Shelf Registration Statement or the
     related Prospectus untrue in any material respect or which requires the
     making of any changes in such Shelf Registration Statement or Prospectus in
     order to make the statements therein not misleading and (vi) of any
     determination by the Company that a post-effective amendment to a Shelf
     Registration Statement would be appropriate;

          (f) make every reasonable effort to obtain the withdrawal of any order
     suspending the effectiveness of a Registration Statement at the earliest
     possible moment and provide immediate notice to each Holder of the
     withdrawal of any such order;

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

          (h) in the case of a Shelf Registration, cooperate with the selling
     Holders of Registrable Securities to facilitate the timely preparation and
     delivery of certificates representing Registrable Securities to be sold and
     not bearing any restrictive legends and enable such Registrable Securities
     to be in such denominations (consistent with the provisions of the
     Indenture) and registered in such names as the selling Holders may
     reasonably request at least two business days prior to the closing of any
     sale of Registrable Securities;

          (i) in the case of a Shelf Registration, upon the occurrence of any
     event contemplated by Section 3(e)(v) hereof, use its best efforts to
     prepare and file with the SEC a supplement or post-effective amendment to a
     Shelf Registration Statement or the related Prospectus or any document
     incorporated therein by reference or file any other required document so
     that, as thereafter delivered to the purchasers of the Registrable
     Securities, such Prospectus will not contain any untrue statement of a
     material fact or omit to state a material fact necessary to make the
     statements therein, in light of the circumstances under which they were
     made, not misleading. The Company agrees to notify the Holders to suspend
     use of the Prospectus as promptly as practicable after the occurrence of
     such an event, and the Holders hereby agree to suspend use of the
     Prospectus until the Company has amended or supplemented the Prospectus to
     correct such misstatement or omission;

          (j) within a reasonable time prior to the filing of any Registration
     Statement, any Prospectus, any amendment to a Registration Statement or
     amendment or supplement to a Prospectus or any document which is to be
     incorporated by reference into a Registration Statement or a Prospectus
     after initial filing of a Registration Statement, provide copies of such
     document to the Initial Purchasers and their counsel (and, in the case of a
     Shelf Registration Statement, the Holders and their counsel) and make such
     of the representatives of the Company as shall be reasonably requested by
     the Initial

                                       8

<PAGE>

     Purchasers or their counsel (and, in the case of a Shelf Registration
     Statement, the Holders or their counsel) available for discussion of such
     document, and shall not at any time file or make any amendment to the
     Registration Statement, any Prospectus or any amendment of or supplement to
     a Registration Statement or a Prospectus or any document which is to be
     incorporated by reference into a Registration Statement or a Prospectus, of
     which the Initial Purchasers and their counsel (and, in the case of a Shelf
     Registration Statement, the Holders and their counsel) shall not have
     previously been advised and furnished a copy, or, to which the Initial
     Purchasers or their counsel (and, in the case of a Shelf Registration
     Statement, the Holders or their counsel) shall reasonably object, except
     for any amendment or supplement or document (a copy of which has been
     previously furnished to the Initial Purchasers and their counsel (and, in
     the case of a Shelf Registration Statement, the Holders and their counsel))
     which counsel to the Company shall advise the Company in writing is
     required in order to comply with applicable law; the Initial Purchasers
     agree that, if they receive timely notice and drafts under this clause (j),
     they will not take actions or make objections pursuant to this clause (j)
     such that the Company is unable to comply with its obligations under
     Section 2(a);

          (k) obtain a CUSIP number for all Exchange Securities or Registrable
     Securities, as the case may be, not later than the effective date of a
     Registration Statement;

          (l) cause the Indenture to be qualified under the Trust Indenture Act
     of 1939, as amended (the "TIA"), in connection with the registration of the
     Exchange Securities or Registrable Securities, as the case may be,
     cooperate with the Trustee and the Holders to effect such changes to the
     Indenture as may be required for the Indenture to be so qualified in
     accordance with the terms of the TIA and execute, and use its best efforts
     to cause the Trustee to execute, all documents as may be required to effect
     such changes and all other forms and documents required to be filed with
     the SEC to enable the Indenture to be so qualified in a timely manner;

          (m) in the case of a Shelf Registration, make available for inspection
     by a representative of the Holders of the Registrable Securities, any
     Underwriter participating in any disposition pursuant to such Shelf
     Registration Statement, and attorneys and accountants designated by the
     Holders, at reasonable times and in a reasonable manner, all financial and
     other records, pertinent documents and properties of the Company, and cause
     the respective officers, directors and employees of the Company to supply
     all information reasonably requested by any such representative,
     Underwriter, attorney or accountant in connection with a Shelf Registration
     Statement;

          (n) in the case of a Shelf Registration, use its best efforts to cause
     all Registrable Securities to be listed on any securities exchange or any
     automated quotation system on which similar securities issued by the
     Company are then listed if requested by the Majority Holders, to the extent
     such Registrable Securities satisfy applicable listing requirements;

                                       9

<PAGE>

          (o) use its best efforts to cause the Exchange Securities or
     Registrable Securities, as the case may be, to be rated by two nationally
     recognized statistical rating organizations (as such term is defined in
     Rule 436(g)(2) under the 1933 Act);

          (p) if reasonably requested by any Holder of Registrable Securities
     covered by a Registration Statement, (i) promptly incorporate in a
     Prospectus supplement or post-effective amendment such information with
     respect to such Holder as such Holder reasonably requests to be included
     therein and (ii) make all required filings of such Prospectus supplement or
     such post-effective amendment as soon as the Company has received
     notification of the matters to be incorporated in such filing; and

          (q) in the case of a Shelf Registration, enter into such customary
     agreements and take all such other actions in connection therewith
     (including those requested by the Holders of a majority of the Registrable
     Securities being sold) in order to expedite or facilitate the disposition
     of such Registrable Securities including, but not limited to, an
     Underwritten Offering and in such connection, (i) to the extent possible,
     make such representations and warranties to the Holders and any
     Underwriters of such Registrable Securities with respect to the business of
     the Company and its subsidiaries, the Registration Statement, Prospectus
     and documents incorporated by reference or deemed incorporated by
     reference, if any, in each case, in form, substance and scope as are
     customarily made by issuers to underwriters in underwritten offerings and
     confirm the same if and when requested, (ii) obtain opinions of counsel to
     the Company (which counsel and opinions, in form, scope and substance,
     shall be reasonably satisfactory to the Holders and such Underwriters and
     their respective counsel) addressed to each selling Holder and Underwriter
     of Registrable Securities, covering the matters customarily covered in
     opinions requested in underwritten offerings, (iii) obtain "cold comfort"
     letters from the independent certified public accountants of the Company
     (and, if necessary, any other certified public accountant of any business
     acquired by the Company for which financial statements and financial data
     are or are required to be included in the Registration Statement) addressed
     to each selling Holder and Underwriter of Registrable Securities, such
     letters to be in customary form and covering matters of the type
     customarily covered in "cold comfort" letters in connection with
     underwritten offerings, and (iv) deliver such documents and certificates as
     may be reasonably requested by the Holders of a majority in principal
     amount of the Registrable Securities being sold or the Underwriters, and
     which are customarily delivered in underwritten offerings, to evidence the
     continued validity of the representations and warranties of the Company
     made pursuant to clause (i) above and to evidence compliance with any
     customary conditions contained in an underwriting agreement.

          In the case of a Shelf Registration Statement, the Company may require
each Holder of Registrable Securities to furnish to the Company such information
regarding the Holder and the proposed distribution by such Holder of such
Registrable Securities as the Company may from time to time reasonably request
in writing. No Holder of Registrable Securities may include its Registrable
Securities in such Shelf Registration unless and until such Holder furnishes
such information to the Company.

                                       10

<PAGE>

          In the case of a Shelf Registration Statement, each Holder agrees
that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 3(e)(v) hereof, such Holder will forthwith
discontinue disposition of Registrable Securities pursuant to a Registration
Statement until such Holder's receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 3(i) hereof, and, if so directed by
the Company, such Holder will deliver to the Company (at its expense) all copies
in its possession, other than permanent file copies then in such Holder's
possession, of the Prospectus covering such Registrable Securities current at
the time of receipt of such notice. If the Company shall give any such notice to
suspend the disposition of Registrable Securities pursuant to a Registration
Statement, the Company shall extend the period during which the Registration
Statement shall be maintained effective pursuant to this Agreement by the number
of days during the period from and including the date of the giving of such
notice to and including the date when the Holders shall have received copies of
the supplemented or amended Prospectus necessary to resume such dispositions.

          The Holders of Registrable Securities covered by a Shelf Registration
Statement who desire to do so may sell such Registrable Securities in an
Underwritten Offering. In any such Underwritten Offering, the investment banker
or investment bankers and manager or managers (the "Underwriters") that will
administer the offering will be selected by the Majority Holders of the
Registrable Securities included in such offering.

          4. Participation of Broker-Dealers in Exchange Offer.

          (a) The Staff of the SEC has taken the position that any broker-dealer
that receives Exchange Securities for its own account in the Exchange Offer in
exchange for Securities that were acquired by such broker-dealer as a result of
market-making or other trading activities (a "Participating Broker-Dealer"), may
be deemed to be an "underwriter" within the meaning of the 1933 Act and must
deliver a prospectus meeting the requirements of the 1933 Act in connection with
any resale of such Exchange Securities.

          The Company understands that it is the Staff's position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a
plan of distribution containing a statement to the above effect and the means by
which Participating Broker-Dealers may resell the Exchange Securities, without
naming the Participating Broker-Dealers or specifying the amount of Exchange
Securities owned by them, such Prospectus may be delivered by Participating
Broker-Dealers to satisfy their prospectus delivery obligation under the 1933
Act in connection with resales of Exchange Securities for their own accounts, so
long as the Prospectus otherwise meets the requirements of the 1933 Act.

          (b) In light of the above, notwithstanding the other provisions of
this Agreement, the Company agrees that the provisions of this Agreement as they
relate to a Shelf Registration shall also apply to an Exchange Offer
Registration to the extent, and with such reasonable modifications thereto as
may be, reasonably requested by the Initial Purchasers or by one or more
Participating Broker-Dealers, in each case as provided in clause (ii) below, in
order to expedite or facilitate the disposition of any Exchange Securities by
Participating Broker-Dealers consistent with the positions of the Staff recited
in Section 4(a) above; provided that:

                                       11

<PAGE>

          (i)  the Company shall not be required to amend or supplement the
     Prospectus contained in the Exchange Offer Registration Statement, as would
     otherwise be contemplated by Section 3(i) of this Agreement, for a period
     exceeding 60 days after the last Exchange Date (as such period may be
     extended pursuant to the penultimate paragraph of Section 3 of this
     Agreement) and Participating Broker-Dealers shall not be authorized by the
     Company to deliver and shall not deliver such Prospectus after such period
     in connection with the resales contemplated by this Section 4; and

          (ii) the application of the Shelf Registration procedures set forth in
     Section 3 of this Agreement to an Exchange Offer Registration, to the
     extent not required by the positions of the Staff of the SEC or the 1933
     Act and the rules and regulations thereunder, will be in conformity with
     the reasonable request to the Company by the Initial Purchasers or with the
     reasonable request in writing to the Company by one or more broker-dealers
     who certify to the Initial Purchasers and the Company in writing that they
     anticipate that they will be Participating Broker-Dealers; and provided
     further that, in connection with such application of the Shelf Registration
     procedures set forth in Section 3 to an Exchange Offer Registration, the
     Company shall be obligated (x) to deal only with one entity representing
     the Participating Broker-Dealers, which shall be Morgan Stanley & Co.
     Incorporated unless it elects not to act as such representative, (y) to pay
     the fees and expenses of only one counsel representing the Participating
     Broker-Dealers, which shall be counsel to the Initial Purchasers unless
     such counsel elects not to so act and (z) to cause to be delivered only
     one, if any, "cold comfort" letter with respect to the Prospectus in the
     form existing on the last Exchange Date and with respect to each subsequent
     amendment or supplement, if any, effected during the period specified in
     clause (i) above.

          (c)  The Initial Purchasers shall have no liability to the Company or
any Holder with respect to any request that it may make pursuant to Section 4(b)
above.

          5.   Indemnification and Contribution.

          (a)  The Company agrees to indemnify and hold harmless the Initial
Purchasers, each Holder and each Person, if any, who controls any Initial
Purchaser or any Holder within the meaning of either Section 15 of the 1933 Act
or Section 20 of the 1934 Act from and against all losses, claims, damages and
liabilities (including, without limitation, any legal or other expenses
reasonably incurred by the Initial Purchasers, any Holder or any such
controlling Person in connection with defending or investigating any such action
or claim) caused by any untrue statement or alleged untrue statement of a
material fact contained in any Registration Statement (or any amendment thereto)
pursuant to which Exchange Securities or Registrable Securities were registered
under the 1933 Act, including all documents incorporated therein by reference,
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, or caused by any untrue statement or alleged untrue statement of a
material fact contained in any Prospectus (as amended or supplemented if the
Company shall have furnished any amendments or supplements thereto), or caused
by any omission or alleged omission to state therein a material fact necessary
to make the statements therein in light of the circumstances under which they
were made not misleading, except insofar as such losses, claims, damages or
liabilities are

                                       12

<PAGE>

caused by any such untrue statement or omission or alleged untrue statement or
omission based upon information relating to the Initial Purchasers or any Holder
furnished to the Company in writing through Morgan Stanley & Co. Incorporated or
any selling Holder expressly for use therein. In connection with any
Underwritten Offering permitted by Section 3, the Company will also indemnify
the Underwriters, if any, selling brokers, dealers and similar securities
industry professionals participating in the distribution, their officers and
directors and each Person who controls such Persons (within the meaning of the
1933 Act and the 1934 Act) to the same extent as provided above with respect to
the indemnification of the Holders, if requested in connection with any
Registration Statement.

          (b) Each Holder agrees, severally and not jointly, to indemnify and
hold harmless the Company, the Initial Purchasers and the other selling Holders,
and each of their respective directors, officers who sign the Registration
Statement and each Person, if any, who controls the Company, any Initial
Purchaser and any other selling Holder within the meaning of either Section 15
of the 1933 Act or Section 20 of the 1934 Act to the same extent as the
foregoing indemnity from the Company to the Initial Purchasers and the Holders,
but only with reference to information relating to such Holder furnished to the
Company in writing by such Holder expressly for use in any Registration
Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto).

          (c) In case any proceeding (including any governmental investigation)
shall be instituted involving any Person in respect of which indemnity may be
sought pursuant to either paragraph (a) or paragraph (b) above, 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 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 connection with any proceeding or related proceedings in the same
jurisdiction, be liable for (a) the fees and expenses of more than one separate
firm (in addition to any local counsel) for the Initial Purchasers and all
Persons, if any, who control any Initial Purchaser within the meaning of either
Section 15 of the 1933 Act or Section 20 of the 1934 Act, (b) the fees and
expenses of more than one separate firm (in addition to any local counsel) for
the Company, its directors, its officers who sign the Registration Statement and
each Person, if any, who controls the Company within the meaning of either such
Section and (c) the fees and expenses of more than one separate firm (in
addition to any local counsel) for all Holders and all Persons, if any, who
control any Holders within the meaning of either such Section, and that all such
reasonable fees and expenses shall be reimbursed as they are incurred. In such
case involving the Initial Purchasers and Persons who control the Initial
Purchasers, such firm shall be designated in writing by Morgan Stanley & Co.
Incorporated. In such case involving the Holders and such Persons who control
Holders, such firm shall be

                                       13

<PAGE>

designated in writing by the Majority Holders. In all other cases, such firm
shall be designated by the Company. The indemnifying party shall not be liable
for any settlement of any proceeding effected without its written consent but,
if settled with such consent or if there be a final judgment for the plaintiff,
the indemnifying party agrees to indemnify the indemnified party from and
against any loss or liability by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party
for fees and expenses of counsel as contemplated by the second and third
sentences of this paragraph, the indemnifying party agrees that it shall be
liable for any settlement of any proceeding effected without its written consent
if (i) such settlement is entered into more than 30 days after receipt by such
indemnifying party of the aforesaid request and (ii) such indemnifying party
shall not have reimbursed the indemnified party for such fees and expenses of
counsel 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 such 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.

          (d) If the indemnification provided for in paragraph (a) or paragraph
(b) of this Section 5 is unavailable to an indemnified party or insufficient in
respect of any losses, claims, damages or liabilities, then each indemnifying
party under such paragraph, in lieu of indemnifying such indemnified party
thereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party or parties on the one hand and of the indemnified party or parties on the
other hand in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative fault of the Company and the Holders shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company or by the Holders
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Holders'
respective obligations to contribute pursuant to this Section 5(d) are several
in proportion to the respective principal amount of Registrable Securities of
such Holder that were registered pursuant to a Registration Statement.

          (e) The Company and each Holder agree that it would not be just or
equitable if contribution pursuant to this Section 5 were determined by pro rata
allocation or by any other method of allocation that does not take account of
the equitable considerations referred to in paragraph (d) above. The amount paid
or payable by an indemnified party as a result of the losses, claims, damages
and liabilities referred to in paragraph (d) above 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 the provisions of this
Section 5, no Holder shall be required to contribute any amount in excess of the
amount by which the total price at which Registrable Securities were sold by
such Holder exceeds the amount of any damages that 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

                                       14

<PAGE>

Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation. The remedies provided
for in this Section 5 are not exclusive and shall not limit any rights or
remedies which may otherwise be available to any indemnified party at law or in
equity.

          The indemnity and contribution provisions contained in this Section 5
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
the Initial Purchasers, any Holder or any Person controlling any Initial
Purchaser or any Holder, or by or on behalf of the Company, its officers or
directors or any Person controlling the Company, (iii) acceptance of any of the
Exchange Securities and (iv) any sale of Registrable Securities pursuant to a
Shelf Registration Statement.

          6.  Miscellaneous.

          (a) No Inconsistent Agreements. The Company has not entered into, and
on or after the date of this Agreement will not enter into, any agreement which
is inconsistent with the rights granted to the Holders of Registrable Securities
in this Agreement or otherwise conflicts with the provisions hereof. The rights
granted to the Holders hereunder do not in any way conflict with and are not
inconsistent with the rights granted to the holders of the Company's other
issued and outstanding securities under any such 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 at least a majority in aggregate principal amount of the outstanding
Registrable Securities affected by such amendment, modification, supplement,
waiver or consent; provided, however, that no amendment, modification,
supplement, waiver or consent to any departure from the provisions of Section 5
hereof shall be effective as against any Holder of Registrable Securities unless
consented to in writing by such Holder.

          (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (i) if to a Holder, at the most current address given by such Holder to
the Company by means of a notice given in accordance with the provisions of this
Section 6(c), which address initially is, with respect to the Initial
Purchasers, the address set forth in the Purchase Agreement; and (ii) if to the
Company, initially at the Company's address set forth in the Purchase Agreement
and thereafter at such other address, notice of which is given in accordance
with the provisions of this Section 6(c).

          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
answered back, if telexed; when receipt is acknowledged, if telecopied; and on
the next business day if timely delivered to an air courier guaranteeing
overnight delivery.

                                       15

<PAGE>

          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.

          (d) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders; provided that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities
in violation of the terms of the Purchase Agreement. If any transferee of any
Holder shall acquire Registrable Securities, in any manner, whether by operation
of law or otherwise, such Registrable Securities shall be held subject to all of
the terms of this Agreement, and by taking and holding such Registrable
Securities such Person shall be conclusively deemed to have agreed to be bound
by and to perform all of the terms and provisions of this Agreement and such
Person shall be entitled to receive the benefits hereof. The Initial Purchasers
(in their capacity as Initial Purchasers) shall have no liability or obligation
to the Company with respect to any failure by a Holder to comply with, or any
breach by any Holder of, any of the obligations of such Holder under this
Agreement.

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

          (f) Counterparts. This Agreement may be executed manually or by
telecopier 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.

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

          (h) Governing Law. This Agreement shall be governed by the laws of the
State of New York.

          (i) 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.

                                       16

<PAGE>

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

                                        SILGAN HOLDINGS INC.

                                        By /s/ Harley Rankin, Jr.
                                           ____________________________________
                                           Name:   Harley Rankin, Jr.
                                           Title:  Executive Vice President and
                                                   Chief Financial Officer

Confirmed and accepted as of
 the date first above written:

MORGAN STANLEY & CO. INCORPORATED
DEUTSCHE BANK SECURITIES INC.
SALOMON SMITH BARNEY INC.
FLEET SECURITIES, INC.

By:   MORGAN STANLEY & CO. INCORPORATED

By /s/ Bryan W. Andrzejewski
   ______________________________
   Name:    Bryan W. Andrzejewski
   Title:   Executive Director

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