Document:

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                                                                  Exhibit 4.1(C)

         Exchange and Registration Rights Agreement dated as of November 19,
2003 (this "AGREEMENT") of TELEX COMMUNICATIONS INTERMEDIATE HOLDINGS, LLC, a
Delaware limited liability company (the "COMPANY"), for the benefit of the
holders of the 13% SENIOR SUBORDINATED DISCOUNT NOTES due 2009 (the "SENIOR
SUBORDINATED NOTES") of the Company.

                              W I T N E S S E T H:

         Whereas, the Senior Subordinated Notes have been issued by the Company
pursuant to the "EXCHANGE OFFER" described in the Consent Solicitation and
Exchange Offer Memorandum dated October 22, 2003 (the "SOLICITATION STATEMENT");
and

         Whereas, pursuant to the Solicitation Statement, the Company has
committed to take actions with respect to effecting a registered exchange
offering with respect to the Senior Subordinated Notes and, if required as
provided herein, a shelf-registration with respect to the Senior Subordinated
Notes.

         Now, therefore, the Company hereby agrees as follows for the benefit of
the holders of the Senior Subordinated Notes:

1.       DEFINITIONS.

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

         "ACT": The Securities Act of 1933, as amended.

         "BROKER-DEALER": Any broker or dealer registered under the Exchange
Act.

         "BROKER-DEALER TRANSFER RESTRICTED SENIOR SUBORDINATED NOTES": Exchange
Senior Subordinated Notes that are acquired by a Broker-Dealer in the Exchange
Offer in exchange for Senior Subordinated Notes that such Broker-Dealer acquired
for its own account as a result of market-making activities or other trading
activities (other than Senior Subordinated Notes acquired directly from the
Company or any of its affiliates).

         "BUSINESS DAY": Any day except a Saturday, Sunday or other day in the
City of New York, or in the city of the corporate trust office of the Trustee,
on which banks are authorized to close.

         "COMMISSION": The United States 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 Exchange Senior Subordinated Notes to be issued in the Exchange
Offer, (b) the maintenance of such Registration Statement continuously effective
and the keeping of the Exchange Offer open for a period not less than the
minimum period required pursuant to Section 3(b) hereof, and (c) the delivery by
the Company to the Registrar under the Indenture of Exchange Senior Subordinated
Notes in the same aggregate

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principal amount as the aggregate principal amount of Senior Subordinated Notes
tendered by Holders thereof pursuant to the Exchange Offer.

         "EXCHANGE ACT": The Securities Exchange Act of 1934, as amended.

         "EXCHANGE SENIOR SUBORDINATED NOTES": The Company's 13% Senior
Subordinated Discount Notes due 2009 to be issued pursuant to the Indenture (i)
in the Exchange Offer or (ii) upon the request of any Holder of the Senior
Subordinated Notes covered by a Shelf Registration Statement, in exchange for
such Senior Subordinated Notes.

         "EXCHANGE OFFER": The registration by the Company under the Act of the
Exchange Senior Subordinated Notes pursuant to the Exchange Offer Registration
Statement pursuant to which the Company shall offer the Holders of all
outstanding Transfer Restricted Senior Subordinated Notes the opportunity to
exchange all such outstanding Transfer Restricted Senior Subordinated Notes for
Exchange Senior Subordinated Notes in an aggregate principal amount equal to the
aggregate principal amount of the Transfer Restricted Senior Subordinated Notes
tendered in such exchange offer by such Holders.

         "EXCHANGE OFFER REGISTRATION STATEMENT": The Registration Statement
relating to the Exchange Offer, including the related Prospectus.

         "HOLDERS": As defined in Section 2 hereof.

         "INDEMNIFIED HOLDER": As defined in Section 8(a) hereof.

         "INDENTURE": The Indenture dated the date hereof among the Company and
the Trustee pursuant to which the Senior Subordinated Notes are to be issued, as
such Indenture is amended or supplemented from time to time in accordance with
the terms thereof.

         "NASD": National Association of Securities Dealers, Inc.

         "PERMITTED HOLDERS": Any of the following: (i) Greenwich Street Capital
Partners, Inc., FS Private Investments III LLC (d/b/a Jefferies Capital
Partners), CFSC Wayland Advisers, Inc. or any of their respective affiliates
(including any investment fund or vehicle managed, sponsored or advised by
Greenwich Street Capital Partners, Inc., FS Private Investments III LLC (d/b/a
Jefferies Capital Partners) or any other entity doing business as Jefferies
Capital Partners, CFSC Wayland Advisers, Inc. or any of their respective
affiliates) or (ii) Massachusetts Mutual Life Insurance Company, MassMutual High
Yield Partners II LLC, SAAR Holdings CDO Limited, Somers CDO Limited, Wilbraham
CBO Limited, Suffield CLO Limited, MassMutual Corporate Investor, MassMutual
Global CBO I Limited and their respective affiliates.

         "PERSON": An individual, partnership, corporation, trust,
unincorporated organization, or a government or agency or political subdivision
thereof.

         "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.

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         "REGISTRATION STATEMENT": Any registration statement of the Company
relating to (a) an offering of Exchange Senior Subordinated Notes pursuant to an
Exchange Offer or (b) the registration for resale of Transfer Restricted Senior
Subordinated Notes pursuant to the Shelf Registration Statement, in each case,
(i) which 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.

         "RESTRICTED BROKER-DEALER": Any Broker-Dealer, which holds
Broker-Dealer Transfer Restricted Senior Subordinated Notes.

         "SENIOR SUBORDINATED NOTES": The Senior Subordinated Notes and the
Exchange Senior Subordinated Notes.

         "SHELF REGISTRATION STATEMENT": As defined in Section 4 hereof.

         "TIA": The Trust Indenture Act of 1939 as in effect on the date of the
Indenture.

         "TRANSFER RESTRICTED SENIOR SUBORDINATED NOTES": Each Senior
Subordinated Note, until the earliest to occur of (a) the date on which such
Senior Subordinated Note is exchanged in the Exchange Offer and entitled to be
resold to the public by the Holder thereof without complying with the prospectus
delivery requirements of the Act, (b) the date on which such Senior Subordinated
Note has been disposed of in accordance with a Shelf Registration Statement, (c)
the date on which such Senior Subordinated Note is disposed of by a
Broker-Dealer pursuant to the "Plan of Distribution" contemplated by the
Exchange Offer Registration Statement (including delivery of the Prospectus
contained therein) or (d) the date on which such Senior Subordinated Note is
distributed to the public pursuant to Rule 144 under the Act.

         "TRUSTEE": The trustee under the Indenture.

         "UNDERWRITTEN REGISTRATION" OR "UNDERWRITTEN OFFERING": A registration
in which securities of the Company are sold to an underwriter for reoffering to
the public.

2.       HOLDERS.

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

3.       REGISTERED EXCHANGE OFFER.

         (a)      Unless the Exchange Offer shall not be permitted by applicable
federal law (after the procedures set forth in Section 6(a)(i) below have been
complied with), the Company shall: (i) cause to be filed with the Commission as
soon as practicable after the date hereof, but in no event later than 120 days
after the date hereof, the Exchange Offer Registration Statement; (ii) use its
best efforts to cause such Exchange Offer Registration Statement to become
effective at the earliest possible time, but in no event later than 180 days
after the date hereof; (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 such Exchange Offer Registration

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Statement 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 Exchange Senior Subordinated 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
registration of the Exchange Senior Subordinated Notes to be offered in exchange
for the Senior Subordinated Notes that are Transfer Restricted Senior
Subordinated Notes and to permit sales of Broker-Dealer Transfer Restricted
Senior Subordinated Notes by Restricted Broker-Dealers as contemplated by
Section 3(c) below.

         (b)      The Company shall use its 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 Company shall cause the Exchange Offer to comply with all
applicable federal and state securities laws. No securities other than the
Senior Subordinated Notes shall be included in the Exchange Offer Registration
Statement; except the Company shall be permitted to combine with the Exchange
Offer Registration Statement any shelf registration effected by the Company with
respect to the Registrable Equity Securities. The Company shall use its 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 25 Business Days thereafter.

         (c)      The Company shall include a "Plan of Distribution" section in
the Prospectus contained in the Exchange Offer Registration Statement and
indicate therein that any Restricted Broker-Dealer who holds Senior Subordinated
Notes that are Transfer Restricted Senior Subordinated Notes, and that were
acquired for the account of such Broker-Dealer as a result of market-making
activities or other trading activities, may exchange such Senior Subordinated
Notes (other than Transfer Restricted Senior Subordinated Notes acquired
directly from the Company) pursuant to the Exchange Offer; however, 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 each Exchange Senior Subordinated Note
received by such Broker-Dealer in exchange for Senior Subordinated Notes in the
Exchange Offer, which prospectus delivery requirement may be satisfied by the
delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer
Registration Statement. Such "Plan of Distribution" section shall also contain
all other information with respect to such sales of Broker-Dealer Transfer
Restricted Senior Subordinated Notes by Restricted 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 Senior Subordinated Notes held by any such Broker-Dealer except to the
extent required by the Commission as a result of a change in policy after the
date of this Agreement.

         (d)      The Company shall use its best efforts to keep the Exchange
Offer Registration Statement continuously effective, supplemented and amended as
required by the provisions of

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Section 6(c) below to the extent necessary to ensure that it is available for
sales of Broker-Dealer Transfer Restricted Senior Subordinated Notes by
Restricted Broker-Dealers, and to ensure that such Registration Statement
conforms 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 date on which the Exchange Offer is Consummated.

         (e)      The Company shall promptly provide sufficient copies of the
latest version of such Prospectus to such Restricted Broker-Dealers promptly
upon request, and in no event later than two days after such request, at any
time during such one-year period in order to facilitate such sales.

4.       SHELF REGISTRATION.

         (a)      Shelf Registration Generally. If (i) the Company is not
required to file an Exchange Offer Registration Statement with respect to the
Exchange Senior Subordinated Notes because the Exchange Offer is not permitted
by applicable law (after the procedures set forth in Section 6(a)(i) below have
been complied with) or (ii) if any Holder of Transfer Restricted Senior
Subordinated Notes shall notify the Company within 20 Business Days following
the Consummation of the Exchange Offer that (A) such Holder is prohibited by law
or Commission policy from participating in the Exchange Offer or (B) such Holder
may not resell the Exchange Senior Subordinated 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 Senior Subordinated Notes acquired directly from the Company or one of
its affiliates, then the Company shall (x) cause to be filed on or prior to the
earliest of (1) 60 days after the date on which the Company is notified by the
Commission or otherwise determines that it is not permitted or required to file
the Exchange Offer Registration Statement pursuant to clause (i) above and (2)
60 days after the date on which the Company receives the notice specified in
clause (ii) above, a shelf registration statement pursuant to Rule 415 under the
Act, (which may be an amendment to the Exchange Offer Registration Statement (in
either event, the "Shelf Registration Statement")), relating to all Transfer
Restricted Senior Subordinated Notes the Holders of which shall have provided
the information required pursuant to Section 4 hereof, and (y) use its best
efforts to cause such Shelf Registration Statement to become effective at the
earliest possible time, but in no event later than 180 days after the date
hereof. If, after the Company has filed an Exchange Offer Registration Statement
which satisfies the requirements of Section 3(a) above, the Company is required
to file and make effective a Shelf Registration Statement solely because the
Exchange Offer shall not be permitted under applicable federal law, then the
filing of the Exchange Offer Registration Statement shall be deemed to satisfy
the requirements of clause (x) above. Such an event shall have no effect on the
requirements of clause (y) above. The Company shall use its best efforts to keep
any Shelf Registration Statement pursuant to this Section 4 continuously
effective, supplemented and amended as required by and subject to the provisions
of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is
available for sales of Transfer Restricted Senior Subordinated Notes by the
Holders thereof entitled to the benefit of this Section 4, and to ensure that it
conforms 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 date on which such Shelf Registration Statement first becomes effective
under the

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Act (except as otherwise provided in Section 4(b) hereof) or such shorter period
that will terminate when all Transfer Restricted Senior Subordinated Notes
covered by the Shelf Registration Statement have been sold pursuant thereto. The
obligation of the Company to file any post-effective amendment to a previously
filed Shelf Registration Statement or Exchange Offer Registration Statement
shall be suspended if the Company shall have reasonably determined that the
filing thereof would require the disclosure by the Company of a pending
transaction which is material to the Company, but the Company shall file such
post-effective amendment to a previously filed Shelf Registration Statement or
Exchange Offer Registration Statement promptly following either the termination
or abandonment by the Company of the transaction or following the public
announcement of the transaction.

         (b)      In addition to the provisions of Section 4(a) hereof, and
solely with respect to Permitted Holders, the Company shall make inquiry of
Permitted Holders at least 30 days, but not more than 45 days, prior to each
fiscal quarter commencing after the effectiveness of the Exchange Registration
Statement or any previously filed Shelf Registration Statement as to whether
Permitted Holders intend to effect sales of Senior Subordinated Notes during
such fiscal quarter. If any Permitted Holder advises the Company prior to such
fiscal quarter that the Permitted Holder intends to effect sales of Senior
Subordinated Notes during such fiscal quarter, and if the Company determines
that the Permitted Holder is an "affiliate" (as defined under the rules and
regulations of the Commission) of the Company or if the Permitted Holder
determines, after consultation with counsel and with the Company, that it is an
affiliate of the Company (any such Permitted Holder being herein referred to as
an "Affiliate Holder"), and it is determined also that such Affiliate Holder may
not effect sales of Senior Subordinated Notes except pursuant to an effective
registration statement under the Act, then the Company shall (i) promptly file a
shelf registration statement pursuant to Rule 415 under the Act (which shall be
deemed a "Shelf Registration Statement" for purposes of this Agreement), unless
a previously filed Shelf Registration Statement or Exchange Offer Registration
Statement is effective and available for use by the Affiliate Holder to effect
sales relating to the Senior Subordinated Notes of such Affiliate Holder, and
(ii) use its best efforts to cause such Shelf Registration Statement, or a
post-effective amendment to a previously filed Shelf Registration Statement or
Exchange Offer Registration Statement, to become effective at the earliest
practicable time to permit the Affiliate Holder to effect sales of the Senior
Subordinated Notes. However, the obligation of the Company to file any such
Shelf Registration Statement or post-effective amendment to a previously filed
Shelf Registration Statement or Exchange Offer Registration Statement shall be
suspended if the Company shall have reasonably determined that the filing
thereof would require the disclosure by the Company of a pending transaction
which is material to the Company, but the Company shall file such Shelf
Registration Statement or post-effective amendment to a previously filed Shelf
Registration Statement or Exchange Offer Registration Statement promptly
following either the termination or abandonment by the Company of the
transaction or following the public announcement of the transaction.

         (c)      Provision by Holders of Certain Information in Connection with
the Shelf Registration Statement. No Holder of Transfer Restricted Senior
Subordinated Notes may include any of its Transfer Restricted Senior
Subordinated Notes in any Shelf Registration Statement pursuant to this
Agreement unless and until such Holder furnishes to the Company in writing,
within 20 days after receipt of a request therefor, such information specified
in Item 507 of Regulation S-K under the Act for use in connection with any Shelf
Registration Statement or

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Prospectus or preliminary Prospectus included therein. Each Holder as to which
any Shelf Registration Statement is being effected agrees to furnish promptly to
the Company all information required to be disclosed in order to make the
information previously furnished to the Company by such Holder not materially
misleading.

5.       [INTENTIONALLY OMITTED]

6.       REGISTRATION PROCEDURES.

         (a)      Exchange Offer Registration Statement. In connection with the
Exchange Offer, the Company shall comply with all applicable provisions of
Section 6(c) below, shall use its best efforts to effect such exchange and to
permit the sale of Broker-Dealer Transfer Restricted Senior Subordinated Notes
being sold in accordance with the intended method or methods of distribution
thereof, and shall comply with all of the following provisions:

         (i)      If, following the date hereof there has been published a
                  change in Commission policy with respect to exchange offers
                  such as the Exchange Offer, such that in the reasonable
                  opinion of counsel to the Company there is a substantial
                  question as to whether the Exchange Offer is permitted by
                  applicable federal law or Commission policy, the Company
                  hereby agrees to seek a no-action letter or other favorable
                  decision from the Commission allowing the Company to
                  Consummate an Exchange Offer for Senior Subordinated Notes.
                  The Company hereby agrees to pursue the issuance of such a
                  decision to the Commission staff level but shall not be
                  required to take commercially unreasonable action to effect a
                  change of Commission policy. In connection with the foregoing,
                  the Company hereby agrees, however, to take all such other
                  actions as are requested by the Commission or otherwise
                  required in connection with the issuance of such decision,
                  including without limitation (A) participating in telephonic
                  conferences with the Commission, (B) delivering to the
                  Commission staff an analysis prepared by counsel to the
                  Company setting forth the legal bases, if any, upon which such
                  counsel has concluded that such an Exchange Offer should be
                  permitted and (C) diligently pursuing a resolution (which need
                  not be favorable) by the Commission staff of such submission.

         (ii)     As a condition to its participation in the Exchange Offer
                  pursuant to the terms of this Agreement, each Holder of
                  Transfer Restricted Senior Subordinated Notes shall furnish,
                  upon the request of the Company, prior to the Consummation of
                  the Exchange Offer, a written representation to the Company
                  (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 Company, (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 Exchange Senior
                  Subordinated Notes to be issued in the Exchange Offer and (C)
                  it is acquiring the Exchange Senior Subordinated Notes in its
                  ordinary course of business. Each Holder hereby acknowledges
                  and agrees that any Broker-Dealer and any such Holder using
                  the Exchange Offer to participate in a distribution of the
                  securities to be acquired in the Exchange Offer (1) could not
                  under

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                  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 Item 508, as applicable,
                  of Regulation S-K if the resales are of Exchange Senior
                  Subordinated Notes obtained by such Holder in exchange for
                  Senior Subordinated Notes acquired by such Holder directly
                  from the Company or an affiliate thereof.

         (iii)    To the extent required by the Commission, prior to
                  effectiveness of the Exchange Offer Registration Statement,
                  the Company shall provide a supplemental letter to the
                  Commission (A) stating that the Company is 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) and, if applicable, any no-action letter obtained
                  pursuant to clause (i) above, (B) including a representation
                  that the Company has not entered into any arrangement or
                  understanding with any Person to distribute the Exchange
                  Senior Subordinated Notes to be received in the Exchange Offer
                  and that, to the best of the Company's information and belief,
                  each Holder of Transfer Restricted Senior Subordinated Notes
                  participating in the Exchange Offer is acquiring the Exchange
                  Senior Subordinated Notes in its ordinary course of business
                  and has no arrangement or understanding with any Person to
                  participate in the distribution of the Exchange Senior
                  Subordinated Notes received in the Exchange Offer, and (C) any
                  other undertaking or representation required by the Commission
                  as set forth in any no-action letter obtained pursuant to
                  clause (i) above.

         (b)      Shelf Registration Statement. In connection with the Shelf
Registration Statement the Company shall comply with all the provisions of
Section 6(c) below and shall use its best efforts to effect such registration to
permit the sale of the Transfer Restricted Senior Subordinated Notes being sold
in accordance with the intended method or methods of distribution thereof (as
indicated in the information furnished to the Company pursuant to Section 4
hereof), and pursuant thereto the Company 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 Senior Subordinated Notes in accordance with the
intended method or methods of distribution thereof within the time periods and
otherwise in accordance with the provisions hereof.

         (c)      General Provisions. In connection with any Registration
Statement and any related Prospectus required by this Agreement to permit the
sale or resale of Transfer Restricted Senior Subordinated Notes (including
without limitation any Exchange Offer Registration Statement and the related
Prospectus, to the extent that the same are required to be available to

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permit sales of Broker-Dealer Transfer Restricted Senior Subordinated Notes by
Restricted Broker-Dealers), the Company shall:

         (i)      use its best efforts to keep such Registration Statement
                  continuously effective and provide all requisite financial
                  statements for the period specified in Section 3 or Section 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 a material
                  misstatement or omission or (B) not to be effective and usable
                  for resale of Transfer Restricted Senior Subordinated Notes
                  during the period required by this Agreement, the Company
                  shall file promptly an appropriate amendment to such
                  Registration Statement, (1) in the case of clause (A),
                  correcting any such misstatement or omission, and (2) in the
                  case of either clause (A) or (B), use its best efforts to
                  cause such amendment to be declared effective and such
                  Registration Statement and the related Prospectus to become
                  usable for their intended purpose(s) as soon as practicable
                  thereafter. Notwithstanding the foregoing, if (A) the Board of
                  Directors of the Company determines in good faith that it is
                  in the best interests of the Company not to disclose the
                  existence of or facts surrounding any proposed or pending
                  material corporate transaction involving the Company or its
                  subsidiaries and (B) the Company notifies the Holders within
                  two Business Days after the Board of Directors makes such
                  determination, the Company may allow the Shelf Registration
                  Statement to fail to be effective and usable as a result of
                  such nondisclosure for up to 60 days during the two-year
                  period of effectiveness required by Section 4 hereof, but in
                  no event for any period in excess of 30 consecutive days;
                  provided, however, that the two-year period referred to in
                  Section 4 hereof during which the Shelf Registration Statement
                  is required to be effective and usable shall be extended by
                  the number of days during which such registration statement
                  was not effective or usable pursuant to the foregoing
                  provisions;

         (ii)     prepare and file with the Commission such amendments and
                  post-effective amendments to the Registration Statement as may
                  be necessary to keep the Registration Statement effective for
                  the applicable period set forth in Section 3 or Section 4
                  hereof, or such shorter period as will terminate when all
                  Transfer Restricted Senior Subordinated Notes or Exchange
                  Senior Subordinated Notes of any Affiliate Holder covered by
                  such Registration Statement have been sold; 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 and
                  430A, as applicable, under the Act in a timely manner; and
                  comply with the provisions of the Act with respect to the
                  disposition of all securities covered by such Registration
                  Statement during the applicable period in accordance with the
                  intended method or methods of distribution by the sellers
                  thereof set forth in such Registration Statement or supplement
                  to the Prospectus;

         (iii)    advise the underwriter(s), if any, and selling Holders
                  promptly and, if requested by such Persons, confirm such
                  advice in writing, (A) when the Prospectus or any

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                  Prospectus supplement or post-effective amendment has been
                  filed, and, with respect to any Registration Statement or any
                  post-effective amendment thereto, when the same has become
                  effective, (B) of any request by the Commission for amendments
                  to the Registration Statement or amendments or supplements to
                  the Prospectus or for additional information relating thereto,
                  (C) of the issuance by the Commission of any stop order
                  suspending the effectiveness of the Registration Statement
                  under the Act or of the suspension by any state securities
                  commission of the qualification of the Transfer Restricted
                  Senior Subordinated Notes for offering or sale in any
                  jurisdiction, or the initiation of any proceeding for any of
                  the preceding purposes, (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 Senior Subordinated
                  Notes under state securities or Blue Sky laws, the Company
                  shall use its best efforts to obtain the withdrawal or lifting
                  of such order at the earliest possible time;

         (iv)     in the case of a Shelf Registration Statement, use its best
                  efforts to furnish to the Holder, each selling Holder named in
                  any Registration Statement or Prospectus and each of the
                  underwriter(s) in connection with such 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),
                  prior to filing and reasonably respond to comments received
                  from such persons, and make the Company's representatives
                  available for discussion of such documents and other customary
                  due diligence matters;

         (v)      [Intentionally Omitted]

         (vi)     in the case of a Shelf Registration Statement, if requested by
                  any selling Holders or the underwriter(s) in connection with
                  such sale, if any, promptly include in any Registration
                  Statement or Prospectus, pursuant to a supplement or
                  post-effective amendment if necessary, such information as
                  such selling Holders and underwriter(s), if any, may
                  reasonably request to have included therein, including,
                  without limitation, information relating to the "Plan of
                  Distribution" of the Transfer Restricted Senior Subordinated
                  Notes, information with respect to the principal amount of
                  Transfer Restricted Senior Subordinated Notes being sold to
                  such underwriter(s), the purchase price being paid therefor
                  and any other terms of the offering of the Transfer Restricted
                  Senior Subordinated Notes to be sold in

                                       10
<PAGE>

                  such offering; and make all required filings of such
                  Prospectus supplement or post-effective amendment as soon as
                  practicable after he Company is notified of the matters
                  reasonably requested to be included in such Prospectus
                  supplement or post-effective amendment;

         (vii)    in the case of a Shelf Registration Statement, furnish to each
                  selling Holder and each of the underwriter(s) in connection
                  with such sale, if any, 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);

         (viii)   deliver to each selling Holder of Transfer Restricted Senior
                  Subordinated Notes and each of the underwriter(s), if any,
                  without charge, as many copies of the Prospectus (including
                  each preliminary prospectus) and any amendment or supplement
                  thereto as such Persons reasonably may request; the Company
                  hereby consents to the use (in accordance with law) of the
                  Prospectus and any amendment or supplement thereto by each of
                  the selling Holders and each of the underwriter(s), if any, in
                  connection with the offering and the sale of the Transfer
                  Restricted Senior Subordinated Notes covered by the Prospectus
                  or any amendment or supplement thereto;

         (ix)     enter into such customary 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 Senior Subordinated
                  Notes pursuant to any Registration Statement contemplated by
                  this Agreement as may be reasonably requested by any Holder of
                  Transfer Restricted Senior Subordinated Notes or underwriter
                  in connection with any sale or resale pursuant to any
                  Registration Statement contemplated by this Agreement, and in
                  such connection, whether or not an underwriting agreement is
                  entered into and whether or not the registration is an
                  Underwritten Registration, the Company shall:

                  (A)      furnish (or in the case of paragraphs (2) and (3),
                           use its best efforts to furnish) to each selling
                           Holder and each underwriter, if any, upon the
                           effectiveness of the Shelf Registration Statement and
                           to each Restricted Broker-Dealer upon Consummation of
                           the Exchange Offer:

                           (1)      [Intentionally Omitted];

                           (2)      an opinion, dated the date of Consummation
                                    of the Exchange Offer or the date of
                                    effectiveness of the Shelf Registration
                                    Statement, as the case may be, of counsel
                                    for the Company, covering matters
                                    customarily covered in opinions requested in
                                    Underwritten Offerings and dated the date of
                                    effectiveness of the Shelf Registration
                                    Statement or the date of Consummation of the
                                    Exchange Offer, as the case may be; and

                                       11
<PAGE>

                           (3)      a customary comfort letter, dated as of the
                                    date of effectiveness of the Shelf
                                    Registration Statement or the date of
                                    Consummation of the Exchange Offer, as the
                                    case may be, from the Company's independent
                                    accountants, in the customary form and
                                    covering matters of the type customarily
                                    covered in comfort letters to underwriters
                                    in connection with Underwritten Offerings,
                                    without exception;

                  (B)      set forth in full or incorporate by reference in the
                           underwriting agreement, if any, in connection with
                           any sale or resale pursuant to any Shelf Registration
                           Statement the indemnification provisions and
                           procedures of Section 8 hereof with respect to all
                           parties to be indemnified pursuant to said Section;
                           and

                  (C)      deliver such other documents and certificates as may
                           be reasonably requested by the selling Holders or the
                           underwriter(s), if any, to evidence compliance with
                           clause (A) above and with any customary conditions
                           contained in the underwriting agreement or other
                           agreement entered into by the Company pursuant to
                           this clause (ix);

                  the above shall be done at each closing under such
                  underwriting or similar agreement, as and to the extent
                  required thereunder;

         (x)      prior to any public offering of Transfer Restricted Senior
                  Subordinated Notes, cooperate with the selling Holders, the
                  underwriter(s), if any, and their respective counsel in
                  connection with the registration and qualification of the
                  Transfer Restricted Senior Subordinated Notes under the
                  securities or Blue Sky laws of such jurisdictions as the
                  selling Holders or underwriter(s), if any, may request and do
                  any and all other acts or things necessary or advisable to
                  enable the disposition in such jurisdictions of the Transfer
                  Restricted Senior Subordinated Note covered by the applicable
                  Registration Statement; provided, however, that the Company
                  shall not be required to register or qualify as a foreign
                  corporation where it is not now so qualified or to take any
                  action that would subject it to the service of process in
                  suits or to taxation, other than as to matters and
                  transactions relating to the Registration Statement, in any
                  jurisdiction where it is not now so subject;

         (xi)     issue, upon the request of any Holder of Senior Subordinated
                  Notes covered by any Shelf Registration Statement contemplated
                  by this Agreement, Exchange Senior Subordinated Notes, having
                  an aggregate principal amount equal to the aggregate principal
                  amount of Senior Subordinated Notes surrendered to the Company
                  by such Holder in exchange therefor or being sold by such
                  Holder; such Exchange Senior Subordinated Notes to be
                  registered in the name of such Holder or in the name of the
                  holder(s) of such Senior Subordinated Notes, as the case may
                  be; in return, the Senior Subordinated Notes held by such
                  Holder shall be surrendered to the Company for cancellation;

                                       12
<PAGE>

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

         (xiii)   use its best efforts to cause the disposition of the Transfer
                  Restricted Senior Subordinated Notes covered by the
                  Registration Statement to be registered with or approved by
                  such other United States governmental agencies or authorities
                  as may be necessary to enable the seller or sellers thereof or
                  the underwriter(s), if any, to consummate the disposition of
                  such Transfer Restricted Senior Subordinated Notes, subject to
                  the proviso contained in clause (x) above;

         (xiv)    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 holders of
                  Transfer Restricted Senior Subordinated Notes, 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;

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

         (xvi)    cooperate and assist in any filings required to be made with
                  the NASD and in the performance of any due diligence
                  investigation by any underwriter that is required to be
                  retained in accordance with the rules and regulations of the
                  NASD, and use its best efforts to cause such Registration
                  Statement to become effective and approved by such
                  governmental agencies or authorities as may be necessary to
                  enable the Holders selling Transfer Restricted Senior
                  Subordinated Note to consummate the disposition of such
                  Transfer Restricted Senior Subordinated Note;

         (xvii)   otherwise use its best efforts to comply with all applicable
                  rules and regulations of the Commission, and make generally
                  available to its security holders with regard to any
                  applicable Registration Statement, as soon as practicable, a
                  consolidated earnings statement meeting the requirements of
                  Rule 158 (which need not be audited) covering a twelve-month
                  period beginning after the effective date of the

                                       13
<PAGE>

                  Registration Statement (as such term is defined in paragraph
                  (c) of Rule 158 under the Act);

         (xviii)  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 of Senior
                  Subordinated Notes 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 its
                  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

         (xix)    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 Senior Subordinated Note that, upon receipt of the notice
referred to in Section 6(c)(i) or any notice from the Company of the existence
of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder
will forthwith discontinue disposition of Transfer Restricted Senior
Subordinated Notes pursuant to the applicable Registration Statement until such
Holder's receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 6(c)(xiv) hereof, or until it is advised in writing by
the Company that the use of the Prospectus may be resumed, and has received
copies of any additional or supplemental filings that are incorporated by
reference in the Prospectus (the "Advice"). If so directed by the Company, each
Holder will deliver to the Company (at the Company's expense) all copies, other
than permanent file copies then in such Holder's possession, of the Prospectus
covering such Transfer Restricted Senior Subordinated Notes that was current at
the time of receipt of either such notice. In the event the Company shall give
any such notice, the time period regarding the effectiveness of such
Registration Statement set forth in Section 3 or Section 4 hereof, as
applicable, shall be extended by the number of days during the period from and
including the date of the giving of such notice pursuant to Section 6(c)(i) or
Section 6(c)(iii)(D) hereof to and including the date when each selling Holder
covered by such Registration Statement shall have received the copies of the
supplemented or amended Prospectus contemplated by Section 6(c)(xiv) hereof or
shall have received the Advice.

7.       REGISTRATION EXPENSES.

         (a)      All expenses incident to the Company's performance of or
compliance with this Agreement will be borne by the Company, regardless of
whether a Registration Statement becomes effective, including without
limitation: (i) all registration and filing fees and expenses (including filings
made with the NASD and counsel fees in connection therewith); (ii) all fees and
expenses of compliance with federal securities and state Blue Sky or securities
laws; (iii) all printing expenses of printing (including printing certificates
for the Exchange Senior Subordinated Notes and printing of Prospectuses); (iv)
all fees and disbursements of counsel for the Company and, in accordance with
Section 7(b) below, the Holders of Transfer Restricted

                                       14
<PAGE>

Senior Subordinated Notes; and (v) all fees and disbursements of independent
certified public accountants of the Company (including the expenses of any
special audit and comfort letters required by or incident to such performance).
The Company will, in any event, bear its internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expenses of any annual audit and the fees and
expenses of any Person, including special experts, retained by the Company.

         (b)      In connection with any Shelf Registration Statement required
by this Agreement, the Company will reimburse the Holders of Transfer Restricted
Senior Subordinated Notes the distribution of which is being registered pursuant
to the Shelf Registration Statement for the reasonable fees and disbursements of
not more than one counsel chosen by the Holders of a majority of the principal
amount of such Transfer Restricted Senior Subordinated Notes, which counsel
shall be satisfactory to the Company in its sole discretion.

8.       INDEMNIFICATION.

         (a)      The Company agrees to indemnify and hold harmless (i) each
Holder and (ii) each person, if any, who controls (within the meaning of Section
15 of the Act or Section 20 of the Exchange Act) any Holder (any of the persons
referred to in this clause (ii) being hereinafter referred to as a "controlling
person") and (iii) the respective officers, directors, partners, employees,
representatives and agents of any Holder or any controlling person (any person
referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an
"Indemnified Holder"), from and against any and all losses, claims, damages,
liabilities and judgments caused by any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement or
Prospectus (or any amendment or supplement thereto), or caused by any omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, except insofar as such
losses, claims, damages, liabilities or judgments (i) are caused by any such
untrue statement or omission or alleged untrue statement or omission based upon
information relating to any of the Holders furnished in writing to the Company
by any of the Holders expressly for use therein, (ii) with respect to the
preliminary prospectus, result from the fact that the Holder sold Transfer
Restricted Senior Subordinated Notes to a person to whom there was not sent or
given, at or prior to the written confirmation of such sale, a copy of the
prospectus, as amended or supplemented, if the Company shall have previously
furnished copies thereof to the Holder in accordance with this Agreement and the
prospectus, as amended or supplemented, would have corrected such untrue
statement or omission or (iii) are a result of the use by the Indemnified Holder
of any prospectus, when, upon receipt of a notice from the Company of the
existence of any fact of the kind described in Section 6(c)(iii)(D) hereof
contemplated by the last paragraph of Section 6 hereof, the Indemnified Holder
was not permitted to do so.

         In case any action or proceeding shall be brought against any of the
Indemnified Holders with respect to which indemnity may be sought against the
Company, such Indemnified Holder (or the Indemnified Holder controlled by such
controlling person) shall promptly notify the Company in writing (provided, that
the failure to give such notice shall not relieve the Company of its obligations
pursuant to this Agreement). Such Indemnified Holder shall have the right to
employ its own counsel in any such action but the fees and expenses of such
counsel shall be at

                                       15
<PAGE>

the expense of the Indemnified Holder or such controlling person unless (i) the
employment of such counsel shall have been specifically authorized in writing by
the Company, (ii) the Company shall have failed to assume the defense and employ
counsel or (iii) the named parties to any such action (including any impleaded
parties) include both the Indemnified Holder or such controlling person and the
Company and the Indemnified Holder or such controlling person shall have been
advised in writing 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
Company (in which case the Company shall not have the right to assume the
defense of such action on behalf of the Indemnified Holder or such controlling
person), it being understood, however, that the Company shall not, in connection
with any one such action or proceeding or separate but substantially similar or
related actions or proceedings in the same jurisdiction arising out of the same
general allegations or circumstances, be liable for the reasonable fees and
expenses of more than one separate firm of attorneys (in addition to any local
counsel) at any time for such Indemnified Holders, which firm shall be
designated by the Holders and be reasonably satisfactory to the Company. The
Company shall not be liable for any settlement of any such action or proceeding
effected without the Company's prior written consent, which consent shall not be
withheld unreasonably, but if settled with the Company's written consent, and
the Company agrees to indemnify and hold harmless any Indemnified Holder from
and against any loss or liability by reason of such settlement. The Company
shall not, without the prior written consent of each Indemnified Holder effect
any settlement of any pending or threatened proceeding in respect of which any
Indemnified Holder is or could have been a party and indemnity could have been
sought hereunder by such Indemnified Holder, unless such settlement includes an
unconditional release of such Indemnified Holder from all liability on claims
that are the subject matter of such proceeding.

         (b)      Each Holder of Transfer Restricted Senior Subordinated Notes
agrees, severally and not jointly, to indemnify and hold harmless the Company,
and its directors, officers, and any person controlling the Company (within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act), to the same
extent as the foregoing indemnity from the Company to each of the Indemnified
Holders, but only with respect to information relating to such Holder furnished
in writing by such Holder expressly for use in any Registration Statement. In
case any action or proceeding shall be brought against the Company or its
directors or officers or any such controlling person in respect of which
indemnity may be sought against a Holder of Transfer Restricted Senior
Subordinated Notes, such Holder shall have the rights and duties given the
Company and the Company or its directors or officers or such controlling person
shall have the rights and duties given to each Holder by the preceding
paragraph. In no event shall the liability of any selling Holder hereunder be
greater in amount than the dollar amount of the proceeds received by such Holder
upon the sale of the Transfer Restricted Senior Subordinated Notes giving rise
to such indemnification obligation.

         (c)      If the indemnification provided for in this Section 8 is
unavailable to an indemnified party under Section 8(a) or Section 8(b) hereof
(other than by reason of exceptions provided in those Sections) in respect of
any losses, claims, damages, liabilities or judgments referred to therein, 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, claims, damages, liabilities or judgments (i) in
such proportion as is appropriate to reflect the relative benefits received by
the Company on the one hand and the

                                       16
<PAGE>

Holders on the other hand from their sale of Transfer Restricted Senior
Subordinated Notes or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect the
relative fault of the Company on the one hand and of the Indemnified Holder on
the other in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities or judgments, as well as any other relevant
equitable considerations. The relative fault of the Company on the one hand and
of the Indemnified Holder on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission to state a material fact relates to information supplied by
the Company or by the Indemnified Holder 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 the second paragraph
of Section 8(a), any legal or other fees or expenses reasonably incurred by such
party in connection with investigating or defending any action or claim.

         The Company and each Holder of Transfer Restricted Senior Subordinated
Notes agree that it would not be just and equitable if contribution pursuant to
this Section 8(c) 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 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 such action or claim.
Notwithstanding the provisions of this Section 8, none of the Holders (and its
related Indemnified Holders) shall be required to contribute, in the aggregate,
any amount in excess of the amount by which the dollar amount of proceeds
received by such Holder upon the sale of Transfer Restricted Senior Subordinated
Notes exceeds 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 Senior Subordinated Notes held
by each of the Holders hereunder and not joint.

9.       RULE 144.

         The Company hereby agrees with each Holder, for so long as any Transfer
Restricted Senior Subordinated Notes remain outstanding and during any period in
which the Company is subject to Section 13 or 15(d) of the Exchange Act, to make
all filings required thereby in a timely manner in order to permit resales of
such Transfer Restricted Securities pursuant to Rule 144.

10.      UNDERWRITTEN REGISTRATIONS.

         No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder's Transfer Restricted Senior
Subordinated Notes on the

                                       17
<PAGE>

basis provided in customary underwriting arrangements entered into in connection
therewith and (b) completes and executes all reasonable questionnaires, powers
of attorney, lock-up letters and other documents required under the terms of
such underwriting arrangements. The Company shall have no obligation to effect
any Registration Statement as an Underwritten Registration.

11.      SELECTION OF UNDERWRITERS.

         For any Underwritten Offering, the investment banker or investment
bankers and manager or managers for any Underwritten Offering that will
administer such offering will be selected by the Company. Such investment
bankers and managers are referred to herein as the "underwriters."

12.      MISCELLANEOUS.

         (a)      Remedies. Each Holder, in addition to being entitled to
exercise all rights provided herein, in the Indenture or granted by law,
including recovery of damages, will be entitled to specific performance of its
rights under this Agreement. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of
the provisions of this Agreement and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.

         (b)      No Inconsistent Agreements. The Company will not, on or after
the date of this Agreement, enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions hereof. The Company has not
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 the Company's securities under any agreement in
effect on the date hereof.

         (c)      Adjustments Affecting the Senior Subordinated Notes. The
Company will not take any action, or voluntarily permit any change to occur,
with respect to the Senior Subordinated Notes that would materially and
adversely affect the ability of the Holders to Consummate any Exchange Offer.

         (d)      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 the Company has
obtained the written consent of the Holders of a majority of the outstanding
principal amount of Transfer Restricted Senior Subordinated Notes.
Notwithstanding the foregoing, a waiver or consent to departure from the
provisions hereof that relates exclusively to the rights of Holders whose
securities are being tendered pursuant to the Exchange Offer and that does not
affect directly or indirectly the rights of other Holders whose 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 Senior
Subordinated Notes subject to such Exchange Offer.

         (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:

                                       18
<PAGE>

                  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.

                  If to the Company:

                  Telex Communications, Inc.
                  12000 Portland Avenue
                  Burnsville, Minnesota 55337
                  Facsimile: (952) 886-3712
                  Attention:   Gregory Richter
                               Vice President and
                               Chief Financial Officer

                  With a copy to:

                  Stroock & Stroock & Lavan LLP
                  180 Maiden Lane
                  New York, New York 10038
                  Facsimile: (212) 806-6006
                  Attention: Melvin Epstein, 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 the Company and the
initial Holders of Transfer Restricted Senior Subordinated Notes; provided,
however, that this Agreement shall not inure to the benefit of or be binding
upon a successor or assign of a Holder unless and to the extent such successor
or assign acquired Transfer Restricted Senior Subordinated Notes directly from
such Holder at a time when such Holder could not transfer such Transfer
Restricted Senior Subordinated Notes pursuant to a Shelf Registration Statement.

         (g)      Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original.

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

         (i)      Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to the conflict of law rules thereof.

                                       19
<PAGE>

         (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 by the Company with
respect to the Transfer Restricted Senior Subordinated Notes. This Agreement
supersedes all prior agreements and understandings between the parties with
respect to such subject matter.

                                      * * *

         In witness whereof, the Company has executed this Agreement as of the
date first written above.

                                Telex Communications, Inc.

                                By:_____________________________________
                                   Gregory Richter
                                   Vice President and Chief Financial Officer

                                       20<PAGE>
                                                                     Exhibit 4.2

                             INTERCREDITOR AGREEMENT

                  This INTERCREDITOR AGREEMENT, dated as of November 19, 2003 is
entered into among General Electric Capital Corporation, as Agent (as defined
below), BNY MIDWEST TRUST COMPANY, as Trustee under the Indenture (as such terms
are defined below); BNY MIDWEST TRUST COMPANY, as Collateral Agent under the
Noteholder Pledge Agreement (as such terms are defined below), and TELEX
COMMUNICATIONS INTERMEDIATE HOLDINGS, LLC, a Delaware limited liability company
("Telex").

                              W I T N E S S E T H :

                  WHEREAS, the Obligors (as hereinafter defined), the lenders
party to the Senior Credit Agreement referred to below as lenders and issuing
banks, and General Electric Capital Corporation, as agent for such lenders and
issuing banks (in such capacity, the "Agent") propose to enter into a Credit
Agreement, dated as of November 19, 2003, (as such agreement may be amended,
amended and restated, supplemented or otherwise modified, from time to time at
the option of the parties thereto and any other agreements pursuant to which any
of the indebtedness, commitments, obligations, costs, expenses, fees,
reimbursements, indemnities or other obligations payable or owing thereunder may
be refinanced, restructured, renewed, extended, increased, refunded or replaced
(including pursuant to a DIP Financing, as hereinafter defined) as any such
other agreements may from time to time at the option of the parties thereto be
amended, amended and restated, supplemented, renewed or otherwise modified from
time to time, being collectively referred to herein the "Senior Credit
Agreement"); and

                  WHEREAS, Telex and BNY MIDWEST TRUST COMPANY, as trustee have
entered into an Indenture, dated as of November 19, 2003 (as such Indenture may
be amended, amended and restated, supplemented or otherwise modified, from time
to time at the option of the parties thereto, the "Indenture") governing the
rights and duties of Telex under its 13% Senior Subordinated Discount Notes
Series A due 2009 in the original aggregate principal amount of $129,115,891 (as
amended, modified or (due to loss or mutilation) replaced, from time to time in
accordance with the terms of the Senior Credit Agreement, the "Notes");

                  WHEREAS, Telex has entered into the Noteholder Pledge
Agreement, which Noteholder Pledge Agreement shall provide for an assignment,
pledge and grant or a security interest in certain collateral in favor of the
Collateral Agent and for the benefit of the Noteholders, the Trustee and the
Collateral Agent; and

                  WHEREAS, it is a condition precedent to the effectiveness of
the Senior Credit Agreement that the Agent (for itself and for the benefit of
the Senior Lenders), the Trustee (on behalf of itself and on behalf and for the
benefit of the Noteholders), the Collateral Agent and Telex enter into this
Agreement.

                  NOW, THEREFORE, in consideration of the foregoing, the mutual
covenants and obligations herein set forth and for other good and valuable
consideration, the adequacy and receipt of which are hereby acknowledged, and in
reliance upon the representations, warranties and covenants herein contained,
the parties hereto, intending to be legally bound, hereby agree as follows:

<PAGE>

                  SECTION 1. DEFINITIONS. As used in this Agreement, the
following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and the plural form of the terms indicated) and
capitalized terms defined in the Senior Credit Agreement used (but not otherwise
defined) herein shall have the meanings ascribed to them in the Senior Credit
Agreement (as in effect on the date hereof) :

                  "Agent" shall include, in addition to the Agent referred to in
the recitals hereto, the then acting collateral agent for the Senior Lenders
under the Senior Lender Documents and any successor thereto exercising
substantially the same rights and powers, or if there is no acting Agent under
the Senior Credit Agreement, the Required Lenders.

                  "Agreement" shall mean this Agreement, as amended,
supplemented or otherwise modified from time to time in accordance with the
terms hereof.

                  "Bankruptcy Code" shall mean title 11 of the United States
Code (11 U.S.C. 101 et seq.), as amended from time to time and any successor
statute.

                  "Business Day" shall mean any day other than Saturday, Sunday
and a day that is a legal holiday under the laws of the State of New York or on
which banking institutions in the City of New York and the State of Missouri are
required or authorized by law or other governmental action to close.

                  "Collateral" shall mean all of the assets of Telex or any of
the other Obligors constituting Senior Lender Collateral.

                  "Collateral Agent" shall mean BNY Midwest Trust Company in its
capacity as collateral agent under the Indenture and any successor in such
capacity.

                  "Comparable Noteholder Collateral Document" means, in relation
to any Collateral subject to any Senior Lender Collateral Document, that
Noteholder Collateral Document which creates a security interest in the same
Collateral, granted by Telex.

                  "Discharge of Senior Lender Claims" shall mean, except as
otherwise provided in Section 6.5, payment in full in cash of the principal of,
interest and premium, if any, on all Indebtedness outstanding under the Senior
Credit Agreement and all letters of credit outstanding thereunder, delivery of
cash collateral in respect thereof equal to 105% of the aggregate undrawn amount
of all letters of credit in compliance with the Senior Credit Agreement, as
applicable, in each case after or concurrently with termination of all
commitments to extend credit thereunder, and payment in full in cash of all
other Senior Lender Claims, other than those that constitute Unasserted
Contingent Obligations.

                  "Indebtedness" means, with respect to any specified Person
without duplication, any indebtedness of such Person, whether or not contingent
(a) in respect of borrowed money; (b) evidenced by bonds, notes, debentures or
other similar instruments or letters of credit (or reimbursement agreements in
respect thereof); (c) in respect of banker's acceptances; (d) representing
obligations in connection with Capital Leases; (e) representing the balance
deferred and unpaid of the purchase price of any property, except any such
balance that constitutes an accrued expense or trade payable, if and to the
extent any of the preceding items (other than letters of credit) would appear as
a liability upon a balance sheet of the specified Person prepared in accordance
with GAAP. In addition, the term "Indebtedness" includes all Indebtedness of any
other Person secured by a Lien on any asset of the specified Person (whether or
not such Indebtedness is assumed by the specified Person) to the extent of the
fair market value of such asset where the Indebtedness so secured is not the
Indebtedness of such Person and, to the extent not otherwise included, the
guaranty by the specified Person of the Indebtedness of any other Person. The
amount of

                                       2
<PAGE>

any Indebtedness outstanding as of any date will be (i) the accreted value of
the Indebtedness, in the case of any Indebtedness issued with original issue
discount (as determined in accordance with the agreements and instruments
evidencing such Indebtedness); and (ii) the principal amount of the
Indebtedness, together with any interest on the Indebtedness that is more than
30 days past due, in the case of any other Indebtedness. Indebtedness of Telex
shall not include any Indebtedness of Telex that has been either satisfied and
discharged or defeased through covenant defeasance or legal defeasance.

                  "Indenture" shall have the meaning set forth in the recitals
hereto.

                  "Insolvency or Liquidation Proceeding" shall mean (a) any
voluntary or involuntary case or proceeding under the Bankruptcy Code with
respect to any Obligor as a debtor, (b) any other voluntary or involuntary
insolvency, reorganization or bankruptcy case or proceeding, or any
receivership, liquidation, reorganization or other similar case or proceeding
with respect to any Obligor as a debtor or with respect to any of their
respective assets, (c) any liquidation, dissolution, reorganization or winding
up of any Obligor whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy or (d) any assignment for the benefit of creditors or
any other marshalling of assets and liabilities of any Obligor.

                  "Lien" shall mean any mortgage, deed of trust, pledge,
hypothecation, assignment, security interest, deposit arrangement, encumbrance,
lien or preference priority or other security agreement or other preferential
arrangement whatsoever, including, without limitation, any right of setoff, any
conditional sale or other title retention agreement, the interest of a lessor
under a lease or any financing lease having substantially the same economic
effect as any of the foregoing and the filing of any financing statement naming
the owner of the asset to which such Lien relates as debtor.

                  "Noteholder" shall mean a holder of Noteholder Claims.

                  "Noteholder Claims" shall mean all Indebtedness, Obligations
and other liabilities (contingent or otherwise) arising under or with respect to
the Noteholder Documents or any of them.

                  "Noteholder Collateral" shall mean all of the assets of Telex
in which the Noteholders, the Trustee or the Collateral Agent or any of them now
or hereafter holds a Lien as security for any Noteholder Claim.

                  "Noteholder Collateral Documents" shall mean the Noteholder
Pledge Agreement and any document or instrument executed and delivered pursuant
to any Noteholder Document at any time or otherwise pursuant to which a Lien is
granted by Telex to secure the Noteholder Claims or under which rights or
remedies with respect to any such Lien are governed, as the same may be amended,
renewed, extended, supplemented or modified from time to time.

                  "Noteholder Documents" shall mean the Indenture, the Notes,
the Noteholder Collateral Documents, and any other related document or
instrument executed and delivered pursuant to any Noteholder Document at any
time or otherwise evidencing any Noteholder Claims, as the same may be amended,
renewed, extended, supplemented or modified from time to time.

                  "Noteholder Liens" shall mean Liens in Collateral in favor of
the Collateral Agent created as collateral security for Noteholder Claims.

                  "Noteholder Pledge Agreement" shall mean the Pledge Agreement,
dated as of November 19, 2003, between Telex and the Collateral Agent, as the
same may be amended, renewed, extended, supplemented or modified from time to
time in accordance with the terms hereof.

                                       3
<PAGE>

                  "Obligations" shall mean any principal, premium, interest,
penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing any Indebtedness (including any
obligation to post cash collateral in respect of letters of credit and any other
obligations).

                  "Obligors" shall mean the "Credit Parties" (under the Senior
Credit Agreement) and shall include, without limitation, Telex.

                  "Person" shall mean any person, individual, sole
proprietorship, partnership, joint venture, corporation, unincorporated
organization, association, institution, entity or other party, including,
without limitation, any government and any political subdivision, agency or
instrumentality thereof.

                  "Pledged Collateral" shall have the meaning set forth in the
Pledge Agreements, and shall include any other tangible property in the
possession of the Agent (or its agents or bailees) in which a security interest
is perfected by such possession.

                  "Recovery" shall have the meaning set forth in Section 6.5
hereof.

                  "Required Lenders" shall mean, with respect to any amendment
or modification of the Senior Credit Agreement, or any termination or waiver of
any provision of the Senior Credit Agreement, or any consent or departure by any
Obligor therefrom, those Senior Lenders, the approval of which is required to
approve such amendment or modification, termination or waiver or consent or
departure.

                  "Senior Lender Claims" shall mean (a) the principal of all
Indebtedness outstanding under one or more of the Senior Lender Documents to the
extent not prohibited by the Indenture (as in effect on the date hereof), and
(b) all other Obligations not constituting principal of Indebtedness of any
Obligor under the Senior Lender Documents, including, without limitation, all
claims under the Senior Lender Documents for interest, fees, expense
reimbursements, indemnification and other similar claims. Senior Lender Claims
shall include all interest accrued or accruing (or which would, absent the
commencement of an Insolvency or Liquidation Proceeding, accrue) after the
commencement of an Insolvency or Liquidation Proceeding in accordance with and
at the rate specified in the Senior Credit Agreement whether or not the claim
for such interest is allowed as a claim in such Insolvency or Liquidation
Proceeding. To the extent any payment with respect to the Senior Lender Claims
(whether by or on behalf of any Obligor, as proceeds of security, enforcement of
any right of setoff or otherwise) is declared to be fraudulent or preferential
in any respect, set aside or required to be paid to a debtor in possession,
trustee, receiver or similar Person, then the obligation or part thereof
originally intended to be satisfied shall be deemed to be reinstated and
outstanding as if such payment had not occurred. Notwithstanding anything to the
contrary contained in the first sentence of this definition, any principal
Indebtedness (including reimbursement obligations for drawn or undrawn letters
of credit) incurred under the Senior Credit Agreement shall constitute a "Senior
Lender Claim" (whether or not such Indebtedness is at any time determined not to
have been permitted to be incurred under the Indenture), to the extent, after
giving effect to such incurrence, the aggregate principal amount of Indebtedness
outstanding under the Senior Credit Agreement does not exceed $15,000,000 (less
any prior permanent reductions in the Revolving Loan Commitment).

                  "Senior Lender Collateral" shall mean all of the assets of
Telex or any of the other Obligors in which the Senior Lenders or the Agent or
any of them now or hereafter holds a Lien as security for any Senior Lender
Claim.

                  "Senior Lender Collateral Documents" shall mean each Security
Agreement, each Pledge Agreement, the Blocked Account Agreements, each Mortgage,
each lock-box account agreement, each

                                       4
<PAGE>

deposit account control agreement, each securities account control agreement,
and each other Loan Document or other document or instrument pursuant to which a
Lien is granted securing the Senior Lender Claims, as the same may be amended,
renewed, extended, supplemented or modified from time to time.

                  "Senior Lender Documents" shall mean the Senior Credit
Agreement, the Guaranties and each of the other Loan Documents, the Senior
Lender Collateral Documents, all documents and instruments evidencing any other
obligation under the Senior Credit Agreement, and any other related document or
instrument executed or delivered pursuant to any Senior Lender Document at any
time or otherwise evidencing any Senior Lender Claims, as any such document or
instrument may from time to time be amended, renewed, restated, supplemented or
otherwise modified.

                  "Senior Lender Lien" shall mean Liens in Collateral in favor
of the Agent or Senior Lenders created as collateral security for the Senior
Lender Claims.

                  "Senior Lenders" shall mean the Persons holding Senior Lender
Claims, including, without limitation, the Agent.

                  "Trustee" shall mean, at any time, BNY Midwest Trust Company,
in its capacity as trustee under the Indenture, and any successor in such
capacity.

                  "Unasserted Contingent Obligations" shall mean, at any time,
Obligations for taxes, costs, indemnifications, reimbursements, damages and
other liabilities (except for (i) the principal of and interest and premium (if
any) on, and fees relating to, any Indebtedness and (ii) contingent
reimbursement obligations in respect of amounts that may be drawn under letters
of credit) in respect of which no claim or demand for payment has been made (or,
in the case of Obligations for indemnification, no notice for indemnification
has been issued by the indemnitee) at such time.

                  "Uniform Commercial Code" or "UCC" shall mean the Uniform
Commercial Code of the State of New York, as amended from time to time.

                  SECTION 2. LIEN PRIORITIES.

                  2.1      Subordination. Notwithstanding the date, manner or
order of grant, attachment or perfection of any Liens granted to the Collateral
Agent, the Trustee or the Noteholders on the Collateral or of any Liens granted
to the Agent or the Senior Lenders on the Collateral and notwithstanding any
provision of the UCC, or any applicable law, the avoidance or setting aside of
any lien on or security interest granted to the Agent or Senior Lenders in the
Collateral, or the Noteholder Documents or the Senior Lender Documents or any
other circumstance whatsoever, the Trustee, on behalf of itself and the
Noteholders, and the Collateral Agent, hereby agree that: (a) any Senior Lender
Lien now or hereafter held by the Agent or the Senior Lenders shall be senior
and prior to any Noteholder Lien; and (b) any Noteholder Lien now or hereafter
held by the Trustee, the Collateral Agent or the Noteholders regardless of how
acquired, whether by grant, statute, operation of law, subrogation or otherwise,
shall be junior and subordinate in all respects to all Senior Lender Liens. All
Senior Lender Liens shall be and remain senior to all Noteholder Liens for all
purposes, whether or not such Senior Lender Liens are subordinated to any Lien
securing any other obligation of any Obligor.

                  2.2      Prohibition on Contesting Liens. The Trustee, on
behalf of itself and the Noteholders, and the Collateral Agent, agree that until
the Discharge of Senior Lender Claims, neither the Collateral Agent, the Trustee
nor any Noteholder shall (i) request judicial relief, in an Insolvency or
Liquidation Proceeding or in any other court, that would hinder, delay, limit or
prohibit the exercise or

                                       5
<PAGE>

enforcement of any right or remedy otherwise available to the holders of Senior
Lender Liens or that would limit, invalidate, avoid or set aside any Senior
Lender Lien or Senior Lender Collateral Document or subordinate any Senior
Lender Lien to any Noteholder Lien or grant any Senior Lender Lien equal ranking
to any Noteholder Lien; (ii) oppose or otherwise contest any motion for relief
from the automatic stay or from any injunction against foreclosure or
enforcement of Senior Lender Liens made by any holder of Liens in any Insolvency
Liquidation Proceeding; (iii) oppose or otherwise contest any exercise by any
holder of Senior Lender Liens of the right to credit bid Senior Lender Claims at
any sale in foreclosure of Senior Lender Liens; or (iv) oppose or otherwise
contest any other request for judicial relief made in any court by any holder of
Senior Lender Liens relating to the enforcement of any Senior Lender Lien.

                  2.3      No New Liens. So long as the Discharge of Senior
Lender Claims has not occurred, the parties hereto agree that Telex shall not
grant any Lien on any of its assets, in favor of the Collateral Agent, the
Trustee or the Noteholders other than those granted under the Noteholder Pledge
Agreement as of the date hereof.

                  SECTION 3. ENFORCEMENT.

                  3.1      Exercise of Remedies by Agent.

                  (a)      So long as the Discharge of Senior Lender Claims has
not occurred, whether or not any Insolvency or Liquidation Proceeding has been
commenced by or against any Telex,

                           (i)      the Collateral Agent, the Trustee and the
Noteholders will not, and no Noteholder shall instruct the Collateral Agent or
Trustee to, exercise or seek to exercise any rights or remedies (including
setoff) with respect to any Collateral, take any action to enforce, collect or
realize upon any Collateral, institute any action or proceeding with respect to
such rights or remedies, including, without limitation, any action of
foreclosure, or contest protest or object to any foreclosure proceeding or
action brought by the Agent or any Senior Lender, the exercise of any right
under any control agreement in respect of a deposit account or securities
entitlement constituting Collateral, landlord waiver or bailee's letter or
similar agreement or arrangement to which the Collateral Agent, the Trustee or
any Noteholder is a party, or any other exercise by any such party, of any
rights and remedies relating to the Collateral under the Senior Lender Documents
or otherwise, or object to the forbearance by the Agent or the Senior Lenders
from bringing or pursuing any foreclosure proceeding or action or any other
exercise of any rights or remedies relating to the Collateral and, without
limitation, the Collateral Agent, the Trustee and the Noteholders shall not

                                    (1)      take possession of or control over
any Collateral;

                                    (2)      exercise any collection rights in
respect of any Collateral, exercise any voting, other incidental rights of
ownership or similar rights in respect of Collateral consisting of equity
interests, or retain any proceeds of accounts and other obligations receivable
paid to it directly by any account debtor;

                                    (3)      exercise any right of set-off
against any property subject to any Senior Lender Lien;

                                    (4)      foreclose upon any Collateral or
take or accept any transfer of title in lieu of foreclosure upon any Collateral;

                                       6
<PAGE>

                                    (5)      enforce any claim to the proceeds
of insurance upon any Collateral;

                                    (6)      deliver any notice, instruction,
claim or demand relating to the Collateral to any Person (including any
securities intermediary, depositary bank, landlord or issuer of uncertificated
securities) in the possession or control of any Collateral or acting as bailee,
custodian or agent for any holder of any Senior Lender Lien in respect of any
Collateral;

                                    (7)      otherwise enforce any remedy
available upon default for the enforcement of any Lien upon the Collateral;

                                    (8)      deliver any notice or commence any
proceeding for any of the foregoing purposes; or

                                    (9)      seek relief in any Insolvency or
Liquidation Proceeding permitting it to do any of the foregoing, and

                           (ii)     the Agent and the Senior Lenders shall have
the exclusive right to enforce rights, exercise remedies (including, without
limitation, setoff and the right to credit bid their debt) refrain from
enforcing or exercising remedies, and make determinations regarding release,
disposition, or restrictions with respect to the Collateral without any
consultation with or the consent of the Collateral Agent, the Trustee or any
Noteholder, all according to the discretion and exercise of the business
judgment of the Agent and Senior Lenders, including, without limitation, the
exclusive right to take the actions enumerated in clauses (1) through (9) of
Section 3.1(a)(i). In connection therewith, each of the Noteholders, and the
Trustee, and the Collateral Agent waives any and all rights to affect the method
or challenge the appropriateness of any action by the Agent or any Senior Lender
and hereby consents to the Agent or any Senior Lender exercising or not
exercising such rights and remedies as if no Noteholder existed, except only
that the Collateral Agent, the Trustee and the Noteholders reserve all rights
granted by law: to request or receive notice of any sale of Collateral in
foreclosure of any Senior Lender Lien. In exercising rights and remedies with
respect to the Collateral, the Agent and the Senior Lenders may enforce the
provisions of the Senior Lender Documents and exercise remedies thereunder, all
in such order and in such manner as they may determine in the exercise of their
sole discretion. Such exercise and enforcement shall include, without
limitation, the rights of an agent appointed by them to sell or otherwise
dispose of Collateral upon foreclosure, to incur expenses in connection with
such sale or disposition, and to exercise all the rights and remedies of a
secured lender under the Uniform Commercial Code of any applicable jurisdiction
and of a secured creditor under bankruptcy or similar laws of any applicable
jurisdiction.

                  (b)      The Trustee, on behalf of itself and the Noteholders
and the Collateral Agent, agree that none of them will take or receive any
Collateral or any proceeds of Collateral in connection with the exercise of any
right or remedy (including setoff) with respect to any Collateral, unless and
until the Discharge of Senior Lender Claims has occurred. Without limiting the
generality of the foregoing, unless and until the Discharge of Senior Lender
Claims has occurred, the sole right of the Collateral Agent, the Trustee and the
Noteholders with respect to the Collateral is to hold a Lien on the Collateral
pursuant to the Noteholder Documents for the period and to the extent granted
therein and to receive a share of the proceeds thereof, if any, after the
Discharge of the Senior Lender Claims has occurred.

                  (c)      The Trustee, on behalf of itself and the Noteholders,
and the Collateral Agent, agree that none of the Collateral Agent, the Trustee
or the Noteholders will take any action that would hinder any exercise of
remedies undertaken by the Agent under the Senior Loan Documents, including any
sale, lease, exchange, transfer or other disposition of the Collateral, whether
by foreclosure or

                                       7
<PAGE>

otherwise, and the Collateral Agent, for itself and the Noteholders, and the
Trustee, hereby waive any and all rights it or the Noteholders may have as a
junior lien creditor or otherwise to object to the manner in which the Agent or
the Senior Lenders seek to enforce or collect the Senior Lender Claims or the
Liens granted in any of the Senior Lender Collateral.

                  3.2      Cooperation. The Trustee, on behalf of itself and the
Noteholders, and the Collateral Agent, agree that, unless and until the
Discharge of Senior Lender Claims has occurred, it will not commence, or join
with any Person (other than the Senior Lenders and the Agent upon the request
thereof) in commencing any enforcement, collection, execution, levy or
foreclosure action or proceeding with respect to any Lien held by it under any
of the Noteholder Documents (other than any Noteholder Property Lien) or
otherwise.

                  3.3      Notice by Agent. The Agent agrees to notify promptly
the Collateral Agent and the Trustee of a Discharge of Senior Lender Claims.

                  SECTION 4. PAYMENTS.

                  4.1      Application of Proceeds. As long as the Discharge of
Senior Lender Claims has not occurred, the cash proceeds of Collateral received
in connection with the sale of, or collection on, such Collateral upon the
exercise of remedies, shall be applied by the Agent to the Senior Lender Claims
in such order as specified in the Senior Credit Agreement until Discharge of
Senior Lender Claims has occurred. Upon Discharge of the Senior Lender Claims,
the Agent shall deliver to the Collateral Agent any proceeds of Collateral held
by it in the same form as received, with any necessary endorsements or as a
court of competent jurisdiction may otherwise direct or in the case of any such
proceeds in any such deposit account or securities account take such steps as
may be required under the Senior Lender Documents to cause such proceeds to be
transferred to the Collateral Agent, except as a court of competent jurisdiction
may otherwise direct.

                  4.2      Payments Over by Collateral Agent, the Trustee and
Noteholders. So long as the Discharge of Senior Lender Claims has not occurred,
any Collateral or proceeds thereof received by the Collateral Agent, the Trustee
or any Noteholder shall be segregated and held in trust and forthwith paid over
to the Agent for the benefit of the Senior Lenders in the same form as received,
with any necessary endorsements or as a court of competent jurisdiction may
otherwise direct. The Agent is hereby authorized to make any such endorsements
as agent for the Collateral Agent, the Trustee or any such Noteholder. This
authorization is coupled with an interest and is irrevocable. Notwithstanding
the foregoing, except for payments constituting proceeds of Collateral that are
(1) made in breach of any provision of any Senior Lender Document to purchase,
redeem, prepay or pay the principal of any Notes or to fund a legal or covenant
defeasance of the Notes under Article 8 of the Indenture, unless in connection
with any such payment the Collateral Agent and the Trustee received an Opinion
of Counsel (as defined in the Indenture), or a certificate of the Agent, that
application of such payment to principal of the Notes was permitted under the
Credit Agreement or (2) received by the Collateral Agent, the Trustee or any
Noteholder (A) as a result of any breach of the provisions of this Agreement,
(B) any time after commencement of any Insolvency or Liquidation Proceeding or
(C) at any time after the Trustee and the Collateral Agent have received written
notice from the Agent stating that (i) the Indebtedness constituting Senior
Lender Claims has become immediately due and payable (whether at maturity, by
acceleration or otherwise, and all Letters of Credit are required to be cash
collateralized) or (ii) the Agent has become entitled to enforce any or all
Senior Lender Liens by reason of default by any Obligor under the Senior Lender
Documents, no payment of money made by Telex to the Collateral Agent, the
Trustee or any Noteholder will be subject to the foregoing provisions of this
Section 4.2.

                                       8
<PAGE>

                  SECTION 5. OTHER AGREEMENTS.

                  5.1      Releases.

                  (a)      If in connection with:

                           (i)      the exercise of the Agent's remedies in
respect of the Collateral including any sale, lease, exchange, transfer or other
disposition of such Collateral made by the Agent or any Senior Lender; or

                           (ii)     any sale, lease, exchange, transfer or other
disposition of Collateral permitted under the terms of the Senior Credit
Agreement (whether or not an event of default under, and as defined therein, has
occurred and is continuing) and not prohibited under Section 4.6 of the
Indenture (Asset Sales);

the Agent, for itself or on behalf of any of the Senior Lenders, releases any of
its Liens on any part of the Collateral and, in the case of Section 5.1(a)(ii),
either (x) the commitment under the Senior Credit Agreement is reduced by the
net cash proceeds of such sale, lease, exchange, transfer or other disposition
(or to $0, if the net cash proceeds exceeds the then remaining commitment) and
such net cash proceeds shall have been applied to repay or collateralize any
Senior Lender Claims or letters of credit issued under the Senior Credit
Agreement to the extent of any principal balance (including undrawn letters of
credit) outstanding and in excess of such reduced commitment or (y) such net
cash proceeds shall have been reinvested in properties or assets that will
replace the Collateral sold or that will be used in the business of the
Obligors, the Liens, if any, of the Collateral Agent on such Collateral shall be
automatically, unconditionally and simultaneously released and the Collateral
Agent shall promptly shall execute and deliver to the Agent or Telex such
termination statements, releases and other documents as the Agent or Telex may
request to effectively confirm such release.

                  (b)      Each of the Collateral Agent and Trustee hereby
irrevocably constitutes and appoints the Agent and any officer or agent of the
Agent, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of the
Collateral Agent or Trustee, as the, case may be, or such holder or in the
Agent's own name, from time to time in the Agent's discretion, for the purpose
of carrying out the terms of this Section 5.1, to take any and all appropriate
action and to execute any and all documents and instruments which may be
necessary or desirable to accomplish the purposes of this Section 5.1,
including, without limitation, any termination statements, endorsements or other
instruments or transfer or release.

                  5.2      Insurance. Unless and until the Discharge of Senior
Lender Claims has occurred, the Agent and the Senior Lenders shall have the sole
and exclusive right, subject to the rights of the Obligors under the Senior
Lender Documents, to adjust settlement for any insurance policy covering the
Collateral in the event of any loss thereof and to approve any award granted in
any condemnation or similar proceeding affecting the Collateral. Unless and
until the Discharge of Senior Lender Claims has occurred, all proceeds of any
such policy and any such award in respect of the Collateral shall be paid to the
Agent for the benefit of the Senior Lenders to the extent required under the
Senior Credit Agreement and thereafter to the Collateral Agent to the extent
required under the applicable Noteholder Documents and then to the owner of the
subject property or as a court of competent jurisdiction may otherwise direct;
provided, however, that from and after the Commitment Termination Date, all such
proceeds shall be paid to the Agent for the benefit of the Senior Lenders until
the Discharge of Senior Lender Claims has occurred and thereafter to the
Collateral Agent for the benefit of the Noteholders to the extent required under
the applicable Noteholder Documents and then to the owner of the subject
property or as a court of competent jurisdiction may otherwise direct. If the
Collateral Agent, the Trustee or any Noteholder shall,

                                       9
<PAGE>

at any time, receive any proceeds of any such insurance policy or any such award
in respect of the loss of any Collateral in contravention of this Agreement, it
shall pay such proceeds over to the Agent in accordance with the terms of
Section 4.2.

                  5.3      Amendments to Noteholder Collateral Documents.

                  (a)      Without the prior written consent of the Agent and
the Required Lenders, no Noteholder Collateral Document may be amended,
supplemented or otherwise modified or entered into to the extent such amendment,
supplement or modification, or the terms of any new Noteholder Collateral
Document, would be inconsistent with any of the terms of this Agreement or could
reasonably be expected to have an adverse effect on the Agent or Senior Lenders.
The Trustee and the Collateral Agent agree that each Noteholder Collateral
Document creating a Noteholder Lien shall include the following language:

                  "Notwithstanding anything herein to the contrary, the lien and
                  security interest granted to the Collateral Agent/Trustee
                  pursuant to this Agreement and the exercise of any right or
                  remedy by the Collateral Agent/ Trustee hereunder, in each
                  case in respect of any collateral constituting Noteholder
                  Collateral (as defined in the Intercreditor Agreement
                  described below) are subject to the provisions of the
                  Intercreditor Agreement, dated as of November 19, 2003 (as
                  amended, modified or supplemented from time to time, the
                  "Intercreditor Agreement") among General Electric Capital
                  Corporation as Agent, and BNY Midwest Trust Company, as
                  Collateral Agent, BNY Midwest Trust Company, as Trustee, and
                  Telex Communications Intermediate Holdings, LLC. In the event
                  of any conflict between the terms of the Intercreditor
                  Agreement and this Agreement, the terms of the Intercreditor
                  Agreement shall govern."

                  (b)      In the event the Agent or the Senior Lenders enter
into any amendment, waiver or consent in respect of any of the Senior Lender
Collateral Documents for the purpose of adding to, or deleting from, or waiving
or consenting to any departures from any provisions of, any Senior Lender
Collateral Document or changing in any manner the rights of the Agent, the
Senior Lenders, the Obligors thereunder, then such amendment, waiver or consent
shall apply automatically to any comparable provision of the Comparable
Noteholder Collateral Document without the consent of the Collateral Agent or
the Trustee and without any action by the Collateral Agent or Trustee, or Telex;
provided, however, that (A) no such amendment, waiver or consent shall have the
effect of removing assets subject to the Lien of the Noteholder Collateral
Documents, except to the extent that a release of such Lien is permitted by
Section 5.1, (B) notice of such amendment, waiver or consent shall have been
given to the Collateral Agent and Trustee, and (C) no such amendment, waiver or
consent that could reasonably be expected to be adverse to the Collateral Agent,
the Trustee or any Noteholder shall apply to such Comparable Noteholder
Collateral Document.

                  5.4      Rights As Unsecured Creditors.

                  (a)      Notwithstanding anything to the contrary in this
Agreement, the Collateral Agent and the Trustee may exercise rights and remedies
as an unsecured creditor against Telex in accordance with the terms of the
Noteholder Documents and applicable law. In the event the Collateral Agent, the
Trustee or any Noteholder becomes a judgment lien creditor in respect of
Collateral as a result of its enforcement of its rights as an unsecured
creditor, such judgment lien shall be subordinated to the Senior Lender Liens on
the same basis as the other Noteholder Liens are so subordinated to such Senior
Lender

                                       10
<PAGE>

Liens under this Agreement and the provisions of this Agreement shall apply to
such judgment lien mutatis mutandi. Nothing in this Agreement modifies any
rights or remedies the Agent or the Senior Lenders may have with respect to the
Senior Lender Collateral.

                  (b)      By executing this Agreement, the Collateral Agent and
the Trustee acknowledge, and by accepting a Note, each Noteholder acknowledges,
that the Senior Credit Agreement (i) prohibits Telex from making any offer to
purchase or redeem or purchasing or redeeming any Notes in connection with an
"Asset Disposition" or a "Change of Control" (each as defined in the Indenture)
and from making any payment in connection therewith, and (ii) restricts the
ability of Telex Communications, Inc. to pay dividends to Telex for the purposes
of making interest payments on the Notes and prohibits Telex Communications,
Inc. from paying dividends to Telex for the purpose of making principal payments
on the Notes.

                  (c)      Notwithstanding anything to the contrary in this
Agreement, the Agent and the Senior Lenders may exercise rights and remedies as
an unsecured creditor against the Obligors in accordance with the terms of the
Senior Lender Documents and applicable law.

                  5.5      Bailee for Perfection.

                  (a)      The Agent agrees to hold the Pledged Collateral that
is part of the Collateral in its possession as bailee for the Collateral Agent
under Section 9-313(c)(2) of the Uniform Commercial Code solely for the purpose
of perfecting the security interest granted in such Pledged Collateral pursuant
to the Noteholder Pledge Agreement, subject to the terms and conditions of this
Section 5.5, it being understood that the Agent will have no duty to the
Collateral Agent, the Trustee or any Noteholder in connection with such
possession.

                  (b)      Until the Discharge of Senior Lender Claims has
occurred, the Agent shall be entitled to deal with the Pledged Collateral in
accordance with the terms of the Senior Lender Documents as if the Lien of the
Collateral Agent under the Noteholder Pledge Agreement did not exist. The rights
of the Collateral Agent, the Noteholders and Trustee shall at all times be
subject to the terms of this Agreement.

                  (c)      The Agent shall have no obligation whatsoever to the
Collateral Agent, the Trustee or any Noteholder to assure that the Pledged
Collateral is genuine or owned by any Obligor or to preserve rights or benefits
of any Person except as expressly set forth in this Section 5.5. The duties or
responsibilities of the Agent under this Section 5.5 shall be limited solely to
holding the Pledged Collateral as bailee for the Collateral Agent for purposes
of perfecting the Lien held by the Collateral Agent.

                  (d)      The Agent shall not have by reason of the Noteholder
Pledge Agreement or this Agreement or any other document a fiduciary
relationship in respect of the Collateral Agent, the Trustee or any Noteholder.

                  (e)      Upon the Discharge of Senior Lender Claims, the Agent
shall deliver to the Collateral Agent the Pledged Collateral together with any
necessary endorsements, as otherwise required by the UCC or as a court of
competent jurisdiction may otherwise direct.

                  SECTION 6. INSOLVENCY OR LIQUIDATION PROCEEDINGS.

                  6.1      Financing Issues. If Telex shall be subject to any
Insolvency or Liquidation Proceeding and the Agent shall desire to permit the
use of cash collateral or to permit Telex to obtain

                                       11
<PAGE>

financing under section 363 or section 364 of the Bankruptcy Code ("DIP
Financing"), then the Trustee, on behalf of itself and the Noteholders, and the
Collateral Agent each agrees that it will raise no objection to such DIP
Financing, any conditions thereto, or any other relief afforded to the Agent or
Senior Lender in connection therewith or to any priming of any Lien securing the
DIP Financing to the Noteholder Lien so long as (i) the principal amount of such
DIP Financing, together with the outstanding amount of principal under the
Senior Credit Agreement immediately prior to the initial funding under the DIP
Financing (and after giving effect to the application of proceeds of such
initial funding) does not exceed $17,000,000 and (ii) in the event that any
Noteholder Lien is primed by the DIP Financing (and all Obligations relating
thereto), the Senior Lender Lien is also primed. In the event that the Agent or
Senior Lenders subordinate the Senior Lender Lien in connection with any such
DIP Financing (and all Obligations relating thereto), the Trustee on behalf of
itself and the Noteholders and the Collateral Agent will subordinate the
Noteholder Lien to such DIP Financing (and all Obligations relating thereto).

                  6.2      Relief from the Automatic Stay. While any amounts are
outstanding under the Senior Lender Documents or any commitment under any DIP
Financing provided by any Senior Lender is in effect, the Trustee on behalf of
itself and the Noteholders, and the Collateral Agent, agree that none of them
shall seek relief from the automatic stay or any other stay in any Insolvency or
Liquidation Proceeding in respect of the Collateral, without the prior written
consent of the Agent and the Requisite Lenders.

                  6.3      Adequate Protection. In any Insolvency or Liquidation
Proceeding the Trustee, on behalf of itself and each Noteholder, and the
Collateral Agent, agree that none of them shall contest (or support any other
Person contesting) (a) any request by the Agent or the Senior Lenders for any
replacement lien, payment or other adequate protection or (b) any objection by
the Agent or the Senior Lenders to any motion, relief, action or proceeding
based on the Agent or the Senior Lenders claiming a lack of adequate protection.
In any Insolvency or Liquidation Proceeding, at no time shall the Trustee, the
Collateral Agent or any Noteholder file, make or prosecute any motion for
adequate protection (or any comparable request for relief) or otherwise seek
adequate protection in respect of any Noteholder Lien.

                  6.4      Voting Rights. In any Insolvency or Liquidation
Proceeding, neither the Trustee, the Collateral Agent nor any Noteholder shall
vote any Noteholder Claim for any plan of reorganization of Telex if such plan
does not provide for the payment in full in cash of all Senior Lender Claims on
the effective date of such plan of reorganization or otherwise provides
treatment of the Senior Lender Claims in a manner approved by the Agent and
Required Lenders.

                  6.5      Preference Issues. If any Senior Lender is required
in any Insolvency or Liquidation Proceeding or otherwise to turn over or
otherwise pay to the estate of Telex any amount (a "Recovery"), then the Senior
Lender Claims shall be reinstated to the extent of such Recovery and the Senior
Lenders shall be entitled to a Discharge of Senior Lender Claims with respect to
all such recovered amounts. If this Agreement shall have been terminated prior
to such Recovery, this Agreement shall be reinstated in full force and effect,
and such prior termination shall not diminish, release, discharge, impair or
otherwise affect the obligations of the parties hereto from such date of
reinstatement.

                  6.6      Reorganization Securities. If, in any Liquidation or
Insolvency Proceeding, debt obligations of the reorganized debtor secured by
Liens upon any property of the reorganized debtor are distributed, pursuant to a
plan of reorganization or similar dispositive restructuring plan, both on
account of Senior Lender Claims and on account of Noteholder Claims, then, to
the extent the debt obligations distributed on account of the Senior Lender
Claims and on account of the Noteholder Claims are secured by Liens upon the
same property, the provisions of this Agreement will survive the distribution of
such debt obligations pursuant to such plan and will apply with like effect to
the Liens securing such debt obligations.

                                       12
<PAGE>

                  6.7      Expense Claims. Neither the Trustee, the Collateral
Agent nor any Noteholder will assert or enforce, at any time prior to the
Discharge of Senior Lender Claims, any claim under Section 506(c) of the
Bankruptcy Code senior to or on a parity with the Senior Lender Liens for costs
or expenses of preserving or disposing of any Collateral.

                  6.8      Asset Sales. Neither the Trustee, the Collateral
Agent nor any Noteholder shall object to or otherwise contest any sale of assets
by Telex under Section 363 of the Bankruptcy Code, or the entry of any order
relating to any such sale, in each case, that is supported or consented to by
the Agent or the Required Lenders.

                  6.9      Post-Petition Claims. Neither the Trustee, the
Collateral Agent nor any Noteholder shall oppose or seek to challenge any claim
by the Agent or any Senior Lender for allowance in any Insolvency or Liquidation
Proceeding of Senior Lender Claims consisting of post-petition interest, fees or
expenses to the extent of the value of the Senior Lender Lien, without regard to
the existence of the Noteholder Lien.

                  6.10     Noteholder DIP Financing. Nothing contained in this
Agreement shall prevent any Noteholder from providing DIP Financing in any
Insolvency or Liquidation Proceeding, provided, however, that in the event that
any such DIP Financing is secured by a priming Lien under Section 364 of the
Bankruptcy Code, such priming Lien will (if it primes Senior Lender Liens) also
prime the Noteholder Priority Lien and Noteholder Lien.

                  SECTION 7. RELIANCE; WAIVERS; ETC.

                  7.1      Reliance. The consent by the Senior Lenders to the
execution and delivery of the Noteholder Documents and the grant to the
Collateral Agent on behalf of the Noteholders of a Lien on the Collateral and
all loans and other extensions of credit made or deemed made on and after the
date hereof by the Senior Lenders to Obligors (that are borrowers) shall be
deemed to have been given and made in reliance upon this Agreement.

                  7.2      No Warranties or Liability. The Trustee, on behalf of
itself and the Noteholders, and the Collateral Agent, acknowledge and agree that
each of the Agent and the Senior Lenders have made no express or implied
representation or warranty, including, without limitation, with respect to the
execution, validity, legality, completeness, collectibility or enforceability of
any of the Senior Lender Documents. The Senior Lenders will be entitled to
manage and supervise their respective loans and extensions of credit to the
Obligors (that are borrowers) in accordance with law and as they may otherwise,
in their sole discretion, deem appropriate, and the Senior Lenders may manage
their loans and extensions of credit without regard to any rights or interests
that the Trustee, the Collateral Agent or any of the Noteholders have in the
Collateral or otherwise, except as otherwise provided in this Agreement. Neither
the Agent nor any Senior Lender shall have any duty to the Trustee or any of the
Noteholders to act or refrain from acting in a manner which allows, or results
in, the occurrence or continuance of an event of default or default under any
agreements with any Obligor (including, without limitation, the Noteholder
Documents), regardless of any knowledge thereof which they may have or be
charged with.

                  7.3      No Waiver of Lien Priorities.

                  (a)      No right of the Senior Lenders, the Agent or any of
them to enforce any provision of this Agreement shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of any Obligor
or by any act or failure to act by any Senior Lender or the Agent, or by any
noncompliance by any Person with the terms, provisions and covenants of this
Agreement, any of the

                                       13
<PAGE>

Senior Lender Documents or any of the Noteholder Documents, regardless of any
knowledge thereof which the Agent or the Senior Lenders, or any of them, may
have or be otherwise charged with.

                  (b)      To the fullest extent permitted by law, the
Collateral Agent, the Noteholders and the Trustee agree not to assert or enforce
at any time prior to the Discharge of Senior Lender Claims:

                                    (1)      any right of subrogation to the
rights or interests of holders of Senior Lender Liens or Senior Lender Claims
(or any claim or defense based upon impairment of any such right of
subrogation); provided, however, that promptly following the Discharge of Senior
Lender Claims, the Agent and Senior Lenders shall execute and deliver to the
Trustee and the Collateral Agent appropriate documents (without recourse and
without representation or warranty) necessary to evidence any transfer by
subrogation to the Trustee and the Collateral Agent of an interest in the Senior
Lender Claims resulting from, among other things, any turnover by the Trustee,
the Collateral Agent and/or the Noteholders of proceeds of Collateral to the
Agent or Senior Lenders so long as the reasonable costs and expenses incurred by
the Agent and Senior Lenders in connection with the preparation and delivery of
such appropriate documents are paid by the Trustee, the Collateral Agent and/or
the Noteholders;

                                    (2)      any right of marshalling accorded
to a junior lienholder, as against a priority lienholder, under equitable
principles; and

                                    (3)      any statutory right of appraisal or
valuation accorded to a junior lienholder in a proceeding to foreclose a senior
lien,

that otherwise may be enforceable in respect of any Noteholder Lien or as
against any holder of Senior Lender Liens.

                  (c)      Without in any way limiting the generality of the
foregoing, each holder of Senior Lender Claims or Senior Lender Liens may at any
time and from time to time, without the consent of or notice to the Trustee or
any holder of Noteholder Claims or Noteholder Liens without incurring any
responsibility or liability to any holder of Noteholder Claims or Noteholder
Liens and without in any manner prejudicing, affecting or impairing the ranking
agreements and other obligations set forth in this Agreement:

                                    (1)      make loans and advances to any
Obligor or issue, guaranty or obtain letters of credit for account of any
Obligor or otherwise extend credit to any Obligor, in any amount (subject to the
provisions of this Agreement relating to the maximum amount of principal of
Indebtedness constituting Senior Lender Claims) and on any terms, whether
pursuant to a commitment or as a discretionary advance and whether or not any
default or event of default or failure of condition is then continuing;

                                    (2)      change the manner, place or terms
of payment or extend the time of payment of, or renew or alter, compromise,
accelerate, extend or refinance, any Senior Lender Claims or any agreement,
guaranty, Lien or obligation of any Obligor or any other person or entity in any
manner related thereto, or otherwise amend, supplement or change in any manner
any Senior Lender Claims or Senior Lender Liens or any such agreement, guaranty,
lien or obligation;

                                    (3)      increase or reduce the amount of
any Senior Lender Claims (subject to the provisions of this Agreement relating
to the maximum amount of principal of Indebtedness constituting Senior Lender
Claims) or the interest, premium, fees or other amounts payable in respect
thereof;

                                       14
<PAGE>

                  (4)      release or discharge any Senior Lender Claims or any
guaranty thereof or any agreement or obligation of any Obligor or any other
person or entity with respect thereto;

                  (5)      take or fail to take any Senior Lender Lien or any
other collateral security for any Senior Lender Claims or take or fail to take
any action which may be necessary or appropriate to ensure that any Senior
Lender Lien or any other Lien upon any property is duly enforceable or perfected
or entitled to priority as against any other Lien or to ensure that any proceeds
of any property subject to any Lien are applied to the payment of any Senior
Lender Claim or any other obligation secured thereby;

                  (6)      release, discharge or permit the lapse of any or all
Senior Lender Liens or any other Liens upon any property at any time securing
any Senior Lender Claims;

                  (7)      exercise or enforce, in any manner, order or
sequence, or fail to exercise or enforce, any right or remedy against any
Obligor or any collateral security or any other person, entity or property in
respect of any Senior Lender Claims or any Senior Lender Lien or other Lien
securing any Senior Lender Claims or any right or power under this Agreement,
and apply any payment or proceeds of collateral in any order of application; or

                  (8)      sell, exchange, release, foreclose upon or otherwise
deal with any property that may at any time be subject to any Senior Lender Lien
or any other Lien securing any Senior Lender Claims.

         (d)      To the maximum extent permitted by law, the Trustee, on behalf
of itself and each of the Noteholders, and the Collateral Agent, waive any claim
it may have against the Agent or any Senior Lender with respect to or arising
out of any action or failure to act or any error (whether constituting
negligence or gross negligence but excluding errors due to willful misconduct or
breach of this Agreement) on the part of the Agent or any Senior Lender or their
respective directors, officers, employees or agents with respect to any exercise
of rights or remedies in respect of the Senior Lender Liens or the Senior Lender
Claims or under the Senior Lender Documents or any transaction relating to the
Collateral. Neither the Agent nor any Senior Lender nor any of their respective
directors, officers, employees or agents will be liable for failure to demand,
collect or realize upon any of the Collateral or for any delay in doing so,
except to the extent arising out of the breach of this agreement by, or the
willful misconduct of, the Agent or any Senior Lender or any of their respective
directors, officers, employees or agents, and will be under no obligation to
sell or otherwise dispose of any Collateral upon the request of any Obligor or
upon the request of any holder of Noteholder Claims or Noteholder Liens or any
other Person or to take any other action whatsoever with regard to the
Collateral or any part thereof. The Trustee, on behalf of itself and the
Noteholders, and the Collateral Agent each agrees that the Senior Lenders and
the Agent have no duty to them in respect of the maintenance or preservation of
the Senior Lender Collateral, the Senior Lender Claims or otherwise.

         (e)      The Senior Lenders, on the one hand, and the Noteholders, on
the other hand, shall each be responsible for keeping themselves informed of the
financial condition of Telex and all other circumstances bearing upon the risk
of nonpayment of the Senior Lender Claims or Noteholder Claims. The Senior
Lenders and the Agent shall have no duty to advise the Collateral Agent, the
Trustee or any Noteholder of information regarding such condition or
circumstances or as to any other matter. If any Senior Lender or the Agent, in
its sole discretion, undertakes at any time or from time to time to provide any
such information, it shall have no duty to supply any such information on any
other occasion.

                                       15

<PAGE>

         (f)      None of the Agent or any Senior Lender will have any duty,
express or implied, fiduciary or otherwise, to Noteholder, the Collateral Agent
or to the Trustee except for the contractual obligations hereunder.

         7.4      Obligations Unconditional. All rights, interests, agreements
and obligations of the Senior and the Senior Lenders and the Collateral Agent,
the Trustee and the Noteholders, respectively, hereunder shall remain in full
force and effect irrespective of:

         (a)      any lack of validity or enforceability of any Senior Lender
Documents or any Noteholder Documents or any setting aside or avoidance of any
Senior Lender Lien or Noteholder Lien;

         (b)      any change in the time, manner or place of payment of, or in
any other terms of, all or any of the Senior Lender Claims or Noteholder Claims,
or any amendment or waiver or other modification, including, without limitation,
any increase in the amount thereof (to the extent not prohibited by the
Indenture as in effect on the date hereof), whether by course of conduct or
otherwise, of the terms of the Senior Credit Agreement or any other Senior
Lender Document or of the terms of the Indenture or any other Noteholder
Document;

         (c)      any exchange of any security interest in any Collateral, or
any other collateral, or any amendment, waiver or other modification, whether in
writing or by course of conduct or otherwise, of all or any of the Senior Lender
Claims or Noteholder Claims or any guarantee thereof;

         (d)      the commencement of any Insolvency or Liquidation Proceeding
in respect of any Obligor; or

         (e)      any other circumstances which otherwise might constitute a
defense available to, or a discharge of, any Obligor in respect of the Senior
Lender Claims, or of the Trustee, the Collateral Agent, any Noteholder, the
Agent or any Senior Lender in respect of this Agreement.

         SECTION  8.       MISCELLANEOUS.

         8.1      Conflicts. In the event of any conflict between the provisions
of this Agreement and the provisions of the Senior Lender Documents or the
Noteholder Documents, the provisions of this Agreement shall govern.

         8.2      Continuing Nature of this Agreement. This Agreement shall
continue to be effective until the Discharge of Senior Lender Claims shall have
occurred. This is a continuing agreement of lien subordination and the Senior
Lenders may continue, at any time and without notice to the Trustee or any
Noteholder, to extend credit and other financial accommodations and lend monies
to or for the benefit of the Borrower constituting Senior Lender Claims on the
faith hereof. The Trustee, on behalf of itself and the Noteholders, and the
Collateral Agent, hereby waive any right any of them may have under applicable
law to revoke this Agreement or any of the provisions of this Agreement. The
terms of this Agreement shall survive, and shall continue in full force and
effect, in any Insolvency or Liquidation Proceeding.

         8.3      Amendments; Waivers. No amendment, modification or waiver of
any of the provisions of this Agreement by the Trustee, the Collateral Agent or
the Agent shall be deemed to be made unless the same shall be in writing signed
on behalf of the party to be charged or its authorized agent and each waiver, if
any, shall be a waiver only with respect to the specific instance involved and
shall in no way impair the rights of the parties making such waiver or the
obligations of the other parties to such party in any other respect or at any
other time. Telex shall have no right to amend, modify or

                                       16

<PAGE>

waive any provision of this Agreement without the consent of the Trustee, the
Collateral Agent and the Agent, nor shall any consent or signed writing be
required of any of them to effect any amendment, modification or waiver of any
provision of this Agreement, except that no amendment, modification or waiver
affecting any obligation of Telex hereunder shall be made without the consent of
Telex. No consent of Telex, the Trustee or Collateral Agent shall be required to
add an Obligor to this Agreement.

         8.4      Representations.

         (a)      Each of the Trustee and the Collateral Agent represents and
warrants to the Agent and the Senior Lenders that it has all requisite corporate
power and authority to enter into this Agreement, is authorized to do so, has
duly executed and delivered this Agreement by a duly authorized officer and its
execution and deliver of this Agreement binds the Trustee and the Collateral
Agent, respectively, and each present and future Noteholder.

         (b)      The Agent represents and warrants to the Trustee and the
Noteholders that it has all requisite corporate power and authority to enter
into this Agreement, is authorized to do so under the Senior Credit Agreement,
has duly executed and delivered this Agreement by a duly authorized signatory
and its execution and deliver of this Agreement binds the Agent, and each
present and future Senior Lender.

         8.5      Successor Collateral Agent and Trustee.

         (a)      Each successor Collateral Agent and Trustee under the
Indenture shall execute and deliver a counterpart of and become a party to this
Agreement, and no replacement or resignation of the Collateral Agent or Trustee
shall be effective until the successor Collateral Agent or Trustee, as the case
may be, shall have executed and delivered a counterpart of this Agreement.

         (b)      Each successor Agent under the Senior Credit Agreement shall
execute and deliver a counterpart of and become a party to this Agreement, and
no replacement or resignation of the Agent shall be effective until the
successor Agent shall have executed and delivered a counterpart of this
Agreement.

         8.6      Application of Payments. All payments received by the Senior
Lenders may be applied, reversed and reapplied, in whole or in part, to such
part of the Senior Lender Claims as the Senior Lenders, in their sole
discretion, deem appropriate. The Trustee, on behalf of itself and the
Noteholders, and the Collateral Agent, consent to any extension or postponement
of the time of payment of the Senior Lender Claims or any part thereof and to
any other indulgence with respect thereto, to any substitution, exchange or
release of any security which may at any time secure any part of the Senior
Lender Claims and to the addition or release of any other Person primarily or
secondarily liable therefor.

         8.7      Consent to Jurisdiction; Waivers. The parties hereto consent
to the jurisdiction of any state or federal court located in Borough of
Manhattan, City of New York, New York, and consent that all service of process
may be made by registered mail directed to such party as provided in Section 8.8
below for such party. Service so made shall be deemed to be completed three (3)
days after the same shall be posted as aforesaid. The parties hereto waive any
objection to any action instituted hereunder based on forum non conveniens, and
any objection to the venue of any action instituted hereunder. EACH OF THE
PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER SENIOR LENDER DOCUMENT OR NOTEHOLDER DOCUMENT, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF
ANY PARTY HERETO.

                                       17

<PAGE>

         8.8      Notices. All notices to the Collateral Agent, the Trustee, the
Noteholders, the Agent and the Senior Lenders permitted or required under this
Agreement may be sent to the Collateral Agent (for itself), the Trustee (for
itself and the Noteholder), or the Agent (for itself and the Senior Lenders),
respectively. Unless otherwise specifically provided herein, any notice or other
communication herein required or permitted to be given shall be in writing and
may be personally served, telecopied, electronically mailed or sent by courier
service or U.S. registered or certified mail and shall be deemed to have been
given when delivered in person or by courier service, upon receipt of a telecopy
or electronic mail or four Business Days after deposit in the U.S. mail
(registered or certified, with postage prepaid and properly addressed). For the
purposes hereof, the addresses of the parties hereto shall be as set forth below
each party's name on the signature pages hereto, or, as to each party, at such
other address as may be designated by such party in a written notice to all of
the other parties.

         8.9      Further Assurances.

         (a)      The Trustee, on behalf of itself and the Noteholders, and the
Collateral Agent, agree that each of them shall take such further action and
shall execute and deliver to the Agent and the Senior Lenders such additional
documents and instruments (in recordable form, if requested) as the Agent or the
Senior Lenders may reasonably request to effectuate the terms of and the lien
priorities contemplated by this Agreement.

         (b)      The Agent, on behalf of itself and the Senior Lenders, agrees
that it shall take such further action and shall execute and deliver to the
Collateral Agent and the Trustee such additional documents and instruments (in
recordable form, if requested) as the Collateral Agent or the Trustee may
reasonably request to effectuate the terms of and the lien priorities
contemplated by this Agreement.

         8.10     Governing Law. This Agreement has been delivered and accepted
at and shall be deemed to have been made at New York, New York and shall be
interpreted, and the rights and liabilities of the parties bound hereby
determined, in accordance with the laws of the State of New York.

         8.11     Binding on Successors and Assigns No Third Party
Beneficiaries. This Agreement shall be binding upon and inure to the benefit of
the Agent, the Senior Lenders, the Collateral Agent, Trustee, the Noteholders
and their respective successors and assigns. No other Person, shall have or be
entitled to assert rights or benefits hereunder. This Agreement shall be binding
upon Telex and its successors and assigns, provided, however, that neither Telex
nor any successor or assign thereof shall be entitled to enforce any provision
of this Agreement.

         8.12     Specific Performance. The Agent may demand specific
performance of this Agreement. The Trustee, on behalf of itself and the
Noteholders and the Collateral Agent, hereby irrevocably waive any defense based
on the adequacy of a remedy at law and any other defense which might be asserted
to bar the remedy of specific performance in any action which may be brought by
the Agent.

         8.13     Section Titles; Time Periods. The section titles contained in
this Agreement are and shall be without substantive meaning or content of any
kind whatsoever and are not a part of this Agreement. In the computation of time
periods, unless otherwise specified, the word "from" means "from and including"
and each of the words "to" and "until" means "to but excluding" and the word
"through" means "to and including".

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

                                       18

<PAGE>

         8.15     Authorization. By its signature, each Person executing this
Agreement on behalf of a party hereto represents and warrants to the other
parties hereto that it is duly authorized to execute this Agreement.

         8.16     Credit Agreement. On behalf of itself and the Noteholders, the
Trustee agrees and acknowledges that the Senior Credit Agreement is the "Senior
Credit Agreement" as such term is defined in the Indenture.

         8.17     Effectiveness. This Agreement shall become effective when
executed and delivered by the parties listed below. This Agreement shall be
effective both before and after the commencement of any Insolvency or
Liquidation Proceeding. All references to Telex or any other Obligor shall
include Telex and such other Obligor as debtor and debtor-in-possession and any
receiver or trustee for such Obligor (as the case may be) in any Insolvency or
Liquidation Proceeding.

                                       19

<PAGE>

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

                            Agent:

                            GENERAL ELECTRIC CAPITAL CORPORATION,
                                  as Agent

                            By: ________________________________________________
                                 Name:
                                 Title:

                            Address:

                            GENERAL ELECTRIC CAPITAL CORPORATION
                            335 Madison Avenue, 12th Floor
                            New York, New York 10017
                            Attention: Telex Communications, Inc. - Account
                                       Officer
                            Fax:  (212) 370-8088

                            With a copy to:

                            GENERAL ELECTRIC CAPTIAL CORPORATION
                            201 High Ridge Road
                            Stamford, Connecticut 06927-5100
                            Attention: Corporate Counsel
                                       Corporate Financial Services - Global
                                       Sponsor Finance
                            Fax:  (203) 316-7899

                            And

                            GENERAL ELECTRIC CAPITAL CORPORATION
                            500 West Monroe Street
                            Chicago, Illinois 60661
                            Attention: Corporate Counsel
                                       Corporate Financial Services - Global
                                       Sponsor Finance
                            Fax: (312) 441-6876

 SIGNATURE PAGE TO TELEX COMMUNICATIONS INTERMEDIATE HOLDINGS, LLC INTERCREDITOR
                                    AGREEMENT

<PAGE>

                            Collateral Agent:

                            BNY MIDWEST TRUST COMPANY, as Collateral
                                  Agent

                            By: ________________________________________________
                                 Name:
                                 Title:

                            Address:

                                 2 North LaSalle Street, Suite 1020
                                 Chicago, Illinois 60602
                                 Attention: Daniel G. Donovan
                                 Fax: (312) 827-8542

                            Trustee:

                            BNY MIDWEST TRUST COMPANY, as Trustee

                            By: ________________________________________________
                                 Name:
                                 Title:

                            Address:

                                 2 North LaSalle Street, Suite 1020
                                 Chicago, Illinois 60602
                                 Attention: Daniel G. Donovan
                                 Fax: (312) 827-8542

                            Telex:

                            TELEX COMMUNICATIONS INTERMEDIATE
                            HOLDINGS, LLC

                            By: ________________________________________________
                                 Name:
                                 Title:

                            Address:

                                 12000 Portland Avenue South
                                 Burnsville, Minnesota 55337
                                 Attention: Chief Financial Officer
                                 Fax: (952) 886-3712

                            With a copy to:
                                 Stoock & Stroock & Lavan LLP

 SIGNATURE PAGE TO TELEX COMMUNICATIONS INTERMEDIATE HOLDINGS, LLC INTERCREDITOR
                                    AGREEMENT

<PAGE>

                                 180 Maiden Lane
                                 New York, New York 10038-4982
                                 Attention: Melvyn Epstein, Esq.
                                 Fax: (212) 806-6006

 SIGNATURE PAGE TO TELEX COMMUNICATIONS INTERMEDIATE HOLDINGS, LLC INTERCREDITOR
                                    AGREEMENT

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