Document:

EXHIBIT 10.5

                              EMPLOYMENT AGREEMENT

     THIS AGREEMENT dated January 21, 2005, by and between HERSHA HOSPITALITY
TRUST, a Maryland real estate investment trust (the "Company"), and NEIL H. SHAH
(the "Executive").

                                   WITNESSETH:

     WHEREAS, the Company desires to employ the Executive to serve as the Senior
Vice President of Acquisitions and Development; and

     WHEREAS, the parties desire to enter into this Employment Agreement
effective as of January 1, 2005 as set forth herein.

     NOW, THEREFORE, in consideration of the premises and mutual obligations
hereinafter set forth the parties agree as follows:

     1.     EMPLOYMENT.  The Company shall employ the Executive, and the
            ----------
Executive agrees to be so employed, as the Senior Vice President of Acquisitions
and Development of the Company on the terms set forth herein.

     2.     TERM.  The term (the "Term") of the Executive's employment hereunder
            ----
shall commence on January 1, 2005 and unless earlier terminated in accordance
with the terms hereof, shall expire on December 31, 2006, if written notice of
non-renewal is given not later than July 3, 2006 by either party to the other
party, and if no such notice is given, this Agreement shall continue until
terminated by either party upon not less than one hundred eighty (180) days'
prior notice to the other party setting forth the effective date of termination
(which may be given as early as July 4, 2006).  Notwithstanding the foregoing,
termination of this Agreement and any termination of the Executive's employment
hereunder shall be subject to the provisions of Sections 9, 10 and 11 of this
Agreement.

     3.     SERVICES.  The Executive shall devote such amount of his time and
            --------
attention to the Company's affairs as are necessary to perform his duties to the
Company as determined by the Company's Board of Directors (the "Board").  The
Executive shall have authority and responsibility with respect to the day-to-day
operations and management of the Company and Hersha Hospitality Limited
Partnership (the "Partnership"), for which the Company currently serves as sole
general partner, and the Company's other subsidiaries ("Subsidiary")
(collectively "Affiliates"), as well as implementation of the long range growth
strategy of the Company and Affiliates consistent with direction from the Board.

<PAGE>
     4.     COMPENSATION.
            ------------

          (a)     During the Term, the Company shall pay the Executive for his
services an initial annual base salary of two hundred thousand dollars
($200,000.00), to be paid in accordance with the Company's regular payroll
procedures, subject to any increases approved by the Board.

          (b)     In addition to the base salary, the Executive may be entitled
to receive other incentive compensation, including but not limited to, grants of
stock options or shares of stock of the Company, which awards shall be made (if
at all) in consideration of and as an incentive for services performed solely
for the Company, in accordance with rules and criteria established by the
Compensation Committee and approved by the Board.  Such criteria may include,
but not be limited to, the growth in the Company's net income per share, funds
from operations per share or other performance goals.

     5.     [INTENTIONALLY LEFT BLANK]

     6.     EXPENSES.  The Company recognizes that the Executive will have to
            --------
incur certain out-of-pocket expenses, including but not limited to travel
expenses, related to his services and the Company's business and the Company
agrees to reimburse the Executive for all reasonable expenses necessarily
incurred by him in the performance of his duties upon presentation of a voucher
or documentation indicating the amount and business purposes of any such
expenses and in accordance with applicable rules of the Internal Revenue
Service.

     7.     [INTENTIONALLY LEFT BLANK]

     8.     DEFINITIONS.  For purposes of this Agreement, the following terms
            -----------
shall have the following definitions:

          (a)     "Voluntary Termination" means, subject to the provisions of
Section 11 hereof, the Executive's voluntary termination of his employment
hereunder, which may be effected by the Executive giving the Board not less than
sixty (60) days' prior written notice of the Executive's desire to terminate his
employment as of a specified date or the Executive's failure to provide the
services described in Section 3 hereof for a period greater than four
consecutive weeks by reason of the Executive's voluntary refusal to perform such
services as determined by the Board.  Notwithstanding the foregoing, if the
Executive gives notice of Voluntary Termination and, prior to the expiration of
the notice period, the Executive voluntarily refuses or fails to provide the
services described in Section 3 hereof for a period greater than two consecutive
weeks, the Company may, in its discretion, accelerate the Voluntary Termination
effective the date on which the Executive so ceases to carry out his duties as
determined by the Board.  For purposes of this Section 8, voluntary refusal to
perform services shall not include taking vacation otherwise permitted, the
Executive's failure to perform services on account of his illness or the illness
of a member of his immediate family (provided such illness is adequately
substantiated at the reasonable request of the Company), or any other absence
from service with the written consent of the Board.  A Voluntary Termination
shall not include the Executive's resignation with Good Reason following a
Change in Control (as defined below).

<PAGE>
          (b)     "Termination Without Cause" means the termination of the
Executive's employment by the Company for any reason other than Voluntary
Termination or Termination With Cause.

          (c)     "Termination With Cause" means the termination of the
Executive's employment by act of the Board for any of the following reasons:

               (i)      the Executive's conviction of a felony;

               (ii)     the Executive's theft, embezzlement, misappropriation of
or intentional and malicious infliction of damage to the Company's (or its
subsidiaries') property or business opportunity;

               (iii)    the Executive's breach of the covenants in Section 12
hereof;

               (iv)     the Executive's neglect of his duties or
responsibilities hereunder or his failure or refusal to follow any written
direction of the Board or any duly constituted committee thereof, which failure
continues for a period of twenty (20) calendar days after Company provides
Employee written notice (other than as a result of the Executive's physical or
mental inability to perform the services described in Section 3 above, which is
addressed in Section 10 below); and

               (v)      the Executive's abuse of alcohol, drugs or other
substances, or his engaging in other deviant personal activities in a manner
that, in the reasonable judgment of the Board, adversely affects the reputation,
goodwill or business position of the Company.

     9.     VOLUNTARY TERMINATION; TERMINATION WITH CAUSE.  If (i) the Executive
            ---------------------------------------------
shall cease being an employee of the Company on account of a Voluntary
Termination or (ii) there shall be a Termination With Cause, the Executive shall
not be entitled to any compensation after the effective date of such Voluntary
Termination or Termination With Cause (except base salary and vacation accrued
but unpaid on the effective date of such event).  In the event of a Voluntary
Termination (except for the Executive's resignation for Good Reason following a
Change in Control as defined by Paragraph 11), or Termination With Cause, the
Executive shall continue to be subject to the covenants contained in Section 12
hereof.

     10.     DEATH OR DISABILITY; TERMINATION WITHOUT CAUSE.
             ----------------------------------------------

          (a)     Upon (i) the death of the Executive, or (ii) Disability of the
Executive, this Agreement shall terminate and the Company shall continue to pay
the Executive or his heirs, devisees, executors, legatees or personal
representatives, as appropriate, the payments of the Executive's base salary
then in effect through the month following the month in which such event occurs
plus vacation accrued but unpaid as of the termination date.  For purposes
hereof, a "Disability" means the Executive's becoming permanently disabled
within the meaning of the Company's long-term disability plan then in effect
for, or applicable to, the Executive.  If the Company does not provide any such
benefit, then at the request of the Company, the Executive shall promptly make
himself available for

<PAGE>
an examination by a physician selected by the Company who is board certified in
a practice area selected by the Company, and to follow the recommendation of
such physician regarding further examination and testing.  The issue to be
presented to the physician for determination is whether the Executive suffers
from a mental or physical incapacity which materially inhibits or prevents him
from carrying out the duties of his full-time employment as described herein,
and, if so, whether such condition is more likely than not to exist for a period
in excess of one hundred twenty (120) days.  The Executive intends for the
Company to be treated as Executive would be with respect to his rights regarding
the use and disclosure of his individually identifiable health information or
other medical records.  This release authority applies to any information
governed by the Health Insurance Portability and Accountability Act of 1996
(a/k/a HIPAA), 42 USC 1320d and 45 CFR 160-164 and authorizes:  any physician,
health-care professional, dentist, health plan, hospital, clinic, laboratory,
pharmacy or other covered health-care provider, any insurance company and the
Medical Information Bureau Inc. or other health-care clearinghouse that has
provided treatment or services to him, or that has paid for or is seeking
payment from him for such services, to give, disclose and release to the
Company, without restriction, all of his individually identifiable health
information and medical records regarding any past, present or future medical or
mental health condition, including all information relating to the diagnosis and
treatment of HIV/AIDS, sexually transmitted diseases, mental illness, and drug
or alcohol abuse.

          (b)     Upon a Termination Without Cause, the non-recruitment
restrictions contained in Section 12(a)(iii) shall apply, except for a
Termination Without Cause during the 12-month period following a Change of
Control (as defined below).  In all other respects, upon a Termination Without
Cause (other than a Termination Without Cause during the 12 month period
following a Change of Control (as defined below), which shall be governed by the
provisions of Section 11 below) this Agreement shall terminate and the Company
shall continue to pay the Executive the payments of the Executive's base salary
then in effect through the end of the twelfth month following the month in which
the Termination Without Cause occurs (or if shorter, the base salary for the
balance of the Term), as well as accrued but unused vacation to the date of
termination.

     11.     CHANGE OF CONTROL COMPENSATION.
             ------------------------------

          (a)     Compensation.  In the event of a Termination Without Cause or
the Executive's resignation for Good Reason (as defined below) within 12 months
following a Change of Control (as defined below), the Company shall (i) fully
vest the Executive's share awards and stock options, regardless of any vesting
schedule, (ii) pay the Executive any base salary and any expenses reimbursable
to the Executive by the Company, each through the date of the termination, (iii)
pay a benefit (the "Change of Control Bonus") equal to two (2) times the
Executive's then annual base salary, and (iv) pay the insurance benefit
described below; less however, that amount, if any, which would constitute an
"excess parachute payment" under Section 280G of the Internal Revenue Code of
1986, as amended.  At the Executive's election, the Change of Control Bonus may
be made in one lump sum upon Change of Control or in twenty-four (24) equal
monthly payments for the twenty-four (24) months following such termination.  In
addition, the Company shall cause the Executive's insurance benefits, as in
effect immediately prior to the termination, to remain in effect for eighteen
(18) months following the date of termination upon the same terms, and at the
same cost to the

<PAGE>
Executive, as in effect immediately prior to termination.  The Executive shall
also receive accrued vacation to the date of termination.

          (b)     A "Change of Control", for purposes of this Agreement, shall
be deemed to have occurred if, at any time during the Term, any of the following
events occurs:

               (i)      any "person", as that term is used in Section 13(d) and
Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), becomes, is discovered to be, or files a report on Schedule 13D
or 14D-1 (or any successor schedule, form or report) disclosing that such person
is, a beneficial owner (as defined in Rule 13d-3 under the Exchange Act or any
successor rule or regulation), directly or indirectly, of securities of the
Company representing 20% or more of the combined voting power of the Company's
then outstanding securities entitled to vote generally in the election of
directors;

               (ii)     individuals who, as of the election to the Board of
Directors of the Company, without the recommendation or approval of the
incumbent Board of Directors constituting a majority of the numbers of directors
of Company then in office;

               (iii)    the Company is merged, consolidated or reorganized into
or with another corporation or other legal person, or securities of the Company
are exchanged for securities of another corporation or other legal person, and
immediately after such merger, consolidation, reorganization or exchange less
than a majority of the combined voting power of the then-outstanding securities
of such corporation or person immediately after such transaction are held,
directly or indirectly, in the aggregate by the holders of securities entitled
to vote generally in the election of directors of the Company immediately prior
to such transaction;

               (iv)     the Company in any transaction or series of related
transactions, sells all or substantially all of its assets to any other
corporation or other legal person and less than a majority of the combined
voting power of the then-outstanding securities of such corporation or person
immediately after such sale or sales are held, directly or indirectly, in the
aggregate by the holders of securities entitled to vote generally in the
election of directors of the Company immediately prior to such sale;

               (v)      the Company and its affiliates shall sell or transfer of
(in a single transaction or series of related transactions) to a non-affiliate
business operations or assets that generated at least two-thirds of the
consolidated revenues (determined on the basis of the Company's four most
recently completed fiscal quarters for which reports have been filed under the
Exchange Act) of the Company and its subsidiaries immediately prior thereto;

               (vi)     the Company files a report or proxy statement with the
Securities and Exchange Commission pursuant to the Exchange Act disclosing in
response to Form 8-K (or any successor, form or report or item therein) that a
change in control of the Company has occurred; or

               (vii)    any other transaction or series of related transactions
occur that have substantially the effect of the transactions specified in any of
the preceding clauses in this sentence.

<PAGE>
          (c)     Certain Transactions.  Notwithstanding the provisions of
Section 11(b)(i) or 11(b)(vi) hereof, unless otherwise determined in a specific
case by majority vote of the Board of Directors of the Company, a Change of
Control shall not be deemed to have occurred for purposes of this Agreement
solely because (i) the Company, (ii) an entity in which the Company directly or
indirectly beneficially owns 20% or more of the voting securities or (iii) any
Company-sponsored employee stock ownership plan, or any other employee benefit
plan of the Company, either files or becomes obligated to file a report or a
proxy statement under or in response to Schedule 13D, Schedule 14D-1, Form 8-K
or Schedule 14A (or any successor schedule, form or report or item thereon)
under the Exchange Act, disclosing beneficial ownership by it of shares of stock
of the Company, or because the Company reports that a Change of Control of the
Company has or may have occurred or will or may occur in the future by reason of
such beneficial ownership.

          (d)     Good Reason.  "Good Reason," for purposes of this Agreement,
shall be deemed to mean any of the following:

               (i)      a change in the Executive's position or responsibilities
(including reporting responsibilities) which materially diminishes the
Executive's position or responsibilities as in effect immediately prior to a
Change of Control; the assignment to the Executive of any duties or
responsibilities which are materially inconsistent with such position or
responsibilities; or any removal of the Executive from or failure to reappoint
or reelect the Executive to any of such positions, except in connection with a
Termination with Cause as defined in Section 8(c) as a result of the Executive's
death or Disability, or by Voluntary Termination;

               (ii)     a reduction (unless performance justified) in the
Executive's base salary bonus arrangement as in effect on the date hereof or as
the same may be increased from time to time;

               (iii)    the Company's requiring the Executive to be based at
any place other than a location within a thirty-mile radius of New Cumberland,
Pennsylvania or Philadelphia, Pennsylvania, except for reasonably required
travel on the Company's business which is not materially greater than such
travel requirements prior to the Change of Control;

               (iv)     the failure by the Company to continue to provide the
Executive with compensation and benefits provided for under this agreement or
benefits substantially similar to those provided to the Executive under any of
the employee benefit plans in which the Executive is or becomes a participant,
or the taking of any action by the Company which would directly or indirectly
materially reduce any of such benefits or deprive the Executive of any material
fringe benefit enjoyed by the Executive at the time of the Change of Control;

               (v)      any material breach by the Company of any provision of
this Agreement; or

               (vi)     the failure of the Company to obtain a satisfactory
agreement from any successor or assign of the Company to assume and agree to
perform this Agreement.

<PAGE>
     12.     PROTECTION OF CONFIDENTIAL INFORMATION; NONCOMPETITION;
             -------------------------------------------------------
NON-RECRUITMENT
---------------

          (a)     Covenant.  The Executive acknowledges that his employment by
                  --------
the Company, will, throughout the Term, bring him into close contact with many
confidential affairs of the company, including, without limitation, information
about ownership of the company, customer lists, costs, profits, markets, sales,
key personnel, pricing polices, and other business affairs and methods and other
information not readily available to the public, and plans for future
development.  The Executive further acknowledges that the services to be
performed under this Agreement are of a special, unique, unusual, extraordinary
and intellectual character.  In recognition of the foregoing, Executive
covenants and agrees:

               (i)     the Executive shall use all reasonable efforts to protect
the confidential matters of the Company and shall keep secret all such
confidential matters, including without limitation, the terms and provisions of
this Agreement, and shall not intentionally disclose such matters to anyone
outside of the Company except as required in the performance of his duties under
this Agreement, either during or after the Term, except with the Company's
written consent, provided that:  (1) Executive shall have no such obligation to
the extent such matters are or become publicly known other than as a result of
Executive's breach of his obligations hereunder; (2) Executive may, after giving
prompt written notice to the Company to the extent practicable under the
circumstances, disclose such matters to the extent required by applicable laws
or governmental regulations or judicial or regulatory proceedings; and (3)
Executive may disclose the terms and provisions of this Agreement to his spouse
and legal tax and financial advisors, provided however, they agree in writing to
be bound by the confidentiality provisions hereof;

               (ii)     The Executive shall deliver promptly to the Company on
termination of his employment by the Company, or at any other time the Company
may so request, at the Company's expense, all memoranda, notes, records, reports
and other documents, and all copies thereof relating to the Company's business,
which Executive obtained while employed, or otherwise serving or acting on
behalf of, the Company and which he may then possess or have under his control
other than publicly available documents or documents related to the terms and
conditions of Executive employment;

               (iii)    Non-Recruitment.  Independent of the foregoing
provisions, the Executive agrees that, during the term of the Executive's
employment by the Company and for a period of twelve (12) months thereafter,
except for a Termination without Cause during the 12 month period following a
Change of Control or a Voluntary Termination for Good Reason during the 12 month
period following a Change of Control, the Executive shall not, without the prior
written consent of the Company:  (1) directly or indirectly, cause any person
engaged or employed by the Company or any of its subsidiaries, (whether
part-time or full-time and whether as an officer, employee, consultant, agent,
adviser or independent contractor) to voluntarily leave the employ of or
engagement with, the Company or any of its subsidiaries or to cease providing
services to or on behalf of the Company or any of its subsidiaries, or (2) in
any manner seek to engage or employ any such person (whether or not for
compensation) as an officer, employee, consultant, agent, adviser or independent
contractor for any person other than the Company or any of its subsidiaries
(other than legal or accounting advisors).

<PAGE>
          (b)     Noncompete.  The Executive expressly covenants and agrees that
                  ----------
he will not directly or indirectly, without the prior written consent of the
Board, at any time while employed by the Company and for a period of one year
(plus the length of time that Executive is in violation of this provision)
following the date of that Executive's employment terminates (1) for cause (as
defined in Section 8(c)) or (2) for voluntary termination (as defined by Section
8(a)), other than for Good Reason following a Change in Control (as defined in
Section 11), enter into or engage generally in direct or indirect competition
with the Company either as an individual on his own or as a partner or joint
venture, or as a director, officer, shareholder, employee or agent for any
person nor render any services to any person or entity that competes with the
Company or any Affiliate.  For the purposes of this section, the Executive or
any person or entity shall be deemed to "compete" with the Company or any
Affiliate if the Executive personally engages, owns or provides services to any
entity engaged in the ownership or management of hospitality units located in
the United States east of the Mississippi including but not limited to Ashford
Hospitality Trust, Inc., Boykin Lodging Company, Equity Inns, Inc., Highland
Hospitality Corp., Innkeepers USA Trust, LaSalle Hotel Properties and Winston
Hotels, Inc.

          (c)     Specific Remedy-Injunctive Relief.  The parties agree that the
                  ---------------------------------
restrictions outlined in sections 12 (a) and (b) are reasonable and necessary
protections of the immediate interests of the Company and that the Company would
not have entered into this Agreement without receiving additional consideration
offered by Executive and binding himself to these restrictions.  In addition to
such other rights and remedies as the Company may have at equity or in law with
respect to any breach of this Agreement, if Executive commits a breach of any of
the provisions of Section 12(a) or 12(b), the Company shall have the right and
remedy to have such provision specifically enforced by any Court having equity
jurisdiction, it being acknowledged and agreed that any such breach or
threatened breach will cause irreparable injury to the Company and that monetary
damages will not provide an adequate remedy to the Company.  In the event that,
notwithstanding the foregoing, a restriction or any portion thereof, contained
in Section 12(a) or 12(b) is deemed to be unreasonable by a court of competent
jurisdiction, Executive and the Company agree that such restriction, or portion
thereof, shall be modified in order to make it reasonable and shall be
enforceable accordingly.

          (d)     Consideration.  The parties acknowledge the requirement that
                  -------------
the currently employed Executive be provided good and valuable consideration for
providing the restrictions set forth in Section 12(a) and 12(b).  Therefore, in
consideration of the foregoing restrictions, the Company shall allow the
Executive to participate in the Company's long-term incentive program, the terms
of which shall be separately specified and incorporated by reference herein.

     13.     NOTICES.  All notices or deliveries authorized or required pursuant
             -------
to this Agreement shall be deemed to have been given when in writing and
personally delivered or when deposited in the U.S. mail, certified, return
receipt requested, postage prepaid, addressed to the parties at the following
addresses or to such other addresses as either may designate in writing to the
other party:

             To the Company:           Hersha Hospitality Trust, Inc.
                                       148 Sheraton Drive
                                       New Cumberland, PA 17070

<PAGE>
             To the Executive:         Neil H. Shah
                                       210 Locust Street, PH 1
                                       Philadelphia, PA 19106

     14.     ENTIRE AGREEMENT.  This Agreement contains the entire understanding
             ----------------
between the parties hereto with respect to the subject matter hereof and shall
not be modified in any manner except by instrument in writing signed, by or on
behalf of the parties hereto; provided, however, that any amendment or
termination of the covenant of noncompetition in Section 12 must be approved by
a majority of the directors of the Company other than the Executive, if the
Executive is then a director of the Company.  This Agreement shall be binding
upon and inure to the benefit of the heirs, successors and assigns of the
parties hereto.

     15.     ARBITRATION.
             -----------

          (a)     All disputes (except for those arising pursuant to Section 12)
arising out of, relating to or concerning this Agreement, the breach of this
Agreement, the employment of Executive, or the termination of Executive's
employment shall be resolved pursuant to this Section 15.  This includes all
claims or disputes whether arising in tort or contract and whether arising under
statute or common law, including Title VII, the ADA, the ADEA, and all other
federal and state employment statutes.  Any such dispute will be resolved by
arbitration held in Harrisburg, Pennsylvania under the Employment Dispute rules
of the American Arbitration Association.  This agreement to arbitrate will be
specifically enforceable.

          (b)     Executive and Company agree that he or it must file any
arbitration with the AAA and serve on the other party within sixty (60) days
after the date on which the dispute arose.

          (c)     Subject to Section 15(e) below, each party shall bear its own
expenses for arbitration, including attorney and witness fees and expenses,
except that the fee of the arbitrator shall be borne solely by the Company.

          (d)     Upon a request for arbitration under this Agreement, the
parties shall confer with each other for the purpose of attempting to select a
single independent arbitrator.  In the event that the parties cannot agree to
the selection of an arbitrator within thirty days of notice of arbitration,
three (3) individuals shall serve as arbitrators in accordance with the
Expedited Procedures of the Commercial Arbitration Rules of the American
Arbitration Association.  One of the arbitrators shall be selected by Executive
and another by Company.  The two arbitrators so selected shall select a third
arbitrator.  The finding of a majority of the arbitrators shall be final and
binding on the parties.  The agreement to arbitrate shall be specifically
enforceable under applicable law in any court having jurisdiction.

          (e)     The prevailing party in connection with such arbitration shall
be entitled to recover from the other party reasonable sums as attorney fees and
expenses in connection with such

<PAGE>
action, except that the fee of the arbitrator shall be borne solely by the
Company regardless of outcome.

          (f)     The arbitrators will have no authority to extend, modify, or
suspend any of the terms of this Agreement.  The arbitrators will make the award
in writing and shall accompany it with an opinion discussing the evidence and
setting forth the reasons for the award.  The decision of the arbitrators within
the scope of the submission will be final and binding on both parties, and any
right to judicial action on any matter subject to arbitration hereunder is
waived (unless otherwise required by applicable law), except suit to enforce
this arbitration award and any rights to vacate or modify the arbitration award
in accordance with the Uniform Arbitration Act as enacted in Pennsylvania.  The
arbitrators shall have authority to award all relief provided for by such
relevant laws at issue.  If the rules of the AAA differ from those of this
Section, the provisions of this Agreement will control.

     16.     APPLICABLE LAW.  Except to the extent pre-empted by federal law,
             --------------
this Agreement shall be construed in accordance with the laws of the
Commonwealth of Pennsylvania without regard to internal conflict of law
principles and any litigation or legal action concerning this Agreement, not
otherwise waived or subject to arbitration, shall be brought before a state or
federal court of competent jurisdiction in Harrisburg, Pennsylvania.

     17.     ASSIGNMENT.  The Executive acknowledges that his services are
             ----------
unique and personal.  Accordingly, the Executive may not assign his rights or
delegate his duties or obligations under this Agreement.  The Company's rights
and obligations under this Agreement shall inure to the benefit of and shall be
binding upon the Company's successors and assigns.

     18.     HEADINGS.  Headings in this Agreement are for convenience only and
             --------
shall not be used to interpret or construe its provisions.

     IN WITNESS WHEREOF, the Parties hereto have executed this Employment
Agreement as of the date first set forth above.

                                        HERSHA HOSPITALITY TRUST

                                        BY:____________________________________
                                             William Lehr, Jr., Lead Trustee,
                                             Board of Trustees

                                        EXECUTIVE

                                        _______________________________________
                                        Neil H. Shah

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Exhibit 4.2  

$65,000,000  

 ESCHELON OPERATING COMPANY  

 83/8% Senior Second Secured Notes due 2010  

 REGISTRATION RIGHTS AGREEMENT  

        November 29,
2004 

JEFFERIES &
COMPANY, INC.

520 Madison Avenue

12th Floor

New York, New York 10022 

Ladies
and Gentlemen: 

        Eschelon
Operating Company, a Minnesota corporation (the "Company"), is issuing and selling to Jefferies & Company, Inc.
(the "Initial Purchaser"), upon the terms set forth in the Purchase Agreement, dated November 19, 2004, by and among the Company, the Initial
Purchaser and the guarantors named therein (the "Purchase Agreement"), $65,000,000 aggregate principal amount at maturity of 83/8% Senior
Second Secured Notes due 2010 issued by the Company (each, together with the related guarantees, a
"Note" and collectively, the "Notes"). As an inducement to the Initial Purchaser to enter into the
Purchase Agreement, the Company and the Guarantors (as defined below) agree with the Initial Purchaser, for the benefit of the Holders (as defined below) of the Notes (including, without limitation,
the Initial Purchaser), as follows: 

1.     Definitions  

        Capitalized terms that are used herein without definition and are defined in the Purchase Agreement shall have the respective meanings ascribed to them in the
Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 

        Additional Interest:    See Section 4(a). 

        Advice:    See Section 6(v). 

        Agreement:    This Registration Rights Agreement, dated as of the Closing Date, among the Company, the Guarantors party hereto
and the Initial Purchaser. 

        Applicable Period:    See Section 2(e). 

        Business Day: A day that is not a Saturday, a Sunday or a day on which banking institutions in the City of New York are authorized or
required by law or executive order to be closed. 

        Closing Date:    November 29, 2004. 

        Company:    See the introductory paragraph to this Agreement. 

        Day:    Unless otherwise expressly provided, a calendar day. 

        Effectiveness Date:    The 180th day after the Issue Date. 

        Effectiveness Period:    See Section 3(a). 

        Event Date:    See Section 4(b). 

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

 

        Exchange Notes:    Senior Second Secured Notes due 2010 of the Company registered under the Securities Act, identical in all
material respects to the Notes, including the guarantees endorsed thereon, except for restrictive legends and additional interest provisions. 

        Exchange Offer:    See Section 2(a). 

        Exchange Registration Statement:    See Section 2(a). 

        Filing Date:    The 90th day after the Issue Date. 

        Guarantors:    The Parent and each subsidiary of the Parent that guarantees the obligations of the Company under the Notes and
the Indenture. 

        Holder:    Any registered holder of Registrable Notes. 

        Indemnified Party:    See Section 8(c). 

        Indemnifying Party:    See Section 8(c). 

        Indenture:    The Indenture, dated as of March 17, 2004, among the Company, the Guarantors and The Bank of New York Trust
Company, N.A., as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms hereof. 

        Initial Purchaser:    See the introductory paragraph to this Agreement. 

        Initial Shelf Registration Statement:    See Section 3(a). 

        Inspectors:    See Section 6(o). 

        Issue Date:    November 29, 2004. 

        Lien:    Shall have the meaning set forth in the Indenture. 

        Losses:    See Section 8(a). 

        Maximum Contribution Amount:    See Section 8(d). 

        NASD:    National Association of Securities Dealers, Inc. 

        Notes:    See the introductory paragraph to this Agreement. 

        Parent:    Eschelon Telecom, Inc. 

        Participating Broker-Dealer:    See Section 2(e). 

        Person:    An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust,
unincorporated association, union, business association, firm, government or agency or political subdivision thereof, or other legal entity. 

        Private Exchange:    See Section 2(f). 

        Private Exchange Notes:    See Section 2(f). 

        Prospectus:    The prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Notes covered by such Registration Statement, and all other 

2

 

amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

        Purchase Agreement:    See the introductory paragraph to this Agreement. 

        Records:    See Section 6(o). 

        Registrable Notes:    Notes, Private Exchange Notes and Exchange Notes received in the Exchange Offer, in each case, that may
not be sold (i) without restriction under federal or state securities laws or (ii) pursuant to paragraph (k) of Rule 144. 

        Registration Statement:    Any registration statement of the Company and the Guarantors filed with the SEC under the Securities
Act (including, but not limited to, the Exchange Registration Statement, the Shelf Registration Statement and any Subsequent Shelf Registration Statement) that covers any of the Registrable Notes
pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all
material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

        Rule 144:    Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any
similar rule (other than Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by
subsequent holders that are not affiliates of an issuer or such securities being free of the registration and prospectus delivery requirements of the Securities Act. 

        Rule 144A:    Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or
any similar rule (other than Rule 144) or regulation hereafter adopted by the SEC. 

        Rule 415:    Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC. 

        Rule 430A:    Rule 430A promulgated under the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the SEC. 

        SEC:    The Securities and Exchange Commission. 

        Securities:    The Notes, the Exchange Notes and the Private Exchange Notes. 

        Securities Act:    The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 

        Shelf Notice:    See Section 2(i). 

        Shelf Registration Statement:    See Section 3(b). 

        Subsequent Shelf Registration Statement:    See Section 3(b). 

        TIA:    The Trust Indenture Act of 1939, as amended. 

        Trustee:    The trustee under the Indenture and, if existent, the trustee under any indenture governing the Exchange Notes and
Private Exchange Notes (if any). 

        Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for
reoffering to the public. 

3

 

2.     Exchange Offer

	(a)
	Unless
the Exchange Offer would not be permitted by applicable laws or a policy of the SEC, the Company shall (and shall cause each Guarantor to) (i) prepare and file with the
SEC promptly after the date hereof, but in no event later than the Filing Date, a registration statement (the "Exchange Registration Statement") on an
appropriate form under the Securities Act with respect to an offer (the "Exchange Offer") to the Holders of Notes to issue and deliver to such Holders,
in exchange for the Notes, a like principal amount at maturity of Exchange Notes, (ii) use its best efforts to cause the Exchange Registration Statement to become effective as promptly as
practicable after the filing thereof, but in no event later than the Effectiveness Date, (iii) use its best efforts to keep the Exchange Registration Statement effective until the consummation
of the Exchange Offer in accordance with its terms, and (iv) commence the Exchange Offer and use its reasonable best efforts to issue on or prior to 30 Business Days after the Effectiveness
Date, Exchange Notes in exchange for all Notes tendered prior thereto in the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not
violate applicable law or any applicable interpretation of the staff of the SEC.

	(b)
	The
Exchange Notes and the Private Exchange Notes shall be issued under, and entitled to the benefits of the Indenture or a trust indenture that is identical to the Indenture (other
than such changes as are necessary to comply with any requirements of the SEC to effect or maintain the qualifications thereof under the TIA) which in either case will provide that (i) the
Exchange Notes will not be subject to the transfer restrictions or additional interest provisions set forth in the Indenture, (ii) the Private Exchange Notes will be subject to the transfer
restrictions set forth in the Indenture and (iii) the Exchange Notes, the Private Exchange Notes and the Notes, if any, will be deemed one class of security (subject to the provisions of the
Indenture) and entitled to participate in all the security granted by the Company pursuant to the Collateral Agreements and in any Guarantee (as such terms are defined in the Indenture) on an equal
and ratable basis.

	(c)
	Interest
on the Exchange Notes and Private Exchange Notes will accrue from (i) the later of (x) the last interest payment date on which interest was paid on the Notes
surrendered in exchange therefore or (y) if the Note is surrendered for exchange on a date in a period which includes the record date for an interest payment date to occur on or after the date
of such exchange and as to which interest will be paid, the date of such interest payment date or (ii) if no interest has been paid on the Notes, from the date of original issue of the Notes.
Each Exchange Note and Private Exchange Note shall bear interest at the rate set forth thereon; provided, that interest with respect to the period prior
to the issuance thereof shall accrue at the rate or rates borne by the Notes from time to time during such period.

	(d)
	The
Company may require each Holder as a condition to participation in the Exchange Offer to represent to the Company that at the time of the consummation of the Exchange Offer,
(i) any Exchange Notes received by such Holder will be acquired in the ordinary course of its business, (ii) such Holder has not entered into any arrangement or understanding with any
Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) such Holder is not an
"affiliate" (as defined in Rule 405 of the Securities Act) of the Company or if such Holder is an affiliate such Holder will comply with the registration and prospectus delivery requirements of
the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Notes and
(v) if such Holder is a Participating Broker-Dealer, that it will deliver a Prospectus in connection with any resale of the Exchange Notes. 

4

 

	(e)
	The
Company shall (and shall cause each Guarantor to) include within the Prospectus contained in the Exchange Registration Statement a section entitled "Plan of Distribution"
reasonably acceptable to the Initial Purchaser which shall contain all of the information that the SEC may require with respect to the potential "underwriter" status of any broker-dealer that is the
beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange Offer for its own account in exchange for Notes
that were acquired by it as a result of market-making activities or other trading activities (a "Participating Broker-Dealer"), whether such positions
or policies have been publicly disseminated by the staff of the SEC or such positions or policies, in the judgment of the Initial Purchaser, represent the prevailing views of the staff of the SEC.
Such "Plan of Distribution" section shall also allow, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the prospectus
delivery requirements of the Securities Act, including, to the extent so permitted, all Participating Broker-Dealers, and include a statement describing the manner in which Participating
Broker-Dealers may resell the Exchange Notes. The Company shall use its reasonable best efforts to keep the Exchange Registration Statement effective and to amend and supplement the Prospectus
contained therein, in order to permit such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such
Persons must comply with such requirements in order to resell the Exchange Notes (the "Applicable Period").

	(f)
	If,
upon consummation of the Exchange Offer, an Initial Purchaser holds any Notes acquired by it and having the status of an unsold allotment in the initial distribution, the Company
(upon the written request from the Initial Purchaser) shall, simultaneously with the delivery of the Exchange Notes pursuant to the Exchange Offer, issue and deliver to the Initial Purchaser in
exchange (the "Private Exchange") for the Notes held by such Initial Purchaser, a like principal amount at maturity of Senior Second Secured Notes
(issued under the same Indenture as the Exchange Notes) that are identical in all material respects to the Exchange Notes except for the existence of restrictions on transfer thereof under the
Securities Act and securities laws of the several states of the United States (the "Private Exchange Notes"). The Private Exchange Notes shall bear the
same CUSIP number as the Exchange Notes.

	(g)
	In
connection with the Exchange Offer, the Company shall (and shall cause each Guarantor to):

	(i)
	mail
to each Holder a copy of the Prospectus forming part of the Exchange Registration Statement, together with an appropriate letter of transmittal (substantially in the form
attached as an exhibit to the Exchange Registration Statement) and any related documents;

	(ii)
	keep
the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law) after the date notice thereof is mailed to the Holders;

	(iii)
	utilize
the services of a depository for the Exchange Offer with an address in the Borough of Manhattan, The City of New York, which may be the Trustee or an affiliate thereof;

	(iv)
	permit
Holders to withdraw tendered Registrable Notes at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer shall remain
open; and

	(v)
	otherwise
comply with all applicable laws. 

5

 

	(h)
	As
soon as practicable after the close of the Exchange Offer or the Private Exchange, as the case may be, the Company shall (and shall cause each Guarantor to):

	(i)
	accept
for exchange all Registrable Notes validly tendered and not withdrawn pursuant to the Exchange Offer or the Private Exchange, as the case may be;

	(ii)
	deliver
to the Trustee for cancellation all Registrable Notes so accepted for exchange; and

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

	(i)
	If,
(i) any change in law or in applicable interpretations thereof by the staff of the SEC would not permit the consummation of the Exchange Offer, (ii) the Exchange
Offer is not consummated within 30 Business Days after the Effectiveness Date, (iii) the Initial Purchaser so request with respect to the Notes (or the Private Exchange Notes) not eligible to
be exchanged for Exchange Notes in the Exchange Offer and held by it following consummation of the Exchange Offer, or (iv) in the case of (A) any Holder not permitted to participate in
the Exchange Offer or (B) any Holder participating in the Exchange Offer that receives Exchange Notes that may not be sold without restriction under state and federal securities laws (other
than due solely to the status of such Holder as an affiliate of the Company within the meaning of the Securities Act) and, in either case contemplated by this clause (iv), such Holder notifies
the Company within six months of consummation of the Exchange Offer, then in each case the Company shall promptly (and in any event within five Business Days of such notification) deliver to the
Holders and the Trustee notice thereof (the "Shelf Notice") and shall as promptly as practicable and at its sole expense thereafter file an Initial
Shelf Registration Statement pursuant to Section 3. 

3.     Shelf Registration

        If
a Shelf Notice is delivered pursuant to Section 2(i), then this Section 3
shall apply to all Registrable Notes. Otherwise, upon consummation of the Exchange Offer in accordance with Section 2, the provisions of this  Section 3 shall apply solely with respect to (i) Notes held by any Holder thereof not permitted to participate in the Exchange Offer,
(ii) Private Exchange Notes, and (iii) Exchange Notes that are not freely tradeable as contemplated by Section 2(i)(iv) hereof,  provided in
each case that the
relevant Holder has duly notified the Company within six months of the Exchange Offer as required by Section 2(i)(iv). 

	(a)
	Initial Shelf Registration. The Company shall (and shall cause each Guarantor to) as promptly as practicable file with the SEC a
Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the "Initial Shelf Registration
Statement") within 30 days of the delivery of the Shelf Notice and shall (and shall cause each Guarantor to) use its best efforts to cause such Initial Shelf
Registration Statement to be declared effective under the Securities Act as promptly as practicable thereafter (but in no event more than 90 days after delivery of the Shelf Notice);  provided,
however, that if the Company (and each Guarantor) has not yet filed an Exchange Registration
Statement, the Company shall file (and shall cause each Guarantor to file) with the SEC the Initial Shelf Registration Statement on or prior to the Filing Date and shall use its reasonable best
efforts to cause such Initial Shelf Registration Statement to be declared effective under the Securities Act on or prior to the Effectiveness Date. The Initial Shelf Registration Statement shall be on
Form S-1 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners reasonably designated by them (including,
without limitation, one or more underwritten offerings). The Company and Guarantors shall not permit any securities other than the Registrable Notes to be included in any Shelf 

6

 

Registration
Statement. The Company shall (and shall cause each Guarantor to) use its reasonable best efforts to keep the Initial Shelf Registration Statement continuously effective under the
Securities Act until the date which is two years from the Closing Date (the "Effectiveness Period"), or such shorter period ending when (i) all
Registrable Notes covered by the Initial Shelf Registration Statement have been sold in the manner set forth and as contemplated in the Initial Shelf Registration Statement, (ii) a Subsequent
Shelf Registration Statement (as defined below) covering all of the Registrable Notes covered by and not sold under the Initial Shelf Registration Statement or an earlier Subsequent Shelf Registration
Statement has been declared effective under the Securities Act or (iii) there cease to be any outstanding Registrable Notes. 

	(b)
	Subsequent Shelf Registrations. If the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement ceases to be
effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), the Company shall (and shall cause each Guarantor
to) use its best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness amend such
Shelf Registration Statement in a manner designed to obtain the withdrawal of the order suspending the effectiveness thereof, or file (and cause each Guarantor to file) an additional "shelf"
Registration Statement pursuant to Rule 415 covering all of the Registrable Notes (a "Subsequent Shelf Registration Statement"). If a Subsequent
Shelf Registration Statement is filed, the Company shall (and shall cause each Guarantor to) use its best efforts to cause the Subsequent Shelf Registration Statement to be declared effective as soon
as practicable after such filing and to keep such Subsequent Shelf Registration Statement continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate
number of days during which the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement was previously continuously effective. As used herein the term
"Shelf Registration Statement" means the Initial Shelf Registration Statement and any Subsequent Shelf Registration Statements.

	(c)
	Supplements and Amendments. The Company shall promptly supplement and amend any Shelf Registration Statement if required by the rules,
regulations or instructions applicable to the registration form used for such Shelf Registration Statement, if required by the Securities Act, or if reasonably requested in writing by the Holders of a
majority in aggregate principal amount at maturity of the Registrable Notes covered by such Shelf Registration Statement or by any underwriter of such Registrable Notes.

	(d)
	Provision of Information. No Holder shall be entitled to include any of its Registrable Notes in any Shelf Registration Statement
pursuant to this Agreement unless such Holder furnishes to the Company and the Trustee in writing, within 20 days after receipt of a written request therefor, such information as the Company
and the Trustee, after conferring with counsel with regard to information relating to Holders that would be required by the SEC to be included in such Shelf Registration Statement or Prospectus
included therein, may reasonably request for inclusion in any Shelf Registration Statement or Prospectus included therein, and no such Holder shall be entitled to Additional Interest pursuant to  Section 4 hereof unless and until such Holder shall have provided such information. 

4.     Additional Interest

	(a)
	The
Company and each Guarantor acknowledges and agrees that the Holders of Registrable Notes will suffer damages if the Company or any Guarantor fails to fulfill its material
obligations under Section 2 or Section 3 hereof and that it would not be feasible to
ascertain the extent of such damages with precision. Accordingly, the Company and the Guarantors 

7

 

agree
to pay additional cash interest on the Notes ("Additional Interest") under the circumstances and to the extent set forth below (each of which
shall be given independent effect): 

	(i)
	if
(A) neither the Exchange Registration Statement nor the Initial Shelf Registration Statement has been filed with the SEC on or prior to the Filing Date or
(B) notwithstanding that the Company has consummated or will consummate an Exchange Offer, the Company is required to file a Shelf Registration Statement and such Shelf Registration
Statement is not filed on or prior to the date required by this Agreement, then, commencing on the day after either such required filing date, Additional Interest shall accrue on the Notes over and
above any stated interest at a rate of 0.25% per annum of the principal amount at maturity of such Notes for the first 90 days immediately following such filing date, such Additional Interest
rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period, subject to the provisos in the last sentence of this paragraph;

	(ii)
	if
(A) neither the Exchange Registration Statement nor the Initial Shelf Registration Statement is declared effective by the SEC on or prior to the Effectiveness Date, or
(B) notwithstanding that the Company has consummated or will consummate an Exchange Offer, the Company is required to file a Shelf Registration Statement and such Shelf Registration
Statement is not declared effective by the SEC on or prior to the 90th day following the date such Shelf Registration Statement was filed, then, commencing on the day after either such
required effective date, Additional Interest shall accrue on the Notes over and above any stated interest at a rate of 0.25% per annum of the principal amount at maturity of such Notes for the first
90 days immediately following such effective date, such Additional Interest rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period,
subject to the provisos in the last sentence of this paragraph;

	(iii)
	if
(A) the Company (and any Guarantor) has not exchanged Exchange Notes for all Notes validly tendered in accordance with the terms of the Exchange Offer on or prior to 30
Business Days after the Effectiveness Date, or (B) if applicable, a Shelf Registration Statement has been declared effective and such Shelf Registration Statement ceases to be effective at any
time prior to the second anniversary of the Issue Date (other than after such time as all Notes have been disposed of thereunder), then Additional Interest shall accrue on the Notes over and above any
stated interest at a rate of 0.25% per annum of the principal amount at maturity of such Notes for the first 90 days commencing on (x) the 31st Business Day after the
Effectiveness Date, in the case of clause (A) above, or (y) the day such Shelf Registration Statement ceases to be effective, in the case of clause (B) above, such Additional
Interest rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period, subject to the provisos in the last sentence of this paragraph; 

provided, however, that Additional Interest will not accrue under more than one of the foregoing clauses
(i) through (iii) at any one time; provided further, however, that the maximum Additional
Interest rate on the Notes may not exceed at any one time in the aggregate 1.0% per annum; and provided further,  however, that (1) upon the filing of
the Exchange Registration Statement or Shelf Registration Statement (in the case of clause (i)
above), (2) upon the effectiveness of the Exchange Registration Statement or Shelf Registration Statement (in the case of clause (ii) above), or (3) upon the exchange of Exchange
Notes for all Notes tendered (in the case of clause (iii)(A) above), or upon the effectiveness of a Shelf Registration Statement which had ceased to remain effective (in the case of
clause (iii)(B) 

8

 

above),
Additional Interest on the Notes as a result of such clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. 

	(b)
	The
Company shall notify the Trustee within 3 Business Days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an
"Event Date"). Any amounts of Additional Interest due pursuant to clause (a)(i),  (a)(ii) or
(a)(iii) of this Section 4 will be
payable in cash, on the dates and in the manner provided in the Indenture and whether or not any cash interest would then be payable on such date,
commencing with the first such semi-annual date occurring after any such Additional Interest commences to accrue. The amount of Additional Interest will be determined by multiplying the
applicable Additional Interest rate by the principal amount at maturity of the Notes, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was
applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the case of a partial month, the actual number of days
elapsed), and the denominator of which is 360. 

5.     Hold-Back Agreements

        The
Company agrees that it will not effect any public or private sale or distribution (including a sale pursuant to Regulation D under the Securities Act) of any securities the
same as or similar to those covered by a Registration Statement filed pursuant to Section 2 or 3 hereof (other than Additional Notes (as defined in the Indenture) issued under the Indenture),
or any securities convertible into or exchangeable or exercisable for such securities, during the 10 days prior to, and during the 90-day period beginning on, the effective date of
any Registration Statement filed pursuant to Sections 2 and 3 hereof unless the Holders of a majority in the aggregate principal amount at maturity of the Registrable Notes to be included in such
Registration Statement consent, if the managing underwriter thereof so requests in writing. 

6.     Registration Procedures

        In
connection with the filing of any Registration Statement pursuant to Sections 2 or 3 hereof, the Company shall (and shall cause each Guarantor to) effect such registrations to permit
the sale of such securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by
the Company hereunder, the Company shall (and shall cause each Guarantor to): 

	(a)
	Prepare
and file with the SEC as soon as practicable after the date hereof but in any event on or prior to the Filing Date, the Exchange Registration Statement or if the Exchange
Registration Statement is not filed because of the circumstances contemplated by Section 2(i), a Shelf Registration Statement as prescribed by Section 3, and use its best efforts to
cause each such Registration Statement to become effective and remain effective as provided herein; provided that, if (1) a Shelf Registration
Statement is filed pursuant to Section 3 or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, before filing any Registration Statement or Prospectus or any amendments or supplements
thereto the Company shall (and shall cause each Guarantor to), if requested, furnish at no charge to the Holders of the Registrable Notes to be registered pursuant to such Shelf Registration
Statement, each Participating Broker-Dealer, the managing underwriters, if any, and each of their respective counsel, a reasonable opportunity to review copies of all such documents (including copies
of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least 5 Business Days prior to such filing). The Company and each Guarantor
shall not file any such Registration Statement or Prospectus or any amendments or 

9

 

supplements
thereto in respect of which the Holders must provide information for the inclusion therein without the Holders being afforded an opportunity to review such documentation if the holders of
a majority in aggregate principal amount at maturity of the Registrable Notes covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, or the managing
underwriters, if any, or any of their respective counsel shall reasonably object in writing on a timely basis. A Holder shall be deemed to have reasonably objected to such filing if such Registration
Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains an untrue statement of a material fact or omits to state any material fact necessary to make the
statements therein not misleading or fails to comply with the applicable requirements of the Securities Act. 

	(b)
	Provide
an indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture (or other indenture relating to the Registrable Notes) to be
qualified under the TIA not later than the effective date of the first Registration Statement; and in connection therewith, to effect such changes to such 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 reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such
changes, and all other forms and documents required to be filed with the SEC to enable such indenture to be so qualified in a timely manner.

	(c)
	Prepare
and file with the SEC such pre-effective amendments and post-effective amendments to each Shelf Registration Statement or Exchange Registration
Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the
related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force)
promulgated under the Securities Act; and comply with the provisions of the Securities Act and the Exchange Act applicable to them with respect to the disposition of all securities covered by such
Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any
such Prospectus. The Company and each Guarantor shall not, during the Applicable Period, voluntarily take any action that would result in selling Holders of the Registrable Notes covered by a
Registration Statement or Participating Broker-Dealers seeking to sell Exchange Notes not being able to sell such Registrable Notes or such Exchange Notes during that period, unless such action is
required by applicable law, rule or regulation or permitted by this Agreement.

	(d)
	Furnish
to such selling Holders and Participating Broker-Dealers who so request in writing (i) upon the Company's receipt, a copy of the order of the SEC declaring such
Registration Statement and any post effective amendment thereto effective, (ii) such reasonable number of copies of such Registration Statement and of each amendment and supplement thereto (in
each case including any documents incorporated therein by reference and all exhibits), (iii) such reasonable number of copies of the Prospectus included in such Registration Statement
(including each preliminary Prospectus) and each amendment and supplement thereto, and such reasonable number of copies of the final Prospectus as filed by the Company and each Guarantor pursuant to
Rule 424(b) under the Securities Act, in conformity with the requirements of the Securities Act and each amendment and supplement thereto, and (iv) such other documents (including any
amendments required to be filed pursuant to clause (c) of this Section 6), as any such Person may reasonably request in writing. The Company and the Guarantors hereby consent to the use
of the Prospectus by each of the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any, in
connection with the offering 

10

 

and
sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 

	(e)
	If
(1) a Shelf Registration Statement is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, the Company
shall notify in writing the selling Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, and the managing underwriters, if any, and each of their respective
counsel promptly (but in any event within 2 Business Days) (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a
Registration Statement or any post-effective amendment, when the same has become effective (including in such notice a written statement that any Holder may, upon request, obtain, without
charge, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by
reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any
Prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a Prospectus is required by the Securities Act to be delivered in connection with sales of the
Registrable Notes the representations and warranties of the Company and any Guarantor contained in any agreement (including any underwriting agreement) contemplated by Section 6(n) hereof cease
to be true and correct, (iv) of the receipt by the Company or any Guarantor of any notification with respect to the suspension of the qualification or exemption from qualification of a
Registration Statement or any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of
any proceeding for such purpose, (v) of the happening of any event, the existence of any condition of any information becoming known that makes any statement made in such Registration Statement
or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in, or amendments or
supplements to, such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement and the Prospectus, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, (vi) of
any reasonable determination by the Company or any Guarantor that a post-effective amendment to a Registration Statement would be appropriate and (vii) of any request by the SEC for
amendments to the Registration Statement or supplements to the Prospectus or for additional information relating thereto.

	(f)
	Use
its best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or
suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for sale in any jurisdiction, and,
if any such order is issued, to use its best efforts to obtain the withdrawal of any such order at the earliest possible date.

	(g)
	If
(A) a Shelf Registration Statement is filed pursuant to Section 3, (B) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period or (C) reasonably
requested in writing by the managing underwriters, if any, or the Holders of a majority in aggregate principal amount at maturity of the Registrable Notes being sold in connection with an underwritten
offering, 

11

 

(i) promptly
incorporate in a Prospectus supplement or post-effective amendment such information or revisions to information therein relating to such underwriters or selling Holders
as the managing underwriters, if any, or such Holders or any of their respective counsel reasonably request in writing to be included or made therein and (ii) make all required filings of such
Prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplements
or post-effective amendment. 

	(h)
	Prior
to any public offering of Registrable Notes or any delivery of a Prospectus contained in the Exchange Registration Statement by any Participating Broker-Dealer who seeks to sell
Exchange Notes during the Applicable Period, use its reasonable best efforts to register or qualify, and cooperate with the selling Holders of Registrable Notes or each such Participating
Broker-Dealer, as the case may be, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of
such Registrable Notes or Exchange Notes, as the case may be, for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder,
Participating Broker-Dealer or any managing underwriter or underwriters, if any, reasonably request in writing; provided that where Exchange Notes held
by Participating Broker-Dealers or Registrable Notes are offered other than through an underwritten offering, the Company and each Guarantor agree to cause its counsel to perform Blue Sky
investigations and file any registrations and qualifications required to be filed pursuant to this Section 6(h), keep each such registration or qualification (or exemption therefrom) effective
during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions
of the Exchange Notes held by Participating Broker-Dealers or the Registrable Notes covered by the applicable Registration Statement; provided that
neither the Company nor any Guarantor shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would
subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in any such jurisdiction where it is not then so subject.

	(i)
	If
(A) a Shelf Registration Statement is filed pursuant to Section 3 or (B) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is requested to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, cooperate with the selling
Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which
certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company, and enable such Registrable Notes to be in such denominations and
registered in such names as the managing underwriter or underwriters, if any, or Holders may reasonably request in writing.

	(j)
	Use
its reasonable best efforts to cause the Registrable Notes covered by any Registration Statement to be registered with or approved by such governmental agencies or authorities as
may be necessary to enable the seller or sellers thereof or the underwriter, if any, to consummate the disposition of such Registrable Notes, except as may be required solely as a consequence of the
nature of such selling Holder's business, in which case the Company shall (and shall cause each Guarantor to) cooperate in all reasonable respects with the filing of such Registration Statement and
the granting of such approvals; provided that neither the Company nor any Guarantor shall be required to (A) qualify generally to do business in
any jurisdiction where it is not then so qualified, (B) take any action that would subject it to 

12

 

general
service of process in any jurisdiction where it is not then so subject or (C) subject itself to taxation in any such jurisdiction where it is not then so subject. 

	(k)
	If
(1) a Shelf Registration Statement is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event
contemplated by Section 6(e)(v) or 6(e)(vi) hereof, as promptly as practicable, prepare and file with the SEC, at the expense of the Company and the Guarantors, a supplement or
post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any
other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be
delivered by a Participating Broker-Dealer, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading, and, if SEC review is required, use its best efforts to cause such post-effective
amendment to be declared effective as soon as possible.

	(l)
	Use
its reasonable best efforts to cause the Registrable Notes covered by a Registration Statement to be rated with such appropriate rating agencies, if so requested in writing by the
Holders of a majority in aggregate principal amount at maturity of the Registrable Notes covered by such Registration Statement or the managing underwriter or underwriters, if any.

	(m)
	Prior
to the initial issuance of the Exchange Notes, (i) provide the Trustee with one or more certificates for the Registrable Notes in a form eligible for deposit with The
Depository Trust Company and (ii) provide a CUSIP number for the Exchange Notes.

	(n)
	If
a Shelf Registration Statement is filed pursuant to Section 3, enter into such agreements (including an underwriting agreement in form, scope and substance as is customary
in underwritten offerings of debt securities similar to the Notes, as may be appropriate in the circumstances) and take all such other actions in connection therewith (including those reasonably
requested in writing by the managing underwriters, if any, or the Holders of a majority in aggregate principal amount at maturity of the Registrable Notes being sold) in order to expedite or
facilitate the registration or the disposition of such Registrable Notes, and in such connection, whether or not an underwriting agreement is entered into and whether or not the registration is an
Underwritten Registration, (i) make such representations and warranties to the Holders and the underwriters, if any, with respect to the business of the Company and its subsidiaries as then
conducted, and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are
customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, as may be appropriate in the circumstances, and confirm the same if and when reasonably
required; (ii) obtain an opinion of counsel to the Company and the Guarantors and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to
the managing underwriters, if any, and the Holders of a majority in aggregate principal amount at maturity of the Registrable Notes being sold), addressed to each selling Holder and each of the
underwriters, if any, covering the matters customarily covered in opinions of counsel to the Company and the Guarantors requested in underwritten offerings of debt securities similar to the Notes, as
may be appropriate in the circumstances; (iii) obtain "cold comfort" letters and updates thereof (which letters and updates (in form, scope and substance) shall be reasonably satisfactory to
the managing underwriters) from the independent certified public accountants of the Company and the Guarantors (and, if necessary, any other independent certified public 

13

 

accountants
of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration
Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in "cold comfort" letters in connection with underwritten
offerings of debt securities similar to the Notes, as may be appropriate in the circumstances, and such other matters as reasonably requested in writing by the underwriters; and (iv) deliver
such documents and certificates as may be reasonably requested in writing by the Holders of a majority in aggregate principal amount at maturity of the Registrable Notes being sold and the managing
underwriters, if any, to evidence the continued validity of the representations and warranties of the Company and its subsidiaries made pursuant to clause (i) above and to evidence compliance
with any conditions contained in the underwriting agreement or other similar agreement entered into by the Company or any Guarantor. 

	(o)
	If
(1) a Shelf Registration Statement is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by
any selling Holder of such Registrable Notes being sold, or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if
any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the
"Inspectors"), at the offices where normally kept, during reasonable business hours, all financial and other records and pertinent corporate documents
of the Company and its subsidiaries (collectively, the "Records") as shall be reasonably necessary to enable them to exercise any applicable due
diligence responsibilities, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information reasonably requested in writing by any such Inspector in
connection with such Registration Statement. Each Inspector shall agree in writing that it will keep the Records confidential and not disclose any of the Records unless (i) the disclosure of
such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction, (iii) the information in such Records is public or has been made generally available to the public other than as a result of a disclosure or failure to
safeguard by such Inspector or (iv) disclosure of such information is, in the reasonable written opinion of counsel for any Inspector, necessary or advisable in connection with any action,
claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, related to, or involving this Agreement, or any transaction
contemplated hereby or arising hereunder. Each selling Holder of such Registrable Notes and each such Participating Broker-Dealer will be required to agree that information obtained by it as a result
of such inspections shall be deemed confidential and shall not be used by it as the basis for any market transactions in the securities of the Company unless and until such is made generally available
to the public. Each Inspector, each selling Holder of such Registrable Notes and each such Participating Broker-Dealer will be required to further agree that it will, upon learning that disclosure of
such Records is sought in a court of competent jurisdiction, give notice to the Company and, to the extent practicable, use its best efforts to allow the Company, at its expense, to undertake
appropriate action to prevent disclosure of the Records deemed confidential at its expense.

	(p)
	Comply
with all applicable rules and regulations of the SEC and make generally available to the security holders of the Company with regard to any applicable Registration Statement
earning statements satisfying the provisions of section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than
45 days 

14

 

after
the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal
quarter in which Registrable Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on
the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement, which statements shall cover said 12-month periods. 

	(q)
	Upon
consummation of an Exchange Offer or Private Exchange, obtain an opinion of counsel to the Company and the Guarantors (in form, scope and substance reasonably satisfactory to the
Initial Purchaser), addressed to the Trustee for the benefit of all Holders participating in the Exchange Offer or Private Exchange, as the case may be, to the effect that (i) the Company and
the Guarantors have duly authorized, executed and delivered the Exchange Notes or the Private Exchange Notes, as the case may be, and the Indenture, (ii) the Exchange Notes or the Private
Exchange Notes, as the case may be, and the Indenture constitute legal, valid and binding obligations of the Company and the Guarantors, enforceable against the Company and the Guarantors in
accordance with their respective terms, except as such enforcement may be subject to customary United States and foreign exceptions and (iii) all obligations of the Company and the Guarantors
under the Exchange Notes or the Private Exchange Notes, as the case may be, and the Indenture are secured by Liens (as defined in the Indenture) on the assets securing the obligations of the Company
and the Guarantors under the Notes, the Indenture and the Collateral Agreements to the extent and as discussed in the Registration Statement.

	(r)
	If
the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by the Holders to the Company and the Guarantors (or to such other Person as
directed by the Company and the Guarantors) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, the Company and the Guarantors shall mark, or cause to be marked, on
such Registrable Notes that the Exchange Notes or the Private Exchange Notes, as the case may be, are being issued as substitute evidence of the indebtedness originally evidenced by the Registrable
Notes; provided that in no event shall such Registrable Notes be marked as paid or otherwise satisfied.

	(s)
	Cooperate
with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Notes and
their respective counsel in connection with any filings required to be made with the NASD.

	(t)
	Use
its reasonable best efforts to take all other steps reasonably necessary to effect the registration of the Registrable Notes covered by a Registration Statement contemplated
hereby.

	(u)
	The
Company may require each seller of Registrable Notes or Participating Broker-Dealer as to which any registration is being effected to furnish to the Company such information
regarding such seller or Participating Broker-Dealer and the distribution of such Registrable Notes as the Company may, from time to time, reasonably request in writing. The Company may exclude from
such registration the Registrable Notes of any seller who fails to furnish such information within a reasonable time (which time in no event shall exceed 45 days) after receiving such request.
Each seller of Registrable Notes or Participating Broker-Dealer as to which any registration is being effected agrees to furnish promptly to the Company all information required to be disclosed in
order to make the information previously furnished by such seller not materially misleading.

	(v)
	Each
Holder of Registrable Notes and each Participating Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes to be sold by such Participating Broker-Dealer,
as the case may be, that, upon receipt of any notice from the Company of the happening of 

15

 

any
event of the kind described in Section 6(e)(ii), 6(e)(iv), 6(e)(v), or 6(e)(vi), such Holder will forthwith discontinue disposition of such Registrable Notes covered by a Registration
Statement and such Participating Broker-Dealer will forthwith discontinue disposition of such Exchange Notes pursuant to any Prospectus and, in each case, forthwith discontinue dissemination of such
Prospectus until such Holder's or Participating Broker-Dealer's receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(k), or until it is advised in writing
(the "Advice") by the Company and the Guarantors that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or
supplements thereto and, if so directed by the Company and the Guarantors, such Holder or Participating Broker-Dealer, as the case may be, will deliver to the Company all copies, other than permanent
file copies, then in such Holder's or Participating Broker-Dealer's possession, of the Prospectus covering such Registrable Notes current at the time of the receipt of such notice. In the event the
Company and the Guarantors shall give any such notice, the Applicable Period shall be extended by the number of days during such periods from and including the date of the giving of such notice to and
including the date when each Participating Broker-Dealer shall have received (x) the copies of the supplemented or amended Prospectus contemplated by Section 6(k) or (y) the
Advice. 

7.     Registration Expenses

	(a)
	All
fees and expenses incident to the performance of or compliance with this Agreement by the Company and the Guarantors shall be borne by the Company and the Guarantors, whether or
not the Exchange Offer or a Shelf Registration Statement is filed or becomes effective, including, without limitation, (i) all registration and filing fees, including, without limitation,
(A) fees with respect to filings required to be made with the NASD in connection with any underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky
laws as provided in Section 6(h) hereof (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or
Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x) where the Holders are located, in the case
of the Exchange Notes, or (y) as provided in Section 6(h), in the case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period),
(ii) printing expenses, including, without limitation, expenses of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriter or underwriters, if any, or by
the Holders of a majority in aggregate principal amount at maturity of the Registrable Notes included in any Registration Statement or by any Participating Broker-Dealer during the Applicable Period,
as the case may be, (iii) messenger, telephone and delivery expenses incurred in connection with the performance of their obligations hereunder, (iv) fees and disbursements of counsel
for the Company, the Guarantors and, subject to Section 7(b), the Holders, (v) fees and disbursements of all independent certified public accountants referred to in Section 6
(including, without limitation, the expenses of any special audit and "cold comfort" letters required by or incident to such performance), (vi) rating agency fees and the fees and expenses
incurred in connection with the listing of the Securities to be registered on any securities exchange, (vii) Securities Act liability insurance, if the Company and the Guarantors desire such
insurance, (viii) fees and expenses of all other Persons retained by the Company and the Guarantors, (ix) fees and expenses of any "qualified independent underwriter" or other
independent appraiser participating in an offering pursuant to Section 3 of Schedule E to the bylaws of the NASD, but only where the need for such a "qualified independent underwriter"
arises due to a relationship with the Company and the Guarantors, (x) internal expenses of the Company and the Guarantors (including, without limitation, all salaries and expenses of officers
and 

16

 

employees
of the Company or the Guarantors performing legal or accounting duties), (xi) the expense of any annual audit, (xii) the fees and expenses of the Trustee and the Exchange Agent
and (xiii) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, securities sales agreements, indentures and any other
documents necessary in order to comply with this Agreement. 

	(b)
	The
Company and the Guarantors shall reimburse the Holders for the reasonable fees and disbursements of not more than one counsel chosen by the Holders of a majority in aggregate
principal amount at maturity of the Registrable Notes to be included in any Registration Statement. The Company and the Guarantors shall pay all documentary, stamp, transfer or other transactional
taxes attributable to the issuance or delivery of the Exchange Notes or Private Exchange Notes in exchange for the Notes; provided that the Company
shall not be required to pay taxes payable in respect of any transfer involved in the issuance or delivery of any Exchange Note or Private Exchange Note in a name other than that of the Holder of the
Note in respect of which such Exchange Note or Private Exchange Note is being issued. The Company and the Guarantors shall reimburse the Holders for fees and expenses (including reasonable fees and
expenses of counsel to the Holders) relating to any enforcement of any rights of the Holders under this Agreement. 

8.     Indemnification

	(a)
	Indemnification by the Company and the Guarantors. The Company and the Guarantors jointly and severally agree to indemnify and hold
harmless each Holder of Registrable Notes, Exchange Notes or Private Exchange Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who
controls each such Holder (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) and the officers, directors and partners of each such Holder,
Participating Broker-Dealer and controlling person, to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable
costs of preparation and reasonable attorneys' fees as provided in this Section 8) and expenses (including, without limitation, reasonable costs and expenses incurred in connection with
investigating, preparing, pursuing or defending against any of the foregoing) (collectively, "Losses"), as incurred, directly or indirectly caused by,
related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus or form of
prospectus, or in any amendment or supplement thereto, or in any preliminary prospectus, or 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 are primarily based upon information relating to such Holder or
Participating Broker-Dealer and furnished in writing to the Company and the Guarantors (or reviewed and approved in writing) by such Holder or Participating Broker-Dealer or their counsel expressly
for use therein; provided, however, that the Company and the Guarantors will not be liable to any
Indemnified Party (as defined below) under this Section 8 to the extent Losses were primarily caused by an untrue statement or omission or alleged untrue statement or omission that was
contained or made in any preliminary prospectus and corrected in the Prospectus or any amendment or supplement thereto if (i) the Prospectus does not contain any other untrue statement or
omission or alleged untrue statement or omission of a material fact that was the subject matter of the related proceedings, (ii) any such Losses resulted from an action, claim or suit by any
Person who purchased Registrable Notes or Exchange Notes which are the subject thereof from such Indemnified Party and (iii) it is established in the related proceeding that such Indemnified
Party failed to deliver or provide a copy of the Prospectus (as amended or supplemented) to such Person with or prior 

17

 

to
the confirmation of the sale of such Registrable Notes or Exchange Notes sold to such Person if required by applicable law, unless such failure to deliver or provide a copy of the Prospectus (as
amended or supplemented) was a result of noncompliance by the Company with Section 6 of this Agreement. The Company and the Guarantors also agree to indemnify underwriters, selling brokers,
dealer managers and similar securities industry professionals participating in the distribution, their officers, directors, agents and employees and each Person who controls such Persons (within the
meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders or the
Participating Broker-Dealer. 

	(b)
	Indemnification by Holder. In connection with any Registration Statement, Prospectus or form of prospectus, any amendment or supplement
thereto, or any preliminary prospectus in which a Holder is participating, such Holder shall furnish to the Company and the Guarantors in writing such information as the Company and the Guarantors
reasonably request for use in connection with any Registration Statement, Prospectus or form of prospectus, any amendment or supplement thereto, or any preliminary prospectus and shall indemnify and
hold harmless the Company, the Guarantors, their respective directors and each Person, if any, who controls the Company and the Guarantors (within the meaning of Section 15 of the Securities
Act and Section 20(a) of the Exchange Act), and the directors, officers and partners of such controlling persons, to the fullest extent lawful, from and against all Losses arising out of or
based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus or form of prospectus or in any amendment or supplement thereto or in
any preliminary prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading to the extent, but only to the extent, that such losses are finally judicially determined by a court of competent jurisdiction in a final,
unappealable order to have resulted primarily from an untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact contained in or omitted from
any information so furnished in writing by such Holder to the Company and the Guarantors expressly for use therein. Notwithstanding the foregoing, in no event shall the liability of any selling Holder
be greater in amount than such Holder's Maximum Contribution Amount (as defined below).

	(c)
	Conduct of Indemnification Proceedings. If any proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an "Indemnified Party"), such Indemnified Party shall promptly notify the party or parties from which such indemnity is sought (the
"Indemnifying Party" or "Indemnifying Parties", as applicable) in writing;  provided, that the failure to so
notify the Indemnifying Parties shall not relieve the Indemnifying Parties from any obligation or liability except to
the extent (but only to the extent) that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal) that the Indemnifying Parties have been
prejudiced materially by such failure. 

        The
Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party, within 20 Business Days after receipt of written notice from such Indemnified
Party of such proceeding, to assume, at its expense, the defense of any such proceeding, provided, that an Indemnified Party shall have the right to
employ separate counsel in any such proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or parties unless:
(1) the Indemnifying Party has agreed to pay such fees and expenses; or (2) the Indemnifying Party shall have failed promptly to assume the defense of such proceeding or shall have
failed to employ counsel reasonably satisfactory to such Indemnified Party; or (3) the named parties to any such proceeding (including any impleaded parties) include both such Indemnified Party 

18

 

and
the Indemnifying Party or any of its affiliates or controlling persons, and such Indemnified Party shall have been advised by counsel that there may be one or more defenses available to such
Indemnified Party that are in addition to, or in conflict with, those defenses available to the Indemnifying Party or such affiliate or controlling person (in which case, if such Indemnified Party
notifies the Indemnifying Parties in writing that it elects to employ separate counsel at the expense of the Indemnifying Parties, the Indemnifying Parties shall not have the right to assume the
defense and the reasonable fees and expenses of such counsel shall be at the expense of the Indemnifying Party; it being understood, however, that, the Indemnifying Party shall not, in connection with
any one such proceeding or separate but substantially similar or related proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and
expenses of more than one separate firm of attorneys (together with appropriate local counsel) at any time for such Indemnified Party). 

        No
Indemnifying Party shall be liable for any settlement of any such proceeding effected without its written consent, which shall not be unreasonably withheld, but if settled with its
written consent, or if there be a final judgment for the plaintiff in any such proceeding, each Indemnifying Party jointly and severally agrees, subject to the exceptions and limitations set forth
above, to indemnify and hold harmless each Indemnified Party from and against any and all Losses by reason of such settlement or judgment. The Indemnifying Party shall not consent to the entry of any
judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to each Indemnified Party of a release, in form and substance
reasonably satisfactory to the Indemnified Party, from all liability in respect of such proceeding for which such Indemnified Party would be entitled to indemnification hereunder (whether or not any
Indemnified Party is a party thereto). 

	(d)
	Contribution. If the indemnification provided for in this Section 8 is unavailable to an Indemnified Party or is insufficient to
hold such Indemnified Party harmless for any Losses in respect of which this Section 8 would otherwise apply by its terms (other than by reason of exceptions provided in this Section 8),
then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall have a joint and several obligation to contribute to the amount paid or payable by such Indemnified Party
as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection
with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party, on the one hand, and
Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact relates to information supplied by such Indemnifying Party or Indemnified Party, and the parties' relative intent, knowledge, access to information and opportunity to correct or
prevent any such statement or omission. The amount paid or payable by an Indemnified Party as a result of any Losses shall be deemed to include any legal or other fees or expenses incurred by such
party in connection with any proceeding, to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in Section 8(a) or 8(b) was available
to such party. 

        The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation or by another method of
allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 8(d), a selling Holder
shall not be required to contribute, in the aggregate, any amount in excess of such Holder's Maximum Contribution Amount. A selling Holder's "Maximum Contribution
Amount" shall equal the excess of (i) the aggregate proceeds received 

19

 

by
such Holder pursuant to the sale of such Registrable Notes or Exchange Notes over (ii) the aggregate amount of damages that such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders' obligations to contribute pursuant to this Section 8(d) are several in proportion
to the respective principal amount at maturity of the Registrable Securities held by each Holder hereunder and not joint. The Company's and Guarantors' obligations to contribute pursuant to this
Section 8(d) are joint and several. 

        The
indemnity and contribution agreements contained in this Section 8 are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties. 

9.     Rules 144 and 144A

        The
Company covenants that it shall (a) file the reports required to be filed by it (if so required) under the Securities Act and the Exchange Act in a timely manner and, if at
any time the Company is not required to file such reports, it will, upon the written request of any Holder of Registrable Notes, make publicly available other information necessary to permit sales
pursuant to Rule 144 and 144A and (b) take such further action as any Holder may reasonably request in writing, all to the extent required from time to time to enable such Holder to sell
Registrable Notes without registration under the Securities Act pursuant to the exemptions provided by Rule 144 and Rule 144A. Upon the request of any Holder, the Company shall deliver
to such Holder a written statement as to whether it has complied with such information and requirements. 

10.   Underwritten Registrations of Registrable Notes

        If
any of the Registrable Notes covered by any Shelf Registration Statement are to be sold in an underwritten offering, the investment banker or investment bankers and manager or
managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount at maturity of such Registrable Notes to be included in such offering;  provided,
however, that such investment banker or investment bankers and manager or managers must be
reasonably acceptable to the Company. 

        No
Holder of Registrable Notes may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder's Registrable Notes on the basis
provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

11.   Miscellaneous

	(a)
	Remedies. In the event of a breach by either the Company or any of the Guarantors of any of their respective obligations under this
Agreement, each Holder, in addition to being entitled to exercise all rights provided herein, in the Indenture or, in the case of the Initial Purchaser, in the Purchase Agreement, or granted by law,
including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company and the Guarantors agree that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by either the Company or any of the Guarantors of any of the provisions of this Agreement and hereby further agree that, in the event of any
action for specific performance in respect of such breach, the Company shall (and shall cause each Guarantor to) waive the defense that a remedy at law would be adequate. 

20

 

	(b)
	No Inconsistent Agreements. The Company and each of the Guarantors have not entered, as of the date hereof, and the Company and each of
the Guarantors shall not enter, after the date of this Agreement, into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Securities in
this Agreement or otherwise conflicts with the provisions hereof. The Company and each of the Guarantors have not entered and will not enter into any agreement with respect to any of its securities
that will grant to any Person piggy-back rights with respect to a Registration Statement.

	(c)
	Adjustments Affecting Registrable Notes. The Company shall not, directly or indirectly, take any action with respect to the Registrable
Notes as a class that would adversely affect the ability of the Holders to include such Registrable Notes in a registration undertaken pursuant to this Agreement.

	(d)
	Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, otherwise than with the prior written consent of the Holders of not less than a majority in aggregate principal amount at maturity of the then
outstanding Registrable Notes in circumstances that would adversely affect any Holders of Registrable Notes; provided,  however, that Section 8 and
this Section 11(d) may not be amended, modified or supplemented without the prior written consent of each
Holder. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose
securities are being tendered pursuant to the Exchange Offer or sold pursuant to a Notes Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights
of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount at maturity of the Registrable Notes being tendered or being sold by such Holders
pursuant to such Notes Registration Statement.

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

	 	(i)	if to a Holder of Securities or to any Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar of the Notes, with
a copy in like manner to the Initial Purchaser as follows:
	

 	

 	

 	

Jefferies & Company, Inc.

520 Madison Avenue

12th Floor

New York, New York 10022

Facsimile No.: (212) 284-2280

Attention: Lloyd Feller, Esq.

	

 	

 	

with a copy to:
	

 	

 	

 	

Mayer, Brown, Rowe & Maw LLP

1675 Broadway

New York, New York 10019

Facsimile No.: (212) 262-1910

Attention: Ronald S. Brody, Esq.
	

 	

(ii)	

if to the Initial Purchaser, at the address specified in Section 11(e)(i);
	

 	

(iii)	

if to the Company or any Guarantor, as follows:
	 	 	 	 

21

 

	

 	

 	

 	

Eschelon Telecom Inc.

730 2nd Avenue South, Suite 1200

Minneapolis, MN 55402

Attention: J. Jeffrey Oxley
	

 	

 	

with a copy to:
	

 	

 	

 	

Piper Rudnick LLP

1775 Wiehle Avenue, Suite 400

Reston, VA 20190-5159

Attention: Edwin M. Martin, Esq.

All
such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the United States mail,
postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier guaranteeing overnight delivery; and when receipt is acknowledged by the addressee, if
telecopied. 

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

	(f)
	Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the
parties hereto, including, without limitation and without the need for an express assignment, subsequent Holders of Securities.

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

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

	(i)
	Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICT OF LAW. THE COMPANY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT
SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITS AND IN RESPECT OF
ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. THE COMPANY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY
AND ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE COMPANY IRREVOCABLY CONSENTS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TO THE SERVICE OF PROCESS OF
ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE COMPANY AT ITS SAID ADDRESS, SUCH SERVICE TO
BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER TO SERVE PROCESS IN ANY 

22

 

OTHER
MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY IN ANY OTHER JURISDICTION. 

	(j)
	Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and
restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

	(k)
	Securities Held by the Company or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Securities
is required hereunder, Securities held by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent
or approval was given by the Holders of such required percentage.

	(l)
	Third Party Beneficiaries. Holders and Participating Broker-Dealers are intended third party beneficiaries of this Agreement and this
Agreement may be enforced by such Persons.

	(m)
	Entire Agreement. This Agreement, together with the Purchase Agreement, the Indenture and the Collateral Agreements, is intended by the
parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written
agreements, representations, or warranties, contracts, understanding, correspondence, conversations and memoranda between the Initial Purchaser on the one hand and the Company and the Guarantors on
the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof
are merged herein and replaced hereby. 

        [Remainder of page intentionally left blank.] 

23

  

 
 

SIGNATURES    
    

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the date first written above. 

	 	 	ESCHELON OPERATING COMPANY
	

 	
 	

By:	

/s/  RICHARD A. SMITH      
 Name:  Richard A. Smith

Title:    President and Chief Executive Officer

24

 

	 	 	GUARANTORS:
	

 	
 	
ESCHELON TELECOM, INC.
	

 	
 	

By:	

/s/  RICHARD A. SMITH      
 Name:  Richard A. Smith

Title:    President and Chief Executive Officer
	

 	
 	
ESCHELON TELECOM OF MINNESOTA, INC.
	

 	
 	

By:	

/s/  RICHARD A. SMITH      
 Name:  Richard A. Smith

Title:    President and Chief Executive Officer
	

 	
 	
ESCHELON TELECOM OF WASHINGTON, INC.
	

 	
 	

By:	

/s/  RICHARD A. SMITH      
 Name:  Richard A. Smith

Title:    President and Chief Executive Officer
	

 	
 	
ESCHELON TELECOM OF COLORADO, INC.
	

 	
 	

By:	

/s/  RICHARD A. SMITH      
 Name:  Richard A. Smith

Title:    President and Chief Executive Officer
	

 	
 	
ESCHELON TELECOM OF NEVADA, INC.
	

 	
 	

By:	

/s/  RICHARD A. SMITH      
 Name:  Richard A. Smith

Title:    President and Chief Executive Officer
	

 	
 	
ESCHELON TELECOM OF UTAH, INC.
	

 	
 	

By:	

/s/  RICHARD A. SMITH      
 Name:  Richard A. Smith

Title:    President and Chief Executive Officer
	

 	
 	
ESCHELON TELECOM OF OREGON, INC.
	

 	
 	

By:	

/s/  RICHARD A. SMITH      
 Name:  Richard A. Smith

Title:    President and Chief Executive Officer
	

 	
 	
ESCHELON TELECOM OF ARIZONA, INC.
	

 	
 	

By:	

/s/  RICHARD A. SMITH      
 Name:  Richard A. Smith

Title:    President and Chief Executive Officer

25

 

	ACCEPTED AND AGREED TO:
	
JEFFERIES & COMPANY, INC.
	

By:	

/s/  M. KENT WARNER      
	

 
	Name:	M. Kent Warner	 
	Title:	Managing Director	 

26

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