Document:

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                                                                   EXHIBIT 10.12

                           BELDEN & BLAKE CORPORATION

                       8.75% SENIOR SECURED NOTES DUE 2012

                      UNCONDITIONALLY GUARANTEED AS TO THE
                         PAYMENT OF PRINCIPAL, PREMIUM,
                             IF ANY, AND INTEREST BY
                    THE GUARANTORS NAMED ON SCHEDULE I HERETO

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                                    July 7, 2004

Goldman, Sachs & Co.
85 Broad Street
New York, New York 10004

Ladies and Gentlemen:

            Belden & Blake Corporation, an Ohio corporation (the "Company"),
proposes to issue and sell to Goldman, Sachs & Co. (the "Purchaser") upon the
terms set forth in the Purchase Agreement (as defined herein) its 8.75% Senior
Secured Notes due 2012, which are unconditionally guaranteed by the Guarantors
named on Schedule I hereto. As an inducement to the Purchaser to enter into the
Purchase Agreement and in satisfaction of a condition to the obligations of the
Purchaser thereunder, the Company and the Guarantors agree with the Purchaser
for the benefit of holders (as defined herein) from time to time of the
Registrable Securities (as defined herein) as follows:

            1. Certain Definitions. For purposes of this Exchange and
Registration Rights Agreement (this "Exchange and Registration Rights
Agreement"), the following terms shall have the following respective meanings:

            "Base Interest" shall mean the interest that would otherwise accrue
      on the Securities under the terms thereof and the Indenture, without
      giving effect to the provisions of this Exchange and Registration Rights
      Agreement.

            The term "broker-dealer" shall mean any broker or dealer registered
      with the Commission under the Exchange Act.

            "Closing Date" shall mean the date on which the Securities are
      initially issued.

            "Commission" shall mean the United States Securities and Exchange
      Commission, or any other federal agency at the time administering the
      Exchange Act or the Securities Act, whichever is the relevant statute for
      the particular purpose.

            "DTC" shall mean The Depository Trust Company.

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            "Effective Time," in the case of (i) an Exchange Registration, shall
      mean the time and date as of which the Commission declares the Exchange
      Registration Statement effective or as of which the Exchange Registration
      Statement otherwise becomes effective and (ii) a Shelf Registration, shall
      mean the time and date as of which the Commission declares the Shelf
      Registration Statement effective or as of which the Shelf Registration
      Statement otherwise becomes effective.

            "Electing Holder" shall mean any holder of Registrable Securities
      that has returned a completed and signed Notice and Questionnaire to the
      Company in accordance with Section 3(d)(i) or 3(d)(ii) hereof.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, or
      any successor thereto, as the same shall be amended from time to time.

            "Exchange Offer" shall have the meaning assigned thereto in Section
      2(a) hereof.

            "Exchange Registration" shall have the meaning assigned thereto in
      Section 3(c) hereof.

            "Exchange Registration Statement" shall have the meaning assigned
      thereto in Section 2(a) hereof.

            "Exchange Securities" shall have the meaning assigned thereto in
      Section 2(a) hereof.

            "Guarantors" shall have the meaning assigned thereto in the
      Indenture.

            The term "holder" shall mean the Purchaser and other persons who
      acquire Registrable Securities from time to time (including any successors
      or assigns), in each case for so long as such person owns any Registrable
      Securities.

            "Indenture" shall mean the Indenture, dated as of July 7, 2004,
      among the Company, the Guarantors and BNY Midwest Trust Company, as
      Trustee, as the same shall be amended from time to time.

            "Majority Electing Holders" means the Electing Holders of a majority
      of the aggregate principal amount of outstanding Registrable Securities.

            "Notice and Questionnaire" means a Notice of Registration Statement
      and Selling Securityholder Questionnaire substantially in the form of
      Exhibit A hereto.

            The term "person" shall mean a corporation, association,
      partnership, organization, business, individual, government or political
      subdivision thereof or governmental agency.

            "Purchase Agreement" shall mean the Purchase Agreement, dated as of
      July 1, 2004, among the Purchaser, the Guarantors and the Company,
      relating to the Securities.

            "Registrable Securities" shall mean the Securities; provided,
      however, that a Security shall cease to be a Registrable Security when (i)
      in the circumstances contemplated by Section 2(a) hereof, the Security has
      been exchanged for an Exchange Security in an Exchange Offer as
      contemplated in Section 2(a) hereof (provided that any Exchange Security
      that, pursuant to the last two sentences of Section 2(a), is included in a
      prospectus for use in connection with resales by broker-dealers shall be
      deemed to be a Registrable Security with respect to Sections 5, 6 and 9
      until resale of such Registrable Security has been effected within the
      180-day period referred to in Section 2(a); (ii) in the circumstances
      contemplated by Section 2(b) hereof, a Shelf Registration Statement
      registering such

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      Security under the Securities Act has been declared or becomes effective
      and such Security has been sold or otherwise transferred by the holder
      thereof pursuant to and in a manner contemplated by such effective Shelf
      Registration Statement; (iii) such Security is sold pursuant to Rule 144
      under circumstances in which any legend borne by such Security relating to
      restrictions on transferability thereof, under the Securities Act or
      otherwise, is removed by the Company or pursuant to the Indenture; (iv)
      such Security is eligible to be sold pursuant to paragraph (k) of Rule
      144; or (v) such Security shall cease to be outstanding.

            "Registration Default" shall have the meaning assigned thereto in
      Section 2(c) hereof.

            "Registration Expenses" shall have the meaning assigned thereto in
      Section 4 hereof.

            "Resale Period" shall have the meaning assigned thereto in Section
      2(a) hereof.

            "Restricted Holder" shall mean (i) a holder that is an affiliate of
      the Company within the meaning of Rule 405, (ii) a holder who acquires
      Exchange Securities outside the ordinary course of such holder's business,
      (iii) a holder who has arrangements or understandings with any person to
      participate in the Exchange Offer for the purpose of distributing Exchange
      Securities and (iv) a holder that is a broker-dealer, but only with
      respect to Exchange Securities received by such broker-dealer pursuant to
      an Exchange Offer in exchange for Registrable Securities acquired by the
      broker-dealer directly from the Company.

            "Rule 144," "Rule 405" and "Rule 415" shall mean, in each case, such
      rule promulgated under the Securities Act (or any successor provision), as
      the same shall be amended from time to time.

            "Securities" shall mean, collectively, the 8.75% Senior Secured
      Notes due 2012 of the Company to be issued and sold to the Purchaser, and
      securities issued in exchange therefor or in lieu thereof pursuant to the
      Indenture. Each Security is entitled to the benefit of the guarantee
      provided for in the Indenture (the "Guarantee") and, unless the context
      otherwise requires, any reference herein to a "Security," an "Exchange
      Security" or a "Registrable Security" shall include a reference to the
      related Guarantee.

            "Securities Act" shall mean the Securities Act of 1933, or any
      successor thereto, as the same shall be amended from time to time.

            "Shelf Registration" shall have the meaning assigned thereto in
      Section 2(b) hereof.

            "Shelf Registration Statement" shall have the meaning assigned
      thereto in Section 2(b) hereof.

            "Special Interest" shall have the meaning assigned thereto in
      Section 2(c) hereof.

            "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, or
      any successor thereto, and the rules, regulations and forms promulgated
      thereunder, all as the same shall be amended from time to time.

            Unless the context otherwise requires, any reference herein to a
"Section" or "clause" refers to a Section or clause, as the case may be, of this
Exchange and Registration Rights Agreement, and the words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Exchange and
Registration Rights Agreement as a whole and not to any particular Section or
other subdivision.

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                  2. Registration Under the Securities Act.

            (a) Except as set forth in Section 2(b) below, the Company agrees to
      file under the Securities Act, as soon as practicable, but no later than
      90 days after the Closing Date, a registration statement relating to an
      offer to exchange (such registration statement, the "Exchange Registration
      Statement", and such offer, the "Exchange Offer") any and all of the
      Securities for a like aggregate principal amount of debt securities issued
      by the Company and guaranteed by the Guarantors, which debt securities and
      guarantee are substantially identical to the Securities and the related
      Guarantee, respectively (and are entitled to the benefits of a trust
      indenture which is substantially identical to the Indenture or is the
      Indenture and which has been qualified under the Trust Indenture Act),
      except that they have been registered pursuant to an effective
      registration statement under the Securities Act and do not contain
      provisions for the additional interest contemplated in Section 2(c) below
      (such new debt securities hereinafter called "Exchange Securities"). The
      Company agrees to use its commercially reasonable efforts to cause the
      Exchange Registration Statement to become effective under the Securities
      Act as soon as practicable, but no later than 180 days after the Closing
      Date. The Exchange Offer will be registered under the Securities Act on
      the appropriate form and will comply with all applicable tender offer
      rules and regulations under the Exchange Act. The Company further agrees
      to use its commercially reasonable efforts to commence and complete the
      Exchange Offer promptly, but no later than 30 business days after such
      registration statement has become effective, hold the Exchange Offer open
      for at least 20 business days and exchange Exchange Securities for all
      Registrable Securities that have been properly tendered and not withdrawn
      on or prior to the expiration of the Exchange Offer. The Exchange Offer
      will be deemed to have been "completed" only if the debt securities and
      related guarantee received by holders other than Restricted Holders in the
      Exchange Offer for Registrable Securities are, upon receipt, transferable
      by each such holder without restriction under the Securities Act and the
      Exchange Act and without material restrictions under the blue sky or
      securities laws of a substantial majority of the States of the United
      States of America. The Exchange Offer shall be deemed to have been
      completed upon the earlier to occur of (i) the Company having exchanged
      the Exchange Securities for all outstanding Registrable Securities
      pursuant to the Exchange Offer and (ii) the Company having exchanged,
      pursuant to the Exchange Offer, Exchange Securities for all Registrable
      Securities that have been properly tendered and not withdrawn before the
      expiration of the Exchange Offer, which shall be on a date that is at
      least 20 business days following the commencement of the Exchange Offer.
      The Company agrees (x) to include in the Exchange Registration Statement a
      prospectus for use in any resales by any holder of Exchange Securities
      that is a broker-dealer and (y) to keep such Exchange Registration
      Statement effective for a period (the "Resale Period") beginning when
      Exchange Securities are first issued in the Exchange Offer and ending upon
      the earlier of the expiration of the 180th day after the Exchange Offer
      has been completed or such time as such broker-dealers no longer own any
      Registrable Securities. With respect to such Exchange Registration
      Statement, such holders shall have the benefit of the rights of
      indemnification and contribution set forth in Sections 6(a), (c), (d) and
      (e) hereof.

            (b) If on or prior to the time the Exchange Offer is completed, the
      Company and the Guarantors are not (i) required to file the Exchange
      Registration Statement; or (ii) permitted to consummate the Exchange Offer
      because the Exchange Offer is not permitted by applicable law or
      Commission policy; or (iii) any holder of Registrable Securities notifies
      the Company prior to the 20th business day following consummation of the
      Exchange Offer that: (A) it is prohibited by law or Commission policy from
      participating in the Exchange Offer; (B)

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      it may not resell the Exchange Securities acquired by it in the Exchange
      Offer to the public without delivering a prospectus and the prospectus
      contained in the Exchange Registration Statement is not appropriate or
      available for such resales; or (C) it is a broker-dealer and owns
      Securities acquired directly from the Company or an affiliate of the
      Company, the Company shall, in lieu of (or, in the case of clause (iii),
      in addition to) conducting the Exchange Offer contemplated by Section
      2(a), file under the Securities Act as soon as practicable, but no later
      than the later of 30 days after the time such obligation to file arises, a
      "shelf" registration statement providing for the registration of, and the
      sale on a continuous or delayed basis by the holders of, all of the
      Registrable Securities, pursuant to Rule 415 or any similar rule that may
      be adopted by the Commission (such filing, the "Shelf Registration" and
      such registration statement, the "Shelf Registration Statement"). The
      Company agrees to use its commercially reasonable efforts (x) to cause the
      Shelf Registration Statement to become or be declared effective no later
      than 120 days after such Shelf Registration Statement is filed and to keep
      such Shelf Registration Statement continuously effective for a period
      ending on the earlier of the second anniversary of the Effective Time or
      such time as there are no longer any Registrable Securities outstanding,
      provided, however, that no holder shall be entitled to be named as a
      selling securityholder in the Shelf Registration Statement or to use the
      prospectus forming a part thereof for resales of Registrable Securities
      unless such holder is an Electing Holder, and (y) after the Effective Time
      of the Shelf Registration Statement, promptly upon the request of any
      holder of Registrable Securities that is not then an Electing Holder, to
      take any action reasonably necessary to enable such holder to use the
      prospectus forming a part thereof for resales of Registrable Securities,
      including, without limitation, any action necessary to identify such
      holder as a selling securityholder in the Shelf Registration Statement,
      provided, however, that nothing in this Clause (y) shall relieve any such
      holder of the obligation to return a completed and signed Notice and
      Questionnaire to the Company in accordance with Section 3(d)(ii) hereof.
      The Company further agrees to supplement or make amendments to the Shelf
      Registration Statement, as and when required by the rules, regulations or
      instructions applicable to the registration form used by the Company for
      such Shelf Registration Statement or by the Securities Act or rules and
      regulations thereunder for shelf registration, and the Company agrees to
      furnish to each Electing Holder copies of any such supplement or amendment
      prior to its being used or promptly following its filing with the
      Commission.

            (c) In the event that (i) the Company has not filed the Exchange
      Registration Statement or Shelf Registration Statement on or before the
      date on which such registration statement is required to be filed pursuant
      to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration
      Statement or Shelf Registration Statement has not become effective or been
      declared effective by the Commission on or before the date on which such
      registration statement is required to become or be declared effective
      pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange
      Offer has not been completed within 30 business days after the initial
      effective date of the Exchange Registration Statement relating to the
      Exchange Offer (if the Exchange Offer is then required to be made) or (iv)
      any Exchange Registration Statement or Shelf Registration Statement
      required by Section 2(a) or 2(b) hereof is filed and declared effective
      but shall thereafter either be withdrawn by the Company or shall become
      subject to an effective stop order issued pursuant to Section 8(d) of the
      Securities Act suspending the effectiveness of such registration statement
      (except as specifically permitted herein) without being succeeded
      immediately by an additional registration statement filed and declared
      effective (each such event referred to in clauses (i) through (iv), a
      "Registration Default" and each period during which a Registration Default
      has occurred and is continuing, a "Registration Default Period"), then, as
      liquidated damages for such Registration Default, subject to the
      provisions of Section 9(b), special interest ("Special Interest"), in
      addition to the Base Interest, shall accrue at a per annum rate

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      of 0.25% for the first 90 days of the Registration Default Period and will
      increase by an additional per annum rate of 0.25% with respect to each
      subsequent 90-day period until all Registration Defaults have been cured,
      up to a maximum per annum rate of 1.00%. In no event will the Company be
      required to pay Special Interest for more than one Registration Default at
      any given time.

            (d) The Company shall use commercially reasonable efforts, and shall
      cause the Guarantors to use commercially reasonable efforts, to ensure
      that the transactions contemplated herein are effected as so contemplated,
      including actions to register the Guarantee under the registration
      statement contemplated in Section 2(a) or 2(b) hereof, as applicable.

            (e) Any reference herein to a registration statement as of any time
      shall be deemed to include any document incorporated, or deemed to be
      incorporated, therein by reference as of such time and any reference
      herein to any post-effective amendment to a registration statement as of
      any time shall be deemed to include any document incorporated, or deemed
      to be incorporated, therein by reference as of such time.

            3. Registration Procedures.

                  If the Company files a registration statement pursuant to
Section 2(a) or Section 2(b), the following provisions shall apply:

            (a) At or before the Effective Time of the Exchange Offer or the
      Shelf Registration, as the case may be, the Company shall qualify the
      Indenture under the Trust Indenture Act of 1939.

            (b) In the event that such qualification would require the
      appointment of a new trustee under the Indenture, the Company shall
      appoint a new trustee thereunder pursuant to the applicable provisions of
      the Indenture.

            (c) In connection with the Company's obligations with respect to the
      registration of Exchange Securities as contemplated by Section 2(a) (the
      "Exchange Registration"), if applicable, the Company shall, as soon as
      practicable (or as otherwise specified):

                        (i) as soon as practicable prepare and file with the
                  Commission such amendments and supplements to such Exchange
                  Registration Statement and the prospectus included therein as
                  may be necessary to effect and maintain the effectiveness of
                  such Exchange Registration Statement for the periods and
                  purposes contemplated in Section 2(a) hereof and as may be
                  required by the applicable rules and regulations of the
                  Commission and the instructions applicable to the form of such
                  Exchange Registration Statement, and promptly provide each
                  broker-dealer holding Exchange Securities with such number of
                  copies of the prospectus included therein (as then amended or
                  supplemented), in conformity in all material respects with the
                  requirements of the Securities Act and the Trust Indenture Act
                  and the rules and regulations of the Commission thereunder, as
                  such broker-dealer reasonably may request prior to the
                  expiration of the Resale Period, for use in connection with
                  resales of Exchange Securities;

                        (ii) promptly notify each broker-dealer that has
                  requested or received copies of the prospectus included in
                  such registration statement, (A) when such Exchange
                  Registration Statement or the prospectus included therein or
                  any prospectus amendment or supplement or post-effective
                  amendment has been filed, and, with

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                  respect to such Exchange Registration Statement or any
                  post-effective amendment, when the same has become effective,
                  (B) with respect to counsel for Goldman, Sachs & Co., of any
                  comments by the Commission and by the blue sky or securities
                  commissioner or regulator of any state with respect thereto or
                  any request by the Commission for amendments or supplements to
                  such Exchange Registration Statement or prospectus or for
                  additional information, (C) of the issuance by the Commission
                  of any stop order suspending the effectiveness of such
                  Exchange Registration Statement or the initiation or
                  threatening of any proceedings for that purpose, (D) if at any
                  time the representations and warranties of the Company
                  contemplated by Section 5 cease to be true and correct in all
                  material respects, (E) of the receipt by the Company of any
                  notification with respect to the suspension of the
                  qualification of the Exchange Securities for sale in any
                  jurisdiction or the initiation or threatening of any
                  proceeding for such purpose, or (F) at any time during the
                  Resale Period when a prospectus is required to be delivered
                  under the Securities Act, that such Exchange Registration
                  Statement, prospectus, prospectus amendment or supplement or
                  post-effective amendment does not conform in all material
                  respects to the applicable requirements of the Securities Act
                  and the Trust Indenture Act and the rules and regulations of
                  the Commission thereunder or contains an untrue statement of a
                  material fact or omits to state any material fact required to
                  be stated therein or necessary to make the statements therein
                  not misleading in light of the circumstances then existing;

                        (iii) in the event that the Company would be required,
                  pursuant to Section 3(c)(ii)(F) above, to notify any
                  broker-dealers holding Exchange Securities, promptly prepare
                  and furnish to each such holder a reasonable number of copies
                  of a prospectus supplemented or amended so that, as thereafter
                  delivered to purchasers of such Exchange Securities during the
                  Resale Period, such prospectus shall conform in all material
                  respects to the applicable requirements of the Securities Act
                  and the Trust Indenture Act and the rules and regulations of
                  the Commission thereunder and shall 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 not misleading in light of the
                  circumstances then existing;

                        (iv) use commercially reasonable efforts to obtain the
                  withdrawal of any order suspending the effectiveness of such
                  Exchange Registration Statement or any post-effective
                  amendment thereto at the earliest practicable date;

                        (v) use commercially reasonable efforts to (A) register
                  or qualify the Exchange Securities under the securities laws
                  or blue sky laws of such jurisdictions as are contemplated by
                  Section 2(a) no later than the commencement of the Exchange
                  Offer, (B) keep such registrations or qualifications in effect
                  and comply with such laws so as to permit the continuance of
                  offers, sales and dealings therein in such jurisdictions until
                  the expiration of the Resale Period and (C) enable each
                  broker-dealer holding Exchange Securities to consummate the
                  disposition thereof in such jurisdictions; provided, however,
                  that neither the Company nor the Guarantors shall be required
                  for any such purpose to (1) qualify as a foreign corporation
                  in any jurisdiction wherein it would not otherwise be required
                  to qualify but for the requirements of this Section 3(c)(v),
                  (2) consent to general service of process in any such
                  jurisdiction or (3) make any changes to its certificate of
                  incorporation or by-laws or any agreement between it and its
                  stockholders;

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                        (vi) use commercially reasonable efforts to obtain the
                  consent or approval of each governmental agency or authority,
                  whether federal, state or local, which may be required to
                  effect the Exchange Registration, the Exchange Offer and the
                  offering and sale of Exchange Securities by broker-dealers
                  during the Resale Period;

                        (vii) provide a CUSIP number for all Exchange
                  Securities, not later than the applicable Effective Time;

                        (viii) comply with all applicable rules and regulations
                  of the Commission, and make generally available to its
                  securityholders as soon as practicable but no later than
                  eighteen months after the effective date of such Exchange
                  Registration Statement, an earning statement of the Company
                  and its subsidiaries complying with Section 11(a) of the
                  Securities Act (including, at the option of the Company, Rule
                  158 thereunder).

            As a condition to its participation in the Exchange Offer, each
holder of Registrable Securities (including, without limitation, any holder who
is a broker-dealer) shall furnish, upon the request of the Company, prior to the
consummation of the Exchange Offer, a written representation to the Company
(which may be contained in the letter of transmittal or agent's message
contemplated by the Exchange Offer Registration Statement) to the effect that
(A) it is not an Affiliate of the Company, (B) unless such holder is a
broker-dealer, it is not engaged in, and does not intend to engage in, and has
no arrangement or understanding with any person to participate in, a
distribution of the Exchange Securities to be issued in the Exchange Offer and
(C) it is acquiring the Exchange Securities in its ordinary course of business.
As a condition to its participation in the Exchange Offer each holder using the
Exchange Offer to participate in a distribution of the Exchange Securities shall
acknowledge and agree that, if the resales are of Exchange Securities obtained
by such holder in exchange for Exchange Securities acquired directly from the
Company or an Affiliate thereof, it (1) could not, under Commission policy as in
effect on the date of this Exchange and Registration Rights Agreement, rely on
the position of the Commission enunciated in Morgan Stanley and Co., Inc.
(available June 5, 1991) and Exxon Capital Holdings Corporation (available May
13, 1988), as interpreted in the Commission's letter to Shearman & Sterling
dated July 2, 1993, and similar no-action letters (including, if applicable, any
no-action letter obtained pursuant to clause (i) above), and (2) must comply
with the registration and prospectus delivery requirements of the Securities Act
in connection with a secondary resale transaction and that such a secondary
resale transaction must be covered by an effective registration statement
containing the selling security holder information required by Item 507 or 508,
as applicable, of Regulation S-K.

            (d) In connection with the Company's obligations with respect to the
      Shelf Registration, if applicable, the Company shall, as soon as
      practicable (or as otherwise specified):

                        (i) not less than 30 calendar days prior to the
                  Effective Time of the Shelf Registration Statement, mail the
                  Notice and Questionnaire to the holders of Registrable
                  Securities; no holder shall be entitled to be named as a
                  selling securityholder in the Shelf Registration Statement as
                  of the Effective Time, and no holder shall be entitled to use
                  the prospectus forming a part thereof for resales of
                  Registrable Securities at any time, unless such holder has
                  returned a completed and signed Notice and Questionnaire to
                  the Company by the deadline for response set forth therein;
                  provided, however, holders of Registrable Securities shall
                  have at least 20 calendar days from the date on which the
                  Notice and Questionnaire is first mailed to such holders to
                  return a completed and signed Notice and Questionnaire to the
                  Company;

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                        (ii) after the Effective Time of the Shelf Registration
                  Statement, upon the request of any holder of Registrable
                  Securities that is not then an Electing Holder, promptly send
                  a Notice and Questionnaire to such holder; provided that the
                  Company shall not be required to take any action to name such
                  holder as a selling securityholder in the Shelf Registration
                  Statement or to enable such holder to use the prospectus
                  forming a part thereof for resales of Registrable Securities
                  until such holder has returned a completed and signed Notice
                  and Questionnaire to the Company;

                        (iii)as soon as practicable prepare and file with the
                  Commission such amendments and supplements to such Shelf
                  Registration Statement and the prospectus included therein as
                  may be necessary to effect and maintain the effectiveness of
                  such Shelf Registration Statement for the period specified in
                  Section 2(b) hereof and as may be required by the applicable
                  rules and regulations of the Commission and the instructions
                  applicable to the form of such Shelf Registration Statement,
                  and furnish to the Electing Holders copies of any such
                  supplement or amendment simultaneously with or prior to its
                  being used or filed with the Commission;

                        (iv) comply with the provisions of the Securities Act
                  with respect to the disposition of all of the Registrable
                  Securities covered by such Shelf Registration Statement in
                  accordance with the intended methods of disposition by the
                  Electing Holders provided for in such Shelf Registration
                  Statement;

                        (v) provide (A) a representative of the Majority
                  Electing Holders, (B) the underwriters (which term, for
                  purposes of this Exchange and Registration Rights Agreement,
                  shall include a person deemed to be an underwriter within the
                  meaning of Section 2(a)(11) of the Securities Act), if any,
                  thereof, (C) any sales or placement agent therefor, (D)
                  counsel for any such underwriter of the Majority Electing
                  Holders or agent and (E) not more than one counsel for all the
                  Electing Holders the opportunity to participate in the
                  preparation of such Shelf Registration Statement, each
                  prospectus included therein or filed with the Commission and
                  each amendment or supplement thereto;

                        (vi) for a reasonable period prior to the filing of such
                  Shelf Registration Statement, and throughout the period
                  specified in Section 2(b), make available at reasonable times
                  at the Company's principal place of business or such other
                  reasonable place for inspection by the persons referred to in
                  Section 3(d)(v) who shall certify to the Company that they
                  have a current intention to sell the Registrable Securities
                  pursuant to the Shelf Registration such financial and other
                  information and books and records of the Company, and cause
                  the officers, employees, counsel and independent certified
                  public accountants of the Company to respond to such
                  inquiries, as shall be reasonably necessary, in the judgment
                  of the respective counsel referred to in such Section, to
                  conduct a reasonable investigation within the meaning of
                  Section 11 of the Securities Act; provided, however, that each
                  such party shall be required to maintain in confidence and not
                  to disclose to any other person any information or records
                  reasonably designated by the Company as being confidential,
                  until such time as (A) such information becomes a matter of
                  public record (whether by virtue of its inclusion in such
                  registration statement or otherwise), or (B) such person shall
                  be required so to disclose such information pursuant to a
                  subpoena or order of any court or other governmental agency or
                  body having jurisdiction over the matter (subject to the
                  requirements of such order, and only after

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                  such person shall have given the Company prompt prior written
                  notice of such requirement), or (C) such information is
                  required to be set forth in such Shelf Registration Statement
                  or the prospectus included therein or in an amendment to such
                  Shelf Registration Statement or an amendment or supplement to
                  such prospectus in order that such Shelf Registration
                  Statement, prospectus, amendment or supplement, as the case
                  may be, complies with applicable requirements of the federal
                  securities laws and the rules and regulations of the
                  Commission and does not contain an untrue statement of a
                  material fact or omit to state therein a material fact
                  required to be stated therein or necessary to make the
                  statements therein not misleading in light of the
                  circumstances then existing;

                        (vii) promptly notify a representative of the Majority
                  Electing Holders, DTC, any sales or placement agent therefor
                  and any underwriter thereof (which notification may be made
                  through any managing underwriter that is a representative of
                  such underwriter for such purpose) (A) when such Shelf
                  Registration Statement or the prospectus included therein or
                  any prospectus amendment or supplement or post-effective
                  amendment has been filed, and, with respect to such Shelf
                  Registration Statement or any post-effective amendment, when
                  the same has become effective, (B) in the case of any managing
                  underwriter, its counsel and counsel for the Electing Holders,
                  of any comments by the Commission and by the blue sky or
                  securities commissioner or regulator of any state with respect
                  thereto or any request by the Commission for amendments or
                  supplements to such Shelf Registration Statement or prospectus
                  or for additional information, (C) of the issuance by the
                  Commission of any stop order suspending the effectiveness of
                  such Shelf Registration Statement or the initiation or
                  threatening of any proceedings for that purpose, (D) if at any
                  time the representations and warranties of the Company
                  contemplated by Section 3(d)(xvi) or Section 5 cease to be
                  true and correct in all material respects, (E) of the receipt
                  by the Company of any notification with respect to the
                  suspension of the qualification of the Registrable Securities
                  for sale in any jurisdiction or the initiation or threatening
                  of any proceeding for such purpose, or (F) if at any time when
                  a prospectus is required to be delivered under the Securities
                  Act, that such Shelf Registration Statement, prospectus,
                  prospectus amendment or supplement or post-effective amendment
                  does not conform in all material respects to the applicable
                  requirements of the Securities Act and the Trust Indenture Act
                  and the rules and regulations of the Commission thereunder or
                  contains an untrue statement of a material fact or omits to
                  state any material fact required to be stated therein or
                  necessary to make the statements therein not misleading in
                  light of the circumstances then existing;

                        (viii) use commercially reasonable efforts to obtain the
                  withdrawal of any order suspending the effectiveness of such
                  registration statement or any post-effective amendment thereto
                  at the earliest practicable date;

                        (ix) if reasonably requested by any managing underwriter
                  or underwriters, any placement or sales agent or any Electing
                  Holder with respect to information relating to such Electing
                  Holder, promptly incorporate in a prospectus supplement or
                  post-effective amendment such information as is required by
                  the applicable rules and regulations of the Commission and as
                  such managing underwriter or underwriters, such agent or such
                  Electing Holder specifies should be included therein relating
                  to the terms of the sale of such Registrable Securities,
                  including information with respect to the principal amount of
                  Registrable Securities being sold by such Electing Holder or
                  agent or to any underwriters, the name and description of such
                  Electing

                                       10

<PAGE>

                  Holder, agent or underwriter, the offering price of such
                  Registrable Securities and any discount, commission or other
                  compensation payable in respect thereof, the purchase price
                  being paid therefor by such underwriters and with respect to
                  any other terms of the offering of the Registrable Securities
                  to be sold by such Electing Holder or agent or to such
                  underwriters; and make all required filings of such prospectus
                  supplement or post-effective amendment promptly after
                  notification of the matters to be incorporated in such
                  prospectus supplement or post-effective amendment;

                        (x) furnish to the representative of the Majority
                  Electing Holders, DTC, each placement or sales agent, if any,
                  therefor, each underwriter, if any, thereof and the respective
                  counsel referred to in Section 3(d)(v) an executed copy (or,
                  in the case of an Electing Holder, a conformed copy) of such
                  Shelf Registration Statement, each such amendment and
                  supplement thereto (and, if requested in writing by an
                  Electing Holder, placement or sales agent or underwriter, all
                  exhibits thereto and documents incorporated by reference
                  therein) and of the prospectus included in such Shelf
                  Registration Statement (including each preliminary prospectus
                  and any summary prospectus), in conformity in all material
                  respects with the applicable requirements of the Securities
                  Act and the Trust Indenture Act and the rules and regulations
                  of the Commission thereunder, and such other documents, as
                  such Electing Holder, agent, if any, and underwriter, if any,
                  may reasonably request in order to facilitate the offering and
                  disposition of the Registrable Securities owned by such
                  Electing Holder, offered or sold by such agent or underwritten
                  by such underwriter and to permit such Electing Holder, agent
                  and underwriter to satisfy the prospectus delivery
                  requirements of the Securities Act; and the Company hereby
                  consents to the use of such prospectus (including such
                  preliminary and summary prospectus) and any amendment or
                  supplement thereto by each such Electing Holder and by any
                  such agent and underwriter, in each case in the form most
                  recently provided to such person by the Company, in connection
                  with the offering and sale of the Registrable Securities
                  covered by the prospectus (including such preliminary and
                  summary prospectus) or any supplement or amendment thereto;

                        (xi) use commercially reasonable efforts to (A) register
                  or qualify the Registrable Securities to be included in such
                  Shelf Registration Statement under such securities laws or
                  blue sky laws of such jurisdictions as any Electing Holder and
                  each placement or sales agent, if any, therefor and
                  underwriter, if any, thereof shall reasonably request, (B)
                  keep such registrations or qualifications in effect and comply
                  with such laws so as to permit the continuance of offers,
                  sales and dealings therein in such jurisdictions during the
                  period the Shelf Registration is required to remain effective
                  under Section 2(b) above and for so long as may be necessary
                  to enable any such Electing Holder, agent or underwriter to
                  complete its distribution of Securities pursuant to such Shelf
                  Registration Statement and (C) enable each such Electing
                  Holder, agent, if any, and underwriter, if any, to consummate
                  the disposition in such jurisdictions of such Registrable
                  Securities; provided, however, that neither the Company nor
                  the Guarantors shall be required for any such purpose to (1)
                  qualify as a foreign corporation in any jurisdiction wherein
                  it would not otherwise be required to qualify but for the
                  requirements of this Section 3(d)(xi), (2) consent to general
                  service of process in any such jurisdiction or (3) make any
                  changes to its certificate of incorporation or by-laws or any
                  agreement between it and its stockholders;

                                       11

<PAGE>

                        (xii)use commercially reasonable efforts to obtain the
                  consent or approval of each governmental agency or authority,
                  whether federal, state or local, which may be required to
                  effect the Shelf Registration or the offering or sale in
                  connection therewith or to enable the selling holder or
                  holders to offer, or to consummate the disposition of, their
                  Registrable Securities;

                        (xiii) Unless any Registrable Securities shall be in
                  book-entry only form, cooperate with the representative of the
                  Majority Electing Holders and the managing underwriters, if
                  any, to facilitate the timely preparation and delivery of
                  certificates representing Registrable Securities to be sold,
                  which certificates shall not bear any restrictive legends;
                  and, in the case of an underwritten offering, enable such
                  Registrable Securities to be in such denominations and
                  registered in such names as the managing underwriters may
                  request at least two business days prior to any sale of the
                  Registrable Securities;

                        (xiv)provide a CUSIP number for all Registrable
                  Securities, not later than the applicable Effective Time;

                        (xv) enter into one or more underwriting agreements,
                  engagement letters, agency agreements, "best efforts"
                  underwriting agreements or similar agreements, as appropriate,
                  including customary provisions relating to indemnification and
                  contribution, and take such other actions in connection
                  therewith as the Majority Electing Holders shall request in
                  order to expedite or facilitate the disposition of such
                  Registrable Securities;

                        (xvi) whether or not an agreement of the type referred
                  to in Section 3(d)(xv) hereof is entered into and whether or
                  not any portion of the offering contemplated by the Shelf
                  Registration is an underwritten offering or is made through a
                  placement or sales agent or any other entity, (A) make such
                  representations and warranties to the Electing Holders and the
                  placement or sales agent, if any, therefor and the
                  underwriters, if any, thereof in form, substance and scope as
                  are customarily made in connection with an offering of debt
                  securities pursuant to any appropriate agreement or to a
                  registration statement filed on the form applicable to the
                  Shelf Registration; (B) obtain an opinion or opinions of
                  counsel to the Company in customary form and covering such
                  matters, of the type customarily covered by such an opinion,
                  as the managing underwriters, if any, or as the Majority
                  Electing Holders may reasonably request, addressed to such
                  Electing Holder or Electing Holders and the placement or sales
                  agent, if any, therefor and the underwriters, if any, thereof
                  and dated the effective date of such Shelf Registration
                  Statement (and if such Shelf Registration Statement
                  contemplates an underwritten offering of a part or all of the
                  Registrable Securities, dated the date of the closing under
                  the underwriting agreement relating thereto) (it being agreed
                  that the matters to be covered by such opinion shall include,
                  subject to customary exceptions to be agreed, the due
                  incorporation and good standing of the Company and its
                  subsidiaries; the qualification of the Company and its
                  subsidiaries to transact business as foreign corporations; the
                  due authorization, execution and delivery of the relevant
                  agreement of the type referred to in Section 3(d)(xv) hereof;
                  the due authorization, execution, authentication and issuance,
                  and the validity and enforceability, of the Securities; the
                  absence of material legal or governmental proceedings
                  involving the Company; the absence of a breach by the Company
                  or any of its subsidiaries of, or a default under, material
                  agreements binding upon the Company or any subsidiary of the
                  Company; the absence of governmental approvals required to be
                  obtained in connection with the Shelf

                                       12

<PAGE>

                  Registration, the offering and sale of the Registrable
                  Securities, this Exchange and Registration Rights Agreement or
                  any agreement of the type referred to in Section 3(d)(xv)
                  hereof, except such approvals as may be required under state
                  securities or blue sky laws; the material compliance as to
                  form of such Shelf Registration Statement and any documents
                  incorporated by reference therein and of the Indenture with
                  the requirements of the Securities Act and the Trust Indenture
                  Act and the rules and regulations of the Commission
                  thereunder, respectively; and, as of the date of the opinion
                  and of the Shelf Registration Statement or most recent
                  post-effective amendment thereto, as the case may be, the
                  absence from such Shelf Registration Statement and the
                  prospectus included therein, as then amended or supplemented,
                  and from the documents incorporated by reference therein (in
                  each case other than the financial statements and other
                  financial and accounting and reserve information contained
                  therein) of an untrue statement of a material fact or the
                  omission to state therein a material fact necessary to make
                  the statements therein not misleading (in the case of such
                  documents, in the light of the circumstances existing at the
                  time that such documents were filed with the Commission under
                  the Exchange Act)); (C) obtain a "cold comfort" letter or
                  letters from the independent certified public accountants of
                  the Company addressed to the selling Electing Holders, the
                  placement or sales agent, if any, therefor or the
                  underwriters, if any, thereof, dated (i) the effective date of
                  such Shelf Registration Statement and (ii) the effective date
                  of any prospectus supplement to the prospectus included in
                  such Shelf Registration Statement or post-effective amendment
                  to such Shelf Registration Statement which includes unaudited
                  or audited financial statements as of a date or for a period
                  subsequent to that of the latest such statements included in
                  such prospectus (and, if such Shelf Registration Statement
                  contemplates an underwritten offering pursuant to any
                  prospectus supplement to the prospectus included in such Shelf
                  Registration Statement or post-effective amendment to such
                  Shelf Registration Statement which includes unaudited or
                  audited financial statements as of a date or for a period
                  subsequent to that of the latest such statements included in
                  such prospectus, dated the date of the closing under the
                  underwriting agreement relating thereto), such letter or
                  letters to be in customary form and covering such matters of
                  the type customarily covered by letters of such type; (D)
                  deliver such documents and certificates, including officers'
                  certificates, as may be reasonably requested by the Majority
                  Electing Holders and the managing underwriters, if any,
                  thereof to evidence the accuracy of the representations and
                  warranties made pursuant to clause (A) above or those
                  contained in Section 5(a) hereof and the compliance with or
                  satisfaction of any agreements or conditions contained in the
                  underwriting agreement or other agreement entered into by the
                  Company or the Guarantors; and (E) undertake such obligations
                  relating to expense reimbursement, indemnification and
                  contribution as are provided in Section 6 hereof;

                        (xvii) notify in writing each holder of Registrable
                  Securities of any proposal by the Company to amend or waive
                  any provision of this Exchange and Registration Rights
                  Agreement pursuant to Section 9(h) hereof and of any amendment
                  or waiver effected pursuant thereto, each of which notices
                  shall contain the text of the amendment or waiver proposed or
                  effected, as the case may be;

                        (xviii) in the event that any broker-dealer registered
                  under the Exchange Act shall underwrite any Registrable
                  Securities or participate as a member of an underwriting
                  syndicate or selling group or "assist in the distribution"
                  (within the meaning of the Conduct Rules (the "Conduct Rules)
                  of the National Association of Securities Dealers, Inc.
                  ("NASD") or any successor thereto, as amended from time to
                  time)

                                       13

<PAGE>

                  thereof, whether as a holder of such Registrable Securities or
                  as an underwriter, a placement or sales agent or a broker or
                  dealer in respect thereof, or otherwise, assist such
                  broker-dealer in complying with the requirements of such
                  Conduct Rules, including by (A) if such Conduct Rules shall so
                  require, engaging a "qualified independent underwriter" (as
                  defined in such Conduct Rules) to participate in the
                  preparation of the Shelf Registration Statement relating to
                  such Registrable Securities, to exercise usual standards of
                  due diligence in respect thereto and, if any portion of the
                  offering contemplated by such Shelf Registration Statement is
                  an underwritten offering or is made through a placement or
                  sales agent, to recommend the yield of such Registrable
                  Securities, (B) indemnifying any such qualified independent
                  underwriter to the extent of the indemnification of
                  underwriters provided in Section 6 hereof (or to such other
                  customary extent as may be requested by such underwriter), and
                  (C) providing such information to such broker-dealer as may be
                  required in order for such broker-dealer to comply with the
                  requirements of the Conduct Rules; and

                        (xix)comply with all applicable rules and regulations of
                  the Commission, and make generally available to its
                  securityholders as soon as practicable but in any event not
                  later than eighteen months after the effective date of such
                  Shelf Registration Statement, an earning statement of the
                  Company and its subsidiaries complying with Section 11(a) of
                  the Securities Act (including, at the option of the Company,
                  Rule 158 thereunder).

            (e) In the event that the Company would be required, pursuant to
      Section 3(d)(vii)(F) above, to notify the Electing Holders, the placement
      or sales agent, if any, therefor and the managing underwriters, if any,
      thereof, the Company shall without delay prepare and furnish to each of
      the Electing Holders, to each placement or sales agent, if any, and to
      each such underwriter, if any, a reasonable number of copies of a
      prospectus supplemented or amended so that, as thereafter delivered to
      purchasers of Registrable Securities, such prospectus shall conform in all
      material respects to the applicable requirements of the Securities Act and
      the Trust Indenture Act and the rules and regulations of the Commission
      thereunder and shall 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 not misleading in light of the
      circumstances then existing. Each Electing Holder agrees that upon receipt
      of any notice from the Company pursuant to Section 3(d)(vii)(F) hereof,
      such Electing Holder shall forthwith discontinue the disposition of
      Registrable Securities pursuant to the Shelf Registration Statement
      applicable to such Registrable Securities until such Electing Holder shall
      have received copies of such amended or supplemented prospectus, and if so
      directed by the Company, such Electing Holder shall deliver to the Company
      (at the Company's expense) all copies, other than permanent file copies,
      then in such Electing Holder's possession of the prospectus covering such
      Registrable Securities at the time of receipt of such notice.

            (f) In the event of a Shelf Registration, in addition to the
      information required to be provided by each Electing Holder in its Notice
      Questionnaire, the Company may require such Electing Holder to furnish to
      the Company such additional information regarding such Electing Holder and
      such Electing Holder's intended method of distribution of Registrable
      Securities as may be required in order to comply with the Securities Act.
      Each such Electing Holder agrees to notify the Company as promptly as
      practicable of any inaccuracy or change in information previously
      furnished by such Electing Holder to the Company or of the occurrence of
      any event in either case as a result of which any prospectus relating to
      such Shelf Registration contains or would contain an untrue statement of a
      material fact regarding

                                       14

<PAGE>

      such Electing Holder or such Electing Holder's intended method of
      disposition of such Registrable Securities or omits to state any material
      fact regarding such Electing Holder or such Electing Holder's intended
      method of disposition of such Registrable Securities required to be stated
      therein or necessary to make the statements therein not misleading in
      light of the circumstances then existing, and promptly to furnish to the
      Company any additional information required to correct and update any
      previously furnished information or required so that such prospectus shall
      not contain, with respect to such Electing Holder or the disposition of
      such Registrable Securities, an untrue statement of a material fact or
      omit to state a material fact required to be stated therein or necessary
      to make the statements therein not misleading in light of the
      circumstances then existing.

            (g) Until the expiration of two years after the Closing Date, the
      Company will not, and will not permit any of its "affiliates" (as defined
      in Rule 144) to, resell any of the Securities that have been reacquired by
      any of them except pursuant to an effective registration statement under
      the Securities Act.

            4. Registration Expenses.

                  The Company agrees to bear and to pay or cause to be paid
promptly all expenses incident to the Company's performance of or compliance
with this Exchange and Registration Rights Agreement, including (a) all
Commission and any NASD registration, filing and review fees and expenses
including fees and disbursements of counsel for the placement or sales agent or
underwriters in connection with such registration, filing and review, (b) all
fees and expenses in connection with the qualification of the Securities for
offering and sale under the State securities and blue sky laws referred to in
Section 3(d)(xi) hereof and determination of their eligibility for investment
under the laws of such jurisdictions as any managing underwriters or the
Electing Holders may designate, including any fees and disbursements of counsel
for the Electing Holders or underwriters in connection with such qualification
and determination, (c) all expenses relating to the preparation, printing,
production, distribution and reproduction of each registration statement
required to be filed hereunder, each prospectus included therein or prepared for
distribution pursuant hereto, each amendment or supplement to the foregoing, the
expenses of preparing the Securities for delivery and the expenses of printing
or producing any underwriting agreements, agreements among underwriters, selling
agreements and blue sky or legal investment memoranda and all other documents in
connection with the offering, sale or delivery of Securities to be disposed of
(including certificates representing the Securities), (d) messenger, telephone
and delivery expenses relating to the offering, sale or delivery of Securities
and the preparation of documents referred in clause (c) above, (e) fees and
expenses of the Trustee under the Indenture, any agent of the Trustee and any
counsel for the Trustee and of any collateral agent or custodian, (f) internal
expenses (including all salaries and expenses of the Company's officers and
employees performing legal or accounting duties), (g) fees, disbursements and
expenses of counsel and independent certified public accountants of the Company
(including the expenses of any opinions or "cold comfort" letters required by or
incident to such performance and compliance), (h) fees, disbursements and
expenses of any "qualified independent underwriter" engaged pursuant to Section
3(d)(xviii) hereof, (i) fees, disbursements and expenses of one counsel for the
Majority Electing Holders and one local counsel retained in connection with a
Shelf Registration, as selected by the Electing Holders of at least a majority
in aggregate principal amount of the Registrable Securities held by Electing
Holders (which counsel shall be reasonably satisfactory to the Company), (j) any
fees charged by securities rating services for rating the Securities, and (k)
fees, expenses and disbursements of any other persons, including special
experts, retained by the Company in connection with such registration
(collectively, the "Registration Expenses"). To the extent that any Registration
Expenses are incurred, assumed or paid by any holder of Registrable Securities
or any

                                       15

<PAGE>

placement or sales agent therefor or underwriter thereof, the Company shall
reimburse such person for the full amount of the Registration Expenses so
incurred, assumed or paid promptly after receipt of a request therefor.
Notwithstanding the foregoing, the holders of the Registrable Securities being
registered shall pay all agency fees and commissions and underwriting discounts
and commissions attributable to the sale of such Registrable Securities and the
fees and disbursements of any counsel or other advisors or experts retained by
such holders (severally or jointly), other than the counsel and experts
specifically referred to above.

            5. Representations and Warranties.

                  Each of the Company and the Guarantors represents and warrants
to, and agrees with, the Purchaser and each of the holders from time to time of
Registrable Securities that:

            (a) Each registration statement covering Registrable Securities and
      each prospectus (including any preliminary or summary prospectus)
      contained therein or furnished pursuant to Section 3(d) or Section 3(c)
      hereof and any further amendments or supplements to any such registration
      statement or prospectus, when it becomes effective or is filed with the
      Commission, as the case may be, and, in the case of an underwritten
      offering of Registrable Securities, at the time of the closing under the
      underwriting agreement relating thereto, will conform in all material
      respects to the requirements of the Securities Act and the Trust Indenture
      Act and the rules and regulations of the Commission thereunder and 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 not misleading; and at all times subsequent to the
      Effective Time when a prospectus would be required to be delivered under
      the Securities Act, other than from (i) such time as a notice has been
      given to holders of Registrable Securities pursuant to Section
      3(d)(vii)(F) or Section 3(c)(ii)(F) hereof until (ii) such time as the
      Company furnishes an amended or supplemented prospectus pursuant to
      Section 3(e) or Section 3(c)(iii) hereof, each such registration
      statement, and each prospectus (including any summary prospectus)
      contained therein or furnished pursuant to Section 3(d) or Section 3(c)
      hereof, as then amended or supplemented, will conform in all material
      respects to the requirements of the Securities Act and the Trust Indenture
      Act and the rules and regulations of the Commission thereunder and 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 not misleading in the light of the circumstances then
      existing; provided, however, that this representation and warranty shall
      not apply to any statements or omissions made in reliance upon and in
      conformity with information furnished in writing to the Company by a
      holder of Registrable Securities expressly for use therein.

            (b) Any documents incorporated by reference in any prospectus
      referred to in Section 5(a) hereof, when they become or became effective
      or are or were filed with the Commission, as the case may be, will conform
      or conformed in all material respects to the requirements of the
      Securities Act or the Exchange Act, as applicable, and none of such
      documents will contain or contained an untrue statement of a material fact
      or will omit or omitted to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading;
      provided, however, that this representation and warranty shall not apply
      to any statements or omissions made in reliance upon and in conformity
      with information furnished in writing to the Company by a holder of
      Registrable Securities expressly for use therein.

            (c) The compliance by the Company with all of the provisions of this
      Exchange and Registration Rights Agreement and the consummation of the
      transactions herein contemplated will not conflict with or result in a
      breach of any of the terms or provisions of,

                                       16

<PAGE>

      or constitute a default under, any indenture, mortgage, deed of trust,
      loan agreement or other agreement or instrument to which the Company or
      any subsidiary of the Company is a party or by which the Company or any
      subsidiary of the Company is bound or to which any of the property or
      assets of the Company or any subsidiary of the Company is subject, nor
      will such action result in any violation of the provisions of the
      certificate of incorporation, as amended, or the by-laws of the Company or
      any Guarantor or any statute or any order, rule or regulation of any court
      or governmental agency or body having jurisdiction over the Company or any
      subsidiary of the Company or any of their properties; and no consent,
      approval, authorization, order, registration or qualification of or with
      any such court or governmental agency or body is required for the
      consummation by the Company and the Guarantors of the transactions
      contemplated by this Exchange and Registration Rights Agreement, except
      the registration under the Securities Act of the Securities, qualification
      of the Indenture under the Trust Indenture Act and such consents,
      approvals, authorizations, registrations or qualifications as may be
      required under State securities or blue sky laws in connection with the
      offering and distribution of the Securities.

            (d) This Exchange and Registration Rights Agreement has been duly
      authorized, executed and delivered by the Company and the Guarantors.

            6. Indemnification.

            (a) Indemnification by the Company and the Guarantors. The Company
      and the Guarantors, jointly and severally, will indemnify and hold
      harmless each of the holders of Registrable Securities included in an
      Exchange Registration Statement, each of the Electing Holders of
      Registrable Securities included in a Shelf Registration Statement and each
      person who participates as a placement or sales agent or as an underwriter
      in any offering or sale of such Registrable Securities against any losses,
      claims, damages or liabilities, joint or several, to which such holder,
      agent or underwriter may become subject under the Securities Act or
      otherwise, insofar as such losses, claims, damages or liabilities (or
      actions in respect thereof) arise out of or are based upon an untrue
      statement or alleged untrue statement of a material fact contained in any
      Exchange Registration Statement or Shelf Registration Statement, as the
      case may be, under which such Registrable Securities were registered under
      the Securities Act, or any preliminary, final or summary prospectus
      contained therein or furnished by the Company to any such holder, Electing
      Holder, agent or underwriter, or any amendment or supplement thereto, or
      arise out of or are based upon the omission or alleged omission to state
      therein a material fact required to be stated therein or necessary to make
      the statements therein not misleading, and will reimburse such holder,
      such Electing Holder, such agent and such underwriter for any legal or
      other expenses reasonably incurred by them in connection with
      investigating or defending any such action or claim as such expenses are
      incurred; provided, however, that neither the Company nor the Guarantors
      shall be liable to any such person in any such case to the extent that any
      such loss, claim, damage or liability arises out of or is based upon an
      untrue statement or alleged untrue statement or omission or alleged
      omission made in such registration statement, or preliminary, final or
      summary prospectus, or amendment or supplement thereto, in reliance upon
      and in conformity with written information furnished to the Company by
      such person expressly for use therein.

            (b) Indemnification by the Holders and any Agents and Underwriters.
      The Company may require, as a condition to including any Registrable
      Securities in any registration statement filed pursuant to Section 2(b)
      hereof and to entering into any underwriting agreement with respect
      thereto, that the Company shall have received an undertaking reasonably
      satisfactory to it from the Electing Holder of such Registrable Securities
      and from

                                       17

<PAGE>

      each underwriter named in any such underwriting agreement, severally and
      not jointly, to (i) indemnify and hold harmless the Company, the
      Guarantors, and all other holders of Registrable Securities, against any
      losses, claims, damages or liabilities to which the Company, the
      Guarantors or such other holders of Registrable Securities may become
      subject, under the Securities Act or otherwise, insofar as such losses,
      claims, damages or liabilities (or actions in respect thereof) arise out
      of or are based upon an untrue statement or alleged untrue statement of a
      material fact contained in such registration statement, or any
      preliminary, final or summary prospectus contained therein or furnished by
      the Company to any such Electing Holder, agent or underwriter, or any
      amendment or supplement thereto, or arise out of or are based upon the
      omission or alleged omission to state therein a material fact required to
      be stated therein or necessary to make the statements therein not
      misleading, in each case to the extent, but only to the extent, that such
      untrue statement or alleged untrue statement or omission or alleged
      omission was made in reliance upon and in conformity with written
      information furnished to the Company by such Electing Holder or
      underwriter expressly for use therein, and (ii) reimburse the Company and
      the Guarantors for any legal or other expenses reasonably incurred by the
      Company and the Guarantors in connection with investigating or defending
      any such action or claim as such expenses are incurred; provided, however,
      that no such Electing Holder shall be required to undertake liability to
      any person under this Section 6(b) for any amounts in excess of the dollar
      amount of the proceeds to be received by such Electing Holder from the
      sale of such Electing Holder's Registrable Securities pursuant to such
      registration.

            (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
      party under subsection (a) or (b) above of written notice of the
      commencement of any action, such indemnified party shall, if a claim in
      respect thereof is to be made against an indemnifying party pursuant to
      the indemnification provisions of or contemplated by this Section 6,
      notify such indemnifying party in writing of the commencement of such
      action; but the omission so to notify the indemnifying party shall not
      relieve it from any liability which it may have to any indemnified party
      otherwise than under the indemnification provisions of or contemplated by
      Section 6(a) or 6(b) hereof. In case any such action shall be brought
      against any indemnified party and it shall notify an indemnifying party of
      the commencement thereof, such indemnifying party shall be entitled to
      participate therein and, to the extent that it shall wish, jointly with
      any other indemnifying party similarly notified, to assume the defense
      thereof, with counsel reasonably satisfactory to such indemnified party
      (who shall not, except with the consent of the indemnified party, be
      counsel to the indemnifying party), and, after notice from the
      indemnifying party to such indemnified party of its election so to assume
      the defense thereof, such indemnifying party shall not be liable to such
      indemnified party for any legal expenses of other counsel or any other
      expenses, in each case subsequently incurred by such indemnified party, in
      connection with the defense thereof other than reasonable costs of
      investigation. No indemnifying party shall, without the written consent of
      the indemnified party, effect the settlement or compromise of, or consent
      to the entry of any judgment with respect to, any pending or threatened
      action or claim in respect of which indemnification or contribution may be
      sought hereunder (whether or not the indemnified party is an actual or
      potential party to such action or claim) unless such settlement,
      compromise or judgment (i) includes an unconditional release of the
      indemnified party from all liability arising out of such action or claim
      and (ii) does not include a statement as to or an admission of fault,
      culpability or a failure to act by or on behalf of any indemnified party.

            (d) Contribution. If for any reason the indemnification provisions
      contemplated by Section 6(a) or Section 6(b) are unavailable to or
      insufficient to hold harmless an indemnified party in respect of any
      losses, claims, damages or liabilities (or actions in respect thereof)
      referred to therein, then each indemnifying party shall contribute to the

                                       18

<PAGE>

      amount paid or payable by such indemnified party as a result of such
      losses, claims, damages or liabilities (or actions in respect thereof) in
      such proportion as is appropriate to reflect the relative fault of the
      indemnifying party and the indemnified party in connection with the
      statements or omissions which resulted in such losses, claims, damages or
      liabilities (or actions in respect thereof), as well as any other relevant
      equitable considerations. The relative fault of such indemnifying party
      and indemnified party shall be determined by reference to, among other
      things, whether the 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 by such indemnified
      party, and the parties' relative intent, knowledge, access to information
      and opportunity to correct or prevent such statement or omission. The
      parties hereto agree that it would not be just and equitable if
      contributions pursuant to this Section 6(d) were determined by pro rata
      allocation (even if the holders or any agents or underwriters or all of
      them were treated as one entity for such purpose) or by any other method
      of allocation which does not take account of the equitable considerations
      referred to in this Section 6(d). The amount paid or payable by an
      indemnified party as a result of the losses, claims, damages, or
      liabilities (or actions in respect thereof) referred to above shall be
      deemed to include any legal or other fees or expenses reasonably incurred
      by such indemnified party in connection with investigating or defending
      any such action or claim. Notwithstanding the provisions of this Section
      6(d), no holder shall be required to contribute any amount in excess of
      the amount by which the dollar amount of the proceeds received by such
      holder from the sale of any Registrable Securities (after deducting any
      fees, discounts and commissions applicable thereto) exceeds the amount of
      any damages which such holder has otherwise been required to pay by reason
      of such untrue or alleged untrue statement or omission or alleged
      omission, and no underwriter shall be required to contribute any amount in
      excess of the amount by which the total price at which the Registrable
      Securities underwritten by it and distributed to the public were offered
      to the public exceeds the amount of any damages which such underwriter 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' and any underwriters'
      obligations in this Section 6(d) to contribute shall be several in
      proportion to the principal amount of Registrable Securities registered or
      underwritten, as the case may be, by them and not joint.

            (e) The obligations of the Company and the Guarantors under this
      Section 6 shall be in addition to any liability which the Company or the
      Guarantors may otherwise have and shall extend, upon the same terms and
      conditions, to each officer, director and partner of each holder, agent
      and underwriter and each person, if any, who controls any holder, agent or
      underwriter within the meaning of the Securities Act; and the obligations
      of the holders and any agents or underwriters contemplated by this Section
      6 shall be in addition to any liability which the respective holder, agent
      or underwriter may otherwise have and shall extend, upon the same terms
      and conditions, to each officer and director of the Company or the
      Guarantors (including any person who, with his consent, is named in any
      registration statement as about to become a director of the Company or the
      Guarantors) and to each person, if any, who controls the Company within
      the meaning of the Securities Act.

            7. Underwritten Offerings.

            (a) Selection of Underwriters. If any of the Registrable Securities
      covered by the Shelf Registration are to be sold pursuant to an
      underwritten offering, the managing underwriter or underwriters thereof
      shall be designated by Electing Holders holding at least a majority in

                                       19

<PAGE>

      aggregate principal amount of the Registrable Securities to be included in
      such offering, provided that such designated managing underwriter or
      underwriters is or are reasonably acceptable to the Company.

            (b) Participation by Holders. Each holder of Registrable Securities
      hereby agrees with each other such holder that no such holder may
      participate in any underwritten offering hereunder unless such holder (i)
      agrees to sell such holder's Registrable Securities on the basis provided
      in any underwriting arrangements approved by the persons entitled
      hereunder to approve such arrangements and (ii) completes and executes all
      questionnaires, powers of attorney, indemnities, underwriting agreements
      and other documents reasonably required under the terms of such
      underwriting arrangements.

            8. Rule 144.

                  Until such time as Registrable Securities cease to be
outstanding, the Company covenants to the holders of Registrable Securities that
to the extent it shall be required to do so under the Exchange Act, the Company
shall timely file the reports required to be filed by it under the Exchange Act
or the Securities Act (including the reports under Section 13 and 15(d) of the
Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the
Commission under the Securities Act) and the rules and regulations adopted by
the Commission thereunder, and shall take such further action as any holder of
Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitations of the exemption
provided by Rule 144 under the Securities Act, as such Rule may be amended from
time to time, or any similar or successor rule or regulation hereafter adopted
by the Commission. Upon the request of any holder of Registrable Securities in
connection with that holder's sale pursuant to Rule 144, the Company shall
deliver to such holder a written statement as to whether it has complied with
such requirements.

            9. Miscellaneous.

            (a) No Inconsistent Agreements. The Company represents, warrants,
      covenants and agrees that it has not granted, and shall not grant,
      registration rights with respect to Registrable Securities or any other
      securities which would be inconsistent with the terms contained in this
      Exchange and Registration Rights Agreement.

            (b) Specific Performance. The parties hereto acknowledge that there
      would be no adequate remedy at law if the Company fails to perform any of
      its obligations hereunder and that the Purchaser and the holders from time
      to time of the Registrable Securities may be irreparably harmed by any
      such failure, and accordingly agree that the Purchaser and such holders,
      in addition to any other remedy to which they may be entitled at law or in
      equity, shall be entitled to compel specific performance of the
      obligations of the Company under this Exchange and Registration Rights
      Agreement in accordance with the terms and conditions of this Exchange and
      Registration Rights Agreement, in any court of the United States or any
      State thereof having jurisdiction.

            (c) Notices. All notices, requests, claims, demands, waivers and
      other communications hereunder shall be in writing and shall be deemed to
      have been duly given when delivered by hand, if delivered personally or by
      courier, or three days after being deposited in the mail (registered or
      certified mail, postage prepaid, return receipt requested) as follows: If
      to the Company, to it at 5200 Stoneham Road, North Canton, Ohio 44720, and
      if to a holder, to the address of such holder set forth in the security
      register or other records of the Company, or to such other address as the
      Company or any such holder may have furnished to the other

                                       20

<PAGE>

      in writing in accordance herewith, except that notices of change of
      address shall be effective only upon receipt.

            (d) Parties in Interest. All the terms and provisions of this
      Exchange and Registration Rights Agreement shall be binding upon, shall
      inure to the benefit of and shall be enforceable by the parties hereto and
      the holders from time to time of the Registrable Securities and the
      respective successors and assigns of the parties hereto and such holders.
      In the event that any transferee of any holder of Registrable Securities
      shall acquire Registrable Securities, in any manner, whether by gift,
      bequest, purchase, operation of law or otherwise, such transferee shall,
      without any further writing or action of any kind, be deemed a beneficiary
      hereof for all purposes and such Registrable Securities shall be held
      subject to all of the terms of this Exchange and Registration Rights
      Agreement, and by taking and holding such Registrable Securities such
      transferee shall be entitled to receive the benefits of, and be
      conclusively deemed to have agreed to be bound by all of the applicable
      terms and provisions of this Exchange and Registration Rights Agreement.
      If the Company shall so request, any such successor, assign or transferee
      shall agree in writing to acquire and hold the Registrable Securities
      subject to all of the applicable terms hereof.

            (e) Survival. The respective indemnities, agreements,
      representations, warranties and each other provision set forth in this
      Exchange and Registration Rights Agreement or made pursuant hereto shall
      remain in full force and effect regardless of any investigation (or
      statement as to the results thereof) made by or on behalf of any holder of
      Registrable Securities, any director, officer or partner of such holder,
      any agent or underwriter or any director, officer or partner thereof, or
      any controlling person of any of the foregoing, and shall survive delivery
      of and payment for the Registrable Securities pursuant to the Purchase
      Agreement and the transfer and registration of Registrable Securities by
      such holder and the consummation of an Exchange Offer.

            (f) GOVERNING LAW. THIS EXCHANGE AND REGISTRATION RIGHTS AGREEMENT
      SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
      STATE OF NEW YORK.

            (g) Headings. The descriptive headings of the several Sections and
      paragraphs of this Exchange and Registration Rights Agreement are inserted
      for convenience only, do not constitute a part of this Exchange and
      Registration Rights Agreement and shall not affect in any way the meaning
      or interpretation of this Exchange and Registration Rights Agreement.

            (h) Entire Agreement; Amendments. This Exchange and Registration
      Rights Agreement and the other writings referred to herein (including the
      Indenture and the form of Securities) or delivered pursuant hereto which
      form a part hereof contain the entire understanding of the parties with
      respect to its subject matter. This Exchange and Registration Rights
      Agreement supersedes all prior agreements and understandings between the
      parties with respect to its subject matter. This Exchange and Registration
      Rights Agreement may be amended and the observance of any term of this
      Exchange and Registration Rights Agreement may be waived (either generally
      or in a particular instance and either retroactively or prospectively)
      only by a written instrument duly executed by the Company and the holders
      of at least a majority in aggregate principal amount of the Registrable
      Securities at the time outstanding. Each holder of any Registrable
      Securities at the time or thereafter outstanding shall be bound by any
      amendment or waiver effected pursuant to this Section 9(h), whether or not
      any notice, writing or marking indicating such amendment or waiver appears
      on such Registrable Securities or is delivered to such holder.

            (i) Inspection. For so long as this Exchange and Registration Rights
      Agreement shall be in effect, this Exchange and Registration Rights
      Agreement and a complete list of the

                                       21

<PAGE>

      names and addresses of all the holders of Registrable Securities shall be
      made available for inspection and copying on any business day by any
      holder of Registrable Securities for proper purposes only (which shall
      include any purpose related to the rights of the holders of Registrable
      Securities under the Securities, the Indenture and this Exchange and
      Registration Rights Agreement) at the offices of the Company at the
      address thereof set forth in Section 9(c) above and at the office of the
      Trustee under the Indenture.

            (j) Counterparts. This Exchange and Registration Rights Agreement
      may be executed by the parties in counterparts, each of which shall be
      deemed to be an original, but all such respective counterparts shall
      together constitute one and the same instrument.

                                       22

<PAGE>

            If the foregoing is in accordance with your understanding, please
sign and return to us six counterparts hereof, and upon the acceptance hereof by
you, this letter and such acceptance hereof shall constitute a binding agreement
among the Purchaser, the Guarantors and the Company.

                                        Very truly yours,

                                        Belden & Blake Corporation

                                        By: /s/ Robert W. Peshek
                                           -----------------------------
                                           Name: Robert W. Peshek
                                           Title: Senior Vice President and
                                                  Chief Financial Officer

                                        The Canton Oil & Gas Company

                                        By: /s/ Robert W. Peshek
                                           -----------------------------
                                           Name: Robert W. Peshek
                                           Title: Senior Vice President and
                                                  Chief Financial Officer

                                        Ward Lake Drilling, Inc.

                                        By: /s/ Robert W. Peshek
                                           -----------------------------
                                           Name: Robert W. Peshek
                                           Title: Senior Vice President and
                                                  Chief Financial Officer

<PAGE>

Accepted as of the date hereof:

Goldman, Sachs & Co.

By: /s/ Goldman, Sachs & Co.
   ---------------------------
     (Goldman, Sachs & Co.)
<PAGE>

                                                                      Schedule I

                                   Guarantors

The Canton Oil & Gas Company, an Ohio corporation

Ward Lake Drilling, Inc., a Michigan corporation

<PAGE>

EXHIBIT A

                           BELDEN & BLAKE CORPORATION

                         INSTRUCTION TO DTC PARTICIPANTS

                                (Date of Mailing)

                     URGENT - IMMEDIATE ATTENTION REQUESTED

                         DEADLINE FOR RESPONSE: [DATE] *

The Depository Trust Company ("DTC") has identified you as a DTC Participant
through which beneficial interests in Belden & Blake Corporation (the "Company")
8.75% Senior Secured Notes due 2012 (the "Securities") are held.

The Company is in the process of registering the Securities under the Securities
Act of 1933 for resale by the beneficial owners thereof. In order to have their
Securities included in the registration statement, beneficial owners must
complete and return the enclosed Notice of Registration Statement and Selling
Securityholder Questionnaire.

It is important that beneficial owners of the Securities receive a copy of the
enclosed materials as soon as possible as their rights to have the Securities
included in the registration statement depend upon their returning the Notice
and Questionnaire by [DEADLINE FOR RESPONSE]. Please forward a copy of the
enclosed documents to each beneficial owner that holds interests in the
Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact Belden & Blake
Corporation, 5200 Stoneham Road, North Canton, Ohio 44720, (330) 499-1660.

---------------
*Not less than 20 calendar days from date of mailing.

                                       A-1

<PAGE>

                           BELDEN & BLAKE CORPORATION

                        Notice of Registration Statement
                                       and
                      Selling Securityholder Questionnaire

                                     (Date)

Reference is hereby made to the Exchange and Registration Rights Agreement (the
"Exchange and Registration Rights Agreement") among Belden & Blake Corporation
(the "Company"), the Guarantors named therein and the Purchaser named therein.
Pursuant to the Exchange and Registration Rights Agreement, the Company has
filed with the United States Securities and Exchange Commission (the
"Commission") a registration statement on Form [__] (the "Shelf Registration
Statement") for the registration and resale under Rule 415 of the Securities Act
of 1933, as amended (the "Securities Act"), of the Company's 8.75% Senior
Secured Notes due 2012 (the "Securities"). A copy of the Exchange and
Registration Rights Agreement is attached hereto. All capitalized terms not
otherwise defined herein shall have the meanings ascribed thereto in the
Exchange and Registration Rights Agreement.

Each beneficial owner of Registrable Securities (as defined below) is entitled
to have the Registrable Securities beneficially owned by it included in the
Shelf Registration Statement. In order to have Registrable Securities included
in the Shelf Registration Statement, this Notice of Registration Statement and
Selling Securityholder Questionnaire ("Notice and Questionnaire") must be
completed, executed and delivered to the Company's counsel at the address set
forth herein for receipt ON OR BEFORE [DEADLINE FOR RESPONSE]. Beneficial owners
of Registrable Securities who do not complete, execute and return this Notice
and Questionnaire by such date (i) will not be named as selling securityholders
in the Shelf Registration Statement and (ii) may not use the Prospectus forming
a part thereof for resales of Registrable Securities.

Certain legal consequences arise from being named as a selling securityholder in
the Shelf Registration Statement and related Prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not being
named as a selling securityholder in the Shelf Registration Statement and
related Prospectus.

The term "Registrable Securities" is defined in the Exchange and Registration
Rights Agreement.

                                       A-2

<PAGE>

                                    ELECTION

The undersigned holder (the "Selling Securityholder") of Registrable Securities
hereby elects to include in the Shelf Registration Statement the Registrable
Securities beneficially owned by it and listed below in Item (3). The
undersigned, by signing and returning this Notice and Questionnaire, agrees to
be bound with respect to such Registrable Securities by the terms and conditions
of this Notice and Questionnaire and the Exchange and Registration Rights
Agreement, including, without limitation, Section 6 of the Exchange and
Registration Rights Agreement, as if the undersigned Selling Securityholder were
an original party thereto.

Upon any sale of Registrable Securities pursuant to the Shelf Registration
Statement, the Selling Securityholder will be required to deliver to the Company
and Trustee the Notice of Transfer set forth in Appendix A to the Prospectus and
as Exhibit B to the Exchange and Registration Rights Agreement.

The Selling Securityholder hereby provides the following information to the
Company and represents and warrants that such information is accurate and
complete:

                                       A-3

<PAGE>

                                  QUESTIONNAIRE

(1)   (a)   Full Legal Name of Selling Securityholder:

      (b)   Full Legal Name of Registered Holder (if not the same as in (a)
            above) of Registrable Securities Listed in Item (3) below:

      (c)   Full Legal Name of DTC Participant (if applicable and if not the
            same as (b) above) Through Which Registrable Securities Listed in
            Item (3) below are Held:

(2)         Address for Notices to Selling Securityholder:

            ________________
            ________________
            ________________
            Telephone:      ____________________
            Fax:            ____________________
            Contact Person: ____________________

(3)         Beneficial Ownership of Securities:

            Except as set forth below in this Item (3), the undersigned does not
            beneficially own any Securities.

      (a)   Principal amount of Registrable Securities beneficially owned:
            ____________________________________________________________________
            CUSIP No(s). of such Registrable Securities:________________________

      (b)   Principal amount of Securities other than Registrable Securities
            beneficially owned:_________________________________________________
            CUSIP No(s). of such other Securities:______________________________

      (c)   Principal amount of Registrable Securities which the undersigned
            wishes to be included in the Shelf Registration Statement:
            ___________________________________________________________________
            CUSIP No(s). of such Registrable Securities to be included in the
            Shelf Registration Statement:______________________________________

(4)         Beneficial Ownership of Other Securities of the Company:

            Except as set forth below in this Item (4), the undersigned Selling
            Securityholder is not the beneficial or registered owner of any
            other securities of the Company, other than the Securities listed
            above in Item (3).

            State any exceptions here:

(5)         Relationships with the Company:

                                       A-4

<PAGE>

            Except as set forth below, neither the Selling Securityholder nor
            any of its affiliates, officers, directors or principal equity
            holders (5% or more) has held any position or office or has had any
            other material relationship with the Company (or its predecessors or
            affiliates) during the past three years.

            State any exceptions here:

(6)         Plan of Distribution:

            Except as set forth below, the undersigned Selling Securityholder
            intends to distribute the Registrable Securities listed above in
            Item (3) only as follows (if at all): Such Registrable Securities
            may be sold from time to time directly by the undersigned Selling
            Securityholder or, alternatively, through underwriters,
            broker-dealers or agents. Such Registrable Securities may be sold in
            one or more transactions at fixed prices, at prevailing market
            prices at the time of sale, at varying prices determined at the time
            of sale, or at negotiated prices. Such sales may be effected in
            transactions (which may involve crosses or block transactions) (i)
            on any national securities exchange or quotation service on which
            the Registered Securities may be listed or quoted at the time of
            sale, (ii) in the over-the-counter market, (iii) in transactions
            otherwise than on such exchanges or services or in the
            over-the-counter market, or (iv) through the writing of options. In
            connection with sales of the Registrable Securities or otherwise,
            the Selling Securityholder may enter into hedging transactions with
            broker-dealers, which may in turn engage in short sales of the
            Registrable Securities in the course of hedging the positions they
            assume. The Selling Securityholder may also sell Registrable
            Securities short and deliver Registrable Securities to close out
            such short positions, or loan or pledge Registrable Securities to
            broker-dealers that in turn may sell such securities.

            State any exceptions here:

By signing below, the Selling Securityholder acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions of
the Exchange Act and the rules and regulations thereunder, particularly
Regulation M.

In the event that the Selling Securityholder transfers all or any portion of the
Registrable Securities listed in Item (3) above after the date on which such
information is provided to the Company, the Selling Securityholder agrees to
notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Exchange and
Registration Rights Agreement.

By signing below, the Selling Securityholder consents to the disclosure of the
information contained herein in its answers to Items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and
related Prospectus. The Selling Securityholder understands that such information
will be relied upon by the Company in connection with the preparation of the
Shelf Registration Statement and related Prospectus.

In accordance with the Selling Securityholder's obligation under Section 3(d) of
the Exchange and Registration Rights Agreement to provide such information as
may be required by law for inclusion in the Shelf Registration Statement, the
Selling Securityholder agrees to promptly notify the Company of any inaccuracies
or changes in the information provided herein which

                                       A-5

<PAGE>

may occur subsequent to the date hereof at any time while the Shelf Registration
Statement remains in effect. All notices hereunder and pursuant to the Exchange
and Registration Rights Agreement shall be made in writing, by hand-delivery,
first-class mail, or air courier guaranteeing overnight delivery as follows:

            (i)   To the Company:

                              Belden & Blake Corporation
                              5200 Stoneham Road
                              North Canton, Ohio 44720
                              Attn: [        ]

            (ii)  With a copy to:

                              ____________________________
                              ____________________________
                              ____________________________
                              ____________________________
                              ____________________________

Once this Notice and Questionnaire is executed by the Selling Securityholder and
received by the Company's counsel, the terms of this Notice and Questionnaire,
and the representations and warranties contained herein, shall be binding on,
shall inure to the benefit of and shall be enforceable by the respective
successors, heirs, personal representatives, and assigns of the Company and the
Selling Securityholder (with respect to the Registrable Securities beneficially
owned by such Selling Securityholder and listed in Item (3) above. This Exchange
and Registration Rights Agreement shall be governed in all respects by the laws
of the State of New York.

                                       A-6

<PAGE>

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this
Notice and Questionnaire to be executed and delivered either in person or by its
duly authorized agent.

Dated:_________________

            ____________________________________________________________________
            Selling Securityholder
            (Print/type full legal name of beneficial owner of Registrable
            Securities)

            By:_________________________________________________________________
            Name:
            Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY'S COUNSEL AT:

            Belden & Blake Corporation
            5200 Stoneham Road
            North Canton, Ohio 44720
            Attn: [        ]

            With a copy to:

            [        ]

            [        ]

            [        ]

                                       A-7

<PAGE>

                                                                       EXHIBIT B

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

BNY Midwest Trust Company
2 North LaSalle Street, Suite 1020
Chicago, Illinois 60602

Attention: Trust Officer

      Re:   Belden & Blake Corporation (the "Company")
            8.75% Senior Secured Notes due 2012

Dear Sirs:

Please be advised that ____________ has transferred $_________________ aggregate
principal amount of the above-referenced Notes pursuant to an effective
Registration Statement on Form [____] (File No. 333-___) filed by the Company.

We hereby certify that the prospectus delivery requirements, if any, of the
Securities Act of 1933, as amended, have been satisfied and that the above-named
beneficial owner of the Notes is named as a "Selling Holder" in the Prospectus
dated [DATE] or in supplements thereto, and that the aggregate principal amount
of the Notes transferred are the Notes listed in such Prospectus opposite such
owner's name.

Dated:

                                          Very truly yours,

                                              __________________________
                                              (Name)

                                          By: ________________________
                                              (Authorized Signature)

                                       B-1<PAGE>

                                                                     EXHIBIT 4.2

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

                          REGISTRATION RIGHTS AGREEMENT

                           DATED AS OF MARCH 23, 2004

                                  BY AND AMONG

                                   MGM MIRAGE

                                       AND

         THE SUBSIDIARY GUARANTORS LISTED ON THE SIGNATURE PAGES HEREOF,

                                ON THE ONE HAND,

                                       AND

                         DEUTSCHE BANK SECURITIES, INC.

                                       AND

                             THE INITIAL PURCHASERS,

                                ON THE OTHER HAND

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

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

      This REGISTRATION RIGHTS AGREEMENT (the "AGREEMENT") is made and entered
into on March 23, 2004, by and among MGM MIRAGE, a Delaware corporation (the
"COMPANY") and the subsidiary guarantors listed on the signature page of this
Agreement (the "SUBSIDIARY GUARANTORS"), on the one hand, and Deutsche Bank
Securities Inc. on its own behalf and as representative of and each of the other
Initial Purchasers named in Schedule A hereto (collectively, the "INITIAL
PURCHASERS"), on the other hand.

      This Agreement is made pursuant to that certain Purchase Agreement, dated
March 9, 2004 among the Company, the Subsidiary Guarantors and the Initial
Purchasers (the "PURCHASE AGREEMENT"), which provides for the sale by the
Company to the Initial Purchasers of an aggregate of $300,000,000 in principal
amount of the Company's 5-7/8% Senior Notes due 2014 (the "NOTES"), which are
guaranteed by the Subsidiary Guarantors. In order to induce the Initial
Purchasers to enter into the Purchase Agreement, the Company and the Subsidiary
Guarantors have agreed to provide to the Initial Purchasers and their direct and
indirect transferees the registration rights set forth in this Agreement. The
execution of this Agreement is a condition to the closing under the Purchase
Agreement.

      NOW, THEREFORE, in consideration of the foregoing premises and the mutual
promises contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are acknowledged, the parties hereto covenant
and agree as follows:

      1. DEFINITIONS.

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

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

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

      "ADDITIONAL INTEREST" shall have the meaning set forth in Section 2.5
hereof.

      "BROKER PROSPECTUS PERIOD" shall mean a period of at least 365 days after
the consummation of the Exchange Offer during which the Company shall make a
prospectus meeting the requirements of the 1933 Act available to all
Participating Broker-Dealers for use in connection with any resale of any
Exchange Notes acquired in the Exchange Offer.

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

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

                                       1
<PAGE>

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

      "EXCHANGE NOTES" shall mean the 5-7/8% Senior Notes due 2014 to be issued
by the Company and guaranteed by the Subsidiary Guarantors under the
Supplemental Indenture containing terms identical to the Notes in all material
respects (except for references to certain interest rate provisions,
restrictions on transfers and restrictive legends), to be offered to Holders of
Notes in exchange for Transfer Restricted Notes pursuant to the Exchange Offer.

      "EXCHANGE OFFER" shall mean the exchange offer by the Company and the
Subsidiary Guarantors of Exchange Notes for Transfer Restricted Notes pursuant
to Section 2.1 hereof.

      "EXCHANGE OFFER REGISTRATION" shall mean a registration under the 1933 Act
effected pursuant to Section 2.1 hereof.

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

      "EXCHANGE PERIOD" shall have the meaning set forth in Section 2.1 hereof.

      "EXISTING INDENTURE" shall mean that certain Indenture dated as of
February 27, 2004 by and among the Company, the Subsidiary Guarantors (for
purposes of this definition, as defined in the Existing Indenture) and U.S. Bank
National Association, as trustee.

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

      "INDENTURE" shall mean the Indenture relating to the Notes, dated as of
March 23, 2004, among the Company, the Subsidiary Guarantors, and U.S. Bank
National Association, as trustee, as the same may be amended, supplemented,
waived or otherwise modified from time to time in accordance with the terms
thereof.

      INITIAL PURCHASER" or "INITIAL PURCHASERS" shall have the meaning set
forth in the preamble.

      "MAJORITY HOLDERS" shall mean the Holders of a majority of the aggregate
principal amount of Outstanding (as defined in the Existing Indenture and the
Indenture, as applicable) Transfer Restricted Notes; provided that whenever the
consent or approval of Holders of a specified percentage of Transfer Restricted
Notes is required hereunder, Transfer Restricted Notes held by the Company and
other obligors on the Notes or any Affiliate (as defined in the Existing
Indenture and the Indenture, as applicable) of the Company or any Subsidiary
Guarantor

                                       2
<PAGE>

shall be disregarded in determining whether such consent or approval was given
by the Holders of such required percentage amount.

      "NOTES" shall have the meaning set forth in the preamble hereof.

      "PARTICIPATING BROKER-DEALER" shall mean any of the Initial Purchasers and
any other broker-dealer which makes a market in the Notes and exchanges Transfer
Restricted Notes in the Exchange Offer for Exchange Notes.

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

      "PRIVATE EXCHANGE" shall have the meaning set forth in Section 2.1 hereof.

      "PRIVATE EXCHANGE NOTES" shall have the meaning set forth in Section 2.1
hereof.

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

      "PURCHASE AGREEMENT" shall have the meaning set forth in the preamble.

      "REGISTRATION EXPENSES" shall mean any and all expenses incident to
performance of or compliance by the Company and the Subsidiary Guarantors with
this Agreement, including without limitation: (i) all SEC, stock exchange or
National Association of Securities Dealers, Inc. (the "NASD") registration and
filing fees, including, if applicable, the fees and expenses of any "qualified
independent underwriter' 'that is required to be retained by any holder of
Transfer Restricted Notes in accordance with the rules and regulations of the
NASD, (ii) all fees and expenses incurred in connection with compliance with
state securities or blue sky laws and compliance with the rules of the NASD
(including reasonable fees and disbursements of counsel for any underwriters or
Holders in connection with blue sky qualification of any of the Exchange Notes
or Transfer Restricted Notes and any filings with the NASD), (iii) all expenses
of any Persons in preparing or assisting in preparing, word processing, printing
and distributing any Registration Statement, any Prospectus, any amendments or
supplements thereto, any underwriting agreements, securities sales agreements
and other documents relating to the performance of and compliance with this
Agreement, (iv) all fees and expenses incurred in connection with the listing,
if any, of any of the Transfer Restricted Notes on any securities exchange or
exchanges, (v) all rating agency fees, (vi) the fees and disbursements of
counsel for the Company and the Subsidiary Guarantors and of the independent
public accountants of the Company and the Subsidiary Guarantors, including the
expenses of any special audits or "cold comfort" letters required by or incident
to such performance and compliance, (vii) the fees and expenses of the Trustee
(including the reasonable fees and disbursements of its counsel), and any escrow
agent or custodian, and (viii) any fees and disbursements of the underwriters
customarily required to be paid by issuers or sellers of securities and the fees
and expenses of any special

                                       3
<PAGE>

experts retained by the Company and the Subsidiary Guarantors in connection with
any Registration Statement, but excluding underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of Transfer
Restricted Notes by a Holder. Notwithstanding the foregoing, except as
specifically provided above, the Company and the Subsidiary Guarantors shall not
be responsible for the fees and expenses of the Initial Purchasers in connection
with the Exchange Offer, or the fees and expenses of counsel to the Initial
Purchasers in connection therewith.

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

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

      "SHELF REGISTRATION" shall mean a registration effected pursuant to
Section 2.2 hereof.

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

      "SUPPLEMENTAL INDENTURE" shall mean a supplemental indenture dated as of
the consummation of the Exchange Offer with respect to the issuance by the
Company of the Exchange Notes under the Existing Indenture, the form shall be
substantially as set forth on Exhibit A attached hereto.

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

      "TRANSFER RESTRICTED NOTES" shall mean the Notes and, if issued, the
Private Exchange Notes; provided, however, that the Notes and, if issued, the
Private Exchange Notes, shall cease to be Transfer Restricted Notes when (i)
such Transfer Restricted Note has been exchanged by a person (other than a
Participating Broker-Dealer) for an Exchange Note in the Exchange Offer, (ii)
following the exchange by a Participating Broker-Dealer in the Exchange Offer of
a Transfer Restricted Note for an Exchange Note, the date on which such Exchange
Note is sold to a purchaser who received from such Participating Broker-Dealer
on or prior to the date of such sale a copy of the prospectus contained in the
Exchange Offer Registration Statement, as amended or supplemented, (iii) such
Transfer Restricted Note has been effectively registered under the 1933 Act and
disposed of in accordance with the Shelf Registration Statement, (iv) such
Transfer Restricted Note is eligible for distribution to the public pursuant to
Rule 144(k) (or

                                       4
<PAGE>

any similar provision then in force, but not Rule 144A) under the 1933 Act, or
(v) such Transfer Restricted Note ceases to be outstanding.

      "TRUSTEE" shall mean the trustee with respect to the Notes under the
Existing Indenture and the Indenture.

      2. REGISTRATION UNDER THE 1933 ACT.

            2.1 EXCHANGE OFFER. The Company and the Subsidiary Guarantors shall,
for the benefit of the Holders, at the Company's and Subsidiary Guarantors'
cost, (A) file the Exchange Offer Registration Statement with the SEC on or
prior to the 135th day following the Closing Date, which Exchange Offer
Registration Statement shall be on an appropriate form under the 1933 Act and
shall relate to a proposed Exchange Offer and the issuance and delivery to the
Holders who so elect, in exchange for the Transfer Restricted Notes (other than
Private Exchange Notes), of a like principal amount of Exchange Notes, (B) use
their best efforts to have the Exchange Offer Registration Statement declared
effective by the SEC under the 1933 Act on or prior to the 180th day following
the Closing Date, (C) commence the Exchange Offer promptly after the Exchange
Offer Registration Statement is declared effective, (D) keep the Exchange Offer
open for acceptance for not less than 20 business days after notice thereof is
mailed to Holders (or longer if required by applicable law) (such period
referred to herein as the "EXCHANGE PERIOD") and consummate the Exchange Offer
no later than 30 business days following the date on which the Exchange Offer
Registration Statement is declared effective by the SEC, (E) use their best
efforts to issue, promptly after the end of the Exchange Period, Exchange Notes
in exchange for all Notes that have been properly tendered for exchange during
the Exchange Period and (F) use their best efforts to maintain the effectiveness
of the Exchange Offer Registration Statement during the Exchange Period and
thereafter until such time as the Company has issued Exchange Notes in exchange
for all Transfer Restricted Notes that have been properly tendered for exchange
during the Exchange Period. The Exchange Notes will be issued under the Existing
Indenture, as amended by the Supplemental Indenture, and will be of the same
class and series, and have the same CUSIP, as the Company's $225.0 million
aggregate principal amount 5-7/8% Senior Notes due 2014 issued under the
Existing Indenture (the "EXISTING NOTES"). Upon the effectiveness of the
Exchange Offer Registration Statement, the Company and the Subsidiary Guarantors
shall promptly commence the Exchange Offer, it being the objective of such
Exchange Offer to enable each Holder eligible and electing to exchange Transfer
Restricted Notes for Exchange Notes (assuming that such Holder makes certain
representations and warranties to the Company, including representations that
(a) it is not an affiliate of the Company within the meaning of Rule 405 under
the 1933 Act, (b) any Exchange Notes to be received by it will be acquired in
the ordinary course of its business, (c) 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 Exchange Notes, (d) if such Holder is a broker-dealer that will receive
Exchange Notes for its own account in exchange for Transfer Restricted Notes
acquired as a result of market-making or other trading activities, that such
broker-dealer will deliver a prospectus in connection with any resale of such
Exchange Notes, and (e) it has no arrangements or understandings with any Person
to participate in the distribution of the Transfer Restricted Notes or the
Exchange Notes) to transfer such Exchange Notes from and after their receipt
without any limitations or restrictions under the 1933 Act and under state
securities or blue sky

                                       5
<PAGE>

laws. In connection with the Exchange Offer, the Company and the Subsidiary
Guarantors shall additionally:

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

            (b) permit Holders to withdraw tendered Transfer Restricted Notes at
      any time prior to 5:00 p.m. (Eastern Standard Time), on the last business
      day of the Exchange Period, by sending to the institution specified in the
      notice, a telegram, telex, facsimile transmission or letter setting forth
      the name of such Holder, the principal amount of Transfer Restricted Notes
      delivered for exchange, and a statement that such Holder is withdrawing
      such Holder's election to have such Notes exchanged;

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

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

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

      The Exchange Notes and the Private Exchange Notes shall be issued under
(i) the Existing Indenture or (ii) an indenture identical in all material
respects to the Existing Indenture and which, in either case, has been qualified
under the Trust Indenture Act of 1939, as amended (the "TIA"), or is exempt from
such qualification and shall provide that the Exchange Notes shall not be
subject to the transfer restrictions set forth in the Existing Indenture but
that the Private Exchange Notes shall be subject to such transfer restrictions.
The Exchange Notes, the Private Exchange Notes and the Existing Notes shall vote
and consent together on all matters as one class and none of the Exchange Notes,
the Private Exchange Notes or the Existing Notes will have the right to vote or
consent as a separate class on any matter. The Private Exchange Notes shall be
of the same series as, and the Company shall use all commercially reasonable
efforts to have the Private Exchange Notes bear the same CUSIP number as, the
Exchange Notes. The Company and the Subsidiary Guarantors shall not have any
liability under this Agreement solely as a result of such Private Exchange Notes
not bearing the same CUSIP number as the Exchange Notes.

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

                                       6
<PAGE>

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

            (ii) accept for exchange all Notes properly tendered pursuant to the
      Private Exchange;

            (iii) deliver to the Trustee for cancellation all Transfer
      Restricted Notes so accepted for exchange; and

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

      Interest on each Exchange Note and Private Exchange Note, including
Additional Interest, will accrue (a) from the later of (i) the last date on
which interest was paid on the Transfer Restricted Notes surrendered in exchange
therefor or (ii) if the Transfer Restricted Notes are 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 (b) if no interest has
been paid on the Transfer Restricted Notes, from the Closing Date. The Company
shall inform the Initial Purchasers of the names and addresses of the Holders to
whom the Exchange Offer is made, and the Initial Purchasers shall have the
right, but not the obligation, to contact such Holders and otherwise facilitate
the tender of Transfer Restricted Notes in the Exchange Offer.

            2.2 SHELF REGISTRATION. If,

            (i) the Company or any Subsidiary Guarantor is not permitted to file
      the Exchange Offer Registration Statement or to consummate the Exchange
      Offer because the Exchange Offer is not permitted by applicable law or SEC
      rules and regulations,

            (ii) for any other reason the Exchange Offer is not consummated
      within 210 days after the Closing Date,

            (iii) any Holder notifies the Company within 30 days following the
      date upon which the Exchange Offer Registration Statement is declared
      effective that:

                  (1) such Holder is not entitled to participate in the Exchange
            Offer,

                  (2) such Holder may not resell or otherwise transfer the
            Exchange Notes acquired by it in the Exchange Offer to the public
            without delivering a prospectus and the prospectus contained in the
            Exchange Offer Registration Statement is not appropriate for such
            resales by such Holder, or

                  (3) such Holder is a broker-dealer and owns Notes acquired
            directly from the Company or an affiliate of the Company, or

                                       7
<PAGE>

            (iv) the holders of a majority in aggregate principal amount of the
      Transfer Restricted Notes are not eligible to participate in the Exchange
      Offer and to receive Exchange Notes that they may resell to the public
      without volume restrictions under the 1933 Act and without similar
      restrictions under applicable blue sky or state securities laws,

then in case of each of clauses (i) through (iv) the Company and the Subsidiary
Guarantors shall promptly deliver to the Holders and the Trustee written notice
thereof and shall, at their cost:

            (a) file with the SEC as promptly as practicable (and, in any event
      on or prior to the 60th day after such filing obligation arises) and
      thereafter shall use their best efforts to cause to be declared effective
      no later than 180 days after such filing obligation arises, a Shelf
      Registration Statement relating to the offer and sale of the Transfer
      Restricted Notes by the Holders from time to time in accordance with the
      methods of distribution elected by the Holders of a majority in aggregate
      principal amount of Transfer Restricted Notes participating in the Shelf
      Registration and set forth in such Shelf Registration Statement; provided,
      however, that, if the obligation to file the Shelf Registration Statement
      arises because the Exchange Offer has not been consummated within 210 days
      after the Closing Date, the Company and Subsidiary Guarantors shall use
      their best efforts to file the Shelf Registration Statement on or prior to
      the 181st day following the Closing Date,

            (b) use their best efforts to keep the Shelf Registration Statement
      continuously effective, supplemented and amended (including through
      post-effective amendments on Form S-3 if the Company is eligible to use
      such Form) in order to permit the Prospectus forming part thereof to be
      usable by Holders for a period of two years from the date the Shelf
      Registration Statement is declared effective by the SEC, or for such
      shorter period that will terminate when all Transfer Restricted Notes
      covered by the Shelf Registration Statement have been sold pursuant to the
      Shelf Registration Statement or cease to be outstanding or otherwise to be
      Transfer Restricted Notes (the "EFFECTIVENESS PERIOD"); provided, however,
      that the Effectiveness Period in respect of the Shelf Registration
      Statement shall, upon written request to the Company, be extended to the
      extent required to permit dealers to comply with the applicable prospectus
      delivery requirements of Rule 174 under the 1933 Act and as otherwise
      provided herein, and

            (c) notwithstanding any other provisions hereof, use their best
      efforts to ensure that (i) any Shelf Registration Statement and any
      amendment thereto and any Prospectus forming part thereof and any
      supplement thereto complies in all material respects with the 1933 Act and
      the rules and regulations thereunder, (ii) any Shelf Registration
      Statement and any amendment thereto does not, when it becomes effective,
      contain an untrue statement of a material fact or omit to state a material
      fact required to be stated therein or necessary to make the statements
      therein not misleading and (iii) any Prospectus forming part of any Shelf
      Registration Statement, and any supplement to such Prospectus (as amended
      or supplemented from time to time), does not include an untrue statement
      of a material fact or omit to state a material fact necessary in order to
      make the statements, in light of the circumstances under which they were
      made, not misleading.

                                       8
<PAGE>

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

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

            2.4 EFFECTIVENESS.

            (a) The Company and the Subsidiary Guarantors will be deemed not to
      have used their best efforts to cause the Exchange Offer Registration
      Statement or the Shelf Registration Statement, as the case may be, to
      become, or to remain, effective during the requisite period if either the
      Company or any Subsidiary Guarantor voluntarily takes any action that
      would, or omits to take any action which omission would, result in any
      such Registration Statement not being declared effective, or in the
      Holders of Transfer Restricted Notes covered thereby not being able to
      exchange or offer and sell such Transfer Restricted Notes during that
      period as and to the extent contemplated hereby, unless such action is
      required by applicable law, in each case other than under the
      circumstances described in Sections 3(e)(iii), (iv), (v) or (vi) below.

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

            2.5 ADDITIONAL INTEREST. In the event that either,

            (a) the Exchange Offer Registration Statement is not filed with the
      SEC on or prior to the 135th calendar day following the Closing Date, or a
      Shelf Registration Statement is not filed with the SEC prior to the dates
      specified for such filing in Section 2.2 hereof;

            (b) the Exchange Offer Registration Statement has not been declared
      effective by the SEC under the 1933 Act on or prior to the 180th calendar
      day following the Closing Date, or a Shelf Registration Statement is not
      declared effective by the SEC under the 1933 Act on or prior to the 180th
      day after such filing obligation arises,

                                       9
<PAGE>

            (c) the Exchange Offer is not consummated within 210 days following
      the Closing Date,

            (d) a Shelf Registration Statement is declared effective but
      thereafter, during the period for which the Company and the Subsidiary
      Guarantors are required to maintain the effectiveness of such Shelf
      Registration Statement, it ceases to be effective or usable in connection
      with the resale of the Notes covered by such Shelf Registration Statement,
      or

            (e) the Exchange Offer Registration Statement is declared effective,
      but thereafter, during the Broker Prospectus Period, it ceases to be
      effective (or the Company or any Subsidiary Guarantor restricts the use of
      the prospectus included therein) (each such event referred to in these
      clauses (a) through (e) above, a "REGISTRATION DEFAULT"),

then, the interest rate borne by the Transfer Restricted Notes shall be
increased by one-quarter of one percent (0.25%) per annum with respect to the
first 90-day period (or portion thereof) while a Registration Default is
continuing immediately following the occurrence of such Registration Default,
which rate will increase by an additional one quarter of one percent (0.25%) per
annum at the beginning of each subsequent 90-day period (or portion thereof)
while a Registration Default is continuing until all Registration Defaults have
been cured, provided that the maximum aggregate increase in the interest rate on
the Transfer Restricted Notes will in no event exceed one percent (1.00%) per
annum (the "ADDITIONAL INTEREST"). Following the cure of all Registration
Defaults the accrual of Additional Interest will cease and the interest rate on
the Transfer Restricted Notes will revert to the original rate. Notwithstanding
the foregoing, any Registration Default specified in clause (a), (b) or (c) of
this Section that relates to the Exchange Offer Registration Statement or the
Exchange Offer shall be deemed cured at such time as the Shelf Registration
Statement is declared effective by the SEC, or earlier upon the cure of the
Registration Default described therein.

      If the Shelf Registration Statement is unusable by the Holders whose
Transfer Restricted Notes are covered thereby for any reason, and the aggregate
number of days in any consecutive twelve-month period for which the Shelf
Registration Statement shall not be usable exceeds 30 days in the aggregate,
then the interest rate borne by such Holders' Notes will be increased by
one-quarter of one percent (0.25%) per annum for the first 90-day period (or
portion thereof) beginning on the 31st day in any consecutive twelve-month
period that such Shelf Registration Statement ceases to be usable, which rate
shall be increased by an additional one-quarter of one percent (0.25%) per annum
at the beginning of each subsequent 90-day period (or portion thereof) in any
consecutive twelve-month period during which the Shelf Registration Statement is
unusable, provided that the maximum aggregate increase in the interest rate on
such Holder's Notes will in no event exceed one percent (1.00%) per annum. Any
amounts payable under this paragraph shall also be deemed "ADDITIONAL INTEREST"
for purposes of this Agreement. Upon any such Shelf Registration Statement once
again becoming usable, the interest rate borne by the Notes will be reduced to
the original interest rate if no other Registration Default shall be continuing
at such time. Additional Interest shall be computed based on the actual number
of days elapsed in each 90-day period in which the Shelf Registration Statement
is unusable.

                                       10
<PAGE>

      The Company shall notify the Trustee within three business days after each
and every date on which an event occurs in respect of which Additional Interest
is required to be paid (an "EVENT DATE"). Any Additional Interest due shall be
payable on each interest payment date to the Holder of Notes with respect to
which Additional Interest is due and owing. Each obligation to pay Additional
Interest shall be deemed to accrue from and including the day following the
applicable Event Date.

      3. REGISTRATION PROCEDURES.

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

            (a) prepare and file with the SEC a Registration Statement, within
      the relevant time period specified in Section 2, on the appropriate form
      under the 1933 Act and the rules promulgated thereunder, which form (i)
      shall be selected by the Company, (ii) shall, in the case of a Shelf
      Registration, be available for the sale of the Transfer Restricted Notes
      by the selling Holders thereof, (iii) shall comply as to form in all
      material respects with the requirements of the applicable form and include
      or incorporate by reference all financial statements required by the SEC
      to be filed therewith or incorporated by reference therein, and (iv) shall
      comply in all respects with the requirements of Regulation S-T under the
      1933 Act;

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

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

                                       11
<PAGE>

      Prospectus or any amendment or supplement thereto by each of the selling
      Holders of Transfer Restricted Notes in connection with the offering and
      sale of the Transfer Restricted Notes covered by the Prospectus or any
      amendment or supplement thereto;

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

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

            (f) in the case of the Exchange Offer Registration Statement (i)
      include in the Exchange Offer Registration Statement a section entitled
      "Plan of Distribution" which

                                       12
<PAGE>

      section shall be in customary form, and which shall contain a summary
      statement of the positions taken or policies made by the staff of the SEC
      with respect to the potential "underwriter" status of any broker-dealer
      that holds Transfer Restricted Notes acquired for its own account as a
      result of market-making activities or other trading activities and that
      will be the beneficial owner (as defined in Rule 13d-3 under the Exchange
      Act) of Exchange Notes to be received by such broker-dealer in the
      Exchange Offer, whether such positions or policies have been publicly
      disseminated by the staff of the SEC or such positions or policies,
      represent the prevailing views of the staff of the SEC, including a
      statement that any such broker-dealer who receives Exchange Notes for
      Transfer Restricted Notes pursuant to the Exchange Offer may be deemed a
      statutory underwriter and must deliver a prospectus meeting the
      requirements of the 1933 Act in connection with any resale of such
      Exchange Notes, (ii) furnish to each Participating Broker-Dealer who has
      delivered to the Company the notice referred to in Section 3(e), without
      charge, as many copies of each Prospectus included in the Exchange Offer
      Registration Statement, including any preliminary prospectus, and any
      amendment or supplement thereto, as such Participating Broker-Dealer may
      reasonably request, (iii) do hereby consent to the use of the Prospectus
      forming part of the Exchange Offer Registration Statement or any amendment
      or supplement thereto, by any Person subject to the prospectus delivery
      requirements of the SEC, including all Participating Broker-Dealers, in
      connection with the sale or transfer of the Exchange Notes covered by the
      Prospectus or any amendment or supplement thereto, and (iv) include in the
      transmittal letter or similar documentation to be executed by an exchange
      offeree in order to participate in the Exchange Offer (x) the following
      provision:

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

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

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

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

            (i) in the case of a Shelf Registration, cooperate with the selling
      Holders of Transfer Restricted Notes to facilitate the timely preparation
      and delivery of certificates

                                       13
<PAGE>

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

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

            (k) in the case of a Shelf Registration, a reasonable time prior to
      the filing of any Registration Statement, any Prospectus, any amendment to
      a Registration Statement or amendment or supplement to a Prospectus,
      provide copies of such document to the Initial Purchasers on behalf of
      such Holders; and make representatives of the Company and the Subsidiary
      Guarantors as shall be reasonably requested by the Holders of Transfer
      Restricted Notes, or the Initial Purchasers on behalf of such Holders,
      available for discussion of such document;

            (1) obtain a CUSIP number for all Exchange Notes, Private Exchange
      Notes or Transfer Restricted Notes, as the case may be (with the
      understanding that the CUSIP number for the Exchange Notes may be the same
      as the CUSIP number for an existing class of debt securities issued by the
      Company under the Existing Indenture), not later than the effective date
      of a Registration Statement, and provide the Trustee with certificates for
      the Exchange Notes, Private Exchange Notes or the Transfer Restricted
      Notes, as the case may be, in a form eligible for deposit with the
      Depositary;

            (m) (i) cause the Indenture to be qualified under the TIA in
      connection with the registration of the Transfer Restricted Notes, and
      cause or maintain, as the case may be, the Existing Indenture to be
      qualified under the TIA in connection with the registration of the
      Exchange Notes, (ii) cooperate with the Trustee and the Holders to effect
      such changes to the Existing Indenture and the Indenture as may be
      required for the Existing Indenture and the Indenture to be so qualified
      in accordance with the terms of the TIA and (iii) execute, and use their
      best efforts to cause the Trustee to execute, all documents as may be
      required to effect such changes, and all other forms and documents

                                       14
<PAGE>

      required to be filed with the SEC to enable the Existing Indenture and the
      Indenture to be so qualified in a timely manner;

            (n) in the case of a Shelf Registration, enter into agreements
      (including underwriting agreements) and take all other customary and
      appropriate actions in order to expedite or facilitate the disposition of
      such Transfer Restricted Notes and if so requested by the holders of such
      Transfer Restricted 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 of
            such Transfer Restricted Notes and the underwriters, if any, as the
            Company and the Subsidiary Guarantors are able to make, in form,
            substance and scope as are customarily made by issuers to
            underwriters in similar underwritten offerings as may be reasonably
            requested by them;

                  (ii) in connection with an underwritten registration, obtain
            opinions of counsel to the Company and the Subsidiary 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 principal
            amount of the Transfer Restricted Notes being sold) addressed to
            each selling Holder and the underwriters, if any, covering the
            matters customarily covered in opinions requested in sales of
            securities or underwritten offerings and such other matters as may
            be reasonably requested by such Holders and underwriters;

                  (iii) in connection with an underwritten registration, obtain
            "cold comfort" letters and updates thereof from the Company's and
            the Subsidiary Guarantor's independent certified public accountants
            (and, if necessary, any other independent certified public
            accountants of any subsidiary of the Company or of any business
            acquired by the Company for which financial statements are, or are
            required to be, included in the Registration Statement) addressed to
            the underwriters, if any, and use reasonable efforts to have such
            letter addressed to the selling Holders of Transfer Restricted Notes
            (to the extent consistent with Statement on Auditing Standards No.
            72 of the American Institute of Certified Public Accountants), such
            letters to be in customary form and covering matters of the type
            customarily covered in "cold comfort" letters to underwriters in
            connection with similar underwritten offerings;

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

                  (v) if an underwriting agreement is entered into, cause the
            same to set forth indemnification provisions and procedures
            substantially equivalent to the

                                       15
<PAGE>

            indemnification provisions and procedures set forth in Section 4
            hereof with respect to the underwriters and all other parties to be
            indemnified pursuant to said Section or, at the request of any
            underwriters, in the form customarily provided to such underwriters
            in similar types of transactions; and

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

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

            (o) in the case of a Shelf Registration or if a Prospectus is
      required to be delivered by any Participating Broker-Dealer in the case of
      an Exchange Offer, make available for inspection by representatives of the
      Holders of the Transfer Restricted Notes, any underwriters participating
      in any disposition pursuant to a Shelf Registration Statement, any
      Participating Broker-Dealer and any counsel or accountant retained by any
      of the foregoing, all non-confidential financial and other records,
      pertinent corporate documents and properties of the Company or any
      Subsidiary Guarantor reasonably requested by any such persons, and cause
      the respective officers, directors, employees, and any other agents of the
      Company and the Subsidiary Guarantors to supply all information reasonably
      requested by any such representative, underwriter, special counsel or
      accountant in connection with a Registration Statement, and make such
      representatives of the Company and the Subsidiary Guarantors available for
      discussion of such documents as shall be reasonably requested by such
      persons;

                  (i) if so requested by the Initial Purchasers, in the case of
            an Exchange Offer Registration Statement, a reasonable time prior to
            filing of any Exchange Offer Registration Statement, any Prospectus
            forming a part thereof, any amendment to an Exchange Offer
            Registration Statement or amendment or supplement to such
            Prospectus, provide copies of such document to the Initial
            Purchasers and to counsel to the Holders of Transfer Restricted
            Notes; and

                  (ii) in the case of a Shelf Registration, a reasonable time
            prior to filing any Shelf Registration Statement, any Prospectus
            forming a part thereof, any amendment to such Shelf Registration
            Statement or amendment or supplement to such Prospectus, provide
            copies of such documents to the Initial Purchasers, if so requested,
            to the Holders of Transfer Restricted Notes to be covered thereby,
            to counsel for such Holders designated by them and to the
            underwriter or underwriters of an underwritten offering of such
            Transfer Restricted Notes, if any, make such changes in any such
            document prior to the filing thereof relating to such Holders or
            such Transfer Restricted Notes as the counsel to the Holders or the
            underwriter or underwriters reasonably request and not file any such
            document in a form to which the holders of a majority in aggregate
            principal amount of Transfer Restricted Notes covered by such Shelf
            Registration

                                       16
<PAGE>

            Statement, counsel for such Holders of the Transfer Restricted Notes
            covered by such Shelf Registration Statement, or any underwriter
            shall not have previously been advised and furnished a copy of or to
            which the Majority Holders of Transfer Restricted Notes covered by
            such Shelf Registration Statement, counsel to such Holders or
            Transfer Restricted Notes or any underwriter shall reasonably
            object, and make the representatives of the Company and the
            Subsidiary Guarantors available for discussion of such document as
            shall be reasonably requested by such Holders of Transfer Restricted
            Notes, the counsel for such Holders of Transfer Restricted Notes or
            any underwriter;

            (p) in the case of a Shelf Registration, use their best efforts to
      cause all Transfer Restricted Notes to be listed on any securities
      exchange on which similar debt securities issued by the Company and the
      Subsidiary Guarantors are then listed if requested by the Holders of a
      majority in aggregate principal amount of such Transfer Restricted
      Securities covered by such Shelf Registration Statement, or if requested
      by the underwriter or underwriters of an underwritten offering of Transfer
      Restricted Notes, if any;

            (q) in the case of a Shelf Registration, use their best efforts to
      cause the Transfer Restricted Notes to be rated by the appropriate rating
      agencies, if so requested by the Holders of a majority in aggregate
      principal amount of the Transfer Restricted Notes covered by such Shelf
      Registration Statement, or if requested by the underwriter or underwriters
      of an underwritten offering of Transfer Restricted Notes, if any;

            (r) otherwise comply with all applicable rules and regulations of
      the SEC and make available to their security holders, as soon as
      reasonably practicable, an earnings statement covering at least 12 months
      which shall satisfy the provisions of Section 11 (a) of the 1933 Act and
      Rule 158 thereunder; and

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

      In the case of a Shelf Registration Statement, the Company and the
Subsidiary Guarantors may (as a condition to such Holder's participation in the
Shelf Registration) require each Holder of Transfer Restricted Notes to furnish
to the Company and Subsidiary Guarantors such information regarding the Holder
and the proposed distribution by such Holder of such Transfer Restricted Notes
as the Company and Subsidiary Guarantors may from time to time reasonably
request in writing.

      In the case of a Shelf Registration Statement, each Holder agrees that,
upon receipt of any notice from the Company or any Subsidiary Guarantor of the
happening of any event or the discovery of any facts, each of the kind described
in Section 3(e)(v) hereof, such Holder will forthwith discontinue disposition of
Transfer Restricted Notes pursuant to a Registration Statement until such
Holder's receipt of the copies of the supplemented or amended Prospectus

                                       17
<PAGE>

contemplated by Section 3(k) hereof, and, if so directed by the Company and
Subsidiary Guarantors, such Holder will deliver to the Company and Subsidiary
Guarantors (at its expense) all copies in such Holder's possession, other than
permanent file copies then in such Holder's possession, of the Prospectus
covering such Transfer Restricted Notes current at the time of receipt of such
notice.

      If any of the Transfer Restricted Notes covered by any Shelf Registration
Statement are to be sold in an underwritten offering, the underwriter or
underwriters and manager or managers that will manage such offering will be
selected by the Majority Holders of such Transfer Restricted Notes to be
included in such offering and shall be acceptable to the Company and Subsidiary
Guarantors. No Holder of Transfer Restricted Notes may participate in any
underwritten registration hereunder unless such Holder (a) agrees to sell such
Holder's Transfer Restricted 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.

      The Company covenants to, at the consummation of the Exchange Offer,
obtain reasonable and customary opinions of counsel, similar in substance and
scope to the opinions contemplated by the Purchase Agreement, related to any
additional collateral documents to be executed in connection with the
consummation of the Exchange Offer.

      4. INDEMNIFICATION; CONTRIBUTION.

            (a) The Company and the Subsidiary Guarantors agree to indemnify and
      hold harmless the Initial Purchasers and each of their affiliates and any
      other Person under common control with the Initial Purchasers, each
      Holder, each Participating Broker-Dealer, each Person who participates as
      an underwriter (any such Person being an "UNDERWRITER") and each Person,
      if any, who controls any Holder or Underwriter within the meaning of
      Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:

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

                  (ii) against any and all loss, liability, claim, damage and
            expense whatsoever, as incurred, to the extent of the aggregate
            amount paid in settlement of any litigation, or any investigation or
            proceeding by any governmental agency

                                       18
<PAGE>

            or body, commenced or threatened, or of any claim whatsoever based
            upon any such untrue statement or omission, or any such alleged
            untrue statement or omission; provided that (subject to Section 4(d)
            below) any such settlement is effected with the written consent of
            the Company and the Subsidiary Guarantors; and

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

provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information concerning any Holder or
Underwriter furnished to the Company by the Holder or Underwriter expressly for
use in a Registration Statement (or any amendment thereto) or any Prospectus (or
any amendment or supplement thereto); and provided, further, that the indemnity
agreement contained in this subsection (a) shall not inure to the benefit of any
Holder or Participating Broker-Dealer from whom the person asserting any such
losses, claims, damages or liabilities purchased the Notes concerned, to the
extent that a prospectus relating to such Notes was required to be delivered by
such Holder or Participating Broker-Dealer under the 1933 Act in connection with
such purchase and any such loss, claim, damage or liability of such Holder or
Participating Broker-Dealer results from the fact that there was not sent or
given to such person, at or prior to the sale of such Notes to such person, a
copy of such prospectus if the Company had previously furnished copies thereof
to such Holder or Participating Broker-Dealer.

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

                                       19
<PAGE>

            (c) Each indemnified party shall give notice as promptly as
      reasonably practicable to each indemnifying party of any action or
      proceeding commenced against it in respect of which indemnity may be
      sought hereunder, but failure so to notify an indemnifying party shall not
      relieve such indemnifying party from any liability hereunder to the extent
      it is not materially prejudiced as a result thereof and in any event shall
      not relieve it from any liability which it may have otherwise than on
      account of this indemnity agreement. An indemnifying party may participate
      at its own expense in the defense of such action; provided, however, that
      counsel to the indemnifying party shall not (except with the consent of
      the indemnified party) also be counsel to the indemnified party. In no
      event shall the indemnifying party or parties be liable for the fees and
      expenses of more than one counsel (in addition to any local counsel)
      separate from their own counsel for all indemnified parties in connection
      with any one action or separate but similar or related actions in the same
      jurisdiction arising out of the same general allegations or circumstances.
      No indemnifying party shall, without the prior written consent of the
      indemnified parties, settle or compromise or consent to the entry of any
      judgment with respect to any litigation, or any investigation or
      proceeding by any governmental agency or body, commenced or threatened, or
      any claim whatsoever in respect of which indemnification or contribution
      could be sought under this Section 4 (whether or not the indemnified
      parties are actual or potential parties thereto), unless such settlement,
      compromise or consent (i) includes an unconditional release of each
      indemnified party from all liability arising out of such litigation,
      investigation, proceeding or claim and (ii) does not include a statement
      as to or an admission of fault, culpability or a failure to act by or on
      behalf of any indemnified party.

            (d) If the indemnification provided for in this Section 4 is for any
      reason unavailable to or insufficient to hold harmless an indemnified
      party in respect of any losses, liabilities, claims, damages or expenses
      referred to therein, then each indemnifying party shall contribute to the
      aggregate amount of such losses, liabilities, claims, damages and expenses
      incurred by such indemnified party, as incurred, in such proportion as is
      appropriate to reflect the relative fault of the Company and the
      Subsidiary Guarantors, on the one hand, and the Holders and the Initial
      Purchasers, on the other hand, in connection with the statements or
      omissions which resulted in such losses, liabilities, claims, damages or
      expenses, as well as any other relevant equitable considerations.

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

      The Company, the Subsidiary Guarantors, the Holders and the Initial
Purchasers agree that it would not be just and equitable if contribution
pursuant to this Section 4 were determined by pro rata allocation (even if the
Initial Purchasers were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable considerations

                                       20
<PAGE>

referred to above in this Section 4. The aggregate amount of losses,
liabilities, claims, damages and expenses incurred by an indemnified party and
referred to above in this Section 4 shall be deemed to include any legal or
other expenses reasonably incurred by such indemnified party in investigating,
preparing or defending against any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever based upon any such untrue or alleged untrue statement or
omission or alleged omission.

      No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

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

      5. MISCELLANEOUS.

            5.1 RULE 144 AND RULE 144A. For so long as the Company and the
Subsidiary Guarantors are subject to the reporting requirements of Section 13 or
15 of the 1934 Act, the Company and the Subsidiary Guarantors covenant that they
will file and furnish the reports required to be filed by them under the 1933
Act and Section 13(a) or 15(d) of the 1934 Act and the rules and regulations
adopted by the SEC thereunder. If the Company and the Subsidiary Guarantors
cease to be so required to file and furnish such reports, the Company and
Subsidiary Guarantors covenant that they will upon the request of any Holder of
Transfer Restricted Notes (a) make publicly available such information as is
necessary to permit sales pursuant to Rule 144 under the 1933 Act, (b) deliver
such information to a prospective purchaser as is necessary to permit sales
pursuant to Rule 144A under the 1933 Act and take such further action as any
Holder of Transfer Restricted Notes may reasonably request, and (c) take such
further action that is reasonable in the circumstances, in each case, to the
extent required from time to time to enable such Holder to sell its Transfer
Restricted Notes without registration under the 1933 Act within the limitation
of the exemptions provided by (i) Rule 144 under the 1933 Act, as such Rule may
be amended from time to time, (ii) Rule 144A under the 1933 Act, as such Rule
may be amended from time to time, or (iii) any similar rules or regulations
hereafter adopted by the SEC. Upon the request of any Holder of Transfer
Restricted Notes, the Company and the Subsidiary Guarantors will deliver to such
Holder a written statement as to whether they have complied with such
requirements.

            5.2 NO INCONSISTENT AGREEMENTS. The Company and the Subsidiary
Guarantors have not entered into, and the Company and the Subsidiary Guarantors
will not after the date of this Agreement enter into, any agreement which is
inconsistent with the rights granted to the Holders of Transfer Restricted Notes
in this Agreement or otherwise conflicts with the

                                       21
<PAGE>

provisions hereof. The rights granted to the Holders hereunder do not and will
not for the term of this Agreement in any way conflict with the rights granted
to the holders of the Company's or Subsidiary Guarantors' other issued and
outstanding securities under any such agreements.

            5.3 AMENDMENTS AND WAIVERS. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the Company and the Subsidiary Guarantors have obtained
the written consent of Holders of at least a majority in aggregate principal
amount of the outstanding Transfer Restricted Notes affected by such amendment,
modification, supplement, waiver or departure.

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

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

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

            5.5 SUCCESSOR AND ASSIGNS. This Agreement shall inure to the benefit
of and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders; provided that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Transfer Restricted
Notes in violation of the terms of the Purchase Agreement or the Existing
Indenture or the Indenture, as applicable. If any transferee of any Holder shall
acquire Transfer Restricted Notes, in any manner, whether by operation of law or
otherwise, such Transfer Restricted Notes shall be held subject to all of the
terms of this Agreement, and by taking and holding such Transfer Restricted
Notes such person shall be conclusively deemed to have agreed to be bound by and
to perform all of the terms and provisions of this Agreement, including the
restrictions on resale set forth in this Agreement and, if applicable, the
Purchase Agreement, and such person shall be entitled to receive the benefits
hereof.

            5.6 THIRD PARTY BENEFICIARIES. The Initial Purchasers (even if the
Initial Purchasers are not Holders of Transfer Restricted Notes) shall be third
party beneficiaries to the agreements made hereunder between the Company and the
Subsidiary Guarantors, on the one

                                       22
<PAGE>

hand, and the Holders, on the other hand, and shall have the right to enforce
such agreements directly to the extent they deem such enforcement necessary or
advisable to protect their rights or the rights of Holders hereunder. Each
Holder of Transfer Restricted Notes shall be a third party beneficiary to the
agreements made hereunder between the Company and the Subsidiary Guarantors, on
the one hand, and the Initial Purchasers, on the other hand, and shall have the
right to enforce such agreements directly to the extent it deems such
enforcement necessary or advisable to protect its rights hereunder.

            5.7 SPECIFIC ENFORCEMENT. Without limiting the remedies available to
the Initial Purchasers and the Holders, the Company and the Subsidiary
Guarantors acknowledge that any failure by the Company or the Subsidiary
Guarantors to comply with their obligations under Sections 2.1 through 2.4
hereof may result in material irreparable injury to the Initial Purchasers or
the Holders for which there is no adequate remedy at law, that it would not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchasers or any Holder may obtain such relief
as may be required to specifically enforce the Company's and Subsidiary
Guarantors' obligations under Sections 2.1 through 2.4 hereof.

            5.8 RESTRICTION ON RESALES. Until the expiration of two years after
the original issuance of the Notes and the Guarantees, the Company and the
Subsidiary Guarantors will not, and will cause their "affiliates" (as such term
is defined in Rule 144(a)(1) under the 1933 Act) not to, resell any Notes and
Guarantees which are "restricted securities" (as such term is defined under Rule
144(a)(3) under the 1933 Act) that have been reacquired by any of them and shall
immediately upon any purchase of any such Notes and Subsidiary Guarantees submit
such Notes and Subsidiary Guarantees to the Trustee for cancellation.

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

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

            5.11 GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the law of the state of Nevada without regard to
the principles of conflict of laws thereof.

            5.12 SEVERABILITY. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

            5.13 AGREEMENT REGARDING TRACINDA. The Initial Purchasers hereby
agree that in the event (i) there is any breach or default or alleged breach or
default by the Company under this Agreement or (ii) the Initial Purchasers have
or may have any claim arising from or

                                       23
<PAGE>

relating to the terms hereof, the Initial Purchasers shall not commence any
lawsuit or otherwise seek to impose any liability whatsoever against Kirk
Kerkorian or Tracinda Corporation (collectively, "TRACINDA"), unless Tracinda
shall have commenced a lawsuit or otherwise initiated any claim against the
Initial Purchasers arising from or relating to this Agreement (a "TRACINDA
ACTION"). The Initial Purchasers hereby further agree that unless a Tracinda
Action has been commenced: (i) Tracinda shall not have any liability whatsoever
with respect to this Agreement or any matters relating to or arising from this
Agreement, including any alleged breach of or default under this Agreement by
the Company; and (ii) the Initial Purchasers shall not assert or permit any
party claiming through it to assert a claim or impose any liability against
Tracinda as to any matter or thing arising out of or relating to this Agreement
or any alleged breach or default under this Agreement by the Company. In
addition, the Initial Purchasers agree that Tracinda is not a party to this
Agreement.

                            [signature page follows]

                                       24
<PAGE>

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

                                        MGM MIRAGE,
                                         a Delaware corporation

                                        By:        /s/ Bryan Wright
                                            ____________________________________
                                            Name:  Bryan Wright
                                            Title: Assistant Secretary

                 Joined in and agreed to and accepted by the following
                 Subsidiary Guarantors as of the date first above written:

                 AC Holding Corp., a Nevada corporation
                 AC Holding Corp. II, a Nevada corporation
                 Beau Rivage Distribution Corp., a Mississippi corporation
                 Beau Rivage Resorts, Inc., a Mississippi corporation
                 Bellagio, LLC, a Nevada limited liability company
                 Bellagio II, LLC, a Nevada limited liability company
                 Boardwalk Casino, Inc., a Nevada corporation
                 Bungalow, Inc., a Mississippi corporation
                 Country Star Las Vegas, LLC, a Nevada limited liability company
                 Destron, Inc., a Nevada corporation
                 EGARIM, Inc., an Alabama corporation
                 Grand Laundry, Inc., a Nevada corporation
                 LV Concrete Corp., a Nevada corporation
                 M.I.R. Travel, a Nevada corporation
                 MAC, CORP., a New Jersey corporation
                 Metropolitan Marketing, LLC, a Nevada limited liability company
                 MGM Grand Atlantic City, Inc., a New Jersey corporation
                 MGM Grand Condominiums, LLC, a Nevada limited liability company
                 MGM Grand Detroit, Inc., a Delaware corporation
                 MGM Grand Hotel, LLC, a Nevada limited liability company
                 MGM Grand New York, LLC, a Nevada limited liability company
                 MGM Grand Resorts, LLC, a Nevada limited liability company
                 MGM MIRAGE Advertising, Inc., a Nevada corporation
                 MGM MIRAGE Aviation Corp., a Nevada corporation
                 MGM MIRAGE Corporate Services, a Nevada corporation
                 MGM MIRAGE Design Group, a Nevada Corporation
                 MGM MIRAGE Development, Inc., a Nevada corporation
                 MGM MIRAGE Entertainment and Sports, a Nevada corporation
                 MGM MIRAGE International, a Nevada corporation
                 MGM MIRAGE Manufacturing Corp., a Nevada corporation
                 MGM MIRAGE Operations, Inc., a Nevada corporation
                 MGM MIRAGE Retail, a Nevada corporation

<PAGE>

                 MH, Inc., a Nevada corporation
                 Mirage Laundry Services Corp., a Nevada corporation
                 Mirage Leasing Corp., a Nevada corporation
                 Mirage Resorts, Incorporated, a Nevada corporation
                 MMNY Land Company, Inc., a New York corporation
                 MRGS Corp., a Nevada corporation
                 New PRMA Las Vegas, Inc., a Nevada corporation
                 New York-New York Hotel & Casino, LLC, a Nevada limited
                 liability company
                 PRMA Land Development Company, a Nevada corporation
                 PRMA, LLC, a Nevada limited liability company
                 Restaurant Ventures of Nevada, Inc., a Nevada corporation
                 The April Cook Companies, a Nevada corporation
                 The Mirage Casino-Hotel, a Nevada corporation
                 The Primadonna Company, LLC, a Nevada limited liability
                 company
                 Treasure Island Corp., a Nevada corporation
                 VidiAd, a Nevada corporation

                 By:        /s/ Bryan Wright
                     _________________________________
                     Name:  Bryan Wright
                     Title: Assistant Secretary

CONFIRMED AND ACCEPTED,
      as of the date first above written:

DEUTSCHE BANK SECURITIES INC.

By:        /s/ Drew Goldman
    ________________________________
    Name:  Drew Goldman
    Title: Director

By:        /s/ Paul Whyte
    ________________________________
    Name:  Paul Whyte
    Title: Managing Director

For itself and as representative of the other Initial Purchasers

                                      S-2
<PAGE>

                                   SCHEDULE A

        INITIAL PURCHASER
Deutsche Bank Securities Inc.
Citigroup Global Markets Inc.
Banc of America Securities LLC
Piper Jaffray & Co.
Wells Fargo Securities, LLC
The Royal Bank of Scotland plc
Commerzbank AG, London Branch
Scotia Capital (USA) Inc.
Barclays Capital Inc.
SG Cowen
Wachovia Capital Markets LLC
Bear, Stearns & Co. Inc.
Morgan Stanley & Co. Incorporated

                                      S-3

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