Document:

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                                                                   EXHIBIT 10.38

                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     AMENDED AND RESTATED EMPLOYMENT AGREEMENT made as of the Thirtieth day of
April, 2001 (the "Effective Date"), between EDGAR ONLINE, INC. with its
principal office at 50 Washington Street, Norwalk, Connecticut ("Company"), and
Jay Sears, an individual having an address at 110 Florence Ave, Rye, NY 10580
("Employee").

                              W I T N E S S E T H:

     WHEREAS, the Company operates an Internet financial information business;
and

     WHEREAS, the Employee desires to be employed by the Company and
acknowledges that the execution of the Agreement is a condition of such
employment; and

     WHEREAS, the Company has previously entered into an employment agreement
with the Employee and the Company and the Employee desire to modify certain
provisions by entering into an amended and restated employment agreement.

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

     1. Employment. The Company shall employ the Employee and the Employee shall
serve the Company, upon the terms and conditions hereinafter set forth.

     2. Term. The employment of Employee hereunder shall be for a period of
three years from the date hereof (the "Employment Term"). Upon the expiration of
the initial term and on each anniversary date thereafter, the employment of
Employee shall be renewed and extended for an additional year unless either
party terminates this agreement on thirty (30) days written notice prior to the
renewal date
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     3. Duties. During the Employment Term, Employee shall have such duties,
functions and responsibilities on behalf of the Company as are generally
applicable to a Senior VP Business & Strategy Development, provided, however,
that Employee shall not cause the Company to engage in any activity that is
illegal, immoral or unethical.

     4. Compensation and Employee Benefits.

          a.   Employee shall receive, as full compensation for his services to
               the Company, payment based on an annual salary of not less than
               One Hundred Thirty Five Thousand ($135,000) Dollars, paid by the
               Company in accordance with its standard payroll practices. The
               payment due Employee hereunder shall be reviewed annually by the
               Company at the time of an annual, written evaluation. The annual
               salary and each of the cash payments listed below shall be
               subject to applicable withholding taxes as reflected on the W-4
               completed by the Employee.

          b.   Stock Options. The Employee shall be eligible to receive Annual
               Stock Option grants as authorized by the Company's Board Of
               Directors.

          c.   Severance. The Company agrees that the Employee will be entitled
               to severance pay if terminated by the Company for any reason
               other than those reasons set forth in Section 4(d) and 6 of this
               Agreement. The severance payment shall be made to Employee
               immediately upon termination in the amount of accrued salary and
               benefits payable to the Employee through the date of termination
               of employment and a severance payment from the
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               Company equal to 1.5 times the Employee's then applicable
               total annual compensation including base salary and bonus (bonus
               shall be calculated as the average of the last two year's cash
               bonuses paid by the Company to the Employee). In addition, all
               stock options and other awards under the Company's 1996 and 1999
               and all other stock option plans shall immediately vest and
               remain exercisable for a period of the lesser of the original
               term of the stock option or five years.

          d.   Severance in Connection with a Change of Control. (i)
               Notwithstanding anything contained herein to the contrary, in the
               event that there is a change of control of the Company (as
               defined below), and the Agreement is terminated by either the
               Employee or the Company for whatever reason within one year of
               such a change of control, the Company shall pay to the Employee,
               in addition to accrued salary and benefits payable to the
               Employee through the date of termination of employment, a
               severance payment from the Company equal to 1.5 times the
               Employee's then applicable total annual compensation including
               base salary and bonus (bonus shall be calculated as the average
               of the last two year's cash bonuses paid by the Company to the
               Employee). In addition, all stock options and other awards under
               the Company's 1996 and 1999 and all other stock option plans
               shall immediately vest and remain exercisable for a period of the
               lesser of the original term of the stock option or five years.
               (ii) For purposes of this Agreement, a "change of control of the
               Company" shall mean the occurrence of (i) the acquisition by an
               individual, entity, or group of the beneficial ownership of 50%
               or more (other than by
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               Marc and Susan Strausberg and their affiliates) of (1) the
               outstanding common stock, or (2) the combined voting power of the
               Company's voting securities; provided, however, that the
               following acquisitions will not constitute a "change of control":
               (x) any acquisition by any employee benefit plan of the Company
               or any affiliate or (y) any acquisition by any corporation if,
               immediately following such acquisition, more than 50% of the
               outstanding common stock and the outstanding voting securities of
               such corporation is beneficially owned by all or substantially
               all of those who, immediately prior to such acquisition, were the
               beneficial owners of the common stock and the Company's voting
               securities (in substantially similar proportions as their
               ownership of such Company securities immediately prior thereto);
               or (ii) the approval by the Company's stockholders of a
               reorganization, merger or consolidation, other than one with
               respect to which all or substantially all of those who were the
               beneficial owners, immediately prior to such reorganization,
               merger or consolidation, of the Common Stock and the Company's
               voting securities beneficially own, immediately after such
               transaction, more than 50% of the outstanding common stock and
               voting securities of the corporation resulting from such
               transaction (in substantially the same proportions as their
               ownership, immediately prior thereto, of the Common Stock and the
               Company's voting securities); or (iii) the approval by the
               Company's stockholders of the sale or other disposition of all or
               substantially all of the assets of the Company, other than to a
               subsidiary of the Company.
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          e.   Bonus. The Company may pay a bonus to Employee of up to 50% of
               his then applicable annual salary each year based on a
               performance evaluation to be determined at the discretion of the
               Company upon closing the books at the end of each year.

          f.   Vacation. Employee shall be entitled to paid vacation of four (4)
               weeks during each year.

          g.   Insurance. Employee and his dependents shall be eligible to
               participate in all standard company benefit plans including
               medical, dental, life, disability and 401k that the Company makes
               available to its senior executive officers.

          h.   Commutation Expenses. The Company agrees pay a commutation
               allowance of $500 per month.

          i.   Business Expenses. All reasonable travel, entertainment and other
               expenses incident to the performance of the Employee's duties or
               the rendering of services incurred on behalf of the Company by
               the Employee during the Employment Term shall be paid by the
               Company. Reasonable home office expenses including, but not
               limited to telephone, fax and Internet line connectivity
               expenses, will be considered to be business expenses and will be
               reimbursed.

     5. Disability. In the event that Employee shall be incapacitated by reason
of mental or physical disability or otherwise during the term of his employment
hereunder, such that he is prevented from performing the services required
hereunder for period of twelve (12) consecutive or non-consecutive weeks in any
period of six (6) consecutive months, the Company shall have the right, at its
option to terminate this Agreement as of the last day of such twelve (12) week
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period by sending written notice of such termination to Employee in which event
the Company shall have no further obligations hereunder, other than the
obligation to pay Employee any accrued and unpaid compensation to which he is
entitled to the date of such termination.

     6. Termination for Cause. The Company shall have the right to terminate
Employee's employment under this Agreement and any and all payments to be made
hereunder if Employee at any time during the term of his employment, commits any
of the following "Acts".

     (a) Employee shall be convicted of any crime (whether or not involving the
Company) which (i) constitutes a felony in the jurisdiction involved or (ii) is
of such a nature as to affect adversely the reputation of the Company; or

     (b) Employee shall commit an act of fraud, breach of loyalty or malfeasance
against the Company; or

     (c) Employee shall cause the reputation and goodwill of the Company or its
affiliates to suffer substantial damage; or

     (d) Employee shall violate any of the provisions of this Agreement; or

     (e) Employee shall not perform his duties as directed by the Company.

The Company shall give written notice to the Employee, which shall specify the
grounds for the proposed termination and the Employee shall be given thirty (30)
days to cure if the grounds arise under clauses (c), (d) or (e) above. The
decision of the Board of Directors of the Company in such matter shall be final.

     In the event that the Company elects to terminate Employee's employment
under this Agreement for cause as set forth above, the Company shall send
written notice of such termination to Employee and thereupon no further payments
of any type shall be made or shall
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be payable to Employee hereunder except for any accrued and unpaid compensation
earned by him or to which he is entitled prior to the date of such termination.

     7. Confidentiality; Noncompetition.

          (a) The Company and the Employee acknowledge that the services to be
performed by the Employee under this Agreement are unique and extraordinary and,
as a result of such employment, the Employee will be in possession of
confidential information relating to the business practices of the Company. The
term "confidential information" shall mean any and all information (oral or
written) relating to the Company or any of its affiliates, or any of their
respective activities, other than such information which can be shown by the
Employee to be in the public domain (such information not being deemed to be in
the public domain merely because it is embraced by more general information
which is in the public domain) other than as the result of breach of the
provisions of this Section 7(a), including, but not limited to, information
relating to: trade secrets, proprietary information, personnel lists, financial
information, research projects, services used, pricing, customers, customer
lists and prospects, product sourcing, marketing and selling and servicing. The
Employee agrees that he will not, during his employment or subsequent to the
termination of employment, directly or indirectly, use, communicate, disclose or
disseminate to any person, firm or corporation any confidential information
regarding the clients, customers or business practices of the Company acquired
by the Employee during his employment by Company, without the prior written
consent of Company; provided, however, that the Employee understands that he
will be prohibited from misappropriating any trade secret at any time during or
after the termination of employment. At no time during the Employment Term, or
thereafter shall the Employee directly or indirectly, disparage the commercial,
business or financial reputation of the Company.
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          (b) In consideration of Company's hiring Employee, the payment by the
Company to the Employee of the compensation described herein and for other good
and valuable consideration, the Employee hereby agrees that he shall not, during
the Employment Term and for a period of one (1) year following such employment
(the "Restrictive Period"), directly or indirectly, take any action which
constitutes an interference with or a disruption of any of the Company's
business activities.

          (c) For purposes of clarification, but not of limitation, the Employee
hereby acknowledges and agrees that the provisions of Section 7(b) above shall
serve as a prohibition against him, during the Restrictive Period :

          (1) directly or indirectly, contacting, soliciting or directing any
     person, firm, or corporation to contact or solicit, any of the Company's
     customers, prospective customers, or business partners for the purpose of
     selling or attempting to sell, any products and/or services that are the
     same as or similar to the products and services provided by the Company to
     its customers during the Restrictive Period. In addition, the Employee will
     not disclose the identity of any such business partners, customers, or
     prospective customers, or any part thereof, to any person, firm,
     corporation, association, or other entity for any reason or purpose
     whatsoever; and

          (2) directly or indirectly, engaging or carrying on in any manner
     (including, without limitation, as principal, shareholder, partner, lender,
     agent, employee, consultant, or investor (other than a passive investor
     with less than a five percent (5%) interest) trustee or through the agency
     of any corporation, partnership, limited liability company, or association)
     in any business that is in
<PAGE>
     competition with the engaged in any business in competition with the
     business of the Company; and

          (3) soliciting on his own behalf or on behalf of any other person, the
     services of any person who is an employee of the Employer, and soliciting
     any of the Employer's employees to terminate employment with the Employer.

          (d) Upon the termination of the Employee's employment for any reason
whatsoever, all documents, records, notebooks, equipment, price lists,
specifications, programs, customer and prospective customer lists and other
materials which refer or relate to any aspect of the business of the Company
which are in the possession or under the control of the Employee including all
copies thereof, shall be promptly returned to the Company.

          (e) The parties hereto hereby acknowledge and agree that (i) the
Company would be irreparably injured in the event of a breach by the Employee of
any of his obligations under this Section 7, (ii) monetary damages would not be
an adequate remedy for any such breach, and (iii) the Company shall be entitled
to injunctive relief, in addition to any other remedy which it may have, in the
event of any such breach .

          (f) The rights and remedies enumerated in Section 7(e) shall be
independent of the other, and shall be enforceable, and all of such rights and
remedies shall be in addition to, and not in lieu of, any other rights and
remedies available to the Company under law or in equity.

          (g) If any provision contained in this Section 7 is hereafter
construed to be invalid or unenforceable, the same shall not affect the
remainder of the covenant or covenants, which shall be given full effect,
without regard to the invalid portions.
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          (h) If any provision contained in this Section 7 is found to be
unenforceable by reason of the extent, duration or scope thereof, or otherwise,
then the court making such determination shall have the right to reduce such
extent, duration, scope or other provision and in its reduced form any such
restriction shall thereafter be enforceable as contemplated hereby.

          (i) It is the intent of the parties hereto that the covenants
contained in this Section 7 shall be enforced to the fullest extent permissible
under the laws and public policies of each jurisdiction in which enforcement is
sought (the Employee hereby acknowledging that said restrictions are reasonably
necessary for the protection of the Company). Accordingly, it is hereby agreed
that if any of the provisions of this Section 7 shall be adjudicated to be
invalid or unenforceable for any reason whatsoever, said provision shall be
(only with respect to the operation thereof in the particular jurisdiction in
which such adjudication is made) construed by limiting and reducing it so as to
be enforceable to the extent permissible, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of said
provision in any other jurisdiction

     8. Severability. If any covenant of Employee set forth in this Agreement
shall be invalid or unenforceable in any jurisdiction because of its duration or
geographic area or both, as the case may be, such covenant shall reduce in
duration or geographic area, or both, as the case may be, to such extent as to
make it valid and enforceable in such jurisdiction and in all other respects it
shall remain in full force and effect.

     9. Prior Agreements. This Agreement cancels and supersedes any and all
prior agreements and understandings between the parties hereto respecting the
employment of
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Employee by the Company. All Agreements in relation to Company stock and stock
option grants continue to remain in full force and effect.

     10. Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be delivered personally or sent by
registered or certified mail, return receipt requested, to the other party
hereto at his or its address as set forth in the beginning of this Agreement.
Either party may change the address to which notices, requests, demands and
other communications hereunder shall be sent by sending written notice of such
change of address to the other party in the manner above provided.

     11. Assignability and Binding Effect. This Agreement shall inure to the
benefit of and shall be binding upon the executors, administrators, successors
and legal representatives of Employee and shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

     12. Waiver. Waiver by either party hereto of any breach or default by the
other party in respect of any of the terms and conditions of this Agreement
shall not operate as a waiver of any other breach or default, whether similar to
or different from the breach or default waived.

     13. Complete Understanding: Amendment and Termination. This Agreement
constitutes the complete understanding between the parties with respect to the
employment of Employee hereunder and no statement, representation, warranty or
covenant has been made by either party with respect thereto except as expressly
set froth herein. This Agreement shall not be altered, modified, amended or
terminated except by written instrument signed by each of the parties hereto;
provided, however, that the waiver by either party hereto of compliance with any
provision hereof or of any breach or default by the other party hereto need be
signed only by the party waiving such provision, breach or default.
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     14. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original but all of which taken together
shall constitute one and the same Agreement.

     15. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Connecticut.

     16. Paragraph Headings. The paragraph headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

     17. Consideration. Employee hereby acknowledges and agrees that the
employment opportunity encompassed in this Agreement is contingent upon the
execution of this Agreement and that such employment, in addition to the mutual
promises herein, constitutes adequate consideration for this Agreement.
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     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written.

EDGAR ONLINE, INC.

By:
     ----------------------------------------
Its:    President and Chief Operating Officer
     ---------------------------------------
Date:   April 30, 2001
     ---------------------------------------

     ---------------------------------------
     Jay Sears
     ---------------------------------------
Date: April 30, 2001
     ---------------------------------------<PAGE>
                                                                    EXHIBIT 4.1b

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                          REGISTRATION RIGHTS AGREEMENT

                              Dated March 26, 2002

                                      among

                              STEEL DYNAMICS, INC.,

                             SDI INVESTMENT COMPANY

                                       and

                       MORGAN STANLEY & CO. INCORPORATED,

                          J.P. MORGAN SECURITIES INC.,

                             BMO NESBITT BURNS CORP.

                                       and

                            NATCITY INVESTMENTS, INC.

 ------------------------------------------------------------------------------
<PAGE>
                          REGISTRATION RIGHTS AGREEMENT

            THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and
entered into March 26, 2002, between STEEL DYNAMICS, INC., an Indiana
corporation (the "Company"), the subsidiary of the Company listed on Schedule I
hereto (the "Guarantor") and MORGAN STANLEY & CO. INCORPORATED, J.P. MORGAN
SECURITIES INC., BMO NESBITT BURNS CORP. AND NATCITY INVESTMENTS, INC. (the
"Placement Agents").

            This Agreement is made pursuant to the Placement Agreement dated
March 14, 2002, between the Company and the Placement Agents (the "Placement
Agreement"), which provides for the sale by the Company to the Placement Agents
of an aggregate of $200,000,000 principal amount of the Company's 9 1/2% Senior
Notes Due 2009 (the "Securities"). The Securities will be fully and
unconditionally guaranteed on a senior unsecured basis by the Guarantor. In
order to induce the Placement Agents to enter into the Placement Agreement, the
Company and the Guarantor agreed to provide to the Placement Agents 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 Placement Agreement.

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

            1.    Definitions.

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

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

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

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

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

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

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

            "Exchange Offer Registration Statement" shall mean an exchange offer
      registration statement on Form S-4 (or, if applicable, on another
      appropriate form) and all amendments and supplements to such registration
      statement, in each case including the Prospectus contained therein, all
      exhibits thereto and all material incorporated by reference therein.
<PAGE>
            "Exchange Securities" shall mean securities issued by the Company
      and guaranteed by the Guarantor under the Indenture containing terms
      identical to the Securities (except that the Exchange Securities will not
      contain restrictions on transfer) and to be offered to Holders of
      Securities in exchange for Securities pursuant to the Exchange Offer.

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

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

            "Indenture" shall mean the Indenture relating to the Securities
      dated as of March 26, 2002 between the Company, the Guarantor and Fifth
      Third Bank, Indiana, as trustee, and as the same may be amended from time
      to time in accordance with the terms thereof.

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

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

            "Placement Agents" shall have the meaning set forth in the preamble.

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

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

            "Registrable Securities" shall mean the Securities and the guarantee
      thereof by the Guarantor; provided, however, that the Securities and the
      guarantee shall cease to be Registrable Securities (i) when a Registration
      Statement with respect to such Securities and the guarantee shall have
      been declared effective under the 1933 Act and such

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      Securities and the guarantee shall have been disposed of pursuant to such
      Registration Statement, (ii) when such Securities and the guarantee have
      been sold to the public pursuant to Rule 144(k) (or any similar provision
      then in force, but not Rule 144A) under the 1933 Act or (iii) when such
      Securities and the guarantee shall have ceased to be outstanding.

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

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

            "SEC" shall mean the Securities and Exchange Commission.

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

            "Shelf Registration Statement" shall mean a "shelf" registration
      statement of the Company and the Guarantor pursuant to the provisions of
      Section 2(b) of this Agreement which covers all of the Registrable
      Securities (but no other securities unless approved by the Holders whose
      Registrable Securities are covered by such Shelf Registration Statement)
      on an appropriate form under Rule 415 under the 1933 Act, or any similar
      rule

                                       3
<PAGE>
      that may be adopted by the SEC, and all amendments and supplements to such
      registration statement, including post-effective amendments, in each case
      including the Prospectus contained therein, all exhibits thereto and all
      material incorporated by reference therein.

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

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

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

            2.    Registration Under the 1933 Act.

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

            (i) that the Exchange Offer is being made pursuant to this
      Registration Rights Agreement and that all Registrable Securities validly
      tendered will be accepted for exchange;

            (ii) the dates of acceptance for exchange (which shall be a period
      of at least 20 business days from the date such notice is mailed) (the
      "Exchange Dates");

            (iii) that any Registrable Security not tendered will remain
      outstanding and continue to accrue interest, but will not retain any
      rights under this Registration Rights Agreement;

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

            (v) that Holders will be entitled to withdraw their election, not
      later than the close of business on the last Exchange Date, by sending to
      the institution and at the address (located in the Borough of Manhattan,
      The City of New York) specified in the notice a telegram, telex, facsimile
      transmission or letter setting forth the name of such

                                       4
<PAGE>
      Holder, the principal amount of Registrable Securities delivered for
      exchange and a statement that such Holder is withdrawing his election to
      have such Securities exchanged.

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

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

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

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

            (b) In the event that (i) the Company and the Guarantor determine
that the Exchange Offer Registration provided for in Section 2(a) above is not
available or may not be consummated as soon as practicable after the last
Exchange Date because it would violate applicable law or the applicable
interpretations of the Staff of the SEC, (ii) the Exchange Offer is not for any
other reason consummated by September 26, 2002 or (iii) the Exchange Offer has
been completed and in the opinion of counsel for the Placement Agents a
Registration Statement must be filed and a Prospectus must be delivered by the
Placement Agents in connection with any offering or sale of Registrable
Securities, the Company and the Guarantor shall use their best efforts to cause
to be filed as soon as practicable after such determination, date or notice of
such opinion of counsel is given to the Company, as the case may be, a Shelf
Registration Statement providing for the sale by the Holders of all of the
Registrable Securities and to have such Shelf Registration Statement declared
effective by the SEC. In the event the Company and the Guarantor are required to
file a Shelf Registration Statement solely as a result of the matters referred
to in clause (iii) of the preceding sentence, the Company and the Guarantor
shall use their best efforts to file and have declared effective by the SEC both
an Exchange Offer Registration Statement pursuant to Section 2(a) with respect
to all Registrable Securities and a Shelf Registration Statement (which may be a
combined Registration Statement with the Exchange Offer Registration Statement)
with respect to offers and sales of Registrable Securities held by the Placement
Agents after completion of the Exchange Offer. The Company and the Guarantor
agree to use their best efforts to keep the Shelf Registration Statement
continuously effective until the expiration of the period referred to in Rule
144(k) with respect to the Registrable Securities or such shorter period that
will terminate when all of the Registrable Securities covered by the Shelf
Registration Statement have been sold pursuant to the Shelf

                                       5
<PAGE>
Registration Statement. The Company and the Guarantor further agree to
supplement or amend the Shelf Registration Statement if required by the rules,
regulations or instructions applicable to the registration form used by the
Company for such Shelf Registration Statement or by the 1933 Act or by any other
rules and regulations thereunder for shelf registration or if reasonably
requested by a Holder with respect to information relating to such Holder, and
to use its best efforts to cause any such amendment to become effective and such
Shelf Registration Statement to become usable as soon as thereafter practicable.
The Company and the Guarantor agree to furnish to the Holders of Registrable
Securities copies of any such supplement or amendment promptly after its being
used or filed with the SEC.

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

            (d) An Exchange Offer Registration Statement pursuant to Section
2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof
will not be deemed to have become effective unless it has been declared
effective by the SEC; provided, however, that, if, after it has been declared
effective, the offering of Registrable Securities pursuant to a Shelf
Registration Statement is interfered with by any stop order, injunction or other
order or requirement of the SEC or any other governmental agency or court, such
Registration Statement will be deemed not to have become effective during the
period of such interference until the offering of Registrable Securities
pursuant to such Registration Statement may legally resume. As provided for in
the Indenture, in the event the Exchange Offer is not consummated and the Shelf
Registration Statement is not declared effective on or prior to September 26,
2002, the interest rate on the Securities will be increased by .5% per annum
until the Exchange Offer is consummated or the Shelf Registration Statement is
declared effective by the SEC.

            (e) Without limiting the remedies available to the Placement Agents
and the Holders, the Company and the Guarantor acknowledge that any failure by
the Company or the Guarantor to comply with their obligations under Section 2(a)
and Section 2(b) hereof may result in material irreparable injury to the
Placement Agents or the Holders for which there is no adequate remedy at law,
that it will not be possible to measure damages for such injuries precisely and
that, in the event of any such failure, the Placement Agents or any Holder may
obtain such relief as may be required to specifically enforce the Company's or
the Guarantor's obligations under Section 2(a) and Section 2(b) hereof.

            3.    Registration Procedures.

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

            (a) prepare and file with the SEC a Registration Statement on the
      appropriate form under the 1933 Act, which form (x) shall be selected by
      the Company and the Guarantor and (y) shall, in the case of a Shelf
      Registration, be available for the sale of the Registrable Securities by
      the selling Holders thereof and (z) shall comply as to form in all

                                       6
<PAGE>
      material respects with the requirements of the applicable form and include
      all financial statements required by the SEC to be filed therewith, and
      use their best efforts to cause such Registration Statement to become
      effective and remain effective in accordance with Section 2 hereof;

            (b) prepare and file with the SEC such amendments and post-effective
      amendments to each Registration Statement as may be necessary to keep such
      Registration Statement effective for the applicable period and cause each
      Prospectus to be supplemented by any required prospectus supplement and,
      as so supplemented, to be filed pursuant to Rule 424 under the 1933 Act;
      to keep each Prospectus current during the period described under Section
      4(3) and Rule 174 under the 1933 Act that is applicable to transactions by
      brokers or dealers with respect to the Registrable Securities or Exchange
      Securities;

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

            (d) use its best efforts to register or qualify the Registrable
      Securities under all applicable state securities or "blue sky" laws of
      such jurisdictions as any Holder of Registrable Securities covered by a
      Registration Statement shall reasonably request in writing by the time the
      applicable Registration Statement is declared effective by the SEC, to
      cooperate with such Holders in connection with any filings required to be
      made with the National Association of Securities Dealers, Inc. and do any
      and all other acts and things which may be reasonably necessary or
      advisable to enable such Holder to consummate the disposition in each such
      jurisdiction of such Registrable Securities owned by such Holder;
      provided, however, that neither the Company nor any Guarantor shall be
      required to (i) qualify as a foreign corporation or as a dealer in
      securities in any jurisdiction where it would not otherwise be required to
      qualify but for this Section 3(d), (ii) file any general consent to
      service of process or (iii) subject itself to taxation in any such
      jurisdiction if it is not so subject;

            (e) in the case of a Shelf Registration, notify each Holder of
      Registrable Securities, counsel for the Holders and counsel for the
      Placement Agents promptly and, if requested by any such Holder or counsel,
      confirm such advice in writing (i) when a Registration Statement has
      become effective and when any post-effective amendment thereto has been
      filed and becomes effective, (ii) of any request by the SEC or any state
      securities authority for amendments and supplements to a Registration
      Statement and

                                       7
<PAGE>
      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) if, between the effective date of a Registration Statement
      and the closing of any sale of Registrable Securities covered thereby, the
      representations and warranties of the Company or any Guarantor contained
      in any underwriting agreement, securities sales agreement or other similar
      agreement, if any, relating to the offering cease to be true and correct
      in all material respects or if the Company or any Guarantor receives any
      notification with respect to the suspension of the qualification of the
      Registrable Securities for sale in any jurisdiction or the initiation of
      any proceeding for such purpose, (v) of the happening of any event during
      the period a Shelf Registration Statement is effective which makes any
      statement made in such 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 and (vi) of any determination by the
      Company or any Guarantor that a post-effective amendment to a Registration
      Statement would be appropriate;

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

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

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

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

                                       8
<PAGE>
            (j) a reasonable time prior to the filing of any Registration
      Statement, any Prospectus, any amendment to a Registration Statement or
      amendment or supplement to a Prospectus or any document which is to be
      incorporated by reference into a Registration Statement or a Prospectus
      after initial filing of a Registration Statement, provide copies of such
      document to the Placement Agents and their counsel (and, in the case of a
      Shelf Registration Statement, the Holders and their counsel) and make such
      of the representatives of the Company and the Guarantor as shall be
      reasonably requested by the Placement Agents or their counsel (and, in the
      case of a Shelf Registration Statement, the Holders or their counsel)
      available for discussion of such document, and shall not at any time file
      or make any amendment to the Registration Statement, any Prospectus or any
      amendment of or supplement to a Registration Statement or a Prospectus or
      any document which is to be incorporated by reference into a Registration
      Statement or a Prospectus, of which the Placement Agents and their counsel
      (and, in the case of a Shelf Registration Statement, the Holders and their
      counsel) shall not have previously been advised and furnished a copy or to
      which the Placement Agents or their counsel (and, in the case of a Shelf
      Registration Statement, the Holders or their counsel) shall object;

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

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

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

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

                                       9
<PAGE>
            (o) use its best efforts to cause the Exchange Securities to
      continue to be rated by two nationally recognized statistical rating
      organizations (as such term is defined in Rule 436(g)(2) under the 1933
      Act), if the Registrable Securities have been rated;

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

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

            In the case of a Shelf Registration Statement, the Company and the
Guarantor may require each Holder of Registrable Securities to furnish to the
Company and the Guarantor such information regarding the Holder and the proposed
distribution by such Holder of such Registrable Securities as the Company and
the Guarantor may from time to time reasonably request in writing.

                                       10
<PAGE>
            In the case of a Shelf Registration Statement, each Holder agrees
that, upon receipt of any notice from the Company and the Guarantor of the
happening of any event of the kind described in Section 3(e)(v) hereof, such
Holder will forthwith discontinue disposition of Registrable Securities pursuant
to a Registration Statement until such Holder's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 3(i) hereof, and, if
so directed by the Company and the Guarantor, such Holder will deliver to the
Company and the Guarantor (at its expense) all copies in its possession, other
than permanent file copies then in such Holder's possession, of the Prospectus
covering such Registrable Securities current at the time of receipt of such
notice. If the Company and the Guarantor shall give any such notice to suspend
the disposition of Registrable Securities pursuant to a Registration Statement,
the Company and the Guarantor shall extend the period during which the
Registration Statement shall be maintained effective pursuant to this Agreement
by the number of days during the period from and including the date of the
giving of such notice to and including the date when the Holders shall have
received copies of the supplemented or amended Prospectus necessary to resume
such dispositions. The Company and the Guarantor may give any such notice only
twice during any 365 day period and any such suspensions may not exceed 30 days
for each suspension and there may not be more than two suspensions in effect
during any 365 day period.

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

            4.    Participation of Broker-Dealers in Exchange Offer.

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

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

            (b) In light of the above, notwithstanding the other provisions of
this Agreement, the Company and the Guarantor agree that the provisions of this
Agreement as they relate to a Shelf Registration shall also apply to an Exchange
Offer Registration to the extent, and with such reasonable modifications thereto
as may be, reasonably requested by the Placement Agents or by one or more
Participating Broker-Dealers, in each case as provided in

                                       11
<PAGE>
clause (ii) below, in order to expedite or facilitate the disposition of any
Exchange Securities by Participating Broker-Dealers consistent with the
positions of the Staff recited in Section 4(a) above; provided that:

            (i) the Company and the Guarantor shall not be required to amend or
      supplement the Prospectus contained in the Exchange Offer Registration
      Statement, as would otherwise be contemplated by Section 3(i), for a
      period exceeding 180 days after the last Exchange Date (as such period may
      be extended pursuant to the penultimate paragraph of Section 3 of this
      Agreement) and Participating Broker-Dealers shall not be authorized by the
      Company and the Guarantor to deliver and shall not deliver such Prospectus
      after such period in connection with the resales contemplated by this
      Section 4; and

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

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

            5.    Indemnification and Contribution.

            (a) Each of the Company and the Guarantor agrees, jointly and
severally, to indemnify and hold harmless the Placement Agents, each Holder and
each Person, if any, who controls any Placement Agent or any Holder within the
meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, or
is under common control with, or is controlled by, any Placement Agent or any
Holder, from and against all losses, claims, damages and liabilities (including,
without limitation, any legal or other expenses reasonably incurred by the
Placement Agent, any Holder or any such controlling or affiliated Person in
connection with defending or investigating any such action or claim) caused by
any untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement (or any amendment thereto)

                                       12
<PAGE>
pursuant to which Exchange Securities or Registrable Securities were registered
under the 1933 Act, including all documents incorporated therein by reference,
or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or caused by any untrue statement or alleged untrue statement of a
material fact contained in any Prospectus (as amended or supplemented if the
Company and the Guarantor shall have furnished any amendments or supplements
thereto), or caused by any omission or alleged omission to state therein a
material fact necessary to make the statements therein in light of the
circumstances under which they were made not misleading, except insofar as such
losses, claims, damages or liabilities are caused by any such untrue statement
or omission or alleged untrue statement or omission based upon information
relating to the Placement Agents or any Holder furnished to the Company or the
Guarantor in writing by Morgan Stanley & Co. Incorporated or any selling Holder
expressly for use therein. In connection with any Underwritten Offering
permitted by Section 3, the Company and the Guarantor will also indemnify the
Underwriters, if any, selling brokers, dealers and similar securities industry
professionals participating in the distribution, their officers and directors
and each Person who controls such Persons (within the meaning of the 1933 Act
and the 1934 Act) to the same extent as provided above with respect to the
indemnification of the Holders, if requested in connection with any Registration
Statement.

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

            (c) In case any proceeding (including any governmental
investigation) shall be instituted involving any Person in respect of which
indemnity may be sought pursuant to either paragraph (a) or paragraph (b) above,
such Person (the "indemnified party") shall promptly notify the Person against
whom such indemnity may be sought (the "indemnifying party") in writing and the
indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding and
shall pay the fees and disbursements of such counsel related to such proceeding.
In any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense
of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii) the
named parties to any such proceeding (including any impleaded parties) include
both the indemnifying party and the indemnified party and representation of both
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood that the indemnifying party
shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for (a) the fees and expenses of more than one separate
firm (in addition to any local counsel) for the Placement Agents and all
Persons, if any,

                                       13
<PAGE>
who control any Placement Agent within the meaning of either Section 15 of the
1933 Act or Section 20 of the 1934 Act, (b) the fees and expenses of more than
one separate firm (in addition to any local counsel) for the Company and the
Guarantor, their directors, their officers who sign the Registration Statement
and each Person, if any, who controls the Company or the Guarantor within the
meaning of either such Section and (c) the fees and expenses of more than one
separate firm (in addition to any local counsel) for all Holders and all
Persons, if any, who control any Holders within the meaning of either such
Section, and that all such fees and expenses shall be reimbursed as they are
incurred. In such case involving the Placement Agents and Persons who control
the Placement Agents, such firm shall be designated in writing by Morgan Stanley
& Co. Incorporated. In such case involving the Holders and such Persons who
control Holders, such firm shall be designated in writing by the Majority
Holders. In all other cases, such firm shall be designated by the Company. The
indemnifying party shall not be liable for any settlement of any proceeding
effected without its written consent but, if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party from and against any loss or liability by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at
any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as contemplated
by the second and third sentences of this paragraph, the indemnifying party
agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 30
days after receipt by such indemnifying party of the aforesaid request and (ii)
such indemnifying party shall not have reimbursed the indemnified party for such
fees and expenses of counsel in accordance with such request prior to the date
of such settlement. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or
threatened proceeding in respect of which such indemnified party is or could
have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement includes an unconditional release of
such indemnified party from all liability on claims that are the subject matter
of such proceeding.

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

                                       14
<PAGE>
            (e) The Company, the Guarantor and each Holder agree that it would
not be just or equitable if contribution pursuant to this Section 5 were
determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to in paragraph (d)
above. The amount paid or payable by an indemnified party as a result of the
losses, claims, damages and liabilities referred to in paragraph (d) above shall
be deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 5, no Holder shall be required to indemnify or
contribute any amount in excess of the amount by which the total price at which
Registrable Securities were sold by such Holder exceeds the amount of any
damages that such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. The remedies provided for in this
Section 5 are not exclusive and shall not limit any rights or remedies which may
otherwise be available to any indemnified party at law or in equity.

            The indemnity and contribution provisions contained in this Section
5 shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
the Placement Agents, any Holder or any Person controlling any Placement Agent
or any Holder, or by or on behalf of the Company, the Guarantor, their officers
or directors or any Person controlling the Company or the Guarantor, (iii)
acceptance of any of the Exchange Securities and (iv) any sale of Registrable
Securities pursuant to a Shelf Registration Statement.

            6.    Miscellaneous.

            (a) No Inconsistent Agreements. Neither the Company nor the
Guarantor have entered into, and on or after the date of this Agreement will not
enter into, any agreement which is inconsistent with the rights granted to the
Holders of Registrable Securities in this Agreement or otherwise conflicts with
the provisions hereof. The rights granted to the Holders hereunder do not in any
way conflict with and are not inconsistent with the rights granted to the
holders of the Company's or the Guarantor's other issued and outstanding
securities under any such agreements.

            (b) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given unless the Company and the Guarantor have obtained the written
consent of Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification,
supplement, waiver or consent; provided, however, that no amendment,
modification, supplement, waiver or consent to any departure from the provisions
of Section 5 hereof shall be effective as against any Holder of Registrable
Securities unless consented to in writing by such Holder.

            (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier,

                                       15
<PAGE>
or any courier guaranteeing overnight delivery (i) if to a Holder, at the most
current address given by such Holder to the Company by means of a notice given
in accordance with the provisions of this Section 6(c), which address initially
is, with respect to the Placement Agents, the address set forth in the Placement
Agreement; and (ii) if to the Company or the Guarantor, initially at the
Company's address set forth in the Placement Agreement and thereafter at such
other address, notice of which is given in accordance with the provisions of
this Section 6(c).

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

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

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

            (e) Purchases and Sales of Securities. The Company and the Guarantor
shall not, and shall use their best efforts to cause their affiliates (as
defined in Rule 405 under the 1933 Act) not to, purchase and then resell or
otherwise transfer any Securities.

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

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

                                       16
<PAGE>
            (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

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

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

                                       17
<PAGE>
            IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first written above.

                                           STEEL DYNAMICS, INC.

                                           By:
                                             -----------------------------------
                                           Name:
                                           Title:

                                           SDI INVESTMENT COMPANY

                                           By:
                                             -----------------------------------
                                           Name:
                                           Title:

Confirmed and accepted as of
   the date first above written:

MORGAN STANLEY & CO. INCORPORATED
J.P. MORGAN SECURITIES INC.
BMO NESBITT BURNS CORP.
NATCITY INVESTMENTS, INC.

By: MORGAN STANLEY & CO. INCORPORATED

By
  -------------------------------------
  Name:
  Title:
<PAGE>
                                   SCHEDULE I

                                    Guarantor

SDI Investment Company

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