Document:

<PAGE>
                                                                     EXHIBIT 4.2

                                                                   CUSIP

                             ASHTON WOODS USA L.L.C.
                            ASHTON WOODS FINANCE CO.

No.                                                       $

                     9.5% SENIOR SUBORDINATED NOTE DUE 2015

      ASHTON WOODS USA L.L.C., a Nevada limited liability company (the
"Issuer"), and ASHTON WOODS FINANCE CO., a Delaware corporation (the "Co-Issuer"
and, together with the Issuer, the "Issuers"), for value received, promises to
pay to CEDE & CO. or registered assigns the principal sum of $    dollars on
October 1, 2015.

      Interest Payment Dates: April 1 and October 1.

      Record Dates: March 15 and September 15.

      Reference is made to the further provisions of this Note contained herein,
which will for all purposes have the same effect as if set forth at this place.

<PAGE>

      IN WITNESS WHEREOF, the Issuers have caused this Note to be signed
manually or by facsimile by its duly authorized officers.

                                           ASHTON WOODS USA L.L.C.,
                                           as Issuer

                                           By: _________________________________
                                           Name: _______________________________
                                           Title: ______________________________

                                           By: _________________________________
                                           Name: _______________________________
                                           Title: ______________________________

                                           ASHTON WOODS FINANCE CO.,
                                           as Co-Issuer

                                           By: _________________________________
                                           Name: _______________________________
                                           Title: ______________________________

                                           By: _________________________________
                                           Name: _______________________________
                                           Title: ______________________________

Dated:

Certificate of Authentication

      This is one of the 9.5% Senior Subordinated Notes due 2015 referred to in
the within-mentioned Indenture.

                                           U.S. BANK NATIONAL ASSOCIATION,
                                           as Trustee

                                           By: _________________________________

Dated:
<PAGE>

                            [FORM OF REVERSE OF NOTE]

                             ASHTON WOODS USA L.L.C.
                            ASHTON WOODS FINANCE CO.

                     9.5% SENIOR SUBORDINATED NOTE DUE 2015

      1. Interest. ASHTON WOODS USA L.L.C., a Nevada limited liability company
(the "Issuer"), and ASHTON WOODS FINANCE CO., a Delaware corporation (the
"Co-Issuer" and, together with the Issuer, the "Issuers"), promises to pay,
until the principal hereof is paid or made available for payment, interest on
the principal amount set forth on the face hereof at a rate of 9.5% per annum.
Interest hereon will accrue from and including the most recent date to which
interest has been paid or, if no interest has been paid, from and including
September 21, 2005 to but excluding the date on which interest is paid. Interest
shall be payable in arrears on each April 1 and October 1, commencing April 1,
2006. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. The Issuers shall pay interest on overdue principal and on overdue
interest (to the full extent permitted by law) at a rate of 9.5% per annum.

      2. Method of Payment. The Issuers will pay interest hereon (except
defaulted interest) to the Persons who are registered Holders at the close of
business on March 15 or September 15 next preceding the interest payment date
(whether or not a Business Day). Holders must surrender Notes to a Paying Agent
to collect principal payments. The Issuers will pay principal and interest in
money of the United States of America that at the time of payment is legal
tender for payment of public and private debts. Interest may be paid by check
mailed to the Holder entitled thereto at the address indicated on the register
maintained by the Registrar for the Notes.

      3. Paying Agent and Registrar. Initially, U.S. Bank National Association
(the "Trustee") will act as a Paying Agent and Registrar. The Issuers may change
any Paying Agent or Registrar without notice. Neither of the Issuers nor any of
their Affiliates may act as Paying Agent or Registrar.

      4. Indenture and Subordination. The Issuers issued the Notes under an
Indenture dated as of September 21, 2005 (the "Indenture") among the Issuers,
the Guarantors (as defined in the Indenture) and the Trustee. This is one of an
issue of Notes of the Issuers issued, or to be issued, under the Indenture. The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code
Sections 77aaa-77bbbb), as amended from time to time. The Notes are subject to
all such terms, and Holders are referred to the Indenture and such Act for a
statement of them. The payment of the Notes will, to the extent set forth in the
Indenture, be subordinated in right of payment to the prior payment in full in
cash or cash equivalents of all Senior Debt. Capitalized and certain other terms
used herein and not otherwise defined have the meanings set forth in the
Indenture.

      5. Optional Redemption. (a) The Issuer, at its option, may redeem the
Notes, in whole or in part, at any time on or after October 1, 2010 upon not
less than 30 nor more than

<PAGE>

60 days' notice, at the redemption prices (expressed as percentages of principal
amount) set forth below, together, in each case, with accrued and unpaid
interest thereon, if any, to the Redemption Date, if redeemed during the
12-month period beginning on October 1 of each year listed below:

<TABLE>
<CAPTION>
Year                                             Optional Redemption Price
--------------------------------------------     -------------------------
<S>                                              <C>
2010........................................             104.750%
2011........................................             103.167%
2012........................................             101.583%
2013 and thereafter.........................             100.000%
</TABLE>

      (b) At any time or from time to time prior to October 1, 2008, the Issuer,
at its option, may redeem up to 35% of the aggregate principal amount of the
Notes with the net cash proceeds of one or more Qualified Equity Offerings at a
redemption price equal to 109.500% of the principal amount of the Notes to be
redeemed, plus accrued and unpaid interest thereon, if any, to the Redemption
Date; provided, however, that (1) at least 65% of the aggregate principal amount
of Notes issued under the Indenture remains outstanding immediately after the
occurrence of such redemption and (2) the redemption occurs within 90 days of
the date of the closing of any such Qualified Equity Offering.

      (c) In the event of a redemption of fewer than all of the Notes, the
Trustee shall select the Notes to be redeemed in compliance with the
requirements of the principal national securities exchange, if any, while such
Notes are listed or, if such Notes are not then listed on a national securities
exchange, on a pro rata basis, by lot or in such other manner as the Trustee
shall deem fair and appropriate; provided, however that no Notes of a principal
amount of $1,000 or less shall be redeemed in part. The Notes will be redeemable
in whole or in part upon not less than 30 nor more than 60 days' prior written
notice, mailed by first class mail to a Holder's last address as it shall appear
on the register maintained by the Registrar of the Notes. On and after any
redemption date, interest will cease to accrue on the Notes or portions thereof
called for redemption unless the Issuers shall fail to redeem any such Note.

      6. Notice of Redemption. Notice of redemption will be mailed by
first-class mail at least 30 days but not more than 60 days before the
Redemption Date to each Holder of Notes to be redeemed at his registered
address, except that redemption notices may be mailed more than 60 days prior to
a Redemption Date if the notice is issued in connection with a satisfaction and
discharge of the Indenture. On and after the Redemption Date, unless the Issuers
default in making the redemption payment, interest ceases to accrue on Notes or
portions thereof called for redemption.

      7. Offers To Purchase. The Indenture provides that upon the occurrence of
a Change of Control or an Asset Sale and subject to further limitations
contained therein, the Issuers shall make an offer to purchase outstanding Notes
in accordance with the procedures set forth in the Indenture.

      8. Registration Rights. Pursuant to a Registration Rights Agreement among
the Issuers, the Guarantors, and UBS Securities LLC and Wachovia Capital
Markets, LLC, the Issuers and the Guarantors will be obligated to consummate an
exchange offer pursuant to which

<PAGE>

the Holder of this Note shall have the right to exchange this Note for notes of
a separate series issued under the Indenture (or a trust indenture substantially
identical to the Indenture in accordance with the terms of the Registration
Rights Agreement) which have been registered under the Securities Act, in like
principal amount and having substantially identical terms as the Notes. The
Holders shall be entitled to receive certain additional interest payments in the
event such exchange offer is not consummated and upon certain other conditions,
all pursuant to and in accordance with the terms of the Registration Rights
Agreement.

      9. Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. A
Holder may transfer or exchange Notes in accordance with the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay to it any taxes and fees required
by law or permitted by the Indenture. The Registrar need not register the
transfer of or exchange any Notes or portion of a Note selected for redemption,
or register the transfer of or exchange any Notes for a period of 15 days before
a mailing of notice of redemption.

      10. Persons Deemed Owners. The registered Holder of this Note may be
treated as the owner of this Note for all purposes.

      11. Unclaimed Money. If money for the payment of principal or interest
remains unclaimed for two years, the Trustee will pay the money back to the
Issuers at its written request. After that, Holders entitled to the money must
look to the Issuers for payment as general creditors unless an "abandoned
property" law designates another Person.

      12. Amendment, Supplement, Waiver, Etc. The Issuers, the Guarantors and
the Trustee (if a party thereto) may, without the consent of the Holders of any
outstanding Notes, amend, waive or supplement the Indenture or the Notes for
certain specified purposes, including, among other things, curing ambiguities,
defects or inconsistencies, maintaining the qualification of the Indenture under
the Trust Indenture Act of 1939, as amended, and making any change that does not
materially and adversely affect the rights of any Holder. Other amendments and
modifications of the Indenture or the Notes may be made by the Issuers, the
Guarantors and the Trustee with the consent of the Holders of not less than a
majority of the aggregate principal amount of the outstanding Notes or
two-thirds of such aggregate principal amount as to amendments or modifications
relating to provisions governing Change of Control Offers, subject to certain
exceptions requiring the consent of the Holders of the particular Notes to be
affected.

      13. Restrictive Covenants. The Indenture imposes certain limitations on
the ability of the Issuer and its Restricted Subsidiaries to, among other
things, incur additional Indebtedness, make payments in respect of their Equity
Interests or certain Indebtedness, make certain Investments, create or incur
Liens, enter into transactions with Affiliates, enter into agreements
restricting the ability of Restricted Subsidiaries to pay dividends and make
distributions and on the ability of the Issuer to merge or consolidate with any
other Person or transfer all or substantially all of the Issuer's, the
Co-Issuer's or any Guarantor's assets. Such limitations are subject to a number
of important qualifications and exceptions. Pursuant to Section 4.04, the
Issuers must annually report to the Trustee on compliance with such limitations.

<PAGE>

      14. Successor Corporation. When a successor corporation assumes all the
obligations of its predecessor under the Notes and the Indenture and the
transaction complies with the terms of Article Five of the Indenture, the
predecessor corporation will, except as provided in Article Five, be released
from those obligations.

      15. Defaults and Remedies. Events of Default are set forth in the
Indenture. Subject to certain limitations in the Indenture, if an Event of
Default (other than an Event of Default specified in Section 6.01(7) or (8) with
respect to the Issuer) occurs and is continuing, the Trustee or the Holders of
not less than 25% in aggregate principal amount of the outstanding Notes may, by
written notice to the Trustee and the Issuers, and the Trustee upon the request
of the Holders of not less than 25% in aggregate principal amount of the
outstanding Notes shall, declare all principal of and accrued interest on all
Notes to be immediately due and payable and such amounts shall become
immediately due and payable. If an Event of Default specified in Section 6.01(7)
or (8) occurs with respect to the Issuer, the principal amount of and interest
on, all Notes shall ipso facto become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any Holder. Holders
may not enforce the Indenture or the Notes except as provided in the Indenture.
The Trustee may require indemnity satisfactory to it before it enforces the
Indenture or the Notes. Subject to certain limitations, Holders of a majority in
principal amount of the then outstanding Notes may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Holders notice of
any continuing default (except a default in payment of principal, premium, if
any, or interest on the Notes or a default in the observance or performance of
any of the obligations of the Issuers under Article Five of the Indenture) if it
determines that withholding notice is in their best interests.

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

      17. Discharge. The Issuers' obligations pursuant to the Indenture will be
discharged, except for obligations pursuant to certain sections thereof, subject
to the terms of the Indenture, upon the payment of all the Notes or upon the
irrevocable deposit with the Trustee of United States dollars or U.S. Government
Obligations sufficient to pay when due principal of and interest on the Notes to
maturity or redemption, as the case may be.

      18. Guarantees. This Note will be entitled to the benefits of certain
Guarantees made for the benefit of the Holders. Reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights,
duties and obligations thereunder of the Guarantors, the Trustee and the
Holders.

      19. Authentication. This Note shall not be valid until the Trustee
signs the certificate of authentication on the other side of this Note.

      20. Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of New York, as applied to contracts made
and performed within the State of New York. The Trustee, the Issuers, the
Guarantors and the Holders agree to

<PAGE>

submit to the jurisdiction of the courts of the State of New York in any action
or proceeding arising out of or relating to the Indenture or the Notes.

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

      The Issuers will furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to:

      ASHTON WOODS USA L.L.C.
      1080 Holcomb Bridge Road
      Building 200, Suite 350
      Roswell, GA  30076
      Attention: Chief Financial Officer

<PAGE>

                                   ASSIGNMENT

I or we assign and transfer this Note to:

                (Insert assignee's social security or tax I.D. number)
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
                (Print or type name, address and zip code of assignee)

and irrevocably appoint:

_______________________________________________________________________________
_______________________________________________________________________________

Agent to transfer this Note on the books of the Issuer. The Agent may substitute
another to act for him.

Date:________________                Your Signature:____________________________
                                                   (Sign exactly as your name
                                                   appears on the other side of
                                                   this Note)

               Signature Guarantee:_________________

                               SIGNATURE GUARANTEE

Signatures must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

      If you want to elect to have all or any part of this Note purchased by the
Issuers pursuant to Section 4.09, Section 4.15 or Section 4.19 of the Indenture,
check the appropriate box:

  [ ] Section 4.09      [ ] Section 4.15        [ ] Section 4.19

      If you want to have only part of the Note purchased by the Issuers
pursuant to Section 4.09, Section 4.15 or Section 4.19 of the Indenture, state
the amount you elect to have purchased:

$______________________
 (multiple of $1,000)

Date:__________________

                Your Signature:_______________________________________________
                               (Sign exactly as your name appears on the face
                                of this Note)
________________________________
Signature Guaranteed

                               SIGNATURE GUARANTEE

Signatures must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

<PAGE>

                              NOTATION OF GUARANTEE

      Each of the undersigned (the "Guarantors") hereby jointly and severally
unconditionally guarantees, to the extent set forth in the Indenture dated as of
September 21, 2005 by and among ASHTON WOODS USA L.L.C., a Nevada limited
liability company (the "Issuer"), and ASHTON WOODS FINANCE CO., a Delaware
corporation (the "Co-Issuer" and, together with the Issuer, the "Issuers"), the
Guarantors, as guarantors, and U.S. Bank National Association, as trustee (the
"Trustee") (as amended, restated or supplemented from time to time, the
"Indenture"), and subject to the provisions of the Indenture, (a) the due and
punctual payment of the principal of, and premium, if any, and interest on the
Notes, when and as the same shall become due and payable, whether at maturity,
by acceleration or otherwise, the due and punctual payment of interest on
overdue principal of, and premium and, to the extent permitted by law, interest,
and the due and punctual performance of all other obligations of the Issuers to
the Holders or the Trustee, all in accordance with the terms set forth in
Article Ten of the Indenture, and (b) in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, that the same
will be promptly paid in full when due or performed in accordance with the terms
of the extension or renewal, whether at stated maturity, by acceleration or
otherwise.

      The obligations of the Guarantors to the Holders and to the Trustee
pursuant to this Guarantee and the Indenture are expressly set forth in Article
Ten of the Indenture, and reference is hereby made to the Indenture for the
precise terms and limitations of this Guarantee. Each Holder of the Note to
which this Guarantee is endorsed, by accepting such Note, agrees to and shall be
bound by such provisions.

                         [Signatures on Following Pages]

<PAGE>

      IN WITNESS WHEREOF, each of the Guarantors has caused this Guarantee to be
signed by a duly authorized officer.

                             BLACK AMBER FLORIDA, INC.
                             ASHTON BROOKSTONE, INC

                             By:  _____________________________________________
                                  Name:       Robert Salomon
                                  Title:      Chief Financial Officer

                             ASHTON ATLANTA RESIDENTIAL, L.L.C.
                             CANYON REALTY L.L.C.
                             ASHTON DALLAS RESIDENTIAL L.L.C.
                             ASHTON HOUSTON RESIDENTIAL L.L.C.
                             ASHTON HOUSTON DEVELOPMENT L.L.C.
                             ASHTON WOODS CORPORATE, LLC
                             ASHTON ORLANDO RESIDENTIAL L.L.C.
                             ASHTON BURDEN, LLC
                             ASHTON WOODS ARIZONA L.L.C.
                             ASHTON TAMPA RESIDENTIAL, LLC
                             ASHTON DENVER RESIDENTIAL, LLC
                             ASHTON WOODS FLORIDA L.L.C.
                             ASHTON WOODS BUTLER L.L.C.
                             ASHTON WOODS LAKESIDE L.L.C.
                             ISLEWORTH WEST LIMITED PARTNERSHIP

                             By:  _____________________________________________
                                  Name:       Robert Salomon
                                  Title:      Manager

                             ASHTON WOODS CONSTRUCTION, LLC

                             By: ASHTON WOODS HOMES USA L.L.C., sole
                             member

                             By:  _____________________________________________
                                  Name:       Robert Salomon
                                  Title:      Chief Financial Officer

                             PINERY JOINT VENTURE

<PAGE>

                             By: ASHTON WOODS HOMES USA L.L.C., partner

                             By:  _____________________________________________
                                  Name:       Robert Salomon
                                  Title:      Chief Financial Officer

                             ISLEWORTH WEST LIMITED PARTNERSHIP

                             By: ASHTON WOODS FLORIDA L.L.C., general
                             partner

                             By:  _____________________________________________
                                  Name:       Robert Salomon
                                  Title:      Manager

                             ASHTON WOODS ORLANDO LIMITED
                             PARTNERSHIP

                             By: ASHTON WOODS LAKESIDE L.L.C., general
                             partner

                             By:  _____________________________________________
                                  Name:       Robert Salomon
                                  Title:      Manager<PAGE>

                                                                     EXHIBIT 4.3

================================================================================

                          REGISTRATION RIGHTS AGREEMENT

                         Dated as of September 21, 2005

                                  By and Among

                            ASHTON WOODS USA L.L.C.,

                            ASHTON WOODS FINANCE CO.

                           the GUARANTORS named herein

                                       and

                               UBS SECURITIES LLC

                                       and

                         WACHOVIA CAPITAL MARKETS, LLC,
                              as Initial Purchasers

                     9.5% Senior Subordinated Notes due 2015

================================================================================

<PAGE>

                                TABLE OF CONTENTS

                                                                         Page
                                                                         ----
Section 1.        Definitions.............................................. 1

Section 2.        Exchange Offer........................................... 4

Section 3.        Shelf Registration....................................... 7

Section 4.        Additional Interest...................................... 8

Section 5.        Registration Procedures.................................. 9

Section 6.        Registration Expenses................................... 18

Section 7.        Indemnification......................................... 18

Section 8.        Rules 144 and 144A...................................... 22

Section 9.        Underwritten Registrations.............................. 22

Section 10.       Miscellaneous........................................... 22

         (a)      No Inconsistent Agreements.............................. 22
         (b)      Adjustments Affecting Registrable Notes................. 23
         (c)      Amendments and Waivers.................................. 23
         (d)      Notices................................................. 23
         (e)      Guarantors.............................................. 24
         (f)      Successors and Assigns.................................. 24
         (g)      Counterparts............................................ 25
         (h)      Headings................................................ 25
         (i)      GOVERNING LAW........................................... 25
         (j)      Severability............................................ 25
         (k)      Securities Held by the Issuers or Their Affiliates...... 25
         (l)      Third-Party Beneficiaries............................... 25
         (m)      Entire Agreement........................................ 25

SIGNATURES............................................................... S-1

                                                       -i-

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

            This Registration Rights Agreement (this "Agreement") is dated as of
September 21, 2005, by and among ASHTON WOODS USA L.L.C., a Nevada limited
liability company (the "Company"), ASHTON WOODS FINANCE CO., a Delaware
corporation, (the "Co-Issuer"), and each of the Guarantors (as defined herein)
(the Company, the Co-Issuer and the Guarantors are referred to collectively
herein as the "Issuers"), on the one hand, and UBS SECURITIES LLC (the
"Representative") and WACHOVIA CAPITAL MARKETS, LLC (together with the
Representative, the "Initial Purchasers"), on the other hand.

            This Agreement is entered into in connection with the Purchase
Agreement, dated as of September 16, 2005, by and among the Issuers and the
Initial Purchasers (the "Purchase Agreement"), relating to the offering of
$100,000,000 aggregate principal amount of 9.5% Senior Subordinated Notes due
2015 of the Company and the Co-Issuer (including the guarantees thereof by the
Guarantors, the "Notes"). The execution and delivery of this Agreement is a
condition to the Initial Purchasers' obligation to purchase the Notes under the
Purchase Agreement.

            The parties hereby agree as follows:

      Section 1. Definitions

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

            "action" shall have the meaning set forth in Section 7(c) hereof.

            "Additional Interest" shall have the meaning set forth in Section
4(a) hereof.

            "Advice" shall have the meaning set forth in Section 5 hereof.

            "Additional Interest Payment Date" shall have the meaning set forth
in Section 4(b) hereof.

            "Agreement" shall have the meaning set forth in the first
introductory paragraph hereto.

            "Applicable Period" shall have the meaning set forth in Section 2(b)
hereof.

            "Board of Directors" shall have the meaning set forth in Section 5
hereof.

            "Business Day" shall mean a day that is not a Legal Holiday.

            "Co-Issuer" shall have the meaning set forth in the introductory
paragraph hereto and shall also include the Co-Issuer's permitted successors and
assigns.

            "Company" shall have the meaning set forth in the introductory
paragraph hereto and shall also include the Company's permitted successors and
assigns.

<PAGE>

                                      -2-

            "Commission" shall mean the Securities and Exchange Commission.

            "day" shall mean a calendar day.

            "Delay Period" shall have the meaning set forth in Section 5 hereof.

            "Effectiveness Period" shall have the meaning set forth in Section
3(b) hereof.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder.

            "Exchange Notes" shall have the meaning set forth in Section 2(a)
hereof.

            "Exchange Offer" shall have the meaning set forth in Section 2(a)
hereof.

            "Exchange Offer Registration Statement" shall have the meaning set
forth in Section 2(a) hereof.

            "Guarantors" means each subsidiary of the Company listed on the
signature page to this Agreement and each Person who executes and delivers a
counterpart of this Agreement after the date hereof pursuant to Section 10(e)
hereof.

            "Holder" shall mean any holder of a Registrable Note or Registrable
Notes.

            "Indenture" shall mean the Indenture, dated as of September 21,
2005, by and among the Issuers and U.S. Bank National Association, as trustee,
pursuant to which the Notes are being issued, as amended or supplemented from
time to time in accordance with the terms thereof.

            "Initial Purchasers" shall have the meaning set forth in the first
introductory paragraph hereof.

            "Inspectors" shall have the meaning set forth in Section 5(n)
hereof.

            "Issue Date" shall mean September 21, 2005, the date of original
issuance of the Notes.

            "Issuers" shall have the meaning set forth in the first introductory
paragraph hereto.

            "Legal Holiday" shall mean a Saturday, a Sunday or a day on which
banking institutions in New York, New York are required by law, regulation or
executive order to remain closed.

            "Losses" shall have the meaning set forth in Section 7(a) hereof.

            "NASD" shall have the meaning set forth in Section 5(s) hereof.

            "Notes" shall have the meaning set forth in the second introductory
paragraph hereto.

<PAGE>

                                      -3-

            "Participant" shall have the meaning set forth in Section 7(a)
hereof.

            "Participating Broker-Dealer" shall have the meaning set forth in
Section 2(b) hereof.

            "Person" shall mean an individual, corporation, partnership, joint
venture association, joint stock company, trust, unincorporated limited
liability company, government or any agency or political subdivision thereof or
any other entity.

            "Private Exchange" shall have the meaning set forth in Section 2(b)
hereof.

            "Private Exchange Notes" shall have the meaning set forth in Section
2(b) hereof.

            "Prospectus" shall mean the prospectus included in any Registration
Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon
Rule 430A promulgated under the Securities Act), as amended or supplemented by
any prospectus supplement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

            "Purchase Agreement" shall have the meaning set forth in the second
introductory paragraph hereof.

            "Records" shall have the meaning set forth in Section 5(n) hereof.

            "Registrable Notes" shall mean each Note upon its original issuance
and at all times subsequent thereto, each Exchange Note as to which Section
2(c)(iv) hereof is applicable upon original issuance and at all times subsequent
thereto and each Private Exchange Note upon original issuance thereof and at all
times subsequent thereto, in each case until (i) a Registration Statement (other
than, with respect to any Exchange Note as to which Section 2(c)(iv) hereof is
applicable, the Exchange Offer Registration Statement) covering such Note,
Exchange Note or Private Exchange Note has been declared effective by the
Commission and such Note, Exchange Note or such Private Exchange Note, as the
case may be, has been disposed of in accordance with such effective Registration
Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for
an Exchange Note or Exchange Notes that may be resold without restriction under
state and federal securities laws, (iii) such Note, Exchange Note or Private
Exchange Note, as the case may be, ceases to be outstanding for purposes of the
Indenture or (iv) such Note, Exchange Note or Private Exchange Note has been
sold in compliance with Rule 144 or is salable pursuant to Rule 144(k).

            "Registration Default" shall have the meaning set forth in Section
4(a) hereof.

            "Registration Statement" shall mean any appropriate registration
statement of the Issuers covering any of the Registrable Notes filed with the
Commission under the Securities Act, 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.

<PAGE>

                                      -4-

            "Representative" shall have the meaning set forth in the
introductory paragraph hereto.

            "Requesting Participating Broker-Dealer" shall have the meaning set
forth in Section 2(b) hereof.

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

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

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

            "Securities Act" shall mean the Securities Act of 1933, as amended,
and the rules and regulations of the Commission promulgated thereunder.

            "Shelf Filing Event" shall have the meaning set forth in Section
2(c) hereof.

            "Shelf Registration" shall have the meaning set forth in Section
3(a) hereof.

            "Shelf Registration Statement" shall mean a Registration Statement
filed in connection with a Shelf Registration.

            "TIA" shall mean the Trust Indenture Act of 1939, as amended.

            "Trustee" shall mean the trustee under the Indenture and the trustee
(if any) under any indenture governing the Exchange Notes and Private Exchange
Notes.

            "underwritten registration" or "underwritten offering" shall mean a
registration in which securities of the Issuers are sold to an underwriter for
reoffering to the public.

      Section 2. Exchange Offer

            (a) Unless the Exchange Offer would violate applicable law or
interpretation of the staff of the Commission, the Issuers shall (i) file a
Registration Statement (the "Exchange Offer Registration Statement") with the
Commission on an appropriate registration form with respect to a registered
offer (the "Exchange Offer") to exchange any and all of the Registrable Notes
for a like aggregate principal amount of notes (including the guarantees with
respect thereto, the "Exchange Notes") that are identical in all material
respects to the Notes (except that the Exchange Notes shall not contain
restrictive legends, terms with respect to transfer restrictions or Additional
Interest upon a

<PAGE>

                                      -5-

Registration Default), (ii) use their reasonable best efforts to cause the
Exchange Offer Registration Statement to be declared effective under the
Securities Act and (iii) use their reasonable best efforts to consummate the
Exchange Offer within 210 days after the Issue Date. As soon as reasonably
practicable upon the Exchange Offer Registration Statement being declared
effective by the Commission, the Issuers will offer the Exchange Notes in
exchange for surrender of the Notes. The Issuers shall keep the Exchange Offer
open for not less than 30 days (or longer if required by applicable law) after
the date notice of the Exchange Offer is mailed to Holders.

            Each Holder that participates in the Exchange Offer will be required
to represent to the Issuers in writing that (i) any Exchange Notes to be
received by it will be acquired in the ordinary course of its business, (ii) it
has no arrangement or understanding with any Person to participate in the
distribution (within the meaning of the Securities Act) of the Exchange Notes in
violation of the provisions of the Securities Act, (iii) it is not an affiliate
of the Issuers as defined by Rule 405 of the Securities Act, or if it is an
affiliate, it will comply with the registration and prospectus delivery
requirements of the Securities Act to the extent applicable, (iv) if such Holder
is not a broker-dealer, it is not engaged in, and does not intend to engage in,
a distribution of Exchange Notes and (v) if such Holder is a broker-dealer that
will receive Exchange Notes for its own account in exchange for Notes that were
acquired as a result of market-making or other trading activities, it will
deliver a prospectus in connection with any resale of such Exchange Notes.

            (b) The Issuers and the Initial Purchasers acknowledge that the
staff of the Commission has taken the position that any broker-dealer that
elects to exchange Notes that were acquired by such broker-dealer for its own
account as a result of market-making or other trading activities for Exchange
Notes in the Exchange Offer (a "Participating Broker-Dealer") may be deemed to
be an "underwriter" within the meaning of the Securities Act and must deliver a
prospectus meeting the requirements of the Securities Act in connection with any
resale of such Exchange Notes (other than a resale of an unsold allotment
resulting from the original offering of the Notes). The Issuers and the Initial
Purchasers also acknowledge that the staff of the Commission has taken the
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 Notes, without naming the Participating Broker-Dealers or specifying
the amount of Exchange Notes owned by them, such Prospectus may be delivered by
Participating Broker-Dealers to satisfy their prospectus delivery obligations
under the Securities Act in connection with resales of Exchange Notes for their
own accounts, so long as the Prospectus otherwise meets the requirements of the
Securities Act.

            In light of the foregoing, if requested by a Participating
Broker-Dealer (a "Requesting Participating Broker-Dealer"), the Issuers agree to
use their reasonable best efforts to keep the Exchange Offer Registration
Statement continuously effective for a period necessary to comply with
applicable law in connection with such resales but in no event more than 180
days after the date on which the Exchange Registration Statement is declared
effective, or such longer period if extended pursuant to any Delay Period in
accordance with the last paragraph of Section 5 hereof (such period, the
"Applicable Period"), or such earlier date as each Requesting Participating
Broker-Dealer shall have notified the Company in writing that such Requesting
Participating Broker-Dealer has resold all Exchange Notes acquired by it in the
Exchange Offer. The Issuers shall include a plan of distribution

<PAGE>

                                      -6-

in such Exchange Offer Registration Statement that meets the requirements set
forth in the preceding paragraph.

            If, prior to consummation of the Exchange Offer, any Initial
Purchaser or any other Holder holds any Notes acquired by it that have, or that
are reasonably likely to be determined to have, the status of an unsold
allotment in an initial distribution, or if any Holder is not entitled to
participate in the Exchange Offer, the Issuers upon the request of the Initial
Purchasers or any such Holder, as the case may be, shall simultaneously with the
delivery of the Exchange Notes in the Exchange Offer, issue and deliver to the
Initial Purchasers or any such Holder, as the case may be, in exchange (the
"Private Exchange") for such Notes held by such Initial Purchaser or any such
Holder a like principal amount of notes (the "Private Exchange Notes") of the
Issuers that are identical in all material respects to the Exchange Notes except
that the Private Exchange Notes may be subject to restrictions on transfer and
bear a legend to such effect. The Private Exchange Notes shall be issued
pursuant to the same indenture as the Exchange Notes and bear the same CUSIP
number as the Exchange Notes (if permitted by the CUSIP Service Bureau).

            Upon consummation of the Exchange Offer in accordance with this
Section 2, the Issuers shall have no further registration obligations other than
the Issuers' continuing registration obligations with respect to (i) Private
Exchange Notes, (ii) Exchange Notes held by Participating Broker-Dealers and
(iii) Notes or Exchange Notes as to which clause (c)(iv) of this Section 2
applies.

            In connection with the Exchange Offer, the Issuers shall:

            (1) mail or cause to be mailed to each Holder entitled to
      participate in the Exchange Offer a copy of the Prospectus forming part of
      the Exchange Offer Registration Statement, together with an appropriate
      letter of transmittal and related documents;

            (2) utilize the services of a depositary for the Exchange Offer with
      an address in the Borough of Manhattan, The City of New York;

            (3) permit Holders to withdraw tendered Notes at any time prior to
      5:00 p.m., New York time, on the last Business Day on which the Exchange
      Offer shall remain open; and

            (4) otherwise comply in all material respects with all applicable
      laws, rules and regulations.

            As soon as practicable after the close of the Exchange Offer and the
Private Exchange, if any, the Company shall:

            (1) accept for exchange all Notes validly tendered and not validly
      withdrawn by the Holders pursuant to the Exchange Offer and the Private
      Exchange, if any;

            (2) deliver or cause to be delivered to the Trustee for cancellation
      all Registrable Notes so accepted for exchange; and

<PAGE>

                                      -7-

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

            The Exchange Offer and the Private Exchange shall not be subject to
any conditions, other than that (i) the Exchange Offer or Private Exchange, as
the case may be, does not violate applicable law or any applicable
interpretation of the staff of the Commission, (ii) no action or proceeding
shall have been instituted or threatened in any court or by any governmental
agency which might materially impair the ability of the Issuers to proceed with
the Exchange Offer or the Private Exchange, and no material adverse development
shall have occurred in any existing action or proceeding with respect to the
Issuers and (iii) all governmental approvals shall have been obtained, which
approvals the Company deems necessary for the consummation of the Exchange Offer
or Private Exchange.

            The Exchange Notes and the Private Exchange Notes shall be issued
under (i) the Indenture or (ii) an indenture identical in all material respects
to the Indenture (in either case, with such changes as are necessary to comply
with any requirements of the Commission to effect or maintain the qualification
thereof under the TIA) and which, in either case, has been qualified under the
TIA and shall provide that (a) the Exchange Notes shall not be subject to the
transfer restrictions set forth in the Indenture and (b) the Private Exchange
Notes shall be subject to the transfer restrictions set forth in the Indenture.
The Indenture or such indenture shall provide that the Exchange Notes, the
Private Exchange Notes and the Notes shall vote and consent together on all
matters as one class and that none of the Exchange Notes, the Private Exchange
Notes or the Notes will have the right to vote or consent as a separate class on
any matter.

            (c) In the event that (i) any changes in law or the applicable
interpretations of the staff of the Commission do not permit the Issuers to
effect the Exchange Offer, (ii) for any reason the Exchange Offer is not
consummated within 210 days of the Issue Date, (iii) any Holder notifies the
Company prior to the 20th day following consummation of the Exchange Offer that
it is prohibited by law or the applicable interpretations of the staff of the
Commission from participating in the Exchange Offer, (iv) in the case of any
Holder who participates in the Exchange Offer, such Holder does not receive
Exchange Notes on the date of the exchange that may be sold without restriction
under state and federal securities laws (other than due solely to the status of
such Holder as an affiliate of any Issuer within the meaning of the Securities
Act) or (v) any Initial Purchaser so requests with respect to Notes or Private
Exchange Notes that have, or that are reasonably likely to be determined to
have, the status of unsold allotments in an initial distribution (each such
event referred to in clauses (i) through (v) of this sentence, a "Shelf Filing
Event"), then the Issuers shall file a Shelf Registration pursuant to Section 3
hereof.

      Section 3. Shelf Registration

            If at any time a Shelf Filing Event shall occur, then:

            (a) Shelf Registration. The Issuers shall file with the Commission a
Registration Statement for an offering to be made on a continuous basis pursuant
to Rule 415 covering all of the Registrable Notes not exchanged in the Exchange
Offer, Private Exchange Notes and Exchange Notes as to which Section 2(c)(iv) is
applicable (the "Shelf Registration"). The Shelf Registration shall be

<PAGE>

                                      -8-

on Form S-1 or another appropriate form permitting registration of such
Registrable Notes for resale by Holders in the manner or manners designated by
them (including, without limitation, one or more underwritten offerings). The
Issuers shall not permit any securities other than the Registrable Notes to be
included in the Shelf Registration.

            (b) The Issuers shall use all their reasonable best efforts (x) to
cause the Shelf Registration to be declared effective under the Securities Act
on or prior to the later of (A) the 210th day after the Issue Date and (B) the
120th day after the occurrence of the applicable Shelf Filing Event and (y) to
keep the Shelf Registration continuously effective under the Securities Act for
the period ending on the date which is two years from the Issue Date, subject to
extension pursuant to the penultimate paragraph of Section 5 hereof (the
"Effectiveness Period"), or such shorter period ending when all Registrable
Notes covered by the Shelf Registration have been sold in the manner set forth
and as contemplated in the Shelf Registration or such shorter period provided by
the Commission as a result of the applicable provisions of Rule 144(k) being
amended or revised to reduce the two year holding period set forth therein;
provided, however, that (i) the Effectiveness Period in respect of the Shelf
Registration shall be extended to the extent required to permit dealers to
comply with the applicable prospectus delivery requirements of Rule 174 under
the Securities Act and as otherwise provided herein and (ii) the Company may
suspend the effectiveness of the Shelf Registration Statement by written notice
to the Holders solely (A) as a result of the filing of a post-effective
amendment to the Shelf Registration Statement to incorporate annual audited
financial information with respect to the Company where such post-effective
amendment is not yet effective and needs to be declared effective to permit
Holders to use the related Prospectus or (B) to the extent and for so long as
permitted by the penultimate paragraph of Section 5.

            (c) Supplements and Amendments. The Issuers agree 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 for
such Shelf Registration Statement or by the Securities Act or rules and
regulations thereunder for shelf registration, or if reasonably requested by the
Holders of a majority in aggregate principal amount of the Registrable Notes
covered by such Shelf Registration Statement or by any underwriter of such
Registrable Notes.

      Section 4. Additional Interest

            (a) The Issuers and the Initial Purchasers agree that the Holders
will suffer damages if the Issuers fail to fulfill their obligations under
Section 2 or Section 3 hereof and that it would not be feasible to ascertain the
extent of such damages with precision. Accordingly, the Issuers agree that if:

            (i) the Exchange Offer is not consummated on or prior to the 210th
      day following the Issue Date, or, if that day is not a Business Day, the
      next day that is a Business Day; or

            (ii) the Shelf Registration is required to be filed but is not
      declared effective within the time period specified in Section 3(b)(x), or
      is declared effective by such date but thereafter ceases to be effective
      or usable (unless the Shelf Registration ceases to be effective or usable
      as specifically permitted by Section 3(b)(ii)(A) or the penultimate
      paragraph of Section 5 hereof),

<PAGE>

                                      -9-

(each such event referred to in clauses (i) and (ii) a "Registration Default"),
additional interest in the form of additional cash interest ("Additional
Interest") will accrue on the affected Registrable Notes. The rate of Additional
Interest will be 0.25% per annum for the first 90-day period immediately
following the occurrence of a Registration Default, increasing by an additional
0.25% per annum with respect to each subsequent 90-day period up to a maximum
amount of Additional Interest of 1.00% per annum, from and including the date on
which any such Registration Default shall occur to, but excluding, the earlier
of (1) the date on which all Registration Defaults have been cured, (2) the date
on which such Registrable Note ceases to be a Registrable Note or otherwise
become freely transferable by Holders other than affiliates of the Issuers
without further registration under the Securities Act or (3) the date on which
such is held by an affiliate of the Issuers. If, after the cure of all
Registration Defaults then in effect, there is a subsequent Registration
Default, the rate of Additional Interest for such subsequent Registration
Default shall initially be 0.25% regardless of the rate in effect with respect
to any prior Registration Default at the time of cure of such Registration
Default and shall increase in the manner and be subject to the maximum
Additional Interest rate contained in the preceding sentence.

            Notwithstanding the foregoing, (1) the amount of Additional Interest
payable shall not increase because more than one Registration Default has
occurred and is pending and (2) a Holder of Registrable Notes that is not
entitled to the benefits of the Shelf Registration Statement (e.g., such Holder
has not elected to include information) shall not be entitled to Additional
Interest with respect to a Registration Default that pertains to the Shelf
Registration Statement.

            (b) So long as Notes remain outstanding, the Company shall notify
the Trustee within five Business Days after each and every date on which an
event occurs in respect of which Additional Interest is required to be paid. Any
amounts of Additional Interest due pursuant to clauses (a)(i) or (a)(ii) of this
Section 4 will be payable in cash semi-annually on each April 1 and October 1
(each a "Additional Interest Payment Date"), commencing with the first such date
occurring after any such Additional Interest commences to accrue, to Holders to
whom regular interest is payable on such Additional Interest Payment Date with
respect to Notes that are Registrable Notes. The amount of Additional Interest
for each Registrable Note will be determined by multiplying the applicable rate
of Additional Interest by the aggregate principal amount of such Registrable
Note outstanding on the Additional Interest Payment Date following such
Registration Default in the case of the first such payment of Additional
Interest with respect to a Registration Default (and thereafter at the next
succeeding Additional Interest Payment Date until the cure of such Registration
Default), and multiplying the product of the foregoing by a fraction, the
numerator of which is the number of days such Additional Interest rate was
applicable during such period (determined on the basis of a 360-day year
comprised of twelve 30-day months and, in the case of a partial month, the
actual number of days elapsed), and the denominator of which is 360.

      Section 5. Registration Procedures

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

<PAGE>

                                      -10-

            (a) Prepare and file with the Commission the Registration Statement
      or Registration Statements prescribed by Section 2 or 3 hereof, and use
      their reasonable best efforts to cause each such Registration Statement to
      become effective and remain effective as provided herein; provided,
      however, that, if (1) such filing is pursuant to -------- ------- Section
      3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
      Statement filed pursuant to Section 2 hereof is required to be delivered
      under the Securities Act by any Participating Broker-Dealer who seeks to
      sell Exchange Notes during the Applicable Period relating thereto, before
      filing any Registration Statement or Prospectus or any amendments or
      supplements thereto, the Issuers shall furnish to and afford the Holders
      of the Registrable Notes covered by such Registration Statement or each
      such Participating Broker-Dealer, as the case may be, their counsel (if
      requested by any such person) and the managing underwriters, if any, a
      reasonable opportunity to review copies of all such documents (including
      copies of any documents to be incorporated by reference therein and all
      exhibits thereto) proposed to be filed (in each case at least five
      Business Days prior to such filing). The Issuers shall not file any
      Registration Statement or Prospectus or any amendments or supplements
      thereto if the Holders of a majority in aggregate principal amount of the
      Registrable Notes covered by such Registration Statement, or any such
      Participating Broker-Dealer, as the case may be, their counsel, or the
      managing underwriters, if any, shall reasonably object.

            (b) Prepare and file with the Commission such amendments and
      post-effective amendments to each Shelf Registration Statement or Exchange
      Offer Registration Statement, as the case may be, as may be necessary to
      keep such Registration Statement continuously effective for the
      Effectiveness Period or the Applicable Period, as the case may be; cause
      the related Prospectus to be supplemented by any Prospectus supplement
      required by applicable law, and as so supplemented to be filed pursuant to
      Rule 424 (or any similar provisions then in force) promulgated under the
      Securities Act; and comply with the applicable provisions of the
      Securities Act and the Exchange Act with respect to the disposition of all
      securities covered by such Registration Statement as so amended or in such
      Prospectus as so supplemented and with respect to the subsequent resale of
      any securities being sold by a Participating Broker-Dealer covered by any
      such Prospectus, in each case, in accordance with the intended methods of
      distribution set forth in such Registration Statement or Prospectus, as so
      amended or supplemented.

            (c) If (1) a Shelf Registration is filed pursuant to Section 3
      hereof, or (2) a Prospectus contained in the Exchange Offer Registration
      Statement filed pursuant to Section 2 hereof is required to be delivered
      under the Securities Act by any Participating Broker-Dealer who seeks to
      sell Exchange Notes during the Applicable Period relating thereto from
      whom the Company has received written notice that such Broker-Dealer will
      be a Participating Broker-Dealer in the applicable Exchange Offer, notify
      the selling Holders of Registrable Notes, or each such Participating
      Broker-Dealer, as the case may be, their counsel (if such counsel is known
      to the Issuers) and the managing underwriters, if any, as promptly as
      possible, and, if requested by any such Person, confirm such notice in
      writing, (i) when a Prospectus or any Prospectus supplement or
      post-effective amendment has been filed, and, with respect to a
      Registration Statement or any post-effective amendment, when the same has
      become effective under the Securities Act (including in such notice a
      written statement that any Holder may, upon request, obtain, at the sole
      expense of the Issuers, one conformed copy of such Registration

<PAGE>

                                      -11-

      Statement or post-effective amendment including financial statements and
      schedules, documents incorporated or deemed to be incorporated by
      reference and exhibits), (ii) of the issuance by the Commission of any
      stop order suspending the effectiveness of a Registration Statement or of
      any order preventing or suspending the use of any preliminary prospectus
      or the initiation of any proceedings for that purpose, (iii) if at any
      time when a Prospectus is required by the Securities Act to be delivered
      in connection with sales of the Registrable Notes or resales of Exchange
      Notes by Participating Broker-Dealers the representations and warranties
      of the Issuers contained in any agreement (including any underwriting
      agreement) contemplated by Section 5(m) hereof cease to be true and
      correct in all material respects, (iv) of the receipt by any of the
      Issuers of any notification with respect to the suspension of the
      qualification or exemption from qualification of a Registration Statement
      or any of the Registrable Notes or the Exchange Notes for offer or sale in
      any jurisdiction, or the initiation or threatening of any proceeding for
      such purpose, (v) of the happening of any event, the existence of any
      condition or any information becoming known to any Issuer that makes any
      statement made in such Registration Statement or related Prospectus or any
      document incorporated or deemed to be incorporated therein by reference
      untrue in any material respect or that requires the making of any changes
      in or amendments or supplements to such Registration Statement, Prospectus
      or documents so that, in the case of the Registration Statement, it will
      not contain any untrue statement of a material fact or omit to state any
      material fact required to be stated therein or necessary to make the
      statements therein not misleading, and that in the case of the Prospectus,
      it will not contain any untrue statement of a material fact or omit to
      state any material fact required to be stated therein or necessary to make
      the statements therein, in the light of the circumstances under which they
      were made, not misleading, and (vi) of the Company's determination that a
      post-effective amendment to a Registration Statement would be appropriate;
      provided that with respect to (v) and (vi), the Issuers shall not be
      required to provide any information the provision of which would violate
      Regulation FD under the Exchange Act.

            (d) If (1) a Shelf Registration is filed pursuant to Section 3
      hereof, or (2) a Prospectus contained in the Exchange Offer Registration
      Statement filed pursuant to Section 2 hereof is required to be delivered
      under the Securities Act by any Participating Broker-Dealer who seeks to
      sell Exchange Notes during the Applicable Period, use their reasonable
      best efforts to prevent the issuance of any order suspending the
      effectiveness of a Registration Statement or of any order preventing or
      suspending the use of a Prospectus or suspending the qualification (or
      exemption from qualification) of any of the Registrable Notes or the
      Exchange Notes, as the case may be, for sale in any jurisdiction, and, if
      any such order is issued, to use their reasonable best efforts to obtain
      the withdrawal of any such order at the earliest practicable moment.

            (e) If (1) a Shelf Registration is filed pursuant to Section 3
      hereof or (2) a Prospectus contained in the Exchange Offer Registration
      Statement filed pursuant to Section 2 hereof is required to be delivered
      under the Securities Act by any Participating Broker-Dealer who seeks to
      sell Exchange Notes during the Applicable Period and if requested by the
      managing underwriter or underwriters (if any), the Holders of a majority
      in aggregate principal amount of the Registrable Notes covered by such
      Registration Statement or any Participating Broker-Dealer, as the case may
      be, (i) promptly incorporate in such Registration Statement or Prospectus
      a prospectus supplement or post-effective amendment such information as
      the

<PAGE>

                                      -12

      managing underwriter or underwriters (if any), such Holders or any
      Participating Broker-Dealer, as the case may be (based upon advice of
      counsel), determine is reasonably required to be included therein and (ii)
      make all required filings of such prospectus supplement or such
      post-effective amendment with the Commission as soon as practicable after
      the Company has received notification of the matters to be incorporated in
      such prospectus supplement or post-effective amendment; provided, however,
      that the Issuers shall not be required to take any action
      hereunder that would, in the written opinion of counsel to the Issuers,
      violate applicable laws.

            (f) If (1) a Shelf Registration is filed pursuant to Section 3
      hereof or (2) a Prospectus contained in the Exchange Offer Registration
      Statement filed pursuant to Section 2 hereof is required to be delivered
      under the Securities Act by any Participating Broker-Dealer who seeks to
      sell Exchange Notes during the Applicable Period, furnish to each selling
      Holder of Registrable Notes or each such Participating Broker-Dealer, as
      the case may be, who so requests, their counsel (if requested by any such
      person) and each managing underwriter, if any, at the sole expense of the
      Issuers, one conformed copy of the Registration Statement or Registration
      Statements and each post-effective amendment thereto, including financial
      statements and schedules, and, if requested, all documents incorporated or
      deemed to be incorporated therein by reference and all exhibits.

            (g) If (1) a Shelf Registration is filed pursuant to Section 3
      hereof, or (2) a Prospectus contained in the Exchange Offer Registration
      Statement filed pursuant to Section 2 hereof is required to be delivered
      under the Securities Act by any Participating Broker-Dealer who seeks to
      sell Exchange Notes during the Applicable Period, deliver to each selling
      Holder of Registrable Notes or each such Participating Broker-Dealer, as
      the case may be, their respective counsel (if requested) and the
      underwriters, if any, at the sole expense of the Issuers, as many copies
      of the Prospectus or Prospectuses (including each form of preliminary
      prospectus) and each amendment or supplement thereto and any documents
      incorporated by reference therein as such Persons may reasonably request;
      and, subject to the last paragraph of this Section 5, the Issuers hereby
      consent to the use of such Prospectus and each amendment or supplement
      thereto by each of the selling Holders of Registrable Notes or each such
      Participating Broker-Dealer, as the case may be, and the underwriters or
      agents, if any, and dealers (if any), in connection with the offering and
      sale of the Registrable Notes covered by, or the sale by Participating
      Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any
      amendment or supplement thereto.

            (h) Prior to any public offering of Registrable Notes or Exchange
      Notes or any delivery of a Prospectus contained in the Exchange Offer
      Registration Statement by any Participating Broker-Dealer who seeks to
      sell Exchange Notes during the Applicable Period, use their reasonable
      best efforts to register or qualify, and to cooperate with the selling
      Holders of Registrable Notes or each such Participating Broker-Dealer, as
      the case may be, the managing underwriter or underwriters, if any, and
      their respective counsel in connection with the registration or
      qualification (or exemption from such registration or qualification) of
      such Registrable Notes or Exchange Notes, as the case may be, for offer
      and sale under the securities or Blue Sky laws of such jurisdictions
      within the United States as any selling Holder, Participating
      Broker-Dealer, or the managing underwriter or underwriters reasonably
      request; provided,

<PAGE>

                                      -13-

      however, that where Exchange Notes or Registrable Notes are offered other
      than through an underwritten offering, the Issuers agree to cause the
      Issuers' counsel to perform Blue Sky investigations and file registrations
      and qualifications required to be filed pursuant to this Section 5(h);
      keep each such registration or qualification (or exemption therefrom)
      effective during the period such Registration Statement is required to be
      kept effective and do any and all other acts or things reasonably
      necessary or advisable to enable the disposition in such jurisdictions of
      such Exchange Notes or Registrable Notes covered by the applicable
      Registration Statement; provided, however, that no Issuer shall be
      required to (A) qualify generally to do business in any jurisdiction where
      it is not then so qualified, (B) take any action that would subject it to
      general service of process in any such jurisdiction where it is not then
      so subject or (C) subject itself to taxation in excess of a nominal dollar
      amount in any such jurisdiction where it is not then so subject.

            (i) If a Shelf Registration is filed pursuant to Section 3 hereof,
      cooperate with the selling Holders of Registrable Notes and the managing
      underwriter or underwriters, if any, to facilitate the timely preparation
      and delivery of certificates representing Registrable Notes to be sold,
      which certificates shall not bear any restrictive legends and shall be in
      a form eligible for deposit with The Depository Trust Company; and enable
      such Registrable Notes to be in such denominations and registered in such
      names as the managing underwriter or underwriters, if any, or selling
      Holders may request at least two Business Days prior to any sale of such
      Registrable Notes.

            (j) Use their reasonable best efforts to cause the Registrable Notes
      or Exchange Notes covered by any Registration Statement to be registered
      with or approved by such other governmental agencies or authorities as may
      be reasonably necessary to enable the seller or sellers thereof or the
      underwriter or underwriters, if any, to consummate the disposition of such
      Registrable Notes or Exchange Notes, except as may be required solely as a
      consequence of the nature of such selling Holder's business, in which case
      the Issuers will cooperate in all reasonable respects with the filing of
      such Registration Statement and the granting of such approvals.

            (k) If (1) a Shelf Registration is filed pursuant to Section 3
      hereof, or (2) a Prospectus contained in the Exchange Offer Registration
      Statement filed pursuant to Section 2 hereof is required to be delivered
      under the Securities Act by any Participating Broker-Dealer who seeks to
      sell Exchange Notes during the Applicable Period, upon the occurrence of
      any event contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly
      as practicable prepare and (subject to Section 5(a) and the penultimate
      paragraph of this Section 5) file with the Commission, at the sole expense
      of the Issuers, a supplement or post-effective amendment to the
      Registration Statement or a supplement to the related Prospectus or any
      document incorporated or deemed to be incorporated therein by reference,
      or file any other required document so that, as thereafter delivered to
      the purchasers of the Registrable Notes being sold thereunder or to the
      purchasers of the Exchange Notes to whom such Prospectus will be delivered
      by a Participating Broker-Dealer, any such Prospectus will not contain an
      untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein,
      in the light of the circumstances under which they were made, not
      misleading.

<PAGE>

                                      -14-

            (l) Prior to the effective date of the first Registration Statement
      relating to the Registrable Notes, (i) provide the Trustee with
      certificates for the Registrable Notes in a form eligible for deposit with
      The Depository Trust Company and (ii) provide a CUSIP number for the
      Registrable Notes.

            (m) In connection with any underwritten offering of Registrable
      Notes pursuant to a Shelf Registration, enter into an underwriting
      agreement as is customary in underwritten offerings of debt securities
      similar to the Notes and take all such other actions as are reasonably
      requested by the managing underwriter or underwriters in order to expedite
      or facilitate the registration or the disposition of such Registrable
      Notes and (i) make such representations and warranties to the underwriter
      or underwriters (and to any Holder that has advised the Company that such
      Holder may have a "due diligence" defense under Section 11 of the
      Securities Act), and covenants with, the underwriters with respect to the
      business of the Issuers and their subsidiaries (including any acquired
      business, properties or entity, if applicable), and the Registration
      Statement, Prospectus and documents, if any, incorporated or deemed to be
      incorporated by reference therein, in each case, as are customarily made
      by issuers to underwriters in underwritten offerings of debt securities
      similar to the Notes, and confirm the same in writing if and when
      requested; (ii) use their reasonable best efforts to obtain the written
      opinions of counsel to the Issuers and written updates thereof in form,
      scope and substance reasonably satisfactory to the managing underwriter or
      underwriters, addressed to the underwriters (and to any Holder that has
      advised the Company that such Holder may have a "due diligence" defense
      under Section 11 of the Securities Act) covering the matters customarily
      covered in opinions requested in underwritten offerings and such other
      matters as may be reasonably requested by the managing underwriter or
      underwriters; (iii) use their reasonable best efforts to obtain "cold
      comfort" letters and updates thereof in form, scope and substance
      reasonably satisfactory to the managing underwriter or underwriters from
      the independent certified public accountants of the Issuers (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 and financial data are, or are required to be,
      included or incorporated by reference in the Registration Statement),
      addressed to each of the underwriters (and to any Holder that has advised
      the Company that such Holder may have a "due diligence" defense under
      Section 11 of the Securities Act), 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) if an
      underwriting agreement is entered into, the same shall contain
      indemnification provisions and procedures no less favorable than those set
      forth in Section 7 hereof (or such other provisions and procedures
      acceptable to Holders of a majority in aggregate principal amount of
      Registrable Notes covered by such Registration Statement and the managing
      underwriter or underwriters or agents) with respect to all parties to be
      indemnified pursuant to said Section; provided that the Issuers shall not
      be required to provide indemnification to any underwriter selected in
      accordance with the provisions of Section 9 hereof with respect
      to information relating to such underwriter furnished in writing to the
      Company by or on behalf of such underwriter expressly for inclusion in
      such Registration Statement. The above shall be done at each closing under
      such underwriting agreement, or as and to the extent required thereunder.

<PAGE>

                                      -15-

            (n) If (1) a Shelf Registration is filed pursuant to Section 3
      hereof or (2) a Prospectus contained in the Exchange Offer Registration
      Statement filed pursuant to Section 2 hereof is required to be delivered
      under the Securities Act by any Participating Broker-Dealer who seeks to
      sell Exchange Notes during the Applicable Period, make available for
      inspection by any selling Holder of such Registrable Notes being sold or
      each such Participating Broker-Dealer, as the case may be, any underwriter
      participating in any such disposition of Registrable Notes, if any, and
      any attorney, accountant or other agent retained by any such selling
      Holder or each such Participating Broker-Dealer, as the case may be, or
      underwriter (collectively, the "Inspectors"), at the offices where
      normally kept, during reasonable business hours, all financial and other
      records, pertinent corporate documents and instruments of the Company and
      its subsidiaries (collectively, the "Records") as shall be reasonably
      necessary to enable them to exercise any applicable due diligence
      responsibilities, and cause the officers, directors and employees of the
      Company and its subsidiaries to supply all information reasonably
      requested by any such Inspector in connection with such Registration
      Statement and Prospectus. Each Inspector shall agree in writing that it
      will keep the Records confidential and that it will not disclose, or use
      in connection with any market transactions in violation of any applicable
      securities laws, any Records that the Company determines, in good faith,
      to be confidential and that it notifies the Inspectors in writing are
      confidential unless (i) the disclosure of such Records is necessary to
      avoid or correct a material misstatement or omission in such Registration
      Statement or Prospectus, (ii) the release of such Records is ordered
      pursuant to a subpoena or other order from a court of competent
      jurisdiction, (iii) disclosure of such information is necessary or
      advisable in the opinion of counsel for an Inspector in connection with
      any action, claim, suit or proceeding, directly or indirectly, involving
      or potentially involving such Inspector and arising out of, based upon,
      relating to, or involving this Agreement or the Purchase Agreement, or any
      transactions contemplated hereby or thereby or arising hereunder or
      thereunder, or (iv) the information in such Records has been made
      generally available to the public other than through disclosure by an
      Inspector or an "affiliate" (as defined in Rule 405 under the Securities
      Act) thereof; provided, however, that (i) each Inspector shall agree to
      use reasonable best efforts to provide notice to the Company of the
      potential disclosure of any information by such Inspector pursuant to
      clause (i), (ii) or (iii) of this sentence to permit the Issuers to obtain
      a protective order (or waive the provisions of this paragraph (n)) and
      (ii) each such Inspector shall take such actions as are reasonably
      necessary to protect the confidentiality of such information (if
      practicable) to the extent such action is otherwise not inconsistent with,
      an impairment of or in derogation of the rights and interests of the
      Holder or any Inspector; provided, further, that, to the extent the
      foregoing shall be made contemporaneously by more than two Holders, there
      shall be one attorney (plus any local counsel) and one accountant retained
      by all Holders to make such investigation.

            (o) Provide an indenture trustee for the Registrable Notes or the
      Exchange Notes, as the case may be, and cause the Indenture or the trust
      indenture provided for in Section 2(a) hereof to be qualified under the
      TIA not later than the effective date of the Exchange Offer or the first
      Registration Statement relating to the Registrable Notes; and in
      connection therewith, cooperate with the trustee under any such indenture
      and the Holders of the Registrable Notes or Exchange Notes, as applicable,
      to effect such changes to such indenture as may be required for such
      indenture to be so qualified in accordance with the terms of the TIA; and
      execute, and use their reasonable best efforts to cause such trustee to
      execute, all documents as may be re-

<PAGE>

                                      -16-

      quired to effect such changes, and all other forms and documents required
      to be filed with the Commission to enable such indenture to be so
      qualified in a timely manner.

            (p) Comply with all applicable rules and regulations of the
      Commission and make generally available to the Company's securityholders
      earnings statements satisfying the provisions of Section 11(a) of the
      Securities Act and Rule 158 thereunder (or any similar rule promulgated
      under the Securities Act) no later than 45 days after the end of any
      12-month period (or 90 days after the end of any 12-month period if such
      period is a fiscal year) (i) commencing at the end of any fiscal quarter
      in which Registrable Notes or Exchange Notes are sold to underwriters in a
      firm commitment or best efforts underwritten offering and (ii) if not sold
      to underwriters in such an offering, commencing on the first day of the
      first fiscal quarter of the Company after the effective date of a
      Registration Statement, which statements shall cover said 12-month periods
      consistent with the requirements of Rule 158.

            (q) Upon the request of a Holder, upon consummation of the Exchange
      Offer or a Private Exchange, use their reasonable best efforts to obtain
      an opinion of counsel to the Issuers, in a form customary for underwritten
      transactions, addressed to the Trustee for the benefit of all Holders of
      Registrable Notes participating in the Exchange Offer or the Private
      Exchange, as the case may be, that the Exchange Notes or Private Exchange
      Notes, as the case may be, and the related indenture constitute legal,
      valid and binding obligations of the Issuers, enforceable against the
      Issuers in accordance with its respective terms, subject to customary
      exceptions and qualifications.

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

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

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

            The Company may require each seller of Registrable Notes or Exchange
Notes as to which any registration is being effected to furnish to the Company
such information regarding such seller and the distribution of such Registrable
Notes or Exchange Notes as the Company may, from time to time, reasonably
request. The Company may exclude from such registration the Registrable Notes of
any seller so long as such seller fails to furnish such information within a
reasonable time after receiving such request and in the event of such an
exclusion, the Issuers shall have no further ob-

<PAGE>

                                      -17-

ligation under this Agreement (including, without limitation, the obligations
under Section 4) with respect to such seller or any subsequent Holder of such
Registrable Notes. Each seller as to which any Shelf Registration is being
effected agrees to furnish promptly to the Company all information required to
be disclosed in order to make any information previously furnished to the
Company by such seller not materially misleading.

            If any such Registration Statement refers to any Holder by name or
otherwise as the holder of any securities of the Company, the Co-Issuer or the
Guarantors, then such Holder shall have the right to require (i) the insertion
therein of language, in form and substance reasonably satisfactory to such
Holder, to the effect that the holding by such Holder of such securities is not
to be construed as a recommendation by such Holder of the investment quality of
the securities covered thereby and that such holding does not imply that such
Holder will assist in meeting any future financial requirements of the Company,
the Co-Issuer or the Guarantors, or (ii) in the event that such reference to
such Holder by name or otherwise is not required by the Securities Act or any
similar federal statute then in force, the deletion of the reference to such
Holder in any amendment or supplement to the applicable Registration Statement
filed or prepared subsequent to the time that such reference ceases to be
required.

            Each Holder of Registrable Notes and each Participating
Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes
that, upon the Company providing notice to such Holder or Participating
Broker-Dealer, as the case may be, (x) of the happening of any event of the kind
described in Section 5(c)(ii), 5(c)(iii), 5(c)(iv), or 5(c)(v) hereof, or (y)
that the Board of Directors of the Company (the "Board of Directors") has
resolved that the Company has a bona fide business purpose for doing so, then,
upon providing such notice (which shall refer to the penultimate paragraph of
this Section 5), the Issuers may delay the filing or the effectiveness of the
Exchange Offer Registration Statement or the Shelf Registration Statement (if
not then filed or effective, as applicable) and shall not be required to
maintain the effectiveness thereof or amend or supplement the Exchange Offer
Registration Statement or the Shelf Registration Statement, in all cases, for a
period (a "Delay Period") expiring upon the earlier to occur of (i) in the case
of the immediately preceding clause (x), such Holder's or Participating
Broker-Dealer's receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 5(k) hereof or until it is advised in writing (the
"Advice") by the Company that the use of the applicable Prospectus may be
resumed, and has received copies of any amendments or supplements thereto or
(ii) in the case of the immediately preceding clause (y), the date which is the
earlier of (A) the date on which such business purpose ceases to interfere with
the Issuers' obligations to file or maintain the effectiveness of any such
Registration Statement pursuant to this Agreement or (B) 60 days after the
Company notifies the Holders of such good faith determination. There shall not
be more than 60 days of Delay Periods during any 12-month period. The maximum
length of the Applicable Period set forth in Section 2(b) shall be extended by a
number of days equal to the number of days during any Delay Period. Any Delay
Period will not alter the obligations of the Issuers to pay Additional Interest
under the circumstances set forth in Section 4 hereof.

            Each Holder or Participating Broker-Dealer, by its acceptance of any
Registrable Note, agrees that during any Delay Period, each Holder or
Participating Broker-Dealer will discontinue disposition of such Notes or
Exchange Notes covered by such Registration Statement or Prospectus or Exchange
Notes to be sold by such Holder or Participating Broker-Dealer, as the case may
be.

<PAGE>

                                      -18-

      Section 6. Registration Expenses

            All fees and expenses incident to the performance of or compliance
with this Agreement by the Issuers (other than any underwriting discounts or
commissions) shall be borne by the Issuers, whether or not the Exchange Offer
Registration Statement or the Shelf Registration is filed or becomes effective
or the Exchange Offer is consummated, including, without limitation, (i) all
registration and filing fees (including, without limitation, fees and expenses
of compliance with state securities or Blue Sky laws (including, without
limitation, fees and disbursements of counsel in connection with Blue Sky
qualifications of the Registrable Notes or Exchange Notes and determination of
the eligibility of the Registrable Notes or Exchange Notes for investment under
the laws of such jurisdictions (x) where the holders of Registrable Notes are
located, in the case of an Exchange Offer, or (y) as provided in Section 5(h)
hereof, in the case of a Shelf Registration or in the case of Exchange Notes to
be sold by a Participating Broker-Dealer during the Applicable Period)), (ii)
printing expenses, including, without limitation, expenses of printing
certificates for Registrable Notes or Exchange Notes in a form eligible for
deposit with The Depository Trust Company and of printing prospectuses if the
printing of prospectuses is requested by the managing underwriter or
underwriters, if any, or by the Holders of a majority in aggregate principal
amount of the Registrable Notes included in any Registration Statement or in
respect of Exchange Notes to be sold by any Participating Broker-Dealer during
the Applicable Period, as the case may be, (iii) messenger, telephone and
delivery expenses, (iv) fees and disbursements of counsel for the Issuers and
the reasonable fees and disbursements of one special counsel for all of the
sellers of Registrable Notes pursuant to a Shelf Registration Statement
(exclusive of any counsel retained pursuant to Section 7 hereof) selected by the
Holders of a majority in aggregate principal amount of Notes, Exchange Notes and
Private Exchange Notes being registered and reasonably satisfactory to the
Issuers, (v) fees and disbursements of all independent certified public
accountants referred to in Section 5(m)(iii) hereof (including, without
limitation, the expenses of any special audit and "cold comfort" letters
required by or incident to such performance), (vi) Securities Act liability
insurance, if the Issuers desire such insurance, (vii) fees and expenses of all
other Persons retained by any of the Issuers, (viii) internal expenses of the
Issuers (including, without limitation, all salaries and expenses of officers
and employees of the Company performing legal or accounting duties), (ix) the
expense of any annual audit, (x) the fees and expenses incurred in connection
with the listing of the securities to be registered on any securities exchange,
and the obtaining of a rating of the securities, in each case, if applicable,
(xi) any required fees and expenses incurred in connection with any filing
required to be made with the NASD and (xii) the expenses relating to printing,
word processing and distributing all Registration Statements, underwriting
agreements, indentures and any other documents necessary in order to comply with
this Agreement. Notwithstanding the foregoing or anything to the contrary, (i)
each Holder shall pay all underwriting discounts and commissions of any
underwriters with respect to any Registrable Notes sold by or on behalf of it
and (ii) the Holders shall pay all fees and expenses of counsel to the
underwriters of any such underwritten offering.

      Section 7. Indemnification

            (a) The Issuers, jointly and severally, agree to indemnify and hold
harmless each Holder of Registrable Notes and each Participating Broker-Dealer
selling Exchange Notes during the Applicable Period, each Person, if any, who
controls any such Person within the meaning of Section 15 of the Securities Act
or Section 20(a) of the Exchange Act, the agents, employees, officers and
directors of each Holder and each such Participating Broker-Dealer and the
agents, partners, members,

<PAGE>

                                      -19-

employees, officers, managers and directors of any such controlling Person
(each, a "Participant") from and against any and all losses, liabilities,
claims, damages and expenses whatsoever (including, but not limited to,
reasonable attorneys' fees and any and all reasonable expenses whatsoever
actually incurred in investigating, preparing or defending against any
litigation, commenced or threatened, or any claim whatsoever, and any and all
reasonable amounts paid in settlement of any claim or litigation) (collectively,
"Losses") to which they or any of them may become subject under the Securities
Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement (or any
amendment thereto) or Prospectus (as amended or supplemented if the Company
shall have furnished any amendments or supplements thereto) or any preliminary
prospectus, or caused by, arising out of or based upon any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in the case of the Prospectus, in the
light of the circumstances under which they were made, not misleading, provided
that (i) the foregoing indemnity shall not be available to any Participant
insofar as such Losses are caused by any untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with
information relating to such Participant furnished to the Company in writing by
or on behalf of such Participant expressly for use therein, (ii) the foregoing
indemnity shall not be available to any Participant insofar as such losses are a
result of the use of a Shelf Registration Statement during a period when such
use has been suspended pursuant to Section 5(c), and (iii) the foregoing
indemnity with respect to any preliminary prospectus shall not inure to the
benefit of any Participant from whom the Person asserting such Losses purchased
Registrable Notes if (x) it is established in the related proceeding that such
Participant failed to send or give a copy of the Prospectus (as amended or
supplemented if such amendment or supplement was furnished to such Participant
prior to the written confirmation of such sale) to such Person with or prior to
the written confirmation of such sale, if required by applicable law, and (y)
the untrue statement or omission or alleged untrue statement or omission was
completely corrected in the Prospectus (as amended or supplemented if amended or
supplemented as aforesaid) and such Prospectus does not contain any other untrue
statement or omission or alleged untrue statement or omission that was the
subject matter of the related proceeding. This indemnity agreement will be in
addition to any liability that the Issuers may otherwise have, including, but
not limited to, liability under this Agreement.

            (b) Each Participant agrees, severally and not jointly, to indemnify
and hold harmless each Issuer, each Person, if any, who controls any Issuer
within the meaning of Section 15 of the Securities Act or Section 20(a) of the
Exchange Act, and each of their respective agents, partners, members, employees,
officers and members of the board of directors from and against any Losses to
which they or any of them may become subject under the Securities Act, the
Exchange Act or otherwise insofar as such Losses (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in any Registration Statement (or any amendment
thereto) or Prospectus (as amended or supplemented if the Company shall have
furnished any amendments or supplements thereto) or any preliminary prospectus,
or caused by, arising out of or based upon any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein, in the case of the Prospectus, in the light of the
circumstances under which they were made, not misleading, in each case to the
extent, but only to the extent, that any such Loss arises out of or is based
upon any untrue statement or alleged untrue statement or omission or alleged
omission made in reliance upon and in conformity with information

<PAGE>

                                      -20-

relating to such Participant furnished in writing to the Company by or on behalf
of such Participant expressly for use therein.

            (c) Promptly after receipt by an indemnified party under subsection
7(a) or 7(b) above of notice of the commencement of any action, suit or
proceeding (collectively, an "action"), such indemnified party shall, if a claim
in respect thereof is to be made against the indemnifying party under such
subsection, notify each party against whom indemnification is to be sought in
writing of the commencement of such action (but the failure so to notify an
indemnifying party shall not relieve such indemnifying party from any liability
that it may have under this Section 7 except to the extent that it has been
prejudiced in any material respect by such failure). In case any such action is
brought against any indemnified party, and it notifies an indemnifying party of
the commencement of such action, the indemnifying party will be entitled to
participate in such action, and to the extent it may elect by written notice
delivered to the indemnified party promptly after receiving the aforesaid notice
from such indemnified party, to assume the defense of such action with counsel
reasonably satisfactory to such indemnified party. Notwithstanding the
foregoing, the indemnified party or parties shall have the right to employ its
or their own counsel in any such action, but the reasonable fees and expenses of
such counsel shall be at the expense of such indemnified party or parties unless
(i) the employment of such counsel shall have been authorized in writing by the
indemnifying parties in connection with the defense of such action, (ii) the
indemnifying parties shall not have employed counsel to take charge of the
defense of such action within a reasonable time after notice of commencement of
the action, or (iii) the named parties to such action (including any impleaded
parties) include such indemnified party and the indemnifying party or parties
(or such indemnifying parties have assumed the defense of such action), and such
indemnified party or parties shall have reasonably concluded, after consultation
with counsel, that there may be defenses available to it or them that are
different from or additional to those available to one or all of the
indemnifying parties (in which case the indemnifying parties shall not have the
right to direct the defense of such action on behalf of the indemnified party or
parties), in any of which events such reasonable fees and expenses of counsel
shall be borne by the indemnifying parties. In no event shall the indemnifying
party be liable for the reasonable fees and expenses of more than one counsel
(together with appropriate local counsel) at any time for all indemnified
parties in connection with any one action or separate but substantially similar
or related actions arising in the same jurisdiction out of the same general
allegations or circumstances. Any such separate firm for the Participants shall
be designated in writing by Participants who sold a majority in interest of
Registrable Notes sold by all such Participants and shall be reasonably
acceptable to the Company and any such separate firm for the Issuers, their
affiliates, officers, directors, representatives, employees and agents and such
control Person of such Issuers shall be designated in writing by such Issuers
and shall be reasonably acceptable to the Holders. An indemnifying party shall
not be liable for any settlement of any claim or action effected without its
written consent, which consent may not be unreasonably withheld. 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 paragraph (a) or (b) of this Section 7, then 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 45 days after receipt by such indemnifying party of the
aforesaid request, (ii) such indemnifying party shall not have reimbursed the
indemnified party in accordance with such request prior to the date of such
settlement and (iii) such indemnified party shall have given the indemnifying
party at least 45 days' prior notice of its intention to settle. No indemnifying
party shall, without the prior written consent of the indemnified party, effect
any set-

<PAGE>

                                      -21-

tlement of any pending or threatened proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement (x) includes
an unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding and (y) 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) In order to provide for contribution in circumstances in which
the indemnification provided for in this Section 7 is for any reason held to be
unavailable from the indemnifying party for any Losses referred to therein, or
is insufficient to hold harmless a party indemnified under this Section 7 for
any Losses referred to therein, each indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of such aggregate
Losses (i) in such proportion as is appropriate to reflect the relative benefits
received by each indemnifying party, on the one hand, and each indemnified
party, on the other hand, from the sale of the Notes to the Initial Purchasers
or the resale of the Registrable Notes by such Holder, as applicable, or (ii) if
such allocation is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)
above but also the relative fault of each indemnified party, on the one hand,
and each indemnifying party, on the other hand, in connection with the
statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations. The relative benefits received by the
Issuers, on the one hand, and each Participant, on the other hand, shall be
deemed to be in the same proportion as (x) the total proceeds from the sale of
the Notes to the Initial Purchasers (net of discounts and commissions but before
deducting expenses) received by the Issuers are to (y) the total net profit
received by such Participant in connection with the sale of the Registrable
Notes. The relative fault of the parties 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 Issuers or such Participant and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission or alleged statement or omission.

            (e) The parties agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation
or by any other method of allocation that does not take into account the
equitable considerations referred to above. Notwithstanding the provisions of
this Section 7, (i) in no case shall any Participant be required to contribute
any amount in excess of the amount in excess of the discount granted or the
commission paid by the Company, as set forth in the Purchase Agreement with
respect to the Registrable Notes held by such Participant, or in the case of
Exchange Notes, the Registrable Notes exchanged for such Notes exceeds the
amount of any damages that such Participant has otherwise been required to pay
by reason of any untrue or alleged untrue statement or omission or alleged
omission and (ii) 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. Any party entitled to contribution will, promptly after
receipt of notice of commencement of any action against such party in respect of
which a claim for contribution may be made against another party or parties
under this Section 7, notify such party or parties from whom contribution may be
sought, but the omission to so notify such party or parties shall not relieve
the party or parties from whom contribution may be sought from any obligation it
or they may have under this Section 7 or otherwise, except to the extent that it
has been prejudiced in any material respect by such failure; provided, however,
that no additional notice shall be required with respect to any action for which
notice has been given under this Section 7

<PAGE>

                                      -22-

for purposes of indemnification. No contributing party shall, without the
consent of the party seeking contribution, shall effect any settlement of any
pending claim for contribution in respect of which such contributing party is or
could have been a party and contributions could have been sought hereunder by
such party, when such settlement (x) includes an unconditional release of such
indemnified party from all liability on claims that are the subject matter of
such proceeding and (y) 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.

      Section 8. Rules 144 and 144A

            The Issuers covenant that they will file the reports required, if
any, to be filed by them under the Securities Act and the Exchange Act and the
rules and regulations adopted by the Commission thereunder in a timely manner in
accordance with the requirements of the Securities Act and the Exchange Act and,
if at any time the Issuers are not required to file such reports, they will,
upon the request of any Holder or beneficial owner of Registrable Notes, make
available such information necessary to permit sales pursuant to Rule 144A under
the Securities Act. The Issuers further covenant that for so long as any
Registrable Notes remain outstanding they will take such further action as any
Holder of Registrable Notes may reasonably request from time to time to enable
such Holder to sell Registrable Notes without registration under the Securities
Act within the limitation of the exemptions provided by (a) Rule 144(k) and Rule
144A under the Securities Act, as such Rules may be amended from time to time,
or (b) any similar rule or regulation hereafter adopted by the Commission.

      Section 9. Underwritten Registrations

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

            No Holder of Registrable Notes may participate in any underwritten
registration hereunder if such Holder does not (a) agree to sell such Holder's
Registrable Notes on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b)
complete and execute all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such
underwriting arrangements.

      Section 10. Miscellaneous

            (a) No Inconsistent Agreements. The Issuers have not, as of the date
hereof, and shall not, after the date of this Agreement, enter into any
agreement with respect to any of their securities that is inconsistent with the
rights granted to the Holders of Registrable Notes in this Agreement or
otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not conflict with and are not inconsistent with, in any
material respect, the rights granted to the holders of any of the Issuers' other
issued and outstanding securities under any such agreements. The Issuers have
not entered and will not enter into any agreement with respect to any of their
securities which will grant to any Person piggy-back registration rights with
respect to any Registration Statement.

<PAGE>

                                      -23-

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

            (c) Amendments and Waivers. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given except pursuant to a written agreement
duly signed and delivered by (I) the Company (on behalf of all Issuers) and
(II)(A) the Holders of not less than a majority in aggregate principal amount of
the then outstanding Registrable Notes and (B) in circumstances that would
adversely affect the Participating Broker-Dealers, the Participating
Broker-Dealers holding not less than a majority in aggregate principal amount of
the Exchange Notes held by all Participating Broker-Dealers; provided, however,
that Section 7 and this Section 10(c) may not be amended, modified or
supplemented except pursuant to a written agreement duly signed and delivered by
the Issuers and each Holder and each Participating Broker-Dealer (including any
Person who was a Holder or Participating Broker-Dealer of Registrable Notes or
Exchange Notes, as the case may be, disposed of pursuant to any Registration
Statement) affected by any such amendment, modification, waiver or supplement.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of
Holders of Registrable Notes whose securities are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect, impair,
limit or compromise the rights of other Holders of Registrable Notes may be
given by Holders of at least a majority in aggregate principal amount of the
Registrable Notes being sold pursuant to such Registration Statement.

            (d) Notices. All notices and other communications (including,
without limitation, any notices or other communications to the Trustee) provided
for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, next-day air courier or telecopier:

            (i) if to a Holder of the Registrable Notes or any Participating
      Broker-Dealer, at the most current address of such Holder or Participating
      Broker-Dealer, as the case may be, set forth on the records of the
      registrar under the Indenture.

            (ii) if to any Issuer, to it

                                    c/o Ashton Woods USA L.L.C.
                                    1080 Holcomb Bridge Road
                                    Building 200, Suite 350
                                    Roswell, GA  30076

                                    Fax:  (770) 998-7494
                                    Attention:  Chief Financial Officer

<PAGE>

                                      -24-

                           with a copy to:

                                    Paul, Hastings, Janofsky & Walker LLP
                                    600 Peachtree Street, N.E.
                                    Suite 2400
                                    Atlanta, GA  30308
                                    Fax:  (404) 685-5287
                                    Attention:  Elizabeth Noe, Esq.

            (iii) if to the Initial Purchasers, at the address as follows:

                                    UBS Securities LLC
                                    677 Washington Blvd.
                                    Stamford, Connecticut  06901
                                    Fax number:  (203) 719-1075
                                    Attention:  High Yield Syndicate Department

                           with a copy to:

                                    Cahill Gordon & Reindel LLP
                                    80 Pine Street
                                    New York, NY   10005
                                    Fax:  (212) 378-2448
                                    Attention:  Daniel J. Zubkoff, Esq.

            All such notices and communications shall be deemed to have been
duly given: when delivered by hand, if personally delivered; five Business Days
after being deposited in the mail, postage prepaid, if mailed; when receipt is
acknowledged by the recipient's telecopier machine, 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 and in the manner specified in such Indenture.

            (e) Guarantors. So long as any Registrable Notes remain outstanding,
the Issuers shall cause each Person that becomes a guarantor of the Notes under
the Indenture to execute and deliver a counterpart to this Agreement which
subjects such Person to the provisions of this Agreement as a Guarantor. Each of
the Guarantors agrees to join the Issuers in all of their undertakings hereunder
to effect the Exchange Offer for the Exchange Notes and the filing of any Shelf
Registration Statement required hereunder.

            (f) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties
hereto, the Holders and the Participating Broker-Dealers; provided, however,
that this Agreement shall not inure to the benefit of or be binding

<PAGE>

                                      -25-

upon a successor or assign of a Holder unless and to the extent such successor
or assign holds Registrable Notes.

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

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

            (i) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS
MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

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

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

            (l) Third-Party Beneficiaries. Holders and beneficial owners of
Registrable Notes and Participating Broker-Dealers are intended third-party
beneficiaries of this Agreement, and this Agreement may be enforced by such
Persons. No other Person is intended to be, or shall be construed as, a
third-party beneficiary of this Agreement.

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

<PAGE>

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

                                   ASHTON WOODS USA L.L.C.,

                                   By: _________________________________________
                                       Name:      Robert Salomon
                                       Title:     Chief Financial Officer

                                   ASHTON WOODS FINANCE CO.,

                                   By: _________________________________________
                                       Name:      Robert Salomon
                                       Title:     Chief Financial Officer

<PAGE>

                                   BLACK AMBER FLORIDA, INC.
                                   ASHTON BROOKSTONE, INC

                                   By: _________________________________________
                                       Name:       Robert Salomon
                                       Title:      Chief Financial Officer

                                   ASHTON ATLANTA RESIDENTIAL, L.L.C.
                                   CANYON REALTY L.L.C.
                                   ASHTON DALLAS RESIDENTIAL L.L.C.
                                   ASHTON HOUSTON RESIDENTIAL L.L.C.
                                   ASHTON HOUSTON DEVELOPMENT L.L.C.
                                   ASHTON WOODS CORPORATE, LLC
                                   ASHTON ORLANDO RESIDENTIAL L.L.C.
                                   ASHTON BURDEN, LLC
                                   ASHTON WOODS ARIZONA L.L.C.
                                   ASHTON TAMPA RESIDENTIAL, LLC
                                   ASHTON DENVER RESIDENTIAL, LLC
                                   ASHTON WOODS FLORIDA L.L.C.
                                   ASHTON WOODS BUTLER L.L.C.
                                   ASHTON WOODS LAKESIDE L.L.C.
                                   ISLEWORTH WEST LIMITED PARTNERSHIP

                                   By: _________________________________________
                                       Name:        Robert Salomon
                                       Title:       Manager

                                   ASHTON WOODS CONSTRUCTION, LLC

                                   By: ASHTON WOODS HOMES USA L.L.C., sole
                                   member

                                   By: _________________________________________
                                       Name:        Robert Salomon
                                       Title:       Chief Financial Officer

                                   PINERY JOINT VENTURE

<PAGE>

                                   By: ASHTON WOODS HOMES USA L.L.C., partner

                                   By: _________________________________________
                                       Name:        Robert Salomon
                                       Title:       Chief Financial Officer

                                   ISLEWORTH WEST LIMITED PARTNERSHIP

                                   By: ASHTON WOODS FLORIDA L.L.C., general
                                   partner

                                   By: _________________________________________
                                       Name:        Robert Salomon
                                       Title:       Manager

                                   ASHTON WOODS ORLANDO LIMITED PARTNERSHIP

                                   By: ASHTON WOODS LAKESIDE L.L.C., general
                                   partner

                                   By: _________________________________________
                                       Name:        Robert Salomon
                                       Title:       Manager

<PAGE>

                                   UBS SECURITIES LLC
                                   WACHOVIA CAPITAL MARKETS, LLC

                                   By: UBS SECURITIES LLC, as Representative
                                       of the Initial Purchasers

                                   By: _________________________________________
                                       Name:
                                       Title:

                                   By: _________________________________________
                                       Name:
                                       Title:

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