Document:

Ex-4.3

 

Exhibit 4.3

EXECUTION VERSION

REGISTRATION RIGHTS AGREEMENT

Dated as of April 22, 2005

by and among

Ziff Davis Media Inc.

as Issuer

The Guarantors listed on Schedule A hereto

and

Bear, Stearns & Co. Inc.,

Lehman Brothers Inc.

as Initial Purchasers

 

 

          This Registration Rights Agreement (this “Agreement”) is made and entered into as of
April 22, 2005 by and among Ziff Davis Media Inc., a Delaware corporation (the “Company”
and the “Issuer”), the guarantors listed on Schedule A (the “Guarantors”), and
Bear, Stearns & Co. Inc. and Lehman Brothers Inc. (each an “Initial Purchaser” and,
collectively, the “Initial Purchasers”), each of whom has agreed to purchase the Company’s
Senior Secured Floating Rate Notes due 2012 (the “Initial Notes”) pursuant to the Purchase
Agreement (as defined below).

          This Agreement is made pursuant to the Purchase Agreement, dated April 18, 2005, (the
“Purchase Agreement”), by and among the Company, the Guarantors and the Initial Purchasers.
In order to induce the Initial Purchasers to purchase the Initial Notes, the Company has agreed to
provide the registration rights set forth in this Agreement. The execution and delivery of this
Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 8 of the
Purchase Agreement. Capitalized terms used herein and not otherwise defined shall have the meaning
assigned to them in the Indenture, dated April 22, 2005, among the Company, the Guarantors and U.S.
Bank National Association, as Trustee, relating to the Initial Notes and the Exchange Notes (the
“Indenture”).

          The parties hereby agree as follows:

SECTION 1. DEFINITIONS

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

          Act: The Securities Act of 1933, as amended.

          Affiliate: As defined in Rule 144 of the Act.

          Broker-Dealer: Any broker or dealer registered under the Exchange Act.

          Business Day: Any day other than a Saturday, a Sunday or a day on which banking
institutions in the City of New York are authorized by law, regulation or executive order to remain
closed.

          Certificated Securities: Definitive Notes, as defined in the Indenture.

          Closing Date: The date hereof.

          Commission: The Securities and Exchange Commission.

          Consummate: An Exchange Offer shall be deemed “Consummated” for purposes of this
Agreement upon the occurrence of (a) the filing and effectiveness under the Act of the Exchange
Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer, (b)
the maintenance of such Exchange Offer Registration Statement continuously effective and the
keeping of the Exchange Offer open for a period not less than the period required pursuant to
Section 3(b) hereof and (c) the delivery by the Company to the Registrar under the Indenture of

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Exchange Notes in the same aggregate principal amount as the aggregate principal amount of
Initial Notes tendered by Holders thereof pursuant to the Exchange Offer.

          Exchange Act: The Securities Exchange Act of 1934, as amended.

          Exchange Consummation Deadline: As defined in Section 3(b) hereof.

          Exchange Effectiveness Deadline: As defined in Section 3(a) hereof.

          Exchange Filing Deadline: As defined in Sections 3(a) hereof.

          Exchange Notes: The Company’s Exchange Senior Secured Floating Rate Notes due 2012 to
be issued pursuant to the Indenture: (i) in the Exchange Offer or (ii) as contemplated by Section
4 hereof.

          Exchange Offer: The exchange and issuance by the Company of a principal amount of
Exchange Notes (which shall be registered pursuant to the Exchange Offer Registration Statement)
equal to the outstanding principal amount of Initial Notes that are tendered by such Holders in
connection with such exchange and issuance.

          Exchange Offer Registration Statement: The Registration Statement relating to the
Exchange Offer, including the related Prospectus.

          Exempt Resales: The transactions in which the Initial Purchasers propose to sell the
Initial Notes to certain “qualified institutional buyers,” as such term is defined in Rule 144A
under the Act, to certain “accredited investors,” as such term is defined in Rule 501(a)(1), (2),
(3) and (7) of Regulation D under the Act and pursuant to Regulation S under the Act.

          Holders: As defined in Section 2 hereof.

          Person: Means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or
other entity.

          Prospectus: The prospectus included in a Registration Statement at the time such
Registration Statement is declared effective, as amended or supplemented by any prospectus
supplement and by all other amendments thereto, including post-effective amendments, and all
material incorporated by reference into such Prospectus.

          Recommencement Date: As defined in Section 6(d) hereof.

          Registration Default: As defined in Section 5 hereof.

          Registration Statement: Any registration statement of the Company and the Guarantors
relating to (a) an offering of Exchange Notes pursuant to an Exchange Offer or (b) the registration
for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, in each
case, (i) that is filed pursuant to the provisions of this Agreement and (ii)

 

 

including the Prospectus included therein, all amendments and supplements thereto (including
post-effective amendments) and all exhibits and material incorporated by reference therein.

          Regulation S: Regulation S promulgated under the Act.

          Rule 144: Rule 144 promulgated under the Act.

          Shelf Effectiveness Deadline: As defined in Section 4(a) hereof.

          Shelf Filing Deadline: As defined in Sections 4(a) hereof.

          Shelf Registration Statement: As defined in Section 4 hereof.

          Suspension Notice: As defined in Section 6(d) hereof.

          TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on
the date of the Indenture.

          Transfer Restricted Securities: Each Initial Note, until the earliest to occur of (i)
the date on which such Initial Note has been exchanged by a Person other than a Broker-Dealer for
an Exchange Note in the Exchange Offer; (ii) following the exchange by a Broker-Dealer in the
Exchange Offer of an Initial Note for an Exchange Note, the date on which such Exchange Note is
sold to a purchaser who receives from such Broker-Dealer on or prior to the date of such sale a
copy of the Prospectus contained in the Exchange Offer Registration Statement; (iii) the date on
which such Initial Note has been effectively registered under the Act and disposed of in accordance
with the Shelf Registration Statement (and the purchasers thereof have been issued Exchange Notes)
or (iv) the date on which such Initial Note is distributed to the public pursuant to Rule 144 under
the Act.

SECTION 2. HOLDERS

          A Person is deemed to be a holder of Transfer Restricted Securities (each, a “Holder”)
whenever such Person owns Transfer Restricted Securities.

SECTION 3. REGISTERED EXCHANGE OFFER

          (a) Unless the Exchange Offer shall not be permitted by applicable federal law or Commission
policy (after the procedures set forth in Section 6(a)(i) hereof have been complied with), the
Company and the Guarantors shall (i) cause the Exchange Offer Registration Statement to be filed
with the Commission as soon as practicable after the Closing Date, but in no event later than 90
days after the Closing Date (such 90th day being the “Exchange Filing
Deadline”), (ii) use all commercially reasonable efforts to cause such Exchange Offer
Registration Statement to be declared effective by the Commission on or prior to 180 days after the
Closing Date (such 180th day being the “Exchange Effectiveness Deadline”), (iii)
in connection with the foregoing, (A) file all pre-effective amendments to such Exchange Offer
Registration Statement as may be necessary in order to cause it to become effective, (B) file, if
applicable, a post-effective amendment to such Exchange Offer Registration Statement pursuant to
Rule 430A under the Act and (C) cause all necessary filings, if any, in connection with the

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registration and qualification of the Exchange Notes to be made under the Blue Sky laws of
such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the
effectiveness of such Exchange Offer Registration Statement, commence and, within the time period
set forth in Section 3(b) hereof, Consummate the Exchange Offer. The Exchange Offer shall be on
the appropriate form permitting (i) registration of the Exchange Notes to be offered in exchange
for the Initial Notes that are Transfer Restricted Securities and (ii) resales of Exchange Notes by
Broker-Dealers that tendered into the Exchange Offer Initial Notes that such Broker-Dealer acquired
for its own account as a result of market making activities or other trading activities (other than
Initial Notes acquired directly from the Company or any of its Affiliates) as contemplated by
Section 3(c) hereof.

          (b) The Company and the Guarantors shall use their respective commercially reasonable efforts
to cause the Exchange Offer Registration Statement to be effective continuously, and shall keep the
Exchange Offer open for a period of not less than the minimum period required under applicable
federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no
event shall such period be less than 20 Business Days. The Company and the Guarantors shall cause
the Exchange Offer to comply with all applicable federal and state securities laws. No securities
other than the Exchange Notes shall be included in the Exchange Offer Registration Statement. The
Company and the Guarantors shall use all commercially reasonable efforts to cause the Exchange
Offer to be Consummated within 40 Business Days after the date on which the Exchange Offer
Registration Statement was declared effective by the Commission (such 40th Business Day
being the “Exchange Consummation Deadline”).

          (c) The Company shall include a “Plan of Distribution” section in the Prospectus contained in
the Exchange Offer Registration Statement and indicate therein that any Broker-Dealer who holds
Transfer Restricted Securities that were acquired for the account of such Broker-Dealer as a result
of market-making activities or other trading activities (other than Initial Notes acquired directly
from the Company or any Affiliate of the Company), may exchange such Transfer Restricted Securities
pursuant to the Exchange Offer. Such “Plan of Distribution” section shall also contain all other
information with respect to such sales by such Broker-Dealers that the Commission may require in
order to permit such sales pursuant thereto, but such “Plan of Distribution” shall not name any
such Broker-Dealer or disclose the amount of Transfer Restricted Securities held by any such
Broker-Dealer, except to the extent required by the Commission as a result of a change in policy,
rules or regulations after the date of this Agreement. See the Shearman & Sterling
no-action letter (available July 2, 1993).

          Because such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Act
and must, therefore, deliver a prospectus meeting the requirements of the Act in connection with
its initial sale of any Exchange Notes received by such Broker-Dealer in the Exchange Offer, the
Company and Guarantors shall permit the use of the Prospectus contained in the Exchange Offer
Registration Statement by such Broker-Dealer to satisfy such prospectus delivery requirement. To
the extent necessary to ensure that the Prospectus contained in the Exchange Offer Registration
Statement is available for sales of Exchange Notes by Broker-Dealers, the Company and the
Guarantors agree to use all of their commercially reasonable efforts to keep the Exchange Offer
Registration Statement continuously effective, supplemented, amended and current as required by and
subject to the provisions of Section 6(a) and Section 6(c)

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hereof and in conformity with the requirements of this Agreement, the Act and the policies,
rules and regulations of the Commission as announced from time to time, for a period of one year
from the Exchange Consummation Deadline or such shorter period as will terminate when all Transfer
Restricted Securities covered by such Registration Statement have been sold pursuant thereto. The
Company and the Guarantors shall provide sufficient copies of the latest version of such Prospectus
to such Broker-Dealers, promptly upon request at any time during such period.

SECTION 4. SHELF REGISTRATION

          (a) Shelf Registration. If (i) the Company and the Guarantors are not (A) required to
file the Exchange Offer Registration Statement or (B) permitted to Consummate the Exchange Offer
because the Exchange Offer is not permitted by applicable law or Commission policy (after the
Company and the Guarantors have complied with the procedures set forth in Section 6(a)(i) hereof)
or (ii) if any Holder of Transfer Restricted Securities shall notify the Company prior to the
20th Business Day following the Consummation of the Exchange Offer that (A) such Holder
was prohibited by law or Commission policy from participating in the Exchange Offer or (B) such
Holder may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without
delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement
is not appropriate or available for such resales by such Holder or (C) such Holder is a
Broker-Dealer and holds Initial Notes acquired directly from the Company or any of its Affiliates,
then the Company and the Guarantors shall:

     (x) use all commercially reasonable efforts on or prior to 60 days after the earlier of (i)
the date as of which the Company determines that the Exchange Offer Registration Statement will not
be or cannot be, as the case may be, filed as a result of clause (a)(i) above and (ii) the date on
which the Company receives the notice specified in clause (a)(ii) above (such earlier date, the
“Shelf Filing Deadline”), to file a shelf registration statement pursuant to Rule 415 under
the Act (which may be an amendment to the Exchange Offer Registration Statement (the “Shelf
Registration Statement”)), relating to all Transfer Restricted Securities; provided, however,
in no event shall the Shelf Filing Deadline be prior to 90 days from the date hereof; and

     (y) use all commercially reasonable efforts to cause such Shelf Registration Statement to
become effective on or prior to 120 days after the filing of the Shelf Registration Statement (such
120th day, the “Shelf Registration Effectiveness Deadline”); provided, however, in no event
shall the Shelf Registration Effectiveness Deadline be prior to 180 days from the date hereof.

          If, after the Company has filed an Exchange Offer Registration Statement that satisfies the
requirements of Section 3(a) hereof, the Company is required to file and make effective a Shelf
Registration Statement solely because the Exchange Offer is not permitted under applicable federal
law (i.e., clause (a)(i) of this Section 4), then the filing of the Exchange Offer Registration
Statement shall be deemed to satisfy the requirements of clause (x) of this Section 4; provided
that, in such event, the Company shall remain obligated to meet the Shelf Registration
Effectiveness Deadline set forth in clause (y) of this Section 4.

          To the extent necessary to ensure that the Shelf Registration Statement is available for sales
of Transfer Restricted Securities by the Holders thereof entitled to the benefit of this Section
4(a) and the other securities required to be registered therein pursuant to Section 6(b)(ii)

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hereof, the Company and the Guarantors shall use all commercially reasonable efforts to keep
any Shelf Registration Statement required by this Section 4(a) continuously effective,
supplemented, amended and current as required by and subject to the provisions of Section 6(b) and
(c) hereof and in conformity with the requirements of this Agreement, the Act and the policies,
rules and regulations of the Commission as announced from time to time, for a period of at least
two years (as extended pursuant to Section 6(c)(i) hereof) following the Closing Date, or such
shorter period as will terminate when all Transfer Restricted Securities covered by such Shelf
Registration Statement have been sold pursuant thereto.

          (b) Provision by Holders of Certain Information in Connection with the Shelf Registration
Statement. No Holder of Transfer Restricted Securities may include any of its Transfer
Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and
until such Holder furnishes to the Company in writing, within 20 days after receipt of a request
therefor, the information specified in Item 507 or Item 508 of Regulation S-K, as applicable, of
the Act for use in connection with any Shelf Registration Statement or Prospectus or preliminary
Prospectus included therein. No Holder of Transfer Restricted Securities shall be entitled to
liquidated damages pursuant to Section 5 hereof unless and until such Holder shall have provided
all such information. Each selling Holder agrees to promptly furnish additional information
required to be disclosed in order to make the information previously furnished to the Company by
such Holder not materially misleading.

SECTION 5. LIQUIDATED DAMAGES

          If (i) any Registration Statement required by this Agreement is not filed with the Commission
on or prior to the Exchange Filing Deadline or the Shelf Filing Deadline, as applicable, (ii) any
such Registration Statement has not been declared effective by the Commission on or prior to the
Exchange Effectiveness Deadline or the Shelf Registration Effectiveness Deadline, as applicable,
(iii) the Exchange Offer has not been Consummated on or prior to the Exchange Consummation Deadline
or (iv) any Registration Statement required by this Agreement is filed and declared effective but
shall thereafter cease to be effective or fail to be usable for its intended purpose without being
succeeded immediately by a post-effective amendment to such Registration Statement that cures such
failure and that is itself declared effective immediately (each such event referred to in clauses
(i) through (iv) above, a “Registration Default”), then the Company and the Guarantors
hereby jointly and severally agree to pay to each Holder of Transfer Restricted Securities affected
thereby liquidated damages in an amount equal to $.05 per week per $1,000 in principal amount of
Transfer Restricted Securities held by such Holder for each week or portion thereof that the
Registration Default continues for the first 90-day period immediately following the occurrence of
such Registration Default. The amount of the liquidated damages shall increase by an additional
$.05 per week per $1,000 in principal amount of Transfer Restricted Securities with respect to each
subsequent 90-day period until all Registration Defaults have been cured, up to a maximum amount of
liquidated damages of $.50 per week per $1,000 in principal amount of Transfer Restricted
Securities; provided that the Company and the Guarantors shall in no event be required to pay
liquidated damages for more than one Registration Default at any given time. Notwithstanding
anything to the contrary set forth herein, (1) upon filing of the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement), in the case of (i) above, (2)
upon the effectiveness of the Exchange Offer Registration Statement (and/or, if applicable, the

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Shelf Registration Statement), in the case of (ii) above, (3) upon Consummation of the
Exchange Offer, in the case of (iii) above, or (4) upon the filing of a post-effective amendment to
the Registration Statement or an additional Registration Statement that causes the Exchange Offer
Registration Statement (and/or, if applicable, the Shelf Registration Statement) to again be
declared effective or made usable in the case of (iv) above, the liquidated damages payable with
respect to the Transfer Restricted Securities as a result of such clause (i), (ii), (iii) or (iv),
as applicable, shall cease.

All accrued liquidated damages shall be paid to the Holders entitled thereto, in the manner
provided for the payment of interest in the Indenture, on each Interest Payment Date, as more fully
set forth in the Indenture and the Notes. Notwithstanding the fact that any securities for which
liquidated damages are due cease to be Transfer Restricted Securities, all obligations of the
Company and the Guarantors to pay liquidated damages with respect to securities shall survive until
such time as such obligations with respect to such securities shall have been satisfied in full.

SECTION 6. REGISTRATION PROCEDURES

          (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the
Company and the Guarantors shall (x) comply with all applicable provisions of Section 6(c) hereof,
(y) use all of their commercially reasonable efforts to effect such exchange and to permit the
resale of Exchange Notes by Broker-Dealers that tendered in the Exchange Offer Initial Notes that
such Broker-Dealer acquired for its own account as a result of its market making activities or
other trading activities (other than Initial Notes acquired directly from the Company or any of its
Affiliates) being sold in accordance with the intended method or methods of distribution thereof,
and (z) comply with all of the following provisions:

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

     (ii) As a condition to its participation in the Exchange Offer, each Holder of Transfer
Restricted Securities (including, without limitation, any Holder who is a Broker Dealer)
shall furnish, upon the request of the Company, prior to the Consummation of the

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Exchange Offer, a written representation to the Company and the Guarantors (which may
be contained in the letter of transmittal contemplated by the Exchange Offer Registration
Statement) to the effect that (A) it is not an Affiliate of the Company, (B) it is not
engaged in, and does not intend to engage in, and has no arrangement or understanding with
any person to participate in, a distribution of the Exchange Notes to be issued in the
Exchange Offer and (C) it is acquiring the Exchange Notes in its ordinary course of
business. As a condition to its participation in the Exchange Offer each Holder using the
Exchange Offer to participate in a distribution of the Exchange Notes shall acknowledge and
agree that, if the resales are of Exchange Notes obtained by such Holder in exchange for
Initial Notes acquired directly from the Company or an Affiliate thereof, it (1) could not,
under Commission policy as in effect on the date of this Agreement, rely on the position of
the Commission enunciated in Exxon Capital Holdings Corporation (available May 13,
1988) and Morgan Stanley and Co., Inc. (available June 5, 1991), as interpreted in
the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar
no-action letters (including, if applicable, any no-action letter obtained pursuant to
clause (i) above), and (2) must comply with the registration and prospectus delivery
requirements of the Act in connection with a secondary resale transaction and that such a
secondary resale transaction must be covered by an effective registration statement
containing the selling security holder information required by Item 507 or Item 508, as
applicable, of Regulation S-K.

     (iii) Prior to effectiveness of the Exchange Offer Registration Statement, the Company
and the Guarantors shall provide a supplemental letter to the Commission (A) stating that
the Company and the Guarantors are registering the Exchange Offer in reliance on the
position of the Commission enunciated in Exxon Capital Holdings Corporation
(available May 13, 1988), Morgan Stanley and Co., Inc. (available June 5, 1991) as
interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993,
and, if applicable, any no-action letter obtained pursuant to clause (i) above, (B)
including a representation that neither the Company nor any Guarantor has entered into any
arrangement or understanding with any Person to distribute the Exchange Notes to be received
in the Exchange Offer and that, to the best of the Company’s and each Guarantor’s
information and belief, each Holder participating in the Exchange Offer is acquiring the
Exchange Notes in its ordinary course of business and has no arrangement or understanding
with any Person to participate in the distribution of the Exchange Notes received in the
Exchange Offer and (C) any other undertaking or representation required by the Commission as
set forth in any no-action letter obtained pursuant to clause (i) above, if applicable.

          (b) Shelf Registration Statement. In connection with the Shelf Registration Statement,
the Company and the Guarantors shall (i) comply with all the provisions of Section 6(c) hereof and
use all of their commercially reasonable efforts to effect such registration to permit the sale of
the Transfer Restricted Securities being sold in accordance with the intended method or methods of
distribution thereof (as indicated in the information furnished to the Company pursuant to Section
4(b) hereof), and pursuant thereto the Company and the Guarantors will prepare and file with the
Commission a Registration Statement relating to the registration on any appropriate form under the
Act, which form shall be available for the sale of the Transfer

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Restricted Securities in accordance with the intended method or methods of distribution
thereof within the time periods and otherwise in accordance with the provisions hereof, and

     (ii) issue, upon the request of any Holder or purchaser of Initial Notes covered by
any Shelf Registration Statement contemplated by this Agreement, Exchange Notes having an
aggregate principal amount equal to the aggregate principal amount of Initial Notes sold
pursuant to the Shelf Registration Statement and surrendered to the Company for
cancellation; the Company shall register Exchange Notes on the Shelf Registration Statement
for this purpose and issue the Exchange Notes to the purchasers of securities subject to
the Shelf Registration Statement in the names as such purchasers shall designate.

          (c) General Provisions. In connection with any Registration Statement and any related
Prospectus required by this Agreement, the Company and the Guarantors shall:

     (i) use their respective commercially reasonable efforts to keep such Registration
Statement continuously effective and provide all requisite financial statements for the
period specified in Section 3 or Section 4 of this Agreement, as applicable. Upon the
occurrence of any event that would cause any such Registration Statement or the Prospectus
contained therein (A) to contain an untrue statement of material fact or omit to state any
material fact necessary to make the statements therein not misleading or (B) not to be
effective and usable for resale of Transfer Restricted Securities during the period required
by this Agreement, the Company and the Guarantors shall file promptly an appropriate
amendment to such Registration Statement curing such defect, and, if Commission review is
required, use all of their commercially reasonable efforts to cause such amendment to be
declared effective as soon as practicable;

     (ii) use their respective commercially reasonable efforts to prepare and file with the
Commission such amendments and post-effective amendments to the applicable Registration
Statement as may be necessary to keep such Registration Statement effective for the
applicable period set forth in Section 3 or Section 4 hereof, as the case may be; use their
respective commercially reasonable efforts to cause the Prospectus to be supplemented by any
required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424
under the Act, and to comply fully with Rules 424, 430A and 462, as applicable, under the
Act in a timely manner; and comply with the provisions of the Act with respect to the
disposition of all securities covered by such Registration Statement during the applicable
period in accordance with the intended method or methods of distribution by the sellers
thereof set forth in such Registration Statement or supplement to the Prospectus;

     (iii) advise each Holder promptly and, if requested by such Holder, confirm such advice
in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment
has been filed, and, with respect to any applicable Registration Statement or any
post-effective amendment thereto, when the same has become effective, (B) of any request by
the Commission for amendments to the Registration Statement or amendments or supplements to
the Prospectus or for additional information relating

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thereto, (C) of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement under the Act or of the suspension by any state
securities commission of the qualification of the Transfer Restricted Securities for
offering or sale in any jurisdiction, or the initiation of any proceeding for any of the
preceding purposes and (D) of the existence of any fact or the happening of any event that
makes any statement of a material fact made in the Registration Statement, the Prospectus,
any amendment or supplement thereto or any document incorporated by reference therein
untrue, or that requires the making of any additions to or changes in the Registration
Statement in order to make the statements therein not misleading, or that requires the
making of any additions to or changes in the Prospectus in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. If
at any time the Commission shall issue any stop order suspending the effectiveness of the
Registration Statement, or any state securities commission or other regulatory authority
shall issue an order suspending the qualification or exemption from qualification of the
Transfer Restricted Securities under state securities or blue sky laws, the Company and the
Guarantors shall use all of their commercially reasonable efforts to obtain the withdrawal
or lifting of such order at the earliest possible time;

     (iv) subject to Section 6(c)(i) hereof, if any fact or event contemplated by Section
6(c)(iii)(D) above shall exist or have occurred, prepare a supplement or post-effective
amendment to the Registration Statement or related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter delivered to
the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue
statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not
misleading;

     (v) furnish to each Holder in connection with such exchange or sale, if any, before
filing with the Commission, copies of any Registration Statement or any Prospectus included
therein or any amendments or supplements to any such Registration Statement or Prospectus
(including all documents incorporated by reference after the initial filing of such
Registration Statement), which documents will be subject to the review and comment of such
Holders in connection with such sale, if any, for a period of at least five Business Days,
and the Company will not file any such Registration Statement or Prospectus or any amendment
or supplement to any such Registration Statement or Prospectus (including all such documents
incorporated by reference) to which such Holders shall reasonably object within five
Business Days after the receipt thereof. A Holder shall be deemed to have reasonably
objected to such filing if such Registration Statement, amendment, Prospectus or supplement,
as applicable, as proposed to be filed, contains an untrue statement of a material fact or
omit to state any material fact necessary to make the statements therein not misleading or
fails to comply with the applicable requirements of the Act;

     (vi) promptly prior to the filing of any document that is to be incorporated by
reference into a Registration Statement or Prospectus, provide copies of such document to
each Holder in connection with such exchange or sale, if any, make the Company’s and the
Guarantors’ representatives available for discussion of such document and other

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customary due diligence matters, and include such information in such document prior to
the filing thereof as such Holders Persons may reasonably request;

     (vii) make available, at reasonable times, for inspection by each Holder and any
attorney or accountant retained by such Holders, all financial and other records, pertinent
corporate documents of the Company and the Guarantors and cause the Company’s and the
Guarantors’ officers, directors and employees to supply all information reasonably requested
by any such Holder, attorney or accountant in connection with such Registration Statement or
any post-effective amendment thereto subsequent to the filing thereof and prior to its
effectiveness;

     (viii) if requested by any Holders in connection with such exchange or sale, promptly
include in any Registration Statement or Prospectus, pursuant to a supplement or
post-effective amendment if necessary, such information as such Holders may reasonably
request to have included therein, including, without limitation, information relating to the
“Plan of Distribution” of the Transfer Restricted Securities; and make all required filings
of such Prospectus supplement or post-effective amendment as soon as practicable after the
Company is notified of the matters to be included in such Prospectus supplement or
post-effective amendment;

     (ix) upon request, furnish to each Holder in connection with such exchange or sale,
without charge, at least one copy of the Registration Statement, as first filed with the
Commission, and of each amendment thereto, including all documents incorporated by reference
therein and all exhibits (including exhibits incorporated therein by reference);

     (x) deliver to each Holder without charge, as many copies of the Prospectus (including
each preliminary prospectus) and any amendment or supplement thereto as such Persons
reasonably may request; the Company and the Guarantors hereby consent to the use (in
accordance with law) of the Prospectus and any amendment or supplement thereto by each
selling Holder in connection with the offering and the sale of the Transfer Restricted
Securities covered by the Prospectus or any amendment or supplement thereto;

     (xi) upon the request of any Holder, enter into such agreements (including underwriting
agreements) and make such representations and warranties and take all such other actions in
connection therewith in order to expedite or facilitate the disposition of the Transfer
Restricted Securities pursuant to any applicable Registration Statement contemplated by this
Agreement as may be reasonably requested by any Holder in connection with any sale or resale
pursuant to any applicable Registration Statement. In such connection, the Company and the
Guarantors shall:

     (A) upon request of any Holder, furnish (or in the case of paragraphs (2) and
(3) below, all of their commercially reasonable efforts efforts to cause to be
furnished) to each Holder, upon Consummation of the Exchange Offer or upon the
effectiveness of the Shelf Registration Statement, as the case may be:

     (1) a certificate, dated such date, signed on behalf of the Company and
each Guarantor by (x) the President or any Vice President

11

 

and (y) a principal financial or accounting officer of the Company and
such Guarantor, confirming, as of the date thereof, the matters set forth in
Sections 8(a), 8(b), 8(c) and 8(d) of the Purchase Agreement and such other
similar matters as such Holders may reasonably request;

     (2) opinion(s), dated the date of Consummation of the Exchange Offer or
the date of effectiveness of the Shelf Registration Statement, as the case
may be, of counsel for the Company and the Guarantors covering matters
similar to those set forth in paragraph (f) of Section 8 of the Purchase
Agreement and such other matter as such Holder may reasonably request, and
in any event including a statement to the effect that such counsel has
participated in conferences with officers and other representatives of the
Company and the Guarantors, representatives of the independent public
accountants for the Company and the Guarantors and have considered the
matters required to be stated therein and the statements contained therein,
although such counsel has not independently verified the accuracy,
completeness or fairness of such statements; and that such counsel advises
that, on the basis of the foregoing (relying as to materiality to the extent
such counsel deems appropriate upon the statements of officers and other
representatives of the Company and the Guarantors), no facts came to such
counsel’s attention that caused such counsel to believe that the applicable
Registration Statement, at the time such Registration Statement or any
post-effective amendment thereto became effective and, in the case of the
Exchange Offer Registration Statement, as of the date of Consummation of the
Exchange Offer, contained an untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make
the statements therein not misleading, or that the Prospectus contained in
such Registration Statement as of its date and, in the case of the opinion
dated the date of Consummation of the Exchange Offer, as of the date of
Consummation, contained an untrue statement of a material fact or omitted to
state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading.
Without limiting the foregoing, such counsel may state further that such
counsel assumes no responsibility for, and has not independently verified,
the accuracy, completeness or fairness of the financial statements, notes
and schedules and other financial data included in any Registration
Statement contemplated by this Agreement or the related Prospectus; and

     (3) customary comfort letters, dated the date of Consummation of the
Exchange Offer, or as of the date of effectiveness of the Shelf Registration
Statement, as the case may be, from the Company’s independent accountants,
in the customary form and covering matters of the type customarily covered
in comfort letters to underwriters in connection with underwritten
offerings, and affirming the matters set forth

12

 

in the comfort letters delivered pursuant to Section 8(h) of the
Purchase Agreement; and

     (B) deliver such other documents and certificates as may be reasonably
requested by the selling Holders to evidence compliance with the matters covered in
clause (A) above and with any customary conditions contained in the any agreement
entered into by the Company and the Guarantors pursuant to this clause (xi);

     (xii) prior to any public offering of Transfer Restricted Securities, cooperate with
the selling Holders and their counsel in connection with the registration and qualification
of the Transfer Restricted Securities under the securities or Blue Sky laws of such
jurisdictions as the selling Holders may request and do any and all other acts or things
necessary or advisable to enable the disposition in such jurisdictions of the Transfer
Restricted Securities covered by the applicable Registration Statement; provided, however,
that neither the Company nor any Guarantor shall be required to register or qualify as a
foreign corporation where it is not now so qualified or to take any action that would
subject it to the service of process in suits or to taxation, other than as to matters and
transactions relating to the Registration Statement, in any jurisdiction where it is not now
so subject;

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

     (xiv) use their respective commercially reasonable efforts to cause the disposition of
the Transfer Restricted Securities covered by the Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to
enable the seller or sellers thereof to consummate the disposition of such Transfer
Restricted Securities, subject to the proviso contained in clause (xii) above;

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

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

13

 

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

     (xvii) cause the Indenture to be qualified under the TIA not later than the effective
date of the first Registration Statement required by this Agreement and, in connection
therewith, cooperate with the Trustee and the Holders to effect such changes to the
Indenture as may be required for such Indenture to be so qualified in accordance with the
terms of the TIA; and execute and use its commercially reasonable efforts to cause the
Trustee to execute, all documents that may be required to effect such changes and all other
forms and documents required to be filed with the Commission to enable such Indenture to be
so qualified in a timely manner; and

     (xviii) to the extent not publicly available, provide promptly to each Holder, upon
request, each document filed with the Commission pursuant to the requirements of Section 13
or Section 15(d) of the Exchange Act.

          (d) Restrictions on Holders. Each Holder agrees by acquisition of a Transfer
Restricted Security that, upon receipt of the notice referred to in Section 6(c)(iii)(C) hereof or
any notice from the Company of the existence of any fact of the kind described in Section
6(c)(iii)(D) hereof (in each case, a “Suspension Notice”), such Holder will forthwith
discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration
Statement until (i) such Holder has received copies of the supplemented or amended Prospectus
contemplated by Section 6(c)(iv) hereof, or (ii) such Holder is advised in writing by the Company
that the use of the Prospectus may be resumed, and has received copies of any additional or
supplemental filings that are incorporated by reference in the Prospectus (in each case, the
“Recommencement Date”). Each Holder receiving a Suspension Notice hereby agrees that it
will either (i) destroy any Prospectuses, other than permanent file copies, then in such Holder’s
possession which have been replaced by the Company with more recently dated Prospectuses or (ii)
deliver to the Company (at the Company’s expense) all copies, other than permanent file copies,
then in such Holder’s possession of the Prospectus covering such Transfer Restricted Securities
that was current at the time of receipt of the Suspension Notice. The time period regarding the
effectiveness of such Registration Statement set forth in Section 3 or Section 4 hereof, as
applicable, shall be extended by a number of days equal to the number of days in the period from
and including the date of delivery of the Suspension Notice to the date of delivery of the
Recommencement Date.

SECTION 7. REGISTRATION EXPENSES

          (a) All expenses incident to the Company’s and the Guarantors’ performance of or compliance
with this Agreement will be borne by the Company, regardless of whether a Registration Statement
becomes effective, including without limitation: (i) all registration and filing fees and expenses;
(ii) all fees and expenses of compliance with federal securities and state Blue Sky or securities
laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be
issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and
telephone; (iv) all fees and disbursements of counsel for the Company and the Guarantors; (v) all
application and filing fees in connection with listing the Exchange Notes on a national securities
exchange or automated quotation system pursuant to the requirements

14

 

hereof; and (vi) all fees and disbursements of independent certified public accountants of the
Company and the Guarantors (including the expenses of any special audit and comfort letters
required by or incident to such performance).

          The Company will, in any event, bear its and the Guarantors’ internal expenses (including,
without limitation, all salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and expenses of any Person,
including special experts, retained by the Company or the Guarantors.

          (b) In connection with any Shelf Registration Statement required by this Agreement, the
Company and the Guarantors will reimburse the Initial Purchasers and the Holders of Transfer
Restricted Securities who are tendering Initial Notes into in the Exchange Offer and/or selling or
reselling Initial Notes or Exchange Notes pursuant to the “Plan of Distribution” contained in the
Exchange Offer Registration Statement or the Shelf Registration Statement, as applicable, for the
reasonable fees and disbursements of not more than one counsel, who shall be Latham & Watkins LLP,
unless another firm shall be chosen by the Holders of a majority in principal amount of the
Transfer Restricted Securities for whose benefit such Registration Statement is being prepared.

SECTION 8. INDEMNIFICATION

          (a) The Company and the Guarantors agree, jointly and severally, to indemnify and hold
harmless each Holder, its directors, officers and each Person, if any, who controls such Holder
(within the meaning of Section 15 of the Act or Section 20 of the Exchange Act), from and against
any and all losses, claims, damages, liabilities, judgments and reasonable expenses (including
without limitation, any reasonable legal or other expenses incurred in connection with
investigating or defending any matter, including any action that could give rise to any such
losses, claims, damages, liabilities or judgments) caused by any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement, preliminary prospectus or
Prospectus (or any amendment or supplement thereto) provided by the Company to any Holder or any
prospective purchaser of Exchange Notes or registered Initial Notes, or caused by any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, except insofar as such losses, claims, damages,
liabilities or judgments are caused by an untrue statement or omission or alleged untrue statement
or omission that is based upon information relating to any Holder furnished in writing to the
Company by any such Holder.

          (b) Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to
indemnify and hold harmless the Company and the Guarantors, and their respective directors and
officers, and each person, if any, who controls (within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act) the Company, or the Guarantors to the same extent as the foregoing
indemnity from the Company and the Guarantors set forth in section (a) above, but only with
reference to information relating to such Holder furnished in writing to the Company by such Holder
expressly for use in any Registration Statement. In no event shall any Holder, its directors,
officers or any Person who controls such Holder be liable or responsible for any amount in excess
of the amount by which the total amount received by such Holder with respect to its sale of
Transfer Restricted Securities pursuant to a Registration Statement exceeds (i) the

15

 

amount paid by such Holder for such Transfer Restricted Securities and (ii) the amount of any
damages that such Holder, its directors, officers or any Person who controls such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission.

          (c) In case any action shall be commenced involving any person in respect of which indemnity
may be sought pursuant to Section 8(a) or Section 8(b) hereof (the “indemnified party”),
the indemnified party shall promptly notify the person against whom such indemnity may be sought
(the “indemnifying person”) in writing and the indemnifying party shall assume the defense
of such action, including the employment of counsel reasonably satisfactory to the indemnified
party and the payment of all fees and expenses of such counsel, as incurred (except that in the
case of any action in respect of which indemnity may be sought pursuant to both Sections 8(a) and
8(b) hereof, a Holder shall not be required to assume the defense of such action pursuant to this
Section 8(c), but may employ separate counsel and participate in the defense thereof, but the fees
and expenses of such counsel, except as provided below, shall be at the expense of the Holder).
Any indemnified party shall have the right to employ separate counsel in any such action and
participate in the defense thereof, but the fees and expenses of such counsel shall be at the
expense of the indemnified party unless (i) the employment of such counsel shall have been
specifically authorized in writing by the indemnifying party, (ii) the indemnifying party shall
have failed to assume the defense of such action or employ counsel reasonably satisfactory to the
indemnified party or (iii) the named parties to any such action (including any impleaded parties)
include both the indemnified party and the indemnifying party, and the indemnified party shall have
been advised by such counsel that there may be one or more legal defenses available to it which are
different from or additional to those available to the indemnifying party (in which case the
indemnifying party shall not have the right to assume the defense of such action on behalf of the
indemnified party). In any such case, the indemnifying party shall not, in connection with any one
action or separate but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the fees and expenses of more
than one separate firm of attorneys (in addition to any local counsel) for all indemnified parties
and all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be
designated in writing by a majority of the Holders, in the case of the parties indemnified pursuant
to Section 8(a) hereof, and by the Company and Guarantors, in the case of parties indemnified
pursuant to Section 8(b) hereof. The indemnifying party shall indemnify and hold harmless the
indemnified party from and against any and all losses, claims, damages, liabilities and judgments
by reason of any settlement of any action (i) effected with its written consent or (ii) effected
without its written consent if the settlement is entered into more than twenty Business Days after
the indemnifying party shall have received a request from the indemnified party for reimbursement
for the fees and expenses of counsel (in any case where such fees and expenses are at the expense
of the indemnifying party) and, prior to the date of such settlement, the indemnifying party shall
have failed to comply with such reimbursement request. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement or compromise of, or consent
to the entry of judgment with respect to, any pending or threatened action in respect of which the
indemnified party is or could have been a party and indemnity or contribution may be or could have
been sought hereunder by the indemnified party, unless such settlement, compromise or judgment (i)
includes an unconditional release of the indemnified party from all liability on claims that are or
could

16

 

have been the subject matter of such action and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of the indemnified party.

          (d) To the extent that the indemnification provided for in this Section 8 is unavailable to an
indemnified party in respect of any losses, claims, damages, liabilities or judgments referred to
therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result of such losses,
claims, damages, liabilities or judgments (i) in such proportion as is appropriate to reflect the
relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on
the other hand, from their sale of Transfer Restricted Securities or (ii) if the allocation
provided by clause 8(d)(i) hereof is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause 8(d)(i) above but also
the relative fault of the Company and the Guarantors, on the one hand, and of the Holder, on the
other hand, in connection with the statements or omissions which resulted in such losses, claims,
damages, liabilities or judgments, as well as any other relevant equitable considerations. The
relative fault of the Company and the Guarantors, on the one hand, and of the Holder, on the other
hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company or such Guarantor, on the one hand, or by the Holder, on the
other hand, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The amount paid or payable by a party as a result
of the losses, claims, damages, liabilities and judgments referred to above shall be deemed to
include, subject to the limitations set forth in the second paragraph of Section 8(a) hereof, any
legal or other fees or expenses reasonably incurred by such party in connection with investigating
or defending any action or claim.

          The Company, the Guarantors and each Holder agree that it would not be just and equitable if
contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the
Holders were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding
paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims,
damages, liabilities or judgments referred to in the immediately preceding paragraph shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any
matter, including any action that could have given rise to such losses, claims, damages,
liabilities or judgments. Notwithstanding the provisions of this Section 8, no Holder, its
directors, its officers or any Person, if any, who controls such Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the total received by
such Holder with respect to the sale of Transfer Restricted Securities pursuant to a Registration
Statement exceeds (i) the amount paid by such Holder for such Transfer Restricted Securities and
(ii) the amount of any damages which such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’
obligations to contribute pursuant to this Section 8(d) are several in proportion to the respective
principal amount of Transfer Restricted Securities held by each Holder hereunder and not joint.

17

 

SECTION 9. RULE 144A AND RULE 144

          The Company and each Guarantor agrees with each Holder, for so long as any Transfer Restricted
Securities remain outstanding and during any period in which the Company or such Guarantor (i) is
not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request of any
Holder, to such Holder or beneficial owner of Transfer Restricted Securities in connection with any
sale thereof and any prospective purchaser of such Transfer Restricted Securities designated by
such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Act in order
to permit resales of such Transfer Restricted Securities pursuant to Rule 144A, and (ii) is subject
to Section 13 or 15 (d) of the Exchange Act, to make all filings required thereby in a timely
manner in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144.

SECTION 10. MISCELLANEOUS

          (a) Remedies. The Company and the Guarantors acknowledge and agree that any failure
by the Company and/or the Guarantors to comply with their respective obligations under Section 3
and Section 4 hereof may result in material irreparable injury to the Initial Purchasers or the
Holders for which there is no adequate remedy at law, that it will not be possible to measure
damages for such injuries precisely and that, in the event of any such failure, the Initial
Purchasers or any Holder may obtain such relief as may be required to specifically enforce the
Company’s and the Guarantor’s obligations under Section 3 and Section 4 hereof. The Company and
the Guarantors further agree to waive the defense in any action for specific performance that a
remedy at law would be adequate.

          (b) No Inconsistent Agreements. Neither the Company nor any Guarantor will, on or
after the date of this Agreement, enter into any agreement with respect to its securities that is
inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with
the provisions hereof. Neither the Company nor any Guarantor (other than Ziff Davis Holdings Inc.)
has previously entered into, nor is currently party to, any agreement granting any registration
rights with respect to its securities to any Person. The rights granted to the Holders hereunder
do not in any way conflict with and are not inconsistent with the rights granted to the holders of
the Company’s and the Guarantors’ securities under any agreement in effect on the date hereof.

          (c) Amendments and Waivers. The provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to or departures from the provisions hereof may
not be given unless (i) in the case of Section 5 hereof and this Section 10(c)(i), the Company has
obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii)
in the case of all other provisions hereof, the Company has obtained the written consent of Holders
of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding
Transfer Restricted Securities held by the Company or its Affiliates). Notwithstanding the
foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to
the rights of Holders whose Transfer Restricted Securities are being tendered pursuant to the
Exchange Offer, and that does not affect directly or indirectly the rights of other Holders whose
Transfer Restricted Securities are not being tendered pursuant to

18

 

such Exchange Offer, may be given by the Holders of a majority of the outstanding principal
amount of Transfer Restricted Securities subject to such Exchange Offer.

          (d) Third Party Beneficiary. The Holders shall be third party beneficiaries to the
agreements made hereunder between the Company and the Guarantors, on the one hand, and the Initial
Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the
extent they may deem such enforcement necessary or advisable to protect its rights or the rights of
Holders hereunder.

          (e) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, first-class mail (registered or certified, return
receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery:

               (i) if to a Holder, at the address set forth on the records of the Registrar under the
Indenture, with a copy to the Registrar under the Indenture; and

     (ii) if to the Company or the Guarantors:

Ziff Davis Media Inc.

28 East 28th Street

New York, New York 10016

Telecopier No.: (212) 503-3560

Attention: General Counsel

With a copy to:

Kirkland & Ellis

200 East Rudolph Drive

Chicago, Illinois 60601

Telecopier No.: (312) 861-2200

Attention: Gerald Nowak, Esq.

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

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

          (f) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including without limitation and
without the need for an express assignment, subsequent Holders; provided, that nothing herein shall
be deemed to permit any assignment, transfer or other disposition of Transfer Restricted Securities
in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee
of any Holder shall acquire Transfer Restricted Securities in any manner, whether by operation of
law or otherwise, such Transfer Restricted Securities shall be held subject to all of

19

 

the terms of this Agreement, and by taking and holding such Transfer Restricted Securities
such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the
terms and provisions of this Agreement, including the restrictions on resale set forth in this
Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive
the benefits hereof.

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

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

(i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF.

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

(k) Entire Agreement. This Agreement is intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are
no restrictions, promises, warranties or undertakings, other than those set forth or referred to
herein with respect to the registration rights granted with respect to the Transfer Restricted
Securities. This Agreement supersedes all prior agreements and understandings between the parties
with respect to such subject matter.

20

 

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

     ZIFF DAVIS MEDIA INC.

	 	 	 	 	 
	

	 	 	 	ZIFF DAVIS MEDIA INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Bart Catalane
	

	 	 	 	 
	

	 	 	 	Name: Bart W. Catalane
	

	 	 	 	Title: President and Chief Operating Officer
	 
	 	 	 	 
	

	 	 	 	ZIFF DAVIS HOLDINGS INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Bart Catalane
	

	 	 	 	 
	

	 	 	 	Name: Bart W. Catalane
	

	 	 	 	Title: President and Chief Operating Officer
	 
	 	 	 	 
	

	 	 	 	ZIFF DAVIS PUBLISHING HOLDINGS INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Bart Catalane
	

	 	 	 	 
	

	 	 	 	Title: President and Chief Operating Officer
	 
	 	 	 	 
	

	 	 	 	ZIFF DAVIS PUBLISHING INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Bart Catalane
	

	 	 	 	 
	

	 	 	 	Name: Bart W. Catalane
	

	 	 	 	Title: President and Chief Operating Officer
	 
	 	 	 	 
	

	 	 	 	ZIFF DAVIS DEVELOPMENT INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Bart Catalane
	

	 	 	 	 
	

	 	 	 	Name: Bart W. Catalane
	

	 	 	 	Title: President and Chief Operating Officer

Registration Rights Agreement

21

 

	 	 	 	 	 
	

	 	 	 	ZIFF DAVIS INTERNET INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Bart Catalane
	

	 	 	 	 
	

	 	 	 	Name: Bart W. Catalane
	

	 	 	 	Title: President and Chief Operating Officer

	 	 	 	 	 
	BEAR STEARNS & CO. INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Joseph Sheehan	 	 
	

	 	 	 	 
	

	 	Name: Joseph Sheehan	 	 
	

	 	Title: Senior Managing Director	 	 
	 
	 	 	 	 
	LEHMAN BROTHERS INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Peter Toal	 	 
	

	 	 	 	 
	

	 	Name: Peter Toal	 	 
	

	 	Title: Managing Director	 	 

22<PAGE>

                                                                    EXHIBIT 10.5

                          SUPPLEMENTAL AGREEMENT NO. 1

                                       TO

                           PURCHASE AGREEMENT NO. 2910

                                     BETWEEN

                               THE BOEING COMPANY

                                       AND

                            GOL TRANSPORTES AEREOS SA

                    RELATING TO BOEING MODEL 737-8EH AIRCRAFT

      THIS SUPPLEMENTAL AGREEMENT, entered into as of the 16th day of July 2004,
by and between THE BOEING COMPANY, a Delaware corporation with its principal
offices in the City of Seattle, State of Washington (Boeing), and GOL
TRANSPORTES AEREOS SA, a Brazilian corporation with its principal offices in Sao
Paulo, Brazil (Buyer);

                              W I T N E S S E T H:

      WHEREAS, Boeing and Buyer entered into Purchase Agreement No. 2910, dated
17 May 2004, as amended and supplemented (the Agreement), relating to the
purchase and sale of fifteen (15) Boeing Model 737-8EH aircraft, and

      WHEREAS, Boeing and Buyer now wish to amend certain terms and conditions
associated with the Agreement, and

      WHEREAS, Boeing and Buyer have agreed to the terms and conditions relating
to the exercise of Buyer's purchase rights concerning two (2) Boeing Model
737-8EH aircraft, and

      WHEREAS, Boeing and Buyer have also agreed to amend the Agreement to
incorporate certain other changes as may be described herein;

      NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parties agree to amend the Agreement as follows:

<PAGE>

1.    Table of Contents.

      Remove and replace, in its entirety, the Table of Contents with a new
Table of Contents (attached hereto) to reflect the incorporation of this
Supplemental Agreement No. 1 (SA-1) into the Agreement.

2.    Tables.

      Add the new Table 2, Aircraft Information Table- SA-1, to reflect the
addition of two (2) additional model 737-8EH aircraft being delivered in June
and July of 2006.

3.    Exhibits.

      3.1   Remove and replace, in its entirety, the Supplemental Exhibit BFE-1,
Buyer Furnished Equipment Variables, with a new Supplemental Exhibit BFE-1
(attached hereto) to depict and include the decision dates and on-dock
requirement dates for the various buyer furnished equipment associated with the
added two (2) aircraft.

4.    Letter Agreements.

      4.1   Remove and replace, in its entirety, page l and page 2 to Letter
Agreement No. 6-1162-DME-0706, Purchase Right Aircraft, with a new page 1 and
page 2 (attached hereto) to reflect the adjustment resulting from the exercise
of two (2) of the 2005 purchase right aircraft and the addition of two (2)
one-for-one purchase right aircraft in calendar year 2009, with a resulting six
(6) one-for-one purchase right aircraft remaining.

      4.2   For the sake of clarity and understanding between the Parties, the
terms and conditions of all Letter Agreements under the Agreement are understood
to be fully available and will apply to purchase right aircraft that have been
exercised to become firm purchased aircraft.

The Purchase Agreement, Exhibits and Letter Agreements shall be deemed amended
to the extent herein provided and as so amended shall continue in full force and
effect. Specific language, references made directly or inferred, elsewhere in
the Purchase Agreement No. 2910 notwithstanding, this Supplemental Agreement No.
1 (SA-1) describes the full extent of any and all business and financial
considerations applicable to Buyer's purchase of the subject two (2) purchase
right aircraft. In the event of any inconsistency between the above provisions
and those provisions contained in the Purchase Agreement, the terms of this
Supplemental Agreement will govern and control.

P.A. No. 2910
SA-1                                   2                                    GOT

<PAGE>

EXECUTED IN DUPLICATE as of the day and year first above written.

THE BOEING COMPANY

By /s/ Dennis M. Egge
  -----------------------------

Its Attorney-In-Fact

GOL TRANSPORTES AEREOS SA

By /s/ David Barioni Neto and Wilson Maciel Ramos
  ---------------------------------------------------

Its VP Technical and VP Managerial and IT

Witness:

      /s/ illegible
-----------------------------------

      /s/ illegible
-----------------------------------

In witness whereof, I have hereunto set my hand and affixed my seal.

Dennis M. Egge, known to me signed this document on August 17, 2004.

P.A. No. 2910
SA-1                                   3                                    GOT

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                           SA
                                                                         NUMBER
                                                                         ------
<S>                                                                      <C>
ARTICLES

1.    Quantity, Model and Description

2.    Delivery Schedule

3.    Price

4.    Payment

5.    Miscellaneous

TABLE

1.    Aircraft Information Table
2.    Aircraft Information Table - SA-1                                   SA-1

EXHIBIT

A.    Aircraft Configuration

B.    Aircraft Delivery Requirements and Responsibilities

SUPPLEMENTAL EXHIBITS

AE1.  Escalation Adjustment/Airframe and Optional Features

BFE1. BFE Variables                                                       SA-1

CS1.  Customer Support Variables

EE1.  Engine Escalation/Engine Warranty and Patent Indemnity

SLP1. Service Life Policy Components
</TABLE>

P.A. No. 2910
SA-1                                   i                                    GOT

<PAGE>

<TABLE>
<CAPTION>
                                                                           SA
LETTER AGREEMENTS                                                        NUMBER
-----------------                                                        ------
<S>                                                                      <C>
2910-01            Customer Software

2910-02            Spares - Flight Crew Training Spare Parts Support

2910-03            Spares - Initial Provisioning

6-1162-DME-0706 Purchase Right Aircraft                                   SA-1

6-1162-DME-0707    Advance Payment Matters

6-1162-DME-0708    Technical Matters

6-1162-DME-0710    Performance Guarantees

6-1162-DME-0711    Promotional Support

6-1162-DME-0712    Special Matters

6-1162-DME-0713    Tailored Weight Program

6-1162-DME-0714    Demonstration Flight Waiver

RECORD OF SUPPLEMENTAL AGREEMENTS

SA-1        16th July 2004
</TABLE>

P.A. No. 2910
SA-1                                   ii                                   GOT

<PAGE>

                       BUYER FURNISHED EQUIPMENT VARIABLES

                                     between

                               THE BOEING COMPANY

                                       and

                            GOL TRANSPORTES AEREOS SA

           Supplemental Exhibit BFEl to Purchase Agreement Number 2910

P.A. No. 2910c Revised              BFE1                         Revised 7/9/04
SA-1                                                                        GOT
                               BOEING PROPRIETARY

<PAGE>

                       BUYER FURNISHED EQUIPMENT VARIABLES

                                   relating to

                          BOEING MODEL 737-8EH AIRCRAFT

This Supplemental Exhibit BFE1 contains vendor selection dates, on-dock dates
and other variables applicable to the Aircraft.

1.    Supplier Selection.

      Customer will:

      1.1   Select and notify Boeing of the suppliers and part numbers of the
following BFE items by the following dates:

<TABLE>
<S>                                             <C>
Galley System                                   June 12, 2005

Galley Inserts                                  June 12, 2005

Seats (passenger)                               June 19, 2005

Cabin Systems Equipment                         June 19, 2005

Miscellaneous Emergency Equipment               June 12, 2005

Cargo Handling Systems                          October 6, 2005
</TABLE>

P.A. No. 2910                      BFE1-1                                   GOT
SA-1
                               BOEING PROPRIETARY

<PAGE>

1.    On-dock Dates

On or before 01 September 2005, Boeing will provide to Customer a BFE
Requirements On-Dock/Inventory Document (BFE Document) or an electronically
transmitted BFE Report which may be periodically revised, setting forth the
items, quantities, on-dock dates and shipping instructions relating to the
in-sequence installation of BFE. For planning purposes, a preliminary BFE
on-dock schedule is set forth below:

<TABLE>
<CAPTION>
Item                                             Preliminary On-Dock Dates
----                                             -------------------------
                                                         JUNE 2006

                                                Aircraft          Aircraft
                                                --------          --------
<S>                                             <C>               <C>
Seats                                           4/19/06

Galleys/Furnishings                             4/12/06

Miscellaneous Emergency Equipment               4/12/06

Electronics                                     2/19/06

Textiles/Raw Material                           1/9/06

Cargo Systems                                   3/29/06

Provision Kits                                  11/29/05

Radomes                                         3/12/06
</TABLE>

<TABLE>
<CAPTION>
Item                                             Preliminary On-Dock Dates
----                                             -------------------------
                                                         JULY 2006

                                                Aircraft          Aircraft
                                                --------          --------
<S>                                             <C>               <C>
Seats                                           5/19/06

Galleys/Furnishings                             5/12/06

Miscellaneous Emergency Equipment               5/12/06

Electronics                                     3/19/06

Textiles/Raw Material                           2/9/05

Cargo Systems                                   4/28/06

Provision Kits                                  12/29/05

Radomes                                         4/12/06
</TABLE>

P.A. No. 2910                      BFE1-2                                   GOT
SA-1
                               BOEING PROPRIETARY

<PAGE>

<TABLE>
<CAPTION>
Item                                             Preliminary On-Dock Dates
----                                             -------------------------
                                                         JULY 2007

                                                Aircraft          Aircraft
                                                --------          --------
<S>                                             <C>               <C>
Seats                                           5/19/07

Galleys/Furnishings                             5/12/07

Miscellaneous Emergency Equipment               5/12/07

Electronics                                     3/19/07

Textiles/Raw Material                           2/8/07

Cargo Systems                                   5/4/07

Provision Kits                                  1/4/07

Radomes                                         4/12/07
</TABLE>

<TABLE>
<CAPTION>
Item                                             Preliminary On-Dock Dates
----                                             -------------------------
                                                       OCTOBER 2007

                                                Aircraft          Aircraft
                                                --------          --------
<S>                                             <C>               <C>
Seats                                           8/27/07

Galleys/Furnishings                             8/20/07

Miscellaneous Emergency Equipment               8/20/07

Electronics                                     6/27/07

Textiles/Raw Material                           5/10/07

Cargo Systems                                   8/6/07

Provision Kits                                  4/6/07

Radomes                                         7/20/07
</TABLE>

<TABLE>
<CAPTION>
Item                                             Preliminary On-Dock Dates
----                                             -------------------------
                                                     NOVEMBER 2007 (1)
<S>                                              <C>
</TABLE>

P.A. No. 2910                      BFE1-3                                   GOT
SA-1
                               BOEING PROPRIETARY

<PAGE>

<TABLE>
<CAPTION>
                                                Aircraft          Aircraft
                                                --------          --------
<S>                                             <C>               <C>
Seats                                           9/21/07
Galleys/Furnishings                             9/14/07

Miscellaneous Emergency Equipment               9/14/07

Electronics                                     7/21/07

Textiles/Raw Material                           6/11/07

Cargo Systems                                   8/31/07

Provision Kits                                  4/30/07

Radomes                                         8/14/07
</TABLE>

<TABLE>
<CAPTION>
Item                                             Preliminary On-Dock Dates
----                                             -------------------------
                                                     NOVEMBER 2007 (2)

                                                Aircraft          Aircraft
                                                --------          --------
<S>                                             <C>               <C>
Seats                                           9/23/07

Galleys/Furnishings                             9/16/07

Miscellaneous Emergency Equipment               9/16/07

Electronics                                     7/23/07

Textiles/Raw Material                           6/12/07

Cargo Systems                                   9/4/07

Provision Kits                                  5/4/07

Radomes                                         8/16/07
</TABLE>

P.A. No. 2910                      BFE1-4                                   GOT
SA-1
                               BOEING PROPRIETARY

<PAGE>

<TABLE>
<CAPTION>
Item                                            Preliminary On-Dock Dates
----                                            -------------------------
                                                    DECEMBER 2007 (1)

                                                Aircraft         Aircraft
                                                --------         --------
<S>                                             <C>              <C>
Seats                                           10/21/07

Galleys/Furnishings                             10/14/07

Miscellaneous Emergency Equipment               10/14/07

Electronics                                     8/21/07

Textiles/Raw Material                           7/11/07

Cargo Systems                                   10/1/07

Provision Kits                                  6/1/07

Radomes                                         9/14/07
</TABLE>

<TABLE>
<CAPTION>
Item                                            Preliminary On-Dock Dates
----                                            -------------------------
                                                    DECEMBER 2007 (2)

                                                Aircraft         Aircraft
                                                --------         --------
<S>                                             <C>              <C>
Seats                                           10/24/07

Galleys/Furnishings                             10/17/07

Miscellaneous Emergency Equipment               10/17/07

Electronics                                     8/24/07

Textiles/Raw Material                           7/12/07

Cargo Systems                                   10/3/07

Provision Kits                                  6/3/07

Radomes                                         9/17/07
</TABLE>

P.A. No. 2910                      BFE1-5                                   GOT
SA-1
                               BOEING PROPRIETARY

<PAGE>

<TABLE>
<CAPTION>
Item                                            Preliminary On-Dock Dates
----                                            -------------------------
                                                    JANUARY 2008 (1)

                                                Aircraft         Aircraft
                                                --------         --------
<S>                                             <C>              <C>
Seats                                           11/18/07

Galleys/Furnishings                             11/11/07

Miscellaneous Emergency Equipment               11/11/07

Electronics                                     9/18/07

Textiles/Raw Material                           8/8/07

Cargo Systems                                   10/28/07

Provision Kits                                  6/28/07

Radomes                                         10/11/07
</TABLE>

<TABLE>
<CAPTION>
Item                                            Preliminary On-Dock Dates
----                                            -------------------------
                                                    JANUARY 2008 (2)

                                                Aircraft         Aircraft
                                                --------         --------
<S>                                             <C>              <C>
Seats                                           11/21/07

Galleys/Furnishings                             11/14/07

Miscellaneous Emergency Equipment               11/14/07

Electronics                                     9/21/07

Textiles/Raw Material                           8/9/07

Cargo Systems                                   10/29/07

Provision Kits                                  6/29/07

Radomes                                         10/14/07
</TABLE>

P.A. No. 2910                      BFE1-6                                   GOT
SA-1
                               BOEING PROPRIETARY

<PAGE>

<TABLE>
<CAPTION>
Item                                            Preliminary On-Dock Dates
----                                            -------------------------
                                                       APRIL 2008

                                                Aircraft         Aircraft
                                                --------         --------
<S>                                             <C>              <C>
Seats                                           2/17/08

Galleys/Furnishings                             2/10/08

Miscellaneous Emergency Equipment               2/10/08

Electronics                                     12/17/07

Textiles/Raw Material                           10/27/07

Cargo Systems                                   1/29/07

Provision Kits                                  9/26/07

Radomes                                         1/10/08
</TABLE>

<TABLE>
<CAPTION>
Item                                            Preliminary On-Dock Dates
----                                            -------------------------
                                                       AUGUST 2008

                                                Aircraft         Aircraft
                                                --------         --------
<S>                                             <C>              <C>
Seats                                           6/21/08

Galleys/Furnishings                             6/14/08

Miscellaneous Emergency Equipment               6/21/08

Electronics                                     4/21/08

Textiles/Raw Material                           3/9/08

Cargo Systems                                   5/31/08

Provision Kits                                  1/31/08

Radomes                                         5/14/08
</TABLE>

P.A. No. 2910                      BFE1-7                                   GOT
SA-1
                               BOEING PROPRIETARY

<PAGE>

<TABLE>
<CAPTION>
Item                                            Preliminary On-Dock Dates
----                                            -------------------------
                                                      OCTOBER 2008

                                                Aircraft         Aircraft
                                                --------         --------
<S>                                             <C>              <C>
Seats                                           8/22/08

Galleys/Furnishings                             8/15/08

Miscellaneous Emergency Equipment               8/15/08

Electronics                                     6/22/08

Textiles/Raw Material                           5/10/08

Cargo Systems                                   8/1/08

Provision Kits                                  4/1/08

Radomes                                         7/15/08
</TABLE>

<TABLE>
<CAPTION>
Item                                            Preliminary On-Dock Dates
----                                            -------------------------
                                                    FEBRUARY 2009 (1)

                                                Aircraft         Aircraft
                                                --------         --------
<S>                                             <C>              <C>
Seats                                           12/13/08

Galleys/Furnishings                             12/6/08

Miscellaneous Emergency Equipment               12/6/08

Electronics                                     9/13/08

Textiles/Raw Material                           8/29/08

Cargo Systems                                   11/14/08

Provision Kits                                  7/14/08

Radomes                                         11/6/08
</TABLE>

P.A. No. 2910                      BFE1-8                                   GOT
SA-1
                               BOEING PROPRIETARY

<PAGE>

<TABLE>
<CAPTION>
Item                                            Preliminary On-Dock Dates
----                                            -------------------------
                                                    FEBRUARY 2009 (2)

                                                Aircraft         Aircraft
                                                --------         --------
<S>                                             <C>              <C>
Seats                                           12/14/08

Galleys/Furnishings                             12/7/08

Miscellaneous Emergency Equipment               12/14/08

Electronics                                     9/14/08

Textiles/Raw Material                           8/30/08

Cargo Systems                                   11/15/08

Provision Kits                                  7/17/08

Radomes                                         11/7/08
</TABLE>

<TABLE>
<CAPTION>
Item                                            Preliminary On-Dock Dates
----                                            -------------------------
                                                       AUGUST 2009

                                                Aircraft         Aircraft
                                                --------         --------
<S>                                             <C>              <C>
Seats                                           6/21/09

Galleys/Furnishings                             6/14/09

Miscellaneous Emergency Equipment               6/21/09

Electronics                                     4/21/09

Textiles/Raw Material                           3/9/09

Cargo Systems                                   5/31/09

Provision Kits                                  1/31/09

Radomes                                         5/14/09
</TABLE>

P.A. No. 2910                      BFE1-9                                   GOT
SA-1
                               BOEING PROPRIETARY

<PAGE>

6-1162-DME-0706

GOL Transportes Aereos SA
Rua Tamoios, 246
Jardim Aeroporto
Sao Paulo - SP
04630-000 - Brazil

Subject:        Purchase Right Aircraft

Reference:      Purchase Agreement No. 2910 (the Purchase Agreement) between The
                Boeing Company (Boeing) and GOL Transportes Aereos SA (Customer)
                relating to Model 737-8EH aircraft (the Aircraft)

This letter agreement (Letter Agreement) amends and supplements the Purchase
Agreement. All terms used but not defined in this Letter Agreement have the same
meaning as in the Purchase Agreement.

In accommodation of Customer's expressed desires for aircraft delivery
flexibility, Customer and Boeing have reached agreement regarding certain
modifications to the Agreement as set forth below:

2.    Purchase Right Aircraft Delivery Timing

Boeing offers Customer twenty (20) model 737-8EH purchase right aircraft; with
delivery of all such purchase right aircraft to occur not later than 31 December
2010 at a rate of not more than five (5) per year, with firm purchase exercise
requirements as follows:

<TABLE>
<CAPTION>
  Number             Exercise              Number               Exercise
of aircraft            Date             of Aircraft               Date
-----------          --------           -----------             --------
<S>                  <C>                <C>                    <C>
                                             4                 June 2007
     3               June 2005               5                 June 2008
     4               June 2006               4                 June 2009
</TABLE>

P.A. No. 2910
SA-1                                                                         GOT

<PAGE>

Letter Agreement NO. 6-1162-DME-0706                                      Page 2
GOL Transportes Aereos SA

All purchase right aircraft are offered on a subject-to-availability-of-position
(STAP) basis, and will retain the same Model 737-8EH configuration and detail
specification as that described in Exhibit A to the Purchase Agreement, with the
exception of any detail special feature changes as may be mutually agreed. With
the firm exercise of each purchase right, Boeing offers Customer the ability to
add a one-for-one additional purchase right aircraft, to a maximum of six (6)
such additional purchase right aircraft, with any such additional purchase right
aircraft to also be STAP and exercised not later than 01 June 2009 for delivery
not later than 31 December 2010. Should Customer choose not to exercise some or
all of the offered purchase right aircraft in any given calendar year, such
un-exercised purchase right aircraft will be cancelled and not be available for
later exercise.

3.    Purchase Right Aircraft Exercise and Business Terms.

Customer may exercise a purchase right aircraft by providing Boeing with written
notice not later than the first business day of the exercise month above
described, which will be not less than fifteen (15) months prior to the
requested aircraft delivery position, with not more than two (2) requested
aircraft to be delivered in any one month. Boeing will, within thirty (30) days
of Customer's notice to exercise a purchase right aircraft, notify Customer of
the availability of such requested delivery position as well as alternative
delivery positions, and within such thirty (30) day period the Purchase
Agreement will be amended to incorporate the agreed upon additional firm
purchased aircraft.

The same base price and business terms as those described in the reference
Purchase Agreement will apply to any such model 737-8EH purchase right aircraft
delivering before 31 December 2010. However, Boeing does retain the right to
increase the basic aircraft price to accommodate any mandated government or
other changes made necessary for reasons of improving safety-of-flight and/or
retention of the aircraft certificate of airworthiness.

At the time of Customer's exercise of a purchase right aircraft, such aircraft
will then become a firmly contracted aircraft and will require Customer's
payment within 5 business days any advance payments due at time of exercise, per
the terms of the Purchase Agreement and/or Letter Agreement No, 6-1162-DME-0707
as well as any further advance payments as may be due per the terms of the
advance payment schedule described therein.

4.    Firm Aircraft Termination - Excusable Delay.

If any firm Aircraft are terminated by Boeing from this Purchase Agreement under
Article 7, Excusable Delay, the number of Purchase Right Aircraft available to
Customer under this Letter Agreement shall remain unchanged. If any firm
Aircraft are terminated by Customer from this Purchase Agreement under Article

P.A. No. 2910
SA-1                                                                         GOT

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