Document:

Form of Exchange and Registration Rights Agreement

 Exhibit 4.5 
  

  
 EXCHANGE AND REGISTRATION 
 RIGHTS AGREEMENT 
  

Dated as of August 11, 2004 
  

  

			
	 	 	Exchange and Registration Rights Agreement

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 ARTICLE I
	 	EXCHANGE WARRANTS; CLASS B COMMON STOCK	  	2
	 1.1
	 	Issuance of Exchange Warrants	  	2
	 1.2
	 	Certain Redemptions of ASLP Units	  	2
	 1.3
	 	Certain Rights in Respect of Class B Common Stock.	  	2
	 1.4
	 	Exchange and Redemption Conditions	  	10
	 1.5
	 	Adjustment if IDS Notes Cease to Be Outstanding	  	10
			
	 ARTICLE II
	 	CERTAIN REDEMPTIONS	  	11
	 2.1
	 	Requested Registrations.	  	11
	 2.2
	 	Limitations on Requested Registrations	  	13
	 2.3
	 	Expenses	  	14
	 2.4
	 	Redemptions.	  	14
	 2.5
	 	[Reserved.].	  	15
	 2.6
	 	Priorities in Registrations	  	15
	 2.7
	 	Certain Call Rights	  	16
			
	 ARTICLE III
	 	REGISTRATION RIGHTS	  	16
	 3.1
	 	Shelf Registration	  	16
	 3.2
	 	Requests by the Principal Holders	  	17
	 3.3
	 	Exceptions Where Shelf Registration Statement Is Effective	  	18
	 3.4
	 	Registration Statement Form	  	18
	 3.5
	 	Expenses	  	18
	 3.6
	 	Priority in Demand Registrations	  	18
	 3.7
	 	Incidental Registrations	  	19
			
	 ARTICLE IV
	 	REGISTRATION PROCEDURES, ETC.	  	22
	 4.1
	 	Registration Procedures	  	22
	 4.2
	 	Holder Information	  	29
	 4.3
	 	Underwriting Agreement	  	30
	 4.4
	 	Selection of Underwriters	  	30
	 4.5
	 	Holdback Agreements.	  	31
	 4.6
	 	Indemnification by the Company.	  	31
	 4.7
	 	Indemnification by Holders	  	33
	 4.8
	 	Conduct of Indemnification Proceedings	  	33
	 4.9
	 	Contribution	  	34
			
	 ARTICLE V
	 	DEFINITIONS	  	35
			
	 ARTICLE VI
	 	MISCELLANEOUS.	  	41
	 6.1
	 	Construction.	  	41
	 6.2
	 	Rule 144, etc	  	42
	 6.3
	 	Successors, Assigns, Third-Party Beneficiaries and Transferees	  	42
	 6.4
	 	Entire Agreement	  	43

  

			
	i	 	Exchange and Registration Rights Agreement

 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page

	 6.5
	  	Amendment and Modification	  	43
	 6.6
	  	Certain Operating Restrictions, etc.	  	43
	 6.7
	  	Governing Law	  	44
	 6.8
	  	Invalidity of Provision	  	44
	 6.9
	  	Notices	  	44
	 6.10
	  	Headings; Execution in Counterparts	  	45
	 6.11
	  	Injunctive Relief	  	45
	 6.12
	  	Term	  	45
	 6.13
	  	Further Assurances	  	45

  

			
	ii	 	Exchange and Registration Rights Agreement

 EXCHANGE AND REGISTRATION RIGHTS AGREEMENT 
  
 EXCHANGE AND REGISTRATION RIGHTS AGREEMENT, dated as of August 11, 2004, among American Seafoods Corporation, a Delaware
corporation (the “Company”), American Seafoods Holdings, L.P., a Delaware limited partnership (“Holdings”), American Seafoods, L.P., a Delaware limited partnership (“ASLP”), and
the parties listed on Annex I hereto who have delivered executed signature pages to this Agreement. Capitalized terms used herein are defined in Article V. 
  
 RECITALS: 
  
 A. ASLP and Holdings were formed to hold equity investments in fishing and seafood processing businesses and the Company was formed for the purpose of
becoming the general partner of Holdings and offering its Income Deposit Securities to the public (such securities, “IDSs” and such offering, the “Offering”). 
  
 B. The existing equity holders of ASLP had agreed pursuant to the Old
Securityholders Agreement that each would have the right to exchange ASLP interests for securities of a corporation such as the Company that sells equity interests to the public in an offering such as the Offering. 
  
 C. In connection with the Offering, the parties hereto wish to provide for
(i) the issuance by the Company of warrants (the “Exchange Warrants”) to the limited partners of ASLP to permit them, at certain times and under certain conditions, following the first anniversary hereof to exchange
their ASLP Units for IDSs, as contemplated and required by the Old Securityholders Agreement, and (ii) certain tag-along, first offer and registration rights in respect of the Class B common stock of the Company, par value $0.01 per share
(the “Class B Common Stock”), and certain redemption rights of the Company with respect to the Class B Common Stock. 
  
 D. In connection with the Offering, ASLP has been converted into a form of liquidating trust, that is scheduled to dissolve on August 11, 2008, at which
time the Exchange Warrants will expire and all remaining equity holders in ASLP will receive their pro rata shares of the Holdings Units and Holdings Notes previously held by ASLP. The parties hereto wish to provide for certain liquidity
rights that may be applicable prior to the first anniversary of the Offering and following the Dissolution of ASLP, as well as to set forth certain rights and obligations with respect to the registration for issuance and resale of IDSs under the
Securities Act. 
  

			
	 	 	Exchange and Registration Rights Agreement

 NOW, THEREFORE, in consideration of the mutual covenants and obligations set forth in this Agreement, the
parties hereto agree as follows: 
  
 ARTICLE I 

 
 EXCHANGE WARRANTS; CLASS B COMMON STOCK 
  
 1.1 Issuance of Exchange Warrants. Immediately following the execution
and delivery of this Agreement and in order to comply with the provisions of Section 5.2(c)(ii) of the Old Securityholders Agreement, the Company shall issue and grant Exchange Warrants to each limited partner of ASLP to acquire IDSs representing
shares of Class A common stock of the Company, par value $0.01 per share (the “Class A Common Stock”), and the Company’s          % Notes due 2019 (the “IDS
Notes”). The Exchange Warrants shall be substantially in the form of Exhibit A attached hereto. Upon the occurrence of any such exchange, the Company shall become a limited partner of ASLP in accordance with Section 8.2 of the ASLP
Partnership Agreement. 
  
 1.2 Certain Redemptions of ASLP
Units. The Company shall have the right to require ASLP to redeem any or all of the ASLP Units acquired by the Company pursuant to the exercise of any Exchange Warrant. The consideration for such redemption shall be comprised of (i) a
number of Class A Holdings Units equal to the product of (x) the number of Class A Holdings Units held by ASLP immediately before the exercise of the Exchange Warrant, divided by the total number of ASLP Units then outstanding, and (y)
the number of ASLP Units so exchanged, and (ii) Holdings Notes with a face amount equal to the aggregate face amount of IDS Notes issued pursuant to the pertinent exercise of the Exchange Warrant(s). Until the Dissolution of ASLP is complete,
ASLP will indemnify and hold the Company harmless from any costs, expenses or other liabilities arising out of any such redemption. 
  
 1.3 Certain Rights in Respect of Class B Common Stock. 
  
 (a) Demand Registration Rights. Subject to Section 1.3(e): 
  
 (i) each holder of Class B Common Stock (each, a “Class B Holder”) shall have the
right, during any Class B Registration Period, to request that the Company register all or a portion of such Class B Holder’s shares of Class B Common Stock; provided, that (A) such request is made to the Company in writing (a
“Demand Notice”) at least 45 but not more than 150 days prior to such Class B Registration Period, and (B) such Demand Notice is irrevocable for at least 15 days following receipt thereof by the Company; 
  
 (ii) the Company shall use its reasonable best efforts:
(A) to effect such registration request by preparing as soon as practicable and filing with the Commission a registration statement (a “Section 1.3(a) Demand Registration Statement”) with respect to the relevant shares
of Class B Common Stock, on a form selected by the Company, (B) to make all required filings with the NASD, and (C) to cause such Section 1.3(a) Demand Registration Statement to become effective as soon as practicable; 
  

			
	2	 	Exchange and Registration Rights Agreement

 (iii) if, in connection with a registration pursuant to this Section 1.3(a), the managing
underwriter of such registration (or, in the case of an offering which is not underwritten, a nationally recognized investment banking firm) shall advise the Company in writing (with a copy to each Person requesting registration of Class B Common
Stock) that, in its opinion, the number of securities requested or otherwise proposed to be included in such registration exceeds the number which can be sold in such offering without materially and adversely affecting the offering price, the
Company shall include in such registration, to the extent of the number which the Company is so advised can be sold in such offering without such material adverse effect, the Class B Common Stock of the Class B Holders requesting registration, on a
pro rata basis (based on the number of shares of Class B Common Stock requested to be registered by each such Class B Holder); and 
  
 (iv) the Company shall pay all Registration Expenses in connection with any registration requested under this Section 1.3(a);
provided, that each seller of Class B Common Stock shall pay all Registration Expenses to the extent required to be paid by such seller under applicable law. 
  
 (b) Piggyback Registration Rights. 
  
 (i) Registrations of Class B Common Stock. Subject to Section 1.3(e), if at any time Class B Common
Stock is to be registered by the Company in satisfaction of a request made under Section 1.3(a) or otherwise, the Company shall promptly, but in any event within 10 days after receipt by the Company of a Demand Notice (or, if such registration is to
be made other than pursuant to a request made under Section 1.3(a), within 10 days of the Company’s decision to register such Class B Common Stock), give written notice to each Class B Holder regarding such registration. Upon the written
request of any such holder made within 15 days after the receipt of any such notice (which request shall specify the number of shares of Class B Common Stock intended to be registered or disposed of by such Class B Holder and the intended method or
methods of disposition), the Company shall use its reasonable best efforts to effect the registration under the Securities Act of such Class B Common Stock on a pro rata basis in accordance with such intended method or methods of disposition,
provided that: 
  
 (A) if at any time
after giving written notice (pursuant to this Section 1.3(b)) of its intention to register Class B Common Stock, and prior to the effective date of the Registration Statement filed in connection with such 
  

			
	3	 	Exchange and Registration Rights Agreement

 registration, the Company shall determine for any reason not to register Class B Common Stock (including
but not limited to an exercise by the Company of its rights under Section 1.3(e)), the Company shall give written notice of such determination to each Class B Holder, and thereupon the Company shall not be obligated to register such Class B Common
Stock (but shall nevertheless pay the Registration Expenses in connection therewith), without prejudice to the rights of such Class B Holders under this Section 1.3; and 
  
 (B) if in connection with a registration pursuant to this Section 1.3(b), the managing underwriter of such
registration (or, in the case of an offering that is not underwritten, a nationally recognized investment banking firm) shall advise the Company in writing (with a copy to each Class B Holder requesting registration under this Section 1.3) that the
number of securities requested and otherwise proposed to be included in such registration exceeds the number which can be sold in such offering without materially and adversely affecting the offering price of such securities, then in the case of any
registration pursuant to this Section 1.3(b), the Company shall reduce the amount of Class B Common Stock so included in such registration to the extent of the number which the Company is so advised can be sold in such offering without such material
adverse effect, with such reduction to be effected pro rata in accordance with the number of shares of Class B Common Stock for which registration was so requested. 
  
 (ii) Registrations of IDSs or Class A Common Stock. If, at any time after there has been a sale of
shares of Class B Common Stock under an effective Registration Statement pursuant to Section 1.3(a) or otherwise, the Company proposes to register any IDSs or Class A Common Stock for its own account, the account of any other Person or Persons or
pursuant to Section 2.1 or 3.2 (other than pursuant to a registration on Form S-4 or S-8 or any successor form), then each Class B Holder shall have the right to participate in such registration in respect of all or a portion of its shares of Class
B Common Stock, as set forth in Section 3.7. 
  
 (c) Right of
First Offer. If at any time a Class B Holder proposes to sell Class B Common Stock in a transaction not registered under the Securities Act (any such Holder being referred to as an “Offeror” and the Class B Common Stock that the
Offerer seeks to sell being referred to herein as the “Offered Securities”), then the Offeror shall comply with paragraphs (i) through (vi) below. 
  

			
	4	 	Exchange and Registration Rights Agreement

 (i) The Offeror shall give written notice to the Company and each of the holders of Class
B Common Stock (“Offering Notice”) which Offering Notice shall (a) state that the Offeror desires to sell the Offered Securities and (b) indicate the minimum sale price (the “Offer Price”) for such Offered
Securities and the other material terms of such proposed sale. Each Offering Notice shall constitute an irrevocable offer by the Offeror to the Company and Coastal to acquire the Offered Securities for cash, subject to the provisions of this Section
1.3(c). 
  
 (ii) The Company shall have the right
(“Primary Right of First Offer”) to purchase from the Offeror a number of shares of Class B Common Stock equal to the number of Offered Securities at the Offer Price in cash exercisable by the delivery, within 20 days of receipt of
the Offering Notice, to the Offeror of a notice (a “Buyer’s Notice”) stating (i) that the Company elects to purchase a number of shares of Class B Common Stock equal to the number of Offered Securities from the Offeror and the
Tag-Along Sellers and (ii) that such election is irrevocable, subject only, if at all, to the consummation of a registered offering of IDSs effected to finance such purchase. 
  
 (iii) In the event the Company does not deliver a Buyer’s Notice within the 20-day period set forth
above, Coastal shall have the right (“Secondary Right of First Offer”) to purchase a number of shares of Class B Common Stock equal to the number of Offered Securities at the Offer Price in cash exercisable by the delivery, within
30 days of receipt of the Offering Notice, to the Offeror of a Buyer’s Notice stating that (i) Coastal elects to purchase a number of shares of Class B Common Stock equal to the number of the Offered Securities from the Offeror and the
Tag-Along Sellers and (ii) that such election is irrevocable. If the Company has delivered a Buyer’s Notice but is unable to complete the purchase of the Offered Shares within 60 days following the Offering Notice, Coastal may, within 10 days
of the expiration of such 60-day period, exercise its Secondary Right of First Refusal by delivering to the Offeror a Buyer’s Notice in accordance with this Section 1.3(c). 
  
 (iv) Delivery of a Buyer’s Notice shall constitute a contract between the Offeror and the Company or
Coastal, as applicable, for the sale and purchase of the Offered Securities at the Offer Price in cash and upon the other applicable terms and conditions set forth in the Offering Notice. Failure of the Company, or Coastal, as applicable, to provide
a Buyer’s Notice within the applicable 20, 30, or 10-day periods set forth above shall constitute a waiver of the applicable right of first offer. 
  

			
	5	 	Exchange and Registration Rights Agreement

 (v) If neither the Company nor Coastal elects to exercise its rights under (ii) and (iii)
above the Offeror may transfer a number of shares of Class B Common Stock equal to the number of Offered Securities to one or more persons at a price not lower than the Offer Price and on terms in all material respects no more favorable to the
purchaser than those contained in the Offering Notice, subject to the rights of Tag-Along Sellers as set forth in Section 1.3(d) below to participate in such sale pursuant to a Tag-Along Participation Notice on the same terms and conditions.

  
 (vi) The Closing of any purchase of the
Offered Securities shall be held at the principal office of the Company as soon as practicable, but no later than 60 days following the Offering Notice (or 30 days following the delivery of a Buyer’s Notice in accordance with the last sentence
of Section 1.3(c)(iii)). At the Closing, the Offeror and each Tag-Along Seller shall deliver such instruments, executed by it and in form reasonably satisfactory to Company or Coastal, or the other purchaser, as applicable, as shall be necessary to
transfer, assign and convey the Offered Securities, free and clear of all liens or other encumbrances, to the Company or Coastal or the other purchaser, as applicable, against payment of the purchase price therefore. If the Closing with respect to
any third party purchaser does not occur within the time periods described in this clause (vi), the Offeror shall not be entitled to sell the Offered Securities without first delivering another Offering Notice and complying with the provisions of
this Section 1.3(c) and the other provisions set forth herein. 
  
 (d) Tag-Along Rights. Each Class B Holder other than the Offeror (each, a “Tag-Along Offeree”) shall be permitted to participate in sales described in Section 1.3(c), and the number of shares sold by the Offeror
shall be commensurately reduced as follows: 
  
 (i) Participation Notice; Shares to be Sold. Each Tag-Along Offeree shall exercise its right to participate in a sale of Class B Common Stock by delivering to the Company, Coastal and the Offeror, no later than 15 days after receipt
of the Offering Notice, a written notice (a “Tag-Along Participation Notice”) stating its election to do so and specifying the number of shares of Class B Common Stock proposed to be sold by it. Such Tag-Along Participation
Notice must provide that it is irrevocable for at least 15 days following receipt thereof by the Company. Each Tag-Along Offeree shall have the right to sell in a sale subject to this Section 1.3(d) a number of shares of Class B Common Stock equal
to the product obtained by multiplying (i) the number of Offered Securities by (ii) a fraction, the numerator of which is the number of shares of Class B Stock proposed for sale by such Tag-Along Offeree and the denominator of which is the total
number of shares of Class B Common Stock proposed for sale by the Offeror and all Tag-Along Offerees who have delivered Tag-Along Participation Notices. The number of Offered Shares sold by the Offeror shall be reduced by the number of shares sold
by participating Tag-Along Offerees. 
  

			
	6	 	Exchange and Registration Rights Agreement

 (ii) Cooperation. Each Tag-Along Offeree participating in a sale subject to this
Section 1.3(d) (each, a “Tag-Along Seller”) shall fully cooperate with the Company, Coastal and the Offeror and shall take all necessary actions to effect such sale, including without limitation entering into agreements and
delivering certificates and instruments, all consistent with agreements being entered into and certificates and instruments being delivered by the Offeror. 
  
 (iii) Consideration; Expenses. Each Tag-Along Seller participating in a sale pursuant to this Section 1.3(c) shall receive the same
per-share consideration after deduction of such Tag-Along Seller’s proportionate share of the related expenses. 
  
 (iv) Non-Participation; Deadline for Completion of Sale. Failure by any Tag-Along Offeree to provide a Tag-Along Participation
Notice within 15 days after receipt of the Offering Notice shall be deemed to constitute an election by such Tag-Along Offeree not to exercise its rights pursuant to this Section 1.3(d). 
  
 (v) Excepted Sales. Section 1.3(c) and Section 1.3(d) shall not apply to: (A) any sale or
transfer of Class B Common Stock to a Principal Holder or a “Permitted Transferee” (as defined in the Amended Securityholders Agreement) of the transferor; (B) any sale of Class B Common Stock in a distribution to the public
pursuant to a registered public offering; or (C) any pledge made pursuant to a bona fide loan transaction creating a mere security interest. 
  
 (e) Redemption Rights. The Company shall have the right to offer to redeem all but not less than all of the Class B Common Stock with respect to
which any Class B Holders have submitted to the Company Demand Notices in connection with any Class B Registration Period (such Class B Common Stock, the “Eligible Stock”). The Company shall have 15 days after its receipt of
a Demand Notice in which to deliver to each Class B Holder who has delivered a Demand Notice a written notice (the “Election Notice”) of the Company’s election to offer, or election not to offer, to redeem all the
Eligible Stock pursuant to this Section 1.3(e). Any such offer by the Company shall be irrevocable, subject only, if at all, to the consummation of a registered offering of IDSs effected to finance such purchase. Any redemption under this Section
1.3(e) shall be effected and consideration therefor exchanged, on or about the date when the Eligible Stock would otherwise have been registered under Section 1.3(a). The redemption price for the Eligible Stock redeemed pursuant to this Section
1.3(e) shall be equal to the Fair Value therefor, as determined in accordance with Section 1.3(g). Any Class B Holder holding Eligible Stock may reject the Company’s offer of redemption in writing within 10 days of the receipt of an Election
Notice, in which case such holder shall continue to hold such 
  

			
	7	 	Exchange and Registration Rights Agreement

 holder’s Class B Stock. If the Company is unable to consummate any such redemption within 60 days of the delivery of
an Election Notice, the Company’s offer shall be deemed null and void, and the Class B Holders’ Demand Notices shall be reinstated (including those Demand Notices of holders who rejected the Company’s offer of redemption). Class B
Holders shall have no further recourse against the Company for its failure to complete the redemption. 
  
 (f) Additional Company Redemption Right. The Company shall have the right to redeem all but not less than all of the outstanding shares of Class B
Common Stock, provided that: (A) no Principal Holder owns more than 100,000 shares of Class B Common Stock, and (B) the total number of shares of Class B Common Stock the outstanding is less than 1,500,000. The redemption price
for the Class B Common Stock redeemed pursuant to this Section 1.3(f) shall be equal to the Fair Value therefor, as determined in accordance with Section 1.3(g). 
  
 (g) Determination of Redemption and Purchase Price. 
  
 (i) Definitions. For purposes of Sections 1.3(e) and Section 1.3(f): 
  
 (A) “Fair Value” shall mean the fair
market value for the Class B Common Stock to be redeemed or purchased, as the case may be, as determined by a Valuation Firm selected by the disinterested members of the Board; and 
  
 (B) “Valuation Firm” shall mean, in connection with a redemption pursuant to Section
1.3(e), an independent and nationally recognized investment banking firm, and in connection with a redemption pursuant to Section 1.3(f), an independent and nationally recognized investment banking, accounting, appraisal or valuation firm, in each
case in the United States that has been selected by the disinterested members of the Board. 
  
 (ii) Factors. In determining the Fair Value of the shares of Class B Common Stock to be redeemed pursuant to Section 1.3(f), the
Valuation Firm shall take into account the earnings and other financial and operating information of the Company, the future prospects of the Company and the industries in which it competes, the history and management of the Company, the general
condition of the securities markets, the market value of the IDSs, and such other factors as such Valuation Firm deems appropriate. The Valuation Firm shall base the Fair Value of the shares of Class B Common Stock to be redeemed pursuant to Section
1.3(c) on its determination of the fully distributed value of the Class B shares assuming a public offering had been effected with respect thereto, less any underwriting commissions or demands that in the Valuation Firm’s judgment would have
been charged in connection with such deemed offering. 
  

			
	8	 	Exchange and Registration Rights Agreement

 (iii) Assumptions. In addition, the Valuation Firm shall make the following
assumptions in making its determination as to the Fair Value of the shares of Class B Common Stock to be redeemed or purchased, as the case may be: (A) that the transaction is made on an arms’-length basis between a willing buyer and a
willing seller; (B) that no discount or premium will be attributed to such shares as a result of (1) such shares’ representing a minority interest in the Company or (2) the fact that another person may own a controlling
interest in the Company; (C) that such shares are capable of being transferred without restriction; and (D) that such shares have the same voting rights as any other shares of Class B Common Stock. 
  
 (iv) Costs. The costs of the Valuation Firm shall be
borne 50% by the Company and 50% by the other parties to such transaction on a pro rata basis (excluding any Class B Holders that have rejected the Company’s offer of redemption). 
  
 (v) Determination Binding. Absent manifest error, the
determination of the Valuation Firm shall be final and binding on the parties. 
  
 (h) Limited Right to Exchange Class B Common Stock for Class A Common Stock. 
  
 (i) If the IDSs have automatically separated and the IDS Notes are no longer outstanding, then each Class B Holder shall have the right to
exchange all but not less than all of such Class B Holder’s Class B Common Stock for Class A Common Stock at a rate of one share of Class A Common Stock for each share of Class B Common Stock, subject to adjustment for any stock splits, reverse
stock splits, combinations or reclassifications. 
  
 (ii) Any exchange pursuant to this Section 1.3(h) may be effected: (a) prior to the Dissolution of ASLP, only during an Exercise Period; or (b) whether before or after the Dissolution of ASLP, pursuant to Section 3.2 or 3.7.

  
 (iii) Any exchange pursuant to this Section
1.3(h) shall be deemed to have been effected immediately prior to the close of business on the later to occur of : (a) the second Business Day after the Registration Statement under which the Class A Common Stock to be issued in connection
with such exchange is declared effective by the Commission; and (b) the twentieth Business Day following: (1) if such exchange will be effected consistent with Section 1.3(h)(ii)(a), the last day of the Exercise Period in which such
exchange right is exercised, and (2) if Section 1.3(h)(ii)(a) is not applicable to such exchange but such exchange will be effected 
  

			
	9	 	Exchange and Registration Rights Agreement

 consistent with Section 1.3(h)(ii)(b), the last day holders may request under Section 3.7 to include
Registrable Securities in such offering pursuant to Section 3.2 or 3.7. 
  
 (iv) At such time as such exchange is deemed to have been effected under Section 1.3(h)(iii), the Person or Persons in whose name or names the shares of Class A Common Stock are issuable shall be deemed to have become
the holder or holders of record thereof. 
  
 1.4 Exchange and
Redemption Conditions. The Company’s obligation to effect any Issuance Transaction shall be contingent upon the satisfaction (or waiver by the relevant third party or parties) of the following conditions (the “Exchange and
Redemption Conditions”): 
  
 (a) if
such Issuance Transaction requires the issuance of Additional Notes (as defined in the Indenture), such issuance of Additional Notes must be permitted under the Indenture; 
  
 (b) such Issuance Transaction must comply with all applicable laws, including without limitation securities
laws, laws relating to the redemption of equity, and laws relating to the issuance of debt; 
  
 (c) any issuance by the Company of IDSs, Class A Common Stock or IDS Notes that is required by such Issuance Transaction must occur
pursuant to an effective registration statement and no Suspension Period may then be in effect; 
  
 (d) such Issuance Transaction must not conflict with, or cause a default under, the Certificate of Incorporation or any material financing
agreement of the Company or any of its subsidiaries; and 
  
 (e) the Company must have received at least 30 but no more than 60 days’ advance notice of such Issuance Transaction, provided, that such minimum advance notice period may be increased from time to time to
the extent necessary, in the determination of the Board, to comply with the rules, regulations and protocols, as then in effect, of the Securities and Exchange Commission, the principal stock exchange on which the relevant securities of the Company
are then listed or admitted to trading, the Depository Trust Company, or the transfer agent with respect to such securities. 
  
 1.5 Adjustment if IDS Notes Cease to Be Outstanding. Notwithstanding anything to the contrary in this Agreement or in any Exchange Warrant, if the
IDSs have automatically separated and there are no outstanding IDS Notes, then the Board shall in good faith equitably adjust (a) the consideration to be received by an ASLP Holder upon 
  

			
	10	 	Exchange and Registration Rights Agreement

 the exercise of an Exchange Warrant, and (b) the consideration to be received (and the securities to be issued by
the Company) in respect of the redemption of a Holder’s Class A Holdings Units (and Holdings Notes, if any) pursuant to Section 2.1(a)(ii), in each case such that the new consideration to be received will reasonably reflect the spirit and
intent of this Agreement and, if applicable, of the Exchange Warrants. In carrying out any such equitable adjustment, the Board shall also in good faith make such equitable adjustments to the exchange and redemption procedures hereunder as are
necessary, appropriate, and advisable. 
  
 ARTICLE II

  
 CERTAIN REDEMPTIONS 
  
 2.1 Requested Registrations. 
  
 (a) Subject to the terms and conditions of this Agreement, in order to fund
redemptions of ASLP Units and/or Holdings Notes and Class A Holdings Units, as applicable: 
  
 (i) each of the Principal Holders shall have the right, at any time after the six-month, but prior to the first, anniversary of the date
hereof, to request that the Company register, issue and sell to the public such number of IDSs as is sufficient to permit ASLP to redeem from such Principal Holder all or a portion of the ASLP Units held by such Principal Holder as provided herein,
provided, however, that the Company’s obligation to honor any such request shall be subject to the prior satisfaction (or waiver by the relevant third party or parties) of the Exchange and Redemption Conditions set forth in Section 1.4;
and 
  
 (ii) each of the Principal Holders and
each Holdings Unit Holder shall have the right, at certain times following the distribution by ASLP to its partners of Class A Holdings Units and Holdings Notes, to request that the Company register, issue and sell to the public such number of IDSs
as is sufficient to permit Holdings to redeem from such Principal Holder or Holdings Unit Holder all or a portion of the Class A Holdings Units and Holdings Notes held by such holder as provided herein, provided, however, that the
Company’s obligation to honor any such request shall be subject to the prior satisfaction (or waiver by the relevant third party or parties) of the Exchange and Redemption Conditions set forth in Section 1.4. 
  
 Upon any such request (which shall set forth the number of ASLP Units or Class A Holdings
Units and Holdings Notes, as the case may be, the holder thereof would like redeemed in accordance with Section 2.4), the Company will promptly notify, in the case 
  

			
	11	 	Exchange and Registration Rights Agreement

 of a registration request under clause (i) above, ASLP and Holdings and, in the case of a registration request under
clause (ii) above, Holdings, of such request. Following receipt of a request for a registration hereunder, the Company will, subject to Sections 2.2 and Section 2.6, use its reasonable best efforts to satisfy (or cause to be waived by the relevant
third party or parties) the Exchange and Redemption Conditions, including to effect the prompt registration under the Securities Act and sale to the public of IDSs consisting of a number of shares of Class A Common Stock at least equal to the IDS
Share Number and IDS Notes in an aggregate face amount at least equal to the IDS Note Number; provided that, each IDS issued, registered and sold hereunder shall (x) consist of the same number of shares of Class A Common Stock
represented by each of the Company’s then outstanding IDSs; (y) consist of an IDS Note in a stated face amount equal to the stated principal amount of each other then outstanding IDS Note and (z) otherwise be identical in form to
each IDS then outstanding. In no event will the Company issue fractional IDSs hereunder. 
  
 (b) For purposes of this Section 2.1, the “IDS Share Number” shall be calculated at any time as follows: 
  
 IDS Share Number = CS * K/A, where: 
  

	 	CS =    	the number of shares of Class A Common Stock, Class B Common Stock and Class C Common Stock outstanding immediately prior to the requests for registration under this Section 2.1
being effected. 

  

	 	K =    	the number of Class A Holdings Units represented by the ASLP Units or the number of Class A Holdings Units, as the case may be, to be redeemed pursuant to Section 2.4. With respect
to a registration requested to fund a redemption of ASLP Units, K is calculated by multiplying (i) the number of Class A Holdings Units held by ASLP immediately prior to the requested redemption by (ii) a fraction, the numerator of
which is the number of ASLP Units to be redeemed, and the denominator of which is the total number of ASLP Units then outstanding. With respect to a registration requested to fund the redemption of Class A Holdings Units, K shall equal the number of
Class A Holdings Units to be redeemed. 

  

	 	A =    	the number of Class A Holdings Units and Class B Holdings Units Beneficially Owned by the Company immediately prior to the requests for registration under this Section 2.1 being
effected. 

  
 (c) For purposes of this Section 2.1,
the “IDS Note Number” shall be calculated at any time as follows: 
  
 IDS Note Number = N * L/C, where: 
  

			
	12	 	Exchange and Registration Rights Agreement

	 	N =    	the aggregate face amount of IDS Notes outstanding immediately prior to the requests for registration under this Section 2.1 being effected. 

  

	 	L =    	the aggregate face amount of Holdings Notes represented by the ASLP Units or the face amount of Holdings Notes, as the case may be, to be redeemed pursuant to Section 2.4. With
respect to a registration requested to fund a redemption of ASLP Units, L is calculated by multiplying (i) the aggregate face amount of Holdings Notes held by ASLP immediately prior to the requested registration by (ii) a fraction, the
numerator of which is the number of ASLP Units to be redeemed, and the denominator of which is the total number of ASLP Units then outstanding. With respect to a registration requested to fund the redemption of Holdings Notes, L shall equal the
aggregate face amount of Holdings Notes to be redeemed. 

  

	 	C =    	the aggregate face amount of Holdings Notes Beneficially Owned by the Company immediately prior to the requests for registration under this Section 2.1 being effected.

  
 2.2 Limitations on Requested
Registrations. Notwithstanding anything to the contrary in Section 2.1: 
  
 (a) Each Principal Holder may make no more than one request for registration under Section 2.1(a)(i). In addition, the aggregate Market Price of all IDSs, Class A Common Stock and IDS Notes (without duplication) to be
offered pursuant to Section 2.1(a)(i) and Section 3.7 (in connection with an offering pursuant to Section 2.1(a)(i)) must exceed $15 million as of the date following the last day ASLP Holders may request that IDSs be included in such offering under
Section 3.7 before the Company is obligated to honor any such request. 
  
 (b) Each Principal Holder may make no more than three requests for registration under Section 2.1(a)(ii), less the number of requests such Principal Holder has previously made for registration of such Principal Holder’s Registrable
Securities under Section 3.2 below. In addition, the aggregate Market Price of all IDSs, Class A Common Stock and IDS Notes (without duplication) to be offered pursuant to Section 2.1(a)(ii) and Section 3.7 (in connection with an offering pursuant
to Section 2.1(a)(ii)) must exceed $15 million as of the date following the last day Holdings Unit Holders may request that IDSs be included in such offering under Section 3.7 before the Company is obligated to honor any such request. 
  
 (c) Requests for registration under Section 2.1(a)(ii) by Holdings Unit
Holders other than the Principal Holders may be made only during each of the following periods: (i) (x) September 10 through September 15 and (y) March 10 through March 15; provided that in the case of clause (x) the
aggregate Market Price of all IDSs, Class A Common Stock and IDS Notes (without duplication) to be offered by the Company 
  

			
	13	 	Exchange and Registration Rights Agreement

 pursuant to Section 2.1(a)(ii) and Section 3.7 (in connection with an offering pursuant to Section 2.1(a)(ii)) as of the
last day of the period set forth in clause (x) exceeds $10 million and that in the case of clause (y) there shall not have occurred another event in the eighteen months preceding such period that gave rise to the right of the holders to request a
registration under Section 2.1(a)(ii) or under Section 3.7 (in connection with an offer pursuant to Section 2.1(a)(ii)) or gave rise to the right of ASLP Holders to exercise Exchange Warrants; (ii) the five Business Days preceding the date or
expected date of any (x) Significant Transaction, or (y) any voluntary or involuntary dissolution, liquidation or winding-up of the Company; and (iii) the five Business Days preceding the expected date of the consummation of any
registered or underwritten offering as determined in advance in good faith by the Company. 
  
 2.3 Expenses. The Company shall pay all Registration Expenses in connection with any offering of IDSs pursuant to Section 2.1. 
  
 2.4 Redemptions. 
  
 (a) Upon the completion of any issuance of IDSs pursuant to Section 2.1 or otherwise (except in connection with the issuance of IDSs to the extent used to
fund redemptions of Class B Common Stock pursuant to Section 1.3(d) or 1.3(e)), the Company will use all of the net cash proceeds of such offering (net of any Registration Expenses) to purchase Class A Holdings Units and Holdings Notes. The number
of Class A Holdings Units to be purchased in such subscription shall be equal to the product of (i) the aggregate amount of Class A Holdings Units Beneficially Owned by the Company prior to such IDS offering and (ii) a fraction, the
numerator of which is the number of IDSs sold in such offering and the denominator of which is the aggregate number of IDSs outstanding immediately prior to such offering. The aggregate principal amount of Holdings Notes to be issued in such
subscription shall equal the aggregate stated principal amount of IDS Notes issued in each IDS offering completed pursuant to Section 2.1. 
  
 (b) Holdings will use the proceeds it receives from the issuance of Class A Holdings Units and Holdings Notes to the Company (less any proceeds raised for
other corporate purposes) to redeem the Class A Holdings Units and Holdings Notes held by, in the case of a registration request under Section 2.1(a)(i), ASLP, and in the case of a registration request under Section 2.1(a)(ii), the Principal Holders
and the Holdings Unit Holders requesting redemption. A number of Class A Holdings Units equal to the number of shares of Class A Common Stock sold in the IDS offering (less those shares sold to raise funds for other corporate purposes) will be
redeemed and a principal amount of Holdings Notes equal to the principal amount of IDS Notes sold in the IDS offering (less that amount sold to raise funds for other corporate purposes) will be redeemed. In the event of an IDSs issuance under
Section 2.1(a)(ii), each Holdings Unit Holder requesting a registration to fund a redemption will sell to Holdings, Holdings Notes and 
  

			
	14	 	Exchange and Registration Rights Agreement

 Class A Holdings Units and receive redemption proceeds in exchange therefor on a pro rata basis with all other
Holdings Unit Holders that requested an IDSs registration under Section 2.1(a)(ii) and Section 3.7 (in connection with an offer pursuant to Section 2.1(a)(ii)) and that submitted Class A Holdings Units and Holdings Notes for redemption, based on the
amount of such Class A Holdings Units and Holdings Notes submitted for redemption and the amount of IDSs sold in such issuance. 
  
 (c) In the event of an issuance of IDSs requested under Section 2.1(a)(i), ASLP will use the proceeds it receives from the redemption of its Class A
Holdings Units and Holdings Notes under Section 2.4(b) to redeem on a pro rata basis ASLP Units from the ASLP Holders requesting the IDS registration to fund such redemption, based on the number of ASLP Units requested to be redeemed by each
such ASLP Holder. If the Company issues and sells in the offering requested under Section 2.1(a)(i) shares of Class A Common Stock at least equal to the IDS Share Number and IDS Notes with an aggregate face amount at least equal to the IDS Note
Number, the price per ASLP Unit to be paid in any such redemption shall equal the net cash proceeds received by ASLP from the redemption of its Class A Holdings Units and Holdings Notes divided by the number of ASLP Units requested to be
redeemed prior to the IDS offering. In the event the Company issues and sells in such offering a lesser number of shares of Class A Common Stock and IDS Notes with a lesser aggregate face amount, ASLP will redeem such lesser number of ASLP Units
corresponding to the number of IDSs successfully issued and sold. 
  
 2.5 [Reserved.]. 
  
 2.6 Priorities in
Registrations. If, in connection with a registration pursuant to Section 2.1, the managing underwriter of such registration (or, in the case of an offering which is not underwritten, a nationally recognized investment banking firm) shall advise
the Company in writing (with a copy to each Person requesting registration of IDSs to fund a redemption under Section 2.4, to each Person requesting registration of Registrable Securities, and to each Person requesting registration of Class B Common
Stock pursuant to Sections 1.3(b) and 3.7, in each case without duplication) that, in its opinion, the number of securities requested or otherwise proposed to be included in such registration exceeds the number which can be sold in such offering
without materially and adversely affecting the offering price, the Company shall include in such registration, to the extent of the number which the Company is so advised can be sold in such offering without such material adverse effect:
first, the number of IDSs (x) necessary to fund the redemption of Class A Holdings Units and Holdings Notes or ASLP Units, as the case may be, from Principal Holders and/or Holdings Unit Holders, (y) requested to be included in
such registration by other Persons (other than Class B Holders in respect of Class B Common Stock) and (z) proposed by the Company to be included in such registration (for the Company’s own account, or to fund redemptions pursuant to
Article II, or to the extent necessary to fund redemptions of Class B Common Stock pursuant to 
  

			
	15	 	Exchange and Registration Rights Agreement

 Section 1.3(d) or 1.3(e)), reduced on a pro rata basis, based on the number of IDSs proposed to be included under
each category listed above; and second, the Class B Common Stock requested to be included in such registration by Class B Holders pursuant to Section 1.3(b) and 3.7, on a pro rata basis based on the number of shares of Class B Common
Stock so requested to be included by each such Class B Holder. Notwithstanding the foregoing, any requesting Principal Holder may withdraw such Principal Holder’s request for redemption upon learning of such required proration, in which case no
IDSs will be included in such offering to fund the redemption of any of such Principal Holder’s Class A Holdings Units and Holdings Notes or ASLP Units, as the case may be, and, if the proration resulting in such withdrawal would result in a
reduction of 30% or more of the IDSs that would otherwise be issued to fund the redemption of the Class A Holdings Units and Holdings Notes or ASLP Units, as the case may be, for which such Principal Holder initially requested redemption, such
Principal Holder will be deemed not to have used one of its requests for registration provided for in clauses (a) or (b) of Section 2.2. 
  
 2.7 Certain Call Rights. Following the Dissolution of ASLP, in the event at any time the aggregate Market Price of the then outstanding Class A
Holdings Units and Holdings Notes held by Holdings Unit Holders other than the Principal Holders is less than $10 million, the Company may require Holdings to redeem such outstanding Class A Holdings Units and Holdings Notes held by such Holdings
Unit Holders (other than from the Principal Holders). Such redemptions shall be effected pursuant to the terms of the Holdings Partnership Agreement. 
  
 ARTICLE III 
  
 REGISTRATION RIGHTS 
  
 3.1 Shelf Registration. The Company shall: 
  
 (a) not later than the first anniversary of the date hereof, cause to be filed a registration statement on Form S-3 (or any comparable or successor form) pursuant to Rule 415 under the Securities Act, or if the
Company is ineligible to use Form S-3, on another appropriate form (the “Shelf Registration Statement”), which Shelf Registration Statement shall provide for the issuance by the Company and resales by ASLP Holders of all
outstanding Registrable Securities and all Registrable Securities issuable pursuant to Section 1.3(h) or pursuant to the exercise of outstanding Exchange Warrants, in each case held by ASLP Holders or others that have provided the information
required pursuant to the terms of Section 4.2 hereof; 
  
 (b) use
its reasonable best efforts to cause the Shelf Registration Statement to be declared effective by the Commission as promptly as practicable after the first anniversary of the date hereof (the “Effectiveness Target Date”);

  

			
	16	 	Exchange and Registration Rights Agreement

 (c) use its reasonable best efforts to keep the Shelf Registration Statement continuously effective,
supplemented and amended as required by the provisions of Section 4.1(b) hereof to the extent necessary to ensure that (x) it is available for resales by the ASLP Holders of Registrable Securities entitled to the benefit of this Agreement and
(y) conforms with the requirements of this Agreement and the Securities Act and the rules and regulations of the Commission promulgated thereunder as announced from time to time, for a period (the “Effectiveness
Period”) that will terminate upon the first to occur of: (1) all Registrable Securities and Exchange Warrants have ceased to be outstanding (whether as a result of redemption, repurchase and cancellation, conversion or
otherwise), (2) all Registrable Securities registered under the Shelf Registration Statement have been issued and resold, and (3) the Dissolution of ASLP; and 
  
 (d) if for any reason during the Effectiveness Period the Company becomes ineligible to use the form on which an existing
Shelf Registration Statement has been filed and declared effective, use its reasonable best efforts to file another shelf registration statement on an appropriate form for which the Company is eligible and cause such additional registration
statement to be declared effective by the Commission as promptly as practicable. Such additional registration statement shall be deemed to be a “Shelf Registration Statement” subject as appropriate to the provisions hereof.

  
 3.2 Requests by the Principal Holders. At any time
after the first anniversary of the date hereof, the Principal Holders shall each have the right, subject to Section 4.5(a), to request that the Company effect the registration under the Securities Act of all or a portion of the Registrable
Securities owned by, or issuable to (pursuant to Section 1.3(h) hereof or an exercisable Exchange Warrant), such Principal Holder, each such request to specify the intended method or methods of disposition thereof; provided that (i)
each Principal Holder may make no more than three requests for registration (plus one additional request if such additional request is solely for the resale of previously issued Registrable Securities), and (ii) the aggregate Market Price of
all Registrable Securities of the Principal Holders and all other holders requesting registration of Registrable Securities under Section 3.7 hereof to be registered under the Securities Act in such offering exceeds $10 million as of the date
following the last day holders may request to include Registrable Securities in such offering under Section 3.7. Upon any such request, the Company will promptly, but in any event within 10 days, give written notice of such request to holders of
Registrable Securities, holders of Exchange Warrants, and Class B Holders, and thereupon the Company will, subject to Section 3.6, use its reasonable best efforts to effect the prompt registration under the Securities Act of: 
  
 (a) the Registrable Securities which the Company has been so
requested to register by the requesting Principal Holders, and 
  
 (b) all other Registrable Securities which the Company has been requested to register by the ASLP Holders or Holdings Unit Holders by written 
  

			
	17	 	Exchange and Registration Rights Agreement

 request given to the Company by such ASLP Holders or Holdings Unit Holders within 15 days after the
giving of such written notice by the Company to such ASLP Holders or Holdings Unit Holders, 
  
 all to the extent required to permit the disposition of the Registrable Securities so to be registered in accordance with the intended method or methods of disposition of the requesting Principal Holders. If a
Principal Holder requests registration of Registrable Securities pursuant to this Section 3.2, any other Principal Holder that desires to participate in such registration may do so pursuant to either Section 3.7 hereof or by using one of its
requests for registration provided in this Section 3.2, in which case such Principal Holder shall be treated as a requesting Principal Holder for all purposes hereof. 
  
 3.3 Exceptions Where Shelf Registration Statement Is Effective. Notwithstanding the provisions of Section 3.2, in the
event that a Shelf Registration Statement is effective when a Principal Holder makes a request for registration under Section 3.2, the Company shall not be required to separately register any Registrable Securities, and such request shall be deemed
to be a request that the Company cooperate in effecting an underwritten offering of the Registrable Securities pursuant to the Shelf Registration Statement. Upon such request, the Company shall cooperate in such underwriting in accordance with the
provisions of this Agreement. Any such request shall count against the number of such requests permitted to be made by such Principal Holder pursuant to Section 3.2. 
  
 3.4 Registration Statement Form. A registration requested pursuant to Section 3.2 shall be effected by the filing of
a registration statement on a form selected by the Company and agreed to by the requesting Principal Holder or Holders (such registration statement, a “Section 3.2 Demand Registration Statement”). The Company shall prepare,
and as soon as practicable, but in any event within 60 days following a request made pursuant to Section 3.2, file with the Commission, a Section 3.2 Demand Registration Statement with respect to such Registrable Securities (both with respect to
their initial issuance to Principal Holders and any ASLP Holders or Holdings Unit Holders, if required, and to their resales), make all required filings with the NASD and use its reasonable best efforts to cause such Section 3.2 Demand Registration
Statement to become effective as soon as practicable. 
  
 3.5
Expenses. The Company shall pay all Registration Expenses in connection with any registration requested under Section 3.2; provided that each seller of Registrable Securities shall pay all Registration Expenses to the extent required
to be paid by such seller under applicable law and all underwriting discounts and commissions and transfer taxes, if any. 
  
 3.6 Priority in Demand Registrations. If in connection with a registration pursuant to Section 3.2, the managing underwriter of such registration
(or, in the case of 
  

			
	18	 	Exchange and Registration Rights Agreement

 an offering which is not underwritten, a nationally recognized investment banking firm) shall advise the Company in
writing (with a copy to each Person requesting registration of Registrable Securities or Class B Common Stock) that, in its opinion, the number of securities requested or otherwise proposed to be included in such registration exceeds the number
which can be sold in such offering without materially and adversely affecting the offering price, the Company shall include in such registration, to the extent of the number which the Company is so advised can be sold in such offering without such
material adverse effect: first, the Registrable Securities (other than Class B Common Stock) (x) of the Principal Holders requesting registration, (y) requested to be included in such registration by other Persons and (z)
proposed by the Company to be included in such registration (for the Company’s own account, or to fund a redemption pursuant to Article II, or to the extent necessary to fund redemptions of Class B Common Stock pursuant to Section 1.3(e) or
1.3(f)), in such amounts and proportions as the Company may determine, reduced on a pro rata basis based on the number of Registrable Securities proposed to be included under each category listed above; and second, the Class B Common
Stock requested to be included in such registration by Class B Holders pursuant to Section 1.3(b) and 3.7, on a pro rata basis based on the number of shares of Class B Common Stock so requested to be included by each such Class B Holder.
Notwithstanding the foregoing, any requesting Principal Holder may withdraw such holder’s request for registration upon learning of such required proration, in which case none of such Principal Holder’s Registrable Securities will be
included in such registration or offering, and, if the proration resulting in such withdrawal would result in a reduction of 30% or more of the Registrable Securities that such Principal Holder initially requested be included in the Section 3.2
Demand Registration Statement, such Principal Holder will be deemed not to have used one of its requests for registration provided for in Section 3.2. 
  
 3.7 Incidental Registrations. If the Company at any time proposes to register any IDSs, Class A Common Stock, or Class C Common Stock under the
Securities Act for its own account, the account of any other Person or Persons or pursuant to Section 2.1 or 3.2 hereof (other than pursuant to a registration on Form S-4 or S-8 or any successor form), then the Company shall promptly, but in any
event within 10 days of its decision to register securities, give written notice to all ASLP Holders, Holdings Unit Holders, Class B Holders (subject to Section 1.3(g)(ii)), and holders of Registrable Securities, regarding such proposed registration
(but without duplication of any notice given under Section 2.1 or 3.2). Upon the written request of any such ASLP Holder, Holdings Unit Holder, Class B Holder (subject to Section 1.3(g)(ii)) or other such holder made within 15 days after the receipt
of any such notice (which request shall specify (x) the number of Registrable Securities and/or shares of Class B Common Stock intended to be issued to or disposed of by such ASLP Holder, Holdings Unit Holder, Class B Holder or other such
holder and the intended method or methods of disposition thereof, and/or (y) the number of IDSs sufficient to permit Holdings or ASLP, as the case may be, to redeem from such Holdings Unit Holder or ASLP Holder all or a specified portion of
the Class A Holdings 
  

			
	19	 	Exchange and Registration Rights Agreement

 Units and Holdings Notes or ASLP Units held by such holder as provided herein), the Company shall use its reasonable best
efforts to effect the registration under the Securities Act (both with respect to their initial issuance to holders, if required, and to their resales) of such Registrable Securities and/or Class B Common Stock on a pro rata basis in
accordance with such intended method or methods of disposition, provided that: 
  
 (a) if, at any time after giving written notice (pursuant to this Section 3.7) of its intention to register IDSs, Class A Common Stock, or
Class C Common Stock and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register IDSs, Class A Common Stock, or Class C Common Stock, the
Company shall give written notice of such determination to each ASLP Holder, Holdings Unit Holder, Class B Holder, and holder of Registrable Securities, and, thereupon, shall not be obligated to register, in connection with such registration, any
Registrable Securities and/or Class B Common Stock of the type that the Company has determined not to register (but shall nevertheless pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of such ASLP
Holders, Holdings Unit Holders and other holders that a registration be effected under, or as to the number of registrations to be effected under, Section 2.1 or 3.2; 
  
 (b) if in connection with a registration pursuant to this Section 3.7, the managing underwriter of such
registration (or, in the case of an offering that is not underwritten, a nationally recognized investment banking firm) shall advise the Company in writing (with a copy to each holder requesting registration of Registrable Securities and/or Class B
Common Stock, and each ASLP Holder and Holdings Unit Holder requesting registration of IDSs in connection with a redemption pursuant to Article II) that the number of securities requested and otherwise proposed to be included in such registration
exceeds the number which can be sold in such offering without materially and adversely affecting the offering price of the securities being sold in such registration, then in the case of any registration pursuant to this Section 3.7, the Company
shall include in such registration to the extent of the number which the Company is so advised can be sold in such offering without such material adverse effect: 
  
 (1) if the registration is a primary registration on behalf of the Company (other than pursuant to Section
2.1 or in connection with the issuance of IDSs to the extent used to fund redemptions of Class B Common Stock pursuant to Section 1.3), first, the securities proposed to be included by the Company, second, the Registrable Securities
requested to be included in such registration by the ASLP Holders, Holdings Unit Holders, and holders of 
  

			
	20	 	Exchange and Registration Rights Agreement

 Registrable Securities, and (other than as provided in clause “third” of this Section
3.7(b)(1)) any securities proposed to be registered by another Person or Persons, each pro rata in accordance with the number of Registrable Securities so requested to be included and the number of securities proposed to be registered by any
other Person or Persons, and third, any Class B Common Stock proposed to be registered by Class B Holders, on a pro rata basis based on the number of shares of Class B Common Stock so requested to be included by each such Class B
Holder; 
  
 (2) if the registration is a
secondary registration on behalf of a Person or Persons other than an ASLP Holder, a Holdings Unit Holder, a Class B Holder, or a holder of Registrable Securities, first, the securities proposed to be registered by such other Person or
Persons, second, the Registrable Securities requested to be included in such registration by such ASLP Holder, Holdings Unit Holder or other such holder of Registrable Securities, on a pro rata basis based on the number of Registrable
Securities so requested to be included by each such holder, and third, any Class B Common Stock, proposed to be registered by Class B Holders, on a pro rata basis based on the number of shares of Class B Common Stock so requested to be
included by each such Class B Holder; and 
  
 (3)
if the registration is made pursuant to Section 2.1, in accordance with Section 2.6, and if the registration is made pursuant to Section 3.2, in accordance with Section 3.6; and 
  
 (c) in addition to the foregoing, in the event the Company proposes to register Class A Common Stock or
Class C Common Stock alone, the Company shall use its reasonable best efforts to include in such registration IDSs or IDS Notes to be issued to the requesting holders as provided in this Section 3.7 but the managing underwriter of such registration
may exclude such IDSs or IDS Notes from the sale of Class A Common Stock or Class C Common Stock to the public. 
  
 The Company shall pay all Registration Expenses in connection with each registration of Registrable Securities requested pursuant to this Section 3.7 and
each registration of Class B Common Stock requested pursuant to Section 1.3(b)(ii) and this Section 3.7; provided that each seller of Registrable Securities or Class B Common Stock, as the case may be, shall pay all Registration Expenses to
the extent required to be 
  

			
	21	 	Exchange and Registration Rights Agreement

 paid by such seller under applicable law and all underwriting discounts and commissions and transfer taxes, if any. No
registration effected under this Section 3.7 shall relieve the Company from its obligation to effect registrations under Section 1.3, 2.1 or 3.2. Nothing in this Section 3.7 shall create additional piggyback rights for holders of Class B Common
Stock beyond those set forth in Section 1.3(b). 
  
 ARTICLE IV

  
 REGISTRATION PROCEDURES, ETC. 
  
 4.1 Registration Procedures. In connection with any Registration
Statement and any prospectus included therein required to permit the issuance or resale of Registrable Securities and/or Class B Common Stock, or whenever the Company is required to use its reasonable best efforts to effect the registration under
the Securities Act of any IDSs pursuant to Section 2.1, any Class B Common Stock pursuant to Section 1.3 or 3.7, or any Registrable Securities pursuant to Section 3.2 or 3.7, the Company shall promptly: 
  
 (a) Subject to any Suspension Notice from the Company in accordance with
this Section 4.1(a), use its reasonable best efforts to keep the Shelf Registration Statement continuously effective during the Effectiveness Period. Subject to the following sentence, upon the occurrence of any event that would (i)
constitute a Material Disclosure Event or (ii) cause any Registration Statement or the prospectus contained therein not to be effective and usable for resale of Registrable Securities or Class B Common Stock (except, in the case of the Shelf
Registration Statement, at any time after the expiration of the Effectiveness Period), the Company shall take action as appropriate under Section 4.1(k) hereof, in the case of clause (i), correcting any such misstatement or omission, and, in the
case of either clause (i) or (ii), use its reasonable best efforts to cause any such amendment to be declared effective and the Registration Statement and the related prospectus to become usable for their intended purposes as soon as practicable
thereafter. Notwithstanding the foregoing, the Company may, by written notice to the holders (each a “Suspension Notice”), suspend the effectiveness of any Registration Statement for a period not to exceed an aggregate of 45
days in any 90-day period (each such period, a “Suspension Period”) if: 
  
 (x) an event occurs and is continuing that in the reasonable judgment of the Company would constitute a Material Disclosure Event; and 
  
 (y) in the good faith judgment of the disinterested members of the Board, the
disclosure of such event at such time would or is likely to adversely affect the Company; 
  
 provided that in the event the disclosure relates to a previously undisclosed proposed or pending material business transaction, the disclosure of which would impede the 
  

			
	22	 	Exchange and Registration Rights Agreement

 Company’s ability to consummate such transaction, the Company may extend a Suspension Period from 45 days to 60
days; provided further, however, that Suspension Periods shall not exceed an aggregate of 180 days in any 360-day period. 
  
 (b) (i) Prepare and file with the Commission such amendments, including post-effective amendments and supplements to the Registration Statement as
may be necessary to keep the Shelf Registration Statement effective during the Effectiveness Period and any Demand Registration Statement continuously effective as to the applicable Registrable Securities and/or Class B Common Stock until the
Selling Holder or Holders have completed the distribution described in such Demand Registration Statement, as the case may be; (ii) cause the related prospectus to be amended or supplemented by any required prospectus supplement (including,
among other things, as a result of any change or changes after the effective date of Registration Statement in the plan of distribution contemplated by the Selling Holders), and as so supplemented or amended to be filed pursuant to Rule 424
promulgated under the Securities Act (or any similar provisions then in force); (iii) respond as promptly as possible to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and as
promptly as possible provide the Selling Holders true and complete copies of all correspondence from and to the Commission relating to any Registration Statement, provided, however, that any information for which the Company requests
confidential treatment from the Commission shall be kept confidential by the Selling Holders, unless (w) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory
authorities; (x) disclosure of such information, in the opinion of counsel to such Selling Holders, is required by law; (y) such information becomes generally available to the public other than as a result of a disclosure or negligent
failure to safeguard by such Selling Holders; or (z) such information becomes available to such Selling Holders from a source other than the Company and such source is not known by such Selling Holders to be bound by a confidentiality
agreement with the Company or ASLP; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities and Class B Common Stock covered by each
Registration Statement in accordance with the intended methods of disposition by the Selling Holders as set forth in the Registration Statement as so amended or in such prospectus as so supplemented; 
  
 (c) (i) Furnish to the Selling Holders, their counsel and any managing
underwriters, at least five Business Days before filing with the Commission copies of all such documents proposed to be filed, which documents (other than those incorporated by reference) will be subject to the review of such Selling Holders, their
counsel and such managing underwriters, and (ii) cause its officers and directors, counsel and independent certified public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to
such Selling Holders and such underwriters, to conduct a reasonable due diligence investigation within the meaning of the Securities 
  

			
	23	 	Exchange and Registration Rights Agreement

 Act, provided that the Company shall not file any Registration Statement or any amendment or post-effective
amendment or supplement to such Registration Statement or related prospectus to which such counsel shall have reasonably objected on the grounds that such Registration Statement, amendment, supplement, or prospectus does not comply (explaining why)
in all material respects with the requirements of the Securities Act or in all material respects with the requirements of the Securities Act or of the rules or regulations thereunder; 
  
 (d) Notify, and provide copies of all related written or electronic communications with the Commission to, the Selling
Holders, their counsel and any managing underwriters as promptly as possible (and in the case of clause (i), below, at least five Business Days prior to such filing; and in the case of clause (vii) below, subject to any reasonable confidentiality
restrictions on use): 
  
 (i) when a prospectus
or any prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed; 
  
 (ii) when the Commission notifies the Company whether there will be a “review” of a Registration Statement and whenever the
Commission comments in writing on such Registration Statement; 
  
 (iii) with respect to each Registration Statement or any post-effective amendment, when the same has become effective; 
  
 (iv) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to each
Registration Statement or related prospectus or for additional information; 
  
 (v) of the issuance by the Commission of any stop order suspending the effectiveness of each Registration Statement covering any or all of the Registrable Securities and/or Class B Common Stock or the initiation of
any proceedings for that purpose; 
  
 (vi) of the
receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities or Class B Common Stock for sale in any jurisdiction, or the initiation or
threatening of any proceeding for such purpose; and 
  
 (vii) of the occurrence of any event (each a “Material Disclosure Event”) that makes any statement made in any Registration Statement or prospectus included therein or any document incorporated or deemed to be
incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, prospectus or other documents so that, in the case of the Registration Statement or the prospectus, as the case may

  

			
	24	 	Exchange and Registration Rights Agreement

 be, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 (e) Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (x) any order suspending the effectiveness of
any Registration Statement or (y) any suspension of the qualification (or exemption from qualification) of any IDSs or any of the Registrable Securities or Class B Common Stock for sale in any jurisdiction, at the earliest practicable moment;

  
 (f) If requested by any managing underwriter of IDSs to be
issued and sold pursuant to Section 2.1, or Registrable Securities or Class B Common Stock to be sold in connection with an underwritten offering, (x) promptly incorporate in a prospectus supplement or post-effective amendment to the
Registration Statement such information as the Company reasonably agrees should be included therein and (y) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has
received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; provided, however, that the Company shall not be required to take any action pursuant to this Section 4.1(f) that would,
in the opinion of counsel for the Company violate applicable law or not be required to be taken by applicable securities laws and be detrimental to the business prospects of the Company; 
  
 (g) Furnish to each Selling Holder, its counsel and any managing underwriters, without charge, at least one conformed copy
of each Registration Statement (including without limitation the Shelf Registration Statement) and each amendment thereto, including without limitation financial statements and schedules, all documents incorporated or deemed to be incorporated
therein by reference, and all exhibits to the extent requested by such Person (including without limitation those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission; 
  
 (h) Promptly deliver to each Selling Holder, its counsel, and any
underwriters, without charge, as many copies of the prospectus or prospectuses (including each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request; 
  
 (i) Use its reasonable best efforts to register or qualify or
cooperate with the Selling Holders, any underwriters and their counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities and/or Class B Common Stock for offer
and sale under the securities or blue sky laws of such jurisdictions within the United States as any Selling Holder or 
  

			
	25	 	Exchange and Registration Rights Agreement

 underwriter requests in writing, to keep each such registration or qualification (or exemption therefrom) effective until
the Selling Holder or Holders have completed the distribution of such Registrable Securities and/or Class B Common Stock and to do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the
Registrable Securities and/or Class B Common Stock covered by a Registration Statement; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified
or to take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or subject the Company to any material tax in any such jurisdiction where it is not then so subject; 
  
 (j) Cooperate with the Selling Holders and any managing underwriters to
facilitate the timely preparation and delivery of certificates representing Registrable Securities and/or Class B Common Stock to be sold pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by applicable
law, of all restrictive legends, and to enable such Registrable Securities and/or Class B Common Stock to be in such denominations and registered in such names as any such managing underwriters or Selling Holders may request at least two Business
Days prior to any sale of Registrable Securities and/or Class B Common Stock pursuant to such Registration Statement; 
  
 (k) Upon the occurrence of any Material Disclosure Event, as promptly as reasonably practicable and subject to the provisions of this Section 4.1, as
appropriate prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, or file a
report with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, and as appropriate file such supplement and any other document required to be filed in connection therewith so that, as thereafter delivered, neither the
Registration Statement nor such prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading; 
  
 (l) Use its reasonable best efforts
to cause all IDSs and Registrable Securities relating to each Registration Statement to be listed on the securities exchange, quotation market or over-the-counter bulletin board on which similar securities issued by the Company are then listed or
quoted, provided that the Company shall not be required to list or quote any IDSs or Registrable Securities on any exchange or quotation system in Canada or otherwise outside the United States; 
  
 (m) Enter into such agreements (including an underwriting agreement in form,
scope and substance as is customary in underwritten offerings) and take all such other actions in connection therewith (including those reasonably requested by any managing underwriters in order to expedite or facilitate the disposition of such
IDSs, Registrable Securities, and/or Class B Common Stock, and whether or not an underwriting agreement is entered into) to: 
  
 (i) make such representations and warranties to such Selling Holders and such underwriters as are customarily made by issuers to
underwriters in underwritten public offerings, and confirm the same if and when requested; 
  

			
	26	 	Exchange and Registration Rights Agreement

 (ii) in the case of an underwritten offering, obtain and deliver copies thereof to the
managing underwriters, if any, of opinions of counsel to the Company and updates thereof addressed to each such underwriter, in form, scope and substance reasonably satisfactory to any such managing underwriters and counsel to the Selling Holders
covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such counsel and underwriters; 
  
 (iii) immediately prior to the effectiveness of each Demand Registration Statement, and, in the case of an
underwritten offering, at the time of delivery of any Registrable Securities and/or Class B Common Stock sold pursuant thereto, obtain and deliver copies to the Selling Holders and the managing underwriters, if any, of “comfort” letters
and updates thereof from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any Affiliate of the Company or of any business acquired by the Company for which
financial statements and financial data is, or is required to be, included in any such Registration Statement), addressed to each Selling Holder and each of the underwriters, if any, in form and substance as are customary in connection with
underwritten offerings; and 
  
 (iv) deliver such
documents and certificates as may be reasonably requested by the Selling Holders, their counsel and any managing underwriters to evidence the continued validity of the representations and warranties made pursuant to clause (i) above and to evidence
compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company; 
  
 (n) Comply in all material respects with all applicable rules and regulations of the Commission and make generally available to its security holders an
earnings statement covering a period of twelve months beginning within three months after the effective date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder; 
  
 (o) Make available executive officers of the
Company for participation in a reasonable number of “road show” and other investor presentations requested by the Selling Holders in an underwritten offering; 
  

			
	27	 	Exchange and Registration Rights Agreement

 (p) Make available for inspection by the Selling Holders, any representative of such Selling Holders, any
underwriter participating in any disposition of Registrable Securities and/or Class B Common Stock, and any attorney or accountant retained by such Selling Holder or underwriters, at the offices where normally kept, during reasonable business hours,
all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors, agents and employees of the Company and its subsidiaries to supply all information in each case
reasonably requested by any such Selling Holder, representative, underwriter, attorney or accountant in connection with each Registration Statement; provided, however, that any information that is determined in good faith by the
Company in writing to be of a confidential nature at the time of delivery of such information shall be kept confidential by such Persons, unless (i) disclosure of such information is required by court or administrative order or is necessary
to respond to inquiries of regulatory authorities; (ii) disclosure of such information, in the opinion of counsel to such Person, is required by law; (iii) such information becomes generally available to the public other than as a
result of a disclosure or negligent failure to safeguard by such Person; or (iv) such information becomes available to such Person from a source other than the Company and such source is not known by such Person to be bound by a
confidentiality agreement with the Company; 
  
 (q) Use its
reasonable best efforts to cause the IDSs, Registrable Securities and Class B Common Stock covered by any Registration Statement to be registered with or approved by such other U.S. governmental agencies or authorities as may be necessary to enable
the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such IDSs, Registrable Securities and Class B Common Stock; and 
  
 (r) Use its reasonable best efforts to take all other steps necessary to effect the registration of such IDSs, Registrable Securities and Class B Common
Stock contemplated hereby. 
  
 As a condition to its registration
of Registrable Securities and/or Class B Common Stock of any prospective Selling Holder, the Company may require such Selling Holder of any Registrable Securities and/or Class B Common Stock as to which any registration is being effected to execute
powers-of-attorney, custody arrangements and other customary agreements appropriate to facilitate the offering and to furnish to the Company and the underwriters (in the case of an underwritten offering) such information regarding such Selling
Holder, its ownership of Registrable Securities and/or Class B Common Stock and the disposition of such Registrable Securities and/or Class B Common Stock as the Company or the underwriters (in the case of an underwritten offering) may from time to
time reasonably request in writing and as shall be required by law in connection therewith. Each such Selling Holder agrees to furnish promptly to the Company and the underwriters (in the case of an underwritten offering) all information required to
be disclosed in order to make the information previously furnished to the Company or the underwriters (in the case of any underwritten offering) by such Selling Holder not materially misleading. 
  

			
	28	 	Exchange and Registration Rights Agreement

 The Company agrees not to file or make any amendment to any Registration Statement with respect to any
IDSs, any Registrable Securities or any Class B Common Stock, or any amendment of or supplement to any related prospectus, that refers to any ASLP Holder, Principal Holder, Holdings Unit Holder or Class B Holder, or otherwise identifies any ASLP
Holder, Principal Holder, Holdings Unit Holder or Class B Holder as the holder of any Registrable Securities or Class B Common Stock without the consent of such holder, such consent not to be unreasonably withheld or delayed, unless such disclosure
is required by law. 
  
 By acquisition of Registrable Securities
and/or Class B Common Stock, each ASLP Holder, Principal Holder, Holdings Unit Holder, and Class B Holder that holds such Registrable Securities and/or Class B Common Stock shall be deemed to have agreed that upon receipt of any Suspension Notice
from the Company, such holder will promptly discontinue such holder’s disposition of Registrable Securities and/or Class B Common Stock pursuant to the Registration Statement covering such Registrable Securities and/or Class B Common Stock
until such holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 4.1(a) above. If so directed by the Company, each ASLP Holder, Principal Holder, Holdings Unit Holder and Class B Holder that holds
Registrable Securities and/or Class B Common Stock will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, in such holder’s possession of the prospectus covering such Registrable Securities
and/or Class B Common Stock at the time of receipt of such Suspension Notice. In the event that the Company shall give any such Suspension Notice, the Effectiveness Period shall be extended by the number of days during the period from and including
the date of the giving of such Suspension Notice to and including the date when each seller of any Registrable Securities and/or Class B Common Stock covered by such Registration Statement shall have received the copies of the supplemented or
amended prospectus contemplated by Section 4.1(a) above. 
  
 Upon
the effectiveness of the Shelf Registration Statement, each ASLP Holder shall notify the Company at least three Business Days prior to any intended distribution of Registrable Securities pursuant to the Shelf Registration Statement. Each ASLP Holder
agrees to hold any communication by the Company in response to such a notice of sale in confidence. 
  
 4.2 Holder Information. Each ASLP Holder, Principal Holder, Holdings Unit Holder and Class B Holder shall furnish to the Company and the
underwriters (in the case of an underwritten offering) in writing, prior to or on the tenth Business Day after receipt of a request therefor, such information as the Company or the underwriters (in the case of and underwritten offering) may
reasonably request for use in connection with the 
  

			
	29	 	Exchange and Registration Rights Agreement

 Registration Statement or the prospectus or preliminary prospectus included therein and in any application to be filed
with or under state securities laws. In connection with all such requests for information, the Company shall notify such holders of the requirements set forth in the preceding sentence. No Selling Holder may include any of its Registrable Securities
or Class B Common Stock in any Registration Statement unless such Selling Holder has furnished complied with this Section 4.2. 
  
 4.3 Underwriting Agreement. If requested by the underwriters for any underwritten offering pursuant to a registration requested under Section 1.3,
3.2 or 3.7, the Company shall enter into an underwriting agreement with the underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the underwriters and to the Company. Any such underwriting agreement
shall contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in agreements of this type, including, without limitation, indemnities to the effect and to the extent provided in
Section 4.6. Each ASLP Holder or Holdings Unit Holder who owns (or will own upon exercise of an exercisable Exchange Warrant) 1% or more of the Registrable Securities, and each Class B Holder who owns 1% or more of the Class B Common Stock, in each
case being sold pursuant to such offering (other than for the account of the Company) shall be a party to such underwriting agreement and may, at such ASLP Holder’s, Holdings Unit Holder’s, or Class B Holder’s option, require that any
or all of the representations and warranties by, and the agreements on the part of, the Company to and for the benefit of such underwriters be made to and for the benefit of such ASLP Holder, Holdings Unit Holder or Class B Holder and that any or
all of the conditions precedent to the obligations of such underwriters under such underwriting agreement shall also be conditions precedent to the obligations of such ASLP Holder, Holdings Unit Holder, or Class B Holder. The ASLP Holders, Holdings
Unit Holders or Class B Holders in their capacities as stockholders and/or controlling Persons (but not in their capacities as managers of the Company) shall not be required by any underwriting agreement to make any representations or warranties to
or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such ASLP Holder, Holdings Unit Holder or Class B Holder, the ownership of such holder’s Registrable Securities and/or Class B
Common Stock, and such holder’s intended method or methods of disposition and any other representation required by law or to furnish any indemnity to any Person which is broader than the indemnity furnished by such holder pursuant to Section
4.7. 
  
 4.4 Selection of Underwriters. If the Company at
any time proposes to register any of its securities under the Securities Act for sale for its own account pursuant to an underwritten offering, the Company will have the right to select the managing underwriter (which shall be of nationally
recognized standing) to administer the offering. If any of the Registrable Securities or Class B Common Stock covered by a Registration Statement are to be sold pursuant to an underwritten offering in which the Company is not registering any of its
securities for sale for its account, the Selling Holders that hold 
  

			
	30	 	Exchange and Registration Rights Agreement

 or will hold at least a majority in value or principal amount of the Registrable Securities and Class B Common Stock to
be included in such offering will have the right to select the managing underwriter (which shall be of nationally recognized standing and reasonably acceptable to the Company). 
  
 4.5 Holdback Agreements. 
  
 (a) If and whenever the Company proposes to register any of its equity securities under the Securities Act for its own account (other than on Form S-4 or
S-8 or any successor form) or is required to use its reasonable best efforts to effect the registration under the Securities Act of any Registrable Securities pursuant to Section 3.2 or 3.7, or any Class B Common Stock pursuant to Section 1.3 or
3.7, each holder of Registrable Securities or Class B Common Stock, as the case may be, agrees by acquisition of such Registrable Securities or Class B Common Stock, as the case may be, not to effect any sale or distribution, including any sale
pursuant to Rule 144 under the Securities Act, or to request registration under Section 3.2 of any Registrable Securities or under Section 1.3 of any Class B Common Stock, as the case may be, within seven days prior to and 90 days (unless the
managing underwriter for any underwritten offering may agree to a shorter period) after the effective date of the registration statement relating to such registration (the “Trigger Date”), except as part of such registration
or unless, in the case of a sale or distribution not involving a public offering, the transferee agrees in writing to be subject to this Section 4.5, even if such Registrable Securities cease to be Registrable Securities upon such transfer;
provided that, with respect to the Shelf Registration Statement, the Trigger Date shall be the pricing of any offering made under such Registration Statement. 
  
 (b) The Company agrees not to effect any public sale or distribution of its equity securities or securities convertible into
or exchangeable or exercisable for any of such securities (including IDSs) within seven days prior to and 90 days (or such shorter period as the managing underwriter for any underwritten offering may agree) after the Trigger Date with respect to any
registration statement filed pursuant to Section 1.3 or 3.2 (except (i) (including any consent or waiver granted thereunder) as part of such registration, (ii) as permitted by any related underwriting agreement, (iii) pursuant
to an employee equity compensation plan, or (iv) pursuant to a registration on Form S-4 or S-8 or any successor form); provided that, with respect to the Shelf Registration Statement, the Trigger Date shall be the pricing of any
offering made under such Registration Statement. 
  
 4.6
Indemnification by the Company. 
  
 (a) The Company agrees
to indemnify to the fullest extent permitted by law, each ASLP Holder, each Principal Holder, each Holdings Unit Holder, each Class B Holder, each Person who controls any such holder (within the meaning of either the 
  

			
	31	 	Exchange and Registration Rights Agreement

 Securities Act or the Exchange Act), and their respective directors and officers against any and all losses, claims,
damages, liabilities (or actions or proceedings in respect thereof) and expenses (including reasonable attorneys’ fees) which arise out of or are based upon any untrue or alleged untrue statement of material fact contained in any Registration
Statement, prospectus or preliminary prospectus (each as amended and/or supplemented, if the Company shall have furnished any amendments or supplements thereto), or any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading; provided that the Company shall not be required to indemnify such ASLP
Holder, such Principal Holder, such Holdings Unit Holder, such Class B Holder, such controlling Persons or their respective officers or directors for any losses, claims, damages, liabilities (or actions or proceedings in respect thereof) or expenses
that arise out of or are based upon (i) any such untrue statement or omission if such untrue statement or omission is made in reliance on and conformity with any information with respect to such holder, furnished in writing to the Company by
such holder expressly for use therein; or, with respect to Selling Holders only, (ii) an untrue or alleged untrue statement or omission or alleged omission made in any preliminary prospectus if (x) in the case of any offering other
than an underwritten offering, having previously been furnished by or on behalf of the Company with copies of the final prospectus, such Selling Holder failed to send or deliver a copy of the final prospectus with or prior to the delivery of written
confirmation of the sale of the Registrable Securities and/or Class B Common Stock by the Selling Holder to the Person asserting the claim from which such loss, claim, damage, liability (or actions or proceedings in respect thereof) or expense
arises and (y) the final prospectus would have corrected in all material respects such untrue statement or alleged untrue statement or omission or alleged omission; (iii) an untrue statement or alleged untrue statement, omission or
alleged omission made in the prospectus if (x) such untrue statement or alleged untrue statement, omission or alleged omission is corrected in all material respects in an amendment or supplement to the prospectus and (y) in the case of
any offering other than an underwritten offering, having previously been furnished by or on behalf of the Company with copies of the prospectus as so amended or supplemented, such Selling Holder thereafter fails to deliver such prospectus as so
amended or supplemented, prior to or concurrently with the sale of Registrable Securities and/or Class B Common Stock; and (iv) an untrue statement or alleged untrue statement, omission or alleged omission contained in a prospectus, a
preliminary prospectus or any amendment or supplement thereto used by such Selling Holder during a Suspension Period after such time as the Company has advised such Selling Holder in writing that a Suspension Period is in effect. 
  
 (b) In connection with an underwritten offering, the Company agrees to
indemnify each underwriter thereof, the officers and directors of such underwriter, and each Person who controls such underwriter (within the meaning of either the Securities Act or Exchange Act) to the same extent as provided above with respect to
the 
  

			
	32	 	Exchange and Registration Rights Agreement

 indemnification of ASLP Holders, Principal Holders, Holdings Unit Holders, Class B Holders, controlling Persons, officers
and directors; provided that such underwriter agrees to indemnify the Company to the same extent as provided below with respect to the indemnification of the Company by such holders. 
  
 4.7 Indemnification by Holders. In connection with any registration in
which any ASLP Holder, Principal Holder, Holdings Unit Holder, or Class B Holder is participating, including without limitation as a Selling Holder or for whose benefit the offering is undertaken pursuant to Section 2.1, such holder will furnish to
the Company in writing such information with respect to it and its Affiliates as the Company reasonably requests for use in connection with any such Registration Statement, prospectus, or preliminary prospectus. Such holder agrees to indemnify each
of the Company, its respective directors and officers who sign the Registration Statement, each Person, if any, who controls (within the meaning of either the Securities Act or of the Exchange Act) the Company, each other ASLP Holder, Principal
Holder, Holding Unit Holder and Class B Holder, and any prospective underwriters, as the case may be, and any of their respective Affiliates, general partners, officers, employees, agents and controlling Persons, to the same extent as the foregoing
indemnity from the Company to such holder, with respect to (i) information relating to such holder furnished to the Company in writing by such holder expressly for use in the Registration Statement, the prospectus, any amendment or supplement
thereto, or any preliminary prospectus and (ii) and, with respect to Selling Holders only, the use of any prospectus (or any amendment or supplement thereto or any preliminary prospectus) by such Selling Holder during a Suspension Period;
provided, however, that the liability of such Selling Holder under this Section 4.7 shall be limited to the amount of net proceeds received by such Selling Holder in the offering giving rise to such liability. 
  
 4.8 Conduct of Indemnification Proceedings. In case any proceeding
(including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 4.6 or Section 4.7, such Person (hereinafter called the “indemnified party”)
shall promptly notify the Person against whom such indemnity may be sought (hereinafter called the “indemnifying party”) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any
such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party
shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and the indemnified party shall have
been advised by counsel that representation of both parties by the same counsel would be inappropriate due to actual or 
  

			
	33	 	Exchange and Registration Rights Agreement

 potential differing interests between them. It is understood that the indemnifying party shall not, in connection with
any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties, and that all such fees and expenses shall be
reimbursed as they are incurred. In the case of any such separate firm for the indemnified parties, such firm shall be designated in writing by all of the indemnified parties. The indemnifying party shall not be liable for any settlement of any
proceeding effected without its written consent (which consent will not be unreasonably withheld), but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party
from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by the third sentence of this Section 4.8, the indemnifying party agrees that the indemnifying party shall be liable for any settlement of any proceeding effected without the indemnifying party’s written
consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not either have reimbursed the indemnified party in accordance
with such request or reasonably objected in writing, on the basis of the standards set forth herein, to the propriety of such reimbursement prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement
includes as an unconditional term thereof a release of such indemnified party, from all liability on claims that are the subject matter of such proceeding. 
  
 4.9 Contribution. If the indemnification provided for in this Agreement from the indemnifying party is unavailable to an indemnified party
hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the 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 expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified parties in connection with the actions which resulted in such losses,
claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying party or indemnified parties, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the loses, claims, damages, liabilities and expenses referred to above shall be
deemed to include, subject to the limitations set forth in Section 4.8, any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. 
  

			
	34	 	Exchange and Registration Rights Agreement

 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section
4.9 were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section
4.9, no holder shall be required to contribute any amount in excess of the amount of the total net proceeds received by such holder from sales of Registrable Securities or Class B Common Stock in, or received by such holder from the redemption of
Holdings Notes and Class A Holdings Units, ASLP Units, or Class B Common Stock, as the case may be, following, the offering that gave rise to such losses, claims, damages, liabilities or expenses. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
  
 If indemnification is available under this Agreement, the indemnifying parties shall indemnify each indemnified party to the
full extent provided in Sections 4.6 and 4.7 without regard to the relative fault of said indemnifying party, or indemnified party or any other equitable consideration provided for in this Section 4.9. 
  
 ARTICLE V 
  
 DEFINITIONS 
  
 For purposes of this Agreement, the following terms shall have the following respective meanings: 
  
 Affiliate: a Person that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, the Person specified. 
  
 Agreement: this Exchange and Registration Rights Agreement, as it may be amended, restated or supplemented from time to time. 
  
 Amended Securityholders Agreement: Second Amended and Restated
Securityholders Agreement, dated as of August 11, 2004, among ASLP and certain investors in ASLP, as amended, restated or supplemented from time to time. 
  
 ASLP: as defined in the introductory sentence of this Agreement. 
  

			
	35	 	Exchange and Registration Rights Agreement

 ASLP Holder: for so long as the Dissolution of ASLP has not been completed, a holder of an
Exchange Warrant or any Registrable Securities. 
  
 ASLP
Partnership Agreement: Limited Partnership agreement of ASLP, dated as of January 28, 2000, as amended, restated or supplemented from time to time. 
  

ASLP Units: the partnership or other equity units of ASLP. 
  
 Beneficially Own: the meaning set forth in the Certificate of Incorporation. 
  
 Board: the board of directors of the Company. 
  
 Business Day: any day other than a Saturday or a Sunday or a day on
which commercial banking institutions in the City of New York are authorized by law to be closed, provided that, in determining the Market Price of any securities listed or admitted to trading on any national securities exchange or in the
over-the-counter market, “Business Day” shall mean any day when the principal exchange in which securities are then listed or admitted to trading is open for trading or, if such securities are traded in the over-the-counter market in the
United States, such market is open for trading, and provided further that any reference to “days” (unless Business Days are specified) shall mean calendar days. 
  
 Buyer’s Notice: as defined in Section 1.3(c)(ii). 
  
 Certificate of Incorporation: the certificate of incorporation of the Company, as the same may be amended, restated
or supplemented from time to time. 
  
 Class A Common
Stock: as defined in Section 1.1. 
  
 Class A Holding
Units: the Class A Equity Units, as defined in the Holdings Partnership Agreement. 
  
 Class B Common Stock: as defined in Recital C. 
  
 Class B Holder: as defined in Section 1.3(a), subject to the last sentence of Section 6.9. 
  
 Class B Holding Units: the Class B Equity Units, as defined in the Holdings Partnership Agreement. 
  
 Class B Registration Period: any of the following periods occurring
after the second anniversary of the Offering: each (x) September 10 through September 15 and (y) March 10 through March 15; provided, in the case of either clause (x) or (y), that the number of shares of Class B Common Stock for
which registration is requested under Section 1.3(a) during such period is no fewer than 500,000. 
  

			
	36	 	Exchange and Registration Rights Agreement

 Class C Common Stock: the Class C Common Stock of the Company, par value $0.01 per share.

  
 Coastal: as defined in the Amended Securityholders
Agreement. 
  
 Commission: the Securities and Exchange
Commission. 
  
 Company: as defined in the introductory
sentence of this Agreement. 
  
 Demand Notice: as defined
in Section 1.3(a). 
  
 Demand Registration Statement: any
Section 1.3(a) Demand Registration Statement or Section 3.2 Demand Registration Statement. 
  
 Dissolution of ASLP: shall mean the date on which the certificate of cancellation with respect to ASLP shall be filed in accordance with (a) Section 17-203 of the Delaware Revised Limited Partnership
Act, as amended from time to time, and any successor thereto, and (b) the ASLP Partnership Agreement. 
  
 Effectiveness Period: as defined in Section 3.1(c). 
  
 Effectiveness Target Date: as defined in Section 3.1(b). 
  

Election Notice: as defined in Section 1.3(e). 
  
 Eligible Stock: as defined in Section 1.3(e). 
  
 Exchange Act: the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations thereunder which
shall be in effect at the time. 
  
 Exchange and Redemption
Conditions: as defined in Section 1.4. 
  
 Exchange
Warrants: as defined in Recital B. 
  
 Exercise Period:
as defined in the Exchange Warrant. 
  
 Fair Value: as
defined in Section 1.3(g)(i)(A). 
  
 Guarantors: at any
time, those subsidiaries of the Company that are, at such time, guaranteeing the IDS Notes. 
  

			
	37	 	Exchange and Registration Rights Agreement

 Holdings: as defined in the introductory sentence of this Agreement. 
  
 Holdings Notes:
             % Notes due 2019 issued by Holdings. 
  
 Holdings Partnership Agreement: Limited Partnership agreement of Holdings, dated as of the date hereof, as amended, restated or supplemented from
time to time. 
  
 Holdings Units: the partnership units
issued by Holdings (including, for the avoidance of doubt, the Class A Holdings Units and the Class B Holdings Units). 
  
 Holdings Unit Holders: the holders from time to time of any Holdings Units or Holdings Notes. 
  
 IDS Notes: as defined in Section 1.1. 
  
 IDS Note Number: as defined in Section 2.1(c). 
  
 IDSs: as defined in Recital A, subject to Section 6.1(a)(i).

  
 IDS Share Number: as defined in Section 2.1(b).

  
 indemnified party: as defined in Section 4.8.

  
 indemnifying party: as defined in Section 4.8.

  
 Indenture: shall mean the indenture, dated as of August
11, 2004, between the Company and Deutsche Bank National Trust Company, as trustee, relating to the IDS Notes. 
  
 Issuance Transaction: shall mean (a) any request made pursuant to Section 2.1 (or pursuant to Section 3.7 in respect of Section 2.1),
(b) any exchange pursuant to the exercise of an Exchange Warrant, or (c) any issuance of IDSs or IDS Notes to the extent necessary to fund a redemption of Class B Common Stock pursuant to Section 1.3(e) or 1.3(f). 
  
 Market Price: as defined in the Exchange Warrant. 
  
 Material Disclosure Event: as defined in Section 4.1(d)(vii).

  
 NASD: National Association of Securities Dealers, Inc.

  
 NASDAQ: the Nasdaq National Market. 
  
 Offering: as defined in Recital A. 
  

			
	38	 	Exchange and Registration Rights Agreement

 Offering Notice: as defined in Section 1.3(c)(i). 
  
 Offeror: as defined in Section 1.3(c). 
  
 Offer Price: as defined in Section 1.3(c)(i). 
  
 Offered Securities: as defined in Section 1.3(c). 
  
 Old Securityholders Agreement: the Amended and Restated
Securityholders Agreement, dated as of October 4, 2002, among ASLP and certain investors in ASLP. 
  
 Permitted Transferee: as defined in Section 6.3 except as otherwise specified. 
  
 Person: an individual, corporation, partnership, limited liability company, joint venture, association, trust or
other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
  
 Primary Right of First Offer: as defined in Section 1.3(c)(ii). 
  
 Principal Holder: each of Bodal, the Centre Entities (which shall be treated as a single holder for purposes of this
definition) and Coastal (each as defined in the Amended Securityholders Agreement). 
  
 Registrable Securities: any shares of Class A Common Stock, any IDS Notes, any IDSs into which they have been or may be combined, any guarantees of any IDS Notes issued or to be issued by the Guarantors
beneficially owned (within the meaning of Rule 13d-3 of the Exchange Act) by the ASLP Holders, the Holdings Unit Holders, the Principal Holders and the Permitted Transferees at any time, including without limitation, any of the foregoing issued upon
the exercise of an Exchange Warrant or upon the exercise of an exchange under Section 1.3(h) hereof, and any such securities to be issued by the Company in connection with any redemptions pursuant to Section 1.3(e)(i), 1.3(f), 2.1, 2.4 or 3.7. As to
any particular IDSs, shares of Class A Common Stock, or IDS Notes (and the related guarantees) Beneficially Owned by an ASLP Holder or a Permitted Transferee, such securities shall cease to be Registrable Securities when (i) a registration
statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (ii) a registration statement on Form
S-8 with respect to the sale of such securities shall have become effective under the Securities Act, (iii) they shall have been sold to the public pursuant to Rule 144 under the Securities Act, (iv) they shall have been otherwise
transferred other than to a Permitted Transferee and subsequent disposition of them shall not require registration or qualification of them under the Securities Act or any similar state law then in force or (v) 
  

			
	39	 	Exchange and Registration Rights Agreement

 they shall have ceased to be outstanding. Any and all other securities which may be issued in respect of, in exchange
for, or in substitution for any Registrable Securities, whether by reason of any stock split, stock dividend, reverse stock split, recapitalization, combination or otherwise, shall also be “Registrable Securities” hereunder. 
  
 Registration Expenses: all expenses incident to the Company’s
performance of or compliance with any registration pursuant to this Agreement, including, without limitation, (i) registration, filing and NASD fees, (ii) fees and expenses of complying with securities or blue sky laws, (iii)
fees and expenses associated with listing securities on an exchange or NASDAQ, (iv) word processing, duplicating and printing expenses, (v) messenger and delivery expenses, (vi) transfer agents’, trustees’,
depositories’, registrars’ and fiscal agents’ fees, (vii) fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits or “comfort” letters,
(viii) premiums and other costs of policies of insurance against liabilities arising out of the public offering of the Registrable Securities and/or Class B Common Stock being registered (if the Company elects to obtain any such insurance),
(ix) reasonable fees and disbursements of any one counsel retained by the sellers of Registrable Securities and/or Class B Common Stock (provided, that with respect to any given registration hereunder, the Selling Holders that hold or
will hold at least a majority in value or principal amount of the Registrable Securities and/or Class B Common Stock to be included in such registration will have the right to select such counsel), (x) any fees and disbursements of
underwriters customarily paid by issuers or sellers of securities and (xi) reasonable costs and expenses incurred for presentations to or meetings with prospective investors in connection with the offer or sale of Registrable Securities
and/or Class B Common Stock in a public offering thereof. Notwithstanding the foregoing, Registration Expenses shall not include (A) except as otherwise specifically provided in this Agreement, fees and disbursements of counsel to one or more
Selling Holders, and (B) transfer taxes, and underwriting discounts or commissions and brokerage fees for the sale of Registrable Securities and/or Class B Common Stock. 
  
 Registration Statement: the Shelf Registration Statement, any Demand Registration Statement and any registration
statement filed with the Commission pursuant to Section 2.1. 
  
 Secondary Right of First Offer: as defined in Section 1.3(c)(iii). 
  
 Section 1.3(a) Demand Registration Statement: as defined in Section 1.3(a)(iii). 
  
 Section 3.2 Demand Registration Statement: as defined in Section 3.2. 
  
 Securities Act: the Securities Act of 1933, as amended, or any successor federal statute, and the rules and
regulations thereunder which shall be in effect at the time. 
  

			
	40	 	Exchange and Registration Rights Agreement

 Selling Holders: ASLP Holders, Principal Holders, Holdings Unit Holders, and/or Class B Holders as
the case may be, selling Registrable Securities and/or Class B Common Stock pursuant to a Registration Statement. 
  
 Series A, B or C Preferred: as defined in the Certificate of Incorporation. 
  
 Shelf Registration Statement: as defined in Section 3.1(a). 
  
 Significant Transaction: any transaction to which the Company is a
party (including a merger, consolidation, sale of all or substantially all of the Company’s assets or recapitalization of the Class A Common Stock) in which the previously outstanding IDSs, Class A Common Stock, Class B Common Stock, Class C
Common Stock or IDS Notes shall be changed into or exchanged for different securities of the Company or changed into or exchanged for common stock or other securities of another corporation or interests in a noncorporate entity or other property
(including cash) or any combination of any of the foregoing; provided, for the avoidance of doubt, that “Significant Transaction” shall not include any automatic exchange of IDS Notes in connection with issuances of IDSs or IDS
Notes subsequent to the Offering. 
  
 Suspension Notice: as
defined in Section 4.1(a). 
  
 Suspension Period: as
defined in Section 4.1(a). 
  
 Tag-Along Offeree: as
defined in Section 1.3(d)(i). 
  
 Tag-Along Participation
Notice: as defined in Section 1.3(d)(iii). 
  
 Tag-Along
Seller: as defined in Section 1.3(d)(iv). 
  
 Trigger
Date: as defined in Section 4.5(a). 
  
 Valuation Firm:
as defined in Section 1.3(g)(i)(B). 
  
 ARTICLE VI 
  
 MISCELLANEOUS. 
  
 6.1 Construction. 
  
 (a) For the avoidance of doubt, and unless the context or circumstance otherwise requires, references herein to: 
  
 (i) the registration, issuance, sale or resale of IDSs shall
also be deemed to refer to the registration, issuance, sale or resale of the Class A Common Stock and IDS Notes combinable into such IDSs (whether or not so combined), or if 
  

			
	41	 	Exchange and Registration Rights Agreement

 automatic separation of the IDSs has occurred, to the Class A Common Stock and IDS Notes that would
otherwise have been combinable into IDSs (or, if no IDS Notes are then outstanding, to the Class A Common Stock registered, issued, sold or resold in lieu of IDSs in accordance herewith); and 
  
 (ii) the registration of IDS Notes shall also be deemed to
refer to the registration of the guarantees of such IDS Notes issued or to be issued by the Guarantors. 
  
 (b) Whenever the Company is required hereunder to give notice to holders of Registrable Securities or Class B Common Stock, ASLP will cooperate and use
reasonable best efforts to help the Company effect such notice. 
  
 6.2 Rule 144, etc. If the Company shall have filed a registration statement pursuant to the requirements of Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act relating to any
class of equity securities, the Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder, and shall take such further action as any
ASLP Holder, Principal Holder, or Holdings Unit Holder may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities or Class B Common Stock without registration under the Securities Act
within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such rule may be amended from time to time, or (b) any successor rule or regulation hereafter adopted by the Commission. Upon the request of
any ASLP Holder, Principal Holder, Holdings Unit Holder or Class B Holder, the Company shall deliver to such holder a written statement as to whether it has complied with such requirements. 
  
 6.3 Successors, Assigns, Third-Party Beneficiaries and Transferees.
This Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective permitted successors and assigns under this Section 6.3. No party listed in Annex I that has not delivered an executed signature page to this
Agreement shall be entitled to any of the benefits provided in this Agreement. The provisions of this Agreement that are for the benefit of a Principal Holder, ASLP Holder, Holdings Unit Holder or Class B Holder shall be for the benefit of and
enforceable by such Principal Holder, ASLP Holder, Holdings Unit Holder or Class B Holder, as the case may be, or by any transferee of ASLP Units, Class A Holdings Units, Holdings Notes or Class B Common Stock, provided that such transferee
acquires such ASLP Units, Class A Holdings Units, Holdings Notes, or Class B Common Stock, as the case may be, in accordance with all of the terms of the Amended Securityholders Agreement and pursuant to an express assignment from the transferor,
and further provided that such transferee executes a joinder agreement agreeing to be bound by all of the transferor’s obligations hereunder, including, without limitation, Article III hereof, copies of which 
  

			
	42	 	Exchange and Registration Rights Agreement

 shall have been delivered to the Company (each such transferee, a “Permitted Transferee”). Any
such transfer (other than to the Company or pursuant to a registration statement) shall be null and void if the transferee does not comply with the immediately preceding proviso. 
  
 6.4 Entire Agreement. This Agreement, the Amended Securityholders Agreement, and the Holdings Partnership Agreement
and any agreements entered into in connection with any of the foregoing (including, without limitation, the Exchange Warrants) constitute the entire agreement and the understanding of the parties hereto with the matters referred to herein. This
Agreement and the agreements referred to in the preceding sentence supersede all prior agreements and understandings between the parties with respect to such matters. 
  
 6.5 Amendment and Modification. This Agreement may be amended, modified or supplemented by written agreement of all
of the Principal Holders; provided that this Agreement shall not be amended, modified or supplemented in any manner which diminishes the rights or increases the obligations of any party hereto without the prior written consent of such Person.

  
 6.6 Certain Operating Restrictions, etc. 
  
 (a) The Company hereby agrees that, without the prior written consent of
ASLP, it will (i) refrain from engaging in any activities other than those incidental to issuing IDSs, Class A Common Stock, Class B Common Stock, Class C Common Stock and IDS Notes (including performing obligations under the indenture
governing the IDS Notes), owning Holdings Notes and Holdings Units (or any successor securities), and other activities contemplated hereby; (ii) conduct all operational activities related to the Business (as defined in the Amended
Securityholders Agreement) through Holdings and (iii) except under the terms of any employee benefit plan or pursuant to the terms of this Agreement, refrain from issuing any Class A Common Stock, Class B Common Stock, Class C Common Stock,
IDS Notes or IDSs other than for cash. In the event at any time the Company shall issue shares of Class A Common Stock, Class B Common Stock, Class C Common Stock, IDS Notes or IDSs, as the case may be, for cash, the Company shall, use the proceeds
of any such issuance, net of reasonable expenses, to purchase Holdings Units and/or Holdings Notes as applicable (subject, the case of cash proceeds used to redeem Class B Common Stock, to Section 3.2(c) of the Holdings Partnership Agreement).

  
 (b) Without the prior written consent of the Company, ASLP
will not incur any material liabilities after the date hereof. 
  
 (c) ASLP acknowledges and agrees that the Company has been designated a third party beneficiary of the Amended Securityholders Agreement and has all rights to enforce the provisions thereof against the parties thereto, including, without
limitation, the provisions of section 7.2 thereof, and that the provisions of such section 7.2 may not be amended without the prior written consent of the Company. 
  

			
	43	 	Exchange and Registration Rights Agreement

 6.7 Governing Law. This Agreement and the rights and obligations of the parties hereunder and the
Persons subject hereto shall be governed by, and construed and interpreted in accordance with, the law of the State of New York, without giving effect to the choice of law principles thereof. 
  
 6.8 Invalidity of Provision. The invalidity or unenforceability of any
provision of this Agreement in any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision, in any other
jurisdiction. 
  
 6.9 Notices. All notices, requests,
demands, letters, waivers and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered personally, (b) mailed, certified or registered
mail with postage prepaid, (c) sent by next-day or overnight mail or delivery or (d) sent by fax, as follows: 
  

	 	(i)	If to the Company, to it at: 

  
 American Seafoods Corporation 
 Market Place
Tower 
 2025 First Avenue 
 Suite 1200 
 Seattle, Washington 98121 
 Fax: 206-374-1516 
 Attention: Chief Financial Officer 
  
 with a copy to: 
  
 Debevoise & Plimpton LLP 
 919 Third Avenue 
 New York, New York 10022

 Attn: Andrew L. Bab 
 Telecopy: 212-909-6836 
  
 (ii) If to
ASLP, to an ASLP Holder, to a Holdings Units Holder, or to a Class B Holder, to such Person (and where indicated to such Person’s counsel) as provided in the Amended Securityholders Agreement; 
  
 or to such other Person or address as any party shall specify by notice in writing to the
Company. All such notices, requests, demands, letters, waivers and other communications shall be deemed to have been received (w) if by personal delivery on the 
  

			
	44	 	Exchange and Registration Rights Agreement

 day after such delivery, (x) if by certified or registered mail, on the fifth Business Day after the mailing
thereof, (y) if by next-day or overnight mail or delivery, on the day delivered, or (z) if by fax, on the day delivered, provided that such delivery is confirmed. Holders of options for Class B Common Stock shall be deemed to be
Class B Holders for purposes of (1) any notice to be provided to Class B Holders hereunder, and (2) Section 6.3 in respect of clause (1) of this sentence. 
  
 6.10 Headings; Execution in Counterparts. The headings and captions contained herein are for convenience and shall
not control or affect the meaning or construction of any provision hereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and which together shall constitute one and the same instrument.

  
 6.11 Injunctive Relief. Each of the parties recognizes
and agrees that money damages may be insufficient and, therefore, in the event of a breach of any provision of this Agreement the aggrieved party may elect to institute and prosecute proceedings in any court of competent jurisdiction to enforce
specific performance or to enjoin the continuing breach of this Agreement. Such remedies shall, however, be cumulative and not exclusive, and shall be in addition to any other remedy which such party may have. 
  
 6.12 Term. This Agreement shall be effective as of the date hereof and
shall continue in effect thereafter until its termination by the consent of the parties hereto or their respective successors in interest. 
  
 6.13 Further Assurances. Subject to the specific terms of this Agreement, each of the parties hereto shall make, execute, acknowledge and deliver
such other instruments and documents, and take all such other actions, as may be reasonably required in order to effectuate the purposes of this Agreement and to consummate the transactions contemplated hereby. 
  

			
	45	 	Exchange and Registration Rights Agreement

 IN WITNESS WHEREOF this Agreement has been signed by each of the parties hereto, and shall be effective
as of the date first above written. 
  

					
	AMERICAN SEAFOODS CORPORATION
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	AMERICAN SEAFOODS, L.P.
		
	By:	 	ASC MANAGEMENT, INC.,
	 	 	its General Partner
			
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 
	
	AMERICAN SEAFOODS HOLDINGS, L.P.
		
	By:	 	AMERICAN SEAFOODS
	 	 	CORPORATION,
	 	 	its general partner
			
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 

  

			
	 	 	Exchange and Registration Rights Agreement

 Annex I 
  

			
	 	 	Exchange and Registration Rights AgreementForm of intercompany note purchase agreement

 Exhibit 10.2 
  

  
 NOTE PURCHASE AGREEMENT 
  
 Among

  
 American Seafoods, L.P., 
 American Seafoods Corporation, 
 The
Subsidiary Guarantors from Time to Time Party Hereto 
  
 And

  
 American Seafoods Holdings, L.P. 
  
 Dated as of
[                ], 2004 
  

 Table of Contents 
  

							
	 	  	 	  	Page

	 Article I
	  	Authorization	  	1
	 	  	1.1	  	The Notes	  	1
	 	  	1.2	  	Additional Notes	  	1
			
	 Article II
	  	Purchase and Sale	  	2
	 	  	2.1	  	Purchase and Sale of the Notes	  	2
			
	 Article III
	  	Closing	  	2
	 	  	3.1	  	Closing.	  	2
			
	 Article IV
	  	Terms of Notes	  	2
	 	  	4.1	  	Interest	  	2
	 	  	4.2	  	Redemption; Repurchase.	  	2
	 	  	4.3	  	Payments.	  	3
	 	  	4.4	  	Transfer and Exchange of Notes	  	3
	 	  	4.5	  	Replacement of Notes	  	4
			
	 Article V
	  	Covenants	  	4
	 	  	5.1	  	Payment of Notes; Interest Deferral	  	4
	 	  	5.2	  	Future Guarantors	  	5
	 	  	5.3	  	Subsequent Issuance	  	5
	 	  	5.4	  	Additional Covenants	  	5
			
	 Article VI
	  	Events of Default	  	5
	 	  	6.1	  	Events of Default	  	5
			
	 Article VII
	  	Acceleration; Remedies on Default	  	6
	 	  	7.1	  	Acceleration.	  	6
	 	  	7.2	  	Other Remedies.	  	7
	 	  	7.3	  	Waiver of Past Defaults.	  	7
	 	  	7.4	  	Rights of Purchasers to Receive Payment	  	8
	 	  	7.5	  	Undertaking for Costs	  	8
			
	 Article VIII
	  	Guarantee	  	8
	 	  	8.1	  	Note Guarantee	  	8
	 	  	8.2	  	Limitation on Liability.	  	11
	 	  	8.3	  	Reduction of Guaranteed Obligations	  	12
	 	  	8.4	  	Successors and Assigns	  	12
	 	  	8.5	  	No Waiver	  	12
	 	  	8.6	  	Subordination of Note Guarantees	  	12
	 	  	8.7	  	Modification	  	12
	 	  	8.8	  	Execution of Amendments for Future Guarantors	  	13
	 	  	8.9	  	Notation Not Required	  	13

  

 i 

 Table of Contents 
 (continued) 
  

							
	 Article IX
	  	Subordination of the Notes	  	13
	 	  	9.1	  	Agreement To Subordinate	  	13
	 	  	9.2	  	Liquidation, Dissolution or Bankruptcy	  	13
	 	  	9.3	  	Default on Guarantor Senior Indebtedness of the Company.	  	13
	 	  	9.4	  	When Distribution Must Be Paid Over	  	15
	 	  	9.5	  	Subrogation	  	15
	 	  	9.6	  	Relative Rights	  	15
	 	  	9.7	  	Subordination May Not Be Impaired by the Company	  	15
	 	  	9.8	  	Distribution or Notice to Representative	  	16
	 	  	9.9	  	Article XII Not To Prevent Events of Default or Limit Right To Accelerate	  	16
	 	  	9.10	  	Purchasers Entitled To Rely	  	16
	 	  	9.11	  	Reliance by Holders of Guarantor Senior Indebtedness on Subordination Provisions	  	16
			
	 Article X
	  	Definitions	  	17
	 	  	10.1	  	Definitions	  	17
	 	  	10.2	  	[Intentionally Omitted].	  	19
	 	  	10.3	  	Rules of Construction	  	19
	 	  	10.4	  	Headings	  	20
			
	 Article XI
	  	Miscellaneous	  	20
	 	  	11.1	  	Amendments; Actions by Purchasers; Solicitation of Purchasers.	  	20
	 	  	11.2	  	Addresses for Notices, etc	  	21
	 	  	11.3	  	No Waiver; Cumulative Remedies	  	23
	 	  	11.4	  	Successors and Assigns; No Third-Party Beneficiaries	  	23
	 	  	11.5	  	Severability	  	23
	 	  	11.6	  	GOVERNING LAW	  	23
	 	  	11.7	  	Consent to Jurisdiction.	  	24
	 	  	11.8	  	WAIVER OF JURY TRIAL	  	24
	 	  	11.9	  	[Intentionally Omitted].	  	25
	 	  	11.10	  	Service of Process	  	25
	 	  	11.11	  	Further Assurances	  	25
	 	  	11.12	  	Counterparts	  	25

  

 ii 

			
	 SCHEDULES
	  	 
		
	 Schedule 2.1
	  	Purchased Notes
		
	 EXHIBITS
	  	 
		
	 Exhibit A
	  	Form of Note
	 Exhibit B
	  	Form of Assignment and Acceptance
	 Exhibit C
	  	Form of Subsidiary Joinder

  

 iii 

 American Seafoods Holdings, L.P. 
 Market Place Tower 
 2025 First Avenue 
 Suite 1200 
 Seattle, Washington 98121

  
 Dated as of
[                    ], 2004 
  
 To Each Purchaser Listed on 
 Schedule 2.1 Attached Hereto 
  
 Dear Purchasers: 
  
 American
Seafoods Holdings, L.P., a Delaware limited partnership (the “Company”) hereby agrees with you as follows (capitalized terms used herein without definition shall have the respective meanings given in Section 11.1 or, if not
defined in Section 11.1, in the Indenture): 
  
 Article I

 Authorization 
  
 1.1 The Notes. The Company has authorized the issuance and sale to the Purchasers of its [    ]% Unsecured
Subordinated Notes due 2019 in the aggregate original principal amount of $[353,400,000], any Notes issued pursuant to the exercise of the Option and any Additional Notes as provided for in Section 1.2. The
[    ]% Unsecured Subordinated Notes shall be substantially in the form set forth as Exhibit A attached hereto and are referred to individually as a “Note” and collectively as the
“Notes,” which terms shall also include any notes delivered in exchange or replacement therefore and, unless the context shall clearly require otherwise, the Additional Notes. The Notes will contain the same payment terms and shall
bear interest at the same rate as the Indenture Notes. The terms of the Notes shall constitute, and are hereby expressly made, a part of this Agreement. 
  
 1.2 Additional Notes. Subject to the conditions set in Section 5.3, the Company may issue additional Notes (“Additional
Notes”) from time to time to the Issuer, upon the issuance of Additional Indenture Notes, such that, after giving effect to such issuance, the aggregate principal amount of the Indenture Notes then outstanding equals the aggregate principal
amount of the Notes held by the Issuer. 

 Article II 
 Purchase and Sale 
  
 2.1
Purchase and Sale of the Notes. Subject to and in reliance upon the terms and conditions of this Agreement, each Purchaser severally agrees to purchase from the Company, and the Company agrees to sell to each Purchaser, Notes in the principal
amount set forth opposite such Purchaser’s name on Schedule 2.1 attached hereto. 
  
 Article III 
 Closing 
  
 3.1 Closing. 
  
 (a) The first closing of the purchase and sale of the Notes to you and the other Purchasers (the “Closing”) shall take place at the
offices of Debevoise & Plimpton LLP, 919 Third Avenue, New York, NY 10022, or at such other location as agreed by the Company and the Purchasers concurrently with the closing of the first issuance of the IDSs. On the date of the Closing (the
“Closing Date”) the Company will deliver to each Purchaser a single Note (or such greater number of Notes as the Purchasers may request), dated the Closing Date and registered in such Purchaser’s name in the principal amount
set forth opposite such Purchaser’s name on Schedule 2.1, in consideration for delivery (i) by the Issuer to the Company of immediately available funds by wire transfer to an account designated in writing by the Company in the
aggregate amount of the purchase price therefor set forth opposite the Issuer’s name on Schedule 2.1, and (ii) by ASLP to the Company of the Interests, in each case, on or prior to the Closing Date. 
  
 (b) The closing (the “Subsequent Closing”) of each purchase
and sale of Additional Notes to the Issuer shall take place concurrently with the closing of each subsequent issuance of IDSs. On the date of such Subsequent Closing (the “Subsequent Closing Date”) the Company will deliver to the
Issuer a single Additional Note (or such greater number of Additional Notes as the Issuer may request) dated the Subsequent Closing Date and registered in the Issuer’s name in such principal amount and for such consideration as may be agreed to
at such time by the Company and the Issuer. 
  
 Article IV

 Terms of Notes 
  
 4.1 Interest. The Notes shall bear interest at a rate equal to the rate payable, from time to time, on the Indenture Notes. 
  
 4.2 Redemption; Repurchase. 
  
 4.2.1 Redemption at Maturity. The Notes shall be payable in full at
the same time and on the same terms as the Indenture Notes. 
  

 2 

 4.2.2 Mandatory Redemption. If the holders of the Indenture Notes require the Issuer to repurchase
or redeem Indenture Notes in accordance with the terms of the Indenture, then the Company shall redeem the amount of Notes, at a price equal to the price payable by the Issuer to repurchase or redeem the Indenture Notes under the Indenture, at such
time and in such amounts as may be necessary to provide the Issuer with sufficient funds to redeem or repurchase such Indenture Notes. 
  
 4.2.3 Optional Redemption. The Company shall have the right to redeem the Notes on the same terms as the terms for redemption of the Indenture
Notes. 
  
 4.2.4 Pro Rata Redemptions. In the case of each
partial redemption of the Notes, the principal amount of the Notes to be redeemed shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not
theretofore called for redemption. 
  
 4.3 Payments.

  
 (a) Payments of principal and interest on the Notes shall be
made directly by wire transfer to an account designated in writing by each Purchaser.  
  
 (b) The Company shall make all payments of principal and interest on the Notes pro rata on all the Notes at the time outstanding. 
  
 (c) Notwithstanding anything to the contrary contained herein, the Issuer agrees that any payment of principal of the
Indenture Notes by the Company or any Guarantor under its respective Indenture Guarantee shall, for the purposes of this Agreement and the Notes, be deemed to be a payment made by the Company to the Issuer with respect to the principal amount of the
Notes then held by the Issuer. 
  
 4.4 Transfer and Exchange of
Notes. The Company shall keep a register which shall provide for the registration of the Notes and the registration of transfers of Notes (the “Note Register”). The principal amount of and stated rate of interest on the Notes,
the names and addresses of the Purchasers holding the Notes, the transfer of the Notes, and the names and addresses of the transferees of the Notes shall be registered in the Note Register. No Note may be transferred unless such transfer is recorded
in the Note Register. No Note may be sold or transferred without compliance with the registration or qualification provisions of applicable Federal and State Securities Laws or applicable exemptions therefrom. The Purchaser holding any Note or Notes
may, prior to maturity or prepayment thereof, surrender such Note or Notes at the principal office of the Company for transfer or exchange. Any Purchaser desiring to transfer or exchange any Note shall first notify the Company in writing at least
three Business Days in advance of such transfer or exchange. Within a reasonable time after such notice to the 
  

 3 

 Company from a Purchaser of its intention to make such transfer or exchange and without expense (other than transfer
taxes, if any) to such Purchaser, the Company shall: 
  
 (i) if requested by such Purchaser, acknowledge such transfer or exchange by executing an Assignment and Acceptance in substantially the form of Exhibit A hereto; 
  
 (ii) record such transfer or exchange in the Note Register, effective as of the date of such Assignment and
Acceptance if so requested or otherwise as of the date of such transfer or exchange; and 
  
 (iii) issue in exchange therefor another Note or Notes for the same aggregate principal amount, as of the date of such issuance, as the
unpaid principal amount of the Note or Notes so surrendered, and having the same maturity and rate of interest, containing the same provisions and subject to the same terms and conditions as the Note or Notes so surrendered. Each new Note shall be
made payable to such Person or Persons, or assigns, as the Purchaser holding such surrendered Note or Notes may designate, and such transfer or exchange shall be made in such a manner that no gain or loss of principal or interest shall result
therefrom. The Company shall have no obligation hereunder or under any Note to any Person other than the Purchaser that is the registered holder of each such Note. 
  
 4.5 Replacement of Notes. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of any Note and, if requested in the case of any such loss, theft or destruction, upon delivery of an indemnity bond or other agreement or security reasonably satisfactory to the Company, or, in the case of any such
mutilation, upon surrender and cancellation of such Note, the Company will issue a new Note, of like tenor and amount and dated the date to which interest has been paid, in lieu of such lost, stolen, destroyed or mutilated Note; provided,
however, that if any Note held by a Purchaser that is an institutional investor is lost, stolen or destroyed, the affidavit of an authorized partner or officer of the Purchaser setting forth the circumstances with respect to such loss, theft
or destruction shall be accepted as satisfactory evidence thereof, and no indemnification bond or other security shall be required as a condition to the execution and delivery by the Company of a new Note in replacement of such lost, stolen or
destroyed Note, other than such Purchaser’s written agreement to indemnify the Company. 
  
 Article V 
 Covenants 
  
 5.1 Payment of Notes; Interest Deferral. The Company shall promptly pay the principal of and interest on the Notes on
the dates and in the manner provided in the 
  

 4 

 Notes and in this Agreement. Interest deferral shall be permitted with respect to the Notes on the same terms and at the
same time as permitted with respect to the Indenture Notes pursuant to the Indenture. If at any time interest payment on the Indenture Notes is deferred, interest payments on the Notes shall also be deferred. 
  
 5.2 Future Guarantors. The Company shall cause each Restricted
Subsidiary organized under the laws of the United States or any state or territory thereof that guarantees the Indenture Notes to execute a Subsidiary Joinder substantially in form of Exhibit C pursuant to which such Subsidiary shall
guarantee the Guaranteed Obligations and become a Guarantor hereunder. Each Note Guarantee will be limited to an amount not to exceed the maximum amount that can be guaranteed by the Subsidiary without rendering the Guarantor insolvent or the Note
Guarantee, as it relates to such Subsidiary, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
  
 5.3 Subsequent Issuance. The Company may issue Additional Notes
provided that (i) no Event of Default has occurred and is continuing at the time of such issuance, (ii) the Incurrence of Indebtedness evidenced by such Additional Notes is permitted pursuant to Section 4.03 of the Indenture.

  
 5.4 Additional Covenants. The Company shall comply with
all covenants contained in the Indenture, as the same may be amended or the terms thereof modified or waived from time to time in accordance with the Indenture, insofar as such covenants are applicable to the Company pursuant to the express
requirements of the Indenture. 
  
 Article VI

 Events of Default 
  
 6.1 Events of Default. An “Event of Default” occurs if: 
  
 (a) The Company defaults in any payment of interest on any Note or interest on any deferred interest when the same becomes
due and payable, and such default continues for a period of 30 days, provided that deferral of interest payments in accordance with Section 5.1 hereof shall not constitute a default; 
  
 (b) the Company defaults in the payment of the principal on any Note when the
same becomes due and payable at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; 
  
 (c) the Company defaults in the payment of any deferred interest when the same becomes due and payable; 
  
 (d) any Note Guarantee of a Significant Subsidiary ceases to be in full force
and effect (except as contemplated by the terms thereof or this Agreement) or any 
  

 5 

 Guarantor that is a Significant Subsidiary denies or disaffirms in writing such Guarantor’s obligations under this
Agreement or its Note Guarantee (other than by reason of termination of this Agreement or such Note Guarantee or the release of such Note Guarantee in accordance with the terms of such Note Guarantee and this Agreement), and such Default continues
for 10 days; or 
  
 (e) an Event of Default under the Indenture
has occurred and is continuing. 
  
 The foregoing shall constitute
Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body. 
  
 Article VII

 Acceleration; Remedies on Default 
  
 7.1 Acceleration. 
  
 (a) If an Event of Default occurs and is continuing, the Required Holders by notice to the Company, may declare the principal and accrued but unpaid
interest on all the Notes to be due and payable, subject to clause (b) of this Section 7.1. Subject to compliance with the provisions of Section 7.1(b), upon the effectiveness of such a declaration, such principal and interest shall be
due and payable. If (i) an Event of Default specified in Section 6.01(h) or (j) of the Indenture occurs or (ii) if any Event of Default shall have occurred and be continuing and the Indenture Notes are effectively
accelerated, the principal and interest on all the Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Purchasers. However, if such acceleration of the Indenture
Notes is rescinded, the acceleration of the Notes shall be rescinded automatically. The Required Holders by written notice to the Company may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or
decree and if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of such acceleration. No such rescission shall affect any subsequent Default or impair any right
consequent thereto. For the avoidance of doubt, original issue discount portion of the principal of the Notes, if any, that is deemed to be unearned interest thereof, shall only be due and payable upon acceleration to the extent permitted by law.

  
 (b) Until the earlier of (a) the date on which
no Designated Senior Indebtedness (including any guarantee of other Designated Senior Indebtedness) of the Company or any Guarantor shall be outstanding and (b)
[            ], 2009, if an Event of Default (other than an Event of Default described in Section 6.01(h) or (i) of the Indenture) has occurred and is continuing, without
in any way limiting the right of any 
  

 6 

 Purchaser to exercise any other remedy such Purchaser may have (including the right to bring suit against
the Company or any Guarantor for payment of any and all amounts of principal and interest due and payable), the principal of all the Notes may not be declared to be due and payable unless and until the earliest to occur of: (i) the
Acceleration Forbearance Period has expired, (ii) the Designated Senior Indebtedness of the Company or any Guarantor shall be due and payable in full, or shall have been declared to be due in full, or there shall have been a demand for
payment in full thereof, or any enforcement or collection action shall have been commenced with respect thereto, (iii) holders of any Specified Pari Passu and Subordinated Indebtedness exceeding $10,000,000 in the aggregate principal amount,
shall have commenced any enforcement or collection action with respect to such Indebtedness, (iv) an Event of Default described in Section 6.01(h) or (i) of the Indenture shall have occurred and (v) the acceleration of
the Indenture Notes shall have become effective. For the avoidance of doubt, the provisions set forth in this sub-section shall not prevent the Purchasers from receiving payments on the Notes when due or exercising any other remedies under this
Agreement while an Acceleration Forbearance Period is in effect. 
  
 7.2 Other Remedies. 
  
 If an Event of Default
occurs and is continuing, the Purchasers may pursue any available remedy to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes or this Agreement. 
  
 A delay or omission by the Purchasers in exercising any right or remedy
accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 
  
 In addition to the foregoing, if an Event of Default shall have occurred and
be continuing the Required Holders may exercise any one or more of the following remedies, whether subsequently or concurrently: 
  
 (a) institute proceedings for the collection of all amounts then payable on the Notes or under this Agreement with respect thereto, whether by declaration
or otherwise, enforce any judgment obtained, collect from the Company and any other obligor upon such Notes moneys adjudged due; and 
  
 (b) exercise any other rights and remedies that may be available at law or in equity. 
  
 7.3 Waiver of Past Defaults. 
  

(a) The Required Holders may waive on behalf of the Purchasers of all the Notes any existing Default or Event of Default and its consequences except
(i) a 
  

 7 

 
continuing Default or an Event of Default in the payment of the principal of or interest on a Note or (ii) any Default or Event of Default in respect
of a provision that under Section 11.1 that cannot be amended without the consent of each Purchaser affected or in respect of clause (e) of Section 6.1. Upon any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Agreement; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. In case of any such waiver, the
Company, any other obligor upon the Notes and the Purchasers shall be restored to their former positions and rights hereunder and under the Notes, respectively. 
  

(b) In the event of any Event of Default specified in Section 6.01(g) of the Indenture, such Event of Default and all consequences thereof
(including without limitation any acceleration or resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Purchasers, if within 20 days after such Event of Default arose (x) the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged, or (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default, or
(z) if the default that is the basis for such Event of Default has been cured. 
  
 7.4 Rights of Purchasers to Receive Payment. Subject to Section 5.1 hereof, the right of any Purchaser to receive payment of principal of and interest on the Notes held by such holder, on or after the
respective due dates expressed in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Purchaser. 
  
 7.5 Undertaking for Costs. In any suit for the enforcement of any
right or remedy under this Agreement, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 7.5 does not apply to a Purchaser pursuant to
Section 7.4 or a suit by Purchasers of more than 10% in principal amount of the Notes, or to any suit instituted by any Purchaser for the enforcement of the payment of the principal of or interest on any Note on or after the respective Stated
Maturity or interest payment dates expressed in such Note. 
  
 Article VIII 
 Guarantee 
  
 8.1 Note Guarantee. Each Guarantor hereby jointly and severally, irrevocably, fully and unconditionally guarantees subject to solvency restrictions
set forth in Section 5.2, on an unsecured and subordinated basis, as a primary obligor and not merely as a surety, to each Purchaser and its successors and assigns the full and punctual 

  

 8 

 
payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all monetary obligations of the Company under this Agreement
and the Notes, whether for payment of principal of, or interest on, the Notes (including deferred interest), expenses, indemnification or otherwise (all the foregoing being hereinafter collectively called the “Guaranteed
Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from each such Guarantor, and that each such Guarantor shall remain bound under
this Article VIII notwithstanding any extension or renewal of any Guaranteed Obligation. 
  
 Each Guarantor waives presentation to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations and also waives notice of
protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not be affected by (a) the failure of any Purchaser to assert any claim or
demand or to enforce any right or remedy against the Company or any other Person under this Agreement, the Notes or any other agreement or otherwise; (b) any extension or renewal of the Notes or the Guaranteed Obligations; (c) any
rescission, waiver, amendment or modification of any of the terms or provisions of this Agreement, the Notes or any other agreement; (d) the release of any security held by any Purchaser for the Guaranteed Obligations; (e) the failure
of any Purchaser to exercise any right or remedy against any other Guarantor of the Guaranteed Obligations; or (f) any change in the ownership of such Guarantor, except as provided in Section 8.2(b). 
  
 Each Guarantor hereby waives any right to which it may be entitled to have
its obligations hereunder divided among the Guarantors, such that such Guarantor’s obligations would be less than the full amount claimed. Each Guarantor hereby waives any right to which it may be entitled to have the assets of the Company
first be used and depleted as payment of the Company’s or such Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such Guarantor hereunder. Each Guarantor hereby waives any right to which it may be
entitled to require that the Company be sued prior to an action being initiated against such Guarantor. 
  
 Each Guarantor further agrees that its Note Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee
of collection) and waives any right to require that any resort be had by any Purchaser to any security held for payment of the Guaranteed Obligations. 
  
 Except as expressly set forth in Sections 8.2, 8.3 and 8.7, the obligations of each Guarantor hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by
reason of the invalidity, illegality or unenforceability of 
  

 9 

 the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each
Guarantor herein shall not be discharged or impaired or otherwise affected by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing
which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity. 
  
 Each Guarantor agrees that its Note Guarantee shall remain in full force and effect until payment in full of all the
Guaranteed Obligations. Each Guarantor further agrees that its Note Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed
Obligation is rescinded or must otherwise be restored by any Purchaser upon the bankruptcy or reorganization of the Company or otherwise. 
  
 In furtherance of the foregoing and not in limitation of any other right which any Purchaser has at law or in equity against any Guarantor by virtue
hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other
Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Purchasers, forthwith pay, or cause to be paid, in cash, to the Purchasers an amount equal to the sum of (i) the unpaid principal amount
of such Guaranteed Obligations then due and owing, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (iii) all other monetary obligations of the Company to the
Purchasers, including deferred interest then due and owing. 
  
 Each Guarantor agrees (to the fullest extent permitted by law) that it shall not be entitled to any right of subrogation in relation to the Purchasers in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all
Guaranteed Obligations and all obligations to which the Guaranteed Obligations are subordinated as provided in Article IX. Each Guarantor further agrees (to the fullest extent permitted by law) that, as between it, on the one hand, and the
Purchasers, on the other hand, (x) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Section 7.1 for the purposes of any Guarantee herein, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Section 7.1, such Guaranteed
Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section 8.1. 
  
 Each Guarantor that makes a payment or distribution under its Note Guarantee shall have the right to seek contribution from the Company or any non-paying
Guarantor 
  

 10 

 that has also guaranteed the relevant Guaranteed Obligations in respect of which such payment or distribution is made, so
long as the exercise of such right does not impair the rights of the holders under the Note Guarantees. 
  
 Each Note Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Agreement and that
its Note Guarantee is knowingly made in contemplation of such benefits. 
  
 Each Guarantor also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Purchasers in enforcing any rights under this Section 8.1. 
  
 Upon request of the Purchasers, each Guarantor shall execute and deliver such
further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Agreement. 
  
 8.2 Limitation on Liability. 
  
 (a) Any term or provision of this Agreement to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed
hereunder by any Guarantor shall not exceed the maximum amount that, after giving effect to all other contingent and fixed liabilities of such Guarantor (including, without limitation, any guarantees under the Senior Credit Facilities) and after
giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations under this Agreement, can be hereby
guaranteed without rendering such Guarantor insolvent or this Agreement or the Note Guarantee, as it relates to such Guarantor, voidable or unenforceable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws
affecting the rights of creditors generally. 
  
 (b) A Note
Guarantee as to any Guarantor that is a Subsidiary of the Company shall terminate and be of no further force or effect and such Guarantor shall be deemed to be released from all obligations under this Article VIII without any further action
by such Guarantor, the Company or any other Person upon (i) any sale or disposition (by merger or otherwise) of such Guarantor or a Person which is the parent company of such Guarantor to a Person that is not (either before or after giving
effect to such transaction) a Subsidiary of the Company in compliance with the Indenture; or (ii) the proper designation by the Company of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary; or (iii) the merger
or consolidation of a Guarantor with and into the Company, the Issuer or another Guarantor that is the surviving Person of such merger or consolidation; or (iv) upon payment in full of the aggregate principal amount of all Notes then
outstanding and all other Guaranteed Obligations then due and owing. 
  

 11 

 8.3 Reduction of Guaranteed Obligations. Any term or provision of this Agreement to the contrary
notwithstanding, the aggregate principal amount of the Guaranteed Obligations of any Guarantor in respect of the Notes held by the Issuer shall be permanently reduced by the amount of payments in respect of principal of the Indenture Notes collected
under the Indenture Notes or the Indenture Guarantee (by the Trustee, the holders of the Indenture Notes or otherwise). 
  
 8.4 Successors and Assigns. Subject to Section 8.2(b), this Article VIII shall be binding upon each Guarantor and its successors and
assigns and shall inure to the benefit of the successors and assigns of Purchasers and, in the event of any transfer or assignment of rights by any Purchaser, the rights and privileges conferred upon that party in this Agreement and in the Notes
shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Agreement. 
  
 8.5 No Waiver. Neither a failure nor a delay on the part of the Purchasers in exercising any right, power or privilege under this Article
VIII shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Purchaser herein expressly specified are
cumulative and not exclusive of any other rights, remedies or benefits which it may have under this Article VIII at law, in equity, by statute or otherwise. 
  
 8.6 Subordination of Note Guarantees. The Obligations of each Guarantor under its Note Guarantee pursuant to this
Article VIII shall be junior and subordinated to the prior payment in full of all existing and future Guarantor Senior Indebtedness of such Guarantor on the same basis as the Notes are junior and subordinated to the prior payment in full of
all existing and future Guarantor Senior Indebtedness of the Company as described in Article IX hereof, will rank pari passu with any Pari Passu Indebtedness of such Guarantor, and will be senior in right of payment to all Subordinated
Obligations. For the purposes of the foregoing sentence, the Purchasers shall have the right to receive and/or retain payments by any of the Guarantors only at such times as they may receive and/or retain payments in respect of the Notes pursuant to
this Agreement, including Article IX hereof. 
  
 8.7
Modification. Subject to Section 11.1, no modification, amendment or waiver of any provision of this Article VIII, nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same
shall be in writing and signed by the Required Holders, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle
such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 
  

 12 

 8.8 Execution of Amendments for Future Guarantors. Each Subsidiary which is required to become a
Guarantor pursuant to Section 5.2 hereof shall execute a Subsidiary Joinder substantially in the form of Exhibit C pursuant to which such Subsidiary shall guarantee payment of the Notes and become a Guarantor under this Article
VIII and shall guarantee the Guaranteed Obligations. 
  
 8.9 Notation Not Required. Neither the Company nor any Guarantor shall be required to make a notation on the Notes to reflect any Note Guarantee or any such release, termination or discharge thereof. 
  
  
 Article IX 
 Subordination of the Notes 
  
 9.1 Agreement To Subordinate. The Company agrees, and each Purchaser by accepting a Note agrees, that the
Indebtedness evidenced by the Notes is subordinated in right of payment, to the extent and in the manner provided in this Article IX, to the prior payment in full of all existing and future Guarantor Senior Indebtedness of the Company and
that the subordination is for the benefit of and enforceable by the holders of such Guarantor Senior Indebtedness. The Notes shall in all respects rank pari passu in right of payment with all existing and future Pari Passu Indebtedness
of the Company, and shall in all respects rank senior in right of payment to all existing and future Subordinated Obligations; and only Guarantor Senior Indebtedness of the Company shall rank senior to the Notes in accordance with the provisions set
forth herein. 
  
 9.2 Liquidation, Dissolution or
Bankruptcy. Upon any payment or distribution of the assets of the Company to creditors, upon a total or partial liquidation or dissolution of the Company or reorganization of or similar proceeding relating to the Company or its property, the
holders of Guarantor Senior Indebtedness of the Company shall be entitled to receive payment in full of such Guarantor Senior Indebtedness of the Company before the Purchasers are entitled to receive any payment and until the Guarantor Senior
Indebtedness is paid in full, any payment or distribution on any Guarantee to which a Purchaser would be entitled but for this Article IX shall be made to holders of such Guarantor Senior Indebtedness of the Company as their interests may
appear. If a distribution is made to Purchasers that due to this Article IX should not have been made to them, such Purchasers are required to hold it in trust for the holders of Guarantor Senior Indebtedness of the Company and pay it over to
them as their interests may appear (except that the Purchasers may receive and retain Permitted Junior Securities). 
  
 9.3 Default on Guarantor Senior Indebtedness of the Company. 
  
 (a) The Company may not pay principal of, premium (if any) or interest on, the Notes or make any deposit of funds and may
not otherwise purchase, redeem or 
  

 13 

 otherwise retire any Notes (collectively, “pay the Notes”) if (i) a default in the payment of the
principal of, premium (if any) or interest on any Guarantor Senior Indebtedness of the Company occurs and is continuing or any amount owing in respect of such Guarantor Senior Indebtedness is not paid in full when due, or (ii) any other
default on Guarantor Senior Indebtedness of the Company occurs and the maturity of such Guarantor Senior Indebtedness is accelerated in accordance with its terms unless, in either case, (x) the default has been cured or waived and any such
acceleration has been rescinded or (y) such Guarantor Senior Indebtedness has been paid in full. However, the Company may pay its Notes without regard to the foregoing if the Company receives written notice approving such payment from the
Representative of Designated Senior Indebtedness with respect to which of the defaults described in clause (i) or (ii) of the immediately preceding sentence has occurred and is continuing. During the continuance of any default (other than a default
described in clause (i) or (ii) of the second preceding sentence) with respect to any Designated Senior Indebtedness of the Company pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as
may be required to effect such acceleration) or upon the expiration of any applicable grace periods, the Company may not pay the Notes for a period (a “Payment Blockage Period”) commencing upon the receipt by the Company of written
notice (a “Blockage Notice”) of such default from the Representative of such Designated Senior Indebtedness specifying an election to effect a Payment Blockage Period and ending on the earliest to occur of the following events:
(a) 179 days shall have elapsed since such receipt of such Blockage Notice; provided, however, that in the event that there has been any Acceleration Forbearance Period in respect of the Notes in the immediately preceding
360-day period, such 179-day period will be automatically reduced by the cumulative duration of all Acceleration Forbearance Periods that occurred during such immediately preceding 360-day period, (b) such Payment Blockage Period is
terminated by written notice to the Company from the Person or Persons who gave such Blockage Notice, (c) the repayment in full of such Designated Senior Indebtedness, or (d) the default giving rise to such Blockage Notice is no longer
continuing. Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this Section 9.3 and in Section 9.2), unless the holders of such Designated
Senior Indebtedness or the Representative of such holders shall have accelerated the maturity of such Designated Senior Indebtedness, the Company may pay the Notes after the end of such Payment Blockage Period, including any missed payments. In no
event shall the total number of days during which any Payment Blockage Period is in effect extend beyond the 179 days from the date of receipt by the Purchasers of the relevant Blockage Notice, and in no event shall the total number of days during
which any Payment Blockage Period or any Acceleration Forbearance Period is in effect exceed 179 days during any 360 consecutive day period. For purposes of this provision, no default or event of default that existed or was continuing on the date of
commencement of any Payment Blockage Period with respect to the Designated Senior Indebtedness initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage 
  

 14 

 Period by the Representative of such Designated Senior Indebtedness, unless such default or event of default shall have
been cured or waived for a period of not less than 90 consecutive days. 
  
 (b) After the occurrence of an Event of Default, the Company shall promptly notify the holders of the Guarantor Senior Indebtedness (or their Representative) of such occurrence. If any Guarantor Senior Indebtedness is outstanding, no
Guarantor may pay the Guarantees until five Business Days after such holders or the Representative of the Guarantor Senior Indebtedness receives notice of such occurrence and, thereafter, may pay the Guarantees only if the provisions described above
otherwise permit payment at that time. 
  
 9.4 When
Distribution Must Be Paid Over. If a payment or distribution is made to Purchasers that because of this Article IX should not have been made to them, the Purchasers who receive the payment or distribution shall hold such payment or
distribution in trust for holders of the Guarantor Senior Indebtedness and pay it over to them as their respective interests may appear. 
  
 9.5 Subrogation. After all Guarantor Senior Indebtedness of the Company is paid in full and until the Notes are paid in full in cash, the
Purchasers shall be subrogated to the rights of holders of Guarantor Senior Indebtedness to receive distributions applicable to Guarantor Senior Indebtedness. A distribution made under this Article IX to holders of Guarantor Senior
Indebtedness which otherwise would have been made to Purchasers is not, as between the Company and the Purchasers, a payment by the Company on the Notes. 
  
 9.6 Relative Rights. This Article IX defines the relative rights of the Purchasers and holders of Guarantor Senior Indebtedness. Nothing in
this Agreement shall: 
  
 (a) impair, as between the Company and
the Purchasers, the obligation of the Company which is absolute and unconditional, to make payments with respect to the Guaranteed Obligations; or 
  
 (b) prevent any Purchaser from exercising its available remedies upon a Default, subject to the rights of holders of Guarantor Senior Indebtedness to
receive distributions otherwise payable to the Purchasers. 
  
 9.7
Subordination May Not Be Impaired by the Company. No right of any holder of Guarantor Senior Indebtedness to enforce the subordination of the obligations of the Company hereunder shall be impaired by any act or failure to act by the Company
or by its failure to comply with this Agreement. 
  

 15 

 9.8 Distribution or Notice to Representative. Whenever a distribution is to be made or a notice
given to holders of Guarantor Senior Indebtedness, the distribution may be made and the notice given to their Representative (if any). 
  
 9.9 Article XII Not To Prevent Events of Default or Limit Right To Accelerate. The failure to make a payment pursuant to the Notes by reason of any
provision in this Article IX shall not be construed as preventing the occurrence of a Default. Nothing in this Article IX shall have any effect on the right of the Purchasers to accelerate the maturity of the Notes (other than with
respect to an Acceleration Forbearance Period). 
  
 9.10
Purchasers Entitled To Rely. Upon any payment or distribution pursuant to this Article IX, the Purchasers shall be entitled to rely (i) upon any order or decree of a court of competent jurisdiction in which any proceedings of
the nature referred to in Section 9.2 are pending, (ii) upon a certificate of the liquidating trustee or agent or other Person making such payment or distribution to the Purchasers or (iii) upon the Representatives for the
holders of Guarantor Senior Indebtedness for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Guarantor Senior Indebtedness and other Indebtedness of the Company, the amount thereof
or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article IX. In the event that the Purchasers determine, in good faith, that evidence is required with respect to the right
of any Person as a holder of Guarantor Senior Indebtedness to participate in any payment or distribution pursuant to this Article IX, the Purchasers may request such Person to furnish evidence to the reasonable satisfaction of the Purchasers
as to the amount of Guarantor Senior Indebtedness the Company held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts pertinent to the rights of such Person under this
Article IX, and, if such evidence is not furnished, the Purchaser may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 
  
 9.11 Reliance by Holders of Guarantor Senior Indebtedness on Subordination
Provisions. Each Purchaser, by accepting a Note, acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Guarantor Senior Indebtedness, whether such
Guarantor Senior Indebtedness was created or acquired before or after the issuance of the Notes, to acquire and continue to hold, or to continue to hold, such Guarantor Senior Indebtedness and such holder of Guarantor Senior Indebtedness shall be
deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such Guarantor Senior Indebtedness. 
  

 16 

 Article X 
 Definitions 
  
 10.1
Definitions. The following terms shall have the following meanings: 
  
 “Acceleration Forbearance Period” means the period commencing on the date when the Required Holders provide the Company with a notice of acceleration and expiring on the earliest of the date on which
(a) 90 days shall have elapsed following the commencement of such period, (b) the Designated Senior Indebtedness of the Company or any Guarantor shall be due and payable in full, or shall have been declared to be due in full, or there
shall have been a demand for payment in full thereof, or any enforcement or collection action shall have been commenced with respect thereto, (c) holders of any Specified Pari Passu and Subordinated Indebtedness exceeding $10,000,000 in the
aggregate principal amount, shall have commenced any enforcement or collection action with respect to such Indebtedness, (d) an Event of Default described in Section 6.01(h) of the Indenture or (i) shall have occurred and
(e) the acceleration of the Indenture Notes shall have become effective; provided, however, that in the event that there has been any prior Acceleration Forbearance Period in the immediately preceding twelve-month period, the duration of the
Acceleration Forbearance Period shall be automatically reduced by the cumulative duration of all prior Acceleration Forbearance Periods that occurred during the preceding twelve-month period (it being understood that the Acceleration Forbearance
Period may terminate immediately after commencing pursuant to this proviso). 
  
 “Additional Indenture Notes” means notes issued pursuant to [Section 4.14] of the Indenture. 
  
 “Additional Notes” has the meaning assigned to that term in Section 1.2. 
  
 “Agreement” means this Note Purchase Agreement, as modified,
supplemented, amended, restated (including any amendment and restatement hereof), extended or renewed, from time to time. 
  
 “Blockage Notice” has the meaning assigned to that term in Section 9.3(a). 
  
 “Closing” has the meaning assigned to that term in
Section 3.1. 
  
 “Closing Date” has the
meaning assigned to that term in Section 3.1. 
  
 “Company” has the meaning assigned to that term in the first paragraph of this Agreement. 
  
 “Dollars” and the sign “$” shall each mean freely transferable lawful money of the United States. 
  

 17 

 “Event of Default” has the meaning assigned to that term in Section 6.1

  
 “Guaranteed Obligations” has the meaning
assigned to that term in Section 8.1. 
  
 “Indenture” means the Indenture, dated as of [            ], 2004 (as the same may be amended, supplemented or modified from time to time in
accordance with the terms thereof), among the Issuer, the Guarantors from time to time party thereto, and Wells Fargo Bank Minnesota, National Association, as Trustee, providing for the issuance of the Indenture Notes. 
  
 “Indenture Guarantee” means the guarantee by the Company,
each other guarantor under the Indenture of the Issuer’s obligations under the Indenture and the Indenture Notes. 
  
 “Indenture Notes” means the [    ]% Senior Secured Notes Due 2019, issued by the Issuer under the
Indenture. 
  
 “Interest Deferral Period”
has the meaning assigned to such term in Section 5.1. 
  
 “Interests” means [number] limited liability company interests of the Company, representing [    ]% of the company and evidenced by certificate(s) No.
[    ], owned and delivered by ASLP to the Company at the Closing, as consideration for the Notes issued on the Closing Date and registered in the name of ASLP in the aggregate principal amount set forth opposite
ASLP’s name on Schedule 2.1. 
  
 “Issuer” means American Seafoods Corporation until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained in the Indenture and required by the Trust Indenture Act, each
other obligor on the Indenture Notes. 
  
 “Note
Parties” means the Company and each of its Note Guarantors, whether in existence on the Closing Date or thereafter organized. 
  
 “Note Register” has the meaning assigned to that term in Section 4.4. 
  
 “Notes” has the meaning assigned to that term in Section
1.1. 
  
 “Payment Blockage Period” has the
meaning assigned to that term in Section 9.3. 
  
 “Purchasers” means the holder or holders from time to time of the Notes. 
  
 “Representative” means the trustee, agent or representative (if any) for an issue of Guarantor Senior Indebtedness or Designated Senior
Indebtedness, as the case may be. 
  

 18 

 “Required Holders” means the Purchasers holding more than 50% in principal amount of the
outstanding Notes. 
  
 “SEC” means the Securities
and Exchange Commission or any successor thereto. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
  
 “Senior Secured Notes” means the [    ]% Senior Secured Notes of ASG due
[            ], issued pursuant to the Note Purchase Agreement. 
  
 “Subordinated Note Documents” means this Agreement, the Notes and all other documents, agreements and certificates executed or delivered
in connection therewith from time to time. Any reference in this Agreement or any other Subordinated Note Document to a Subordinated Note Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements,
supplements or other modifications thereto, and shall refer to this Agreement or such Subordinated Note Document as the same may be in effect at any and all times such reference becomes operative. 
  
 “United States” and “U.S.” shall each mean
the United States of America. 
  
 10.2 [Intentionally
Omitted]. 
  
 10.3 Rules of Construction.
For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(A)	the terms defined in this Agreement have the meanings assigned to them in this Agreement; 

  

	 	(B)	“or” is not exclusive; 

  

	 	(C)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; 

  

	 	(D)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular Article, Section or other subdivision; 

  

	 	(E)	all references to “$” or “dollars” shall refer to the lawful currency of the United States of America; 

  

	 	(F)	the words “include,” “included” and “including” as used herein shall be deemed in each case to be followed by the phrase
“without limitation,” if not expressly followed by such phrase or the phrase “but not limited to”; 

  

 19 

	 	(G)	words in the singular include the plural, and words in the plural include the singular; 

  

	 	(H)	any reference to a Section or Article refers to such Section or Article of this Agreement; and 

  

	 	(I)	any reference to any agreement, contract, certificate or other instrument shall include, without limitation, all exhibits, schedules and annexes thereto, whether or not specifically
referenced herein. 

  
 10.4 Headings.
Article, Section and subsection headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
  
 Article XI 
 Miscellaneous 
  
 11.1 Amendments; Actions by
Purchasers; Solicitation of Purchasers. 
  
 (a) Subject to
Section 11.1(b), and (e), and subject to the provisions in the Indenture limiting the Issuer’s ability to grant consents or waivers hereunder, no amendment, alteration, modification or waiver (including waivers of Default or
Events of Default) of any term or provision of this Agreement, the Notes or the other Subordinated Note Documents, nor consent to any departure by any Note Party therefrom, shall in any event be effective unless the same shall be in writing and
signed by the Purchasers holding the majority of principal amount of the outstanding Notes, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; any waiver or consent may be
given subject to satisfaction of conditions stated therein. Written notice of any waiver or consent effected under this subsection shall be promptly delivered by the Company to any Purchasers that did not execute the same. 
  
 (b) Subject to Sections 5.1 and 4.2.1, without the consent of
each Purchaser affected, an amendment or waiver may not: (i) reduce the amount of Notes whose Purchasers must consent to an amendment; (ii) reduce the rate of or extend the time for payment of interest on any Note; (iii) reduce
the principal of or extend the Stated Maturity of any Note; (iv) change the time at which any Note may be redeemed in accordance with Section 4.2; (v) make any Note payable in money other than that stated in the Note;
(vi) make any change to the subordination or ranking provisions of this Agreement or the related definitions that adversely affects the rights of any Purchaser; (vii) impair the right of any Purchaser to receive payment of principal,
and interest on such Purchaser’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Purchaser’s Notes; (viii) make a 

  

 20 

 
change to lower the applicable Dividend Suspension Threshold (except in connection with an offer by the Company to purchase all the Notes, in which case a
majority in principal amount of the Notes will be sufficient); (ix) make any change to the provisions of the Indenture that eliminates the prohibition on paying dividends and making certain other restricted payments while interest is being
deferred, while any previously deferred interest remains unpaid, or during the continuance of an Event of Default (except in connection with an offer by the Company to purchase all the Notes, in which case a majority in principal amount of the Notes
will be sufficient); or (x) make any change in the amendment provisions which require each Purchaser’s consent or in the waiver provisions. 
  
 (c) The Company will provide each Purchaser (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in
advance of the date a decision is required, to enable such Purchaser to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes. The Company will
deliver executed or true, correct and complete copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 11.1 to each Purchaser promptly following the date on which it is executed and delivered by, or
receives the consent or approval of, the Required Holders. 
  
 (d)
Except as otherwise stated in paragraph (a) and (b) above and Article VI, wherever in this Agreement action is required or permitted to be taken by, or consent is required of, or a matter requires the satisfaction of, the Purchasers, such
action may be taken by, and/or such consent may be obtained from, and/or such satisfaction may be expressed by, the holders of a majority of the principal amount of the Notes then outstanding. 
  
 (e) An amendment under this Article XI may not make any change that
adversely affects the rights under Article IX of any holder of Guarantor Senior Indebtedness then outstanding (which Guarantor Senior Indebtedness has been previously designated in writing by the Company to the Purchasers and the Trustee for
this purpose) unless the holders of such Guarantor Senior Indebtedness (or any group or representative thereof authorized to give a consent) consent to such change. 
  
 11.2 Addresses for Notices, etc. All notices, requests, demands and other communications provided for hereunder shall
be in writing and mailed (by first class registered or certified mail, postage prepaid), sent by express overnight courier service or facsimile transmission, or delivered to the applicable party at the addresses indicated below: 
  

 21 

 If to Note Parties, to: 
  
 American Seafoods Holdings, L.P. 
 Market Place Tower 
 2025 First Avenue, Suite 1200 
 Seattle, Washington 98121 
 Attention: Chief Financial Officer 
  
 with a copy to: 
  
 Debevoise & Plimpton LLP 
 919 Third Avenue 
 New York, New York 10022 
 Attention: Jeffrey J. Rosen 
 Fax: (212) 909-6836 
  
 If to the Purchasers: 
  
 American
Seafoods, L.P. 
 Market Place Tower 
 2025 First Avenue, Suite 1200 
 Seattle, Washington 98121 
 Attention: Chief Financial Officer 
 Fax: [            ] 
  
 American Seafoods Corporation 
 Market Place Tower 
 2025 First Avenue, Suite 1200 
 Seattle, Washington 98121 
 Attention: Chief Financial Officer 
 Fax: [            ] 
  
 with a copy to: 
  
 Debevoise & Plimpton LLP 
 919 Third Avenue 
 New York, New York 10022 
 Attention: Jeffrey J. Rosen Fax: 
 (212) 909-6000 
  
 If to any other Purchaser: 
  
 At such
Purchaser’s address for notice as set forth in the transfer records of the Company 
  

 22 

 or, as to each of the foregoing, at such other address as shall be designated by such Person in a written notice to the
other party complying as to delivery with the terms of this Section (such designation, if made by a Purchaser holding Notes, to be recorded by the Company in the Note Register). All such notices, requests, demands and other communications shall be
deemed to have been validly served, given or delivered to the Purchasers in respect of any matter contemplated by (i) upon the earlier of actual receipt and three days after deposit in the United States mail, registered or certified mail,
return receipt requested, with proper postage paid, (ii) upon transmission, when sent by telecopy or other similar facsimile transmission and confirmed by telephone, (iii) one Business Day after deposit with a reputable overnight
courier with all charges prepaid or (iv) when delivered, if hand delivered by messenger. 
  
 11.3 No Waiver; Cumulative Remedies. No failure or delay on the part of any Purchaser, in exercising any right, power or remedy hereunder shall
operate as a suspension or waiver thereof; nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. 
  
 11.4 Successors and Assigns; No Third-Party Beneficiaries. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Company and each of the Purchasers and their respective
successors and assigns and, in particular, shall inure to the benefit of and be enforceable by any Purchaser or Purchasers holding the Notes from time to time, except that no Note Party shall have the right to assign its rights hereunder or any
interest therein without the prior written consent of the Purchasers. Any such purported assignment without the prior written consent of the Purchasers shall be null and void ab initio. Except as expressly set forth herein, nothing in this Agreement
shall confer any claim, right, interest or remedy on any third party or inure to the benefit of any third party. 
  
 11.5 Severability. If any provision of this Agreement is held to be invalid or unenforceable for any reason, it shall be adjusted rather than
voided, if possible, to achieve the intent of the parties hereto to the maximum extent possible. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
  
 11.6 GOVERNING LAW. THIS AGREEMENT AND
(UNLESS OTHERWISE EXPRESSLY PROVIDED) ALL AMENDMENTS AND SUPPLEMENTS TO, AND ALL CONSENTS AND WAIVERS PURSUANT TO, THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND 

  

 23 

 CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF
LAWS RULES THEREOF TO THE EXTENT THEY ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION. 
  

11.7 Consent to Jurisdiction. 
  
 (a) Each Note Party irrevocably submits to the non-exclusive jurisdiction of any state or federal court sitting in the County of New York over any suit,
action or proceeding arising out of or relating to this Agreement, the Notes or any of the other Subordinated Note Documents. To the fullest extent it may effectively do so under applicable law, each Note Party irrevocably waives and agrees not to
assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in
any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
  
 (b) Each Note Party agrees, to the fullest extent it may effectively do so under applicable law, that a judgment in any suit, action or proceeding of the
nature referred to in paragraph (a) above brought in any court referred to therein shall, subject to such rights of appeal on issues other than jurisdiction as may be available to such Note Party, be conclusive and binding upon such Note Party and
may be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which such Note Party is or may be subject) by a suit upon such judgment. 
  
 11.8 WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER SUBORDINATED NOTE DOCUMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT, OR ANY OTHER SUBORDINATED NOTE DOCUMENT, OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS 

  

 24 

 WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.9. 
  
 11.9 [Intentionally Omitted]. 
  
 11.10 Service of Process. Each Note Party consents to service of process in any suit, action or proceeding by actual receipt of a copy thereof by
registered or certified mail, postage prepaid, return receipt requested, to the address of such Note Party specified in or designated pursuant to Section 14.2. Each Note Party agrees that such service (i) shall be deemed in every
respect effective service of process upon such Note Party in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by law, be taken and held to be valid personal service upon and personal delivery to such Note
Party. Nothing in this Agreement shall affect the right of any Purchaser to serve process in any manner permitted by law, or limit any right that any Purchaser may have against any of the Note Parties to bring proceedings against the Note Parties in
the courts of any jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 
  
 11.11 Further Assurances. From and after the date of this Agreement, upon the request of the Purchasers, each Note Party shall execute and deliver
such instruments, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of the Subordinated Note Documents. 
  
 11.12 Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument, and each of the parties hereto may execute this Agreement by signing any such counterpart. 
  
 [The remainder of this page has been left blank intentionally] 
  

 25 

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

					
	COMPANY:	 	 AMERICAN SEAFOODS HOLDINGS, L.P.

			
	  	 	 By:
	 	  
	 	 	 	 	 Name:
 Title:

  

					
	PURCHASERS:	 	 AMERICAN SEAFOODS L.P.

			
	  	 	 By:
	 	  
	 	 	 	 	 Name:
 Title:

  

					
	 	 	 AMERICAN SEAFOODS CORPORATION

			
	  	 	 By:
	 	  
	 	 	 	 	 Name:
 Title:

  

					
	GUARANTORS:	 	 AMERICAN SEAFOODS GROUP LLC

			
	  	 	 By:
	 	  
	 	 	 	 	 Name:
 Title:

  

 26 

			
	AMERICAN SEAFOODS
INTERNATIONAL LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	NEW BEDFORD SEAFOODS LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	THE HADLEY GROUP LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	AMERICAN SEAFOODS PROCESSING
LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	AMERICAN SEAFOODS COMPANY
LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

 27 

			
	AMERICAN CHALLENGER LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	AMERICAN DYNASTY LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	AMERICAN TRIUMPH LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	OCEAN ROVER LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	NORTHERN EAGLE LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

 28 

			
	OCEAN HAWK LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	NORTHERN JAEGER LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	KATIE ANN LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	SOUTHERN PRIDE CATFISH LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	SOUTHERN PRIDE CATFISH
TRUCKING, INC.
		
	By:	 	 
	 	 	 Name:
 Title:

  

 29 

			
	PACIFIC LONGLINE COMPANY LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	LILLI ANN, LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	NORTH CAPE FISHERIES, LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

			
	DEEP PACIFIC, LLC
		
	By:	 	 
	 	 	 Name:
 Title:

  

 30 

 SCHEDULE 2.1 
  
 Purchasers 
  

				
	 Purchaser

	  	Principal Amount

	 
	 American Seafoods, L.P.
	  	[105,900,000	]
	 American Seafoods Corporation
	  	[247,400,000	]

 EXHIBIT A 
  

Form of Note 
  
  
 UNSECURED SUBORDINATED NOTE 
  
 AMERICAN SEAFOODS HOLDINGS, L.P. 
  
 [    ]% Unsecured Subordinated Note due August
[    ], 2019 
  
 THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR
APPLICABLE EXEMPTIONS THEREFROM. 
  
  
 No. [            ] 
 $[            ],000                        
                                        
                                        
                                        
                        August [    ], 2004 
 New York, New York 
  
 FOR VALUE RECEIVED, the undersigned, AMERICAN SEAFOODS HOLDINGS, L.P., a Delaware limited partnership (the “Company”), HEREBY PROMISES TO PAY TO [AMERICAN SEAFOODS, L.P.] [AMERICAN SEAFOODS
CORPORATION], or its registered assigns, the principal sum of [            ] DOLLARS ($[            ],000),
together with interest on such principal amount. This Unsecured Subordinated Note shall bear interest (computed on the basis of a 360-day year of twelve 30-day months) on the unpaid principal amount at the rate of [    ]%
per annum, payable quarterly in arrears on the 15th day of each March, June, September and December, commencing on [                ]. Notwithstanding any other
provision of this Unsecured Subordinated Note, the entire balance of principal and accrued and unpaid interest and premium, if any, shall be paid in full on [September 15, 2019]. 
  
 This Unsecured Subordinated Note is one of the Notes referred to in the Note
Purchase Agreement dated as of August [    ], 2004 (as the same may be amended, modified or supplemented from time to time, the “Note Purchase Agreement”) by and 
  

 A-1 

 among the Company, the Purchasers and the Subsidiary Guarantors from time to time party thereto. Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Note Purchase Agreement. The registered holder of this Unsecured Subordinated Note is entitled to the benefits of the Note Purchase Agreement and may enforce the agreements of
the Company contained therein and exercise the remedies provided thereby or otherwise available in respect thereof. The terms of the Note Purchase Agreement are hereby incorporated by reference herein as if set forth herein in their entirety. In the
event of any conflict between the terms of this Unsecured Subordinated Note and the Note Purchase Agreement, the terms of the Note Purchase Agreement shall govern. 
  
 Whenever any payment to be made shall be due on a day which is not a Business Day, such payment may be made on the next
succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest due. 
  
 This Unsecured Subordinated Note is a registered note and, as provided in the Note Purchase Agreement, no Unsecured Subordinated Note may be transferred
unless such transfer is recorded in the Note Register. 
  
 No
delay or omission on the part of the holder of this Unsecured Subordinated Note in exercising any right hereunder shall operate as a waiver of such right or of any other right under this Unsecured Subordinated Note, and a waiver, delay or omission
on any one occasion shall not be construed as a bar to or waiver of any such right on any future occasion. 
  
 THIS UNSECURED SUBORDINATED NOTE SHALL BE DEEMED TO BE UNDER SEAL, AND ALL RIGHTS AND OBLIGATIONS HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
  

			
	AMERICAN SEAFOODS HOLDINGS, L.P.
		
	By:	 	 
	 	 	 Name
 Title

  

 A-2 

 EXHIBIT B 
  

FORM OF ASSIGNMENT AND ACCEPTANCE 
  
                         ,
200   
  
 Reference is made to the Note Purchase
Agreement, dated as of [                        ], 2004, by and among American Seafoods, L.P., a Delaware
limited partnership, American Seafoods Corporation, a Delaware corporation, American Seafoods Holdings, L.P., a Delaware limited partnership and the Guarantors from time to time party thereto (such agreement, as the same may be from time to time
amended, modified or supplemented, the “Note Purchase Agreement”; capitalized terms used herein not otherwise defined herein shall have the meanings ascribed to them in the Note Purchase Agreement.). 
  

	1.	[Assignor] (the “Assignor”) hereby sells and assigns, without recourse, to [Assignee] (the “Assignee”), and the
Assignee hereby purchases and assumes, without recourse, from the Assignor, effective as of
                                , 200   (the “Assignment
Date”), $[                        ] principal amount of Notes issued pursuant to the Note Purchase
Agreement (the “Assigned Notes”) and all of the Assignor’s rights and obligations under the Note Purchase Agreement relating to the Assigned Notes. 

  

	2.	This Assignment and Acceptance shall in all respects be governed by, and construed and enforced in accordance with, the laws of the state of New York, without giving effect to the
conflict of laws rules thereof (other than section 5-1401 of the General Obligations Law of the State of New York). 

  

 B-1 

 IN WITNESS WHEREOF, the undersigned has caused this Assignment and Acceptance to be duly executed and
delivered by its officer thereunto duly authorized as of                         , 20    .

  

									
	 [ASSIGNOR]
	 	 	 	[ASSIGNEE]
	 as Assignor
	 	 	 	as Assignee
					
	 By:
	 	 	 	 	 	By:	 	 
	 	 	Name:	 	 	 	 	 	Name:
	 	 	 Title:
	 	 	 	 	 	Title:
				
	 Acknowledged and accepted by:
	 	 	 	 	 	 
				
	AMERICAN SEAFOODS HOLDINGS, L.P.	 	 	 	 	 	 
					
	 By:
	 	 	 	 	 	 	 	 
	 	 	 Name:
	 	 	 	 	 	 
	 	 	 Title:
	 	 	 	 	 	 

  

 B-2 

 EXHIBIT C 
  

 
 FORM OF SUBSIDIARY JOINDER 
  
 [                ], 20     
  
 This Subsidiary Joinder (the “Joinder”), effective as of the date hereof, is delivered by [each
of] the undersigned (each, a “Joining Subsidiary”) pursuant to Sections          and 8.7 of the Note Purchase Agreement, dated as of
[            ]     , 2004, by and among American Seafoods, L.P., a Delaware limited partnership, American Seafoods Corporation, a Delaware
corporation, American Seafoods Holdings, L.P., a Delaware limited partnership and the Guarantors from time to time party thereto (such agreement, as the same may be from time to time amended, modified or supplemented, the “Note Purchase
Agreement”; capitalized terms used herein not otherwise defined herein shall have the meanings ascribed to them in the Note Purchase Agreement.) 
  
 3.    Each Joining Subsidiary acknowledges receipt of, and having read, a copy of the Note Purchase Agreement and the Indenture. 
  
 4.    Each Joining Subsidiary hereby agrees that this Joinder may be
attached to the Note Purchase Agreement. 
  
 5.    Each
Joining Subsidiary hereby represents that it is a [direct] [indirect] wholly owned Subsidiary of the Company. 
  
 6.    For all purposes of the Note Purchase Agreement, each Joining Subsidiary, by executing and delivering this Joinder, hereby agrees to become a
Guarantor under the Note Purchase Agreement in accordance with Sections          and 8.7 thereof and agrees to be bound by all of the terms of the Note Purchase Agreement applicable to a
Guarantor. 
  
 The address and facsimile number to which notices
may be sent to the Joining Subsidiary is as follows: 
  
 Address:

  
 Facsimile Number: 
  
 Attention: 
  
 7.    The Joining Subsidiary hereby waives acceptance by the Purchasers of the guaranty by the Joining Subsidiary under
Article VIII of the Note Purchase Agreement upon the execution of this Joinder by the Joining Subsidiary. 
  

 C-1 

 8.    [This Joinder may be executed in two or more counterparts, each of which shall
constitute an original but all of which when taken together shall constitute one contract.]1 
  
 9.    THIS JOINDER SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS RULES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
  
 IN WITNESS WHEREOF, the Joining Subsidiary has caused this Joinder to be duly
executed by its authorized officers, for the ratable benefit of the Purchasers, has caused the same to be accepted by its authorized officer, as of the day and year first above written. 
  

			
	[SUBSIDIARY]
		
	 By:
	 	 
	Name:	 	 
	 Title:
	 	 

  
  
  

	1	Include if there are multiple Joining Subsidiaries. 

  

 C-2

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