Document:

Exhibit 4.8

 

EXECUTION
VERSION

 

AMC Entertainment
Inc.

 

8% Senior
Subordinated Notes Due 2014

 

REGISTRATION
RIGHTS AGREEMENT

 

	
  New York, New York

  	
   

  
	
   

  	
   

  
	
   

  	
  February 24, 2004

  
	
   

  	
   

  
	
  Citigroup Global Markets Inc.

  	
   

  
	
  Banc of America Securities LLC

  	
   

  
	
  Scotia Capital (USA) Inc.

  	
   

  
	
  As Representatives of the Initial Purchasers

  	
   

  
	
  c/o Citigroup Global Markets Inc.

  	
   

  
	
  388 Greenwich Street

  	
   

  
	
  New York, New York 10013

  	
   

  

 

Dear Sirs:

 

AMC Entertainment Inc., a
corporation organized under the laws of Delaware (the “Company”), proposes to
issue and sell to certain purchasers (the “Initial Purchasers”) its 8% Senior
Subordinated Notes Due 2014 (the “Securities”), upon the terms set forth in a
purchase agreement, dated February 19, 2004 (the “Purchase Agreement”),
relating to the initial placement of the Securities (the “Initial
Placement”).  To induce the Initial
Purchasers to enter into the Purchase Agreement and to satisfy a condition of
your obligations thereunder, the Company agrees with you for your benefit and
the benefit of the holders from time to time of the Securities (including the
Initial Purchasers) (each a “Holder” and, together, the “Holders”), as follows:

 

1.             Definitions.  Capitalized terms used herein without
definition shall have their respective meanings set forth in the Purchase
Agreement.  As used in this Agreement,
the following capitalized defined terms shall have the following meanings:

 

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

 

“Affiliate” of any
specified Person shall mean any other Person that, directly or indirectly, is
in control of, is controlled by, or is under common control with, such
specified Person.  For purposes of this
definition, control of a Person shall mean the power, direct or indirect, to
direct or cause the direction of the management and policies of such Person
whether by contract or otherwise; and the terms “controlling” and “controlled”
shall have meanings correlative to the foregoing.

 

 

“Broker-Dealer” shall
mean any broker or dealer registered as such under the Exchange Act.

 

“Business Day” shall mean
any day other than a Saturday, a Sunday or a legal holiday or a day on which
banking institutions or trust companies are authorized or obligated by law to close
in New York City.

 

“Commission” shall mean
the Securities and Exchange Commission.

 

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

 

“Exchange Offer” shall
mean the exchange offer by the Company of Securities in exchange for New
Securities pursuant to Section 2(b) hereof.

 

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

 

“Exchange Offer Registration
Period” shall mean the one-year period following the consummation of the
Registered Exchange Offer, exclusive of any period during which any stop order
shall be in effect suspending the effectiveness of the Exchange Offer
Registration Statement.

 

“Exchange Offer
Registration Statement” shall mean a registration statement of the Company on
an appropriate form under the Act with respect to the Registered Exchange
Offer, all amendments and supplements to such registration statement, including
post-effective amendments thereto, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by
reference therein.

 

“Exchanging Dealer” shall
mean any Holder (which may include any Initial Purchaser) that is a Broker-Dealer
and elects to exchange for New Securities any Securities that it acquired for
its own account as a result of market-making activities or other trading
activities (but not directly from the Company or any Affiliate of the Company).

 

“Final Memorandum” shall
have the meaning set forth in the Purchase Agreement.

 

“Holder” shall have the
meaning set forth in the preamble hereto.

 

“Indenture” shall mean
the Indenture relating to the Securities, dated as of February 24, 2004,
between the Company and HSBC Bank USA, as trustee, as the same may be amended
from time to time in accordance with the terms thereof.

 

“Initial Placement” shall
have the meaning set forth in the preamble hereto.

 

2

 

“Initial Purchasers”
shall have the meaning set forth in the preamble hereto.

 

“Losses” shall have the
meaning set forth in Section 7(d) hereof.

 

“Majority Holders” shall
mean the Holders of a majority of the aggregate principal amount of Securities
(or, after the consummation of any Exchange Offer in accordance with
Section 2 hereof, of New Securities) registered under a Registration
Statement.

 

“Managing Underwriters”
shall mean the investment banker or investment bankers and manager or managers
that shall administer an underwritten offering.

 

“New Securities” shall
mean debt securities of the Company identical in all material respects to the
Securities (except that the cash interest and interest rate step-up provisions
and the transfer restrictions shall be modified or eliminated, as appropriate)
and to be issued under the Indenture or the New Securities Indenture.

 

“New Securities
Indenture” shall mean an indenture between the Company and the New Securities
Trustee, identical in all material respects to the Indenture (except that the
cash interest and interest rate step-up provisions will be modified or
eliminated, as appropriate).

 

“New Securities Trustee”
shall mean a bank or trust company reasonably satisfactory to the Initial
Purchasers, as trustee with respect to the New Securities under the New
Securities Indenture.

 

“Prospectus” shall mean
the prospectus included in any Registration Statement (including, without
limitation, a prospectus that discloses information previously omitted from a
prospectus filed as part of an effective registration statement in reliance
upon Rule 430A under the Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the
Securities or the New Securities covered by such Registration Statement, and
all amendments and supplements thereto and all material incorporated by
reference therein.

 

“Purchase Agreement”
shall have the meaning set forth in the preamble hereto.

 

“Registered Exchange
Offer” shall mean the proposed offer of the Company to issue and deliver to the
Holders of the Securities that are not prohibited by any law or policy of the
Commission from participating in such offer, in exchange for the Securities, a
like aggregate principal amount of the New Securities.

 

“Registration Statement”
shall mean any Exchange Offer Registration Statement or Shelf Registration
Statement that covers any of the Securities or the New Securities, as
applicable, pursuant to the provisions of this Agreement, any amendments

 

3

 

and supplements to such
registration statement, including post-effective amendments (in each case
including the Prospectus contained therein), all exhibits thereto and all
material incorporated by reference therein.

 

“Securities” shall have
the meaning set forth in the preamble hereto.

 

“Shelf Registration”
shall mean a registration effected pursuant to Section 3 hereof.

 

“Shelf Registration
Period” has the meaning set forth in Section 3(b) hereof.

 

“Shelf Registration
Statement” shall mean a “shelf” registration statement of the Company pursuant
to the provisions of Section 3 hereof which covers some or all of the
Securities or New Securities, as applicable, on an appropriate form under Rule
415 under the Act, or any similar rule that may be adopted by the Commission,
amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference
therein.

 

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

 

“underwriter” shall mean
any underwriter of Securities in connection with an offering thereof under a
Shelf Registration Statement.

 

2.             Registered
Exchange Offer.  (a)  The
Company shall prepare and, not later than 120 days following the date of the
original issuance of the Securities (or if such 120th day is not a Business
Day, the next succeeding Business Day), shall file with the Commission the Exchange
Offer Registration Statement with respect to the Registered Exchange
Offer.  The Company shall use its best
efforts to cause the Exchange Offer Registration Statement to become effective
under the Act within 180 days of the date of the original issuance of the
Securities (or if such 180th day is not a Business Day, the next succeeding
Business Day).

 

(b)           Upon the
effectiveness of the Exchange Offer Registration Statement, the Company shall
promptly commence the Registered Exchange Offer, it being the objective of such
Registered Exchange Offer to enable each Holder electing to exchange Securities
for New Securities (assuming that such Holder is not an Affiliate of the
Company, acquires the New Securities in the ordinary course of such Holder’s
business, has no arrangements with any Person to participate in the
distribution of the New Securities and is not prohibited by any law or policy
of the Commission from participating in the Registered Exchange Offer) to trade
such New Securities from and after their receipt without any limitations or
restrictions under the Act and without material restrictions under the
securities laws of a substantial proportion of the several states of the United
States.

 

4

 

(c)           In
connection with the Registered Exchange Offer, the Company shall:

 

(i)            mail to
each Holder a copy of the Prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and
related documents;

 

(ii)           keep the
Registered Exchange Offer open for not less than 30 days and not more than 45
days after the date notice thereof is mailed to the Holders (or, in each case,
longer if required by applicable law);

 

(iii)          use
its best efforts to keep the Exchange Offer Registration Statement continuously
effective under the Act, supplemented and amended as required, under the Act to
ensure that it is available for sales of New Securities by Exchanging Dealers
during the Exchange Offer Registration Period;

 

(iv)          utilize
the services of a depositary for the Registered Exchange Offer with an address
in the Borough of Manhattan in New York City, which may be the Trustee, the New
Securities Trustee or an Affiliate of either of them;

 

(v)           permit
Holders to withdraw tendered Securities at any time prior to the close of
business, New York time, on the last Business Day on which the Registered
Exchange Offer is open;

 

(vi)          prior to
effectiveness of the Exchange Offer Registration Statement, provide a
supplemental letter to the Commission (A) stating that the Company is
conducting the Registered Exchange Offer in reliance on the position of the
Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988)
and, Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991); and (B)
including a representation that the Company has not entered into any
arrangement or understanding with any Person to distribute the New Securities
to be received in the Registered Exchange Offer and that, to the best of the
Company’s information and belief, each Holder participating in the Registered
Exchange Offer is acquiring the New Securities in the ordinary course of
business and has no arrangement or understanding with any Person to participate
in the distribution of the New Securities; and

 

(vii)         comply
in all respects with all applicable laws.

 

(d)           As soon
as practicable after the close of the Registered Exchange Offer, the Company
shall:

 

(i)            accept
for exchange all Securities tendered and not validly withdrawn pursuant to the
Registered Exchange Offer;

 

5

 

(ii)           deliver
to the Trustee for cancellation in accordance with Section 5(s) all
Securities so accepted for exchange; and

 

(iii)          cause
the New Securities Trustee promptly to authenticate and deliver to each Holder
of Securities a principal amount of New Securities equal to the principal
amount of the Securities of such Holder so accepted for exchange.

 

(e)           Each
Holder hereby acknowledges and agrees that any Broker-Dealer and any such
Holder using the Registered Exchange Offer to participate in a distribution of
the New Securities (x) could not under Commission policy as in effect on the
date of this Agreement rely on the position of the Commission in Morgan Stanley
and Co., Inc. (pub. avail. June 5, 1991) and Exxon Capital Holdings
Corporation (pub. avail. May 13, 1988), as interpreted in the Commission’s
letter to Shearman & Sterling dated July 2, 1993 and similar no-action
letters; and (y) must comply with the registration and prospectus delivery
requirements of the Act in connection with any secondary resale transaction and
such transaction must be covered by an effective registration statement
containing the selling security holder information required by Item 507 or 508,
as applicable, of Regulation S-K under the Act if the resales are of New
Securities obtained by such Holder in exchange for Securities acquired by such
Holder directly from the Company or one of its Affiliates.  Accordingly, each Holder participating in
the Registered Exchange Offer shall be required to represent to the Company
that, at the time of the consummation of the Registered Exchange Offer:

 

(i)            any New
Securities received by such Holder will be acquired in the ordinary course of
business;

 

(ii)           such
Holder will have no arrangement or understanding with any Person to participate
in the distribution of the Securities or the New Securities within the meaning
of the Act; and

 

(iii)          such
Holder is not an Affiliate of the Company (or if it is, that it will comply
with the registration and prospectus delivery requirements of the Securities
Act to the extent applicable).

 

(f)            If any
Initial Purchaser determines that it is not eligible to participate in the
Registered Exchange Offer with respect to the exchange of Securities constituting
any portion of an unsold allotment, at the request of such Initial Purchaser,
the Company shall issue and deliver to such Initial Purchaser or the Person
purchasing New Securities registered under a Shelf Registration Statement as
contemplated by Section 3 hereof from such Initial Purchaser, in exchange
for such Securities, a like principal amount of New Securities.  The Company shall use its best efforts to
cause the CUSIP Service Bureau to issue the same CUSIP number for such New
Securities as for New Securities issued pursuant to the Registered Exchange
Offer.

 

6

 

3.             Shelf
Registration.  (a)  If (i)
due to any change in law or applicable interpretations thereof by the
Commission’s staff, the Company determines upon advice of its outside counsel
that it is not permitted to effect the Registered Exchange Offer as
contemplated by Section 2 hereof; (ii) for any other reason the Registered
Exchange Offer is not consummated within 210 days of the date hereof; (iii) any
Initial Purchaser so requests with respect to Securities that are not eligible
to be exchanged for New Securities in the Registered Exchange Offer and that
are held by it following consummation of the Registered Exchange Offer; (iv) any
Holder is not eligible to participate in the Registered Exchange Offer or does
not receive freely tradeable New Securities; other than by reason of such
Holder being an Affiliate of the Company; or (v) in the case of any Initial
Purchaser that participates in the Registered Exchange Offer or acquires New
Securities pursuant to Section 2(f) hereof, such Initial Purchaser does
not receive freely tradeable New Securities in exchange for Securities
constituting any portion of an unsold allotment, other than by reason of such
Initial Purchaser being an Affiliate of the Company (it being understood that
(x) the requirement that an Initial Purchaser deliver a Prospectus containing
the information required by Item 507 or 508 of Regulation S-K under the Act in
connection with sales of New Securities acquired in exchange for such
Securities shall result in such New Securities being not “freely tradeable”;
and (y) the requirement that an Exchanging Dealer deliver a Prospectus in
connection with sales of New Securities acquired in the Registered Exchange
Offer in exchange for Securities acquired as a result of market-making
activities or other trading activities shall not result in such New Securities
being not “freely tradeable”), the Company shall effect a Shelf Registration
Statement in accordance with subsection (b) below.

 

(b)           (i)            The Company shall as
promptly as practicable (but in no event more than120 days after so required or
requested pursuant to this Section 3), file with the Commission and
thereafter shall use its best efforts to cause to be declared effective under
the Act a Shelf Registration Statement relating to the offer and sale of the
Securities or the New Securities, as applicable, by the Holders thereof from
time to time in accordance with the methods of distribution elected by such
Holders and set forth in such Shelf Registration Statement; provided, however,
that no Holder (other than an Initial Purchasers) shall be entitled to have the
Securities held by it covered by such Shelf Registration Statement unless such
Holder agrees in writing to be bound by all of the provisions of this Agreement
applicable to such Holder; and provided further, that with respect to New
Securities received by an Initial Purchaser in exchange for Securities
constituting any portion of an unsold allotment, the Company may, if permitted
by current interpretations by the Commission’s staff, file a post-effective
amendment to the Exchange Offer Registration Statement containing the
information required by Item 507 or 508 of Regulation S-K, as applicable, in
satisfaction of its obligations under this subsection with respect
thereto, and any such Exchange Offer Registration Statement, as so amended,
shall be referred to herein as, and governed by the provisions herein applicable
to, a Shelf Registration Statement.

 

7

 

(ii)           The
Company shall use its best efforts to keep the Shelf Registration Statement
continuously effective, supplemented and amended as required by the Act, in
order to permit the Prospectus forming part thereof to be usable by Holders for
a period of two years after the Closing Date or such shorter period that will
terminate when all the Securities or New Securities, as applicable, covered by
the Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement (in any such case, such period being called the “Shelf
Registration Period”).  The Company
shall be deemed not to have used its best efforts to keep the Shelf
Registration Statement effective during the requisite period if it voluntarily
takes any action that would result in Holders of Securities covered thereby not
being able to offer and sell such Securities during that period, unless (A)
such action is required by applicable law; or (B) such action is taken by the
Company in good faith and for valid business reasons (not including avoidance
of the Company’s obligations hereunder), including the acquisition or
divestiture of assets (to the extent permitted by the terms of the Indenture),
so long as the Company promptly thereafter complies with the requirements of
Section 5(k) hereof, if applicable.

 

(iii)          The
Company shall cause the Shelf Registration Statement and the related Prospectus
and any amendment or supplement thereto, as of the effective date of the Shelf
Registration Statement or such amendment or supplement, (A) to comply in all
material respects with the applicable requirements of the Securities Act and
the rules and regulations of the Commission; and (B) not to contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading.

 

4.             Special
Interest.  If (a) on or prior to the
120th day following the original issue date of the Securities, neither the
Exchange Offer Registration Statement nor the Shelf Registration Statement has
been filed with the Commission, (b) on or prior to the 180th day following the
original issue date of the Securities, neither the Exchange Offer Registration
Statement nor the Shelf Registration Statement has been declared effective, (c)
on or prior to the 210th day following the date hereof, neither the Registered
Exchange Offer has been consummated nor the Shelf Registration Statement has
been declared effective, or (d) after either the Exchange Offer Registration
Statement or the Shelf Registration Statement has been declared effective, such
Registration Statement thereafter ceases to be effective or usable in
connection with resales of Securities or New Securities in accordance with and
during the periods specified in this Agreement (each such event referred to in
clauses (a) through (d), a “Registration Default”), interest (“Special Interest”)
will accrue on the principal amount of the Securities and the New Securities
(in addition to the stated interest on the Securities and New Securities) from
and including the date on which any such Registration Default shall occur to
but excluding the date on which all Registration Defaults have been cured.  Special Interest will accrue at a rate of
0.25% per annum during the 90-day period immediately following the occurrence
of such Registration Default and shall increase by 0.25% per annum at the

 

8

 

end of each
subsequent 90-day period, but in no event shall such rate exceed 1.00% per
annum.

 

All obligations of the
Company set forth in the preceding paragraph that are outstanding with respect
to any Security at the time such Security is exchanged for a New Security shall
survive until such time as all such obligations with respect to such Security
have been satisfied in full.

 

5.             Additional
Registration Procedures.  In
connection with any Shelf Registration Statement and, to the extent applicable,
any Exchange Offer Registration Statement, the following provisions shall
apply.

 

(a)           The
Company shall:

 

(i)            furnish
to you, not less than five Business Days prior to the filing thereof with the
Commission, a copy of any Exchange Offer Registration Statement and any Shelf
Registration Statement, and each amendment thereof and each amendment or
supplement, if any, to the Prospectus included therein (including all documents
incorporated by reference therein after the initial filing) and shall use its
best efforts to reflect in each such document, when so filed with the
Commission, such comments as you reasonably propose;

 

(ii)           include
the information set forth in Annex A hereto on the facing page of the Exchange Offer
Registration Statement, in Annex B hereto in the forepart of the Exchange Offer
Registration Statement in a section setting forth details of the Exchange
Offer, in Annex C hereto in the underwriting or plan of distribution
section of the Prospectus contained in the Exchange Offer Registration
Statement, and in Annex D hereto in the letter of transmittal delivered
pursuant to the Registered Exchange Offer;

 

(iii)          if
requested by an Initial Purchaser, include the information required by Item 507
or 508 of Regulation S-K, as applicable, in the Prospectus contained in the
Exchange Offer Registration Statement; and

 

(iv)          in the
case of a Shelf Registration Statement, include the names of the Holders that
propose to sell Securities pursuant to the Shelf Registration Statement as
selling security holders.

 

(b)           The
Company shall ensure that:

 

(i)            any
Registration Statement and any amendment thereto and any Prospectus forming
part thereof and any amendment or supplement thereto complies in all material
respects with the Act and the rules and regulations thereunder; and

 

9

 

(ii)           any
Registration Statement and any amendment thereto does not, when it becomes
effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading.

 

(c)           The
Company shall advise you, the Holders of Securities covered by any Shelf
Registration Statement and any Exchanging Dealer under any Exchange Offer
Registration Statement that has provided in writing to the Company a telephone
or facsimile number and address for notices, and, if requested by you or any
such Holder or Exchanging Dealer, shall confirm such advice in writing (which notice
pursuant to clauses:  (ii)-(v) hereof
shall be accompanied by an instruction to suspend the use of the Prospectus
until the Company shall have remedied the basis for such suspension):

 

(i)            when a
Registration Statement and any amendment thereto has been filed with the
Commission and when the Registration Statement or any post-effective amendment
thereto has become effective;

 

(ii)           of any
request by the Commission for any amendment or supplement to the Registration
Statement or the Prospectus or for additional information;

 

(iii)          of
the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that
purpose;

 

(iv)          of the
receipt by the Company of any notification with respect to the suspension of
the qualification of the securities included therein for sale in any
jurisdiction or the initiation of any proceeding for such purpose; and

 

(v)           of the
happening of any event that requires any change in the Registration Statement
or the Prospectus so that, as of such date, the statements therein are not
misleading and do not omit to state a material fact required to be stated
therein or necessary to make the statements therein (in the case of the
Prospectus, in the light of the circumstances under which they were made) not
misleading.

 

(d)           The
Company shall use its best efforts to obtain the withdrawal of any order
suspending the effectiveness of any Registration Statement or the qualification
of the securities therein for sale in any jurisdiction at the earliest possible
time.

 

(e)           The
Company shall furnish to each Holder of Securities covered by any Shelf
Registration Statement, without charge, at least one copy of such Shelf
Registration Statement and any post-effective amendment thereto, including all

 

10

 

material
incorporated therein by reference, and, if the Holder so requests in writing,
all exhibits thereto (including exhibits incorporated by reference therein).

 

(f)            The Company
shall, during the Shelf Registration Period, deliver to each Holder of
Securities covered by any Shelf Registration Statement, without charge, as many
copies of the Prospectus (including each preliminary Prospectus) included in
such Shelf Registration Statement and any amendment or supplement thereto as
such Holder may reasonably request.  The
Company consents to the use of the Prospectus or any amendment or supplement
thereto by each of the selling Holders of securities in connection with the
offering and sale of the securities covered by the Prospectus, or any amendment
or supplement thereto, included in the Shelf Registration Statement.

 

(g)           The
Company shall furnish to each Exchanging Dealer which so requests, without
charge, at least one copy of the Exchange Offer Registration Statement and any
post-effective amendment thereto, including all material incorporated by
reference therein, and, if the Exchanging Dealer so requests in writing, all
exhibits thereto (including exhibits incorporated by reference therein).

 

(h)           The
Company shall promptly deliver to the Initial Purchasers, each Exchanging
Dealer and each other Person required to deliver a Prospectus during the
Exchange Offer Registration Period, without charge, as many copies of the
Prospectus included in such Exchange Offer Registration Statement and any
amendment or supplement thereto as any such Person may reasonably request.  The Company consents to the use of the
Prospectus or any amendment or supplement thereto by the Initial Purchasers, any
Exchanging Dealer and any such other Person that may be required to deliver a
Prospectus following the Registered Exchange Offer in connection with the
offering and sale of the New Securities covered by the Prospectus, or any
amendment or supplement thereto, included in the Exchange Offer Registration
Statement.

 

(i)            Prior to
the Registered Exchange Offer or any other offering of Securities or New
Securities pursuant to any Registration Statement, the Company shall arrange,
if necessary, for the qualification of the Securities or the New Securities for
sale under the laws of such jurisdictions as any Holder shall reasonably
request and will maintain such qualification in effect so long as required;
provided that in no event shall the Company be obligated to qualify to do
business in any jurisdiction where it is not then so qualified or to take any
action that would subject it to service of process in suits, other than those
arising out of the Initial Placement, the Registered Exchange Offer or any
offering pursuant to a Shelf Registration Statement, in any such jurisdiction
where it is not then so subject.

 

(j)            The
Company shall cooperate with the Holders of Securities to facilitate the timely
preparation and delivery of certificates representing New Securities or
Securities to be issued or sold pursuant to any Registration Statement

 

11

 

free of any
restrictive legends and in such denominations and registered in such names as
Holders may request.

 

(k)           Upon the
occurrence of any event contemplated by subsections (c)(ii) through (v) above,
the Company shall promptly prepare a post-effective amendment to the applicable
Registration Statement or an amendment or supplement to the related Prospectus
or file any other required document so that, as thereafter delivered to initial
purchasers of the securities included therein, the Prospectus will not include
an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. 
In such circumstances, the period of effectiveness of the Exchange Offer
Registration Statement provided for in Section 2 and the Shelf
Registration Statement provided for in Section 3(b) shall each be extended
by the number of days from and including the date of the giving of a notice of
suspension pursuant to Section 5(c) to and including the date when the
Initial Purchasers, the Holders of the Securities and any known Exchanging
Dealer shall have received such amended or supplemented Prospectus pursuant to
this Section.

 

(l)            Not
later than the effective date of any Registration Statement, the Company shall
provide a CUSIP number for the Securities or the New Securities, as the case
may be, registered under such Registration Statement and provide the Trustee
with printed certificates for such Securities or New Securities, in a form
eligible for deposit with The Depository Trust Company.

 

(m)          The
Company shall comply with all applicable rules and regulations of the
Commission and shall make generally available to its security holders as soon
as practicable after the effective date of the applicable Registration
Statement an earnings statement satisfying the provisions of Section 11(a)
of the Act.

 

(n)           The
Company shall cause the Indenture or the New Securities Indenture, as the case
may be, to be qualified under the Trust Indenture Act in a timely manner.

 

(o)           The
Company may require each Holder of securities to be sold pursuant to any Shelf
Registration Statement to furnish to the Company such information regarding the
Holder and the distribution of such securities as the Company may from time to
time reasonably require for inclusion in such Registration Statement.  The Company may exclude from such Shelf
Registration Statement the Securities or New Securities of any Holder that
unreasonably fails to furnish such information within a reasonable time after
receiving such request.

 

(p)           In the
case of any Shelf Registration Statement, the Company shall enter into such
agreements and take all other appropriate actions (including if requested an
underwriting agreement in customary form) in order to expedite or facilitate
the registration or the disposition of the Securities or New Securities, and in
connection therewith, if an underwriting agreement is entered into,

 

12

 

cause the same to
contain indemnification provisions and procedures no less favorable than those
set forth in Section 7 (or such other provisions and procedures acceptable
to the Majority Holders and the Managing Underwriters, if any, with respect to
all parties to be indemnified pursuant to Section 7).

 

(q)           In the
case of any Shelf Registration Statement, the Company shall:

 

(i)            make
reasonably available for inspection by the Holders of Securities or New
Securities to be registered thereunder, any underwriter participating in any
disposition pursuant to such Registration Statement, and any attorney,
accountant or other agent retained by the Holders or any such underwriter all
relevant financial and other records, pertinent corporate documents and
properties of the Company and its subsidiaries;

 

(ii)           cause the
Company’s officers, directors and employees to supply all relevant information
reasonably requested by the Holders or any such underwriter, attorney,
accountant or agent in connection with any such Registration Statement as is
customary for similar due diligence examinations; provided, however, that any
information that is designated in writing by the Company, in good faith, as
confidential at the time of delivery of such information shall be kept
confidential by the Holders or any such underwriter, attorney, accountant or
agent, unless such disclosure is made in connection with a court proceeding or
required by law, or such information becomes available to the public generally
or through a third party without an accompanying obligation of confidentiality;

 

(iii)          make
such representations and warranties to the Holders of Securities or New
Securities registered thereunder and the underwriters, if any, in form,
substance and scope as are customarily made by issuers to underwriters in
primary underwritten offerings and covering matters including, but not limited
to, those set forth in the Purchase Agreement;

 

(iv)          obtain
opinions of counsel to the Company and updates thereof (which counsel and
opinions (in form, scope and substance) shall be reasonably satisfactory to the
Managing Underwriters, if any) addressed to each selling Holder and the
underwriters, if any, covering such matters as are customarily covered in
opinions requested in underwritten offerings and such other matters as may be
reasonably requested by such Holders and underwriters;

 

(v)           obtain
“cold 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 subsidiary of the Company or of any
business acquired by the Company for which financial statements and financial
data are, or are required to be, included in the Registration Statement),
addressed to each selling Holder of Securities or New Securities registered
thereunder and the underwriters,

 

13

 

if any, in
customary form and covering matters of the type customarily covered in “cold
comfort” letters in connection with primary underwritten offerings; and

 

(vi)          deliver
such documents and certificates as may be reasonably requested by the Majority
Holders and the Managing Underwriters, if any, including those to evidence
compliance with Section 5(k) and with any customary conditions contained
in the underwriting agreement or other agreement entered into by the Company.

 

The actions set forth in
clauses (iii), (iv), (v) and (vi) of this Section shall be performed at
(A) the effectiveness of such Registration Statement and each post-effective
amendment thereto; and (B) each closing under any underwriting or similar
agreement as and to the extent required thereunder.

 

(r)            In the
case of any Exchange Offer Registration Statement, the Company shall:

 

(i)            make
reasonably available for inspection by such Initial Purchaser, and any
attorney, accountant or other agent retained by such Initial Purchaser, all relevant
financial and other records, pertinent corporate documents and properties of
the Company and its subsidiaries;

 

(ii)           cause the
Company’s officers, directors and employees to supply all relevant information
reasonably requested by such Initial Purchaser or any such attorney, accountant
or agent in connection with any such Registration Statement as is customary for
similar due diligence examinations; provided, however, that any information
that is designated in writing by the Company, in good faith, as confidential at
the time of delivery of such information shall be kept confidential by such
Initial Purchaser or any such attorney, accountant or agent, unless such
disclosure is made in connection with a court proceeding or required by law, or
such information becomes available to the public generally or through a third
party without an accompanying obligation of confidentiality;

 

(iii)          make
such representations and warranties to such Initial Purchaser, in form,
substance and scope as are customarily made by issuers to underwriters in
primary underwritten offerings and covering matters including, but not limited
to, those set forth in the Purchase Agreement;

 

(iv)          obtain
opinions of counsel to the Company and updates thereof (which counsel and
opinions (in form, scope and substance) shall be reasonably satisfactory to
such Initial Purchaser) and its counsel, addressed to such Initial Purchaser,
covering such matters as are customarily covered in opinions requested in
underwritten offerings and such other matters as may be reasonably requested by
such Initial Purchaser or its counsel;

 

14

 

(v)           obtain
“cold 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 subsidiary of the Company or of any
business acquired by the Company for which financial statements and financial
data are, or are required to be, included in the Registration Statement),
addressed to such Initial Purchaser, in customary form and covering matters of
the type customarily covered in “cold comfort” letters in connection with
primary underwritten offerings, or if requested by such Initial Purchaser or
its counsel in lieu of a “cold comfort” letter, an agreed-upon procedures
letter under Statement on Auditing Standards No. 35, covering matters requested
by such Initial Purchaser or its counsel; and

 

(vi)          deliver
such documents and certificates as may be reasonably requested by such Initial
Purchaser or its counsel, including those to evidence compliance with
Section 5(k) and with conditions customarily contained in underwriting
agreements.

 

The foregoing actions set
forth in clauses (iii), (iv), (v), and (vi) of this Section shall be
performed at the close of the Registered Exchange Offer and the effective date
of any post-effective amendment to the Exchange Offer Registration Statement.

 

(s)           If a
Registered Exchange Offer is to be consummated, upon delivery of the Securities
by Holders to the Company (or to such other Person as directed by the Company)
in exchange for the New Securities, the Company shall mark, or caused to be
marked, on the Securities so exchanged that such Securities are being canceled
in exchange for the New Securities.  In
no event shall the Securities be marked as paid or otherwise satisfied.

 

(t)            The
Company will use its best efforts (i) if the Securities have been rated prior
to the initial sale of such Securities, to confirm such ratings will apply to
the Securities or the New Securities, as the case may be, covered by a
Registration Statement; or (ii) if the Securities were not previously rated, to
cause the Securities covered by a Registration Statement to be rated with at
least one nationally recognized statistical rating agency, if so requested by
Majority Holders with respect to the related Registration Statement or by any
Managing Underwriters.

 

(u)           In the
event that any Broker-Dealer shall underwrite any Securities or participate as
a member of an underwriting syndicate or selling group or “assist in the
distribution” (within the meaning of the Rules of Fair Practice and the By-Laws
of the National Association of Securities Dealers, Inc.) thereof, whether as a
Holder of such Securities or as an underwriter, a placement or sales agent or a
broker or dealer in respect thereof, or otherwise, assist such Broker-Dealer in
complying with the requirements of such Rules and By-Laws, including, without
limitation, by:

 

(i)            if such
Rules or By-Laws shall so require, engaging a “qualified independent
underwriter” (as defined in such Rules) to participate in the preparation of
the Registration Statement, to exercise usual standards of due diligence

 

15

 

with respect
thereto and, if any portion of the offering contemplated by such Registration
Statement is an underwritten offering or is made through a placement or sales
agent, to recommend the yield of such Securities;

 

(ii)           indemnifying
any such qualified independent underwriter to the extent of the indemnification
of underwriters provided in Section 7 hereof; and

 

(iii)          providing
such information to such Broker-Dealer as may be required in order for such
Broker-Dealer to comply with the requirements of such Rules.

 

(v)           The
Company shall use its best efforts to take all other steps necessary to effect
the registration of the Securities or the New Securities, as the case may be,
covered by a Registration Statement.

 

6.             Registration
Expenses.  The Company shall bear all
expenses incurred in connection with the performance of its obligations under
Sections 2, 3 and 5 hereof and, in the event of any Shelf Registration
Statement, will reimburse the Holders for the reasonable fees and disbursements
of one firm or counsel designated by the Majority Holders to act as counsel for
the Holders in connection therewith, and, in the case of any Exchange Offer
Registration Statement, will reimburse the Initial Purchasers for the
reasonable fees and disbursements of counsel acting in connection therewith.

 

7.             Indemnification
and Contribution.  (a) The
Company agrees to indemnify and hold harmless each Holder of Securities or New
Securities, as the case may be, covered by any Registration Statement
(including each Initial Purchaser and, with respect to any Prospectus delivery
as contemplated in Section 5(h) hereof, each Exchanging Dealer), the
directors, officers, employees and agents of each such Holder and each Person
who controls any such Holder within the meaning of either the Act or the
Exchange Act against any and all Losses, joint or several, to which they or any
of them may become subject under the Act, the Exchange Act or other Federal or
state statutory law or regulation, at common law or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement as originally filed or in
any amendment thereof, or in any preliminary Prospectus or the Prospectus, or
in any amendment thereof or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not
misleading, and agrees to reimburse each such indemnified party, as incurred,
for any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any case to the
extent that any such loss, claim, damage or liability arises out of or is based
upon any such untrue statement or alleged untrue statement or omission or
alleged omission made therein in reliance upon and in conformity with written
information furnished to the Company by or on behalf of any

 

16

 

such Holder
specifically for inclusion therein. 
This indemnity agreement will be in addition to any liability which the
Company may otherwise have.

 

The Company also agrees
to indemnify or contribute as provided in Section 7(d) to Losses of each
underwriter of any Securities or New Securities, as the case may be, registered
under a Shelf Registration Statement, their directors, officers, employees or
agents and each Person who controls such underwriter on substantially the same
basis as that of the indemnification of the Initial Purchasers and the selling
Holders provided in this Section 7(a) and shall, if requested by any
Holder, enter into an underwriting agreement reflecting such agreement, as
provided in Section 5(p) hereof.

 

With respect to any
untrue statement or omission of material fact made in any preliminary
Prospectus, the indemnity agreement contained in this Section 7(a) shall
not inure to the benefit of any indemnified person from whom the person
asserting any such loss, claim, damage or liability purchased the securities
concerned, to the extent that any such loss, claim, damage or liability of such
indemnified person occurs under the circumstance where it shall have been
determined by a court of competent jurisdiction by final and non-appealable
judgment that (w) the Company had previously furnished copies of the
preliminary Prospectus to such indemnified person, (x) delivery of the Final
Prospectus was required by the Act to be made to such person, (y) the untrue
statement or omission of a material fact contained in the preliminary
Prospectus was corrected in the Final Prospectus and (z) there was not sent or
given to such person, at or prior to the written confirmation of the sale of
such securities to such person, a copy of the Final Prospectus.

 

(b)           Each
Holder of securities covered by a Registration Statement (including each
Initial Purchaser and, with respect to any Prospectus delivery as contemplated
in Section 5(h) hereof, each Exchanging Dealer) severally agrees to
indemnify and hold harmless the Company, each of its directors, each of its
officers who signs such Registration Statement and each Person who controls the
Company within the meaning of either the Act or the Exchange Act, to the same
extent as the foregoing indemnity from the Company to each such Holder, but
only with reference to written information relating to such Holder furnished to
the Company by or on behalf of such Holder specifically for inclusion in the
documents referred to in the foregoing indemnity.  This indemnity agreement will be in addition to any liability
which any such Holder may otherwise have.

 

(c)           Promptly
after receipt by an indemnified party under this Section 7 of notice of
the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against the indemnifying party under this
Section, notify the indemnifying party in writing of the commencement thereof;
but the failure so to notify the indemnifying party (i) will not relieve it
from liability under paragraph (a) or (b) above unless and to the extent it did
not otherwise learn of such action and such failure results in the forfeiture
by the indemnifying party of substantial rights and defenses; and (ii) will
not, in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided

 

17

 

in paragraph (a)
or (b) above.  The indemnifying party
shall be entitled to appoint counsel of the indemnifying party’s choice at the
indemnifying party’s expense to represent the indemnified party in any action
for which indemnification is sought (in which case the indemnifying party shall
not thereafter be responsible for the fees and expenses of any separate counsel
retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel shall be reasonably satisfactory to the
indemnified party.  Notwithstanding the
indemnifying party’s election to appoint counsel to represent the indemnified
party in an action, the indemnified party shall have the right to employ
separate counsel (including local counsel), and the indemnifying party shall
bear the reasonable fees, costs and expenses of such separate counsel if (i)
the use of counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with a conflict of interest; (ii)
the actual or potential defendants in, or targets of, any such action include
both the indemnified party and the indemnifying party and the indemnified party
shall have reasonably concluded that there may be legal defenses available to
it and/or other indemnified parties which are different from or additional to
those available to the indemnifying party; (iii) the indemnifying party shall
not have employed counsel reasonably satisfactory to the indemnified party to
represent the indemnified party within a reasonable time after notice of the
institution of such action; or (iv) the indemnifying party shall authorize the
indemnified party to employ separate counsel at the expense of the indemnifying
party.  An indemnifying party will not,
without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any pending
or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim or action)
unless such settlement, compromise or consent includes an unconditional release
of each indemnified party from all liability arising out of such claim, action,
suit or proceeding.

 

(d)           In the
event that the indemnity provided in paragraph (a) or (b) of this
Section is unavailable to or insufficient to hold harmless an indemnified
party for any reason, then each applicable indemnifying party shall have a
joint and several obligation to contribute to the aggregate losses, claims,
damages and liabilities (including legal or other expenses reasonably incurred
in connection with investigating or defending same) (collectively “Losses”) to
which such indemnified party may be subject in such proportion as is
appropriate to reflect the relative benefits received by such indemnifying
party, on the one hand, and such indemnified party, on the other hand, from the
Initial Placement and the Registration Statement which resulted in such Losses;
provided, however, that in no case shall any Initial Purchaser or any
subsequent Holder of any Security or New Security be responsible, in the
aggregate, for any amount in excess of the purchase discount or commission
applicable to such Security, or in the case of a New Security, applicable to
the Security that was exchangeable into such New Security, as set forth on the
cover page of the Final Memorandum, nor shall any underwriter be responsible
for any amount in excess of the underwriting discount or commission applicable
to the securities purchased by such underwriter under the Registration
Statement which resulted in such Losses. 
If the allocation provided by the immediately

 

18

 

preceding sentence
is unavailable for any reason, the indemnifying party and the indemnified party
shall contribute in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of such indemnifying party, on
the one hand, and such indemnified party, on the other hand, in connection with
the statements or omissions which resulted in such Losses as well as any other
relevant equitable considerations. 
Benefits received by the Company shall be deemed to be equal to the sum
of (x) the total net proceeds from the Initial Placement (before deducting
expenses) as set forth on the cover page of the Final Memorandum and (y) the
total amount of additional interest which the Company was not required to pay
as a result of registering the securities covered by the Registration Statement
which resulted in such Losses.  Benefits
received by the Initial Purchasers shall be deemed to be equal to the total
purchase discounts and commissions as set forth on the cover page of the Final
Memorandum, and benefits received by any other Holders shall be deemed to be
equal to the value of receiving Securities or New Securities, as applicable,
registered under the Act.  Benefits
received by any underwriter shall be deemed to be equal to the total
underwriting discounts and commissions, as set forth on the cover page of the
Prospectus forming a part of the Registration Statement which resulted in such
Losses.  Relative fault shall be
determined by reference to, among other things, whether any alleged untrue
statement or omission relates to information provided by the indemnifying
party, on the one hand, or by the indemnified party, on the other hand, the
intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission.  The parties agree that it would not be just
and equitable if contribution were determined by pro rata allocation (even if
the Holders were treated as one entity for such purpose) or any other method of
allocation which does not take account of the equitable considerations referred
to above.  Notwithstanding the
provisions of this paragraph (d), no Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation.  For purposes of this
Section, each Person who controls a Holder within the meaning of either the Act
or the Exchange Act and each director, officer, employee and agent of such
Holder shall have the same rights to contribution as such Holder, and each
Person who controls the Company within the meaning of either the Act or the
Exchange Act, each officer of the Company who shall have signed the
Registration Statement and each director of the Company shall have the same
rights to contribution as the Company, subject in each case to the applicable
terms and conditions of this paragraph (d).

 

(e)           The
provisions of this Section will remain in full force and effect,
regardless of any investigation made by or on behalf of any Holder or the
Company or any of the officers, directors or controlling Persons referred to in
this Section hereof, and will survive the sale by a Holder of securities
covered by a Registration Statement.

 

8.             Underwritten
Registrations.  (a)  If
any of the Securities or New Securities, as the case may be, covered by any
Shelf Registration Statement are to be sold

 

19

 

in an underwritten
offering, the Managing Underwriters shall be selected by the Majority Holders.

 

(b)           No Person
may participate in any underwritten offering pursuant to any Shelf Registration
Statement, unless such Person (i) agrees to sell such Person’s Securities or
New Securities, as the case may be, on the basis reasonably provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements; and (ii) completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements.

 

9.             No
Inconsistent Agreements.  The
Company has not, as of the date hereof, entered into, nor shall it, on or after
the date hereof, enter into, any agreement with respect to its securities that
is inconsistent with the rights granted to the Holders herein or otherwise
conflicts with the provisions hereof.

 

10.           Amendments
and Waivers.  The provisions of this
Agreement, including the provisions of this sentence, may not be amended,
qualified, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, unless the Company has obtained the
written consent of the Majority Holders; provided that, with respect to any
matter that directly or indirectly affects the rights of any Initial Purchaser
hereunder, the Company shall obtain the written consent of each such Initial
Purchaser against which such amendment, qualification, supplement, waiver or
consent is to be effective. 
Notwithstanding the foregoing, a waiver or consent to departure from the
provisions hereof with respect to a matter that relates exclusively to the
rights of Holders whose Securities or New Securities, as the case may be, are
being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by Holders
representing a majority of the aggregate principal amount of Securities or New
Securities, as the case may be, being sold rather than registered under such
Registration Statement, voting together as a single class.

 

11.           Notices.  All notices and other communications
provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail, telex, telecopier or air courier guaranteeing overnight
delivery:

 

(a)           if to a
Holder, at the most current address given by such holder to the Company in
accordance with the provisions of this Section, which address initially is,
with respect to each Holder, the address of such Holder maintained by the
Registrar under the Indenture, with a copy in like manner to Citigroup Global
Markets Inc.;

 

(b)           if to
you, initially at the respective addresses set forth in the Purchase Agreement;
and

 

(c)           if to the
Company, initially at its address set forth in the Purchase Agreement.

 

20

 

All such notices and
communications shall be deemed to have been duly given when received.

 

The Initial Purchasers or
the Company by notice to the other parties may designate additional or
different addresses for subsequent notices or communications.

 

12.           Successors.  This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties, including,
without the need for an express assignment or any consent by the Company
thereto, subsequent Holders of Securities and the New Securities.  The Company hereby agrees to extend the
benefits of this Agreement to any Holder of Securities and the New Securities,
and any such Holder may specifically enforce the provisions of this Agreement
as if an original party hereto.

 

13.           Counterparts.  This agreement may be in signed
counterparts, each of which shall an original and all of which together shall
constitute one and the same agreement.

 

14.           Headings.  The headings used herein are for convenience
only and shall not affect the construction hereof.

 

15.           Applicable
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed in the State of New York.

 

16.           Severability.  In the event that any one of more of the
provisions contained herein, or the application thereof in any circumstances,
is held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

 

17.           Securities
Held by the Company, etc.  Whenever
the consent or approval of Holders of a specified percentage of principal
amount of Securities or New Securities is required hereunder, Securities or New
Securities, as applicable, held by the Company or its Affiliates (other than
subsequent Holders of Securities or New Securities if such subsequent Holders
are deemed to be Affiliates solely by reason of their holdings of such
Securities or New Securities) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

21

 

If the foregoing is in
accordance with your understanding of our agreement, please sign and return to
us the enclosed duplicate hereof, whereupon this letter and your acceptance
shall represent a building agreement between the Company and the Initial
Purchasers.

 

	
   

  	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AMC
  Entertainment Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James V.
  Beynon

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  James V. Beynon

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice
  President & Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The foregoing Agreement is

  hereby confirmed and accepted

  as of the date first above written.

  

  Citigroup Global Markets Inc.

  Banc of America Securities LLC

  Scotia Capital (USA) Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Citigroup Global Markets Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Timothy P. Dilworth

  	
   

  	
   

  	
   

  
	
   

  	
  Name: Timothy P. Dilworth

  	
   

  	
   

  
	
   

  	
  Title: Vice President

  	
   

  	
   

  
									

 

22

 

ANNEX A

 

Each Broker-Dealer that
receives New Securities for its own account pursuant to the Exchange Offer must
acknowledge that it will deliver a prospectus in connection with any resale of
such New Securities.  The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an “underwriter:  within the meaning of the Securities
Act.  This Prospectus, as it may be
amended or supplemented from time to time, may be used by a Broker-Dealer in
connection with resales of New Securities received in exchange for Securities
where such Securities were acquired by such Broker-Dealer as a result of
market-making activities or other trading activities.  The Company has agreed that, starting on the Expiration Date (as
defined herein) and ending on the close of business one year after the
Expiration Date, it will make this Prospectus available to any Broker-Dealer
for use in connection with any such resale. 
See “Plan of Distribution.”

 

 

ANNEX B

 

Each Broker-Dealer that
receives New Securities for its own account in exchange for Securities, where
such Securities were acquired by such Broker-Dealer as a result of market-making
activities or other trading activities, must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities.  See “Plan of Distribution.”

 

 

ANNEX C

 

PLAN OF
DISTRIBUTION

 

Each Broker-Dealer that
receives New Securities for its own account pursuant to the Exchange Offer must
acknowledge that it will deliver a prospectus in connection with any resale of
such New Securities.  This Prospectus,
as it may be amended or supplemented from time to time, may be used by a Broker-Dealer
in connection with resales of New Securities received in exchange for
Securities where such Securities were acquired as a result of market-making
activities or other trading activities. 
The Company has agreed that, starting on the Expiration Date and ending
on the close of business one year after the Expiration Date, it will make this
Prospectus, as amended or supplemented, available to any Broker-Dealer for use
in connection with any such resale.  In
addition, until
                     ,
2004, all dealers effecting transactions in the New Securities may be required
to deliver a prospectus.

 

The Company will not
receive any proceeds from any sale of New Securities by brokers-dealers.  New Securities received by Broker-Dealers
for their own account pursuant to the Exchange Offer may be sold from time to
time in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the New Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices.  Any such resale may be made
directly to purchasers or to or through brokers or dealers who may receive
compensation in the form of commissions or concessions from any such
Broker-Dealer and/or the purchasers of any such New Securities.  Any Broker-Dealer that resells New
Securities that were received by it for its own account pursuant to the
Exchange Offer and any broker or dealer that participates in a distribution of
such New Securities may be deemed to be an “underwriter” within the meaning of
the Securities Act and any profit of any such resale of New Securities and any
commissions or concessions received by any such Persons may be deemed to be
underwriting compensation under the Securities Act.  The Letter of Transmittal states that by acknowledging that it
will deliver and by delivering a prospectus, a Broker-Dealer will not be deemed
to admit that it is an “underwriter” within the meaning of the Securities Act.

 

For a period of one year
after the Expiration Date, the Company will promptly send additional copies of
this Prospectus and any amendment or supplement to this Prospectus to any
Broker-Dealer that requests such documents in the Letter of Transmittal.  The Company has agreed to pay all expenses
incident to the Exchange Offer (including the expenses of one counsel for the
holder of the Securities) other than commissions or concessions of any brokers
or dealers and will indemnify the holders of the Securities (including any
Broker-Dealers) against certain liabilities, including liabilities under the
Securities Act.

 

 

ANNEX D

 

Rider A

 

CHECK HERE IF YOU ARE A
BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10
COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

 

Name:

Address:

 

Rider B

 

If the undersigned is not
a Broker-Dealer, the undersigned represents that it acquired the New Securities
in the ordinary course of its business, it is not engaged in, and does not
intend to engage in, a distribution of New Securities and it has no
arrangements or understandings with any Person to participate in a distribution
of the New Securities.  If the
undersigned is a Broker-Dealer that will receive New Securities for its own
account in exchange for Securities, it represents that the Securities to be
exchanged for New Securities were acquired by it as a result of market-making
activities or other trading activities and acknowledges that it will deliver a
prospectus in connection with any resale of such New Securities; however, by so
acknowledging and by delivering a prospectus, the undersigned will not be
deemed to admit that it is an “underwriter” within the meaning of the
Securities Act.EX-10.1

                           BAGELL, JOSEPHS & COMPANY
                          CERTIFIED PUBLIC ACCOUNTANTS
                                 SUITES 400-403
                          200 HADDONFILED-BERLIN ROAD
                          GIBBSBORO, NEW JERSEY 08026

                       (856) 346-2828  FAX (856) 346-2882

March 23, 2004

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Re: Form SB2 Amendment 4

Ladies and Gentlemen:

We hereby consent to the inclusion in the Form SB2 Amendment 4 of INFE-Human
Resources, Inc. our audited financial statements for the period May 2, 2002 to
November 30, 2002 and our reviewed financial statements for the comparative
periods ended August 2003 and August 2002.

/s/   Bagell, Josephs & Company, L.L.C.

BAGELL, JOSEPHS & COMPANY, L.L.C.
Certified Public Accountants
Gibbsboro, New Jersey

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