Document:

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                                                                     Exhibit 4.6

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                        MIRANT AMERICAS GENERATION, INC.

                                       TO

                             BANKERS TRUST COMPANY,
                                     TRUSTEE

                                   ----------

                          FIFTH SUPPLEMENTAL INDENTURE

                           DATED AS OF OCTOBER 9, 2001

                                  TO INDENTURE

                             DATED AS OF MAY 1, 2001

                                   ----------

                                  $450,000,000

                           8.50% SENIOR NOTES DUE 2021

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                              TABLE OF CONTENTS/1/

ARTICLE 1......................................................................1

SECTION 101. Establishment.....................................................1
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SECTION 102. Definitions.......................................................2
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SECTION 103. Payment of Principal and Interest.................................6
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SECTION 104. Denominations.....................................................6
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SECTION 105. Form of 2021 Notes................................................6
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SECTION 106. Transfer and Exchange.............................................8
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SECTION 107. Legends..........................................................11
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SECTION 108. Redemption.......................................................11
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SECTION 109. Limitation on Liens..............................................12
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SECTION 110. Limitation on Asset Sales........................................14
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SECTION 111. Debt Incurrence Test.............................................15
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ARTICLE 2.....................................................................15

SECTION 201. Recitals by Company..............................................15
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SECTION 202. Ratification and Incorporation of Original Indenture.............15
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SECTION 203. Executed in Counterparts.........................................16
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SECTION 204. GOVERNING LAW....................................................16
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/1/ This Table of Contents does not constitute part of the Indenture or have any
bearing upon the interpretation of any of its terms and provisions.

                                        i

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          THIS FIFTH SUPPLEMENTAL INDENTURE is made as of the 9th day of
October, 2001, between MIRANT AMERICAS GENERATION, INC., a Delaware corporation,
having its principal office at 1155 Perimeter Center West, Atlanta, Georgia
30338 (the "Company"), and BANKERS TRUST COMPANY, a New York banking
corporation, having its principal corporate trust office at Four Albany Street,
New York, New York 10006, as trustee (the "Trustee").

                              W I T N E S S E T H:

          WHEREAS, the Company has heretofore entered into an Indenture, dated
as of May 1, 2001 (the "Original Indenture"), with Bankers Trust Company, as
trustee;

          WHEREAS, the Original Indenture is incorporated herein by this
reference and the Original Indenture, as supplemented by this Fifth Supplemental
Indenture, is herein called the "Indenture";

          WHEREAS, under the Original Indenture, a new series of Senior Notes
may at any time be established by the Board of Directors of the Company in
accordance with the provisions of the Original Indenture and the terms of such
series may be described by a supplemental indenture executed by the Company and
the Trustee;

          WHEREAS, the Company proposes to create under the Indenture a new
series of Senior Notes which shall contain certain transfer restrictions as
described herein and a new series of Senior Notes which shall not contain such
transfer restrictions;

          WHEREAS, the Company may propose an exchange offer whereby the holders
of such restricted Senior Notes may exchange such securities for nonrestricted
Senior Notes in accordance with the procedures described herein; and

          WHEREAS, all conditions necessary to authorize the execution and
delivery of this Fifth Supplemental Indenture and to make it a valid and binding
obligation of the Company have been done or performed.

          NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows:

                                    ARTICLE 1

                           8.50% Senior Notes Due 2021

     SECTION 101. Establishment. There is hereby established a new series of
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Senior Notes to be issued under the Indenture, to be designated as the Company's
8.50% Senior Notes due 2021 (the "Initial 2021 Notes"), and a new series of
Senior Notes to be issued under the Indenture upon exchange of the Initial 2021
Notes to be designated as the Company's 8.50% Exchange Senior

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Notes due 2021 (the "Exchange 2021 Notes", and, collectively, with the Initial
2021 Notes, the "2021 Notes").

     There are to be authenticated and delivered $450,000,000 principal amount
of Initial 2021 Notes and $450,000,000 principal amount of Exchange 2021 Notes,
and such principal amount of 2021 Notes may be increased from time to time
pursuant to Section 301 of the Original Indenture. All 2021 Notes need not be
issued at the same time and such series may be reopened at any time, without the
consent of any Holder, for issuances of additional 2021 Notes. Any such
additional 2021 Notes will have the same interest rate, maturity and other terms
as those initially issued. No 2021 Notes shall be authenticated and delivered in
excess of the principal amount as so increased, except as provided by Sections
203, 303, 304, 907 or 1107 of the Original Indenture. The 2021 Notes shall be
issued in definitive fully registered form.

     The form of the Trustee's Certificate of Authentication for the 2021 Notes
shall be in substantially the form set forth in Exhibit B hereto.

     Each 2021 Note shall be dated the date of authentication thereof and shall
bear interest from the date of original issuance thereof or from the most recent
Interest Payment Date to which interest has been paid or duly provided for.

     SECTION 102. Definitions. The following defined terms used herein shall,
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unless the context otherwise requires, have the meanings specified below.
Capitalized terms used herein for which no definition is provided herein shall
have the meanings set forth in the Original Indenture.

     "Accredited Investor Note" shall have the meaning set forth in Section
105(c) hereof.

     "Asset Sale" means any sale, lease, sale-leaseback, transfer, conveyance or
other disposition of any assets, including by way of the issue by the Company or
any of the Company's Subsidiaries of equity interests in such Subsidiaries,
except (i) in the ordinary course of business to the extent that such property
is (A) worn out or is no longer useful or necessary in connection with the
operation of our business inventory or (B) being transferred to a wholly-owned
Subsidiary of the Company, and except (ii) for any new generating and any
expansions or repowerings of existing generating assets, (A) in each case the
construction of which is completed after the date of the issuance of the 2021
Notes and all assets and property that are related, ancillary or incidental to
such new, expanded or repowered generating assets, and (B) such assets are
disposed of within 24 months following successful completion of construction of
the new generating asset, expansion or repowering to which such assets relate.

     "Cash Flow Available for Senior Debt Service" for any period means, without
duplication, (i) EBITDA of the Company and the Company's consolidated
Subsidiaries for such period, minus (ii) EBITDA for such period of the
consolidated Subsidiaries, if any, of the Company that are financed with
Indebtedness that does not constitute Indebtedness of the Company, plus (iii)
distributions received by the Company from Subsidiaries described in the
foregoing clause (ii) during such period, minus (iv) distributions described in
the foregoing clause (iii) that are attributable to extraordinary gains included
in EBITDA, minus (v) any income reported by the

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Company for such period for persons that are not consolidated Subsidiaries of
the Company that are financed with Indebtedness that does not constitute
Indebtedness of the Company, plus (vi) distributions received by the Company
from persons described in the foregoing clause (v) during such period, minus
(vii) distributions described in the foregoing clause (vi) that are attributable
to extraordinary gains included in EBITDA, minus (vii) reasonably projected
non-discretionary capital expenditures, net of any capital contributions and
proceeds of debt financing available for capital expenditures.

     "Clearstream" shall have the meaning set forth in Section 105(b) hereof.

     "Consolidated Net Assets" means, (at any date of determination) the total
of all assets (including acquisition premiums paid, but excluding reevaluations
thereof as a result of commercial appraisals, price level restatement or asset
write-ups/write-downs in conformance with GAAP or otherwise) appearing on the
Company's consolidated balance sheet, net of applicable reserves and deductions,
less the aggregate of the Company's consolidated current liabilities appearing
on such balance sheet.

     "Depositary" shall have the meaning set forth in Section 101 of the
Original Indenture.

     "Distribution Compliance Period" means the distribution compliance period
provided by Rule 903(b)(3)(ii)(A) as promulgated by the SEC under the Securities
Act.

     "Euroclear" shall have the meaning set forth in Section 105(b) hereof.

     "EBITDA" means, with respect to any person for any period, the (i) income
(or loss) before interest and taxes of such person, plus (ii) to the extent
deducted in determining such income (or loss), depreciation, amortization and
other similar non-cash charges and reserves, minus (iii) to the extent
recognized in determining such income (or loss), extraordinary gains (or
losses), minus (iv) to the extent recognized in determining such income (or
loss), unrealized gains (or losses) arising from the adoption of SFAS No. 133,
"Accounting for Derivative Instruments and Hedging Activities" or follow-up
revisions thereto, plus (v) to the extent deducted in determining such income
(or loss), payment in the nature of interest under lease obligations of the type
referred to in clause (iv) of the definition of Indebtedness.

     "Exchange Offer" means the offer that may be made pursuant to the
Registration Rights Agreement by the Company to exchange the Initial 2021 Notes
for the Exchange 2021 Notes.

     "GAAP" means U.S. generally accepted accounting principles.

     "Holder" means a registered holder of a 2021 Note.

     "Indebtedness" of any Person means (i) all indebtedness of such Person for
borrowed money, (ii) all obligations of such Person evidenced by bonds,
debentures, notes or other similar instruments, (iii) all indebtedness created
or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person, (iv) all capital lease obligations
of such Person (excluding leases of property in the ordinary course of
business), (v) any

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other form of financing which is recognized in such Person's financial
statements as being a borrowing, and (vi) all Indebtedness of any other person
of the type referred to in clauses (i) through (v) guaranteed by such Person or
for which such Person shall otherwise become directly or indirectly liable, and
(vii) all Indebtedness of the type referred to in clauses (i) and (v) above
secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any lien or interest on property of
such Person but only to the extent of the lesser of the amount of such
Indebtedness and the value of such lien or interest on property.

     "Institutional Accredited Investor" has the meaning set forth in Section
105(c) hereof.

     "Interest Payment Dates" means April 1 and October 1 of each year.

     "Make-Whole Premium" has the meaning set forth in Section 108 hereof.

     "Non-U.S. Person" means a Person who fails to qualify as a U.S. Person, as
such term is defined in Rule 902 promulgated by the SEC under the Securities
Act.

     "Original Issue Date" means October 9, 2001.

     "Permitted Business" means a business that is the same or similar to the
Company's business as of May 1, 2001, or other business reasonably related,
ancillary or incidental thereto.

     "Permitted Indebtedness" means (i) Indebtedness existing on the date of the
2021 Notes, (ii) Indebtedness incurred for working capital purposes, (iii)
Indebtedness in respect of letters of credit, surety bonds or performance bonds
or guarantees issued in the ordinary course of business, (iv) Subordinated
Indebtedness, (v) Indebtedness incurred in exchange, or the net proceeds of
which are used to refund, refinance or replace, Indebtedness permitted to be
incurred pursuant to clause (i) above, provided that the principal amount of the
refinancing Indebtedness shall not exceed the principal amount of the
Indebtedness refinanced plus a reasonable premium in connection with the
refinancing.

     "Person" means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

     "Pro Forma Basis" means , for the purpose of the Debt Incurrence Test
described in Section 110 of this Fifth Supplemental Indenture, that such
calculation shall give effect to the incurrence of such Indebtedness, any
associated increases in equity and the application of the proceeds thereof.

     "QIB" has the meaning set forth in Section 105(c) hereof.

     "Rating Agency" means Moody's Investors Service and Standard & Poor's
Ratings Service.

     "Ratings Reaffirmation" means a reaffirmation by a Rating Agency of its
original or then current credit ratings (as applicable) of any of the
Outstanding 2021 Notes, giving effect to the transaction giving rise to such
request for such reaffirmation.

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     "Registration Rights Agreement" means the Registration Rights Agreement
dated as of October 9, 2001 among the Company and the Initial Purchasers named
therein.

     "Regular Record Date" means, with respect to each Interest Payment Date,
the close of business on the 15th calendar day preceding such Interest Payment
Date.

     "Regulation S" means Rules 901 through 905 as promulgated by the Securities
and Exchange Commission under the Securities Act of 1933, as amended.

     "Resale Restriction Termination Date" means the period of two years after
the later of the original issue date of an Accredited Investor Note and the last
date on which the Company or any affiliate of the Company was the owner of such
Accredited Investor Note (or any predecessor of such Accredited Investor).

     "Rule 144A" means Rule 144A as promulgated by the SEC under the Securities
Act.

     "SEC" means the Securities and Exchange Commission.

     "Securities Act" means the Securities Act of 1933, as amended.

     "Senior Debt Service" means, with respect to any Person for any period, the
sum, without duplication, of (i) the aggregate amount of interest expense with
respect to Indebtedness for borrowed money of such Person for such period
including (A) the net costs under interest rate hedge agreements, (B) all
capitalized interest, (C) the interest portion of any deferred payment
obligation and (D) payments in the nature of interest under capital lease
obligations of such person scheduled to be paid by such person during such
period (in each case, exclusive of Indebtedness which is by its terms
subordinated in right of payment to any other Indebtedness of such Person), and
(ii) the aggregate amount of all mandatory scheduled payments (whether
designated as payments or prepayments) and sinking fund payments with respect to
principal of any Indebtedness for borrowed money of such Person, including
payments in the nature of principal under lease obligations, but excluding
"bullet," "balloon" or other principal payments at final maturity, in each case
scheduled to be paid by such person during such period (in each case, exclusive
of Indebtedness which is by its terms subordinated in right of payment to any
other Indebtedness of such Person).

     "Senior Debt Service Coverage Ratio" means, for any period, the ratio of
(i) Cash Flow Available for Senior Debt Service for such period to (ii) Senior
Debt Service for such period.

     "Subsidiary" means any corporation or other entity of which sufficient
voting stock or other ownership or economic interests having ordinary voting
power to elect a majority of the board of directors (or equivalent body) are at
the time directly or indirectly held by the Company.

     "Subordinated Indebtedness" means, with respect to any person, Indebtedness
which is subordinated in right of payment to any other indebtedness of that
person.

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     SECTION 103. Payment of Principal and Interest. The unpaid principal amount
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of the 2021 Notes shall bear interest at the rate of 8.50% per annum until paid
or duly provided for. Interest shall be paid semi-annually in arrears on each
Interest Payment Date to the Person in whose name the 2021 Notes are registered
on the Regular Record Date for such Interest Payment Date, provided that
interest payable at the Stated Maturity of principal or on a Redemption Date as
provided herein will be paid to the Person to whom principal is payable. Any
such interest that is not so punctually paid or duly provided for will forthwith
cease to be payable to the Holders on such Regular Record Date and may either be
paid to the Person or Persons in whose name the 2021 Notes are registered at the
close of business on a Special Record Date for the payment of such defaulted
interest to be fixed by the Trustee ("Special Record Date"), notice whereof
shall be given to Holders of the 2021 Notes not less than ten days prior to such
Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange, if any, on which
the 2021 Notes shall be listed, and upon such notice as may be required by any
such exchange, all as more fully provided in the Original Indenture.

     Payments of interest on the 2021 Notes will include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for the 2021
Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on the 2021
Notes is not a Business Day, then a payment of the interest payable on such date
will be made on the next succeeding day that is a Business Day, except that, if
such Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same force
and effect as if made on the date the payment was originally payable.

     Payment of the principal, premium, if any, and interest due at the Stated
Maturity or earlier redemption of the 2021 Notes shall be made upon surrender of
the 2021 Notes at the Corporate Trust Office of the Trustee, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. Payments of interest (including
interest on any Interest Payment Date) will be made, subject to such surrender
where applicable, at the option of the Company, (i) by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register or (ii) by wire transfer at such place and to such account at
a banking institution in the United States as may be designated in writing to
the Trustee at least 16 days prior to the date for payment by the Person
entitled thereto.

     SECTION 104. Denominations. The 2021 Notes shall be issued in minimum
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denominations of $100,000, or any integral multiple of $1,000 in excess thereof.

     SECTION 105. Form of 2021 Notes
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          (a) 2021 Notes offered and sold in reliance on Rule 144A shall be
represented initially in the form of one or more Global Notes in definitive,
fully registered form, without interest coupons, substantially in the form set
forth in Exhibit A (each such Note, a "Rule 144A Global Note"), deposited with
the Trustee, as custodian for the Depositary, and registered in the name of a
nominee of DTC. The aggregate principal amount of Rule 144A Global Notes may
from time to time be increased or decreased by adjustments made on the records
of the Trustee, as custodian for the Depositary or its nominee, as hereinafter
provided.

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          (b) 2021 Notes offered and sold in offshore transactions in reliance
on Regulation S shall be represented in the form of one or more Global Notes in
definitive, fully registered form, without interest coupons, substantially in
the form set forth in Exhibit A (each, a "Regulation S Global Note") deposited
with the Trustee, as custodian for the Depositary, and registered in the name of
a nominee of the Depositary for the respective accounts of the purchasers
thereof (or to such other accounts as they may direct) at Euroclear Bank
S.A./N.V., as operator of the Euroclear System ("Euroclear"), and Clearstream
Banking, societe anonyme ("Clearstream"). Prior to the expiration of the
applicable Distribution Compliance Period, beneficial interests in the
Regulation S Global Notes may be held only through Euroclear or Clearstream, and
any resale or other transfer of such interests to U.S. Persons shall not be
permitted during such period unless such resale or transfer is made pursuant to
Rule 144A, Regulation S or another available exemption from the Securities Act
and in accordance with the certification requirements provided by Section 106.

          (c) 2021 Notes offered and sold to Persons that are institutional
"accredited investors" meeting the requirements of Rule 501(a)(1), (2), (3) or
(7) promulgated by the SEC under the Securities Act (each, an "Institutional
Accredited Investor") that are not a Qualified Institutional Buyer (each, a
"QIB") as defined in Rule 144A, shall be issued in definitive, fully registered
form, without interest coupons, substantially in the form set forth in Exhibit A
(each, an "Accredited Investor Note"), registered in the name of the purchaser
thereof.

     Institutional Accredited Investors that are not QIBs may hold interests in
the Initial 2021 Notes only in definitive form. Any beneficial interest in an
Initial 2021 Note represented by a Global Note that is transferred to an
Institutional Accredited Investor which is not a QIB will be delivered in the
form of a definitive, certificated 2021 Note and will cease to be an interest in
such Global Note. Upon the transfer of a 2021 Note issued in definitive,
certificated form to an Institutional Accredited Investor which is not a QIB to
a QIB or in accordance with Regulation S, such 2021 Note shall be exchanged for
an interest in a Global Note. 2021 Notes issued in definitive, certificated form
to Institutional Accredited Investors who are not QIBs shall not be issued in
bearer form.

          (d) Except under the limited circumstances described below, beneficial
interests in Global Notes shall only be recorded by book-entry and owners of
beneficial interests in Global Notes shall not be entitled to receive physical
delivery of certificates representing the Notes. The Global Notes will not be
issuable in bearer form. Global Notes may not be transferred except by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to
the Depositary or another nominee of the Depositary or to a successor Depositary
or its nominee.

     Owners of beneficial interests in the Global Notes will not be considered
the Holders thereof for any purpose under the Indenture, and no Global Note
representing a 2021 Note shall be exchangeable, except for another Global Note
of like denomination and tenor to be registered in the name of the Depositary or
its nominee or to a successor Depositary or its nominee. The rights of Holders
of such Global Note shall be exercised only through the Depositary.

     Any beneficial interest in a Global Note that is transferred to a person
who takes delivery in the form of an interest in another Global Note will, upon
transfer, cease to be an interest in such

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Global Note and become an interest in the other Global Note and, accordingly,
will thereafter be subject to all transfer restrictions, if any, and other
procedures applicable to beneficial interests in such other Global Note for so
long as it remains such an interest.

     A Global Note shall be exchangeable for 2021 Notes registered in the names
of persons other than the Depositary or its nominee only if (i) the Depositary
notifies the Company that it is unwilling or unable to continue as a Depositary
for such Global Note, or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, at a
time when the Depositary is required to be so registered to act as such
Depositary and, in each case, no successor Depositary shall have been appointed
by the Company within 90 days of such notice, (ii) the Company in its sole
discretion determines that such Global Note shall be so exchangeable, or (iii)
there shall have occurred an Event of Default with respect to the 2021 Notes.
Any Global Note that is exchangeable pursuant to the preceding sentence shall be
exchangeable for 2021 Notes registered in such names as the Depositary shall
direct and 2021 Notes issued in exchange for Rule 144A Global Notes, Regulation
S Global Notes and Accredited Investor Notes pursuant to the preceding sentence
will bear, and be subject to, the legends relating to restrictions on transfer
required by Section 107 hereof.

     SECTION 106. Transfer and Exchange.
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     (a) Transfer Restrictions. The Initial 2021 Notes, and those Exchange 2021
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Notes with respect to which any Person described in Section 107(b)(A), (B) or
(C) is the beneficial owner, may not be transferred except in compliance with
the applicable legends contained in Exhibit A unless otherwise determined by the
Company in accordance with applicable law.

     No service charge will be made for any transfer or exchange of 2021 Notes,
but the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith.

     The Company shall not be required (a) to issue, transfer or exchange any
2021 Notes during a period beginning at the opening of business 15 days before
the day of the mailing of a notice identifying the serial numbers of the 2021
Notes to be called for redemption, and ending at the close of business on the
day of the mailing, or (b) to transfer or exchange any 2021 Notes theretofore
selected for redemption in whole or in part, except the unredeemed portion of
any 2021 Note redeemed in part.

     (b) Transfer of Rule 144A Global Notes; Accredited Investor Notes. The
         -------------------------------------------------------------
following provisions shall apply with respect to any proposed transfer of a Rule
144A Global Note or a beneficial interest therein or an Accredited Investor Note
prior to the expiration of the Resale Restriction Termination Date:

               (i) a transfer of a Rule 144A Global Note or a beneficial
     interest therein or an Accredited Investor Note to a QIB shall be made upon
     the representation of the transferee that it is purchasing the 2021 Note
     for its own account or an account with respect to which it exercises sole
     investment discretion and that it and any such account is a QIB and is
     aware that the sale to it is being made in reliance on Rule 144A and

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     acknowledges that it has received such information regarding the Company as
     the undersigned has requested pursuant to Rule 144A or has determined not
     to request such information and that it is aware that the transferor is
     relying upon its foregoing representations in order to claim the exemption
     from registration provided by Rule 144A;

               (ii) a transfer of a Rule 144A Global Note or a beneficial
     interest therein or an Accredited Investor Note to an Institutional
     Accredited Investor shall be made upon receipt by the Trustee or its agent
     of a certificate substantially in the form set forth in Exhibit C annexed
     hereto from the proposed transferee and, if requested by the Company or the
     Trustee, the delivery of an opinion of counsel, certifications and/or other
     information satisfactory to each of them; and

               (iii) a transfer of a Rule 144A Global Note or a beneficial
     interest therein or an Accredited Investor Note to a Non-U.S. Person shall
     be made upon receipt by the Trustee or its agent of a certificate
     substantially in the form set forth in Exhibit D annexed hereto from the
     proposed transferee and, if requested by the Company or the Trustee, the
     delivery of an opinion of counsel, certifications and/or other information
     satisfactory to each of them.

     (c) Transfer of Regulation S Global Notes. The following provisions shall
         -------------------------------------
apply with respect to any proposed transfer of a Regulation S Global Note prior
to the expiration of the Distribution Compliance Period:

               (i) a transfer of a Regulation S Global Note or a beneficial
     interest therein to a QIB shall be made upon receipt by the Trustee or its
     agent of a certificate substantially in the form set forth in Exhibit E
     annexed hereto from the transferor and, if requested by the Company or the
     Trustee, the delivery of an opinion of counsel, certifications and/or other
     information satisfactory to each of them;

               (ii) a transfer of a Regulation S Global Note or a beneficial
     interest therein to an Institutional Accredited Investor shall be made upon
     receipt by the Trustee or its agent of a certificate substantially in the
     form set forth in Exhibit C annexed hereto from the proposed transferee
     and, if requested by the Company or the Trustee, the delivery of an opinion
     of counsel, certifications and/or other information satisfactory to each of
     them; and

               (iii) a transfer of a Regulation S Global Note or a beneficial
     interest therein to a Non-U.S. Person shall be made upon receipt by the
     Trustee or its agent of a certificate substantially in the form set forth
     in Exhibit D annexed hereto from the proposed transferee and, if requested
     by the Company or the Trustee, the delivery of an opinion of counsel,
     certifications and/or other information satisfactory to each of them.

          Prior to or on the expiration of the Distribution Compliance Period,
beneficial interests in a Regulation S Global Note may only be held through
Euroclear or Clearstream or another agent member of Euroclear and Clearstream
acting for and on behalf of them, unless exchanged for interests in a Rule 144A
Global Note in accordance with the certification

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requirements hereof. During the Distribution Compliance Period, interests in a
Regulation S Global Note, if any, may be exchanged for interests in the Rule
144A Global Note or for definitive 2021 Notes only in accordance with the
certification requirements described in this Section 106.

          After the expiration of the Distribution Compliance Period, interests
in the Regulation S Global Note may be transferred without requiring the
certification set forth in Exhibit D annexed hereto or any additional
certification.

          As used in the preceding two paragraphs of this Section 106(c), the
term "transfer" encompasses any sale, transfer or other disposition of any 2021
Notes referred to herein except for transfers from any Holder to an Affiliate of
such Holder; provided, that such transferring Holder shall deliver a letter to
the Trustee stating that the transferee is an Affiliate of such Holder. The
Trustee shall be entitled to rely on and be fully protected in its reliance on
such letter.

     (d) Exchange of Initial 2021 Notes for Exchange 2021 Notes. The Initial
         ------------------------------------------------------
2021 Notes may be exchanged for Exchange 2021 Notes pursuant to the terms of the
Exchange Offer. The Trustee shall make the exchange as follows:

     The Company shall present the Trustee with an Officers' Certificate
certifying the following:

          (A)  upon issuance of the Exchange 2021 Notes, the transactions
               contemplated by the Exchange Offer have been consummated; and

          (B)  the principal amount of Initial 2021 Notes properly tendered in
               the Exchange Offer that are represented by a Global Note or by
               Global Notes and the principal amount of Initial 2021 Notes
               properly tendered in the Exchange Offer that are represented by
               individual 2021 Notes, the name of each holder of such individual
               Initial 2021 Notes, the principal amount properly tendered in the
               Exchange Offer by each such holder and the name and address to
               which individual Exchange 2021 Notes shall be registered and sent
               for each such holder.

     The Trustee, upon receipt of (i) such Officers' Certificate, (ii) an
Opinion of Counsel to the Company addressed to the Trustee of the 2021 Notes (x)
to the effect that the Exchange 2021 Notes have been registered under Section 5
of the Securities Act of 1933, as amended, and the Indenture has been qualified
under the Trust Indenture Act and (y) with respect to the matters set forth in
Section 3(p) of the Registration Rights Agreement and (iii) a Company Order,
shall authenticate (A) a Global Note or Global Notes for Exchange 2021 Notes in
aggregate principal amount equal to the aggregate principal amount of Initial
2021 Notes represented by a Global Note or by Global Notes indicated in such
Officers' Certificate as having been properly tendered and (B) individual 2021
Notes representing Exchange 2021 Notes registered in the names of, and in the
principal amounts indicated in, such Officers' Certificate.

                                       10

<PAGE>

     If the principal amount of the Global Note or Global Notes for the Exchange
2021 Notes is less than the principal amount of the Global Note or Global Notes
for the Initial 2021 Notes, the Trustee shall make an endorsement on such Global
Note or Global Notes for Initial 2021 Notes indicating a reduction in the
principal amount represented thereby.

     The Trustee shall deliver such individual 2021 Notes for Exchange 2021
Notes to the holders thereof as indicated in such Officers' Certificate.

     SECTION 107. Legends.
                  -------

     (a) Except as permitted by subsection (b) of this Section 107 or as
otherwise determined by the Company in accordance with applicable law, each 2021
Note shall bear the applicable legends relating to restrictions on transfer
pursuant to the securities laws in substantially the form set forth on Exhibit A
hereto.

     (b) The Company shall issue, and the Trustee shall authenticate upon
Company Order, Exchange 2021 Notes in exchange for Initial 2021 Notes accepted
for exchange in the Exchange Offer, which Exchange 2021 Notes shall not bear the
legends required by subsection (a) above, in each case unless the holder of such
Initial 2021 Notes is either (A) a broker-dealer who purchased such Initial 2021
Notes directly from the Company for resale pursuant to Rule 144A or any other
available exemption under the Securities Act of 1933, as amended, (B) a Person
participating in the distribution of the Initial 2021 Notes or (C) a Person who
is an affiliate (as defined in Rule 144 under the Securities Act of 1933, as
amended) of the Company.

     SECTION 108. Redemption. At any time and at the Company's option, the
                  ----------
Company may redeem the 2021 Notes, in whole or in part (if in part, by lot or by
such other method as the Trustee shall deem fair or appropriate) at the
redemption price of 100% of principal amount of such 2021 Notes, plus accrued
interest on the principal amount of such 2021 Notes, if any, to the Redemption
Date, plus the Make-Whole Premium for such 2021 Notes.

          "Make-Whole Premium" means, with respect to the 2021 Notes, a
computation as of a date not more than five days prior to the Redemption Date of
the following:

          (i) the average life of the remaining scheduled payments of principal
in respect of Outstanding 2021 Notes (the "Remaining Average Life") as of the
Redemption Date;

          (ii) the yield to maturity for the United States treasury security
having an average life equal to the Remaining Average Life of the 2021 Notes and
trading in the secondary market at the price closest to the principal amount
thereof (the "Primary Issue") (subject to extrapolation if no United States
treasury security has an average life equal to the Remaining Average Life); and

          (iii) the discounted present value of the then-remaining scheduled
payments of principal and interest (but excluding that portion of any scheduled
payment of interest that is actually due and paid on the Redemption Date) in
respect of Outstanding 2021 Notes as of the

                                       11

<PAGE>

Redemption Date using a discount factor equal to the sum of (x) the yield to
maturity for the Primary Issue, plus (y) 37.5 basis points.

     The amount of Make-Whole Premium in respect of 2021 Notes to be redeemed or
repurchased shall be an amount equal to (x) the discounted present value of such
2021 Notes to be redeemed determined in accordance with clause (iii) above,
minus (y) the unpaid principal amount of such 2021 Notes; provided, however,
that the Make-Whole Premium shall not be less than zero.

     In the event of redemption of the 2021 Notes in part only, a new 2021 Note
or new 2021 Notes for the unredeemed portion will be issued in the name or names
of the Holder or Holders thereof upon the surrender thereof.

     The 2021 Notes will not have a sinking fund.

     Notice of redemption shall be given as provided in Section 1104 of the
Original Indenture.

     Any redemption of less than all of the 2021 Notes shall, with respect to
the principal thereof, be divisible by $1,000.

     SECTION 109. Limitation on Liens. The Company shall not issue, assume or
                  -------------------
guarantee any Indebtedness for borrowed money secured by any lien on any
non-cash assets of the Company, whether owned on the date that the 2021 Notes
are issued or thereafter acquired, without in any such case effectively securing
the outstanding 2021 Notes (together with, if the Company shall so determine,
any other Indebtedness of or guaranty by the Company ranking equally with the
2021 Notes equally and ratably with such Indebtedness (but only so long as such
Indebtedness is so secured); provided, however, that the foregoing restriction
shall not apply to the following liens:

     (a) any lien incurred or deposits made in the ordinary course of business;

     (b) liens imposed by law, such as carriers', warehousemen's and mechanics'
liens, arising in the ordinary course of business;

     (c) any lien on items of inventory or other goods and proceeds in respect
of bankers' acceptances;

     (d) liens in favor of the Company.

     (e) any lien created by the Company under or in connection with or arising
out of any pooling and settlement agreements or pooling and settlement
arrangements of the electricity industry or any transactions or arrangements
entered into in connection with hedging or management of risks relating to the
electricity industry;

     (f) any lien constituted by a right of set off or right over a margin call
account or any form of cash or cash collateral or any similar arrangement for
obligations incurred in respect of

                                       12

<PAGE>

the hedging or management of risks under transactions involving any currency or
interest rate swap, cap or collar arrangements, forward exchange transaction,
option, warrant, forward rate agreement, futures contract or other derivative
instrument of any kind;

     (g) any lien arising out of title retention or like provisions in
connection with the purchase of goods and equipment in the ordinary course of
business;

     (h) any lien securing reimbursement obligations under letters of credit,
guaranties and other forms of credit enhancement given in connection with the
purchase of goods and equipment in the ordinary course of business;

     (i) liens on any property or assets acquired from a corporation that is
merged with or into the Company, or any liens on the property or assets of any
corporation or other entity existing at the time such corporation or other
entity becomes a Subsidiary of the Company and, in either such case, is not
created in anticipation of any such transaction (unless such lien was created to
secure or provide for the payment of any part of the purchase price of such
corporation);

     (j) liens required by any contract or statute in order to permit the
Company to perform any contract or subcontract made by the Company with or at
the request of a governmental entity or any department, agency or
instrumentality thereof, or to secure partial, progress, advance or other
payments by the Company to such governmental unit pursuant to the provisions of
any contract or statute;

     (k) any lien securing industrial revenue, development or similar bonds
issued by or for the Company's benefit, provided that such industrial revenue,
development or similar bonds are nonrecourse to the Company;

     (l) any lien securing taxes or assessments or other applicable governmental
charges or levies;

     (m) any lien that arises pursuant to any order of attachment, distraint or
similar legal process arising in connection with court proceedings and any lien
that secures the reimbursement obligation for any bond obtained in connection
with an appeal taken in any court proceeding, so long as the execution or other
enforcement of such lien arising pursuant to such legal process is effectively
stayed and the claims secured thereby are being contested in good faith, and, if
appropriate, by appropriate legal proceedings, or any lien in favor of a
plaintiff or defendant in any action before a court or tribunal as security for
costs and/or expenses;

     (n) any lien arising by operation of law or by order of a court or tribunal
or any lien arising by an agreement of similar effect, including, without
limitation, judgement liens;

     (o) liens securing amounts not more than 90 days overdue or otherwise being
contested in good faith;

                                       13

<PAGE>

     (p) minor encumbrances, easements or reservations which do not in the
aggregate materially adverse affect the value of the properties or impair their
use;

     (q) liens on any property existing at the time of acquisition thereof
(which liens may also extend to subsequent repairs, alterations and improvements
to such property);

     (r) liens to secure purchase money Indebtedness not in excess of the cost
or value of the property acquired;

     (s) liens, if any, in existence on May 1, 2001;

     (t) any liens securing the Company's Indebtedness for borrowed money
incurred in connection with the financing of accounts receivable;

     (u) rights of financial institutions to offset credit balances and other
liens in the nature of bankers' liens;

     (v) other liens to secure Indebtedness so long as the amount of outstanding
Indebtedness secured by liens pursuant to this provision does not exceed 10% of
the Company's Consolidated Net Assets at the time of incurrence; and

     (w) liens granted in connection with extending, renewing, replacing or
refinancing (or successive extensions, renewals, replacements or refinancings)
any of the Indebtedness (so long as there is no increase in the principal amount
of the Indebtedness) described in clauses (a) through (v) above.

     In the event that the Company shall propose to pledge, mortgage or
hypothecate any property, other than as permitted by clauses (a) through (w)
above, the Company shall (prior thereto) give written notice thereof to the
Trustee, who shall give notice to the Holders, and the Company shall, prior to
or simultaneously with such pledge, mortgage or hypothecation, effectively
secure all the 2021 Notes equally and ratably with such Indebtedness.

     This Section 109 shall be defeasable pursuant to Section 401(2) of the
Original Indenture.

     SECTION 110. Limitation on Asset Sales. Except for the sale, conveyance,
                  -------------------------
transfer or lease of the Company's properties and assets substantially as an
entirety as permitted pursuant to Article 8 of the Original Indenture, and other
than assets required to be sold to conform with governmental regulations, the
Company shall not, and shall not permit any of its Subsidiaries to, consummate
any Asset Sale, if the aggregate net book value of all such Asset Sales during
the most recent 12-month period would exceed 10% of the Company's Consolidated
Net Assets computed as of the end of the Company's most recently ended full
fiscal quarter preceding such Asset Sale; provided, however, that any such Asset
Sale will be disregarded for purposes of the 10% limitation specified above if
the proceeds thereof (i) are, within 18 months of such Asset Sale, invested or
reinvested by the Company or any Subsidiary in a Permitted Business, (ii) are
used by the Company or a Subsidiary to repay Indebtedness of the Company or such
Subsidiary or are used by the Company or a Subsidiary to purchase and retire

                                       14

<PAGE>

some or all of the 2021 Notes, or (iii) are retained by the Company or its
Subsidiaries. Additionally, if after giving effect to any Asset Sale that
otherwise would cause the 10% limitation to be exceeded, each Rating Agency then
rating the 2021 Notes confirms the then current rating of the 2021 Notes, the
portion of such Asset Sale in excess of the 10% limitation will also be
disregarded for purposes of the foregoing limitations.

     This Section 110 shall be defeasable pursuant to Section 401(2) of the
Original Indenture.

     SECTION 111. Debt Incurrence Test.
                  --------------------

     (a) The Company shall not incur any Indebtedness for borrowed money other
than Permitted Indebtedness unless on a Pro Forma Basis for the debt incurrence
and any related transaction either (i) based on projections prepared by the
Company on a reasonable basis, the projected Senior Debt Service Coverage Ratio
for each of the succeeding two twelve-month periods (commencing with the month
in which such Indebtedness is to be incurred) or, with respect to any date
within the 24-month period prior to the final maturity date for the 2021 Notes,
the number of complete twelve-month periods, if any, until such final maturity
date for the 2021 Notes, in each case measured as individual twelve-month
periods, is projected to be greater than or equal to 2.5 to 1, or (ii) each
Rating Agency then rating the 2021 Notes provides a Ratings Reaffirmation of the
then existing rating of such 2021 Notes after giving effect to such additional
Indebtedness.

     (b) At any time following the date on which financial statements for five
full years of the Company's operations are available (commencing with the year
ended December 31, 1999), the Company may cease to comply with the covenant
provided in paragraph (a) of this Section 110 if each Rating Agency then rating
the Outstanding Senior Notes provides a Ratings Reaffirmation of at least the
original rating of such Senior Notes after giving effect to such fact, in which
case from and after the date of such reaffirmation such covenant shall be deemed
to be of no further force and effect.

     (c) This Section 111 shall be defeasable pursuant to Section 401(2) of the
Original Indenture.

                                    ARTICLE 2

                            Miscellaneous Provisions

     SECTION 201. Recitals by Company. The recitals in this Fifth Supplemental
                  -------------------
Indenture are made by the Company only and not by the Trustee, and all of the
provisions contained in the Original Indenture in respect of the rights,
privileges, immunities, powers and duties of the Trustee shall be applicable in
respect of 2021 Notes and of this Fifth Supplemental Indenture as fully and with
like effect as if set forth herein in full.

     SECTION 202. Ratification and Incorporation of Original Indenture. As
                  ----------------------------------------------------
supplemented hereby, the Original Indenture is in all respects ratified and
confirmed, and the

                                       15

<PAGE>

Original Indenture and this Fifth Supplemental Indenture shall be read, taken
and construed as one and the same instrument.

     SECTION 203. Executed in Counterparts. This Fifth Supplemental Indenture
                  ------------------------
may be simultaneously executed in several counterparts, each of which shall be
deemed to be an original, and such counterparts shall together constitute but
one and the same instrument.

     SECTION 204. GOVERNING LAW. THIS FIFTH SUPPLEMENTAL INDENTURE AND EACH 2021
                  -------------
NOTE ISSUED HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK.

                                       16

<PAGE>

          IN WITNESS WHEREOF, each party hereto has caused this instrument to be
signed in its name and behalf by its duly authorized officers, all as of the day
and year first above written.

                                       MIRANT AMERICAS GENERATION, INC.

                                       By:  /s/ DONALD B. DYSERT
                                          --------------------------------------
                                          Name: Donald B. Dysert
                                          Title: Vice President and Treasurer

                                       BANKERS TRUST COMPANY, as Trustee

                                       By:  /s/ RICHARD L. BUCKWALTER
                                          --------------------------------------
                                          Name: Richard L. Buckwalter
                                          Title: Vice President

<PAGE>

                                    EXHIBIT A

                                FORM OF 2021 NOTE

<PAGE>

          [INCLUDE IF NOTE IS A GLOBAL NOTE -- UNLESS THIS NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION ("DTC"), TO MIRANT AMERICAS GENERATION, INC. (THE "COMPANY") OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

          TRANSFERS OF THIS GLOBAL NOTE IN WHOLE SHALL BE LIMITED TO TRANSFERS
TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR
BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY AND TRANSFERS OF THIS GLOBAL NOTE IN PART SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

     THIS GLOBAL NOTE SHALL BE EXCHANGEABLE FOR NOTES REGISTERED IN THE NAMES OF
PERSONS OTHER THAN DTC OR ITS NOMINEE ONLY IF (I) DTC NOTIFIES THE COMPANY THAT
IT IS UNWILLING OR UNABLE TO CONTINUE AS A DEPOSITARY FOR SUCH GLOBAL NOTE, OR
IF AT ANY TIME DTC CEASES TO BE A CLEARING AGENCY REGISTERED UNDER THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AT A TIME WHEN DTC IS REQUIRED TO
BE SO REGISTERED TO ACT AS SUCH DEPOSITARY AND, IN EACH CASE, NO SUCCESSOR
DEPOSITARY SHALL HAVE BEEN APPOINTED BY THE COMPANY WITHIN 90 DAYS OF SUCH
NOTICE, (II) THE COMPANY IN ITS SOLE DISCRETION DETERMINES THAT SUCH GLOBAL NOTE
SHALL BE SO EXCHANGEABLE, OR (III) THERE SHALL HAVE OCCURRED AN EVENT OF DEFAULT
WITH RESPECT TO THE NOTES. ANY GLOBAL NOTE THAT IS EXCHANGEABLE PURSUANT TO THE
PRECEDING SENTENCE SHALL BE EXCHANGEABLE FOR NOTES REGISTERED IN SUCH NAMES AS
THE DEPOSITARY SHALL DIRECT AND NOTES ISSUED IN EXCHANGE FOR RULE 144A GLOBAL
NOTES, REGULATION S GLOBAL NOTES AND ACCREDITED INVESTOR NOTES PURSUANT TO THE
PRECEDING SENTENCE, SHALL BEAR, AND BE SUBJECT TO, THE LEGENDS RELATING TO
RESTRICTIONS ON TRANSFER REQUIRED BY THE INDENTURE RELATING HERETO.]

     [INCLUDE IF THIS NOTE IS A RULE 144A GLOBAL NOTE OR AN ACCREDITED INVESTOR
NOTE; DO NOT INCLUDE IF THIS SECURITY IS A REGULATION S GLOBAL NOTE -- THIS NOTE
(OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE

                                      A-1

<PAGE>

EXEMPTION THEREFROM AND IN ANY EVENT MAY BE SOLD OR OTHERWISE TRANSFERRED ONLY
IN ACCORDANCE WITH THE INDENTURE, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION
AT THE CORPORATE TRUST OFFICE OF THE TRUSTEE IN NEW YORK.

     [INCLUDE IF THIS NOTE IS A REGULATION S GLOBAL NOTE - THE NOTES COVERED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE
"SECURITIES ACT") AND MAY NOT BE OFFERED AND SOLD WITHIN THE UNITED STATES OR
TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (i) AS PART OF THEIR
DISTRIBUTION AT ANY TIME OR (ii) OTHERWISE UNTIL 40 DAYS AFTER THE LATER OF THE
OFFERING AND THE CLOSING DATE, EXCEPT IN EITHER CASE IN ACCORDANCE WITH
REGULATION S (OR RULE 144A IF AVAILABLE) UNDER THE SECURITIES ACT. TERMS USED
ABOVE HAVE THE MEANING GIVEN TO THEM BY REGULATION S.]

     EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER MAY BE
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A THEREUNDER. EACH HOLDER OF THIS NOTE REPRESENTS TO MIRANT
AMERICAS GENERATION, INC. THAT (a) SUCH HOLDER WILL NOT SELL, PLEDGE OR
OTHERWISE TRANSFER THIS NOTE (WITHOUT THE CONSENT OF MIRANT AMERICAS GENERATION,
INC.) OTHER THAN (i) TO A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
COMPLYING WITH RULE 144A UNDER THE SECURITIES ACT, (ii) IN ACCORDANCE WITH RULE
144 UNDER THE SECURITIES ACT, (iii) OUTSIDE THE UNITED STATES IN A TRANSACTION
MEETING THE REQUIREMENTS OF REGULATION S UNDER THE SECURITIES ACT, (iv) PURSUANT
TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT,
SUBJECT, IN THE CASE OF CLAUSES (ii), (iii) OR (iv), TO THE RECEIPT BY MIRANT
AMERICAS GENERATION, INC. OF AN OPINION OF COUNSEL OR SUCH OTHER EVIDENCE
ACCEPTABLE TO MIRANT AMERICAS GENERATION, INC. THAT SUCH RESALE, PLEDGE OR
TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
(v) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND THAT (b) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS
NOTE OF THE RESALE RESTRICTIONS REFERRED TO HEREIN AND DELIVER TO THE TRANSFEREE
(OTHER THAN A QUALIFIED INSTITUTIONAL BUYER) PRIOR TO THE SALE A COPY OF THE
TRANSFER RESTRICTIONS APPLICABLE HERETO (COPIES OF WHICH MAY BE OBTAINED FROM
THE TRUSTEE).

BECAUSE OF THE FOREGOING RESTRICTIONS, PURCHASERS ARE ADVISED TO CONSULT LEGAL
COUNSEL PRIOR TO MAKING ANY RESALE, PLEDGE OR TRANSFER OF ANY OF THE NOTES.
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS
OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.]

                                      A-2

<PAGE>

NO. [ ]                                                                CUSIP NO.

                        MIRANT AMERICAS GENERATION, INC.
                                8.50% SENIOR NOTE
                               DUE October 1, 2021

<TABLE>
<S>                             <C>
     Principal Amount:          $
                                 ---------

     Regular Record Date:       15th calendar day prior to Interest Payment Date

     Original Issue Date:       October 9, 2001

     Stated Maturity:           October 1, 2021

     Interest Payment Dates:    April 1 and October 1

     Interest Rate:             8.50% per annum

     Authorized Denomination:   $100,000, or any integral multiple of $1,000 in excess thereof
</TABLE>

     Mirant Americas Generation, Inc., a Delaware corporation (the "Company",
which term includes any successor corporation under the Indenture referred to on
the reverse hereof), for value received, hereby promises to pay to
                                                                   -------------
                                     , or registered assigns, the principal sum
-------------------------------------
of           DOLLARS ($__________) on the Stated Maturity shown above (or upon
   ---------
earlier redemption), and to pay interest thereon from the Original Issue Date
shown above, or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, semi-annually in arrears on each Interest
Payment Date as specified above, commencing on the Interest Payment Date next
succeeding the Original Issue Date shown above and on the Stated Maturity (or
upon earlier redemption) at the rate per annum shown above until the principal
hereof is paid or made available for payment and on any overdue principal and on
any overdue installment of interest. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date (other than an Interest
Payment Date that is the Stated Maturity or on a Redemption Date) will, as
provided in such Indenture, be paid to the Person in whose name this Note (the
"Note") is registered at the close of business on the Regular Record Date as
specified above next preceding such Interest Payment Date, provided that any
interest payable at Stated Maturity or on any Redemption Date will be paid to
the Person to whom principal is payable. Except as otherwise provided in the
Indenture, any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Note is registered at the close
of business on a Special Record Date for the payment of such defaulted interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of
this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange, if any, on which the Notes of this series shall be
listed, and

                                      A-3

<PAGE>

upon such notice as may be required by any such exchange, all as more fully
provided in the Indenture.

     Payments of interest on this Note will include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for this Note
shall be computed and paid on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on this Note is
not a Business Day, then payment of the interest payable on such date will be
made on the next succeeding day that is a Business Day, except that, if such
Business Day is in the next succeeding calendar year, payment shall be made on
the immediately preceding Business Day, in each case with the same force and
effect as if made on the date the payment was originally payable. A "Business
Day" shall mean any day other than a Saturday or a Sunday or a day on which
banks New York, New York are authorized or obligated by law or executive order
to remain closed or a day on which the Trustee's Corporate Trust Office is
closed for business.

     Payment of the principal, premium, if any, and interest due at the Stated
Maturity or earlier redemption of this Note shall be made upon surrender of this
Note at the Corporate Trust Office of the Trustee, in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts. Payments of interest (including interest on
any Interest Payment Date) will be made, subject to such surrender where
applicable, at the option of the Company, (i) by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security
Register or (ii) by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing to the Trustee
at least 16 days prior to the date for payment by the Person entitled thereto.

     The unpaid principal amount of this Note shall bear interest at the rate
per annum set forth above.

     The Company has entered into a Registration Rights Agreement dated October
9, 2001 with the Initial Purchasers described therein. Pursuant to the
Registration Rights Agreement, the Company has agreed to file with the SEC a
registration statement under the Securities Act ("Registration Statement") for
an offer to exchange the Initial 2021 Notes for a like aggregate principal
amount of Exchange 2021 Notes issued pursuant to the Indenture that are in all
material respects identical to the Initial 2021 Notes except that such Exchange
2021 Notes shall be issued pursuant to an effective Registration Statement.

     From and after the date on which an Additional Interest Event (as defined
in the Registration Rights Agreement) occurs, the interest rate payable on this
Note shall increase (in addition to the interest rate set forth above) and
additional interest reflecting such increase shall accrue with respect to this
Note, as described in the Registration Rights Agreement, until but not including
the date on which all such Additional Interest Events shall be cured and cease
to exist (and provided no other Additional Interest Event with respect to this
Note shall then be continuing), at the rate of one-half of one percent (0.50%)
per annum, which additional interest shall be payable hereon at the times, in
the manner and subject to the same terms and conditions set forth herein and in
the Indenture, as though the interest rate set forth above had been increased by
one-half of one percent (0.50%) per annum.

                                      A-4

<PAGE>

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH
ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
SAME EFFECT AS IF SET FORTH AT THIS PLACE.

     Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                      A-5

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed by its duly authorized officer.

Dated: October 9, 2001.

                                               MIRANT AMERICAS GENERATION, INC.

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

                                      A-6

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Senior Notes of the series designated therein referred
to in the within-mentioned Indenture.

                                               BANKERS TRUST COMPANY,
                                               as Trustee

                                               By:
                                                  ------------------------------
                                                     Authorized Officer

                                      A-7

<PAGE>

                             (Reverse Side of Note)

     This Note is one of a duly authorized issue of Senior Notes of the Company,
issued and issuable in one or more series under an Indenture, dated as of May 1,
2001, as supplemented by the Fifth Supplemental Indenture dated as of October 9,
2001 (collectively, the "Indenture"), between the Company and Bankers Trust
Company, to which Indenture reference is hereby made for a statement of the
respective rights, limitation of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Senior Notes issued thereunder and
of the terms upon which said Senior Notes are, and are to be, authenticated and
delivered. This Note is one of the series designated on the face hereof as 8.50%
Senior Notes due October 1, 2021 (the "2021 Notes") in aggregate principal
amount of up to $450,000,000, subject to increase as provided for in the
Indenture. Capitalized terms used herein for which no definition is provided
herein shall have the meanings set forth in the Indenture.

     At any time and at the Company's option, the Company may redeem this Note,
in whole or in part (if in part, by lot or by such other method as the Trustee
shall deem fair or appropriate) at the redemption price of 100% of principal
amount of such Note, plus accrued interest on the principal amount of this Note,
if any, to the Redemption Date, plus the Make-Whole Premium for such Note.

          "Make-Whole Premium" means a computation as of a date not more than
five days prior to the Redemption Date of the following:

          (i) the average life of the remaining scheduled payments of principal
in respect of outstanding 2021 Notes (the "Remaining Average Life") as of the
Redemption Date;

          (ii) the yield to maturity for the United States treasury security
having an average life equal to the Remaining Average Life of the 2021 Notes and
trading in the secondary market at the price closest to the principal amount
thereof (the "Primary Issue") (subject to extrapolation if no United States
treasury security has an average life equal to the Remaining Average Life); and

          (iii) the discounted present value of the then-remaining scheduled
payments of principal and interest (but excluding that portion of any scheduled
payment of interest that is actually due and paid on the Redemption Date) in
respect of Outstanding 2021 Notes as of the Redemption Date using a discount
factor equal to the sum of (x) the yield to maturity for the Primary Issue, plus
(y) 37.5 basis points.

     The amount of Make-Whole Premium in respect of 2021 Notes to be redeemed or
repurchased shall be an amount equal to (x) the discounted present value of such
2021 Notes to be redeemed determined in accordance with clause (iii) above,
minus (y) the unpaid principal amount of such 2021 Notes; provided, however,
that the Make-Whole Premium shall not be less than zero.

                                      A-8

<PAGE>

     In the event of redemption of this Note in part only, a new Note or Notes
of this series for the unredeemed portion hereof will be issued in the name or
names of the Holder or Holders hereof upon the surrender hereof. The Notes will
not have a sinking fund.

     If an Event of Default with respect to the Notes of this series shall occur
and be continuing, the principal of the Notes of this series may be declared due
and payable in the manner, with the effect and subject to the conditions
provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes of each series to be affected
under the Indenture at any time by the Company and the Trustee with the consent
of the Holders of not less than a majority in principal amount of the
Outstanding Notes of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Notes of each 2021 Note at the time Outstanding, on behalf of the Holders
of all Notes of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note. Without notice to or the consent of any Holder,
the Company and the Trustee may amend the Indenture or the Notes for the purpose
of curing any ambiguity, or of curing, correcting, or supplementing any
defective provision thereof or hereof, or in any manner that the Company and the
Trustee may determine that is not inconsistent with the Indenture and the Notes
and will not adversely affect the interests of any Holder.

     The Indenture contains certain covenants, including without limitation,
covenants with respect to the following matters: (i) debt incurrence; (ii)
Liens, (iii) Asset Sales; and (iv) mergers, consolidations and certain transfers
of assets. Until such time as the Company is registered as a reporting company
under the Exchange Act, the Company must furnish to the Trustee annual
statements as to the Company's compliance with such limitations in accordance
with the terms of the Indenture.

     The Indenture contains provisions for, upon compliance by the Company with
certain conditions set forth in the Indenture, the defeasance of certain
restrictive covenants and agreements.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registrable in the Security Register, upon
surrender of this Note for registration of transfer at the office or agency of
the Company for such purpose, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar and duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon

                                      A-9

<PAGE>

one or more new Notes of this series, of authorized denominations and of like
tenor and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. No service charge shall be made for any
such registration of transfer or exchange, but the Company or the Trustee may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     The Notes are issuable only in registered form without coupons in minimum
denominations of $100,000 and integral multiples of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Notes are exchangeable for a like aggregate principal amount of Notes of this
series of a different authorized denomination, as requested by the Holder
surrendering the same upon surrender of the Note or Notes to be exchanged at the
office or agency of the Company.

     This Note shall be governed by, and construed in accordance with, the laws
of the State of New York.

     The Trustee will furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to Bankers Trust Company,
Four Albany Street, New York, New York 10006, Attention: Corporate Trust Office.

                                      A-10

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM- as tenants in      UNIF GIFT MIN ACT-        Custodian
         common                                ------            -------
TEN ENT- as tenants by                                   (Cust)          (Minor)
         the entireties
JT TEN-  as joint tenants                             under Uniform Gifts to
         with right of                                Minors Act
         survivorship and
         not as tenants                               -------------------------
         in common                                        (State)

                    Additional abbreviations may also be used
                          though not on the above list.

                                   ----------

     FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
                                 (please insert Social Security or other
--------------------------------
identifying number of assignee)

--------------------------------------------------------------------------------
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF
ASSIGNEE

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
agent to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:
       -----------------------------        ------------------------------------

                                            NOTICE: The signature to this
                                            assignment must correspond with the
                                            name as written upon the face of the
                                            within instrument in every
                                            particular without alteration or
                                            enlargement, or any change whatever.

<PAGE>

                                    EXHIBIT B

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Senior Notes of the series designated therein referred
to in the within-mentioned Indenture.

                                          BANKERS TRUST COMPANY,
                                          as Trustee

                                          By:
                                              ----------------------------------
                                                   Authorized Officer

<PAGE>

                                    EXHIBIT C
                    FORM OF INSTITUTIONAL ACCREDITED INVESTOR
                          TRANSFEREE COMPLIANCE LETTER

Bankers Trust Company
Four Albany Street
New York, New York 10006

Re:    Mirant Americas Generation, Inc.
       8.50% Notes due 2021

Ladies and Gentlemen:

     In connection with our proposed purchase of $           aggregate principal
                                                  ----------
amount of 8.50% Senior Notes due 2021 (the "Notes") of Mirant Americas
Generation, Inc., a Delaware corporation (the "Company"), we confirm that:

1.   We understand that the Notes have not been registered under the Securities
     Act of 1933, as amended (the "Securities Act") and may not be sold except
     as permitted in the following sentence. We agree, on our own behalf and on
     behalf of any accounts for which we are acting as hereinafter stated, to
     offer, sell, pledge or otherwise transfer such Notes prior to the date
     which is two years after the later of the original issue date of the Notes
     and the last date on which the Company or any affiliate of the Company was
     the owner of the Notes (or any predecessor of such Note), only (i) to the
     Company, (ii) so long as such Notes are eligible for resale pursuant to
     Rule 144A under the Securities Act ("Rule 144A"), to a person whom we
     reasonably believe is a "qualified institutional buyer" (as defined in Rule
     144A) (a "QIB") that purchases for its own account or for the account of a
     QIB to whom notice is given that the resale, pledge or transfer is being
     made in reliance on Rule 144A, (iii) to an institution that is an
     "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under
     the Securities Act that is acquiring the Notes in a minimum amount of
     $100,000 for investment purposes and not for distribution and an
     Institutional Accredited Investor Transferee Compliance Letter in the form
     hereof is delivered to the Company and to the Trustee under the Indenture
     relating to the Notes by such accredited investor, (iv) pursuant to any
     other available exemption from registration under the Securities Act, or
     (v) pursuant to an effective registration statement under the Securities
     Act, in each case in accordance with any applicable securities laws of any
     state of the United States, and we will notify any purchaser of the Notes
     from us of the above resale restrictions, if then applicable. We further
     understand that in connection with any transfer of the Notes by us that the
     Company and the Trustee may request, and if so requested we will furnish,
     such opinions of counsel, certificates and/or other information as they may
     reasonably require to confirm that any such transfer complies with the
     foregoing restrictions.

2.   We are an institutional investor and are an "accredited investor" (as
     defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and we
     have such knowledge and experience in financial and business matters as to
     be capable of evaluating the merits and

<PAGE>

     risks of our investment in the Notes, and we and any accounts for which we
     are acting are each able to bear the economic risk of our or its
     investment.

3.   We understand that the Notes will be issued solely in physical certificated
     form (and not in the form of interests in securities deposited with The
     Depository Trust Company) and the minimum principal amount of Notes that
     may be purchased by an institutional accredited investor is $100,000.

4.   We are acquiring the Notes purchased by us for our own account or for one
     or more accounts as to each of which we exercise sole investment
     discretion.

5.   You are entitled to rely upon this letter and you are irrevocably
     authorized to produce this letter or a copy hereof to any interested party
     in any administrative or legal proceeding or official inquiry with respect
     to the matters covered hereby.

                                                   Very truly yours,

                                                   [Name of Purchaser]

                                                   By:
                                                       -------------------------
                                                       Authorized Signature

Dated:         ,
       --------  ----

cc: Mirant Americas Generation, Inc.

<PAGE>

                                    EXHIBIT D
                    FORM OF REGULATION S TRANSFER CERTIFICATE

Bankers Trust Company
Four Albany Street
New York, New York 10006

Re:  Mirant Americas Generation, Inc.
     8.50% Senior Notes due 2021

Ladies and Gentlemen:

     In connection with our proposed purchase of $           aggregate principal
                                                  ----------
amount of 8.50% Senior Notes due 2021 (the "Notes") of Mirant Americas
Generation, Inc., a Delaware corporation (the "Company"), we confirm that:

     1.   The offer of the Notes was not made to a person in the United States;

     2.   Either (i) at the time the buy order was originated, the transferee
          was outside the United States or we and any person acting on our
          behalf reasonably believed that the transferee was outside the United
          States or (ii) the transaction was executed in, on or through the
          facilities of a designated off-shore securities market and neither we
          nor any person acting on our behalf knows that the transaction has
          been pre-arranged with a buyer in the United States;

     3.   No directed selling efforts have been made in the United States in
          contravention of the requirements of Rule 903(a) or Rule 904(a) of
          Regulation S, as applicable; and

     4.   The transaction is not part of a plan or scheme to evade the
          registration requirements of the Securities Act.

     In addition, if the sale is made during a Distribution Compliance Period
and the provisions of Rule 903(b)(3) or Rule 904(b) of Regulation S are
applicable thereto, we confirm that such sale has been made in accordance with
the applicable provisions of Rule 903(b)(3) or Rule 904(b), as the case may be.

     The Company and the Trustee are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby. Terms used in this certificate have the
meanings set forth in Regulation S.

Very truly yours,

[Name of Transferor]

<PAGE>

By:                                           By:
     -------------------------------------        ------------------------------
     Authorized Signature                         Signature Medallion Guaranteed

Dated:         ,                             Dated:         ,
       --------  ----                               --------  ----

cc: Mirant Americas Generation, Inc.

<PAGE>

                                    EXHIBIT E
                  FORM OF TRANSFER CERTIFICATE FOR TRANSFER OR
                        EXCHANGE FROM REGULATION S GLOBAL
                          NOTE TO RULE 144A GLOBAL NOTE

Bankers Trust Company
Four Albany Street
New York, New York 10006

Re:  Mirant Americas Generation, Inc.
     8.50% Senior Notes due 2021

Ladies and Gentlemen:

     In connection with our proposed purchase of $           aggregate principal
                                                  ----------
amount of 8.50% Senior Notes due 2021 (the "Notes") of Mirant Americas
Generation, Inc., a Delaware corporation (the "Company"), we confirm that such
purchase is being effected pursuant to and in accordance with Rule 144A under
the Securities Act of 1933, as amended ("Rule 144A"), and, accordingly, we do
hereby further certify that the Notes are being transferred to a person that we
reasonably believe is purchasing the Notes for its own account, or for one or
more accounts with respect to which such person exercises sole investment
discretion, and such person and each such account is a "qualified institutional
buyer" within the meaning of Rule 144A, in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United State.

     The Company and Bankers Trust Company, a New York banking corporation, are
entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby.

Very truly yours,

[Name of Transferor]

By:
     -------------------------------------
     Authorized Signature

Dated:          ,
        --------  ----

cc: Mirant Americas Generation, Inc.<PAGE>

                                                                     Exhibit 4.8

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

                          REGISTRATION RIGHTS AGREEMENT

                              Dated October 9, 2001

                                      among

                                 MIRANT AMERICAS
                                GENERATION, INC.

                                       and

                            SALOMON SMITH BARNEY INC.

                                       and

                         BANC OF AMERICA SECURITIES LLC

                                       and

                            BLAYLOCK & PARTNERS, L.P.

                                       and

                            SCOTIA CAPITAL (USA) INC.

                                       and

                            TD SECURITIES (USA) INC.

                                       and

                       TOKYO-MITSUBISHI INTERNATIONAL plc

                              as Initial Purchasers

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

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and entered into as
of October 9, 2001 among MIRANT AMERICAS GENERATION, INC., a Delaware
corporation (the "Company") and SALOMON SMITH BARNEY INC. ("Salomon Smith
Barney"), BANC OF AMERICA SECURITIES LLC, BLAYLOCK & PARTNERS, L.P., SCOTIA
CAPITAL (USA) INC., TD SECURITIES (USA) INC. and TOKYO-MITSUBISHI INTERNATIONAL
plc (collectively, the "Initial Purchasers").

          This Agreement is made pursuant to the Purchase Agreement dated
October 3, 2001 (the "Purchase Agreement"), among the Company, as issuer of the
7.20% Senior Notes due 2008, and the 8.50% Senior Notes due 2021 (collectively,
the "Notes"), and the Initial Purchasers, which provides for among other things,
the sale by the Company to the Initial Purchasers of an aggregate of
$750,000,000 of the Notes. In order to induce the Initial Purchasers to enter
into the Purchase Agreement, the Company has agreed to provide to the Initial
Purchasers and their direct and indirect transferees the registration rights set
forth in this Agreement. The execution and delivery of this Agreement is a
condition to the closing under the Purchase Agreement.

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

          1. Definitions. As used in this Agreement, the following capitalized
             -----------
defined terms shall have the following meanings:

          "Additional Interest" shall have the meaning set forth in Section 2(d)
           -------------------
hereof.

          "Additional Interest Event" shall have the meaning set forth in
           -------------------------
Section 2(d) hereof.

          "Advice" shall have the meaning set forth in the last paragraph of
           ------
Section 3 hereof.

          "Applicable Period" shall have the meaning set forth in Section 3(t)
           -----------------
hereof.

          "Business Day" shall mean a day other than (i) a Saturday or a Sunday,
           ------------
(ii) a day on which banks in New York, New York are authorized or obligated by
law or executive order to remain closed or (iii) a day on which the Trustee's
Corporate Trust Office is closed for business.

          "Closing Time" shall mean the Closing Time as defined in the Purchase
           ------------
Agreement.

                                       2

<PAGE>

          "Depositary" shall mean The Depository Trust Company, or any other
           ----------
depositary appointed by the Company; provided, however, that such depositary
must have an address in the Borough of Manhattan, in The City of New York.

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

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

          "Exchange Notes" shall mean the 7.20% Senior Notes due 2008 and the
           --------------
8.50% Senior Notes due 2021, containing terms identical to the Notes (except
that they will not contain terms with respect to transfer restrictions under the
Securities Act and will not provide for any increase in the interest rate
thereon).

          "Exchange Offer" shall mean the offer by the Company to the Holders to
           --------------
exchange all of the Registrable Notes for a like principal amount of Exchange
Notes pursuant to Section 2(a) hereof.

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

          "Exchange Offer Registration Statement" shall mean an exchange offer
           -------------------------------------
registration statement on Form S-4 (or, if applicable, on another appropriate
form), and all amendments and supplements to such registration statement, in
each case including the Prospectus contained therein, all exhibits thereto and
all material incorporated by reference therein.

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

          "Holder" shall mean the Initial Purchasers, for so long as they own
           ------
any Registrable Notes, and each of their respective successors, assigns and
direct and indirect transferees who become registered owners of Registrable
Notes under the Indenture; provided that for purposes of Sections 3 and 4 of
this Agreement, the term Holder shall include Participating Broker-Dealers.

          "Indenture" shall mean the Indenture relating to the Notes and the
           ---------
Exchange Notes dated as of May 1, 2001 between the Company and Bankers Trust
Company, as the Trustee, as the same may be amended from time to time in
accordance with the terms thereof, together with any series supplemental
indenture relating thereto.

          "Inspectors" shall have the meaning set forth in Section 3(n) hereof.
           ----------

          "Issue Date" shall mean the date of original issuance of the Notes.
           ----------

                                       3

<PAGE>

          "Majority Holders" shall mean the Holders of a majority of the
           ----------------
aggregate principal amount of outstanding Notes.

          "Notes" shall have the meaning set forth in the Preamble.
           -----

          "Participating Broker-Dealer" shall have the meaning set forth in
           ---------------------------
Section 3(t) hereof.

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

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

          "Purchase Agreement" shall have the meaning set forth in the preamble
           ------------------
to this Agreement.

          "Records" shall have the meaning set forth in Section 3(n) hereof.
           -------

          "Registrable Notes" shall mean the Notes; provided, however, that the
           -----------------
Notes shall cease to be Registrable Notes when (i) a Registration Statement with
respect to such Notes for the exchange thereof, shall have been declared
effective under the Securities Act and such Notes shall have been disposed of
pursuant to such Registration Statement, (ii) such Notes shall have been sold to
the public pursuant to Rule 144(k) (or any similar provision then in force, but
not Rule l44A) under the Securities Act, (iii) such Notes shall have ceased to
be outstanding or (iv) such Notes have been exchanged for Exchange Notes upon
consummation of the Exchange Offer and are thereafter freely tradable by the
holder thereof (other than an affiliate of the Company).

          "Registration Expenses" shall mean any and all expenses incident to
           ---------------------
performance of or compliance by the Company with this Agreement, including
without limitation: (i) all SEC or National Association of Securities Dealers,
Inc. (the "NASD") registration and filing fees; (ii) all fees and expenses
incurred in connection with compliance with state securities or blue sky laws
(including reasonable fees and disbursements of counsel for any underwriters or
Holders in connection with blue sky qualification of any of the Exchange Notes
or Registrable Notes) and compliance with the rules of the NASD in the amount
not exceeding $15,000 in the aggregate; (iii) all expenses of any Persons in
preparing or assisting in preparing, word processing, printing and distributing
any Registration Statement, any Prospectus and any amendments or supplements
thereto, and in preparing or assisting in preparing, printing and distributing
any Registration Statement, any Prospectus and any amendments or supplements
thereto, and in preparing or

                                       4

<PAGE>

assisting in preparing, printing and distributing any underwriting agreements,
securities sales agreements and other documents relating to the performance of
and compliance with this Agreement; (iv) all rating agency fees; (v) the fees
and disbursements of counsel for the Company and of the independent certified
public accountants of the Company, including the expenses of any "comfort"
letters required by or incident to such performance and compliance; (vi) the
fees and expenses of the Trustee, and any paying agent, exchange agent or
custodian, (vii) all fees and expenses incurred in connection with the listing,
if any, of any of the Registrable Notes on any securities exchange or exchanges;
and (viii) the reasonable fees and expenses of any experts retained by the
Company in connection with the Registration Statement.

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

          "Rule 144(k) Period" shall mean the period of two years (or such
           ------------------
shorter period as may hereafter be provided in Rule 144(k) under the Securities
Act (or similar successor rule)) commencing on the Issue Date.

          "SEC" shall mean the Securities and Exchange Commission.
           ---

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

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

          "Shelf Registration Event" shall have the meaning set forth in Section
           ------------------------
2(b) hereof.

          "Shelf Registration Event Date" shall have the meaning set forth in
           -----------------------------
Section 2(b) hereof.

          "Shelf Registration Statement" shall mean a "shelf" registration
           ----------------------------
statement of the Company pursuant to the provisions of Section 2(b) hereof that
covers all of the Registrable Notes, on an appropriate form under Rule 415 under
the Securities Act, or any similar rule that may be adopted by the SEC, and all
amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference
therein.

          "Special Counsel" shall have the meaning set forth in Section 3(n)
           ---------------

hereof.

          "TIA" shall have the meaning set forth in Section 3(1) hereof.
           ---

          "Trustee" shall mean the Trustee with respect to the Notes under the
           -------
Indenture,

                                       5

<PAGE>

which shall initially be Bankers Trust Company, and any successor trustee
appointed pursuant to the provisions thereof.

          2. Registration Under the Securities Act.
             -------------------------------------

          (a) Exchange Offer. To the extent not prohibited by any applicable law
              --------------
     or applicable interpretation of the staff of the SEC, the Company shall,
     for the benefit of the Holders, at the Company's cost, use its reasonable
     best efforts to (i) cause to be filed with the SEC an Exchange Offer
     Registration Statement on an appropriate form under the Securities Act
     covering the Exchange Offer, (ii) cause such Exchange Offer Registration
     Statement to be declared effective under the Securities Act by the SEC not
     later than the date that is 240 days after the Issue Date, and (iii) keep
     such Exchange Offer Registration Statement effective for not less than 30
     calendar days (or longer if required by applicable law) after the date
     notice of the Exchange Offer is mailed to the Holders. Upon the
     effectiveness of the Exchange Offer Registration Statement, the Company
     shall promptly commence the Exchange Offer, it being the objective of such
     Exchange Offer to enable each Holder eligible and electing to exchange
     Registrable Notes for a like principal amount of Exchange Notes (assuming
     that such Holder is not an affiliate of the Company within the meaning of
     Rule 405 under the Securities Act and is not a broker-dealer tendering
     Registrable Notes acquired directly from the Company for its own account,
     acquires the Exchange Notes in the ordinary course of such Holder's
     business and has no arrangements or understandings with any Person to
     participate in the Exchange Offer for the purpose of distributing the
     Exchange Notes, and is not prohibited by any law or policy of the SEC from
     participating in the Exchange Offer) to transfer such Exchange Notes from
     and after their receipt without any limitations or restrictions under the
     Securities Act and under state securities or blue sky laws.

          In connection with the 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 Exchange Offer open for acceptance for a period of not
     less than 30 days after the date notice thereof is mailed to the Holders
     (or longer if required by applicable law) (such period referred to herein
     as the "Exchange Period");

          (iii) utilize the services of the Trustee or the Depositary for the
     Exchange Offer,

          (iv) permit Holders to withdraw tendered Notes at any time prior to
     the close of business, New York time, on the last Business Day of the
     Exchange Period, by sending to the institution specified in the notice, a
     telegram, telex, facsimile transmission or letter setting forth the name of
     such Holder, the principal amount of Notes delivered for

                                       6

<PAGE>

     exchange and a statement that such Holder is withdrawing his election to
     have such Notes exchanged;

          (v) notify each Holder that any Notes not tendered by such Holder in
     the Exchange Offer will remain outstanding and continue to accrue interest,
     but will not retain any rights under this Agreement (except in the case of
     the Initial Purchasers and Participating Broker-Dealers as provided
     herein); and

          (vi) otherwise comply with applicable laws relating to the Exchange
     Offer.

          As soon as practicable after the close of the Exchange Offer, the
Company shall:

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

          (ii) deliver, or cause to be delivered, to the Trustee for
     cancellation all Notes or portions thereof so accepted for exchange by the
     Company; and

          (iii) issue, and cause the Trustee to promptly authenticate and
     deliver to each Holder, Exchange Notes equal in principal amount to the
     principal amount of the Notes as are surrendered by such Holder for
     exchange.

          The Indenture will provide that the Exchange Notes will not be subject
to the restrictive legend set forth on the Registrable Notes or the transfer
restrictions (other than in respect of minimum denominations) set forth in the
Indenture.

          Interest on each Exchange Note issued pursuant to the Registered
Exchange Offer will accrue from the last date on which interest was paid on the
Note surrendered in exchange therefor or, if no interest has been paid on such
Note, from the Issue Date.

          To the extent not prohibited by any law or applicable interpretation
or other action of the staff of the SEC, the Company shall use its reasonable
best efforts to complete the Exchange Offer as provided above, and shall comply
with the applicable requirements of the Securities Act, the Exchange Act and
other applicable laws in connection with the Exchange Offer. The Exchange Offer
shall not be subject to any conditions, other than that the Exchange Offer shall
not violate applicable law or any applicable interpretation of the staff of the
SEC and as provided in the next sentence. Each Holder participating in the
Exchange Offer will be required to represent to the Company at the time of the
consummation of the Exchange Offer:

          (a) that any Exchange Note received by that Holder will be acquired in
     the ordinary course of business;

          (b) that the Holder will have no arrangement or understanding with any
     person to participate in the distribution of the Notes or the Exchange
     Notes within the meaning of the Securities Act;

                                       7

<PAGE>

          (c) that the Holder is not an "affiliate," as defined in Rule 405 of
     the Securities Act, of the Company or, if it is an affiliate, that Holder
     will comply with the registration and prospectus delivery requirements of
     the Securities Act to the extent applicable;

          (d) if that Holder is not a broker-dealer, that it is not engaged in,
     and does not intend to engage in any distribution of the Exchange Notes;
     and

          (e) if that Holder is a broker-dealer, that it will receive Exchange
     Notes for its own account in exchange for Notes that were acquired as a
     result of market-making activities or other trading activities and that it
     will deliver a prospectus in connection with any resale of those Exchange
     Notes.

          Each Holder hereby acknowledges and agrees that any Participating
Broker-Dealer and any such Holder using the Exchange Offer to participate in a
distribution of the Exchange Notes to be acquired in the Exchange Offer (1)
could not under SEC policy as in effect on the date of this Agreement rely on
the position of the SEC enunciated in Morgan Stanley and Co., Inc. (available
June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988),
as interpreted in the SEC's letter to Shearman & Sterling dated July 2, 1993,
and similar no-action letters, and (2) must comply with the registration and
prospectus delivery requirements of the Securities Act in connection with a
secondary resale transaction and that such a secondary resale transaction should
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 if the resales are of Exchange Notes obtained by such Holder in
exchange for Notes acquired by such Holder directly from the Company.

          Upon consummation of the Exchange Offer in accordance with this
Section 2(a), the provisions of this Agreement shall continue to apply, mutatis
                                                                        -------
mutandis, solely with respect to Registrable Notes that are Exchange Notes held
--------
by Participating Broker-Dealers, and the Company shall have no further
obligation to register the Registrable Notes (other than pursuant to Section
2(b)(iv)) pursuant to Section 2(b) of this Agreement.

          (b) Shelf Registration. In the event that (i) the Company is not
              ------------------
permitted to effect the Exchange Offer because of any change in law or in
currently prevailing interpretations of the staff of the SEC, or (ii) any Notes
validly tendered pursuant to the Exchange Offer are not exchanged for
corresponding Exchange Notes upon consummation of the Exchange Offer, or (iii)
any Initial Purchaser so requests with respect to Notes not eligible to be
exchanged for Exchange Notes in the Exchange Offer and held by it following the
consummation of the Exchange Offer, or (iv) any applicable law or
interpretations do not permit and Holder of Notes other than the Initial
Purchaser to participate in the Exchange Offer, or (v) any Holder of Notes that
participates in the Exchange Offer does not receive freely transferable Exchange
Notes in exchange for tendered Notes, or (vi) the Company elects (any of the
events specified in (i) - (vi) being a "Shelf Registration Event" and the date
of occurrence thereof, the "Shelf Registration Event Date"), the Company shall
promptly deliver to the Holders written notice thereof and, at its cost, use its

                                       8

<PAGE>

reasonable best efforts to cause to be filed as promptly as practicable after
such Shelf Registration Event Date, as the case may be, and, in any event,
within 45 days after such Shelf Registration Event Date (which shall be no
earlier than 75 days after the Closing Time), a Shelf Registration Statement
providing for the sale by the Holders of all of the Registrable Notes, and shall
use its reasonable best efforts to have such Shelf Registration Statement
declared effective by the SEC as soon as practicable; provided, however, that if
                                                      --------  -------
the Shelf Registration Event is pursuant to clause (iii), the Company may
register such Registrable Notes together with the Exchange Offer Registration
Statement, filed pursuant to Section 2(a), and the requirements as to timing
applicable thereto. No Holder of Registrable Notes shall be entitled to include
any of its Registrable Notes in any Shelf Registration pursuant to this
Agreement unless and until such Holder agrees in writing to be bound by all of
the provisions of this Agreement applicable to such Holder and furnishes to the
Company in writing, within 15 days after receipt of a request therefor, such
information as the Company may, after conferring with counsel with regard to
information relating to Holders that would be required by the SEC to be included
in such Shelf Registration Statement or Prospectus included therein, reasonably
requests for inclusion in any Shelf Registration Statement or Prospectus
included therein. Each Holder as to which any Shelf Registration is being
effected agrees promptly to furnish to the Company all information with respect
to such Holder necessary to make the information previously furnished to the
Company by such Holder not materially misleading.

          The Company agrees to use its reasonable best efforts to keep the
Shelf Registration Statement continuously effective for the Rule 144(k) Period
(subject to extension pursuant to the last paragraph of Section 3 hereof) or for
such shorter period that will terminate when all of the Registrable Notes
covered by the Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement or cease to be outstanding (the "Effectiveness Period").
                                                                      ------
The Company shall not permit any securities other than Registrable Notes to be
included in the Shelf Registration. The Company will, in the event a Shelf
Registration Statement is declared effective, provide to each Holder a
reasonable number of copies of the Prospectus that is a part of the Shelf
Registration Statement and notify each such Holder when the Shelf Registration
has become effective. The Company further agrees, if necessary, to supplement or
amend the Shelf Registration Statement, if required by the rules, regulations or
instructions applicable to the registration form used by the Company for such
Shelf Registration Statement or by the Securities Act or by any other rules and
regulations thereunder for shelf registrations, and the Company agrees to
furnish to the Holders of Registrable Securities copies of any such supplement
or amendment promptly after its being used or filed with the SEC.

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

          (d) Effective Registration Statement. An Exchange Offer Registration
              --------------------------------
Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement
pursuant to Section 2(b) hereof (or a combination of the two) will not be deemed
to have become effective unless it

                                       9

<PAGE>

has been declared effective by the SEC; provided, however, that if, after it has
                                        --------  -------
been declared effective, the offering of Registrable Notes pursuant to a Shelf
Registration Statement is interfered with by any stop order, injunction or other
order or requirement of the SEC or any other governmental agency or court, such
Registration Statement will be deemed not to have been effective during the
period of such interference, until the offering of Registrable Notes pursuant to
such Registration Statement may legally resume. The Company will be deemed not
to have used its reasonable best efforts to cause the Exchange Offer
Registration Statement or the Shelf Registration Statement, as the case may be,
to become, or to remain, effective during the requisite period if it voluntarily
takes any action that would result in any such Registration Statement not being
declared effective or in the Holders of Registrable Notes covered thereby not
being able to exchange or offer and sell such Registrable Notes during that
period unless such action is required by applicable law.

                                       10

<PAGE>

          (e) Additional Interest. The annual interest rates on the principal
              -------------------
amount of the Notes shall increase by 0.50% per annum (the "Additional
Interest") if any of the following events occur (each event identified in clause
(i), (ii) or (iii) below, an "Additional Interest Event"):

          (i) if the Exchange Offer is not consummated or the Shelf Registration
     Statement does not become effective within 270 days following the Closing
     Date, Additional Interest shall accrue on the Notes from and after that
     date to, but excluding, the date the Exchange Offer is consummated, the
     date the Shelf Registration Statement becomes effective, or the date on
     which all the Notes otherwise become transferable by Holders (other than
     the Company or its affiliates, as such term is refined in Rule 501 (b) of
     Regulation D under the Securities Act) without further registration under
     the Securities Act; or

          (ii) if a Shelf Registration Statement is required to be filed with
     the SEC and becomes effective and later ceases to be effective at any time
     during the period specified by this Agreement, Additional Interest shall
     accrue on the Notes from and after the date such registration statement
     ceases to be effective to, but excluding, such date when the Shelf
     Registration Statement again becomes effective (or, if earlier, the end of
     such period specified by this Agreement); or

          (iii) if the Company ceases to maintain its status as a reporting
     company under the Exchange Act whether or not SEC rules and regulations
     require the Company to maintain that status (unless the SEC will not accept
     the filing of the applicable reports) Additional Interest shall accrue on
     the Notes.

provided, however, that the Additional Interest rate on the Notes may not exceed
--------  -------
in the aggregate 0.5% per annum; provided, further, however that Additional
Interest shall cease to accrue on the Notes as of the date all Additional
Interest Events are cured and cease to exist. Any amount of Additional Interest
due pursuant to Section 2(e) (i), (ii) or (iii) above will be payable in cash on
the relevant payment dates for the payment of interest pursuant to the
Indenture.

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

          3. Registration Procedures. In connection with the obligations of the
             -----------------------
Company with respect to the Registration Statements pursuant to Sections 2(a)
and 2(b) hereof, the Company shall use its best reasonable efforts to:

                                       11

<PAGE>

          (a) prepare and file with the SEC a Registration Statement or
     Registration Statements as prescribed by Sections 2(a) and 2(b) hereof
     within the relevant time period specified in Section 2 hereof on the
     appropriate form(s) under the Securities Act, which form(s) (i) shall be
     selected by the Company, (ii) shall, in the case of a Shelf Registration,
     be available for the sale of the Registrable Notes by the selling Holders
     thereof and (iii) shall comply as to form in all material respects with the
     requirements of the applicable form and include all financial statements
     required by the SEC to be filed therewith; and use its reasonable best
     efforts to cause such Registration Statement to become effective and remain
     effective in accordance with Section 2 hereof; provided, however, that if
                                                    --------  -------
     (1) such filing is pursuant to Section 2(b) or (2) a Prospectus contained
     in an Exchange Offer Registration Statement filed pursuant to Section 2(a)
     is required to be delivered under the Securities Act by any Participating
     Broker-Dealer who seeks to sell Exchange Notes, before filing any
     Registration Statement or Prospectus or any amendments or supplements
     thereto, the Company shall furnish to and afford the Holders of the
     Registrable Notes and each such Participating Broker-Dealer, as the case
     may be, covered by such Registration Statement, their counsel and the
     managing underwriters, if any, a reasonable opportunity to review copies of
     all such documents (including copies of any documents to be incorporated by
     reference therein and all exhibits thereto) proposed to be filed. The
     Company shall not file any Registration Statement or Prospectus or any
     amendments or supplements thereto in respect of which the Holders must be
     afforded an opportunity to review prior to the filing of such document if
     the Majority Holders or such Participating Broker-Dealer, as the case may
     be, their counsel or the managing underwriters, if any, shall reasonably
     object;

          (b) prepare and file with the SEC such amendments and post-effective
     amendments to each Registration Statement as may be necessary to keep such
     Registration Statement effective for the Effectiveness Period or the
     Applicable Period, as the case may be, and cause each Prospectus to be
     supplemented, if so determined by the Company or requested by the SEC, by
     any required prospectus supplement and as so supplemented to be filed
     pursuant to Rule 424 (or any similar provision then in force) under the
     Securities Act, and comply with the provisions of the Securities Act, the
     Exchange Act and the rules and regulations promulgated thereunder
     applicable to it with respect to the disposition of all securities covered
     by each Registration Statement during the Effectiveness Period or the
     Applicable Period, as the case may be, in accordance with the intended
     method or methods of distribution by the selling Holders thereof described
     in this Agreement (including sales by any Participating Broker-Dealer);

          (c) in the case of a Shelf Registration, (i) notify each Holder of
     Registrable Notes included in the Shelf Registration Statement, at least
     three Business Days prior to filing, that a Shelf Registration Statement
     with respect to the Registrable Notes is being filed and advise such Holder
     that the distribution of Registrable Notes will be made in accordance with
     the method selected by the Majority Holders; (ii) furnish to each Holder of
     Registrable Notes included in the Shelf Registration Statement and to each
     underwriter of an underwritten offering of Registrable Notes, if any, as
     many copies of each Prospectus, including each preliminary Prospectus, and
     any amendment or supplement

                                       12

<PAGE>

     thereto and such other documents as such Holder or underwriter may
     reasonably request, in each case without charge in order to facilitate the
     public sale or other disposition of the Registrable Notes; and (iii)
     consent to the use of the Prospectus or any amendment or supplement thereto
     by each of the selling Holders of Registrable Notes included in the Shelf
     Registration Statement in connection with the offering and sale of the
     Registrable Notes covered by the Prospectus or any amendment or supplement
     thereto.

          (d) in the case of a Shelf Registration, cooperate with the Trustee to
     register or qualify the Registrable Notes under all applicable state
     securities or "blue sky" laws of such jurisdictions by the time the
     applicable Registration Statement is declared effective by the SEC as any
     Holder of Registrable Notes covered by a Registration Statement and each
     underwriter of an underwritten offering of Registrable Notes shall
     reasonably request in writing in advance of such date of effectiveness;
     provided, however, that in complying with the requirements of this Section
     --------  -------
     3(d) the Company shall not be required to (i) qualify as a foreign
     corporation or as a dealer in securities in any jurisdiction where it would
     not otherwise be required to qualify but for this Section 3(d), (ii) file
     any general consent to service of process in any jurisdiction where it
     would not otherwise be subject to such service of process or (iii) file
     annual reports or comply with any other requirements deemed by the Company
     to be unduly burdensome;

          (e) in the case of (1) a Shelf Registration or (2) Participating
     Broker-Dealers from whom the Company has received prior written notice that
     they will be utilizing the Prospectus contained in the Exchange Offer
     Registration Statement as provided in Section 3(t) hereof, are seeking to
     sell Exchange Notes and are required to deliver Prospectuses, promptly
     notify each Holder of Registrable Notes, or such Participating
     Broker-Dealers, as the case may be, their counsel and the managing
     underwriters, if any, and promptly confirm such notice in writing (i) when
     a Registration Statement has become effective and when any post-effective
     amendments and supplements thereto become effective, (ii) of any request by
     the SEC or any state securities authority for amendments and supplements to
     a Registration Statement or Prospectus or for additional information after
     the Registration Statement has become effective, (iii) of the issuance by
     the SEC or any state securities authority of any stop order suspending the
     effectiveness of a Registration Statement or the qualification of the
     Registrable Notes or the Exchange Notes to be offered or sold by any
     Participating Broker-Dealer in any jurisdiction described in paragraph 3(d)
     hereof, (iv) of the happening of any event or the failure of any event to
     occur or the discovery of any fact or otherwise, during the Effectiveness
     Period that makes any statement made in such Registration Statement or the
     related Prospectus untrue in any material respect or that causes such
     Registration Statement or Prospectus to omit to state a material fact
     necessary to make the statements therein, in the light of the circumstances
     under which they were made, not misleading, and (v) the Company's
     reasonable determination that a post-effective amendment to the
     Registration Statement would be appropriate;

          (f) make every reasonable effort to obtain the withdrawal of any order
     suspending the effectiveness of a Registration Statement at the earliest
     possible moment;

                                       13

<PAGE>

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

          (h) in the case of a Shelf Registration, cooperate with the selling
     Holders of Registrable Notes to facilitate the timely preparation and
     delivery of certificates representing Registrable Notes to be sold and not
     bearing any restrictive legends and in such denominations (consistent with
     the provisions of the Indenture) and registered in such names as the
     selling Holders or the underwriters may reasonably request prior to the
     closing of any sale of Registrable Notes pursuant to such Shelf
     Registration Statement;

          (i) in the case of a Shelf Registration or an Exchange Offer
     Registration, upon the occurrence of any circumstance contemplated by
     Section 3(e)(ii), 3(e)(iii), 3(e)(v) or 3(e)(vi) hereof, prepare a
     supplement or post-effective amendment to a Registration Statement or the
     related Prospectus or any document incorporated therein by reference or
     file any other required document so that, as thereafter delivered to the
     purchasers of the Registrable Notes, such Prospectus will not contain any
     untrue statement of a material fact or omit to state a material fact
     necessary to make the statements therein, in the light of the circumstances
     under which they were made, not misleading; and to notify each Holder to
     suspend use of the Prospectus as promptly as practicable after the
     occurrence of such an event, and each Holder hereby agrees to suspend use
     of the Prospectus until the Company has amended or supplemented the
     Prospectus to correct such misstatement or omission;

          (j) in the case of a Shelf Registration, a reasonable time prior to
     the filing of any document that is to be incorporated by reference into a
     Registration Statement or a Prospectus after the initial filing of a
     Registration Statement, provide a reasonable number of copies, without
     charge, of such document to the Holders; and make such of the
     representatives of the Company as shall be reasonably requested by the
     Holders of Registrable Notes or the Initial Purchasers on behalf of such
     Holders available for reasonable discussion of such document;

          (k) obtain a CUSIP number for all Exchange Notes and the Notes, as the
     case may be, not later than the effective date of a Registration Statement,
     and provide the Trustee with printed certificates for the Exchange Notes or
     the Registrable Notes, as the case may be, in a form eligible for deposit
     with the Depositary;

          (1) cause the Indenture to be qualified under the Trust Indenture Act
     of 1939, as amended (the "TIA") in connection with the registration of the
     Exchange Notes or Registrable Notes, as the case may be, and effect such
     changes to such document as may be required for it to be so qualified in
     accordance with the terms of the TIA and execute, and use its reasonable
     best efforts to cause the Trustee to execute, all documents as may

                                       14

<PAGE>

     be required to effect such changes, and all other forms and documents
     required to be filed with the SEC to enable such document to be so
     qualified in a timely manner;

          (m) in the case of a Shelf Registration, enter into such agreements
     (including underwriting agreements) consistent with the terms of the
     Purchase Agreement and take all such other appropriate actions as are
     reasonably requested in order to expedite or facilitate the registration or
     the disposition of such Registrable Notes, and in such connection, whether
     or not an underwriting agreement is entered into and whether or not the
     registration is an underwritten registration, if requested by (x) any
     Initial Purchaser, in the case where an Initial Purchaser holds Notes
     acquired by it as part of its initial distribution and (y) other Holders of
     Notes covered thereby: (i) make such representations and warranties to
     Holders of such Registrable Notes and the underwriters (if any) consistent
     with the terms of the Purchase Agreement and the registration requirements
     of the Securities Act; (ii) obtain opinions of counsel to the Company and
     updates thereof (which may be in the form of a reliance letter) consistent
     with the terms of the Purchase Agreement and the registration requirements
     of the Securities Act (it being agreed that the matters to be covered by
     such opinion may be subject to customary qualifications and exceptions);
     (iii) obtain "cold comfort" letters and updates thereof in form and
     substance reasonably satisfactory to the managing underwriters from the
     independent certified public accountant 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 of the underwriters, such
     letters to be in customary form and covering matters of the type
     customarily covered in "cold comfort" letters in connection with
     underwritten offerings and such other matters as reasonably requested by
     such underwriters in accordance with Statement on Auditing Standards No.
     72; and (iv) if an underwriting agreement is entered into, the same shall
     contain indemnification provisions and procedures no less favorable than
     those set forth in Section 4 hereof (or such other provisions and
     procedures acceptable to the Majority Holders of Registrable Notes covered
     by such Registration Statement and the managing underwriters or agents)
     with respect to all parties to be indemnified pursuant to said Section
     (including such underwriters and selling Holders). The above shall be done
     at each closing under such underwriting agreement, or as and to the extent
     required thereunder and as consistent with the terms of the Purchase
     Agreement;

          (n) if (1) a Shelf Registration is filed pursuant to Section 2(b) or
     (2) a Prospectus contained in an Exchange Offer Registration Statement
     filed pursuant to Section 2(a) is required to be delivered under the
     Securities Act by any Participating Broker-Dealer who seeks to sell
     Exchange Notes during the Applicable Period, make reasonably available for
     inspection by any selling Holder of such Registrable Notes being sold, or
     each such Participating Broker-Dealer, as the case may be, any underwriter
     participating in any such disposition of Registrable Notes, if any, and any
     attorney, accountant or other agent retained by any such selling Holder or
     each such Participating Broker-Dealer, as the case may be, or underwriter
     (collectively, the "Inspectors"), at the offices where normally kept,
     during reasonable business hours, financial and other

                                       15

<PAGE>

     records and pertinent corporate documents of the Company and its
     subsidiaries (collectively, the "Records") as shall be reasonably necessary
     to enable them to exercise any applicable due diligence responsibilities,
     and cause the officers, directors and employees of the Company and its
     subsidiaries to supply any relevant information in each case reasonably
     requested by any such Inspector in connection with such Registration
     Statement; provided, further, that the foregoing inspection and information
                --------  -------
     gathering shall be coordinated on behalf of the Initial Purchasers by you
     and on behalf of the other parties, by one counsel designated by you and on
     behalf of such other parties as described in Section 2(c) hereof; provided,
                                                                       --------
     however, that such counsel shall be Shearman & Sterling, or such other
     -------
     counsel as is reasonably acceptable to the Company (the "Special Counsel").
     Records that the Company determines in good faith, to be confidential and
     any Records that it notifies the Inspectors are confidential shall not be
     disclosed by the Inspectors. Each selling Holder of such Registrable Notes
     and each such Participating Broker-Dealer will be required to agree in
     writing that information obtained by it as a result of such inspections
     shall be deemed confidential and shall not be used by it as the basis for
     any market transactions in the securities of the Company unless and until
     such is made generally available to the public. Each selling Holder of such
     Registrable Notes and each such Participating Broker-Dealer will be
     required to agree in writing that information obtained by it as a result of
     such inspections shall be deemed confidential and shall not be used by it
     as the basis for any market transactions in the securities of the Company
     unless and until such is made generally available to the public. Each
     selling Holder of such Registrable Notes and each such Participating
     Broker-Dealer will be required to further agree in writing that it will,
     upon learning that disclosure of such Records is sought in a court of
     competent jurisdiction, give notice to the Company and allow the Company at
     its expense to undertake appropriate action to prevent disclosure of the
     Records deemed confidential;

          (o) comply with applicable rules and regulations of the SEC so long as
     this Agreement shall be applicable and make generally available to its
     security holders earning statements satisfying the provisions of Section
     11(a) of the Securities Act and Rule 158 thereunder (or any similar rule
     promulgated under the Securities Act) no later than 45 days after the end
     of any 12-month period (or 90 days after the end of any 12-month period if
     such period is a fiscal year) (i) commencing at the end of any fiscal
     quarter in which Registrable Notes are sold to underwriters in a firm
     commitment or best efforts underwritten offering and (ii) if not sold to
     underwriters in such an offering, commencing on the first day of the first
     fiscal quarter of the Company after the effective date of a Registration
     Statement, which statements shall cover said 12-month periods;

          (p) upon consummation of an Exchange Offer, if requested by the
     Trustee, obtain an opinion of counsel to the Company addressed to the
     Trustee for the benefit of all Holders of Registrable Notes participating
     in the Exchange Offer that includes an opinion that (i) the Company has
     duly authorized, executed and delivered the Exchange Notes and (ii) each of
     the Exchange Notes constitutes a legal, valid and binding obligation of the
     Company enforceable against the Company in accordance with its terms (in
     each case, with customary exceptions);

                                       16

<PAGE>

          (q) if an Exchange Offer is to be consummated, upon delivery of the
     Registrable Notes by Holders to the Company (or to such other Person as
     directed by the Company) in exchange for the Exchange Notes, the Company
     shall mark, or cause to be marked, on such Registrable Notes delivered by
     such Holders that such Registrable Notes are being canceled in exchange for
     the Exchange Notes and in no event shall such Registrable Notes be marked
     as paid or otherwise satisfied;

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

          (s) use its reasonable best efforts to take all other steps necessary
     to effect the registration of the Registrable Notes covered by a
     Registration Statement contemplated hereby;

          (t) (A) in the case of the Exchange Offer Registration Statement (i)
     indicate in a "Plan of Distribution" section contained in the Prospectus
     contained in the Exchange Offer Registration Statement that any broker or
     dealer registered under the Exchange Act who holds Notes that are
     Registrable Notes and that were acquired for its own account as a result of
     market-making activities or other trading activities (other than
     Registrable Notes acquired directly from the Company) (such broker or
     dealer, a "Participating Broker-Dealer"), may exchange such Notes pursuant
     to the Exchange Offer; however, such Participating Broker-Dealer may be
     deemed to be an "underwriter" within the meaning of the Securities Act and
     must, therefore, deliver a prospectus meeting the requirements of the
     Securities Act in connection with any resales of the Exchange Notes
     received by such Participating Broker-Dealer in the Exchange Offer, which
     prospectus delivery requirement may be satisfied by the delivery by such
     Participating Broker-Dealer of the Prospectus contained in the Exchange
     Offer Registration Statement. Such "Plan of Distribution" section shall
     also contain all other information with respect to such resales by
     Participating Broker-Dealers that the SEC may require in order to permit
     such resales pursuant thereto, but such "Plan of Distribution" shall not
     name any such Participating Broker-Dealer or disclose the amount of
     Exchange Notes held by any such Participating Broker-Dealer except to the
     extent required by the SEC as a result of a change in policy announced
     after the date of this Agreement, (ii) furnish to each Participating
     Broker-Dealer who has delivered to the Company the notice referred to in
     Section 3(e), without charge, as many copies of each Prospectus included in
     the Exchange Offer Registration Statement, including any preliminary
     prospectus, and any amendment or supplement thereto, as such Participating
     Broker-Dealer may reasonably request, (iii) use its reasonable best efforts
     to keep the Exchange Offer Registration Statement effective and to amend
     and supplement the Prospectus contained therein in order to permit such
     Prospectus to be lawfully delivered by all Persons subject to the
     prospectus delivery requirements of the Securities Act for such period of
     time as such Persons must comply with such requirements under the
     Securities Act and applicable rules and regulations in

                                       17

<PAGE>

     order to resell the Exchange Notes; provided, however, that such period
                                         --------  -------
     shall not be required to exceed 90 days (or such longer period if extended
     pursuant to the last sentence of Section 3 hereof) (the "Applicable
     Period"), and (iv) include in the transmittal letter or similar
     documentation to be executed by an exchange offeree in order to participate
     in the Exchange Offer (x) the following provision:

          "If the exchange offeree is a broker-dealer holding Registrable Notes
          acquired for its own account as a result of market-making activities
          or other trading activities, it will deliver a prospectus meeting the
          requirements of the Securities Act in connection with any resale of
          Exchange Notes received in respect of such Registrable Notes pursuant
          to the Exchange Offer";

     and (y) a statement to the effect that by a broker-dealer making the
     acknowledgment described in clause (x) and by delivering a Prospectus in
     connection with the exchange of Registrable Notes, the broker-dealer will
     not be deemed to admit that it is an underwriter within the meaning of the
     Securities Act; and

          (B) in the case of any Exchange Offer Registration Statement, the
     Company agrees to deliver to the Initial Purchasers or to another
     representative of the Participating Broker-Dealers, if requested by any
     such Initial Purchasers or such other representative of the Participating
     Broker-Dealers, on behalf of the Participating Broker-Dealers upon
     consummation of the Exchange Offer (i) an opinion of counsel in form and
     substance reasonably satisfactory to the Initial Purchasers or such other
     representative of the Participating Broker-Dealers, consistent with the
     opinion delivered pursuant to the Purchase Agreement (it being agreed that
     the matters to be covered by such opinion may be subject to customary
     qualifications and exceptions), (ii) an officer's certificate containing
     certifications substantially similar to those set forth in Section 4(b) of
     the Purchase Agreement and (iii) as well as upon the effectiveness of the
     Exchange Offer Registration Statement, a comfort letter, in each case, in
     customary form if permitted by Statement on Auditing Standards No. 72.

          Each of the foregoing shall be consistent with the terms of the
Purchase Agreement.

          The Company may require each seller of Registrable Notes as to which
any registration is being effected to furnish to the Company such information
regarding such seller as may be required by the staff of the SEC to be included
in a Registration Statement. The Company may exclude from such registration the
Registrable Notes of any seller who unreasonably fails to furnish such
information within a reasonable time after receiving such request. The Company
shall have no obligation to register under the Securities Act the Registrable
Notes of a seller who so fails to furnish such information.

                                       18

<PAGE>

          In the case of (1) a Shelf Registration Statement or (2) Participating
Broker-Dealers who have notified the Company that they will be utilizing the
Prospectus contained in the Exchange Offer Registration Statement as provided in
Section 3(t) hereof, are seeking to sell Exchange Notes and are required to
deliver Prospectuses, each Holder agrees that, upon receipt of any notice from
the Company of the happening of any event of the kind described in Section
3(e)(ii), 3(e)(iii), 3(e)(v) or 3(e)(vi) hereof, such Holder will forthwith
discontinue disposition of Registrable Notes pursuant to a Registration
Statement until such Holder's receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 3(i) hereof or until it is advised in
writing (the "Advice") by the Company that the use of the applicable Prospectus
may be resumed, and, if so directed by the Company, such Holder will deliver to
the Company all copies in such Holder's possession of the Prospectus covering
such Registrable Notes or Exchange Notes, as the case may be, current at the
time of receipt of such notice. If the Company shall give any such notice to
suspend the disposition of Registrable Notes or Exchange Notes, as the case may
be, pursuant to a Registration Statement, the Company shall use its best efforts
to file and have declared effective (if an amendment) as soon as practicable an
amendment or supplement to the Registration Statement and shall extend the
period during which such Registration Statement shall be maintained effective
pursuant to this Agreement by the number of days in the period from and
including the date of the giving of such notice to and including the date when
the Company shall have made available to the Holders (x) copies of the
supplemented or amended Prospectus necessary to resume such dispositions or (y)
the Advice.

          4.   Indemnification.
               ---------------

          (a) In connection with any Registration Statement, the Company agrees
     to indemnify and hold harmless each of the Initial Purchasers, each Holder,
     each underwriter who participates in an offering of the Registrable Notes,
     each Participating Broker-Dealer, and each Person, if any, who controls any
     of such parties within the meaning of Section 15 of the Securities Act
     (each a "Company Indemnified Party") against any and all losses, claims,
     damages or liabilities, joint or several, to which they or any of them may
     become subject under the Securities Act or otherwise, and to reimburse the
     Company Indemnified Party for any legal or other expenses incurred by them
     in connection with defending any actions, insofar as such losses, claims,
     damages, liabilities or actions arise out of or are based upon any untrue
     statement or alleged untrue statement of a material fact contained in any
     Prospectus or the Prospectus as amended or supplemented, or arise out of or
     are based upon any omission or alleged omission to state therein a material
     fact required to be stated therein or necessary to make the statements
     therein, in light of the circumstances in which they were made, not
     misleading, except insofar as such losses, claims, damages, liabilities or
     actions arise out of or are based upon any such untrue statement or
     omission or alleged untrue statement or omission that was made in such
     Prospectus, or the Prospectus as amended or supplemented, in reliance upon
     and in conformity with information furnished in writing to the Company by
     such Company Indemnified Party (or, if such Company Indemnified Party is an
     Initial Purchaser, through the Representative of the Initial Purchasers on
     behalf of such Initial Purchaser) for use therein and except that this
     indemnity with respect to the Prospectus shall not inure to the benefit of
     any Company Indemnified Party on account of any losses, claims, damages,

                                       19

<PAGE>

     liabilities or actions arising from the sale of Registrable Notes to any
     person if a copy of the Prospectus, as the same may then be amended or
     supplemented, shall not have been sent or given by or on behalf of such
     Company Indemnified Party to such person with or prior to the written
     confirmation of the sale involved and if the Prospectus (as so amended or
     supplemented) would have corrected the defect giving rise to such loss,
     liability, claim or damage.

          (b) Promptly after receipt by any Company Indemnified Party under
     Section 4(a) of written notice of any loss, claim, damage or liability in
     respect of which indemnity may be sought by it hereunder, such Company
     Indemnified Party will, if a claim is to be made against the Company,
     notify the Company thereof in writing, but the omission so to notify the
     Company will not relieve the Company from any liability (otherwise than
     under Section 4(a) above) that it may have to the Company Indemnified
     Party. Thereafter, the Company Indemnified Party and the Company shall
     consult, to the extent appropriate, with a view to minimizing the cost of
     the Company of its obligations hereunder. In case any Company Indemnified
     Party receives written notice of any loss, claim, damage or liability in
     respect of which indemnity may be sought by it hereunder and it notifies
     the Company thereof, the Company will be entitled to participate therein,
     and to the extent that it may elect by written notice delivered to the
     Company Indemnified Party promptly after receiving the aforesaid notice
     from the Company Indemnified Party, to assume the defense thereof with
     counsel reasonably satisfactory to the Company Indemnified Party; provided,
                                                                       --------
     however, that if the parties against which any loss, claim, damage or
     -------
     liability arises include both the Company Indemnified Party and the Company
     and the Company Indemnified Party shall have reasonably concluded that
     defenses available to it create a conflict of interest for the counsel
     selected by the Company Indemnifying party under the code of professional
     responsibility applicable to such counsel, the Company Indemnified Party
     shall have the right to select one separate counsel to assume such legal
     defenses and otherwise to participate in the defenses of such loss, claim,
     damage or liability on behalf of the Company Indemnified Party. Upon
     receipt by the Company Indemnified Party of notice from the Company of its
     selection so to assume the defense of such loss, claim, damage or liability
     and approval by the Company Indemnified Party of counsel, the Company shall
     not be liable to the Company Indemnified Party under Section 4(a) above for
     any legal or other expenses subsequently incurred by the Company
     Indemnified Party in connection with the defense thereof unless (i) the
     Company Indemnified Party shall have employed such counsel in connection
     with the assumption of legal defenses in accordance with the proviso to the
     next preceding sentence, (ii) the Company shall not have employed and
     continued to employ counsel reasonably satisfactory to the Company
     Indemnified Party to represent the Company Indemnified Party within a
     reasonable time after notice of commencement of the action or (iii) the
     Company shall have authorized in writing the employment of separate counsel
     for the Company Indemnified Party at the expense of the Company. The
     Company shall not, without prior written consent of the Company Indemnified
     Party, effect any settlement of any pending or threatened action in respect
     of which the Company Indemnified Party is or is entitled or subject to be a
     party and the Company Indemnified Party is entitled to indemnity hereunder
     unless such settlement includes an unconditional release of the Company
     Indemnified Party from all liability on any claims that are the subject
     matter of such action. The Company shall not

                                       20

<PAGE>

     be liable for any settlement, compromise or consent to the entry of any
     order adjudicating or otherwise disposing of any loss, claim, damage or
     liability effected without its consent.

          The Company's indemnity agreement contained in this Section 4 shall
     remain in full force and effect regardless of any investigation made by or
     on behalf of any Initial Purchaser or any controlling person, and shall
     survive the Exchange Offer Registration.

          (c) In connection with any Registration Statement, each Holder agrees,
     severally and not jointly, to indemnify and hold harmless the Company, any
     underwriter and the other selling Holders and each of their respective
     directors, officers (including each officer of the Company who signed the
     Registration Statement), employees and agents and each Person, if any, who
     controls the Company, any underwriter or any other selling Holder within
     the meaning of Section 15 of the Securities Act (each a "Holder Indemnified
     Party"), against any and all losses, claims, damages or liabilities, joint
     or several, to which they or any of them may become subject under the
     Securities Act or otherwise, and to reimburse the Holder Indemnified Party
     for any legal or other expenses incurred by them in connection with
     defending any actions, insofar as such losses, claims, damages, liabilities
     or actions arise out of or are based upon any untrue statement or alleged
     untrue statement of a material fact contained in any Prospectus or the
     Prospectus as amended or supplemented, or arise out of or are based upon
     any omission or alleged omission to state therein a material fact required
     to be stated therein or necessary to make the statements therein, in light
     of the circumstances in which they were made, not misleading, insofar as
     such losses, claims, damages, liabilities or actions arise out of or are
     based upon any such untrue statement or omission or alleged untrue
     statement or omission that was made in such Prospectus, or the Prospectus
     as amended or supplemented, in reliance upon and in conformity with
     information furnished in writing to the Company by such Holder Indemnified
     Party (or, if such indemnifying Holder is an Initial Purchaser, through the
     Representative of the Initial Purchasers on behalf of such indemnifying
     Holder) for use therein; provided, that, in the case of a Shelf
     Registration Statement, no such Holder shall be liable for any claims
     hereunder in excess of the amount of net proceeds received by such Holder
     from the sale of Registrable Notes pursuant to such Shelf Registration
     Statement.

          Each Holder's indemnity agreement contained in this Section 4 shall
     remain in full force and effect regardless of any investigation made by or
     on behalf of any the Company or any other Holder or any controlling person,
     and shall survive the Exchange Offer Registration.

          5. Participation in Underwritten Registrations. No Holder may
             -------------------------------------------
participate in any underwritten registration hereunder unless such Holder (a)
agrees to sell such Holder's Registrable Notes on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (b) completes and executes all reasonable questionnaires,
powers of attorney, indemnities, underwriting agreements, lock-up letters and
other documents reasonably required under the terms of such underwriting
arrangements.

                                       21

<PAGE>

          6. Selection of Underwriters. The Holders of Registrable Notes covered
             -------------------------
by the Shelf Registration Statement who desire to do so may sell the securities
covered by such Shelf Registration in an underwritten offering. In any such
underwritten offering, the underwriter or underwriters and manager or managers
that will administer the offering may be selected by the Holders of a majority
in aggregate principal amount of the Registrable Notes included in such
offering; provided, however, that such underwriters and managers must be
          --------  -------
satisfactory to the Company.

          7. Miscellaneous.
             -------------

          (a) Rule 144 and Rule l44A. For so long as the Company is subject to
              ----------------------
     the reporting requirements of Section 13 or 15 of the Exchange Act and any
     Registrable Notes remain outstanding, the Company will use its reasonable
     best efforts to file the reports required to be filed by it under the
     Securities Act and Section 13(a) or 15(d) of the Exchange Act and the rules
     and regulations adopted by the SEC thereunder, that if it ceases to be so
     required to file such reports, it will, upon the request of any Holder of
     Registrable Notes (a) make publicly available such information as is
     necessary to permit sales of their securities pursuant to Rule 144 under
     the Securities Act, (b) deliver such information to a prospective purchaser
     as is necessary to permit sales of their securities pursuant to Rule 144A
     under the Securities Act and it will take such further action as any Holder
     of Registrable Notes may reasonably request and (c) take such further
     action that is reasonable in the circumstances, in each case, to the extent
     required from time to time to enable such Holder to sell its Registrable
     Notes without registration under the Securities Act within the limitation
     of the exemptions provided by (i) Rule 144 under the Securities Act, as
     such rule may be amended from time to time, (ii) Rule l44A under the
     Securities Act, as such rule may be amended from time to time, or (iii) any
     similar rules or regulations hereafter adopted by the SEC. Upon the request
     of any Holder of Registrable Notes, the Company will deliver to such Holder
     a written statement as to whether it has complied with such requirements.

          (b) No Inconsistent Agreements. The Company has not entered into nor
              --------------------------
     will the Company on or after the date of this Agreement enter into any
     agreement that is inconsistent with the rights granted to the Holders of
     Registrable Notes in this Agreement or otherwise conflicts with the
     provisions hereof. The rights granted to the Holders hereunder do not in
     any way conflict with and are not inconsistent with the rights granted to
     the holders of the Company's other issued and outstanding securities under
     any such agreements.

          (c) Amendments and Waivers. The provisions of this Agreement,
              ----------------------
     including the provisions of this sentence, may not be amended, modified or
     supplemented, and waivers or consents to departures from the provisions
     hereof may not be given unless the Company has obtained the written consent
     of Holders of at least a majority in aggregate principal amount of the
     outstanding Registrable Notes affected by such amendment, modification,
     supplement, waiver or departure. Notwithstanding the foregoing sentence,
     (i) this Agreement may be amended, without the consent of any Holder of
     Registrable Notes, by written agreement signed by the Company and Salomon
     Smith Barney, to cure

                                       22

<PAGE>

     any ambiguity, correct or supplement any provision of this Agreement that
     may be inconsistent with any other provision of this Agreement or to make
     any other provisions with respect to matters or questions arising under
     this Agreement that shall not be inconsistent with other provisions of this
     Agreement, (ii) this Agreement may be amended, modified or supplemented,
     and waivers and consents to departures from the provisions hereof may be
     given, by written agreement signed by the Company and Salomon Smith Barney
     to the extent that any such amendment, modification, supplement, waiver or
     consent is, in their reasonable judgment, necessary or appropriate to
     comply with applicable law (including any interpretation of the staff of
     the SEC) or any change therein and (iii) to the extent any provision of
     this Agreement relates to the Initial Purchasers, such provision may be
     amended, modified or supplemented, and waivers or consents to departures
     from such provisions may be given, by written agreement signed by Salomon
     Smith Barney and the Company.

          (d) Notices. All Notices and other communications provided for or
              -------
     permitted hereunder shall be made in writing by hand delivery, first-class
     mail, facsimile transmission, or air courier which guarantees overnight
     delivery:

          (1) if to a Holder of the Notes, at the most current address given by
     such Holder to the Company.

          (2) if to the Initial Purchasers:

              Salomon Smith Barney Inc.
              388 Greenwich Street
              34th Floor
              New York, NY 10013
              Attention: Dean Keller
              Fax No.: (212) 816-0901

     with a copy to:

              Shearman & Sterling
              599 Lexington Avenue
              New York, NY 10022-6069
              Fax No.: (212) 848-7179
              Attention: John A. Millard, Esq.

          (3) if to the Company, at its address as follows:

              Mirant Americas Generation, Inc.
              1155 Perimeter Center West
              Atlanta, Georgia 30338
              Fax No.:  (678) 579-5001
              Attention:  President

                                       23

<PAGE>

     with a copy to:

              Troutman Sanders LLP
              Bank of America Plaza, Suite 5200
              600 Peachtree Street, N.E.
              Atlanta, Georgia 30308
              Fax No.: (404) 885-3001
              Attention: John T. W. Mercer, Esq.

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

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

          (d) Successors and Assigns. This Agreement shall inure to the benefit
              ----------------------
     of and be binding upon the successors, assigns and transferees of the
     Initial Purchasers, including, without the need for an express assignment,
     subsequent Holders; provided, however, that nothing herein shall be deemed
                         --------  -------
     to permit any assignment, transfer or other disposition of Registrable
     Notes in violation of the terms of the Purchase Agreement or the Indenture.
     If any transferee of any Holder shall acquire Registrable Notes, in any
     manner, whether by operation of law or otherwise, such Registrable Notes
     shall be held subject to all of the terms of this Agreement, and by taking
     and holding such Registrable Notes, such Person shall be conclusively
     deemed to have agreed to be bound by and to perform all of the terms and
     provisions of this Agreement and such Person shall be entitled to receive
     the benefits hereof.

          (e) Third Party Beneficiary. Each of the Holders shall be a third
              -----------------------
     party beneficiary of the agreements made hereunder between the Company on
     the one hand, and the Initial Purchasers, on the other hand, and shall have
     the right to enforce such agreements directly to the extent it deems such
     enforcement necessary or advisable to protect its rights or the rights of
     Holders hereunder.

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

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

                                       24

<PAGE>

          (h) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
              -------------
     IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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

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

                                       25

<PAGE>

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

                                      MIRANT AMERICAS
                                      GENERATION, INC.

                                      By:
                                         ---------------------------------------
                                         Name:  Donald B. Dysert
                                         Title: Vice President and Treasurer

Confirmed and accepted as of
the date first above written:

Salomon Smith Barney Inc.
Banc of America Securities LLC
Blaylock & Partners, L.P.
Scotia Capital (USA) Inc.
TD Securities (USA) Inc.
Tokyo-Mitsubishi International plc

SALOMON SMITH BARNEY INC.

-----------------------------------
as Representative of the
Several Initial Purchasers

                                       26

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