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Exhibit 10.27  

[Conformed
Copy] 

Qwest Corporation  

$575,000,000 

7.875% Notes due 2011 

 
 

PURCHASE AGREEMENT    
    

dated August 12, 2004 

Goldman, Sachs & Co.

Lehman Brothers Inc.

Deutsche Bank Securities Inc.

Banc of America Securities LLC

Credit Suisse First Boston LLC

Wachovia Capital Markets, LLC

BNY Capital Markets, Inc.

Citigroup Global Markets Inc.

Greenwich Capital Markets, Inc.

Wells Fargo Securities, LLC  

 
 

PURCHASE AGREEMENT    
    

August 12,
2004 

GOLDMAN,
SACHS & CO.

LEHMAN BROTHERS INC.

DEUTSCHE BANK SECURITIES INC.

BANC OF AMERICA SECURITIES LLC

CREDIT SUISSE FIRST BOSTON LLC

WACHOVIA CAPITAL MARKETS, LLC

BNY CAPITAL MARKETS, INC.

CITIGROUP GLOBAL MARKETS INC.

GREENWICH CAPITAL MARKETS, INC.

WELLS FARGO SECURITIES, LLC 

        As
Initial Purchasers 

c/o
Goldman, Sachs & Co.

85 Broad Street

New York, NY 10004 

Ladies
and Gentlemen: 

        Introductory.    Qwest Corporation, a Colorado corporation ("QC" or the
"Company"), proposes to issue and sell (the "Offering") to the several Initial Purchasers named in
Schedule A (the "Initial Purchasers"), acting severally and not jointly, the respective amounts set forth in such Schedule A of
$575 million aggregate principal amount of the Company's 7.875% Notes due 2011 (the "Notes" or the
"Securities"). Goldman, Sachs & Co., Lehman Brothers Inc., Deutsche Bank Securities Inc. (collectively, the
"Joint Book-Running Managers") and the initial purchasers listed on Schedule A have agreed to act as the several Initial Purchasers
in connection with the offering and sale of the Notes. 

        The
Notes will be issued pursuant to an indenture, dated as of October 15, 1999 between QC (formerly known as U S WEST Communications, Inc.), as issuer, and
J.P. Morgan Trust Company, National
Association (as successor in interest to Bank One Trust Company, N.A.), as supplemented by a supplemental indenture establishing the terms of the Notes (the
"Indenture"), between the Company and U.S. Bank National Association, as trustee (the "Trustee"). Notes will be issued initially only in
book-entry form in the name of Cede & Co., as nominee of The Depository Trust Company (the "Depositary") pursuant to a letter of
representations, to be dated on or before the Closing Date (as defined in Section 2) (the "DTC Agreement"), among the Company, the Trustee and
the Depositary. 

        The
holders of the Notes will be entitled to the benefits of a registration rights agreement, to be dated as of August 19, 2004 (the "Registration Rights
Agreement"), among the Company and the Initial Purchasers, pursuant to which the Company will agree to file with the Commission, under the circumstances set forth therein,
(i) a registration statement under the Securities Act (as defined below) relating to another series of debt securities of the Company with terms substantially identical to the Notes (the
"Exchange Notes" or the "Exchange Securities") to be offered in exchange for the Notes (the
"Exchange Offer") and (ii) to the extent required by the Registration Rights Agreement, a shelf registration statement pursuant to
Rule 415 of the Securities Act relating to the resale by certain holders of the Notes. 

        The
Company understands that the Initial Purchasers propose to make an offering of the Securities on the terms and in the manner set forth herein and in the Offering Circular (as defined
below) and agrees that the Initial Purchasers may resell, subject to the conditions set forth herein, all or a portion of the Securities to purchasers (the "Subsequent
Purchasers") at any time after the date of this Agreement. The Securities are to be offered and sold to or through the Initial Purchasers without being registered with the
Securities and Exchange Commission (the "Commission") under the Securities Act of 1933 (as amended, the "Securities
Act," which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder), in reliance upon exemptions therefrom. Pursuant to the terms of
the Securities and the Indenture, investors that acquire Securities shall be

 
deemed to have agreed that Securities may only be resold or otherwise transferred, after the date hereof, if such Securities are registered for sale under the Securities Act or if an exemption from
the registration requirements of the Securities Act is available (including the exemptions afforded by Rule 144A ("Rule 144A") or
Regulation S ("Regulation S") thereunder). 

        The
Company has prepared and delivered to each Initial Purchaser copies of a Preliminary Offering Circular, dated August 11, 2004 (the "Preliminary
Offering Circular"), and has prepared and will deliver to each Initial Purchaser, copies of the Offering Circular, dated August 12, 2004, describing the terms of the
Securities, each for use by such Initial Purchaser in connection with its solicitation of offers to purchase the Securities. As used herein, the "Offering Circular" shall mean, with respect to any
date or time referred to in this Agreement, the Company's Offering Circular, dated August 12, 2004, including
amendments or supplements thereto, any exhibits thereto and any documents incorporated by reference therein, in the most recent form that has been prepared and delivered by the Company to the Initial
Purchasers in connection with their solicitation of offers to purchase the Securities. 

        All
references in this Agreement to financial statements and schedules and other information which is "contained," "included" or "stated" in the Offering Circular (or other references of
like import) shall be deemed to mean and include all such financial statements and schedules and other information which are incorporated by reference in the Offering Circular; and all references in
this Agreement to amendments or supplements to the Offering Circular shall be deemed to mean and include the filing of any document under the Securities Exchange Act of 1934 (as amended, the
"Exchange Act," which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder) which is incorporated or deemed
to be incorporated by reference in the Offering Circular. 

        The
Company hereby confirms its agreements with the Initial Purchasers as follows: 

        Section 1.    Representations and Warranties.    The Company hereby represents, warrants and covenants to each
Initial Purchaser as follows: 

        (a)    No Registration Required.    Subject to compliance by the Initial Purchasers with the representations and
warranties set forth in Section 2 hereof and with the procedures set forth in Section 7 hereof, it is not necessary in connection with the offer, sale and delivery of the Securities to
the Initial Purchasers, or in connection with the initial resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement and the Offering Circular to register the
Securities under the Securities Act or, until such time as the Exchange Securities are issued pursuant to an effective registration statement, to qualify the Indenture under the Trust Indenture Act of
1939 (the "Trust Indenture Act," which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder). 

        (b)    No Integration of Offerings or General Solicitation.    The Company has not, directly or indirectly, solicited
any offer to buy or offered to sell, and will not, directly or indirectly, solicit any offer to buy or offer to sell, in the United States or to any United States citizen or resident, any security
which is or would be integrated with the sale of the Securities in a manner that would require the Securities to be registered under the Securities Act. None of the Company, its affiliates (as such
term is defined in Rule 501 under the Securities Act (each, an "Affiliate")), or any person acting on its or any of their behalf (other than the
Initial Purchasers, as to whom the Company makes no representation or warranty) has engaged or will engage, in connection with the offering of the Securities, in any form of general solicitation or
general advertising within the meaning of Rule 502 under the Securities Act. With respect to those Securities sold in reliance upon Regulation S, (i) none of the Company, its
Affiliates or any person acting on its or their behalf (other than the Initial Purchasers, as to whom the Company makes no representation or warranty) has engaged or will engage in

 
any directed selling efforts within the meaning of Regulation S and (ii) each of the Company and its Affiliates and any person acting on its or their behalf (other than the Initial
Purchasers, as to whom the Company makes no representation or warranty) has complied and will comply with the offering restrictions set forth in Regulation S. 

        (c)    Eligibility for Resale under Rule 144A.    The Securities are eligible for resale pursuant to
Rule 144A and will not be, at the Closing Date, of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in a
U.S. automated interdealer quotation system. 

        (d)    The Offering Circular.    The Offering Circular does not, and at the Closing Date will not, include an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;  provided, however, that this representation, warranty and agreement shall not apply to statements in or omissions from the Offering Circular made in
reliance upon and in conformity with information furnished to the Company in writing by any Initial Purchaser through Goldman, Sachs & Co. expressly for use in the Offering Circular. The
Company has not distributed and will not distribute, prior to the later of the Closing Date and the completion of the Initial Purchasers' distribution of the Securities, any offering material in
connection with the offering and sale of the Securities other than a preliminary Offering Circular or the Offering Circular (it being understood and agreed that the Offer to Purchase of QC dated
August 11, 2004 and the accompanying letter of transmittal does not and shall not be deemed in any way to constitute such offering material). The Offering Circular has been furnished to you or
will be furnished to you no later than 5:00 p.m. on the date hereof. 

        (e)    The Notes and the Exchange Notes.    The Notes and the Exchange Notes, when issued, will be in the form
contemplated by the Indenture and will conform in all material respects to the description thereof in the Offering Circular; the Notes and the Exchange Notes have each been duly authorized by QC, and,
when executed by QC and authenticated by the Trustee in accordance with the provisions of the Indenture and, in the case of the Exchange Notes, when delivered to the exchanging holders of Notes in
connection with the consummation of the Offering in accordance with the terms of the Offering Circular, will be duly executed, issued and delivered and will constitute valid and binding obligations of
QC, enforceable against QC in accordance with their terms, and will be entitled to the benefits of the Indenture, except as may be limited by (i) bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditors' rights generally, (ii) general principles of equity, including, without limitation,
concepts of materiality, reasonableness, good faith and fair dealing and the availability of specific performance or injunctive relief and the discretion of the court before which any proceeding
therefor may be brought (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (iii) public policy considerations. 

        (f)    The Indenture.    The Indenture has been duly authorized by QC and, when executed and delivered by QC (assuming
the due authorization, execution and delivery by the Trustee), will have been duly executed and delivered, and on the Closing Date will constitute a valid and binding obligation of QC, enforceable
against QC in accordance with its terms, except as may be limited by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws now or hereafter in
effect relating to creditors' rights generally, (ii) general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the
availability of specific performance or injunctive relief and the discretion of the court before which any proceeding

 
therefor may be brought (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (iii) public policy considerations. 

        (g)    The Registration Rights Agreement and DTC Agreement.    The Registration Rights Agreement and the DTC Agreement
have been duly authorized by QC and, when executed and delivered by QC (assuming the due authorization, execution and delivery by the Trustee, on behalf of the holders of the Notes and, in the case of
the DTC Agreement, the Depositary), will have been duly executed and delivered and will constitute valid and binding obligations of QC, enforceable against QC in accordance with their terms, except as
may be limited by (1) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors' rights generally,
(2) general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the availability of specific performance or injunctive
relief and the discretion of the court before which any proceeding therefor may be brought (regardless of whether such enforcement is considered in a proceeding in equity or at law) and
(3) public policy considerations and (ii) any rights to indemnity or contribution thereunder may be limited by federal and state securities laws and public policy considerations. 

        (h)    The Purchase Agreement.    This Agreement has been duly authorized, executed and delivered by QC. 

        (i)    No Material Adverse Change.    Except as otherwise disclosed in the Offering Circular, subsequent to the
respective dates as of which information is given in the Offering Circular: (i) there has been no event that has resulted or is reasonably likely to result in a material adverse change in the
financial position or results of operations of the Company and its Subsidiaries (as defined below), taken as a whole (any such change is called a "Material Adverse
Change"); and (ii) there has been no dividend or distribution
of any kind declared, paid or made by the Company or, except for dividends paid to the Company or other subsidiaries, any of its subsidiaries on any class of capital stock or repurchase or redemption
by the Company or any of its subsidiaries of any class of capital stock. 

        (j)    Independent Accountants.    KPMG LLP, who have performed a review of or expressed their opinion with respect to
the financial statements (which term as used in this Agreement includes the related notes thereto) furnished or filed with the Commission included in the Offering Circular are independent public or
certified public accountants within the meaning of Regulation S-X under the Securities Act and the Exchange Act. Any non-audit services provided by such accountants have
been approved by the Audit Committee of the Company. 

        (k)    Preparation of the Financial Statements.    The financial statements, together with the related schedules and
notes, included or incorporated by reference in the Offering Circular, present fairly the consolidated financial position of the Company and its subsidiaries as of and at the dates indicated and the
results of their operations and cash flows for the periods specified. Such financial statements have been prepared in conformity with generally accepted accounting principles applied on a consistent
basis throughout the periods involved, except as may be expressly stated in the related notes thereto. The financial data set forth in the Offering Circular under the captions "Offering Circular
Summary—Summary Selected Financial Data" and "Selected Financial Data" (other than non-GAAP financial data) fairly present the information set forth therein on a basis
consistent with that of the audited financial statements contained in the Offering Circular. 

        (l)    Incorporation and Good Standing of the Company.    QC has been duly incorporated, is validly existing and is in
good standing under the laws of its jurisdiction of incorporation, with all requisite corporate or other power and authority to own or lease its properties and

 
conduct its businesses as now conducted as described in the Offering Circular, and is duly qualified to do business as a foreign corporation and is in good standing in all other jurisdictions where
the ownership or leasing of its properties or the conduct of its businesses requires such qualification, except where the failure to be so qualified would not have or be reasonably likely to have a
material adverse effect on the financial position or results of operations of QC (a "Material Adverse Effect"). 

        (m)    The Capital Stock.    The outstanding shares of capital stock or other equity interests of QC have been duly
authorized and validly issued, are fully paid and nonassessable, and were not issued in violation of any preemptive or similar rights; except as disclosed in the Offering Circular. 

        (n)    Registration of Securities.    No holder of securities of QC will be entitled to have such securities
registered under the registration statements required to be filed by QC pursuant to the Registration Rights Agreements. 

        (o)    Necessary Corporate Action.    QC has taken all necessary corporate action to authorize the Offering. 

        (p)    No Violations.    QC is not (i) in violation of its certificate of incorporation or bylaws,
(ii) except as set forth in the Offering Circular, in violation of any statute, judgment, decree, order, rule or regulation applicable to QC or any of its respective properties or assets,
except for such violations which would not, individually or in the aggregate, have a Material Adverse Effect, or (iii) in default in the performance or observance of any material obligation,
agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit, certificate, contract or other agreement or
instrument to which QC is a party or to which QC is subject (each, a "Contract" and collectively, the
"Contracts"), except for such defaults which would not, individually or in the aggregate, have a Material Adverse Effect. 

        (q)    All Necessary Consents and Approvals.    Assuming compliance with the limitations and restrictions contained
under the heading "Notice to Investors" in the Offering Circular, no consent, approval, authorization or order of any court or governmental, legislative, judicial, administrative or regulatory agency,
authority or body is required for the making of the Offering, the exchange of the Notes for the Exchange Notes pursuant to the Exchange Offer, the execution, delivery and performance of any of this
Agreement, the Preliminary Offering Circular, the Offering Circular, the Notes, the Exchange Notes, the Indenture or the Registration Rights Agreement, collectively, the
"Transaction Documents" or the consummation of the other transactions contemplated in this Agreement, except (i) such as have been obtained on or
prior the Closing Date, (ii) such as may be required under the Securities Act, the Exchange Act, state securities or "Blue Sky" laws in connection with the exchange of the New Securities for
the Registered Exchange Notes, as applicable and (iii) such as may be required under the Registration Rights Agreements. 

        (r)    No Liens or Encumbrances.    The Offering, the exchange of the Notes for the Exchange Notes pursuant to the
Registration Rights Agreement, the execution, delivery and performance of any of the Transaction Documents and the consummation of the transactions contemplated in this Agreement will not conflict
with or constitute or result in a breach or violation of, or result in the creation or imposition of a lien, charge or encumbrance on any material property or assets of QC or any Subsidiary (other
than as permitted under the Indenture) under, any of (i) the terms or provisions of, or constitute a default by QC or any Subsidiary under, any Contract, (ii) the certificate of
incorporation or bylaws (or similar organizational documents) of QC or any Subsidiary or (iii) any statute, judgment, decree, order, rule or regulation of any court or governmental,
legislative, judicial, administrative or

 
regulatory agency, authority or body applicable to QC or any Subsidiaries or any of their respective properties, except for such conflicts, breaches, violations or defaults, in the case of clauses
(i) and (iii), which would not, individually or in the aggregate, have a Material Adverse Effect. 

        (s)    Compliance with the Offering Circular.    The statements in the Offering Circular under the headings
"Description of the Notes," "Description of Other Indebtedness" and "Certain United States Federal Income Tax Consequences" fairly summarize the matters described therein in all material respects. 

        (t)    The Transaction Documents.    The Transaction Documents, other than the Preliminary Offering Circular and
Offering Circular, conform or will conform in all material respects to the descriptions thereof in the Offering Circular. 

        (u)    No Litigation.    Except as set forth in the Offering Circular, there is no action, suit or proceeding by or
before any court or governmental, legislative, judicial, administrative or regulatory agency, authority or body or any arbitrator involving QC or any Subsidiary or property of QC or any Subsidiary
pending or, to the best knowledge of QC, threatened, except for such actions, suits or proceedings which would not, individually or in the aggregate, reasonably be expected to have (i) a
material adverse effect on the performance by QC of any of the Transaction Documents (other than the Preliminary Offering Circular and Offering Circular), to the extent each will be a party thereto,
the issuance of the Notes or the consummation of any of the transactions contemplated hereby or by the other Transaction Documents or (ii) a Material Adverse Effect. 

        (v)    Permits.    Except as set forth in the Offering Circular and except for Permits (as defined below) reasonably
expected to be obtained in the ordinary course of business, QC and each of the Subsidiaries possesses all material licenses, permits, franchises and other governmental authorizations, consents and
approvals necessary (collectively, the "Permits") to conduct the businesses and own or lease its properties now or proposed to be operated by it as
described in the Offering Circular and QC and each of the Subsidiaries is in compliance with the terms of such Permits, except where failure to possess such Permits or to so comply would not,
individually or in the aggregate, have a Material Adverse Effect; all of the Permits are valid and in full force and effect, except where failure to be in full force and effect would not, individually
or in the aggregate, have a Material Adverse Effect; none of QC or any Subsidiary has received any notice of any proceeding relating to the revocation or modification of any such Permit, except where
such revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect. 

        (w)    Conduct of Business.    Subsequent to the respective dates as of which information is given in the Offering
Circular and except as described therein or contemplated thereby, neither QC nor any Subsidiary has incurred any material liabilities or obligations, direct or contingent, or entered into any material
transactions, not in the ordinary course of business. 

        (x)    Title to Property.    QC and each of the Subsidiaries has good and marketable title to all real property
described in the Offering Circular as being owned by it, and good and marketable title to a leasehold estate in the real property described in the Offering Circular as being leased by it (except for
those leases of real property in which QC or any Subsidiary has good title and that would be marketable but for the requirement that the landlord consent to an assignment or sublease of the lease)
except in each case, to the extent the failure to have such title would not have a Material Adverse Effect. 

        (y)    No Labor Disputes.    There is no strike, labor dispute, slowdown or work stoppage with the employees of
QC or any of the Significant Subsidiaries which is pending or,

 
to the best knowledge of QC, threatened in writing, except for such events that would not, individually or in the aggregate, have a Material Adverse Effect. 

        (z)    Company not an "Investment Company."    QC is not now nor, after giving effect to the offering and issuance of
the Exchange Notes, and the cancellation of the Notes accepted in the Exchange Offer and the consummation of the other transactions contemplated by the Offering Circular, will be an "investment
company" or a company "controlled by" an "investment company" within the meaning of the Investment Company Act of 1940, as amended. 

        (aa)    No Price Stabilization or Manipulation.    Neither QC nor any Subsidiary or, to the best knowledge of QC, any
of their directors, senior executive officers or controlling persons has taken, directly or indirectly, any action designed, or that might reasonably be expected, to cause or result, under the
Securities Act or otherwise, in, or that has constituted, stabilization or manipulation of the price of any security of QC to facilitate the sale or resale of the Notes. 

        (bb)    Officer's Certificate.    Any certificate signed by any officer of QC and delivered to the Initial Purchasers
or counsel for the Initial Purchasers in connection with the Offering shall be deemed a representation and warranty by QC to the Initial Purchasers as to matters covered thereby. 

        (cc)    Compliance with Sarbanes-Oxley Act of 2002.    The Company and, to its best knowledge, its officers and
directors are in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the
"Sarbanes-Oxley Act") that are effective. 

        (dd)    No Significant Subsidiaries.    QC has no subsidiaries that individually or in the aggregate would be a
"significant subsidiary" (as such term is defined in Rule 1-02 of Regulation S-X). 

        Section 2.    Purchase, Sale and Delivery of the Securities.    

        (a)    The Securities.    The Company agrees to issue and sell to the several Initial Purchasers, severally and not
jointly, all of the Securities upon the terms herein set forth. On the basis of the representations,
warranties and agreements herein contained, and upon the terms but subject to the conditions herein set forth, the Initial Purchasers agree, severally and not jointly, to purchase from the Company the
aggregate principal amount of Notes to the extent set forth opposite their names on Schedule A at the purchase price set forth on Schedule A as a percentage of the principal amount
thereof payable on the Closing Date. 

        (b)    The Closing Date.    Delivery of certificates for the Notes in definitive form to be purchased by the Initial
Purchasers and payment therefor shall be made at the offices of Cahill Gordon & Reindel LLP, 80 Pine Street, New York, New York 10005 (or such other place as may be agreed to by the Company and
the Initial Purchasers) at 9:00 a.m. New York City time, on the date specified on Schedule A for the Notes, or such other time and date as the Initial Purchasers shall designate by
notice to the Company (the time and date of such closing for the Notes is called the "Closing Date"). 

        (c)    Delivery of the Securities.    The Company shall deliver, or cause to be delivered, to Goldman, Sachs &
Co. for the accounts of the several Initial Purchasers certificates for the Securities at the Closing Date against the irrevocable release of a wire transfer of immediately available funds for the
amount of the purchase price therefor. The certificates for the Securities shall be in such denominations and registered in the name of Cede & Co., as nominee of the Depositary, pursuant to the
DTC Agreement, and shall be made available for inspection on the business day preceding the Closing Date at a location in New York City, as

 
the Initial Purchasers may designate. Time shall be of the essence, and delivery at the time and place specified in this Agreement is a further condition to the obligations of the Initial Purchasers. 

        (d)    Initial Purchasers as Qualified Institutional Buyers.    Each Initial Purchaser severally and not jointly
represents and warrants to, and agrees with, the Company that it is a "qualified institutional buyer" within the meaning of Rule 144A (a "Qualified Institutional
Buyer") and an "accredited investor" within the meaning of Rule 501 under the Securities Act (an "Accredited Investor"). 

        Section 3.    Additional Covenants.    QC further covenants and agrees with each Initial Purchaser as follows: 

        (a)    Initial Purchasers' Review of Proposed Amendments and Supplements.    Until the later of the Closing Date and
the resale of all of the Notes by the Initial Purchasers to the Subsequent Purchasers, prior to amending or supplementing the Offering Circular (including any amendment or supplement through
incorporation by reference of any report filed under the Exchange Act), QC shall furnish to the Initial Purchasers for review a copy of each such proposed amendment or supplement, and QC shall not use
any such proposed amendment or supplement to which the Initial Purchasers reasonably object. 

        (b)    Amendments and Supplements to the Offering Circular and Other Securities Act Matters.    If, prior to the
completion of the placement of the Securities by the Initial Purchasers with the Subsequent Purchasers, any event shall occur or condition exist as a result of which it is necessary to amend or
supplement the Offering Circular in order to make the statements therein, in the light of the circumstances when the Offering Circular is delivered to a purchaser, not misleading, or if in the
reasonable opinion of the Joint Book-Running Managers or counsel for the Initial Purchasers it is otherwise necessary to amend or supplement the Offering Circular to comply with law, the
Company agrees to promptly prepare (subject to Section 3(a) hereof), and furnish at its own expense to the Initial Purchasers, amendments or supplements to the Offering Circular so that
the statements in the Offering Circular as so amended or supplemented will not, in the light of the circumstances when the Offering Circular is delivered to a purchaser, be misleading or so that the
Offering Circular, as amended or supplemented, will comply with law. 

        The
Company hereby expressly acknowledges that the indemnification and contribution provisions of Sections 8 and 9 hereof are specifically applicable and relate to each Offering
Circular, amendment or supplement referred to in this Section 3. 

        (c)    Copies of the Offering Circular.    The Company agrees to furnish the Initial Purchasers, without charge, as
many copies of the Offering Circular and any amendments and supplements thereto as they shall have reasonably requested. 

        (d)    Blue Sky Compliance.    The Company shall cooperate with the Initial Purchasers and counsel for the Initial
Purchasers to qualify or register the Securities for sale under (or obtain exemptions from the application of) the Blue Sky or state securities laws of those jurisdictions designated by the Initial
Purchasers, shall comply with such laws and shall continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Securities. The Company shall not
be required to qualify as a foreign corporation or to take any action that would subject it to general service of process in any such jurisdiction where it is not presently qualified or where it would
be subject to taxation as a foreign corporation. The Company will advise the Initial Purchasers promptly of the suspension of the qualification or registration of (or any such exemption relating to)
the Securities for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such

 
purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption, the Company shall use its reasonable best efforts to obtain the withdrawal thereof at
the earliest possible moment. 

        (e)    Use of Proceeds.    The Company shall apply the net proceeds from the sale of the Securities sold by it in the
manner described under the caption "Use of Proceeds" in the Offering Circular. 

        (f)    The Depositary.    The Company will cooperate with the Initial Purchasers and use its best efforts to permit
the Securities to be eligible for clearance and settlement through the facilities of the Depositary. 

        (g)    Future Reports.    For so long as any Securities or Exchange Securities remain outstanding, the Company will
furnish to the Joint Book-Running Managers: (i) as soon as practicable after the end of each fiscal year, copies of the Annual Report of the Company (or of Qwest Communications
International Inc. if QC is no longer required to report under the requirements of the Exchange Act) containing the balance sheet of the Company as of the close of such fiscal year and
statements of income, stockholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants; (ii) as soon as
practicable after the filing thereof, copies of each proxy statement, Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on
Form 8-K or other report filed by the Company with the Commission, the NASD or any securities exchange; and (iii) as soon as available, copies of any report or communication
of the Company mailed generally to holders of its capital stock or debt securities (including the holders of the Securities). The availability of any such report, proxy statement or communication on
the Commission's EDGAR system shall be sufficient to satisfy the Company's obligation to furnish such report, proxy statement or communication under this Section 3(g). 

        (h)    No Integration.    The Company agrees that it will not and will cause its Affiliates not to make any offer or
sale of securities of the Company of any class if, as a result of the doctrine of "integration" referred to in Rule 502 under the Securities Act, such offer or sale would render invalid (for
the purpose of (i) the sale of the Securities by the Company to the Initial Purchasers, (ii) the resale of the Securities by the Initial Purchasers to Subsequent Purchasers or
(iii) the resale of the Securities by such Subsequent Purchasers to others) the exemption from the registration requirements of the Securities Act provided by Section 4(2) thereof
or by Rule 144A or by Regulation S thereunder or otherwise. 

        (i)    Legended Securities.    Each certificate for a Note will bear the legend contained in "Notice to
Investors" in the Offering Circular for the time period and upon the other terms stated in the Offering Circular. 

        (j)    PORTAL.    The Company will use its reasonable best efforts to cause such Notes to be eligible for the National
Association of Securities Dealers, Inc. The PORTAL® Market ("The PORTAL Market"). 

        The
Joint Book-Running Mangers, on behalf of the several Initial Purchasers, may, in their sole discretion, waive in writing the performance by the Company of any one or more
of the foregoing covenants or extend the time for their performance. 

        Section 4.    Payment of Expenses.    The Company agrees to pay all costs, fees and expenses incurred in
connection with the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including without limitation, (i) all expenses incident to the issuance
and delivery of the Securities (including all printing and engraving costs), (ii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Securities
to the Initial

 
Purchasers, (iii) all fees and expenses of the Company's counsel, independent public or certified public accountants and other advisors, (iv) all costs and expenses incurred in
connection with the preparation, printing, filing, shipping and distribution of each Preliminary Offering Circular and the Offering Circular (including financial statements and exhibits), and all
amendments and supplements thereto, this Agreement, the Registration Rights Agreement, the Indenture, the DTC Agreement and the Notes, (v) all filing fees, attorneys' fees and expenses incurred
by the Company or the Initial Purchasers in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Securities for offer
and sale under the Blue Sky laws and, if requested by the Initial Purchasers, preparing and printing a "Blue Sky Survey" or Circular, and any supplements thereto, advising the Initial Purchasers of
such qualifications, registrations and exemptions, (vi) the fees and expenses of the Trustee, including the fees and disbursements of counsel for the Trustee in connection with the Indenture,
the Securities and the Exchange Securities, (vii) any fees payable in connection with the rating of the Securities or the Exchange Securities with the ratings agencies and the listing of the
Securities with The PORTAL Market, (viii) any filing fees incident to, and any reasonable fees and disbursements of counsel to the Initial Purchasers in connection with the review by the
National Association of Securities Dealers, Inc., if any, of the terms of the sale of the Securities or the Exchange Securities, and (ix) all fees and expenses (including reasonable fees
and expenses of counsel) of the Company in connection with approval of the Securities by DTC for "book-entry" transfer, and the performance by the Company of its other obligations under
this Agreement. Except as provided in this Section 4, Section 6, Section 8 and Section 9 hereof, the Initial Purchasers shall pay their own expenses, including the fees and
disbursements of their counsel. 

        Section 5.    Conditions of the Obligations of the Initial Purchasers.    The obligations of the several
Initial Purchasers to purchase and pay for the Securities as provided herein on the Closing Date shall be subject to the accuracy of the representations and warranties on the part of the Company set
forth in Section 1 hereof as of the date hereof and as of the Closing Date as though then made and to the timely performance by the Company of its covenants and other obligations hereunder, and
to each of the following additional conditions: 

        (a)    Accountants' Comfort Letter.    On the date hereof, the Initial Purchasers shall have received from KPMG LLP,
independent public or certified public accountants for the Company, a letter dated the date hereof addressed to the Initial Purchasers, in form and substance satisfactory to the Initial Purchasers,
containing statements and information of the type ordinarily included in accountant's "comfort letters" to Initial Purchasers, with respect to the audited and unaudited financial statements and
certain financial information contained or incorporated by reference in the Offering Circular. 

        (b)    No Material Adverse Change or Ratings Agency Change.    For the period from and after the date of this
Agreement and prior to the Closing Date: 

          (i)  in
the judgment of the Joint Book-Running Managers there shall not have occurred any Material Adverse Change; and 

         (ii)  there
shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that
does not indicate the direction of the possible change, in the rating accorded any securities of the Company or any of its subsidiaries by any "nationally recognized statistical rating organization"
as such term is defined for purposes of Rule 436 under the Securities Act. 

        (c)    Opinion of Counsel for the Company.    On the Closing Date the Initial Purchasers shall have received the
favorable opinions of in-house counsel of the Company and outside counsel for the Company, dated as of such Closing Date, the forms of which are attached hereto as
Exhibits A-1, A-2, A-3 and A-4.

 

        (d)    Opinion of Counsel for the Initial Purchasers.    On the Closing Date the Initial Purchasers shall have
received the favorable opinion of Cahill Gordon & Reindel LLP, counsel for the Initial Purchasers, dated as of such Closing Date, with respect to such matters as may be reasonably requested by
the Initial Purchasers. 

        (e)    Officers' Certificate.    On the Closing Date the Initial Purchasers shall have received a written certificate
executed by an officer of the Company and the Chief Financial Officer of the Company, dated as of the Closing Date, to the effect set forth in subsection (b)(ii) of this
Section 5, and further to the effect that to the best knowledge of such officer: 

          (i)  for
the period from and after the date of this Agreement and prior to the Closing Date there has not occurred any Material Adverse Change; 

         (ii)  the
representations, warranties and covenants of the Company set forth in Section 1 of this Agreement are true and correct with the same force and effect as
though expressly made on and as of the Closing Date; and 

        (iii)  the
Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date. 

        (f)    Bring-down Comfort Letter.    On the Closing Date the Initial Purchasers shall have received from
KPMG LLP, independent public or certified public accountants for the Company, a letter dated such date, in form and substance satisfactory to the Initial Purchasers, to the effect that they reaffirm
the statements made in the letter furnished by them pursuant to subsection (a) of this Section 5, except that the specified date referred to therein for the carrying out of
procedures shall be no more than three business days prior to the Closing Date. 

        (g)    PORTAL Listing.    At the Closing Date the Notes shall have been designated for trading on The PORTAL Market. 

        (h)    Registration Rights Agreement.    The Company shall have entered into the Registration Rights Agreement and the
Initial Purchasers shall have received executed counterparts thereof. 

        (i)    Additional Documents.    On or before the Closing Date, the Initial Purchasers and counsel for the Initial
Purchasers shall have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Securities as
contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained. 

        If
any condition specified in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Initial Purchasers by notice to the
Company at any time on or prior to the Closing Date, which termination shall be without liability on the part of any party to any other party, except that Section 4, Section 6,
Section 8 and Section 9 shall at all times be effective and shall survive such termination. 

        Section 6.    Reimbursement of Initial Purchasers' Expenses.    If this Agreement is terminated by the Initial
Purchasers pursuant to Section 5, or if the sale to the Initial Purchasers of the Securities on the Closing Date is not consummated because of any refusal, inability or failure on the part of
the Company to perform any agreement herein or to comply with any provision hereof, the Company agrees to reimburse the Initial Purchasers (or such Initial Purchasers as have terminated this Agreement
with respect to themselves), severally, upon demand for all out-of-pocket expenses that shall have been reasonably incurred by the Initial Purchasers in connection with the
proposed purchase and

 
the offering and sale of the Securities, including but not limited to fees and disbursements of counsel, printing expenses, travel expenses, postage, facsimile and telephone charges. 

        Section 7.    Offer, Sale and Resale Procedures.    Each of the Initial Purchasers, on the one hand, and the
Company, on the other hand, hereby establish and agree to observe the following procedures in connection with the offer and sale of the Securities: 

        (A)  Offers
and sales of the Securities will be made only by the Initial Purchasers or Affiliates thereof qualified to do so in the jurisdictions in which such offers or
sales are made. Each such offer or sale shall only be made to persons whom the offeror or seller reasonably believes to be qualified institutional buyers (as defined in Rule 144A under the
Securities Act) or non-U.S. persons outside the United States to whom the offeror or seller reasonably believes offers and sales of the Securities may be made in reliance upon
Regulation S under the Securities Act, upon the terms and conditions set forth in Annex I hereto, which Annex I is hereby expressly made a part hereof. 

        (B)  The
Securities will be offered by approaching prospective Subsequent Purchasers on an individual basis. No general solicitation or general advertising (within the
meaning of Rule 502 under the Securities Act) will be used in the United States in connection with the offering of the Securities. 

        (C)  With
respect to offers and sales of Notes outside the United States, each Initial Purchaser understands that no action has been or will be taken in any jurisdiction by
QC that would permit a public offering of the Notes, or possession or distribution of either the Preliminary Offering Circular or the Final Offering Circular or any other offering or publicity
material relating to the Notes, in any country or jurisdiction where legal or regulatory action for that purpose is required. 

        (D)  Upon
original issuance by the Company, and until such time as the same is no longer required under the applicable requirements of the Securities Act, the Securities (and
all securities issued in exchange therefor or in substitution thereof, other than the Exchange Securities) shall bear the following legend: 

"THE
NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT") AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT
(A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN
INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS." 

        Following
the sale of the Securities by the Initial Purchasers to Subsequent Purchasers pursuant to the terms hereof, the Initial Purchasers shall not be liable or responsible to the
Company for any

 
losses, damages or liabilities suffered or incurred by the Company, including any losses, damages or liabilities under the Securities Act, arising from or relating to any resale or transfer of any
Security by any Persons other than the respective Initial Purchasers. 

        Section 8.    Indemnification.    QC hereby agrees to hold each Initial Purchaser harmless and to indemnify
each Initial Purchaser (including any of its affiliated companies and any director, officer, agent or employee of such Initial Purchaser or any such affiliated company) in its capacity as Initial
Purchaser and any director, officer or other person controlling (within the meaning of Section 20(a) of the Exchange Act) such Initial Purchaser (including any of such Initial
Purchaser's affiliated companies) (collectively, "Indemnified Persons") from and against any and all losses, claims, damages, liabilities or expenses
(whether direct or indirect, in contract, tort or otherwise) whatsoever, as incurred (including the cost of any investigation and preparation) arising out of or based upon any untrue statement or
alleged untrue statement of a material fact contained in the Offering Circular, or any omission or alleged omission to state in any the Offering Circular a material fact necessary in order to make the
statements made therein, in the light of the circumstances under which they were made, not misleading except for any such loss, claim, damage, liability or expense which arises out of or is based upon
(x) any untrue statement or alleged untrue statement of a material fact contained in the Offering Circular or (y) any omission or alleged omission to state in the Offering Circular a
material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading, if in any such case such statement or omission
relates to such Initial Purchaser and was made in reliance upon and in conformity with information furnished in writing by such Initial Purchaser to QC expressly for use therein, it being understood
and agreed that the only such information furnished by or on behalf of each Initial Purchaser consists of the last sentence of the second paragraph of text under the caption "Underwriting," concerning
the terms of the offering by the Initial Purchasers, and the sixth and seventh paragraphs of text under the caption "Underwriting" in the Offering Circular, concerning short sales, stabilizing
transactions and purchases to cover positions
created by short sales by the Initial Purchasers (the "Initial Purchaser Information"). The foregoing indemnity shall be in addition to any liability
which QC might otherwise have to such Initial Purchaser and such other Indemnified Persons. 

        Each
Initial Purchaser severally hereby agrees to hold QC harmless and to indemnify QC (including any of its respective affiliated companies and any director, officer, agent or employee
of QC or any such affiliated company) and any director, officer or other person controlling (within the meaning of Section 20(a) of the Exchange Act) QC (including any of QC's affiliated
companies) from and against any and all losses, claims, damages, liabilities or expenses (whether direct or indirect, in contract, tort or otherwise) whatsoever, as incurred (including the cost of any
investigation and preparation) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Initial Purchaser Information furnished by such Initial
Purchaser for inclusion in the Offering Circular, or any omission or alleged omission to state in such Initial Purchaser Information a material fact necessary in order to make the statements made
therein, in the light of the circumstances under which they were made, not misleading. 

        If
a claim is made against any Indemnified Person as to which such Indemnified Person may seek indemnity under this Section 8, such Indemnified Person shall notify QC promptly
after any written assertion of such claim threatening to institute an action or proceeding with respect thereto and shall notify QC promptly of any action commenced against such Indemnified Person
within a reasonable time after such Indemnified Person shall have been served with a summons or other first legal process giving information as to the nature and basis of the claim. Failure to so
notify QC shall not, however, relieve QC from any liability which it may have on account of the indemnity under this Section 8, except to the extent such failure results in the forfeiture by QC
of substantial rights and defenses. QC shall have the right to assume the defense of any such litigation or proceeding, including the engagement of counsel reasonably satisfactory to such Initial
Purchaser. In any such litigation or

 
proceeding the defense of which QC shall have so assumed, any Indemnified Person shall have the right to participate in such litigation or proceeding and to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Person unless (i) QC shall have failed promptly to assume the defense thereof and employ counsel as provided above or
(ii) counsel to the Indemnified Person reasonably determines that representation of such Indemnified Person by QC's counsel would present QC's counsel with a conflict of interest. It is
understood that QC shall not, in connection with any litigation or proceeding or related litigation or proceeding in the same jurisdiction, be liable under this Agreement for the fees and expenses of
more than one separate firm (in addition to any local counsel) for all such Indemnified Persons and that all such fees and expenses shall be reimbursed as they are incurred. Such separate firm shall
be designated by the Initial Purchasers. 

        QC
agrees to notify each Initial Purchaser promptly of the written assertion of any claim in connection with the Offering against it, any of its officers or directors or any person who
controls it within the meaning of Section 20(a) of the Exchange Act. QC will not settle, compromise or consent to entry of judgment with respect to any litigation or proceeding in
respect of which indemnity may be sought hereunder, whether or not an Initial Purchaser or its related Indemnified Persons is an actual or potential party to such litigation or proceeding, without
each Initial Purchaser's prior written consent
(which consent shall not be unreasonably withheld or delayed), unless such settlement, compromise or consent (i) includes an unconditional release of each such Initial Purchaser and its related
Indemnified Persons from all liability in any way related to or arising out of such litigation or proceeding and (ii) does not impose any actual or potential liability or any other obligation
upon any such Initial Purchaser and its related Indemnified Persons and does not contain any factual or legal admission of fault, culpability or a failure to act by or with respect to any such Initial
Purchaser and its related Indemnified Persons. 

        Section 9.    Contribution.    If the indemnification provided for in Section 8 is for any reason held
to be unavailable to or otherwise insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein
(i) in such proportion as is appropriate to reflect the relative benefits received by the Company in respect of the Securities in which the related Initial Purchasers participated as such, on
the one hand, and the Initial Purchasers, on the other hand, from the offering of the Securities pursuant to this Agreement or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on
the one hand, and the Initial Purchasers, on the other hand, in connection with the statements or omissions or inaccuracies in the representations and warranties herein which resulted in such losses,
claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Initial Purchasers, on the
other hand, in connection with the offering of the Securities pursuant to this Agreement in respect of the Securities in which the related Initial Purchaser participated as such shall be deemed to be
in the same respective proportions as the total net proceeds from the offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company, and the total discount
received by the Initial Purchasers bear to the aggregate initial offering price of the Securities. The relative fault of the Company, on the one hand, and the Initial Purchasers, on the other hand,
shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact or any such
inaccurate or alleged inaccurate representation or warranty relates to information supplied by the Company, on the one hand, or the Initial Purchasers, on the other hand, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

        The
amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set
forth in Section 8, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set forth in
Section 8 with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 9; provided,
however, that no additional notice shall be required with respect to any action for which notice has been given under Section 8 for purposes of indemnification. 

        The
Company and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro
rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to in this Section 9. 

        Notwithstanding
the provisions of this Section 9, no Initial Purchaser shall be required to contribute any amount in excess of the discount received by such Initial Purchaser in
connection with the Securities distributed by it. No person guilty of fraudulent misrepresentation (within the meaning of Section 11 of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers' obligations to contribute pursuant to this Section 9 are several, and not joint, in proportion
to their respective commitments as set forth opposite their names in Schedule A. For purposes of this Section 9, each director, officer and employee of an Initial Purchaser and each
person, if any, who controls an Initial Purchaser within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as such Initial Purchaser, and each director
of the Company, and each person, if any, who controls the Company with the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as the Company. 

        Section 10.    Termination of this Agreement.    Prior to the Closing Date, this Agreement may be terminated by
Joint Book-Running Managers, on behalf of the Initial Purchasers, by notice given to the Company if at any time: (i) trading or quotation in any of the Company's securities shall
have been suspended or limited by the Commission or by the New York Stock Exchange, or trading in securities generally on either the Nasdaq Stock Market or the New York Stock Exchange shall have been
suspended or limited, or minimum or maximum prices shall have been generally established on any of such stock exchanges by the Commission or the NASD; (ii) a general banking moratorium shall
have been declared by any of federal or New York authorities; (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any national or
international crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in the
United States' or international political, financial or economic conditions, as in the judgment of the Joint Book-Running Managers is material and adverse and makes it impracticable to
market the Securities in the manner and on the terms described in the Offering Circular or to enforce contracts for the sale of securities; or (iv) since the date of the Offering Circular,
there shall have occurred any Material Adverse Change which in the judgment of the Joint Book-Running Managers makes it impracticable to market the Securities in the manner and on the
terms described in the Offering Circular. Any termination pursuant to this Section 10 shall be without liability on the part of (i) the Company to any Initial Purchaser, except that the
Company shall be obligated to reimburse the expenses of the Initial Purchasers pursuant to Sections 4 and 6 hereof, (ii) any Initial Purchaser to the Company or (iii) any party
hereto to any other party except that the provisions of Section 8 and Section 9 shall at all times be effective and shall survive such termination. 

        Section 11.    Representations and Indemnities to Survive Delivery.    The respective indemnities, agreements,
representations, warranties and other statements of the Company, of its officers and of the several Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and
effect, regardless of any investigation made by or on behalf of any Initial Purchaser or the Company or

 
any of its or their partners, officers or directors or any controlling person, as the case may be, and will survive delivery of and payment for the Securities sold hereunder and any termination of
this Agreement. 

        Section 12.    Notices.    All communications hereunder shall be in writing and shall be mailed, hand delivered
or telecopied and confirmed to the parties hereto as follows: 

If
to the Initial Purchasers: 

Goldman,
Sachs & Co.

85 Broad Street

New York, NY 10004

Attention: Legal Department

Fax: (212) 902-3000 

Deutsche
Bank Securities Inc.

60 Wall Street

New York, NY 10005

Attention: Corporate Finance Department

Fax: (212) 797-5765 

Lehman
Brothers Inc.

745 Seventh Avenue

New York, NY 10019

Attention: Debt Capital Markets, Telecommunications Group

(with a copy to General Counsel at the same address)

Fax: (212) 526-0943 

        with
a copy to: 

	

Cahill Gordon & Reindel LLP

80 Pine Street

New York, New York 10005
	Attention:	 	James J. Clark, Esq.

Jonathan A. Schaffzin, Esq.
	Fax: (212) 269-5420

        If
to QC:

Qwest
Corporation

1801 California Street

Denver, Colorado 80202

Attention: Chief Financial Officer 

Fax:
(303) 296-6920 

General
Counsel

Fax: (303) 296-5974 

        with
a copy to: 

Gibson,
Dunn & Crutcher LLP

1801 California Street, Suite 4200

Denver, Colorado 80202

Attention: Richard M. Russo, Esq.

Fax: (303) 313-2838

 

        and
a copy to: 

O'Melveny &
Myers

400 South Hope Street

Los Angeles, California 90071

Attention: David J. Johnson, Jr., Esq.

Fax: (213) 430-6407 

        Any
party hereto may change the address for receipt of communications by giving written notice to the others. 

        Section 13.    Successors.    This Agreement will inure to the benefit of and be binding upon the parties
hereto, including any substitute Initial Purchasers pursuant to Section 16 hereof, and to the benefit of the employees, officers and directors and controlling persons referred to in
Section 8 and Section 9, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term "successors" shall not include any
purchaser of the Securities as such from any of the Initial Purchasers merely by reason of such purchase. 

        Section 14.    Partial Unenforceability.    The invalidity or unenforceability of any Section, paragraph or
provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any
reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 

        Section 15.    Governing Law Provisions.    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE. 

        Section 16.    Default of One or More of the Several Initial Purchasers.    If any one or more of the several
Initial Purchasers with respect to the Notes shall fail or refuse to purchase such Notes that it or they have agreed to purchase hereunder on the Closing Date, and the aggregate principal amount of
such Notes which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase does not exceed 10% of the aggregate principal amount of the Notes to be purchased on
such date, the other Initial Purchasers with respect to such Notes shall be obligated, severally, in the proportions that the principal amount of Notes set forth opposite their respective names on
Schedule A bears to the aggregate principal amount of Notes set forth opposite the names of all such non-defaulting Initial Purchasers, or in such other proportions as may be
specified by the Initial Purchasers with respect to such Notes with the consent of the non-defaulting Initial Purchasers with respect to such Notes, to purchase the Notes which such
defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase on such date. If any one or more of the Initial Purchasers with respect to the Notes shall fail or refuse to
purchase such Notes and the aggregate principal amount of such Notes with respect to which such default occurs exceeds 10% of
the aggregate principal amount of such Notes to be purchased on the Closing Date, and arrangements satisfactory to the Initial Purchasers with respect to the Notes and the Company for the purchase of
such Notes are not made within 48 hours after such default, this Agreement shall terminate with respect to the Notes without liability of any party to any other party except that the provisions
of Section 4, Section 6, Section 8 and Section 9 shall at all times be effective and shall survive such termination. In any such case either the Initial Purchasers or the
Company shall have the right to postpone the Closing Date, as the case may be, but in no event for longer than seven days in order that the required changes, if any, to the Offering Circular or any
other documents or arrangements may be effected. 

        As
used in this Agreement, the term "Initial Purchaser" shall be deemed to include any person substituted for a defaulting Initial Purchaser under this Section 16. Any action
taken under this

 
Section 16 shall not relieve any defaulting Initial Purchaser from liability in respect of any default of such Initial Purchaser under this Agreement. 

        Section 17.    General Provisions.    This Agreement constitutes the entire agreement of the parties to this
Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may be executed in
two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or
modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The
section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement. 

 

        If
the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along with all
counterparts hereof, shall become a binding agreement in accordance with its terms. 

	 	 	Very truly yours,
	

 	
 	

QWEST CORPORATION
	

 	
 	

By:	
 	

/s/  RAHN K. PORTER      

	 	 	 	 	Name:	Rahn K. Porter
	 	 	 	 	Title:	VP Finance and Asst. Treasurer

        The
foregoing Purchase Agreement is hereby confirmed and accepted by the Initial Purchasers as of the date first above written. 

GOLDMAN,
SACHS & CO.

LEHMAN BROTHERS INC.

DEUTSCHE BANK SECURITIES INC.

BANC OF AMERICA SECURITIES LLC

CREDIT SUISSE FIRST BOSTON LLC

WACHOVIA CAPITAL MARKETS, LLC

BNY CAPITAL MARKETS, INC.

CITIGROUP GLOBAL MARKETS INC.

GREENWICH CAPITAL MARKETS, INC.

WELLS FARGO SECURITIES, LLC 

	By:	GOLDMAN, SACHS & CO.
	

 	

/s/  GOLDMAN, SACHS & CO.      
 (GOLDMAN, SACHS & CO.)

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Exhibit 10.28  

[Conformed
Copy] 

 
 

REGISTRATION RIGHTS AGREEMENT    

Dated August 19, 2004 

among 

QWEST CORPORATION,

as Issuer, 

and 

Goldman, Sachs & Co.

Lehman Brothers Inc.

Deutsche Bank Securities Inc.

Banc of America Securities LLC

Credit Suisse First Boston LLC

Wachovia Capital Markets, LLC

BNY Capital Markets, Inc.

Citigroup Global Markets Inc.

Greenwich Capital Markets, Inc.

Wells Fargo Securities, LLC 

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        This Registration Rights "Agreement (this "Agreement") is dated as of August 19, 2004, among QWEST CORPORATION, a Colorado corporation (the
"Issuer" or the "Company"), on the one hand, and the initial purchasers named on the Signature
Pages hereto (each, an "Initial Purchaser" and collectively, the "Initial Purchasers"), on the
other hand, who have each agreed to purchase, severally and not jointly, pursuant to the Purchase Agreement (as defined below) a specified amount of newly issued 7.875% Notes due 2011 (the
"Securities"). 

        This
Agreement is made pursuant to the Purchase Agreement, dated as of August 12, 2004 (the "Purchase Agreement"), by and among the
Issuer and the Initial Purchasers (i) for the benefit of the Issuer and the Initial Purchasers and (ii) for the benefit of the holders form time to time of the Securities (including the
Initial Purchasers). In order to induce the Initial Purchasers to purchase the Securities, the Issuer has agreed to provide the registration rights set forth in this Agreement. The execution and
delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 5 of the Purchase Agreement. Capitalized terms used herein and not otherwise defined
shall have the meaning assigned to them in the Purchase Agreement. 

        In
consideration of the foregoing, the parties hereto agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Securities: 

        1.    Definitions.    

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

        "1933 Act" shall mean the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect from time to time. 

        "1934 Act" shall mean the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of
the Commission thereunder, all as the same shall be in effect from time to time. 

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

        "Affiliate" shall mean with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common
control with, such Person; for purposes of this definition, "control" shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting securities or otherwise. 

        "Broker-Dealer Representative" means Goldman, Sachs & Co., Deutsche Bank Securities Inc. and Lehman Brothers Inc. 

        "Closing Date" shall have the meaning set forth in the Purchase Agreement. 

        "Company" shall have the meaning set forth in the preamble and shall also include the Company's successors and assigns. 

        "Effectiveness Target Date" shall have the meaning set forth in Section 2(a) hereof. 

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

        "Exchange Offer" shall mean the exchange offer by the Issuer of Exchange Securities for Registrable Securities pursuant to  Section 2(a) hereof. 

        "Exchange Offer Registration" shall mean a registration under the 1933 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. 

        "Exchange Securities" shall mean securities, issued by the Issuer under the Indenture containing terms identical to the Securities (except
that the Exchange Securities will not contain restrictions on transfer and Additional Interest) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer. 

        "Holder" shall mean a holder of Registrable Securities, for so long as such holder owns any Registrable Securities, and each of such
holder's successors, assigns and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture or who become beneficial owners of Registrable Securities,
so long as in the case of beneficial owners, such owners have so notified the Issuer in writing; provided that for purposes of  Sections 4 and
5 of this Agreement, the term "Holder" shall include Participating Broker-Dealers.
 

        "Indenture" shall mean the Indenture relating to the Securities dated as of October 15, 1999 between the Company (formerly known as
U S WEST Communications, Inc.), as issuer, and J.P. Morgan Trust Company, National Association (as successor in interest to Bank One Trust Company, N.A.), as supplemented by a
supplemental indenture establishing the terms of the Securities, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 

        "Majority Holders" shall mean the Holders of a majority of the aggregate principal amount of outstanding Registrable Securities;  provided that whenever the consent or
approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable
Securities held by the Issuer or any of its Affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount. 

        "Participant" shall have the meaning set forth in Section 5(a) hereof. 

        "Participating Broker-Dealer" shall have the meaning set forth in Section 4(a)
hereof. 

        "Person" shall be construed broadly and shall include, without limitation, an individual, a partnership, a corporation, an association, a
joint stock company, a limited liability company, a trust, a joint venture,
an unincorporated organization and a governmental entity or any department, 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 Securities covered by a Shelf
Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including all material incorporated by reference therein. 

        "Registrable Securities" shall mean the Securities; provided,  however, that the Securities shall cease to be Registrable
Securities (i) when, in the case of a Holder of such Securities who was entitled to
participate in the Exchange Offer, an Exchange Offer Registration Statement with respect to such Securities shall have been declared effective under the 1933 Act and either (a) such Securities
shall have been exchanged pursuant to the Exchange Offer for Exchange Securities or (b) such Securities were not tendered by the Holder thereof in the Exchange Offer, (ii) when a Shelf
Registration Statement with respect to such Securities shall have been declared effective under the 1933 Act and such Securities shall have been disposed of pursuant to such Shelf Registration
Statement, (iii) when such Securities have been sold to the public pursuant to Rule 144(k) (or any similar provision then in force, but not Rule 144A) under the 1933 Act or
are eligible to be sold without restriction thereunder or (iv) when such Securities shall have ceased to be outstanding.

 

        "Registration Default" shall have the meaning set forth in Section 2(d) hereof. 

        "Registration Expenses" shall mean any and all expenses incident to performance of or compliance by the Issuer with this Agreement,
including, without limitation: (i) all SEC, New York Stock Exchange or National Association of Securities Dealers, Inc. 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 one counsel for all underwriters or Holders as a group in connection with
blue sky qualification of any of the Exchange Securities or Registrable Securities) within the United States (x) where the Holders are located, in the case of the Exchange Securities, or
(y) as provided in Section 3(d) hereof, in the case of Registrable Securities to be sold by a Holder pursuant to a Shelf Registration
Statement, (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any amendments or
supplements thereto and other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the
qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the
Issuer and, in the case of a Shelf Registration Statement, the fees and disbursements of one counsel for the Holders (which counsel shall be selected by the Majority Holders) and (viii) the
fees and disbursements of the independent public accountants of the Issuer, including the expenses of any special audits, agreed-upon
procedures or "cold comfort" letters required by or incident to such performance and compliance, but excluding fees and expenses of counsel to the underwriters (other than fees and expenses set forth
in clause (ii) above) or the Holders and underwriting discounts and commissions and out-of-pocket expenses incurred by the Holders and transfer taxes, if any,
relating to the sale or disposition of Registrable Securities by a Holder. 

        "Registration Statement" shall mean any registration statement of any Issuer that covers any of the Exchange Securities or Registrable
Securities 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. 

        "SEC" shall mean the Securities and Exchange Commission. 

        "Securities" shall have the meaning set forth in the preamble. 

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

        "Shelf Registration Statement" shall mean a "shelf" registration statement of the Issuer pursuant to the provisions of  Section 2(b) of this Agreement which covers
at effectiveness all of the Registrable Securities (other than Registrable Securities the Holders of
which have not complied with its obligations under Section 2(f) of this Agreement or have elected not to have their Registrable Securities
included in the Shelf Registration Statement) on an appropriate form under Rule 415 under the 1933 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. 

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

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

        "Underwriters" shall have the meaning set forth in Section 3 hereof. 

        "Underwritten Offering" shall mean a registration in which Registrable Securities are sold to an Underwriter for reoffering to the public.

 

        2.    Registration Under the 1933 Act.    

        (a)   To
the extent not prohibited by any applicable law or applicable interpretation of the Staff of the SEC, the Issuer shall file an Exchange Offer Registration Statement
covering the offer by the Issuer to the Holders to exchange all of the Registrable Securities for Exchange Securities in a like aggregate principal amount and to use its commercially reasonable
efforts to cause the Exchange Offer Registration Statement to be declared effective by 315 days after the date of this Agreement (the "Effectiveness Target
Date") and to have such Registration Statement remain effective until the closing of the Exchange Offer. The Issuer shall commence the Exchange Offer as promptly as practicable
after the Exchange Offer Registration Statement has been declared effective by the SEC and use its commercially reasonable efforts to have the Exchange Offer consummated not later than 45 days
after the earlier of the date on which the Exchange Offer Registration Statement is declared effective and the Effectiveness Target Date (such 45-day period being the
"Exchange Period"). 

        The
Issuer shall commence the Exchange Offer by mailing the related exchange offer Prospectus and accompanying documents to each Holder stating, in addition to such other disclosures as
are required by applicable law: 

          (i)  that
the Exchange Offer is being made pursuant to this Registration Rights Agreement and that all Registrable Securities validly tendered will be accepted for exchange; 

         (ii)  the
date of acceptance for exchange (which shall be a period of at least 20 business days (or longer if required by applicable law) from the date such notice is
mailed) (the "Exchange Date"); 

        (iii)  that
any Registrable Security not tendered by a Holder who was eligible to participate in the Exchange Offer will remain outstanding and continue to accrue interest,
but will not retain any rights under this Registration Rights Agreement; 

        (iv)  that
Holders electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to surrender such Registrable Security, together with the
enclosed letters of transmittal, to the institution and at the address (located in the Borough of Manhattan, The City of New York) specified in the notice prior to the close of business on the
Exchange Date; and 

         (v)  that
Holders will be entitled to withdraw their election, not later than the close of business, New York City time, on the Exchange Date, by sending to the institution
and at the address (located in the Borough of Manhattan, The City of New York) specified in the notice a facsimile transmission or letter setting forth the name of such Holder, the principal amount of
Registrable Securities delivered for exchange and a statement that such Holder is withdrawing his election to have such Securities exchanged. 

        As
soon as practicable after the Exchange Date, the Issuer shall: 

        (vi)  accept
for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and 

       (vii)  deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Issuer and issue, and
cause the Trustee to promptly authenticate and mail to each Holder, an Exchange Security equal in principal amount to the principal amount of the Registrable Securities surrendered by such Holder;  provided that, in the case of any Registrable Securities held in global form by a depositary, authentication and delivery to such depositary of one or
more Exchange Securities in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery
requirement.

 

        Each
Holder (including, without limitation, each Participating Broker-Dealer (as defined)) who participates in the Exchange Offer will be required to represent to the Issuer, in writing
(which may be contained in the applicable letter of transmittal) that: (1) any Exchange Securities acquired in exchange for Registrable Securities tendered are being acquired in the ordinary
course of business of the Person receiving such Exchange Securities, whether or not such recipient is a Holder of Registrable Securities, (2) neither such Holder nor, to the actual knowledge of
such Holder, any other Person receiving Exchange Securities from such Holder has an arrangement or understanding with any Person to participate in the distribution of the Exchange Securities in
violation of the provisions of the 1933 Act, (3) the Holder is not an Affiliate of any Issuer or, if it is an Affiliate, it will comply with the registration and prospectus delivery
requirements of the 1933 Act to the extent applicable, (4) if such Holder is not a Participating Broker-Dealer, that it has not engaged in, and does not intend to engage in, the distribution of
Exchange Securities, (5) if such Holder is a Participating Broker-Dealer, such Holder acquired the Registrable Securities as a result of market-making activities or other trading activities, it
will deliver a prospectus in connection with any resale of the Exchange Securities and that it will comply with the applicable provisions of the 1933 Act with respect to resale of any Exchange
Securities and (6) such Holder has full power and authority to transfer the Registrable Securities in exchange for the Exchange Securities. 

        The
Issuer shall comply with the applicable requirements of the 1933 Act, the 1934 Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer
shall not be subject to any conditions, other than (1) that the Exchange Offer does not violate applicable law or any applicable interpretation of the Staff of the SEC, (2) that no
action or proceeding shall have been instituted or threatened in any court or by any governmental agency with respect to the Exchange Offer and no material adverse development shall have occurred with
respect to any Issuer, (3) that all governmental approvals shall have been obtained that the Issuer deems necessary for the consummation of the Exchange Offer, (4) that the conditions
precedent to the Issuer's obligations under this Agreement shall have been fulfilled and (5) such other conditions as shall be deemed necessary or appropriate by the Issuer in its reasonable
judgment. 

        (b)   In
the event that (i) the Issuer determines that the Exchange Offer Registration provided for in  Section 2(a) above is not available or may not be consummated as soon as practicable after the
Exchange Date because it would violate applicable
law or the applicable interpretations of the Staff of the SEC, (ii) the Exchange Offer Registration Statement is not declared effective by the Effectiveness Target Date, (iii) any Holder
of Securities notifies the Issuer after the commencement of the Exchange Offer that due to a change in applicable law or SEC policy it is not entitled to participate in the Exchange Offer, or
(iv) if any Holder that participates in the Exchange Offer (and tenders its Registrable Securities prior to the expiration thereof), does not receive Exchange Securities on the date of the
exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such Holder as an Affiliate of the Issuer or as a Participating Broker-
Dealer), the Issuer shall cause to be filed as soon as practicable a Shelf Registration Statement providing for the sale by the Holders of all of the Registrable Securities and shall use its
commercially reasonable efforts to have such Shelf Registration Statement declared effective by the SEC. In the event the Issuer is required to file a Shelf Registration Statement solely as a
result of the matters referred to in clause (iii) of the preceding sentence, the Issuer shall file and use its commercially reasonable efforts to have declared effective by the SEC both an
Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement
(which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by such other Holders after completion
of the Exchange Offer. The Issuer agrees, except as set forth herein, to use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective until the date that is
two years after the Closing Date (or such shorter periods as may hereafter be referred to in

 
Rule 144(k) under the Securities Act (or similar successor rule)) with respect to the Registrable Securities or such shorter period that will terminate when all of the Registrable
Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement. The Issuer further agrees to supplement or amend the Shelf Registration Statement if
required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the 1933 Act or by any other rules and regulations
thereunder for shelf registration or if reasonably requested by a Holder with respect to information relating to such Holder, and to use its commercially reasonable efforts to cause any such amendment
to become effective and such Shelf Registration Statement to become usable as soon as thereafter practicable. The Issuer agrees to furnish to the Holders of Registrable Securities, upon request,
copies of any such supplement or amendment promptly after its being used or filed with the SEC. Notwithstanding the foregoing, the Issuer shall not be required to file more than one
post-effective amendment to the Shelf Registration Statement in any fiscal quarter, such timing to be determined in the reasonable discretion of the Issuer, to add one or more Holders to
the "Selling Securityholders" table of the Shelf Registration Statement or to update any information in such table. Notwithstanding anything to the contrary contained herein, if the Exchange Offer is
consummated after the Exchange Date, the Issuer's obligations arising as a result of clauses (ii) and (iii) above shall terminate. 

        (c)   The
Issuer shall pay all Registration Expenses in connection with the registration pursuant to Section 2(a) or  Section 2(b). Each Holder shall pay
all underwriting discounts and commissions and transfer taxes, if any, relating to the registration of such
Holder's Registrable Securities pursuant to the Exchange Offer Registration Statement or the Shelf Registration Statement. 

        (d)   An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement
pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC;  provided, however, that, if, after it has been declared effective, the offering of Registrable
Securities 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 be effective during the period of such interference until the offering of Registrable Securities pursuant to such Registration Statement may legally
resume. As provided for in the Indenture, the annual interest rate on the Securities will be increased (the "Additional Interest") under the following
condition: 

subject
to Sections 2(f) and 2(g) if (A) the Issuer has not exchanged Exchange Securities
for all Securities validly tendered in accordance with the terms of the Exchange Offer on or prior to the end of the Exchange Period (and the Shelf Registration Statement has not been declared
effective), (B) the Exchange Offer Registration Statement or, if applicable, the Shelf Registration Statement has not been declared effective by the SEC on or prior to the Effectiveness Target
Date or (C) if applicable, the Shelf Registration Statement is filed and declared effective but shall thereafter cease to be effective or usable (1) as a result of an order suspending
the effectiveness of the Shelf Registration Statement or otherwise (2) if related to the events or circumstances set forth in Section 2(g)
below, for more than 60 days (whether or not consecutive) in any twelve month period) (each such event referred to in clauses (A) through (C), a "Registration
Default"), then Additional Interest shall accrue on the principal amount of the Registrable Securities at a rate of 0.25% per annum commencing (x) at the end of the
Exchange Period, in the case of (A) above, (y) on the Effectiveness Target Date in the case of (B) above, or (z) on the day such Shelf Registration Statement ceases to be
effective in the case of (C)(1) above or the 61st day the Prospectus ceases to be usable for resales in the case of (C)(2) above, and such Additional Interest rate shall continue

 
to, but excluding, the earlier of (1) the date on which all Registration Defaults have been cured or (2) the date that is two years after the Closing Date (or such shorter period
as may hereafter be referenced to in Rule 144(k) under the Securities Act (or similar successor rule)) (it being understood and agreed that, notwithstanding any provision to the
contrary, so long as any Securities not registered under an Exchange Offer Registration Statement by the Effectiveness Target Date or validly tendered on or prior to the end of the Exchange Period,
(y) have been provided the opportunity to be tendered in an Exchange Offer that closes after the Exchange Period or (z) are then covered by an effective Shelf Registration Statement, no
Additional Interest shall accrue on such Securities); 

provided, however, that upon the exchange of Exchange Securities for all Securities tendered (in the
case of clause (A) above), upon the effectiveness of the Shelf Registration Statement (in the case of clause (B) above) or upon the effectiveness of the Shelf Registration
Statement which had ceased to remain effective (in the case of clause (C) above), Additional Interest on the Securities as a result of such clause (or the relevant subclause thereof), as
the case may be, shall cease to accrue; provided, further,  however, that in the case of clauses (B) and
(C) above, it is expressly understood that Additional Interest should be payable only with
respect to the Registrable Securities so requested to be registered pursuant to Section 2(b)(iii) hereof; and  provided, further, however, that if a Registration
Default under clause (C) above hereof occurs because of the filing of a post-effective amendment to such Registration Statement to incorporate annual audited financial
information with respect to the Issuer or to add Holders to the "Selling Securityholders" table (or to update any information in such
table) where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related Prospectus, it is expressly understood that
Additional Interest shall be payable only from and after the date such Registration Default continues for at least 30 days. 

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

        (e)   Without
limiting the remedies available to the Holders, the Issuer acknowledges that any failure by the Issuer 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 will 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 Issuer's obligations under Section 2(a) and  Section 2(b) hereof. 

        (f)    No
Holder of Registrable Securities may include any of its Registrable Securities in any Shelf Registration unless and until such Holder furnishes to the Issuer, in
writing within 15 days after receipt of a request therefor, the information with respect to such Holder specified in Regulation S-K under the 1933 Act and any other
applicable rules, regulations or policies of the SEC for use in connection with any Shelf Registration or Prospectus included therein, on a form to be provided by the Issuer. Each selling Holder
agrees to furnish promptly to the Issuer additional information to be disclosed so that the information previously furnished to the Issuer by such Holder does not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. No Holder of Registrable Securities shall be entitled to
Additional Interest pursuant to Section 2(d) hereof unless and until such Holder shall have provided all such information.

 

        (g)   The
Issuer may delay the filing or the effectiveness of an Exchange Offer Registration Statement or a Shelf Registration Statement for a period of up to 30 days
during any 90 day period if (i) there occur material events or developments with respect to the Issuer that would need to be described in such Registration Statement or the related
Prospectus, and the effectiveness of such Registration Statement is reasonably required to be suspended while such Registration Statement and related Prospectus are amended or supplemented to reflect
such events or developments, (ii) there occur material events or developments with respect to the Issuer or any of its Affiliates, the disclosure of which the Issuer determines in good faith
would have a material adverse effect on the business, operations or prospects of the Issuer, or (iii) the Issuer does not wish to disclose publicly a pending material business transaction that
has not yet been publicly disclosed; provided, however, that any delay period with respect to
Registration Defaults arising under this Section 2(g) will not alter the obligations of the Issuer
to pay Additional Interest with respect to a Registration Default subject to the limitations and exceptions set forth in Section 2(d) above. 

        (h)   Additional
Interest due on the Securities pursuant to Section 2(d) hereof will be payable in cash semiannually in
arrears on the same interest payment dates as the Securities, commencing with the first interest payment date occurring after any such Additional Interest commences to accrue. 

        3.    Registration Procedures.    

        In
connection with the obligations of the Issuer with respect to the Registration Statements pursuant to Section 2(a) and  Section 2(b) hereof, the
Issuer shall: 

        (a)   prepare
and file with the SEC a Registration Statement on the appropriate form under the 1933 Act, which form (x) shall be selected by the Issuer and
(y) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the selling Holders thereof and (z) 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 commercially reasonable efforts to cause such
Registration Statement to become effective and remain effective in accordance with Section 2 hereof; 

        (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 applicable period and, except for such periods as to which such action is not required pursuant to Section 2(g)
hereof, cause each Prospectus to be supplemented by any prospectus supplement required by applicable law and, as so supplemented, to be filed pursuant to Rule 424 under the 1933 Act; to keep
each Prospectus current during the period described under Section 4(3) and Rule 174 under the 1933 Act that is applicable to transactions by brokers or dealers with respect to the
Registrable Securities or Exchange Securities; 

        (c)   in
the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to counsel for the Holders and to each Underwriter of an Underwritten Offering of
Registrable Securities, if any, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such
Holder or Underwriter may reasonably request, in order to facilitate the public sale or other disposition of the Registrable Securities; and, except for the periods set forth in
Section 2(g) herein, the Issuer consents to the use of such Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the selling Holders of
Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus or any amendment or
supplement thereto in accordance with applicable law;

 

        (d)   use
its commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or "blue sky" laws of such jurisdictions
as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing by the time the applicable Registration Statement is declared effective by the SEC, to
cooperate with such Holders in connection with any filings required to be made with the New York Stock Exchange and the National Association of Securities Dealers, Inc. and do any and all other
acts and things which may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder;  provided,
 however, that the Issuer 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 or (iii) subject itself to taxation in any such jurisdiction if it is not so subject; 

        (e)   in
the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for the Holders promptly and, if requested by any such Holder or counsel,
confirm such advice in writing (i) when a Registration Statement has become effective and when any post-effective amendment thereto has been filed and becomes effective,
(ii) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement and 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 initiation
of any proceedings for that purpose, (iv) if, between the effective date of a Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations
and warranties of the Issuer contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to the offering cease to be true and correct in all
material respects or if the Issuer receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any
proceeding for such purpose, (v) of the happening of any event during the period a Shelf Registration Statement is effective which makes any statement made in such Registration Statement or the
related Prospectus untrue in any material respect or which requires the making of any changes in such Registration Statement or Prospectus in order to make the statements therein not misleading and
(vi) of any determination by the Issuer that a post-effective amendment to a Registration Statement (other than an amendment that does nothing more substantive than add one or more
Holders to the "Selling Securityholders" table of such Registration Statement or to update any information set forth in such table) would be appropriate except, in the case of clauses (iv),
(v) and (vi), with respect to any event, development or transaction permitted to be kept confidential under Section 2(g) hereof, the
Issuer shall not be required to describe such event, development or transaction in the written notice provided; 

        (f)    make
commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement as promptly as practicable and
provide reasonably prompt notice to each Holder of the withdrawal of any such order; 

        (g)   in
the case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement 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 Securities to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be in such denominations (consistent with the provisions of the
Indenture) and registered in

 
such names as the selling Holders may reasonably request at least one business day prior to the closing of any sale of Registrable Securities; 

        (i)    in
the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(e)(v) hereof, as
promptly as practicable prepare and file with the SEC 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 Securities, 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 light of the circumstances under which they were made, not misleading; the Issuer agrees to notify the Holders to suspend
use of the Prospectus as promptly as practicable after the occurrence of such an event, and the Holders hereby agree to suspend use of the Prospectus until the Issuer has amended or supplemented the
Prospectus to correct such misstatement or omission and expressly agree to maintain the information contained in such notice confidential (except that such information may be disclosed to its counsel)
until it has been publicly disclosed by the Issuer; notwithstanding the foregoing, the Issuer shall not be required to amend or supplement a Registration Statement, any related Prospectus or any
document incorporated or deemed to be incorporated therein by reference if (i) an event occurs and is continuing as a result of which the Shelf Registration, any related Prospectus or any
document incorporated or deemed to be incorporated therein by reference, would, in the Issuer's good faith judgment, contain an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein not misleading (with respect to such a Prospectus only, in the light of the circumstances under which they were made), and (ii) (a) the
Issuer determines in its good faith judgment that the disclosure of such event at such time would have a material adverse effect on the business, operations or prospects of the Issuer, or
(b) the disclosure otherwise relates to a pending material business transaction that has not yet been publicly disclosed; 

        (j)    in
the case of a Shelf Registration Statement, a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration
Statement or amendment or supplement to a Prospectus, provide copies of such document to, the Holders and their counsel and make such of the representatives of the Issuer as shall be reasonably
requested by the Holders or their counsel available for discussion of such document, and shall not at any time file or make any amendment to the Registration Statement, any Prospectus or any amendment
of or supplement to a Registration Statement or a Prospectus, of which the Holders and their counsel shall not have previously been advised and furnished a copy or to which the Holders or their
counsel shall reasonably object on a timely basis, except for any Registration Statement or amendment thereto or related Prospectus or supplement thereto (a copy of which has been previously furnished
as provided in the preceding sentence) which counsel to the Issuer has advised the Issuer in writing is required to be filed in order to comply with applicable law; provided,
however, that the foregoing procedures shall be coordinated on behalf of the Holders by a representative designated by the majority in aggregate principal amount of the Holders
selling Registrable Securities; 

        (k)   obtain
a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective date of a Registration Statement; 

        (l)    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 Securities or Registrable Securities, as the case may be, cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the
Indenture to be so qualified in accordance with the terms of the TIA and execute, and use its commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to
effect such changes and all other forms and

 
documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 

        (m)  in
the case of an Underwritten Offering pursuant to a Shelf Registration, make available for inspection upon written request by a representative of the Holders of the
Registrable Securities, any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, and attorneys and accountants designated by the Holders, at reasonable times and
in a reasonable manner, all pertinent financial and other records, pertinent documents and properties of the Issuer as shall be reasonably necessary to enable them to exercise any applicable due
diligence responsibilities, and cause the respective officers, directors and employees of the Issuer to supply all information reasonably requested by any such representative, Underwriter, attorney or
accountant in connection with their due diligence responsibilities under a Shelf Registration Statement; provided that records and information that the
Issuer determines in good faith to be confidential and so notifies such representative, Underwriter, attorney or accountant are confidential shall not be disclosed to any such representative,
Underwriter, attorney or accountant unless (i) the disclosure of such information is necessary to avoid or correct a material misstatement or material omission in an effective Registration
Statement or Prospectus, (ii) the release of such information is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction or (iii) the information has been made generally available to the public other than by any of such persons or an Affiliate of any such persons,  provided that if any
such information has been disclosed to any such representative, Underwriter, attorney or accountant, prior notice shall be provided
as soon as practicable to the Issuer of the potential disclosure of any information by such person under the circumstances described in clause (i) or (ii) of this sentence in
order to permit the Issuer to obtain a protective order; provided further, that if such records and information are determined to be confidential, the
Issuer shall (a) provide summaries of such information to counsel for such Underwriter or (b) provide other means as reasonably requested by the Underwriter to enable such Underwriter to
satisfy its due diligence requirements without compromising the confidentiality of such information; 

        (n)   if
reasonably requested by any Holder of Registrable Securities covered by a Registration Statement, (i) subject to  Section 2(b) of this Agreement, promptly incorporate in a Prospectus supplement
or post-effective amendment such information with
respect to such Holder as such Holder reasonably requests to be included therein and (ii) subject to Section 2(b) of this Agreement, make
all required filings of such Prospectus supplement or such post-effective amendment as soon as the Issuer has received notification of the matters to be incorporated in such filing; and 

        (o)   in
the case of an Underwritten Offering pursuant to a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith
(including those requested by the Holders of a majority of the Registrable Securities being sold) in order to expedite or facilitate the disposition of such Registrable Securities and in such
connection, (i) to the extent possible, make such representations and warranties to any Underwriters of such Registrable Securities with respect to the business of the Issuer and its
subsidiaries, the Registration Statement, Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily
made by issuers to underwriters in underwritten offerings and confirm the same in writing if and when requested, (ii) obtain opinions of counsel to the Issuer (which counsel and opinions, in
form, scope and substance, shall be reasonably satisfactory to such Underwriters and their respective counsel) addressed to each Underwriter of Registrable Securities, covering the matters customarily
covered in opinions requested in underwritten offerings, (iii) obtain "cold comfort" letters from the independent certified public accountants of the Issuer (and, if necessary, any other
certified public accountant of any subsidiary of the Issuer, or of any business acquired by the Issuer for

 
which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each Underwriter of Registrable Securities, such letters to be in customary
form and covering matters of the type customarily covered in "cold comfort" letters in connection with underwritten offerings, (iv) if an underwriting agreement is entered into, include in such
underwriting agreement indemnification provisions and procedures no less favorable to the selling Holders and underwriters, if any, than those set forth in  Section 5 hereof (or such other
provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable
Securities covered by such Registration Statement and the underwriters (if any), and (v) deliver such documents and certificates as may be reasonably requested by the Underwriters, and which
are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Issuer made pursuant to clause (i) above and to
evidence compliance with any customary conditions contained in an underwriting agreement. 

        In
the case of a Shelf Registration Statement, the Issuer may require each Holder of Registrable Securities to furnish to the Issuer such information regarding the Holder and the
proposed distribution by such Holder of such Registrable Securities as the Issuer may from time to time reasonably request in writing. The Issuer may exclude from such registration the Registrable
Securities of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such request. Each seller as to which any Shelf Registration is being
effected agrees to furnish promptly to the Issuer all information required to be disclosed in order to make the information previously furnished to the Issuer by such seller not materially misleading. 

        In
the case of a Shelf Registration Statement or if Participating Broker-Dealers who have notified the Issuer that they will be utilizing the Prospectus contained in the Exchange Offer
Registration Statement as provided in this Section 3(o) are seeking to sell Exchange Securities and are required to deliver Prospectuses, each
Holder agrees that, upon receipt of any notice from the Issuer of the happening of any event of the kind described in Section 3(e)(v) hereof,
such Holder will forthwith discontinue disposition of Registrable Securities 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, and, if so directed by the Issuer, such Holder will deliver to the Issuer (at its expense) all copies in its
possession, other than permanent file copies then in such Holder's possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. If the Issuer shall
give any such notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Issuer shall extend the period during which the Registration Statement shall be
maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders shall
have received copies of the supplemented or amended Prospectus necessary to resume such dispositions. 

        The
Holders of Registrable Securities covered by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such
Underwritten Offering, the investment banker or investment bankers and manager or managers (the "Underwriters") that will administer the offering will
be selected by the Majority Holders of the Registrable Securities included in such offering. 

        4.    Participation of Broker-Dealers in Exchange Offer.    

        (a)   The
Staff of the SEC has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities
that were acquired by such broker-dealer as a result of market-making or other trading activities (a "Participating Broker-Dealer"), may be deemed to be
an "underwriter" within the meaning of the 1933 Act and must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities.

 

        The
Issuer understands that it is the Staff's position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a
statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of
Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligation under the 1933 Act in connection with resales of
Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the 1933 Act. 

        (b)   In
light of the above, notwithstanding the other provisions of this Agreement, the Issuer agrees that the provisions of this Agreement as they relate to a Shelf
Registration shall also apply to an Exchange Offer Registration to the extent, and with such reasonable modifications thereto as may be, reasonably requested by one or more Participating
Broker-Dealers as provided in clause (ii) below, in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the
positions of the Staff recited in Section 4(a) above; provided that: 

          (i)  the
Issuer shall not be required to keep the Exchange Offer Registration Statement effective, as would otherwise be contemplated by Section 2(b) for a
period exceeding 90 days after the date on which such Exchange Offer Registration Statement is declared effective (as such period may be extended pursuant to the penultimate paragraph of  Section 3 of this Agreement as applied to such Exchange Offer Registration Statement); 

         (ii)  the
Issuer shall not be required to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement, as would otherwise be contemplated by  Section 3(i), for a period exceeding
90 days after the date on which such Exchange Offer Registration Statement is declared effective (as
such period may be extended pursuant to the penultimate paragraph of Section 3 of this Agreement as applied to such Exchange Offer Registration
Statement) and Participating Broker-Dealers shall not be authorized by the Issuer to deliver and shall not deliver such Prospectus after such period in connection with the resales contemplated by this  Section 4; and 

        (iii)  the
application of the Shelf Registration procedures set forth in Section 3 of this Agreement to an Exchange
Offer Registration, to the extent not required by the positions of the Staff of the SEC or the 1933 Act and the rules and regulations thereunder, will be in conformity with the reasonable request in
writing to the Issuer by one or more broker-dealers who certify to the Issuer in writing that they anticipate that they will be Participating Broker-Dealers; and  provided, further, that, in connection with such application of the Shelf Registration procedures set
forth in Section 3 to an Exchange Offer Registration, the Issuer shall be obligated (x) to deal only with the Broker-Dealer
Representatives and (y) to pay the fees and expenses of only one counsel representing the Participating Broker-Dealers. 

        5.    Indemnification and Contribution.    

        (a)   The
Issuer hereby agrees to indemnify and hold harmless each Holder of Registrable Securities and each Participating Broker-Dealer selling Exchange Securities during the
applicable period, and each Person, if any, who controls such Person or its affiliates within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act (each, a
"Participant") from and against any and all losses, claims, damages, liabilities or expenses (whether direct or indirect, in contract, tort or
otherwise) whatsoever, as incurred (including the cost of any investigation or preparation) arising out of or based upon: 

          (i)  any
untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or

 
supplemented if the Issuer shall have furnished any amendments or supplements thereto) or any preliminary prospectus; or 

         (ii)  the
omission or alleged omission to state, in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Issuer shall have
furnished any amendments or supplements thereto) or any preliminary prospectus or any other document or any amendment or supplement thereto, a material fact or necessary to make the statements made
therein, in the light of the circumstances under which they were made, not misleading; 

provided, however, the Issuer will not be liable in any such case to the extent that any such loss,
claim, damage, liability or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any Registration Statement (or any amendment
thereto) or Prospectus (as amended or supplemented if the Issuer shall have furnished any amendments or supplements thereto) or any preliminary prospectus or any amendment or supplement thereto of a
material fact necessary in order to make the statements made therein, in the light of the circumstances under with they were made, not misleading, if in any case such statement or omission relates to
such Participant and was made in reliance upon and in conformity with information furnished in writing to the Issuer by such Participant expressly for use therein. The indemnity provided for in this
Section 5 will be in addition to any liability that the Issuer may otherwise have to the indemnified parties. The Issuer shall not be liable under this Section 5 for any settlement of
any claim or action effected without its prior written consent, which shall not be unreasonably withheld. No Participant shall, without the prior written consent of the Issuer, effect any settlement
or compromise of any pending or threatened proceeding in respect of which such Issuer is or could have been a party, or indemnity could have been sought hereunder by such Issuer, unless such
settlement (A) includes an unconditional release of such Issuer, from all liability in any way related to or arising out of such litigation or proceeding and (B) does not impose any
actual or potential liability or any other obligation upon any Issuer and does not contain any factual or legal admission of fault, culpability or a failure to act by or with respect to any Issuer. 

        Each
Participant, severally and not jointly, agrees to hold the Issuer harmless and to indemnify the Issuer (including any of its respective affiliated companies and any director,
officer, agent or employee of the Issuer or any such affiliated company) and any director, officer, or other person controlling (within the meaning of Section 15 of the 1933 Act or
Section 20(a) of the 1934 Act) the Issuer (including any of the Issuer's affiliated companies) from and against any and all losses, claims, damages, liabilities or expenses (whether
direct or indirect, in contract, tort or otherwise) whatsoever, as incurred (including the cost of any investigation and preparation) arising out of or based upon (i) any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary prospectus, or (ii) the omission or
the alleged omission to state therein a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission relates to such Participant and was made in reliance upon and in conformity with
information furnished in writing by such Participant, expressly for use therein. The indemnity provided for in this Section 5 will be in addition to any liability that the Participants may
otherwise have to the indemnified parties. The Participants shall not be liable under this Section 5 for any settlement of any claim or action effected without their consent, which shall not be
unreasonably withheld. The Issuer shall not, without the prior written consent of such Participant, effect any settlement or compromise of any pending or threatened proceeding in respect of which such
Participant is or could have been a party, or indemnity could have been sought hereunder by such Participant, unless such settlement (A) includes an unconditional release of such Participant,
from all liability in any

 
way related to or arising out of such litigation or proceeding and (B) does not impose any actual or potential liability or any other obligation upon any such Participant and does not contain
any factual or legal admission of fault, culpability or a failure to act by or with respect to any such Participant. 

        If
a claim is made against any indemnified party as to which such indemnified party may seek indemnity under this Section 5, such indemnified person shall notify the indemnifying
party promptly after any written assertion of such claim threatening to institute an action or proceeding with respect thereto and shall notify the indemnifying party promptly of any action commenced
against such indemnified party within a reasonable time after such indemnified party shall have been served with a summons or other first legal process giving information as to the nature and basis of
the claim. Failure to so notify the indemnifying party shall not, however, relieve the indemnifying party from any liability which it may have on account of the indemnity under this Section 5,
except to the extent such failure results in the forfeiture by the indemnifying party of material rights and defenses. The indemnifying party shall have the right to assume the defense of any such
litigation or proceeding, including the engagement of counsel reasonably satisfactory to the indemnified party. In any such litigation or proceeding the defense of which the indemnifying party shall
have so assumed, any indemnified party shall have the right to participate in such litigation or proceeding and to retain its own counsel, but the fees and expenses of such counsel shall be at the
expense of such indemnified party unless (i) the indemnifying party shall have failed promptly to assume the defense thereof and employ counsel as provided above, or (ii) counsel to the
indemnified party reasonably determines that representation of such indemnified party by the indemnifying party's counsel would present the indemnifying party's counsel with a conflict of interest. It
is understood that the indemnifying party shall not, in connection with any litigation or proceeding or related litigation or proceeding in the same jurisdiction, be liable under this Agreement for
the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred.
Such separate firm shall be designated by the indemnified party. 

        To
the extent the indemnity provided for in the foregoing paragraphs of this Section 5 is for any reason held unenforceable although otherwise applicable in accordance with its
terms with respect to an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party agrees to contribute to the amount paid
or payable by such indemnified person as a result of such losses, claims, damages, liabilities or expenses (i) in such proportion as is appropriate to reflect the relative benefits received by
the indemnifying party, on the one hand, and by such indemnified party, on the other, from the offering of the Securities or (ii) if the allocation provided by the foregoing
clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing clause (i), but also the
relative fault of the indemnifying party, on the one hand, and of such indemnified party, on the other, in connection with the statements, actions or omissions which resulted in such losses, claims,
damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Issuer, on the one hand, and by such Participant, on the other, shall be
deemed in the same proportion as the total proceeds from the offering (before deducting expenses) of the Securities received by the Issuer bear to the total net profit received by such Participant in
connection with the sale of the Securities. Relative fault shall be determined by reference to, among other things, whether any alleged untrue statement or omission or any other alleged conduct
relates to information provided by the Issuer or other conduct by the Issuer (or its employees or other agents), on the one hand, or by such Participants, on the other hand. 

        The
parties agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of allocation that does
not take into account the equitable considerations referred to in the first sentence of the previous paragraph. Notwithstanding any other provision of the previous paragraph, no Participant shall be
obligated to make contributions hereunder that in the aggregate exceed the total net profit received by such

 
Participant in connection with the sale of the Securities, less the aggregate amount of any damages that such Participant has otherwise been required to pay by reason of the untrue or alleged untrue
statements or the omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of 1933 Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls a Participant within the
meaning of Section 15 of 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Participants, and each director of any Issuer, each officer of any
Issuer and each person, if any, who controls any Issuer within the meaning of Section 15 of 1933 Act or Section 20 of the 1934 Act, shall have the same rights to contribution as the
Issuer. 

        6.    Miscellaneous.    

        (a)    No Inconsistent Agreements.    The Issuer has not entered into, and on or after the date of this Agreement will
not enter into, any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities 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 Issuer's other issued and outstanding securities
under any such agreements. 

        (b)    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 Issuer has obtained the written consent of Holders of at least a
majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent;  provided, however, that no amendment, modification, supplement, waiver or consent to any departure from
the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such
Holder. Notwithstanding the foregoing sentence, (i) a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of
Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of
Registrable Securities may be given by Holders of at least a majority in aggregate principal amount of Registrable Securities being sold pursuant to such Registration Statement, (ii) this
Agreement may be amended, without the consent of any Holder of Registrable Securities, by written agreement signed by the Issuer and the Initial Purchasers, to cure 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 which shall not be inconsistent with other provisions of this Agreement, (iii) 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 Issuer and the Initial Purchasers 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 (iv) to the extent any provision of
this Agreement relates to an Initial Purchaser, 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 such Initial Purchaser and the Issuer. 

        (c)    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, registered first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder
to the Issuers by means of a notice given in accordance with the provisions of

 
this Section 6(c); (ii) if to the Issuer, initially at the Issuer's address set forth in the Indenture and thereafter at such other
address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) if to the Trustee, initially at the
Trustee's address set forth in the Indenture and thereafter at such other address, notice of which is given in accordance with the provisions of this  Section 6(c). 

        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 answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next business day if timely delivered to an air courier guaranteeing overnight delivery. 

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

        (d)    Successors and Assigns.    This Agreement shall inure to the benefit of and be binding upon the successors,
assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders;  provided that nothing herein shall be deemed to permit
any assignment, transfer or other disposition of Registrable Securities in violation of the terms
of the Indenture. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to
all of the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Trustee (in its capacity as Trustee under the Indenture or acting on behalf of the Holders pursuant
to this Agreement) shall have no liability or obligation to either (i) the Issuer with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations
of such Holder under this Agreement or (ii) any Holder with respect to any failure by the Issuer to comply with, or any breach by the Issuer of, any of the obligations of the Issuer under this
Agreement. 

        (e)    Entire Agreement.    This Agreement contains the entire agreement among the parties hereto with respect to the
subject matter hereof and supersedes and replaces all other prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof. 

        (f)    Third Party Beneficiary.    The Holders shall be third party beneficiaries to the agreements made hereunder
between the Issuer, 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. 

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

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

        (i)    Governing Law.    The internal laws of the State of New York shall govern the enforceability and validity of
this Agreement, the construction of its terms and the interpretation of the rights and duties of the parties hereto without giving effect to conflicts of laws, rules or principles. 

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

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

	 	 	QWEST CORPORATION
	

 	
 	

By:	
 	

/s/  JANET K. COOPER      

	 	 	 	 	Name:	Janet K. Cooper
	 	 	 	 	Title:	Senior Vice President—Finance and Treasurer
	

 	
 	

GOLDMAN, SACHS & CO.

LEHMAN BROTHERS INC.

DEUTSCHE BANK SECURITIES INC.

BANC OF AMERICA SECURITIES LLC

CREDIT SUISSE FIRST BOSTON LLC

WACHOVIA CAPITAL MARKETS, LLC

BNY CAPITAL MARKETS, INC.

CITIGROUP GLOBAL MARKETS INC.

GREENWICH CAPITAL MARKETS, INC.

WELLS FARGO SECURITIES, LLC
	

 	
 	

By:	
 	

GOLDMAN, SACHS & CO.
	

 	
 	

By:	
 	

/s/  GOLDMAN, SACHS & CO.      
 (Goldman, Sachs & Co.)

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REGISTRATION RIGHTS AGREEMENT

REGISTRATION RIGHTS AGREEMENT

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