Document:

Exhibit 10.2

 

EXECUTION COPY

 

$130,000,000

 

PIPE ACQUISITION FINANCE PLC

 

Senior
Secured Floating Rate Notes due 2010

 

PURCHASE AGREEMENT

 

December 13,
2005

 

JEFFERIES &
COMPANY, INC.

520 Madison Avenue

12th Floor

New York, New York 10022

 

Ladies and
Gentlemen:

 

Pipe Acquisition Finance Plc, a company incorporated under the laws of
England and Wales (the “Finance Corporation”), Pipe Acquisition Limited,
a company incorporated under the laws of England and Wales (the “Successor”)
and each of the Guarantors (as hereinafter defined) hereby agree with you as
follows:

 

1.                                      Issuance
of Notes. Subject to the terms and conditions herein contained, the
Finance Corporation (the “Issuer,” except that references to the “Issuer”
shall be deemed to be appropriately modified in this Agreement to be references
to the Successor upon and for any period relating to after the effectiveness of
the Liquidation and Assumption as defined below) proposes to issue and sell to
Jefferies & Company, Inc. (the “Initial Purchaser”) $130,000,000 aggregate principal amount of
Senior Secured Floating Rate Notes due 2010 (each a “Note” and,
collectively, the “Notes”). The Notes will be issued pursuant to an
indenture (as supplemented by one or more supplemental indentures, the “Indenture), to be dated as of the
Closing Date (as hereinafter defined), by and among the Issuer, the Guarantors
party thereto, and The Bank of New York, as trustee (in such capacity, the “Trustee”) and collateral agent (in
such capacity, the “Collateral Agent”). Capitalized terms used, but not
defined herein, shall have the meanings set forth in the “Description of the
Notes” section of the Final Offering Circular (as hereinafter defined).

 

Concurrently with the sale of the Notes on the Closing Date, the Issuer
will use the proceeds to fund the acquisition (the “Acquisition”) by the
Successor of all of the equity ownership interests of Murray International
Metals Limited, a company incorporated under the laws of England and Wales (the
“Company”) pursuant to the Agreement for the Sale and Purchase of Shares
in Murray International Metals Limited, dated November 30, 2005, among the
Successor, Murray International Holdings Limited, and certain sellers party
thereto. The proceeds of the sale of the Notes will be made available to the
Successor by way of a loan from the Issuer pursuant to the Intercompany Loan
Agreement, to be dated as of the Closing Date, between the Successor and the
Issuer. Following the closing of the Exchange Offer (as defined below),
pursuant to the terms of the Indenture, the Finance Corporation (which is a
majority owned subsidiary of the Successor) will be liquidated under the laws
of the United Kingdom and all of its assets, liabilities, rights and
obligations, including its obligations under this Agreement and as issuer of
the Notes, will be assigned to and assumed by (together, the “Liquidation
and Assumption”) the Successor, and the Guarantors (other than the
Successor) will continue to guarantee the Notes.

 

 

The Notes will be offered and sold to the Initial Purchaser pursuant to
an exemption from the registration requirements under the Securities Act of
1933, as amended (the “Act”).
Upon original issuance thereof, and until such time as the same is no longer
required under the applicable requirements of the Act, the Notes shall bear the
legends set forth in the final offering circular, dated the date hereof (the “Final
Offering Circular”). The Finance Corporation, the Successor and the Company
have prepared and authorized the use by the Initial Purchaser of a preliminary
offering circular, dated December 1, 2005 (as amended by the supplement
thereto, the “Preliminary Offering
Circular”), and the Final Offering Circular relating to the offer
and sale of the Notes (the “Offering”).
“Offering Circular” means, as of any date or time referred to in this
Agreement, the most recent offering circular (whether the Preliminary Offering
Circular or the Final Offering Circular, and any amendment or supplement to
either such document), including exhibits and schedules thereto.

 

On the Closing Date, the Company will enter into (i) a senior
secured working capital facility among the Company and the Subsidiaries
(defined below) of the Company named therein, The Governor and the Company of
The Bank of Scotland, and certain other parties thereto, which provides for a
working capital facility in an amount of up to £27.0 million (the “Working
Capital Facility”), and (ii) a sale and leaseback transaction with
Steels (UK) 16-58, Inc. in connection with its offices and facilities in
Newbridge, Scotland (the “Newbridge Sale Leaseback”).

 

2.                                      Terms
of Offering. The Initial Purchaser has advised the Issuer, the
Successor and the Company, and the Issuer, the Successor and the Company
understand, that the Initial Purchaser will make offers to sell (the “Exempt Resales”) the Notes
purchased by the Initial Purchaser hereunder on the terms set forth in the
Final Offering Circular solely to persons (the “Subsequent Purchasers”) whom the Initial Purchaser reasonably
believes to be (i) “qualified institutional buyers” (“QIBs”) as defined in Rule 144A
under the Act (ii) (based upon written representations made by such
persons to the Initial Purchaser) institutional “accredited investors” as
defined in Rule 501(a)(1), (2), (3) or (7) under the Act (“Accredited
Investors”) or (iii) purchasing in an offshore transaction in reliance
upon Rule 903 of Regulation S under the Act.

 

Pursuant to the Indenture, the Successor
(until the effectiveness of the Liquidation and Assumption) and all of the
Restricted Subsidiaries of the Successor shall jointly and severally and fully
and unconditionally guarantee, on a senior secured basis, to each holder of the
Notes and the Trustee, the payment and performance of the Issuer’s obligations
under the Indenture and the Notes (each of the Successor (until the
effectiveness of the Liquidation and Assumption) and each such Restricted
Subsidiary being referred to herein as a “Guarantor” and each such
guarantee being referred to herein as a “Guarantee”). Murray International
Metals Pte. Limited (“MIM Singapore”) will not, as of the date of this
Agreement or as of the Closing Date, be a Guarantor. Pursuant to the Indenture,
the Successor has agreed to cause MIM Singapore to become a Guarantor following
the successful completion of certain procedures (the “Singapore Whitewash
Procedures”) to address financial assistance considerations under Singapore
law. Any and all representations, warranties, covenants and agreements of the
Company herein are made by, effective as to, and binding upon the Company as of
its executing a counterpart to this Agreement following the consummation
of the Acquisition on the Closing Date and not any time prior thereto.

 

Pursuant to the terms of the Collateral
Agreements, all of the obligations under the Notes and the Indenture will be
secured by a lien and security interest in substantially all of the assets of
the Issuer, the Successor, and the Successor’s Restricted Subsidiaries (other
than, as provided by the Collateral Agreements, certain excluded assets such as
the Capital Stock of any of the subsidiaries of the Successor or its
subsidiaries); provided  however, that the liens securing all of
the obligations under the Notes and the Indenture will be contractually
subordinated to the liens securing the Working Capital Facility.

 

2

 

Holders of the Notes (including Subsequent
Purchasers) will have the registration rights set forth in the registration
rights agreement applicable to the Notes (the “Registration Rights Agreement”), to be executed on and dated
as of the Closing Date, in a form reasonably acceptable to the Issuer and
the Initial Purchaser in conformity with the description of such registration
rights contained in the Offering Circular. Pursuant to the Registration Rights
Agreement, the Issuer will agree, among other things, to file with the
Securities and Exchange Commission (the “SEC”) (a) a registration statement under the Act relating
to guaranteed Senior Secured Notes (the “Exchange Notes”), which shall
be identical to the Notes (except that the Exchange Notes shall have been
registered pursuant to such registration statement and will not be subject to
restrictions on transfer or contain certain additional interest provisions), to
be offered in exchange for the Notes (such offer to exchange being referred to
as the “Exchange Offer”),
and/or (b) under certain circumstances, a shelf registration statement
pursuant to Rule 415 under the Act (the “Shelf Registration Statement”) relating to the resale by
certain holders of the Notes. If required under the Registration Rights
Agreement, the Issuer will issue Exchange Notes and the Guarantors will issue
exchange guarantees to the Initial Purchaser (the “Private Exchange Notes”
and the “Private Exchange Guarantees”, respectively). If the Issuer
fails to satisfy its obligations under the Registration Rights Agreement, it
will be required to pay additional interest to the holders of the Notes under
certain circumstances in accordance with the terms of the Registration Rights
Agreement.

 

As soon as reasonably practicable following
the completion of the Exchange Offer (or sooner, if permitted by applicable
law, as provided in the Indenture), the Issuer will propose and the Successor
will approve the solvent voluntary liquidation of the Issuer and consummate the
Liquidation and Assumption, and the Successor will assume all of the Finance
Corporation’s obligations under the Indenture, the Collateral Agreements, the
Registration Rights Agreement and the Notes, as required by the Indenture, and
this Agreement and the other Documents (as defined below). Effective upon
consummation of the Acquisition, the Successor will cause the Company to become
a Guarantor by executing a Guarantee and to execute a counterpart to this
Agreement and to the Collateral Agreements, the Indenture and the Registration
Rights Agreement as required by the Indenture and Section 13 hereof.

 

This Agreement, the Indenture, the Collateral
Agreements, the Registration Rights Agreement, the Notes, the Guarantees, the
Exchange Notes, the Private Exchange Notes and the Private Exchange Guarantees
are collectively referred to herein as the “Documents.”

 

3.                                      Purchase,
Sale and Delivery. On the basis of the representations, warranties,
agreements and covenants herein contained and subject to the terms and
conditions herein set forth, the Issuer agrees to issue and sell to the Initial
Purchaser, and the Initial Purchaser agrees to purchase from the Issuer, $130,000,000 aggregate principal amount of
Notes for a purchase price equal to the aggregate principal amount thereof, net
of fees and commissions to the Initial Purchaser, in an amount equal to
$122,402,959.76. Delivery to the Initial Purchaser of and payment for
the Notes shall be made at a Closing (the “Closing”) to be held at 10:00 a.m., London time, on December 16,
2005 (the “Closing Date”)
at the London office of Dechert LLP. The Closing Date and time and location of
the Closing may be varied by agreement between the Initial Purchaser and
the Issuer.

 

The Issuer shall deliver to the Initial
Purchaser one or more certificates representing the Notes in definitive form,
registered in such names and denominations as the Initial Purchaser may request
at least two business days prior to the Closing, against payment by the Initial
Purchaser of the purchase price therefor by immediately available federal funds
bank wire transfer to such bank account or accounts as the Issuer shall
designate to the Initial Purchaser at least two business days prior to the Closing.
The certificates representing the Notes in definitive form shall be made
available to the Initial Purchaser for inspection at the London office of
Dechert LLP (or such other place as shall be reasonably acceptable to the
Initial Purchaser) not later than the close of business one business day
immediately preceding the Closing Date. Notes to be represented by one or more
definitive global securities in book-entry form will

 

3

 

be deposited on the Closing
Date, by or on behalf of the Issuer, with The Depository Trust Company (“DTC”)
or its designated custodian, and registered in the name of Cede & Co.

 

4.                                      Representations
and Warranties of the Issuer and the Guarantors. The Issuer and the
Guarantors jointly and severally represent and warrant to the Initial Purchaser
that:

 

(a)                                  The
Preliminary Offering Circular as of its date did not, and the Final Offering
Circular as of its date did not, and as of the Closing Date will not, contain
any untrue statement of a material fact, or omit to state a material fact
(except in the case of the Preliminary Offering Circular, for pricing terms and
other financial or similar terms intentionally left blank) necessary to make
the statements therein, in the light of the circumstances under which they were
made, not misleading, except that the representations and warranties set forth
in this Section 4(a) do not apply to statements or omissions
made in reliance upon and in conformity with information relating to the
Initial Purchaser and furnished to the Issuer or the Company in writing by the
Initial Purchaser expressly for use in the Preliminary Offering Circular or the
Final Offering Circular. No injunction or order has been issued that either (i) asserts
that any of the transactions contemplated by the Documents is subject to the
registration requirements of the Act or (ii) would prevent or suspend the
issuance or sale of any of the Notes or the use of the Preliminary Offering
Circular, the Final Offering Circular or any amendment or supplement thereto,
in any jurisdiction. Each of the Preliminary Offering Circular and the Final
Offering Circular, as of their respective dates contained, and the Final
Offering Circular, as of the Closing Date will contain, all the information specified
in, and meet the requirements of Rule 144A(d)(4) under the Act.

 

(b)                                 Each
company or other entity in which the Successor and the Company, directly or
indirectly through any of their respective subsidiaries, owns more than fifty
percent (50%) of any class of equity securities or interests is listed on Schedule I
attached hereto (all such companies other than Murray International Metals, Inc.,
the “Subsidiaries”). The Issuer does not have any Subsidiaries as of the
date hereof and as of the Closing Date will not have any Subsidiaries.

 

(c)                                  Each
of the Issuer, the Successor, the Company and the Subsidiaries (i) has
been duly organized or formed and is a validly existing company, (ii) has
all requisite company power and authority to carry on its business and to own,
lease and operate its properties and assets as described in the Offering
Circular, and (iii) is duly qualified or licensed to do business,
authorized to do business in each jurisdiction in which the nature of such
businesses or the ownership or leasing of such properties requires such
qualification, except where the failure to be so qualified or licensed would
not, individually or in the aggregate, have a material adverse effect on (A) the
properties, business, operations, assets, liabilities or financial condition of
the Issuer, the Successor, the Company and the Subsidiaries, taken as a whole, (B) the
ability of each of the Issuer, the Company or the Guarantors to perform their
respective obligations in all material respects under any of the Documents, (C) the
attachment, perfection or priority of any of the Liens or security interests
intended to be created by the Collateral Agreements which Liens or security
interests are, individually or in the aggregate, material, or (D) the
validity or enforceability of any of the Documents, and (E) the
consummation of any of the transactions contemplated under any of the Documents
(each, a “Material Adverse Effect”).

 

(d)                                 All
of the issued share capital of each of the Issuer, the Successor, the Company
and the Subsidiaries has been duly authorized, validly issued and allotted, and
is fully paid and nonassessable, and was not issued in violation of, and is not
subject to (other than by operation of law under the Companies Act 1985 (UK)),
any preemptive or similar rights. The column titled “Actual” in the table under
the caption “Capitalization” in the Final
Offering Circular (including the footnotes thereto) sets forth, as of its date,
the capitalization of the Company. All of the issued share capital or other
equity interests of (i) each of the Subsidiaries of the Company are

 

4

 

owned, directly or
indirectly, by the Company, and (ii) the Issuer are, and, upon
consummation of the Acquisition, the Company will be, owned, directly or
indirectly by the Successor, in each case, free and clear of all liens,
security interests, mortgages, pledges, charges, equities, claims or
restrictions on transferability or encumbrances of any kind other than those (i) imposed
by the Act or the securities or “Blue Sky” laws of certain domestic or foreign
jurisdictions, (ii) granted pursuant to or in connection with the Company’s
existing credit facilities, existing notes or existing letters of credit or (iii) contemplated
by this Agreement, the Working Capital Facility, or any of the Documents
(collectively, the “Liens”). Except as disclosed in the Offering
Circular and except in connection with the Acquisition, there are no
outstanding (A) options, warrants or other rights to purchase from the
Issuer, the Successor, the Company or any of the Subsidiaries, (B) agreements,
contracts, arrangements or other obligations of the Issuer, the Successor, the
Company or any of the Subsidiaries to issue or (C) other rights to convert
any obligation into or exchange any securities for, in the case of each of clauses
(A) through (C), share capital of or other ownership or equity
interests in the Issuer, the Successor, the Company or any of the Subsidiaries.

 

(e)                                  Except
as contemplated by this Agreement or the Registration Rights Agreement, no
holder of securities of the Issuer, the Successor, the Company or any of the
Subsidiaries will be entitled to have such securities registered under the
registration statements required to be filed by the Issuer, the Company and the
Guarantors with respect to the Notes pursuant to the Registration Rights
Agreement.

 

(f)                                    The
Issuer, the Company and each of the Guarantors has all requisite company power
and company authority to execute, deliver and perform its obligations
under the Documents to which it is a party and to consummate the transactions
contemplated thereby.

 

(g)                                 This
Agreement has been duly and validly authorized, executed and delivered by the
Issuer and each of the Guarantors (other than the Company) and, effective upon
the consummation of the Acquisition, will be duly and validly authorized,
executed and delivered by the Company. The execution, delivery and performance
of the Indenture and the Collateral Agreements have been duly and validly
authorized by, to the extent party thereto, the Issuer, the Company and the
Guarantors. Each of the Indenture and the Collateral Agreements, when executed
and delivered by the Issuer, the Company and the Guarantors, as applicable, and
assuming due authorization, execution and delivery by the Trustee and the
Collateral Agent, will constitute a legal, valid and binding obligation of each
of the Issuer, the Company and the Guarantors, as applicable, enforceable
against each of the Issuer, the Company and the Guarantors, as applicable, in
accordance with its terms, except that the enforcement thereof may be
subject to (i) bankruptcy, insolvency, reorganization, receivership,
moratorium, fraudulent conveyance or other similar laws now or hereafter in
effect relating to or affecting creditors’ rights generally, (ii) general
principles of equity (whether considered in a proceeding at law or in equity)
and the discretion of the court or other body before which any proceeding
therefor may be brought, and (iii) an implied covenant of good faith
and fair dealing, and except as rights to indemnity and contribution may be
limited by federal or state securities laws or public policy considerations.

 

(h)                                 The
Registration Rights Agreement has been duly and validly authorized by the Issuer,
the Company and the Guarantors. The Registration Rights Agreement, when
executed and delivered by the Issuer, the Company and the Guarantors and
assuming due authorization, execution and delivery by the Initial Purchaser,
will constitute a legal, valid and binding obligation of the Issuer, the
Company and the Guarantors, enforceable against the Issuer, the Company and the
Guarantors in accordance with its terms, except that (A) the enforcement
thereof may be subject to (i) bankruptcy, insolvency, reorganization,
receivership, moratorium, fraudulent conveyance or other similar laws now or
hereafter in effect relating to or affecting creditors’ rights generally and

 

5

 

(ii) general
principles of equity (whether considered in a proceeding at law or in equity)
and the discretion of the court or other body before which any proceeding
therefor may be brought, and (iii) an implied covenant of good faith
and fair dealing, and (B) any rights to indemnity or contribution
thereunder may be limited by federal and state securities laws and public
policy considerations.

 

(i)                                     The
Notes, when issued, will be in the form contemplated by the Indenture. When
duly executed and delivered by the Issuer, and to the extent parties thereto,
the Guarantors, the Indenture will meet the requirements for qualification
under the Trust Indenture Act of 1939, as amended (the “TIA”). The
Notes, Exchange Notes and Private Exchange Notes have each been duly and
validly authorized by the Issuer (and by the Successor, effective upon the
consummation of the Liquidation and Assumption) and, in the case of the Notes,
when duly authenticated by the Trustee, delivered to and paid for by the
Initial Purchaser in accordance with the terms of this Agreement and the
Indenture, the Notes will have been duly executed, validly issued and delivered
by the Issuer and will be legal, valid and binding obligations of the Issuer
(and effective upon the consummation of the Liquidation and Assumption, the
Successor), entitled to the benefit of the Indenture and, enforceable against
the Issuer (and, effective upon the consummation of the Liquidation and
Assumption, the Successor) in accordance with their terms, except that the
enforcement thereof may be subject to (i) bankruptcy, insolvency,
reorganization, receivership, moratorium, fraudulent conveyance or other
similar laws now or hereafter in effect relating to or affecting creditors’
rights generally, (ii) general principles of equity (whether considered in
a proceeding at law or in equity) and the discretion of the court before which
any proceeding therefor may be brought, and (iii) an implied covenant
of good faith and fair dealing, and except as rights to indemnity and
contribution may be limited by federal or state securities laws or public
policy considerations.

 

(j)                                     The
Guarantees and the Private Exchange Guarantees have been duly and validly
authorized by the Guarantors and, when executed by the Guarantors in accordance
with the terms of the Indenture, and assuming due authentication of the Notes
by the Trustee, upon delivery to the Initial Purchaser against payment therefor
in accordance with the terms of this Agreement and the Indenture, will have
been duly executed, issued and delivered by each such Guarantor and will be
legal, valid and binding obligations of the Guarantors, entitled to the benefit
of the Indenture, enforceable against the Guarantors in accordance with their
terms, except that the enforcement thereof may be subject to (i) bankruptcy,
insolvency, reorganization, receivership, moratorium, fraudulent conveyance or
other similar laws now or hereafter in effect relating to or affecting
creditors’ rights generally, (ii) general principles of equity (whether
applied by a court of law or equity) and the discretion of the court before
which any proceeding therefor may be brought, and (iii) an implied
covenant of good faith and fair dealing, and except as rights to indemnity and
contribution may be limited by federal or state securities laws or public
policy considerations.

 

(k)                                  None
of the Issuer, the Successor, the Company or any of the Company’s Subsidiaries
is in violation of its memorandum and articles of association, certificate of
incorporation, or other organizational documents (the “Charter Documents”). None of the
Issuer, the Successor, the Company or any of the Company’s Subsidiaries is (i) in
violation of any statute, law (including, without limitation, common law) or
ordinance, or any judgment, decree, rule, regulation or order applicable to any
of them or their respective properties (collectively, “Applicable Law”) of any
governmental authority, governmental or regulatory agency or body, court,
arbitrator or self-regulatory organization with jurisdiction over any of them
or any of their respective properties (each, a “Governmental Authority”), or (ii) in breach of or default
under any bond, debenture, note or other evidence of indebtedness, indenture,
mortgage, charge, deed of trust, lease or any other agreement or instrument to
which any of them is a party or by which any of them or their respective
property is bound (collectively, “Applicable
Agreements”), other than as disclosed in

 

6

 

the Final Offering
Circular and except for such violations, breaches or defaults that could not,
individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect. There exists no condition that, with the passage of
time or otherwise, would constitute (a) a violation of any such (1) Charter
Document or (2) Applicable Law, (b) a breach of or default under any
Applicable Agreement or (c) result in the imposition of any penalty or the
acceleration of any indebtedness that in the case of clause (a)(2), (b) or
(c) above could reasonably be expected to result in a Material
Adverse Effect.

 

(l)                                     Neither
the execution, delivery or performance by the Issuer, the Company or the
Guarantors of the Documents to which they are parties nor the consummation by
them of any transactions contemplated therein will conflict with, violate,
constitute a breach of or a default (with the passage of time or otherwise)
under, require the consent of any person (other than consents already obtained
and in full force and effect or that will have been obtained on or prior to the
Closing Date, including the consents contemplated by the provisions of Section 7(m)
of this Agreement) under, result in the imposition of a Lien on any assets of
the Issuer, the Company or any of the Guarantors, or result in an acceleration
of indebtedness under or pursuant to (i) the Charter Documents, (ii) any
Applicable Agreement, or (iii) assuming the accuracy of the
representations and warranties of the Initial Purchaser in Section 6 of
this Agreement and, in the case of any Exempt Resales made to Accredited
Investors, the accuracy of the representations and warranties of such
Accredited Investors contained in the Accredited Investor Letters executed by
such Accredited Investors, any Applicable Law, except for conflicts,
violations, breaches, defaults, consent requirements, Lien impositions or the
acceleration of indebtedness that could not reasonably be expected to result,
in the case of clauses (ii) or (iii) above, a Material
Adverse Effect.

 

(m)                               When
executed and delivered, the Documents will conform in all material
respects to the descriptions thereof in the Final Offering Circular.

 

(n)                                 Assuming
the accuracy of the representations and warranties of the Initial Purchaser in Section 6
of this Agreement and, in the case of any Exempt Resales made to Accredited
Investors, the accuracy of the representations and warranties of such
Accredited Investors contained in the Accredited Investor Letters executed by
such Accredited Investors, no consent, approval, authorization or order of any
Governmental Authority is required for the issuance and sale by the Issuer of
the Notes to the Initial Purchaser or the consummation by the parties hereto
(other than the Initial Purchaser) of the other transactions contemplated
hereby, except (A) such as have been obtained or will be obtained under or
made on or prior to the Closing Date, (B) registration of the Exchange
Offer or resale of the Notes under the Act pursuant to the Registration Rights
Agreement, and qualification of the Indenture under the TIA, in connection with
the issuance of the Exchange Notes, (C) such filings and recordings with
Governmental Authorities as may be required to perfect liens under the
Collateral Agreements and the Working Capital Facility, (D) such consents,
approvals, authorizations, orders, filings, registrations, qualifications,
licenses or permits as may be required under state securities or Blue Sky
laws in connection with the purchase and distribution of the Notes, or (E) which
could not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect.

 

(o)                                 Except
as disclosed in the Final Offering Circular, there is no action, claim, suit,
demand, hearing, notice of violation or deficiency, or proceeding
(collectively, “Proceedings”),
pending or, to the knowledge of the Issuer, the Successor, the Company or any
of the Subsidiaries, threatened, that either (i) seeks to restrain,
enjoin, prevent consummation of, or otherwise challenge any of the Documents or
any of the transactions contemplated therein, or (ii) individually or in
the aggregate, would reasonably be expected to have a Material Adverse Effect. None
of the Issuer, the Successor, the Company or any of the Subsidiaries is subject
to any

 

7

 

judgment, order, decree, rule or
regulation of any Governmental Authority that, individually or in the
aggregate, would reasonably be expected to have a Material Adverse Effect.

 

(p)                                 Each
of the Issuer, the Successor, the Company and the Subsidiaries owns, licenses
or possesses all licenses, permits, certificates, consents, orders, approvals
and other authorizations from, and has made all declarations and filings with,
all Governmental Authorities, presently required or necessary to own or lease,
as the case may be, and to operate their respective properties and to
carry on their respective businesses as now or proposed to be conducted as set
forth in the Offering Circular (“Permits”), except where the failure to
obtain such Permits, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect; each of the Issuer, the Successor,
the Company and the Subsidiaries has fulfilled and performed all of its
obligations with respect to such Permits and no event has occurred which allows,
or after notice or lapse of time would allow, revocation or termination thereof
or results in any other material impairment of the rights of the holder of any
such Permit, except as otherwise set forth in the Offering Circular or where
such failure to fulfill and perform, revocation, termination or material
impairment, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect; and none of the Issuer, the Successor, the
Company or any of the Subsidiaries has received any notice of any proceeding
relating to revocation or modification of any such Permit, except as described
in the Offering Circular or except where such revocation or modification,
individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect.

 

(q)                                 Except
as disclosed in the Offering Circular and except for Permitted Liens, each of
the Company and the Subsidiaries has good, valid and marketable title to all
real property owned by it and good title to all material personal property
owned by it and good and valid title to all leasehold estates in real and
personal property being leased by it and, as of the Closing Date, such property
will be free and clear of all Liens.

 

(r)                                    All
material Tax returns required to be filed on or prior to the date hereof by the
Issuer, the Successor, the Company or any of the Subsidiaries have been filed
(taking into account all applicable extensions) and all such returns when filed
were true, complete, and correct in all material respects and all material
Taxes that are shown as due thereon from the Issuer, the Successor, the Company
and the Subsidiaries, respectively, have been paid other than those (i) currently
payable without penalty or interest or (ii) being contested in good faith
and by appropriate proceedings and for which adequate reserves have been
established in accordance with generally accepted accounting principles of the
United Kingdom, consistently applied (“UK GAAP”). To the knowledge of the Issuer, the Successor, the
Company or the Subsidiaries, there are no actual or proposed Tax assessments
against the Issuer, the Successor, the Company or any of the Subsidiaries that
would, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. To the knowledge of the Issuer, the Successor, the
Company or the Subsidiaries, the accruals and reserves on the books and records
of the Issuer, the Successor, the Company and the Subsidiaries in respect of
any material Tax liability for any period not finally determined are adequate
to meet any assessments of Tax for any such period. For purposes of this
Agreement, the term “Tax” and “Taxes” shall mean all United States federal,
state and local taxes, United Kingdom taxes and other foreign taxes, and other
assessments of a similar nature (whether imposed directly or through
withholding), including any interest, additions to tax, or penalties applicable
thereto.

 

(s)                                  Each
of the Issuer, the Successor, the Company and the Subsidiaries owns, licenses,
or has the right to use the patents, patent rights, licenses, inventions,
copyrights, know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures),
trademarks, service marks and trade names (collectively, “Intellectual Property”)

 

8

 

currently used or
currently proposed to be used for the operation of its businesses and as of the
Closing Date, will be free and clear of all Liens, other than Permitted Liens,
except as disclosed in the Offering Circular and except where the failure to so
own, license of have the right to use would not reasonably be expected to have
a Material Adverse Effect. To the Issuer’s or the Company’s knowledge, no
claims or notices of any potential claim have been asserted by any person
challenging the use of any such Intellectual Property or questioning the
validity or effectiveness of the Intellectual Property or any license or
agreement related thereto (other than any claims that, if successful, would
not, individually or in the aggregate, have a Material Adverse Effect). To the
Issuer’s or the Company’s knowledge, the current or currently proposed use of
such Intellectual Property by the Issuer, the Successor, the Company or any of
the Subsidiaries will not infringe on the Intellectual Property rights of any
other person.

 

(t)                                    The
Issuer, the Successor, the Company and the Subsidiaries maintain a system of
internal accounting controls sufficient to provide reasonable assurance that (i) material
transactions are executed in accordance with management’s general or specific
authorization, (ii) material transactions are recorded as necessary to
permit preparation of financial statements in conformity with UK GAAP, and to
maintain asset accountability, (iii) access to assets is permitted only in
accordance with management’s general or specific authorization and (iv) the
recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any
material differences.

 

(u)                                 The
audited historical consolidated financial statements and related notes of the
Company and the Subsidiaries contained in the Final Offering Circular (the “Financial Statements”) presents
fairly, in all material respects, the financial position of the Company and its
consolidated Subsidiaries and the results of operations and cash flows of the
Company and its consolidated Subsidiaries, as of the respective dates and for
the respective periods to which they apply and have been prepared in accordance
with UK GAAP. The historical financial data set forth under “Summary Historical
and Pro Forma Condensed Consolidated Financial Data” and “Selected Historical
Consolidated Financial Data” included in the Final Offering Circular has been
prepared on a basis consistent with that of the Financial Statements and
present fairly in all material respects the consolidated financial position and
results of operations of the Issuer, the Successor, the Company and its
consolidated Subsidiaries as of the respective dates and for the respective
periods indicated. The statistical and market and industry-related data
included in the Final Offering Circular are based on or derived from sources
that the Issuer, the Successor and the Company believe to be reliable and
accurate in all material respects.

 

(v)                                 Subsequent
to the respective dates as of which information is given in the Final Offering
Circular, except as disclosed in the Final Offering Circular and except for the
Acquisition and the transactions contemplated by this Agreement, the Working
Capital Facility, and the Documents, (i) the Issuer, the Successor, the
Company and the Subsidiaries have not (x) incurred any liabilities, direct or
contingent, that are material, individually or in the aggregate, to the Issuer,
the Successor, the Company and the Subsidiaries, considered as one enterprise,
or (y) entered into any transactions not in the ordinary course of business
which are material with respect to the Issuer, the Successor, the Company and
the Subsidiaries, considered as one enterprise, (ii) there has not been
any material decrease in the capital stock or any material increase in
long-term indebtedness or any material increase in short-term indebtedness of
the Issuer, the Successor or the Company, or any payment of or declaration to
pay any dividends (other than the dividend payable in connection with the
Newbridge Sale Leaseback) or any other distribution with respect to the Issuer,
the Successor or the Company and (iii) there has not been any material
adverse change in the properties, business, operations, assets, liabilities or
financial condition of the Issuer, the Successor, the Company and the
Subsidiaries, considered as one enterprise, in the aggregate (each of clauses
(i), (ii) and (iii), a “Material Adverse Change”).

 

9

 

(w)                               On
the Closing Date, immediately after the consummation of the Offering, the
related financing transactions and the application of the use of proceeds
therefrom as indicated in the “Use of Proceeds” section of the Offering
Circular, each of the Issuer, the Successor, the Company and each of the
Subsidiaries will be solvent. As used in this paragraph, the term “Solvent”
means, with respect to a particular date and a particular Person, that on such
date (i) the present fair market value (or present fair saleable value) of
the assets of such Person, considered as a whole and as a going concern, is not
less than the total amount required to pay the probable liabilities of such
Person on its total existing debts and liabilities (including identified
contingent liabilities) as they become absolute and matured; (ii) such
Person is generally able to pay its debts and other liabilities, contingent obligations
and commitments as they mature and become due in the normal course of business
and is not deemed to be unable to pay the same by virtue of S.123 Insolvency
Act 1986 of the United Kingdom; (iii) assuming consummation of the
issuance of the Notes and Guarantees as contemplated by this Agreement and the
Offering Circular, such Person has not incurred debts or liabilities beyond its
ability to pay its debts and liabilities as such debts and liabilities mature; (iv) such
Person is not engaged in any business or transaction, and does not currently
propose to engage in any business or transaction, for which its property would
constitute unreasonably small capital after giving due consideration to the
prevailing practice in the industry in which such Person is engaged; and (v) such
Person is not otherwise insolvent under the standards set forth in applicable
laws. In computing the amount of such contingent liabilities at any time, it is
intended that such liabilities will be computed at the amount that, in the
light of all the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured
liability.

 

(x)                                   None
of the Issuer, the Successor or the Company has and, to its knowledge, no one
acting on its behalf (other than the Initial Purchaser or anyone acting on its
behalf, as to which no representation is made) has, (i) taken, directly or
indirectly, any action designed to cause or to result in, or that has
constituted or which might reasonably be expected to constitute, the
stabilization or manipulation of the price of the Notes or to facilitate the
sale or resale of any of the Notes, (ii) sold, bid for, purchased, or paid
anyone any compensation for soliciting purchases of, any of the Notes in a
manner that could require registration of the Notes under the Act, or (iii) except
as disclosed in the Final Offering Circular, and except in connection with the
Acquisition, paid or agreed to pay to any person any compensation for
soliciting another to purchase any other securities of the Issuer, the
Successor or the Company.

 

(y)                                 Without
limiting any provision herein, no registration under the Act and no
qualification of the Indenture under the TIA is required for the sale of the
Notes to the Initial Purchaser as contemplated hereby or for the Exempt
Resales, assuming (i) that the purchasers in the Exempt Resales are QIBs
or Accredited Investors or persons purchasing in an offshore transaction (as
defined under Regulation S of the Act), (ii) the accuracy of the Initial
Purchaser’s representations contained in Section 6, and (iii) the
accuracy of the representations made by each Accredited Investor who purchases
Notes pursuant to an Exempt Resale as set forth in the Accredited Investor
Letter.

 

(z)                                   No
securities of the Issuer, the Successor or the Company of the same class (within
the meaning of Rule 144A under the Act) as the Notes are listed on a
national securities exchange registered under Section 6 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or quoted in a
U.S. automated inter-dealer quotation system. No securities of the Issuer, the
Successor or the Company of the same class as the Notes have been offered,
issued or sold by the Issuer, the Successor or the Company or any of the
Company’s Affiliates within the six-month period immediately prior to the date
hereof.

 

10

 

(aa)                            None
of the Issuer, the Successor, the Company or any of their affiliates or other
person acting on behalf of the Issuer, the Successor or the Company has offered
or sold the Notes by means of any general solicitation or general advertising
within the meaning of Rule 502(c) under the Act or, with respect to
Notes sold outside the United States to a non-U.S. person (as defined in Rule 902
of Regulation S under the Act), by means of any directed selling efforts within
the meaning of Rule 902 of Regulation S under the Act, and the Issuer, the
Company, any affiliate of the Issuer, the Successor or the Company and any
person acting on behalf of the Issuer, the Successor or the Company have
complied with and will implement the “offering restrictions” within the meaning
of such Rule 902; if applicable, provided, that no representation
is made in this subsection with respect to the actions of the Initial
Purchaser or anyone acting on its behalf.

 

(bb)                          Each of
the Issuer, the Successor, the Company and the Subsidiaries is in material
compliance with all laws (including, without limitation, the Pensions Act 2004
(UK)) and any legally binding funding agreements in respect of a pension scheme
operated by the Issuer, the Successor, the Company and/or the Subsidiaries in
the United Kingdom for the benefit of its employees and former employees.

 

(cc)                            (i) None
of the Issuer, the Company nor any of the Guarantors is party to or bound by
any collective bargaining agreement with any labor organization; (ii) there
is no union representation question existing with respect to the employees of
the Issuer, the Company or any of the Guarantors, and, to the knowledge of the
Issuer or the Company, no union organizing activities are taking place that,
individually or in the aggregate, would reasonably be expected to have a
Material Adverse Effect; (iii) no labor strike, work stoppage, slowdown,
or other material labor dispute is pending against the Issuer, the Company or
any of the Guarantors, or, to the knowledge of the Issuer or the Company,
threatened against the Issuer, the Company or any of the Guarantors that,
individually or in the aggregate, would reasonably be expected to have a
Material Adverse Effect; (iv) there is no employment-related charge,
complaint, grievance, investigation, unfair labor practice claim, or inquiry of
any kind, pending against the Issuer, the Company or any of the Guarantors
that, individually or in the aggregate, would reasonably be expected to have a
Material Adverse Effect; and (v) no term or condition of employment exists
through arbitration awards, settlement agreements, or side agreement that is
contrary to the express terms of any applicable collective bargaining agreement
other than such term or condition that, individually or in the aggregate, would
not reasonably be expected to have a Material Adverse Effect.

 

(dd)                          None of
the transactions contemplated in the Documents or the application by the
Issuer, the Successor, the Company or any of the Subsidiaries of the proceeds
of the Notes will violate or result in a violation of Section 7 of the
Exchange Act, (including, without limitation, Regulation T (12 C.F.R. Part 220),
Regulation U (12 C.F.R. Part 221) or Regulation X (12 C.F.R. Part 224)
of the Board of Governors of the Federal Reserve System).

 

(ee)                            None
of the Issuer, the Successor, the Company or any of the Subsidiaries is an
open-end investment company, unit investment trust or face-amount certificate
company that is or is required to be registered under Section 8 of the
United States Investment Company Act of 1940, as amended (the “Investment
Company Act”); and none of the Issuer, the Successor, the Company or any of
the Subsidiaries, after giving effect to the Offering and sale of the Notes and
the application of the proceeds thereof as described in the Final Offering
Circular, will be an “investment company” as defined in the Investment Company
Act.

 

(ff)                                None
of the Issuer, the Successor or the Company has engaged any broker, finder,
commission agent or other person (other than the Initial Purchaser) in
connection with the Offering or any of the transactions contemplated in the
Documents (other than the Acquisition), and none of the

 

11

 

Issuer, the Successor or
the Company is under any obligation to pay any broker’s fee or commission in
connection with such transactions (other than commissions or fees to the
Initial Purchaser).

 

(gg)                          Each
of the Issuer, the Successor, the Company and each of the Subsidiaries is (i) in
compliance with any and all applicable laws and regulations relating to the
protection of the environment or hazardous or toxic substances of wastes,
pollutants or contaminants (“Environmental Laws”), (ii) has
received and is in compliance with all permits, licenses or other approvals
required of them under applicable Environmental Laws to conduct its respective
businesses and (iii) has not received notice of any actual or potential
liability for the investigation or remediation of any disposal or release of
hazardous or toxic substances or wastes, pollutants or contaminants, in each
case except where such non-compliance with Environmental Laws, failure to
receive and comply with required permits, licenses or other approvals, or
liability, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect, whether
or not arising from transactions in the ordinary course of business.

 

(hh)                          (a)                                  Upon:

 

(i)                                     execution and delivery of the Collateral
Agreements by the Issuer, the Company and the Guarantors parties thereto and
the Collateral Agent (as defined therein), compliance by the Issuer, the
Company and the Guarantors with their respective obligations thereunder and the
issuance of the Notes; and

 

(ii)                                  certain of the filing, recording or
registration of the Collateral Agreements or appropriate financing statements
or particulars of registration with the appropriate filing records, registry,
or other public office (including, without limitation, the Register of
Companies in the United Kingdom), together with the payment of the requisite
filing, recordation or registration fees related thereto,

 

the security
interest of the Collateral Agent in the Collateral (as defined in the
Collateral Agreements) will, to the extent required by the Collateral
Agreements, be a valid and enforceable perfected security interest, which
security interests will be superior to and prior to the rights of all third
persons other than holders of Permitted Liens.

 

(b)                                 As
of the Closing Date, except with respect to Permitted Liens, there will be no
currently effective financing statement, security agreement, chattel mortgage,
real estate mortgage or other document filed or recorded with any filing
records, registry, or other public office, that purports to cover, affect or
give notice of any present or possible future Lien on, or security interest in,
any assets or property of the Issuer, the Company or any Guarantor or any
rights thereunder.

 

(ii)                                  Each
certificate signed by any officer of the Issuer, the Company or any Guarantor,
and delivered to the Initial Purchaser pursuant to this Agreement shall be
deemed a representation and warranty by the Issuer, the Company or any such
Guarantor (and not individually by such officer) to the Initial Purchaser with
respect to the matters covered thereby.

 

(jj)                                  The
Issuer, the Successor, the Company and the Subsidiaries are insured by insurers
of recognized financial responsibility against such losses and risks and in
such amounts as are reasonably adequate for the conduct of the respective
businesses in which they are engaged. All material policies of insurance
insuring the Issuer, the Successor, the Company or any of the Subsidiaries or
their respective businesses, assets, employees, officers and directors are in
full force and effect. The Issuer, the Successor, the Company and the
Subsidiaries are in compliance

 

12

 

with the terms of such
policies in all material respects, and there are no claims by the Issuer, the
Successor, the Company or any of the Subsidiaries under any such policy or
instrument as to which any insurance company is denying liability or defending
under a reservation of rights clause, except for such non-compliance, denial of
liability or defense that, individually or in the aggregate, would not
reasonably be expected to have a Material Adverse Effect. None of the Issuer,
the Successor, the Company or any such Subsidiary has been refused any material
insurance coverage sought or applied for, and none of the Issuer, the
Successor, the Company or any such Subsidiary has any reason to believe that it
will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be
necessary to continue its business at a cost that would not, individually or in
the aggregate, have a Material Adverse Effect.

 

(kk)                            As of
the Closing Date, the Company will have complied with the procedures required
by Sections 155 to 158 inclusive of the Companies Act 1985 (U.K.) in respect of
its execution and delivery of its Guarantee and Security Agreement, and has
passed all applicable board and members’ resolutions, and has correctly
completed and sworn the required statutory declarations.

 

5.                                      Covenants
of the Issuer, the Company and the Guarantors. Each of the Issuer, the
Company (subject to Section 13) and the Guarantors, jointly and severally,
agrees:

 

(a)                                  To
(i) advise the Initial Purchaser promptly after obtaining knowledge (and,
if requested by the Initial Purchaser, confirm such advice in writing) of (A) the
issuance by any state securities commission of any stop order suspending the qualification
or exemption from qualification of any of the Notes for offer or sale in any
jurisdiction, or the initiation of any proceeding for such purpose by any state
securities commission or other regulatory authority, or (B) the happening
of any event during the period referred to in Section 5(d) that
makes any statement of a material fact made in the Final Offering Circular
untrue or that requires the making of any additions to or changes in the Final
Offering Circular in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, (ii) use its
commercially reasonable efforts to prevent the issuance of any stop order or
order suspending the qualification or exemption from qualification of any of
the Notes under any state securities or Blue Sky laws, and (iii) if, at
any time, any state securities commission or other regulatory authority shall
issue an order suspending the qualification or exemption from qualification of
any of the Notes under any such laws, use its commercially reasonable efforts
to obtain the withdrawal or lifting of such order at the earliest practicable
time.

 

(b)                                 To
furnish the Initial Purchaser, without charge, as many copies of the Final
Offering Circular, and any amendments or supplements thereto, as the Initial
Purchaser may reasonably request. Each of the Issuer, the Successor and
the Company hereby consents to the use of the Preliminary Offering Circular and
the Final Offering Circular, and any amendments and supplements thereto, by the
Initial Purchaser in connection with Exempt Resales.

 

(c)                                  Except
as set forth in Section 5(d), not to amend or supplement the
Offering Circular prior to the Closing Date, or at any time prior to the
completion of the resale by the Initial Purchaser of all the Notes purchased by
the Initial Purchaser, unless the Initial Purchaser shall previously have been
advised thereof and shall have provided its written consent thereto (which
consent shall not be unreasonably withheld or delayed and shall be provided
within three business days from the date on which it was so advised).

 

(d)                                 At
any time prior to the completion of the resale by the Initial Purchaser of all
of the Notes, (i) if, in the reasonable judgment of the Issuer or its
counsel, or the Initial Purchaser or its counsel, it may be necessary or
advisable to amend or supplement the Final Offering Circular in order to

 

13

 

make the statements
therein, in the light of the circumstances under which they were made, not
misleading, or if it is necessary to amend or supplement the Final Offering
Circular to comply with Applicable Law, to notify the Initial Purchaser or the
Company, as the case may be, of the same and in such case the Issuer will
prepare, at the expense of the Issuer, an appropriate amendment or supplement
to the Final Offering Circular (in form and substance reasonably
satisfactory to the Initial Purchaser) so that (A) as so amended or
supplemented, the Final Offering Circular will not include an untrue statement
of 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, and (B) the Final Offering Circular will comply with
Applicable Law and (ii) if in the reasonable judgment of the Issuer it
becomes necessary or advisable to amend or supplement the Final Offering
Circular so that the Final Offering Circular will contain all of the
information specified in, and meet the requirements of, Rule 144A(d)(4) of
the Act, to prepare an appropriate amendment or supplement to the Final
Offering Circular (in form and substance reasonably satisfactory to the
Initial Purchaser) so that the Final Offering Circular, as so amended or supplemented,
will contain the information specified in, and meet the requirements of, such
Rule.

 

(e)                                  To
cooperate with the Initial Purchaser and the Initial Purchaser’s counsel in
connection with the qualification of the Notes under the securities or Blue Sky
laws of the United States as the Initial Purchaser may request and
continue such qualification in effect so long as reasonably required for Exempt
Resales; provided that none of the Issuer, the Company or any of the
Guarantors shall be obligated to (i) execute or file any general consent
to service of process or take any action that would subject it to service of
process in suits other than those arising out of the offer and sale of the
Notes in any jurisdiction in which it is not otherwise subject, (ii) register
or qualify as a foreign corporation or as a dealer in securities in any
jurisdiction where it is not now so registered or qualified, or (iii) subject
itself to general taxation in respect of doing business in any jurisdiction in
which it is not otherwise so subject.

 

(f)                                    Whether
or not any of the Offering or the transactions contemplated under the Documents
are consummated or this Agreement is terminated, to pay (i) all costs,
expenses, fees and taxes (other than federal, state, or local taxes of the
Initial Purchaser) incident to and in connection with: (A) the
preparation, printing and distribution of the Preliminary Offering Circular and
the Final Offering Circular and all amendments and supplements thereto
(including, without limitation, financial statements and exhibits), and all
other agreements, memoranda, correspondence and other documents prepared and
delivered in connection herewith, (B) the negotiation, printing,
processing and distribution (including, without limitation, word processing and
duplication costs) and delivery of, each of the Documents, (C) the
preparation, issuance and delivery of the Notes, including but not limited to
all stamp, documentary and transfer taxes (other than federal, state, or local
taxes of the Initial Purchaser) and other duties, if any, which may be
imposed by the United States or the United Kingdom or any political subdivision
thereof or taxing authority thereof or therein with respect to the issuance of
the Notes or the sale thereof to the Initial Purchaser, (D) the
qualification of the Notes for offer and sale under the securities or Blue Sky
laws of the United States (including, without limitation, the reasonable fees
and disbursements of the Initial Purchaser’s counsel relating to such
registration or qualification), (E) furnishing such copies of the
Preliminary Offering Circular and the Final Offering Circular, and all
amendments and supplements thereto, as may reasonably be requested for use
by the Initial Purchaser and (F) the performance of the obligations of the
Issuer and the Guarantors under the Registration Rights Agreement, including
but not limited to the Exchange Offer, the Exchange Offer Registration
Statement and any Shelf Registration Statement, (ii) all fees and expenses
of the counsel, accountants and any other experts or advisors retained by the
Issuer or the Company, (iii) all expenses and listing fees in connection
with the application for quotation of the Notes on the Private Offerings,
Resales and Trading Automated Linkages (“PORTAL”) market and listing the

 

14

 

Notes on the Euro MTF
market of the Luxembourg Stock Exchange, (iv) all fees and expenses
(including fees and expenses of counsel) of the Issuer and the Company in
connection with approval of the Notes by DTC for “book-entry” transfer, (v) all
fees charged by rating agencies in connection with the rating of the Notes, (vi) all
fees and expenses (including reasonable fees and expenses of counsel) of the
Trustee and all collateral agents, (vii) all costs and expenses in
connection with the creation and perfection of the Liens under the Collateral
Agreements (including without limitation, filing and recording fees, search
fees, taxes and costs of title policies) and (viii) all fees, disbursements
and out-of-pocket expenses incurred by Initial Purchaser in connection with its
services to be rendered hereunder including, without limitation, the fees and
disbursements of Mayer, Brown Rowe & Maw LLP, counsel to the Initial Purchaser, travel and
lodging expenses, word processing charges, messenger and duplicating services,
facsimile expenses and other customary expenditures in an amount, with respect
to this clause (viii), not to exceed $800,000, provided
that the Initial Purchaser shall be responsible for and shall pay any of its
costs and expenses described in the preceding clause (viii) in excess of
such amount, including the fees and disbursements of its counsel.

 

(g)                                 In
the case of the Issuer, to apply the net proceeds of the Offering in all material
respects as described in the Final Offering Circular under the caption “Use of
Proceeds.”

 

(h)                                 To
do and perform in all material respects all things required to be done and
performed by the Issuer, the Company and the Guarantors under this Agreement
prior to and after the Closing Date.

 

(i)                                     Not
to, and not to permit any of the Subsidiaries or its other affiliates (as
defined in Rule 501(b) of the Act), to, sell, offer for sale or
solicit offers to buy or otherwise negotiate in respect of any “security” (as
defined in the Act) that would be integrated with the sale of the Notes in a
manner that would require the registration under the Act of the sale to the
Initial Purchaser or to the Subsequent Purchasers of the Notes.

 

(j)                                     From
and after the Closing Date, for so long as any of the Notes remain outstanding,
during any period in which the Issuer is neither subject to Section 13 or
15(d) of the Exchange Act nor is exempt pursuant to Rule 12(g)3-2b of
the Exchange Act, to make available, upon request, to any owner of the Notes in
connection with any sale thereof and any prospective Subsequent Purchasers of
such Notes from such owner, the information required by Rule 144A(d)(4) under
the Act.

 

(k)                                  To
comply with the representation letter of the Issuer to DTC relating to the
approval of the Notes by DTC for “book entry” transfer.

 

(l)                                     To
use its reasonable best efforts to assist the Initial Purchaser in effecting
the inclusion of the Notes on the PORTAL Market (prior to the Closing Date) and
the listing of the Notes on the Euro MTF market of the Luxembourg Stock
Exchange (following the Closing Date).

 

(m)                               For
so long as any of the Notes remain outstanding, the Issuer will furnish to the
Initial Purchaser copies of all reports and other communications (financial or
otherwise) furnished by the Issuer to the Trustee for distribution to the
holders of the Notes and, as soon as available, copies of any reports or
financial statements furnished to or filed by the Issuer with the SEC or any
national securities exchange on which any class of securities of the
Issuer may be listed; provided, however, that in no case
shall the Issuer be required to furnish materials pursuant to this paragraph
which are filed and publicly accessible via EDGAR.

 

(n)                                 Except
in connection with the Exchange Offer or the filing of the Shelf Registration
Statement, not to, and not to authorize or permit any person acting on its
behalf to, (i) distribute any offering

 

15

 

material in connection
with the offer and sale of the Notes other than the Preliminary Offering
Circular and the Final Offering Circular and any amendments and supplements to
the Final Offering Circular prepared in compliance with this Agreement, or (ii) solicit
any offer to buy or offer to sell the Notes by means of any form of
general solicitation or general advertising (including, without limitation, as
such terms are used in Regulation D under the Act) or in any manner involving a
public offering within the meaning of Section 4(2) of the Act.

 

(o)                                 During
the two year period after the Closing Date (or such shorter period as may be
provided for in Rule 144(k) under the Act, as the same may be in
effect from time to time), to not, and to not permit any current or future
Subsidiaries of either the Issuer, the Successor or any other affiliates (as
defined in Rule 144A under the Act) controlled by the Issuer or the
Successor to, resell any of the Notes which constitute “restricted securities”
under Rule 144 that have been reacquired by the Issuer or the Successor,
any current or future Subsidiaries of the Issuer, the Successor or any other “affiliates”
(as defined in Rule 144A under the Act) controlled by the Issuer or the
Successor, except pursuant to an effective registration statement under the
Act.

 

(p)                                 To
use their reasonable best efforts to complete on or prior to the Closing Date
all filings and other similar actions required in connection with the
perfection of security interests as and to the extent contemplated by the
Collateral Agreements.

 

(q)                                 It
is understood by the parties hereto that in order to facilitate the Closing and
the closing of the Acquisition, the Initial Purchaser intends to pay in US
dollars the net proceeds of the Offering of the Notes to the Issuer by wire
transfer one business day immediately prior to the Closing Date. In the event
that the Initial Purchaser has paid to the Issuer the net proceeds and (i) the
conditions to closing set forth in section 7 of this Agreement are not
satisfied or waived by the Initial Purchaser, (ii) the Initial Purchaser
terminates this Agreement pursuant to section 9 of this Agreement, or (iii) the
Closing does not occur for any reason, then the Issuer shall as promptly as
practicable on the Closing Date return the net proceeds in US dollars to the
Initial Purchaser in full by immediately available federal funds bank wire
transfer to such bank account or accounts as the Initial Purchaser shall
designate.

 

(r)                                    To
use its reasonable best efforts to deliver as soon as reasonably practicable
after the Closing Date one or more certificates from the Company’s and the
Guarantors’ existing insurance companies evidencing coverage required to be
maintained pursuant to the Documents and naming the Collateral Agent on behalf
of the Holders as mortgagee (in the case of property insurance) or additional
insured (in the case of liability insurance).

 

6.                                      Representations
and Warranties of the Initial Purchaser. The Initial Purchaser
represents and warrants to the Issuer, the Company and the Guarantors that as
of the date hereof and as of the Closing Date:

 

(a)                                  It
is a QIB as defined in Rule 144A under the Act, with such knowledge and
experience in financial and business matters as are necessary in order to
evaluate the merits and risks of an investment in the Notes and the Initial
Purchaser acknowledges that it is purchasing the Notes pursuant to a private
sale exempt from registration under the Act and that the Notes have not been
registered under the Act. It will offer the Notes for resale only upon the
terms and conditions set forth in this Agreement and in the Final Offering
Circular.

 

(b)                                 It
is not acquiring the Notes with a view to any distribution thereof that would
violate the Act or the securities laws of any state of the United States, the
United Kingdom or any other applicable jurisdiction. It will solicit offers to
buy the Notes only from, and will offer and sell the Notes only to, (A) persons
reasonably believed by the Initial Purchaser to be QIBs or (B) persons

 

16

 

reasonably believed by
the Initial Purchaser to be Accredited Investors or (C) non-U.S. persons
reasonably believed by the Initial Purchaser to be a purchaser referred to in
Regulation S under the Act; provided, however, that in purchasing
such Notes, such persons are deemed to have represented and agreed as provided
under the caption “Notice to Investors” contained in the Final Offering
Circular.

 

(c)                                  No
form of general solicitation or general advertising in violation of the
Act has been or will be used nor will any offers in any manner involving a
public offering within the meaning of Section 4(2) of the Act.

 

(d)                                 With
respect to offers and sales outside the United States, it has offered the Notes
and will offer and sell the Notes (1) as part of its distribution at
any time and (2) otherwise until 40 days after the later of the
commencement of the offering of the Notes and the Closing Date, only in
accordance with Rule 903 of Regulation S or another exemption from the
registration requirements of the Act. Accordingly, neither it nor any person
acting on its behalf has engaged or will engage in any directed selling efforts
(within the meaning of Regulation S) with respect to the Notes. Terms used in
this Section 6(e) and Section 6(f) have the meanings given
to them by Regulation S.

 

(e)                                  The
Initial Purchaser agrees that, at or prior to confirmation of a sale of the
Notes pursuant to Regulation S it will have sent to each distributor, dealer or
person receiving a selling concession, fee or other remuneration that purchases
Notes from it or through it during the restricted period a confirmation or
notice to substantially the following effect:

 

“The Securities covered hereby have not been
registered under the United States Securities Act of 1933, as amended (the “Securities
Act”), and may not be offered or sold within the United States or to or
for the account or benefit of, U.S. persons (i) as part of their
distribution at any time and (ii) otherwise until forty days after the
later of the date upon which the offering of the Securities commenced and the
date of closing, except in either case in accordance with Regulation S or Rule 144A
under the Securities Act. Terms used above have the meaning given to them by
Regulation S.”

 

(f)                                    The
Initial Purchaser will deliver to each Subsequent Purchaser of the Notes, in
connection with its original distribution of the Notes, a copy of the Final
Offering Circular, as amended and supplemented at the date of such delivery.

 

(g)                                 The initial purchaser has:

 

(1)                              only communicated or
caused to be communicated and will only communicate or cause to be communicated
any invitation or inducement to engage in investment activity (within the
meaning of section 21 of the Financial Services and Markets Act 2000 (the “FSMA”)) received by it in
connection with the issue or sale of any Notes in circumstances in which section 21(1) of
the FSMA does not apply to the Issuer; and

 

(2)                              complied and will comply
with all applicable provisions of the FSMA with respect to anything done by it
in relation to the notes included in this Offering in, from or otherwise
involving the United Kingdom.

 

(h)                                 In
relation to each Member State of the European Economic Area that has
implemented the Prospectus Directive (each, a “Relevant Member State”), the Initial Purchaser has
represented and agreed that with effect
from and including the date on which the Prospectus Directive (defined below)
is implemented in that Relevant Member State (the “Relevant Implementation

 

17

 

Date”) it has not made and will not make an offer of Notes to the public in
that Relevant Member State prior to the publication of an offering circular in
relation to the Notes which has been approved by the competent authority in
that Relevant Member State or, where appropriate, approved in another Relevant
Member State and notified to the competent authority in that Relevant Member
State, all in accordance with the Prospectus Directive, except that it may,
with effect from and including the Relevant Implementation Date, make an offer
of Notes to the public in that Relevant Member State at any time:

 

(i)                                 to legal entities which are authorized or
registered to operate in the financial markets or, if not so authorized or
regulated, whose corporate purpose is solely to invest in securities;

 

(ii)                              to any legal entity which has two or more of (1) an
average of at least 250 employees during the last financial year; (2) a
total balance sheet of more than €43,000,000 and (3) an annual net turnover
of more than €50,000,000, as shown in its last annual or consolidated accounts;
or

 

(iii)                           in any other circumstances which do not
require the publication by the Issuer of an offering circular pursuant to Article 3
of the Prospectus Directive.

 

For the purposes of this provision, the expression an “offer of
notes to the public” in relation to any offered notes in any Relevant
Member State means the communication in any form and by any means of
sufficient information on the terms of the offer and the notes to be offered so
as to enable an investor to decide to purchase or subscribe the notes, as the
same may be varied in that Member State by any measure implementing the
Prospectus Directive in that Member State and the expression “Prospectus
Directive” means Directive 2003/71/BC and includes any relevant
implementing measure in each Relevant Member State.

 

7.                                      Conditions
to Obligations of the Initial Purchaser. The obligations of the Initial
Purchaser to purchase the Notes under this Agreement are subject to the
satisfaction or waiver of each of the following conditions:

 

(a)                                  All
the representations and warranties of the Issuer, the Successor, the Company
(subject to Section 13) and the Subsidiaries contained in this Agreement
shall be true and correct in all material respects (other than representations
and warranties with a materiality qualifier, which shall be true and correct as
written) as of the Closing Date. On or prior to the Closing Date, the Issuer,
the Company and each other party to the Documents (other than the Initial
Purchaser) shall have performed or complied in all material respects with all
of the agreements and satisfied all conditions on their respective parts
required to be performed, complied with or satisfied as of or prior to the
Closing Date pursuant to the Documents (other than conditions to be satisfied
by such other parties, which the failure to so satisfy would not, individually
or in the aggregate, have a Material Adverse Effect).

 

(b)                                 No
injunction, restraining order or order of any nature by a Governmental
Authority shall have been issued as of the Closing Date that would prevent or
materially interfere with the consummation of the Offering or any of the
transactions contemplated under the Documents; and no stop order suspending the
qualification or exemption from qualification of any of the Notes in any
jurisdiction shall have been issued and no Proceeding for that purpose shall
have been commenced or, to the knowledge of the Issuer or the Company, be
pending or threatened as of the Closing Date.

 

18

 

(c)                                  No
action shall have been taken and no Applicable Law shall have been enacted,
adopted or issued that would, as of the Closing Date, prevent the consummation
of the Offering or any of the transactions contemplated under the Documents. No
Proceeding shall be pending or, to the knowledge of the Company, threatened
other than Proceedings that (A) if adversely determined would not,
individually or in the aggregate, adversely affect the issuance or
marketability of the Notes, and (B) would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

(d)                                 Subsequent
to the execution and delivery of this Agreement, there shall not have been any
Material Adverse Change the effect of which, in the sole judgment of the
Initial Purchaser, makes it impracticable or inadvisable to proceed with the
completion of the Offering or the purchase and sale of the Notes.

 

(e)                                  The
Notes shall have been designated PORTAL securities in accordance with the rules and
regulations adopted by the National Association of Securities Dealers, Inc.
relating to trading in the PORTAL market.

 

(f)                                    Subsequent
to the execution and delivery of this Agreement, (i) there shall not have
occurred any downgrading, suspension or withdrawal of, nor shall any notice
have been given of any potential or intended downgrading, suspension or
withdrawal of, or of any review (or of any potential or intended review) for a
possible change that does not indicate the direction of the possible change in,
any rating of the Issuer or the Company or any debt securities of the Issuer or
the Company (including, without limitation, the placing of any of the foregoing
ratings on credit watch with negative or developing implications or under
review with an uncertain direction) by any “nationally recognized statistical
rating organization” as such term is defined for purposes of Rule 436(g)(2) under
the Act, (ii) there shall not have occurred any adverse change, nor shall
any notice have been given of any potential or intended adverse change, in the
outlook for any rating of the Issuer or the Company or any securities of the
Issuer or the Company by any such rating organization and (iii) no such
rating organization shall have given notice that it has assigned (or is
considering assigning) a lower rating to the Notes than that on which the Notes
were marketed.

 

(g)                                 The
Initial Purchaser shall have received on the Closing Date:

 

(i)                                     certificates dated the Closing Date,
signed by one or more directors of each of the Issuer and the Successor on
behalf of the Issuer and the Successor, respectively, to the effect that, with
respect to the Issuer or the Successor, as the case may be, (a) the
representations and warranties, as to itself, set forth in Section 4
hereof are true and correct in all material respects with the same force and
effect as though expressly made at and as of the Closing Date, (b) it has
performed and complied with all agreements and satisfied all conditions in all
material respects on its part required by this Agreement to be performed
or satisfied by it at or prior to the Closing Date, (c) at the Closing
Date, since the date hereof or since the date of the most recent financial
statements in the Final Offering Circular (exclusive of any amendment or
supplement thereto after the date hereof), no event or events have occurred, no
information has become known to the Issuer or the Successor, as the case may be,
nor does any condition exist that, individually or in the aggregate, would have
a Material Adverse Effect, there has not occurred a Material Adverse Change,
and (d) the sale of the Notes has not been enjoined (temporarily or
permanently) by a Governmental Authority with applicable jurisdiction;

 

(ii)                                  a certificate, dated the Closing Date,
executed by a director of the Issuer, the Company, each Guarantor and MIM
Singapore certifying such corporate secretarial matters as the Initial
Purchaser may reasonably request;

 

19

 

(iii)                               the opinion of Dechert LLP, special New
York and United Kingdom counsel to the Issuer and the Successor, dated as of
the Closing Date, containing opinions substantially to the effect of the
opinions set forth in Exhibit A attached hereto;

 

(iv)                              an opinion of Kelvin Chia Partnership, Singapore counsel to the Issuer and the
Successor, dated as of the Closing Date and addressed to the Initial Purchaser,
containing opinions substantially to the effect of the opinions set forth in Exhibit B
attached hereto;

 

(v)                                 an opinion of Mayer, Brown, Rowe &
Maw LLP, special New York and United Kingdom counsel to the Initial Purchaser,
dated the Closing Date and addressed to the Initial Purchaser, in form reasonably
satisfactory to the Initial Purchaser covering such matters as are customarily
covered in opinions delivered by counsel to an initial purchaser to such
initial purchaser; and

 

(vi)                              certificates, dated the date hereof and
the Closing Date, executed by the Group Finance Controller of the Company,
substantially in the forms of Exhibit C-1 and Exhibit C-2,
respectively, attached hereto.

 

(h)                                 The
Initial Purchaser shall have received from Deloitte & Touche, LLP,
independent auditors, with respect to the Company, (A) a customary comfort
letter for each of the US offering and the international offering, dated the
date of the Final Offering Circular, in form and substance reasonably
satisfactory to the Initial Purchaser and its counsel, with respect to the
financial statements and certain financial information contained in the Final
Offering Circular, and (B) a customary comfort letter for each of the US
offering and the international offering, dated the Closing Date, in form and
substance reasonably satisfactory to the Initial Purchaser and its counsel, to
the effect that Deloitte & Touche, LLP reaffirms the statements made
in its letter furnished pursuant to clause (A) of this Section 7(h).

 

(i)                                     Each
of the Documents required to be delivered as of the Closing Date shall have
been executed and delivered by all parties thereto, and if requested, the
Initial Purchaser shall have received copies thereof.

 

(j)                                     The
Initial Purchaser shall have received copies of all opinions, certificates and
other documents required by this Agreement to be delivered to it on or prior to
the Closing Date.

 

(k)                                  The
terms of each Document shall conform in all material respects to the
description thereof in the Final Offering Circular to the extent described
therein.

 

(l)                                     The
Trustee and the Collateral Agent shall have received (1) evidence satisfactory
to them that each of the Successor and the Company has complied with the
procedures required by Sections 155 to 158 inclusive of the Companies Act 1985
(U.K.) in respect of such Person’s execution and delivery of its Guarantee and
Security Agreement, including certified copies of all applicable board and
members’ resolutions, statutory declarations and statutory auditors’ reports,
and (2) a certificate addressed to them from Deloitte & Touche,
LLP, the auditors to the Company, and capable of being relied upon by them for
the benefit of each of the holders of the Notes, substantially in the form of
FRAG 26/94 (unamended), such certificate to be dated not earlier than two
business days prior to the Closing Date.

 

(m)                               The
Collateral Agent shall have received (with a copy for the Initial Purchaser) on
the Closing Date:

 

20

 

(i)                                     appropriately completed copies of any
filings or registrations pursuant to the Companies Act of 1985 (UK)) as may be
necessary or, in the reasonable opinion of the Collateral Agent, the Security
Trustee and its counsel, desirable to perfect the security interests of the
Collateral Agent pursuant to the Collateral Agreements;

 

(ii)                                  appropriately completed copies of deeds
of release and any filings required under the Companies Act of 1985 (UK) (as
applicable), if any, necessary to release all Liens (other than Liens created
by the Indenture, Liens created by the Collateral Agreements and Permitted
Liens) of any Person in any collateral described in any Collateral Agreement
previously granted by any Person;

 

(iii)                               duly executed copies of letters from (A) Standard
Chartered Bank, UAE Branch, relating to the guarantees provided by Murray
International Holdings pursuant to the Banking Arrangement Letters dated July 5,
2004, and (B) The Hong Kong and Shanghai Bank Corporation, UAE Branch,
relating to the facilities extended by HSBC Bank Middle East Limited under the
terms of a facilities agreement and/or any other facilities agreements or certificates
ancillary thereto, providing, in each case, for the release of the security
referred to therein;

 

(iv)                              such other approvals or documents as the
Collateral Agent may reasonably request in form and substance
reasonably satisfactory to the Collateral Agent; and

 

(v)                                 the Collateral Agent and its counsel
shall be satisfied that (i) the Lien granted to the Collateral Agent, for
the benefit of the Secured Parties in the collateral described above is of the
priority described in the Final Offering Circular; and (ii) no liens,
security interests, mortgages, pledges, charges, equities, claims or
encumbrances exist on any of the collateral described above other than the Lien
created in favor of the Collateral Agent, for the benefit of the Secured
Parties, pursuant to the Collateral Agreements, in each case subject to the
Permitted Liens.

 

(n)                                 The
Acquisition and the Working Capital Facility shall have been consummated
substantially concurrently with the Offering, in each case, pursuant to
agreements in form and substance reasonably satisfactory to the Initial
Purchaser.

 

8.                                      Indemnification
and Contribution.

 

(a)                                  The
Issuer, the Company and each of the Guarantors, jointly and severally, agrees,
to indemnify and hold harmless the Initial Purchaser, and each person, if any,
who controls the Initial Purchaser within the meaning of Section 15 of the
Act or Section 20 of the Exchange Act, against any losses, claims, damages
or liabilities of any kind to which the Initial Purchaser or such controlling
person may become subject under the Act, the Exchange Act or otherwise,
insofar as any such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon:

 

(i)                                     any untrue statement or alleged untrue
statement of any material fact contained in any Offering Circular or any
amendment or supplement thereto; or

 

(ii)                                  the omission or alleged omission to
state, in any Offering Circular or any amendment or supplement thereto, a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading;

 

21

 

and, subject to the provisions hereof, will reimburse promptly upon
demand, the Initial Purchaser and each such controlling person for any legal or
other expenses reasonably incurred by the Initial Purchaser or such controlling
person in connection with investigating or defending against or appearing as a
third party witness in connection with any such loss, claim, damage, liability
or action in respect thereof; provided, however, none of the
Issuer, the Company or any Guarantor shall be liable in any such case to the
extent (but only to the extent) that any such loss, claim, damage or liability
is finally judicially determined by a court of competent jurisdiction in a
final, unappealable judgment, to have resulted primarily from any untrue
statement or alleged untrue statement or omission or alleged omission made in
any Offering Circular or any amendment or supplement thereto in reliance upon
and in conformity with written information concerning the Initial Purchaser
furnished to the Issuer or the Company by the Initial Purchaser specifically
for use therein. This indemnity agreement will be in addition to any liability
that the Issuer, the Company and the Guarantors may otherwise have to the
indemnified parties. The Issuer, the Company and the Guarantors shall not be
liable under this Section 8 for any settlement of any claim or
action effected without their prior written consent, which shall not be
unreasonably withheld; and provided  further, however, that
this indemnity, as to the Preliminary Offering Circular or the Final Offering
Circular, shall not inure to the benefit of the Initial Purchaser (or any
person controlling such Initial Purchaser) on account of any loss, claim,
damage or liability arising from the sale of Notes to any person by such
Initial Purchaser if such Initial Purchaser failed to send or give a copy of
the Final Offering Circular (as the same may be supplemented or amended)
to such person at or prior to the written confirmation of the sale of the Notes
to such person, and the untrue statement or alleged untrue statement or
omission or alleged omission of a material fact in such Preliminary Offering
Circular was corrected in the Final Offering Circular, unless such failure
resulted from noncompliance by the Issuer or the Company with Section 5(b).

 

(b)                                 The Initial Purchaser
agrees to indemnify and hold harmless each of the Issuer, the Company, each of
the Guarantors and their respective directors, officers and each person, if
any, who controls the Issuer within the meaning of Section 15 of the Act
or Section 20 of the Exchange Act against any losses, claims, damages or
liabilities of any kind to which the Issuer or any such director, officer or
controlling person may become subject under the Act, the Exchange Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) are finally judicially determined by a court of competent
jurisdiction in a final, unappealable judgment, to have resulted primarily from
(i) any untrue statement or alleged untrue statement of any material fact
contained in any Offering Circular or any amendment or supplement thereto or (ii) the
omission or the alleged omission to state therein a material fact required to
be stated in any Offering Circular or any amendment or supplement thereto or
necessary to make the statements therein 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 was made in reliance upon and in
conformity with written information concerning such Initial Purchaser,
furnished to the Issuer or the Company or their agents by the Initial Purchaser
specifically for use therein; and, subject to the limitation set forth
immediately preceding this clause, will reimburse promptly upon demand, any
legal or other expenses incurred by the Issuer, the Company, each of the Guarantors
or any such director, officer or controlling person in connection with any such
loss, claim, damage, liability or action in respect thereof. This indemnity
agreement will be in addition to any liability that the Initial Purchaser may otherwise
have to the indemnified parties.

 

(c)                                  As
promptly as reasonably practicable after receipt by an indemnified party under
this Section 8 of notice of the commencement of any action for
which such indemnified party is entitled to indemnification under this Section 8,
such indemnified party will, if a claim in respect thereof is to be made
against the indemnifying party under this Section 8, notify the
indemnifying party of the commencement thereof in writing; but the omission to
so notify the indemnifying party (i) will not relieve such indemnifying
party from any liability under paragraph (a) or (b) above

 

22

 

unless and only to the
extent it is materially prejudiced as a result thereof and (ii) will not,
in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided in paragraphs
(a) and (b) above. In case any such action is brought
against any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate
therein and, to the extent that it may determine, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party; provided, however,
that if (i) the use of counsel chosen by the indemnifying party to
represent the indemnified party would present such counsel with a conflict of
interest under applicable standards of professional responsibility, (ii) the
defendants in any such action include both the indemnified party and the
indemnifying party, and the indemnified party shall have been advised by
counsel in writing that there may be one or more legal defenses available
to it and/or other indemnified parties that are different from or additional to
those available to the indemnifying party, or (iii) the indemnifying party
shall not have employed counsel reasonably satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after receipt
by the indemnifying party of notice of the institution of such action, then, in
each such case, the indemnifying party shall not have the right to direct the
defense of such action on behalf of such indemnified party or parties and such
indemnified party or parties shall have the right to select separate counsel to
defend such action on behalf of such indemnified party or parties at the
reasonable expense of the indemnifying party. After notice from the indemnifying
party to such indemnified party of its election so to assume the defense
thereof and approval by such indemnified party of counsel appointed to defend
such action, the indemnifying party will not be liable to such indemnified
party under this Section 8 for any legal or other expenses, other
than reasonable costs of investigation, subsequently incurred by such
indemnified party in connection with the defense thereof, unless (i) the
indemnified party shall have employed separate counsel in accordance with the
proviso to the immediately preceding sentence (it being understood, however,
that in connection with such action the indemnifying party shall not be liable
for the expenses of more than one separate counsel (in addition to local
counsel) in any one action or separate but substantially similar actions in the
same jurisdiction arising out of the same general allegations or circumstances,
designated by the Initial Purchaser in the case of paragraph (a) of
this Section 8 or the Company in the case of paragraph (b) of
this Section 8, representing the indemnified parties under such paragraph
(a) or paragraph (b), as the case may be, who are parties
to such action or actions) or (ii) the indemnifying party has authorized
in writing the employment of counsel for the indemnified party at the expense
of the indemnifying party. After such notice from the indemnifying party to
such indemnified party, the indemnifying party will not be liable for the costs
and expenses of any settlement of such action effected by such indemnified
party without the prior written consent of the indemnifying party (which
consent shall not be unreasonably withheld), unless such indemnified party
waived in writing its rights under this Section 8, in which case
the indemnified party may effect such a settlement without such consent.

 

(d)                                 No
indemnifying party shall be liable under this Section 8 for any
settlement of any claim or action (or threatened claim or action) effected
without its written consent, which shall not be unreasonably withheld, but if a
claim or action settled with its written consent, or if there be a final
judgment for the plaintiff with respect to any such claim or action, each
indemnifying party jointly and severally agrees, subject to the exceptions and
limitations set forth above, to indemnify and hold harmless each indemnified
party from and against any and all losses, claims, damages or liabilities (and
legal and other expenses as set forth above) incurred by reason of such
settlement or judgment. No indemnifying party shall, without the prior written
consent of the indemnified party (which consent shall not be unreasonably
withheld), effect any settlement or compromise of any pending or threatened
proceeding in respect of which the indemnified party is or could have been a
party, or indemnity could have been sought hereunder by the indemnified party,
unless such settlement (A) includes an unconditional written release of
the indemnified

 

23

 

party, in form and
substance satisfactory to the indemnified party, from all liability on claims
that are the subject matter of such proceeding and (B) does not include
any statement as to an admission of fault, culpability or failure to act by or
on behalf of the indemnified party.

 

(e)                                  In
circumstances in which the indemnity agreement provided for in the preceding
paragraphs of this Section 8 is unavailable to, or insufficient to
hold harmless, an indemnified party in respect of any losses, claims, damages
or liabilities (or actions in respect thereof), each indemnifying party, in
order to provide for just and equitable contributions, shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
claims, damages or liabilities (or actions in respect thereof) in such
proportion as is appropriate to reflect (i) the relative benefits received
by the indemnifying party or parties, on the one hand, and the indemnified
party, on the other, from the Offering or (ii) if the allocation provided
by the foregoing clause (i) is not permitted by applicable law, not
only such relative benefits but also the relative fault of the indemnifying
party or parties, on the one hand, and the indemnified party, on the other, in
connection with the statements or omissions or alleged statements or omissions
that resulted in such losses, claims, damages or liabilities (or actions in
respect thereof). The relative benefits received by the Issuer, the Company and
the Guarantors, on the one hand, and the Initial Purchaser, on the other, shall
be deemed to be in the same proportion as the total proceeds from the Offering
(before deducting expenses) received by the Issuer bear to the total discounts
and commissions received by the Initial Purchaser. The relative fault of the parties
shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Issuer or the
Company, on the one hand, or the Initial Purchaser, on the other, the parties’
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission or alleged statement or omissions, and any
other equitable considerations appropriate in the circumstances.

 

(f)                                    The
Issuer, the Company, the Guarantors and the Initial Purchaser agree that it
would not be equitable if the amount of such contribution determined pursuant
to the immediately preceding paragraph (e) 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 immediately preceding paragraph (e). Notwithstanding any
other provision of this Section 8, the Initial Purchaser shall not
be obligated to make contributions hereunder that in the aggregate exceed the
total discounts, commissions and other compensation received by such Initial
Purchaser under this Agreement, less the aggregate amount of any damages that
such Initial Purchaser 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. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of the immediately preceding paragraph (e),
each person, if any, who controls the Initial Purchaser within the meaning of Section 15
of the Act or Section 20 of the Exchange Act shall have the same rights to
contribution as the Initial Purchaser, and each director of the Issuer, the
Company and the Guarantors, each officer of the Issuer, the Company and the
Guarantors and each person, if any, who controls either of the Company or the
Guarantors within the meaning of Section 15 of the Act or Section 20
of the Exchange Act, shall have the same rights to contribution as the Company
and the Guarantors.

 

9.                                      Termination.
The Initial Purchaser may terminate this Agreement at any time prior to
the Closing Date by written notice to the Issuer if any of the following has
occurred:

 

(a)                                  since
the date hereof, any Material Adverse Effect or development involving or reasonably
expected to result in a prospective Material Adverse Effect that could, in the
Initial Purchaser’s

 

24

 

reasonable judgment, be
expected to (i) make it impracticable or inadvisable to proceed with the
offering or delivery of the Notes on the terms and in the manner contemplated
in the Final Offering Circular, or (ii) materially impair the investment
quality of any of the Notes;

 

(b)                                 the
failure of the Issuer, the Company or the Guarantors to satisfy the conditions
contained in Section 7(a) hereof on or prior to the Closing
Date;

 

(c)                                  any
outbreak or escalation of hostilities or other national or international
calamity or crisis, including acts of terrorism, or material adverse change or
disruption in economic conditions in, or in the financial markets of, the
United States or the United Kingdom (it being understood that any such change
or disruption shall be relative to such conditions and markets as in effect on
the date hereof), if the effect of such outbreak, escalation, calamity, crisis,
act or material adverse change in the economic conditions in, or in the
financial markets of, the United States or the United Kingdom could be
reasonably expected to make it, in the Initial Purchaser’s judgment, impracticable
or inadvisable to market or proceed with the offering or delivery of the Notes
on the terms and in the manner contemplated in the Final Offering Circular or
to enforce contracts for the sale of any of the Notes;

 

(d)                                 the
suspension or limitation of trading generally in securities on the New York
Stock Exchange, the American Stock Exchange, the London Stock Exchange, the
Luxembourg Stock Exchange, the Euro MTF Market of the Luxembourg Stock Exchange
or the NASDAQ National Market or any setting of limitations on prices for
securities on any such exchange or NASDAQ National Market;

 

(e)                                  on
or after the date hereof, any securities of the Issuer or the Company shall
have been downgraded or placed on any “watch list” for possible downgrading by
any “nationally recognized statistical rating organization,” as such term is
defined for purposes of Rule 436(g)(2) under the Act; or

 

(f)                                    the
declaration of a banking moratorium by any Governmental Authority; or the
taking of any action by any Governmental Authority after the date hereof in
respect of its monetary or fiscal affairs that in the Initial Purchaser’s
opinion could reasonably be expected to have a material adverse effect on the
financial markets in the United States or the United Kingdom.

 

10.                               Survival
of Representations and Indemnities.
The representations and warranties, covenants, indemnities and
contribution and expense reimbursement provisions and other agreements,
representations and warranties of the Issuer, the Company and the Guarantors
set forth in or made pursuant to this Agreement shall remain operative and in
full force and effect, and will survive, regardless of (i) any
investigation, or statement as to the results thereof, made by or on behalf of
the Initial Purchaser, (ii) acceptance of the Notes, and payment for them
hereunder, and (iii) any termination of this Agreement.

 

11.                               Default
by the Initial Purchaser. If the Initial Purchaser shall breach its
obligations to purchase the Notes that it has agreed to purchase hereunder on
the Closing Date and arrangements satisfactory to the Issuer for the purchase
of such Notes are not made within 36 hours after such default, this Agreement
shall terminate with respect to the Initial Purchaser without liability on the part of
the Issuer. Nothing herein shall relieve the Initial Purchaser from liability
for its default.

 

12.                               Information
Supplied by the Initial Purchaser. The statements set forth on the cover page with respect to
price, the first full paragraph on page iii, and in the first sentence of
the third paragraph, the fifth sentence of the sixth paragraph, the seventh
paragraph and the ninth paragraph under the heading “Plan of Distribution” in
the Offering Circular (to the extent such statements relate to the

 

25

 

Initial
Purchaser) constitute the only information furnished by the Initial Purchaser
to the Issuer, the Company or the Guarantors for the purposes of Sections 4(a) and
8 hereof.

 

13.                               Company
Execution.  On the Closing Date, effective upon consummation of the
Acquisition, (i) the Company will become a party to this Agreement by
executing and delivering this Agreement to the Initial Purchaser and (ii) the
Company shall execute and deliver the Registration Rights Agreement, a
Guarantee and the Indenture. By executing and delivering this Agreement, (A) the
Company expressly (i) agrees to assume all of the obligations of the
Company and a Guarantor under this Agreement and (ii) agrees to take any
and all actions required to be taken by the Company and a Guarantor under this
Agreement, and (B) the Company expressly agrees that all representations
and warranties made in this Agreement by the Issuer on behalf of the Company
shall be considered to be made by, effective as to, and binding upon, the Company
as of the consummation of the Acquisition.

 

14.                               Miscellaneous.

 

(a)                                  Notices
given pursuant to any provision of this Agreement shall be addressed as
follows: (i) if to the Issuer or any of the Guarantors, to: Murray
International Metals Limited., Newbridge Industrial Estate, Newbridge, Scotland
EH28 8PJ, Attention: Kenneth A. Cockburn, Managing Director, with a copy to:
Dechert LLP, 160 Queen Victoria Street, London EC4V 4QQ, United Kingdom,
Attention: Brian M. McCall, Esq., and (ii) if to the Initial
Purchaser, to: Jefferies & Company, Inc., 520 Madison Avenue,
12th Floor, New York, New York 10022, Attention: Lloyd H. Feller, Esq., with a copy to: Mayer, Brown,
Rowe & Maw LLP, 1675 Broadway, New York, New York 10019-5820,
Attention: Ronald S. Brody, Esq., (or in any case to such other address as
the person to be notified may have requested in writing).

 

(b)                                 This
Agreement has been and is made solely for the benefit of and shall be binding
upon the Issuer, the Company and the Guarantors, the Initial Purchaser and, to
the extent provided in Section 8 hereof, the controlling persons,
officers, directors, partners, employees, representatives and agents referred
to in Section 8, and their respective heirs, executors,
administrators, successors and assigns, all as and to the extent provided in
this Agreement, and no other person shall acquire or have any right under or by
virtue of this Agreement. The term “successors and assigns” shall not include a
purchaser of any of the Notes from the Initial Purchaser merely because of such
purchase. Notwithstanding the foregoing, it is expressly understood and agreed
that each purchaser who purchases Notes from the Initial Purchaser is intended
to be a beneficiary of the covenants of the Issuer, the Company and the Guarantors
contained in the Registration Rights Agreement to the same extent as if the
Notes were sold and those covenants were made directly to such purchaser by the
Issuer, the Company and the Guarantors, and each such purchaser shall have the
right to take action against the Issuer, the Company and the Guarantors to
enforce, and obtain damages for any breach of, those covenants.

 

(c)                                  THE
VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS AND CONDITIONS SET
FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY
THEREIN, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

(d)                                 EACH
OF THE ISSUER, THE COMPANY AND EACH GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY
(I) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS
SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED THEREBY; AND (II) WAIVES (A) ITS RIGHT TO A TRIAL BY JURY

 

26

 

IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR
WRITTEN) OR ACTIONS OF THE INITIAL PURCHASER AND FOR ANY COUNTERCLAIM RELATED
TO ANY OF THE FOREGOING AND (B) ANY OBJECTION WHICH IT MAY HAVE OR
HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT
IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(e)                                  This
Agreement may be signed in various counterparts, which together shall
constitute one and the same instrument.

 

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

 

(g)                                 If
any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth
herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their best efforts to
find and employ an alternative means to achieve the same or substantially the
same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the
parties that they would have executed the remaining terms, provisions,
covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(h)                                 This
Agreement may be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may be given; provided
that the same are in writing and signed by all of the signatories hereto.

 

(i)                                     This
Purchase Agreement, including the documents and the instruments referred to
herein and the letter agreement between the Issuer and the Initial Purchaser,
dated the date hereof, constitutes the entire agreement between the parties
relating to its subject matter and supercedes all prior or contemporaneous
negotiations or agreements, whether oral or written, relating to the subject
matter hereof.

 

27

 

Please confirm that the foregoing correctly
sets forth the agreement between the Issuer, the Company, the Guarantors and
the Initial Purchaser.

 

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  ISSUER:

  
	
   

  	
  PIPE ACQUISITION
  FINANCE PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  DANIEL J
  O'LEARY

  	
   

  
	
   

  	
   

  	
  Name: DANIEL
  J O'LEARY

  
	
   

  	
   

  	
  Title:
  DIRECTOR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SUCCESSOR AND GUARANTOR:

  
	
   

  	
  PIPE
  ACQUISITION LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  DANIEL J
  O'LEARY

  	
   

  
	
   

  	
   

  	
  Name: DANIEL
  J O'LEARY

  
	
   

  	
   

  	
  Title:
  DIRECTOR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  As of the
  Closing Date:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMPANY AND GUARANTOR:

  
	
   

  	
  MURRAY
  INTERNATIONAL METALS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K A COCKBURN

  	
   

  
	
   

  	
   

  	
  Name:
  KENNETH A COCKBURN

  
	
   

  	
   

  	
  Title:
  DIRECTOR

  

 

 

	
  Accepted and
  Agreed to:

  	
   

  
	
  JEFFERIES &
  COMPANY, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  RICHARD A
  GOLDENBERG

  	
   

  
	
   

  	
  Name:

  	
  RICHARD A
  GOLDENBERG

  
	
   

  	
  Title:

  	
  Managing
  Director

  
					

 

 

SCHEDULE I

 

LIST OF SUBSIDIARIES OF MURRAY INTERNATIONAL
METALS LIMITED

 

	
  Name

  	
   

  	
  Jurisdiction
  of Organization

  
	
   

  	
   

  	
   

  
	
  Murray International Metals Pte. Limited

  31 Tuas View Link, Singapore 637269

  	
   

  	
  Singapore

  
	
   

  	
   

  	
   

  
	
  Murray International Metals, Inc.

  2929 Briar Park, Suite 429, Houston, Texas, United States 77042

  	
   

  	
  Texas

  

 

LIST OF
SUBSIDIARIES OF PIPE ACQUISITION LIMITED

 

	
  Pipe Acquisition Finance PLC
Newbridge Industrial Estate, Newbridge, Scotland EH28 8PJ

  	
   

  	
  England and
  WalesExhibit 10.3

 

EXECUTION COPY

 

$130,000,000

 

Pipe Acquisition
Finance Plc

 

Senior Secured Floating Rate Notes due 2010

 

REGISTRATION
RIGHTS AGREEMENT

 

December 16, 2005

 

Jefferies &
Company, Inc.

520 Madison Avenue

12th Floor

New York, NY  10022

 

Ladies and
Gentlemen:

 

Pursuant to a purchase agreement (the “Purchase
Agreement”) dated December 13, 2005 by and among Pipe Acquisition
Finance Plc, a company incorporated under the laws of England and Wales (the “Issuer”),
Pipe Acquisition Limited, a company incorporated under the laws of England and
Wales (the “Successor”), and as of the Closing Date, Murray
International Metals Limited, a company incorporated under the laws of England
and Wales (the “Company”), and Jefferies and Company, Inc. as
initial purchaser (the “Initial Purchaser”), the Issuer issued and sold
to the Initial Purchaser, on the date hereof, upon the terms set forth in the
Purchase Agreement, $130,000,000 aggregate principal amount of Senior Secured
Floating Rate Notes due 2010 (each, a “Note” and collectively, the “Notes”).

 

Following the closing of the offering and sale of the Notes, pursuant
to the terms of the Indenture, the Issuer (which is a wholly owned subsidiary
of the Successor) will be liquidated under the laws of the United Kingdom and
all of its assets, liabilities, rights and obligations, including its
obligations under this Agreement and as issuer of the Notes, will be assigned
to and assumed by (together, the “Liquidation and Assumption”) the
Successor, and the Guarantors (other than the Successor) will continue to
guarantee the Notes. All references to the “Issuer” shall be deemed to be
appropriately modified in this Agreement to be references to the Successor upon
and for any period relating to after the effectiveness of the Liquidation and
Assumption. Pursuant to the Indenture, the Successor (until the effectiveness
of the Liquidation and Assumption) and all of the Restricted Subsidiaries of
the Successor shall jointly and severally and fully and unconditionally
guarantee, on a senior secured basis, to each holder of the Notes and the
Trustee, the payment and performance of the Issuer’s obligations under the
Indenture and the Notes (each of the Successor (until the effectiveness of the
Liquidation and Assumption) and each such subsidiary being referred to herein
as a “Guarantor”).

 

Pursuant to the Indenture, the Successor and the Company shall cause
Murray International Metals Pte. Limited (“MIM Pte.”), a company
incorporated under the laws of Singapore and a wholly owned subsidiary of the
Company, upon the completion of certain whitewash procedures required under
Singapore law (the “Whitewash Procedures”), to execute

 

 

and deliver such documents, including executing and delivering a
supplemental Indenture, the Collateral Agreements, a Guarantee and a counterpart to
this Agreement, and take such actions necessary to grant a perfected security
interest in its assets as security for the Notes and to guarantee the Issuer’s
obligations under the Notes and the Indenture. Upon the completion of such
actions, MIM Pte. shall have the rights and obligations of a Guarantor under
this Agreement.

 

As consideration for the purchase of the Notes and the
related Guarantees by the Initial Purchaser, the Issuer and the Guarantors
agree with the Initial Purchaser, for the benefit of the Holders (as defined
below) of the Notes (including, without limitation, the Initial Purchaser), as
follows:

 

1.                                      Definitions

 

Capitalized terms
that are used herein without definition and are defined in the Purchase Agreement
shall have the respective meanings ascribed to them in the Purchase Agreement. As
used in this Agreement, the following terms shall have the following meanings:

 

Additional Interest: 
See Section 4(a).

 

Advice: 
See Section 6(v).

 

Agreement: 
This Registration Rights Agreement.

 

Applicable
Period:  See Section 2(e).

 

Business
Day:  A day that is not a Saturday, a Sunday or a
day on which banking institutions in the City of New York or London are
authorized or required by law or executive order to be closed.

 

Company: See the introductory paragraphs
to this Agreement.

 

Closing
Date: December 16,
2005.

 

Collateral Agreements: 
Shall have the meaning set forth in the Indenture.

 

Day: 
Unless otherwise expressly provided, a calendar day.

 

Effectiveness Date: 
The 220th day
after the Issue Date; provided, however, that if the
Effectiveness Date would otherwise fall on a day that is not a Business Day,
then the Effectiveness Date shall be the next succeeding Business Day.

 

Effectiveness Period: 
See Section 3(a).

 

Event Date: 
See Section 4(b).

 

Exchange Act: 
The Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC promulgated thereunder.

 

2

 

Exchange Notes:  Senior Secured Notes due
2010 of the Issuer, identical in
all material respects to the Notes, including the guarantees endorsed thereon,
except (i) that such securities shall have been registered pursuant
to an effective registration statement under the Securities Act, (ii) that
such securities shall not contain a restrictive legend thereon, (iii) that
such securities shall not contain provisions relating to the accrual or payment
of Additional Interest (except with respect to Additional Interest acrruing
pursuant to the covenant in Section 4.18 (“Undertakings With Respect to
MIM Pte.”) under the Indenture, if any, and except with respect to Additional
Interest, if any, accrued and unpaid as of the issuance of such Exchange Notes)
and (iv) as described in the first sentence of Section 2(c).

 

Exchange Offer: 
See Section 2(a).

 

Exchange Registration
Statement:  See Section 2(a).

 

Filing Date: 
The 150th day
after the Issue Date; provided, however, that if the Filing Date would
otherwise fall on a day that is not a Business Day, then the Filing Date shall
be the next succeeding Business Day.

 

Guarantor: 
See the introductory paragraphs to this Agreement.

 

Holder: 
Any registered holder of Registrable Notes.

 

Indemnified Party: 
See Section 8(c).

 

Indemnifying Party: 
See Section 8(c).

 

Indenture: 
The Indenture, dated as of the Closing Date, among the Issuer, the
Guarantors named therein and The Bank of New York, as trustee, pursuant to
which the Notes are being issued, as amended or supplemented from time to time
in accordance with the terms hereof.

 

Initial Purchaser: 
See the introductory paragraphs to this Agreement.

 

Initial Shelf
Registration:  See Section 3(a).

 

Inspectors: 
See Section 6(n).

 

Issue Date:  December 16, 2005.

 

Issuer: 
See the introductory paragraphs to this Agreement.

 

Lien:
Shall have
the meaning set forth in the Indenture.

 

Liquidation
and Assumption:  See the introductory paragraphs to this
Agreement.

 

Losses:  See Section 8(a).

 

MIM Pte.: 
See the introductory paragraphs to this Agreement.

 

3

 

NASD: 
National Association of Securities Dealers, Inc.

 

Notes: 
See the introductory paragraphs to this Agreement.

 

Participating
Broker-Dealer:  See Section 2(e).

 

Person: 
An individual, trustee, corporation, partnership, limited liability
company, joint stock company, trust, unincorporated association, union,
business association, firm, government or agency or political subdivision
thereof, or other legal entity.

 

Private Exchange: 
See Section 2(f).

 

Private Exchange
Notes:  See Section 2(f).

 

Prospectus: 
The prospectus included in any Registration Statement at the time that
such Registration Statement is declared effective (including, without
limitation, a prospectus that discloses information previously omitted from a
prospectus filed as part of an effective registration statement in
reliance upon Rule 430A promulgated under the Securities Act), as amended
or supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Registrable Notes covered by such Registration
Statement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference
or deemed to be incorporated by reference in such Prospectus.

 

Purchase Agreement: 
See the introductory paragraphs to this Agreement.

 

Records: 
See Section 6(n).

 

Registrable
Notes:  (i) Notes, (ii) Private Exchange
Notes and (iii) Exchange Notes received in the Exchange Offer, in each
case, that may not be sold without restriction under federal or state
securities laws; provided, that for the avoidance of doubt, a Security
shall cease to be a Registrable Note when (w) a Shelf Registration Statement
covering such Security has been declared effective by the SEC and such Security
has been disposed of in accordance with and in a manner contemplated by such
effective Shelf Registration Statement, (x) in the case of a Note, such Note
has been exchanged pursuant to the Exchange Offer as contemplated in Section 2(a) (provided,
that any Exchange Note that is included in a Prospectus for use in connection
with resales by Participating Broker-Dealers shall be deemed to be a
Registrable Note with respect to Sections 8 and 11 until resale of such
Registrable Note has been effected pursuant to a “Plan of Distribution” within
the Applicable Period), for an Exchange Note or Exchange Notes that may be
resold without restriction under state and federal securities laws, (y) such
Security ceases to be outstanding for purposes of the Indenture or (z) such
Security has been sold in compliance with Rule 144 under circumstances in
which any legend borne by such Security relating to restrictions on
transferability thereof, under the Securities Act or otherwise, is removed by
the Issuer or is eligible to be sold by the holders thereof pursuant to Rule 144(k).

 

Registration
Statement:  Any registration statement of the Issuer and
the Guarantors filed with the SEC under the Securities Act (including, but not
limited to, the Exchange Registration Statement, the Shelf Registration and any
subsequent Shelf Registration) that covers

 

4

 

any of the Registrable Notes pursuant to the provisions of this
Agreement, including the Prospectus, amendments and supplements to such
registration statement, including post-effective amendments, all exhibits and
all material incorporated by reference or deemed to be incorporated by
reference in such registration statement.

 

Rule 144: 
Rule 144 promulgated under the Securities Act, as such Rule may be
amended from time to time, or any similar rule (other than Rule 144A)
or regulation hereafter adopted by the SEC providing for offers and sales of
securities made in compliance therewith resulting in offers and sales by subsequent
holders that are not affiliates of an issuer or such securities being free of
the registration and prospectus delivery requirements of the Securities Act.

 

Rule 144A: 
Rule 144A promulgated under the Securities Act, as such Rule may be
amended from time to time, or any similar rule (other than Rule 144)
or regulation hereafter adopted by the SEC.

 

Rule 415: 
Rule 415 promulgated under the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted
by the SEC.

 

Rule 430A: 
Rule 430A promulgated under the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.

 

SEC: 
The Securities and Exchange Commission.

 

Securities: 
The Notes, the Exchange Notes and the Private Exchange Notes.

 

Securities Act: 
The Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder.

 

Shelf Notice: 
See Section 2(j).

 

Shelf Registration: 
See Section 3(b).

 

Subsequent Shelf
Registration:  See Section 3(b).

 

Successor: 
See the introductory paragraphs to this Agreement.

 

TIA: 
The Trust Indenture Act of 1939, as amended.

 

Trustee: 
The trustee under the Indenture and, if existent, the trustee under any
indenture governing the Exchange Notes and Private Exchange Notes (if any).

 

Underwritten
Registration or Underwritten Offering:  A registration in which
securities of the Issuer are sold to an underwriter for reoffering to the
public.

 

2.                                      Exchange Offer

 

(a)                                  Unless the Exchange Offer would not
be permitted by applicable laws or a policy or currently prevailing applicable
interpretations of the staff of the SEC, the Issuer and the Successor shall
(and shall cause each Guarantor to) (i) prepare and file

 

5

 

(which shall
include a quiet paper filing if the SEC permits such filings by a foreign
private issuer (as defined in Rule 405 of the Securities Act)) with the
SEC after the date hereof, but in no event later than the Filing Date, a
registration statement (the “Exchange Registration Statement”) on an
appropriate form under the Securities Act with respect to a proposed offer
(the “Exchange Offer”) to the Holders of Notes who are not prohibited by
law or a policy or currently prevailing applicable interpretations of the SEC
from participating in the Exchange Offer to issue and deliver to such Holders,
in exchange for the Notes, a like principal amount of Exchange Notes, (ii) use
their commercially reasonable efforts to cause the Exchange Registration
Statement to become effective no later than the Effectiveness Date, (iii) use
their commercially reasonable efforts to keep the Exchange Registration
Statement effective until the consummation of the Exchange Offer in accordance
with its terms, and (iv) use their commercially reasonable efforts to
commence the Exchange Offer and issue on or prior to 30 Business Days after the
date on which the Exchange Registration Statement is declared effective (or
such longer period as may be required by the Securities Act or the
Exchange Act), Exchange Notes in exchange for all Notes validly tendered and
not withdrawn prior thereto in the Exchange Offer. The Exchange Offer shall not
be subject to any conditions, other than that (i) the Exchange Offer does
not violate applicable law or any applicable policy or currently prevailing
applicable interpretations of the staff of the SEC, (ii) no action
or proceeding shall have been instituted in any court or by any governmental
agency which might materially impair the ability of the Issuer and the
Guarantors to proceed with the Exchange Offer and (iii) all necessary
governmental approvals shall have been obtained for the consummation of the
Exchange Offer.

 

(b)                                 The Exchange Notes shall be issued
under, and entitled to the benefits of, (i) the Indenture or a trust
indenture that is identical to the Indenture (other than such changes as are
necessary to comply with any requirements of the SEC to effect or maintain the
qualifications thereof under the TIA) and (ii) the Collateral Agreements.

 

(c)                                  Interest on the Exchange Notes and
Private Exchange Notes will accrue from (i) the later of (x) the last
interest payment due date on which interest was paid on the Notes surrendered
in exchange therefor or, (y) if the Note is surrendered for exchange on a date
in a period that includes the record date for an interest payment date to occur
on or after the date of such exchange and as to which interest will be paid,
the date of such interest payment date, or (ii) if no interest has been
paid on the Notes, from the date of original issue of the Notes. Each Exchange
Note and Private Exchange Note shall bear interest at the rate set forth
thereon; provided, that interest with respect to the period prior to the
issuance thereof shall accrue at the rate or rates borne by the Notes from time
to time during such period.

 

(d)                                 The Issuer may require each
Holder as a condition to participation in the Exchange Offer to represent in
writing to the Issuer and the Guarantors, prior to the time of the consummation
of the Exchange Offer, (i) that any Exchange Notes

 

6

 

received by it
will be acquired in the ordinary course of its business, (ii) that at the
time of the commencement and consummation of the Exchange Offer, such Holder
has not entered into any arrangement or understanding with any Person to
participate in the distribution (within the meaning of the Securities Act) of
the Exchange Notes in violation of the provisions of the Securities Act, (iii) that
such Holder is not an “affiliate” (as defined in Rule 405 of the
Securities Act) of the Issuer and, if such Holder is an “affiliate” of the
Issuer, it will comply with the registration and prospectus delivery
requirements of the Securities Act to the extent applicable to it, (iv) if
such Holder is not a broker-dealer, it is not engaged in, and does not intend
to engage in, the distribution of the Notes and (v) if such Holder is a
Participating Broker-Dealer, that it will comply with the applicable prospectus
delivery requirements of the Securities Act in connection with any resale of
the Exchange Notes.

 

(e)                                  The Issuer and the Successor shall
(and shall cause each Guarantor to) include within the Prospectus contained in
the Exchange Registration Statement a section entitled “Plan of
Distribution” reasonably acceptable to the Initial Purchaser which shall
contain (i) a summary statement of the positions taken or policies made by
the staff of the SEC with respect to the potential “underwriter” status of any
broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under
the Exchange Act) of Exchange Notes received by such broker-dealer in the
Exchange Offer for its own account in exchange for Notes that were acquired by
it as a result of market-making or other trading activity (a “Participating
Broker-Dealer”) and (ii) all other information with respect to
such sales by such Participating Broker-Dealers that the SEC may require
in order to permit such sales pursuant thereto. Such “Plan of Distribution” section shall also allow, to the
extent and in the manner permitted by applicable policies and regulations of
the SEC, the use of the Prospectus by all Persons subject to the prospectus
delivery requirements of the Securities Act, including, to the extent so
permitted, all Participating Broker-Dealers, and include a statement describing
the manner in which Participating Broker-Dealers may resell the Exchange
Notes. The Issuer shall use its commercially reasonable efforts to keep the
Exchange Registration Statement effective and to amend and supplement the
Prospectus contained therein, in order to permit such Prospectus to be lawfully
delivered by all Persons subject to the prospectus delivery requirements of the
Securities Act for such period of time as such Persons must comply with such
requirements in order to resell the Exchange Notes; provided that such
period shall not exceed the lesser of 180 days and the date on which all
Persons subject to the prospectus delivery requirements of the Securities Act
have sold all Exchange Notes held by them (the “Applicable
Period”).

 

(f)                                    If, upon consummation of the
Exchange Offer, the Initial Purchaser holds any Notes acquired by it and having
the status of an unsold allotment in the initial distribution of the Notes, the
Issuer (upon the written request from the Initial Purchaser) shall, no later
than the earlier of (i) 30 days after the delivery of the Exchange Notes
in the Exchange Offer and (ii) the declaration of effectiveness by the SEC
of a Registration Statement covering the resale of all Private Exchange

 

7

 

Notes to be issued
and delivered as described in this sentence, issue and deliver to the Initial
Purchaser, in exchange (the “Private Exchange”) for the Notes held by
the Initial Purchaser, a like principal amount of Senior Secured Notes that are
substantially identical to the Exchange Notes except for the existence of
restrictions on transfer thereof under the Securities Act and securities laws
of the several states of the United States (the “Private Exchange Notes”).
The Issuer shall use all reasonable efforts to cause the Private Exchange Notes
to bear the same CUSIP number as the Exchange Notes.

 

(g)                                 In connection with the Exchange Offer,
the Issuer and the Successor shall (and shall cause each Guarantor to):

 

(i)                                     Mail, or cause to be mailed to each
Holder of record a copy of the Prospectus forming part of the Exchange
Registration Statement, together with an appropriate letter of transmittal that
is an exhibit to the Exchange Offer Registration Statement, and any
related documents;

 

(ii)                                  keep the Exchange Offer open for
not less than 20 Business Days after the date notice thereof is mailed to the
Holders (or longer if required by applicable law)

 

(iii)                               utilize the services of a
depository for the Exchange Offer with an address in the Borough of Manhattan,
the City of New York, which may be the Trustee or an affiliate thereof;

 

(iv)                              permit Holders to withdraw tendered
Registrable Notes at any time prior to the close of business, New York time, on
the last Business Day on which the Exchange Offer shall remain open; and

 

(v)                                 otherwise comply in all material
respects with all applicable laws.

 

(h)                                 As soon as practicable after the
close of the Exchange Offer or the Private Exchange, as the case may be,
the Issuer and the Successor shall (and shall cause each Guarantor to):

 

(i)                                     accept for exchange all Registrable
Notes validly tendered pursuant to the Exchange Offer or the Private Exchange, as
the case may be, and not validly withdrawn;

 

(ii)                                  deliver to the Trustee for
cancellation all Registrable Notes so accepted for exchange; and

 

(iii)                               cause the Trustee to authenticate
and deliver promptly to each Holder validly tendering such Registrable Notes,
Exchange Notes or Private Exchange Notes, as the case may be, equal in
principal amount to the Notes of such Holder so accepted for exchange; provided,
that, in the case of any Notes held in global
form by a depositary, authentication and delivery to such depositary of
one or more replacement Exchange Notes in

 

8

 

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.

 

(i)                                     The Exchange Notes and the Private
Exchange Notes may be issued under (i) the Indenture or (ii) an
indenture identical to the Indenture (other than such changes as are necessary
to comply with any requirements of the SEC to effect or maintain the
qualification thereof under the TIA), which in either event will provide that
the Exchange Notes will not be subject to the transfer restrictions set forth
in the Indenture, that the Private Exchange Notes will be subject to the
transfer restrictions set forth in the Indenture, and that the Exchange Notes,
the Private Exchange Notes and the Notes, if any, will be deemed one class of
security (subject to the provisions of the Indenture) and entitled to
participate in all the security granted by the Issuer and the Guarantors
pursuant to the Collateral Agreements and in any Guarantee (as such terms are
defined in the Indenture) on an equal and ratable basis.

 

(j)                                     If:  (i) prior to the consummation of the
Exchange Offer, the Holders of a majority in aggregate principal amount of
Registrable Notes determines in its or their reasonable judgment that the
Exchange Notes would not, upon receipt, be tradeable by the Holders thereof
without restriction under the Securities Act and the Exchange Act and without
material restrictions under applicable Blue Sky or state securities laws; (ii) because
of any change in law or currently prevailing applicable interpretations of the
staff of the SEC the Issuer determines upon advice of outside counsel that it
is not permitted to consummate the Exchange Offer prior to the Effectiveness
Date; (iii) subsequent to the consummation of the Private Exchange, any
Holder of Private Exchange Notes so requests; (iv) the Exchange Offer is
not consummated within 30 Business Days from the date the Exchange Registration
Statement was declared effective; or (v) in the case of (A) any
Holder not permitted by applicable law or SEC policy to participate in the
Exchange Offer, (B) any Holder participating in the Exchange Offer that
receives Exchange Notes that may not 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 within the meaning of the Securities Act)
or (C) any broker-dealer that holds Notes acquired directly from the
Issuer or any of its affiliates and, in each such case contemplated by this
clause (v), such Holder notifies the Issuer (1) within six months of
consummation of the Exchange Offer in the case of a Holder described in subsection (C) of
this clause (v) or (2) as soon as is reasonably practicable and in
any event within 120 days of consummation of the Exchange Offer in the case of
a Holder described in subsection (A) or (B) of this clause (v),
then the Issuer shall promptly (and in any event within ten Business Days)
deliver to the Holders (or in the case of an occurrence of any event described
in clause (iii) or (v) of this Section 2(j), to any such Holder)
and the Trustee notice thereof (the “Shelf Notice”) and shall as
promptly as possible thereafter (but in no event later than 30 days after
delivery of the Shelf Notice) file an Initial Shelf Registration pursuant to Section 3.

 

9

 

3.                                      Shelf Registration

 

If a Shelf Notice
is required to be delivered pursuant to clause (i), (ii) or (iv) of Section 2(j),
then this Section 3 shall apply to all Registrable Notes and if a Shelf
Notice is required to be delivered pursuant to clause (iii) of Section 2(j),
then this Section 3 shall apply to all Private Exchange Notes. Otherwise,
upon consummation of the Exchange Offer in accordance with Section 2, the
provisions of Section 3 shall apply solely with respect to (i) Notes
held by any Holder thereof not permitted to participate in the Exchange Offer, (ii) Notes
held by any broker-dealer that acquired such Notes directly from the Issuer or
any of its affiliates and (iii) Exchange Notes that are not freely
tradeable as contemplated by Section 2(j)(v) hereof, provided in each
case that the relevant Holder has duly notified the Issuer within the time
period required by Section 2(j)(v).

 

(a)                                  Initial Shelf Registration. The Issuer and the Successor
shall (and shall cause each Guarantor to), as promptly as practicable, file
with the SEC a Registration Statement for an offering to be made on a
continuous basis pursuant to Rule 415 covering all of the Registrable
Notes (the “Initial Shelf Registration”). If the Issuer (and any
Guarantor) have not yet filed an Exchange Registration Statement, the Issuer
and the Successor shall (and shall cause each Guarantor to) file with the SEC
the Initial Shelf Registration on or prior to the Filing Date and shall use
their commercially reasonable efforts to cause such Initial Shelf Registration to
be declared effective under the Securities Act on or prior to the Effectiveness
Date. Otherwise, the Issuer and the Successor shall (and shall cause each
Guarantor to) use their commercially reasonable efforts to file with the SEC
the Initial Shelf Registration within 30 days of the delivery of the Shelf
Notice and shall use their commercially reasonable efforts to cause such Shelf
Registration to be declared effective under the Securities Act as promptly as
practicable thereafter (but in no event more than 60 days after the date on
which such Initial Shelf Registration Statement was required to be filed). The
Initial Shelf Registration shall be on Form S-1 or another appropriate form permitting
registration of such Registrable Notes for resale by Holders in the manner or
manners reasonably designated by them (including, without limitation, one or
more Underwritten Offerings). The Issuer and Guarantors shall not permit any
securities other than the Registrable Notes to be included in any Shelf
Registration. The Issuer and the Successor shall (and shall cause each
Guarantor to) use their commercially reasonable efforts to keep the Initial
Shelf Registration continuously effective under the Securities Act until the
date which is 24 months from the Closing Date (subject to extension pursuant to
the last paragraph of Section 6(v) (the “Effectiveness Period”),
or such shorter period ending when (i) all Registrable Notes covered by
the Initial Shelf Registration have been sold in the manner set forth and as
contemplated in the Initial Shelf Registration (ii) a Subsequent Shelf
Registration covering all of the Registrable Notes covered by and not sold
under the Initial Shelf Registration or an earlier Subsequent Shelf
Registration has been declared effective under the Securities Act or (iii) there
cease to be any outstanding Registrable Notes.

 

(b)                                 Subsequent Shelf Registrations. If the Initial Shelf Registration
or any Subsequent Shelf Registration (as defined below) ceases to be effective
for any

 

10

 

reason at any time
during the Effectiveness Period (other than because of the sale of all of the
securities registered thereunder), the Issuer and the Successor shall (and
shall cause each Guarantor to) use their commercially reasonable efforts to
obtain the prompt withdrawal of any order suspending the effectiveness thereof,
and in any event shall within 30 days of such cessation of effectiveness amend
such Shelf Registration in a manner necessary to obtain the withdrawal of the
order suspending the effectiveness thereof, or file (and cause each Guarantor
to file) an additional “shelf” Registration Statement pursuant to Rule 415
covering all of the Registrable Notes (a “Subsequent Shelf Registration”).
If a Subsequent Shelf Registration is filed, the Issuer and the Successor shall
(and shall cause each Guarantor to) use their commercially reasonable efforts
to cause the Subsequent Shelf Registration to be declared effective as soon as
practicable after such filing and to keep such Subsequent Shelf Registration
continuously effective for a period equal to the number of days in the
Effectiveness Period less the aggregate number of days during which the Initial
Shelf Registration or any Subsequent Shelf Registration was previously
continuously effective. As used herein the term “Shelf Registration” means the
Initial Shelf Registration and any Subsequent Shelf Registrations.

 

(c)                                  Supplements and Amendments. The Issuer shall promptly
supplement and amend any Shelf Registration (i) if required by the rules,
regulations or instructions applicable to the registration form used for
such Shelf Registration, if required by the Securities Act, or (ii) if
reasonably requested in writing by the Holders of a majority in aggregate
principal amount of the Registrable Notes covered by such Shelf Registration or
by any underwriter of such Registrable Notes and if upon the advice of counsel
the Issuer deems such supplement or amendment to be advisable or necessary.

 

(d)                                 Provision of Information. No Holder of Registrable Notes
shall be entitled to include any of its Registrable Notes in any Shelf
Registration pursuant to this Agreement unless such Holder furnishes to the
Issuer and the Trustee in writing, within 20 days after receipt of a written request
therefor, such information as the Issuer and the Trustee after conferring with
counsel with regard to information relating to Holders that would be required
by the SEC to be included in such Shelf Registration or Prospectus included
therein (including the information specified in Item 507 or Item 508 of
Regulation S-K, as applicable), may, from time to time, reasonably request for
inclusion in any Shelf Registration or Prospectus included therein, and no such
Holder shall be entitled to Additional Interest pursuant to Section 4
hereof unless and until such Holder shall have provided such information. Each
Holder whose Registrable Notes are to be included in a Shelf Registration
Statement agrees to promptly furnish to the Issuer and the Guarantors any additional
information required to be disclosed in order to make the information
previously furnished to the Issuer and the Guarantors by such Holder not
materially misleading.

 

11

 

4.                                      Additional Interest

 

(a)                                  The Issuer and each Guarantor
acknowledges and agrees that the Holders of Registrable Notes will suffer
damages if the Issuer or any Guarantor fails to fulfill its material
obligations under Section 2 or Section 3 hereof and that it would not
be feasible to ascertain the extent of such damages with precision.
Accordingly, the Issuer and the Guarantors agree to pay additional cash
interest on the Notes (“Additional Interest”) under the circumstances
and to the extent set forth below:

 

(i)                                     if (A) neither the Exchange
Registration Statement nor the Initial Shelf Registration has been filed with
the SEC on or prior to the Filing Date or (B) notwithstanding that
the Issuer has consummated or will consummate an Exchange Offer, the Issuer is
required to file a Shelf Registration Statement and such Shelf Registration
Statement is not filed on or prior to the date required by this Agreement, Additional Interest shall accrue
on the Notes over and above any stated interest at a rate of 0.25% per annum of
the principal amount of such Notes for the first 90 days immediately following
either such required filing date, such Additional Interest rate increasing by
an additional 0.25% per annum at the beginning of each subsequent 90-day
period;

 

(ii)                                  if (A) neither the Exchange Registration
Statement nor the Initial Shelf Registration is declared effective on or prior
to the Effectiveness Date or (B) notwithstanding that the Issuer
has consummated or will consummate an Exchange Offer, the Issuer is required to
file a Shelf Registration Statement and such Shelf Registration Statement is
not declared effective by the SEC on or prior to the 90th day
following the date such Shelf Registration Statement was filed, Additional Interest shall accrue
on the Notes over and above any stated interest at a rate of 0.25% per annum of
the principal amount of such Notes for the first 90 days immediately following
either such required effectiveness dates, such Additional Interest rate
increasing by an additional 0.25% per annum at the beginning of each subsequent
90-day period; or

 

(iii)                               if (A) the Issuer (and any
Guarantor) have not exchanged Exchange Notes for all Notes validly tendered and
not withdrawn in accordance with the terms of the Exchange Offer on or prior to
the 30 Business Days after the Effectiveness Date, (B) if applicable, a
Shelf Registration has been declared effective and such Shelf Registration
ceases to be effective at any time prior to the second anniversary of the
Closing Date (other than such time as all Notes have been disposed of
thereunder), or (C) (x) pending the announcement of a material corporate
transaction or (y) the Issuer is required to include financial statements and
other information of any acquired business in any Registration Statement and
related Prospectus as a result of a material acquisition and, despite the best
efforts of the Issuer, such required financial statements or other information
is not available for inclusion in such Registration Statement or related
Prospectus, the Issuer 

 

12

 

issues a written
notice pursuant to Section 6(e)(2)(v) or (vi) that a Shelf
Registration Statement or Exchange Registration Statement is unusable and the
aggregate number of days in any 365-day period for which all such notices
issued or required to be issued, have been, or were required to be, in effect
exceeds 120 days in the aggregate or 45 days consecutively, in the case of a
Shelf Registration statement, or 30 days in the aggregate in the case of an
Exchange Registration Statement, then Additional Interest shall accrue on the
Notes, over and above any stated interest, at a rate of 0.25% per annum of the
principal amount of such Notes for the first 90 days commencing on (x) the 31st
Business Day after the Effectiveness Date, in the case of (A) above, or
(y) the day such Shelf Registration ceases to be effective in the case of (B) above,
or (z) the day the Exchange Registration Statement or Shelf Registration ceases
to be usable in case of clause (C) above, such Additional Interest rate
increasing by an additional 0.25% per annum at the beginning of each such
subsequent 90-day period;

 

provided, however, that Additional Interest will not
accrue under more than one of the foregoing clauses (i), (ii) or (iii) at
any time; provided  further, however, that the maximum
Additional Interest rate on the Notes may not exceed at any one time in
the aggregate 1.00% per annum; and provided further, that (1) upon the filing of the
Exchange Registration Statement or Initial Shelf Registration (in the case of (i) above),
(2) upon the effectiveness of the Exchange Registration Statement or
Initial Shelf Registration (in the case of (ii) above), or (3) upon
the exchange of Exchange Notes for all Notes tendered (in the case of (iii)(A) above)
or upon the effectiveness of a Shelf Registration which had ceased to remain
effective (in the case of (iii)(B) above), Additional Interest on the
Notes as a result of such clause (or the relevant subclause thereof) or upon
the effectiveness of such Registration Statement or Exchange Registration
Statement (in the case of clause (iii)(C) above), as the case may be,
shall cease to accrue.

 

(b)                                 The Issuer shall notify the Trustee
within 3 Business Days after each and every date on which an event occurs in
respect of which Additional Interest is required to be paid (an “Event Date”).
Any amounts of Additional Interest due pursuant to clause (a)(i), (a)(ii) or
(a)(iii) of this Section 4 will be payable in cash, on the dates and in the manner provided
in the Indenture, commencing with the first such semi-annual interest payment
date occurring after any such Additional Interest commences to accrue. The
amount of Additional Interest will be determined by multiplying the applicable
Additional Interest rate by the principal amount of the Notes, multiplied by a
fraction, the numerator of which is the number of days such Additional Interest
rate was applicable during such period (determined on the basis of a 360-day
year comprised of twelve 30-day months and, in the case of a partial month, the
actual number of days elapsed), and the denominator of which is 360.

 

(c)                                  The
parties hereto agree that the Additional Interest provided for in this Section 4
constitutes the sole damages that will be suffered by, and an adequate remedy
for,

 

13

 

Holders of Registrable Notes by reason of the
occurrence of any of the events described in Section 4(a) above.

 

5.                                      Hold-Back Agreements

 

The Issuer agrees
that it will not effect any public or private sale or distribution (including a
sale pursuant to Regulation D under the Securities Act) of any securities the
same as or similar (it being understood that debt securities secured on a
junior lien basis to the Notes shall not be deemed similar unless the Issuer
and the managing underwriter (referred to below) agree otherwise) to those
covered by a Registration Statement filed pursuant to Section 2 or 3
hereof (other than Additional Notes (as defined in the Indenture) issued under
the Indenture), or any securities convertible into or exchangeable or
exercisable for such securities, during the 10 days prior to, and during the
90-day period beginning on, the effective date of any Registration Statement
filed pursuant to Sections 2 and 3 hereof unless the Holders of a majority in
the aggregate principal amount of the Registrable Notes to be included in such
Registration Statement consent, if the managing underwriter thereof so requests
in writing.

 

6.                                      Registration
Procedures

 

In connection with
the filing of any Registration Statement pursuant to Sections 2 or 3
hereof, the Issuer and the Successor shall (and shall cause each Guarantor to)
effect such registrations to permit the sale of such securities covered thereby
in accordance with the intended method or methods of disposition thereof, and
pursuant thereto and in connection with any Registration Statement filed by the
Issuer hereunder, the Issuer and the Successor shall (and shall cause each
Guarantor to):

 

(a)                                  Prepare and file (which shall
include a quiet paper filing if the SEC permits such filings by a foreign
private issuer (as defined in Rule 405 of the Securities Act)) with the
SEC on or prior to the Filing Date, the Exchange Registration Statement or if
the Exchange Registration Statement is not filed because of the circumstances
contemplated by Section 2(j), on or prior to the date required by this
Agreement, a Shelf Registration as prescribed by Section 3, and use its
commercially reasonable efforts to cause each such Registration Statement to
become effective and remain effective as provided herein; provided that, if (1) a Shelf Registration is
filed pursuant to Section 3 or (2) a Prospectus contained in an
Exchange Registration Statement filed pursuant to Section 2 is required to
be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Notes during the Applicable Period relating thereto,
before filing any Registration Statement or Prospectus or any amendments or
supplements thereto the Issuer and the Successor shall (and shall cause each
Guarantor to), if requested in writing, furnish to and afford the Holders of
the Registrable Notes to be registered pursuant to such Shelf Registration
Statement, each Participating Broker-Dealer, the managing underwriters, if any,
and each of their respective counsel, a reasonable opportunity to review copies
of all such documents (including copies of any documents to be incorporated by
reference therein and all exhibits thereto) proposed to be filed (in each case
at least 5 Business Days prior to such filing). The Issuer and each Guarantor
shall not file any such Registration

 

14

 

Statement or
Prospectus or any amendments or supplements thereto in respect of which the
Holders must provide information for the inclusion therein without the Holders
being afforded an opportunity to review such documentation if the holders of a
majority in aggregate principal amount of the Registrable Notes covered by such
Registration Statement, or any such Participating Broker-Dealer, as the case may be,
the managing underwriters, if any, or any of their respective counsel shall
reasonably object in writing on a timely basis.

 

(b)                                 Provide an indenture trustee for
the Registrable Notes, the Exchange Notes or the Private Exchange Notes, as the
case may be, and cause the Indenture (or other indenture relating to the
Registrable Notes) to be qualified under the TIA not later than the effective
date of the first Registration Statement; and in connection therewith, to use
its commercially reasonable efforts to effect such changes to such indenture as
may be required for such indenture to be so qualified in accordance with
the terms of the TIA; and execute, and use its commercially reasonable efforts
to cause such 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 such indenture to be so qualified in a timely manner.

 

(c)                                  Prepare and file with the SEC such
pre-effective amendments and post-effective amendments to each Shelf
Registration or Exchange Registration Statement, as the case may be, as may be
necessary to keep such Registration Statement continuously effective for the
Effectiveness Period or the Applicable Period, as the case may be; cause
the related Prospectus to be supplemented by any Prospectus supplement required
by applicable law, and as so supplemented to be filed pursuant to Rule 424
(or any similar provisions then in force) promulgated under the Securities Act;
and comply with the provisions of the Securities Act and the Exchange Act
applicable to them with respect to the disposition of all securities covered by
such Registration Statement as so amended or in such Prospectus as so supplemented
and with respect to the subsequent resale of any securities being sold by a
Participating Broker-Dealer covered by any such Prospectus. The Issuer and each
Guarantor shall not, during the Applicable Period, voluntarily take any action
that would result in selling Holders of the Registrable Notes covered by a
Registration Statement or Participating Broker-Dealers seeking to sell Exchange
Notes not being able to sell such Registrable Notes or such Exchange Notes
during that period, unless such action is required by applicable law, rule or
regulation required or permitted by this Agreement, the Indenture or the
Indenture Documents (as such term is defined in the Indenture).

 

(d)                                 If (1) a Shelf Registration is
filed pursuant to Section 3, or (2) a Prospectus contained in an
Exchange Registration Statement filed pursuant to Section 2 is required to
be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Notes during the Applicable Period relating thereto, (i) upon
the Issuer’s receipt, a copy of the order of the SEC declaring such
Registration Statement and any post effective amendment thereto effective, (ii) such
reasonable number of copies of such Registration Statement and of each
amendment and supplement thereto (in each case including any documents

 

15

 

incorporated
therein by reference and all exhibits) and (iii) such reasonable number of
copies of the Prospectus included in such Registration Statement (including each
preliminary Prospectus) and each amendment and supplement thereto, and such
reasonable number of copies of the final Prospectus as filed by the Issuer and
each Guarantor pursuant to Rule 424(b) under the Securities Act, in
conformity with the requirements of the Securities Act and each amendment and
supplement thereto. The Issuer and the Guarantors hereby consent, subject to
the terms of this Agreement, to the use of the Prospectus by each of the
selling Holders of Registrable Notes or each such Participating Broker-Dealer,
as the case may be, and the underwriters or agents, if any, and dealers,
if any, in connection with the offering and sale of the Registrable Notes
covered by, or the sale by Participating Broker-Dealers of the Exchange Notes
pursuant to, such Prospectus and any amendment or supplement thereto.

 

(e)                                  If (1) a Shelf Registration is
filed pursuant to Section 3, or (2) a Prospectus contained in an
Exchange Registration Statement filed pursuant to Section 2 is required to
be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Notes during the Applicable Period relating thereto, the
Issuer shall notify in writing the selling Holders of Registrable Notes, or
each such Participating Broker-Dealer, as the case may be, the managing
underwriters, if any, and each of their respective counsel promptly (but in any
event within 3 Business Days) (i) when a Prospectus or any Prospectus
supplement or post-effective amendment has been filed, and, with respect to a
Registration Statement or any post-effective amendment, when the same has
become effective (including in such notice a written statement that any Holder
may, upon request, obtain, without charge, one conformed copy of such
Registration Statement or post-effective amendment including financial
statements and schedules, documents incorporated or deemed to be incorporated
by reference and exhibits), (ii) of the issuance by the SEC of any stop
order suspending the effectiveness of a Registration Statement or of any order
preventing or suspending the use of any Prospectus or the initiation of any
proceedings for that purpose, (iii) if at any time when a Prospectus is
required by the Securities Act to be delivered in connection with sales of the
Registrable Notes, the representations and warranties of the Issuer and any
Guarantor contained in any agreement (including any underwriting agreement)
contemplated by Section 6(m) hereof cease to be true and correct in any
material respect, (iv) of the receipt by the Issuer or any Guarantor of
any notification with respect to the suspension of the qualification or
exemption from qualification of a Registration Statement or any of the
Registrable Notes or the Exchange Notes to be sold by any Participating
Broker-Dealer for offer or sale in any jurisdiction, or the initiation or
threatening of any proceeding for such purpose, (v) of the happening of
any event, the existence of any condition or any information becoming known
that makes any statement made in such Registration Statement or related
Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires the making of any
changes in, or amendments or supplements to, such Registration Statement, Prospectus
or documents so that, in the case of the Registration Statement and the

 

16

 

Prospectus, it
will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading, (vi) of any reasonable determination by the Issuer or any
Guarantor that a post-effective amendment to a Registration Statement would be
appropriate and (vii) of any request by the SEC for post-effective
amendments to the Registration Statement or supplements to the Prospectus or
for additional information relating thereto.

 

(f)                                    Use its commercially reasonable
efforts to prevent the issuance of any order suspending the effectiveness of a
Registration Statement or of any order preventing or suspending the use of a
Prospectus or suspending the qualification (or exemption from qualification) of
any of the Registrable Notes or the Exchange Notes to be sold by any
Participating Broker-Dealer, for sale in any jurisdiction, and, if any such
order is issued, to use its commercially reasonable efforts to obtain the
withdrawal of any such order at the earliest possible date.

 

(g)                                 If (A) a Shelf Registration is
filed pursuant to Section 3, (B) a Prospectus contained in an
Exchange Registration Statement filed pursuant to Section 2 is required to
be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Notes during the Applicable Period or (C) reasonably
requested in writing by the managing underwriters, if any, or the Holders of a
majority in aggregate principal amount of the Registrable Notes being sold in
connection with an Underwritten Offering, (i) use all reasonable efforts
to promptly incorporate in a Prospectus supplement or post-effective amendment
such information or revisions to information therein relating to such
underwriters or selling Holders as the managing underwriters, if any, or such Holders
reasonably request in writing to be included or made therein and (ii) make
all required filings of such Prospectus supplement or such post-effective
amendment as soon as practicable after the Issuer has received notification of
the matters to be incorporated in such Prospectus supplements or post-effective
amendment.

 

(h)                                 Prior to any public offering of
Registrable Notes or any delivery of a Prospectus contained in the Exchange
Registration Statement by any Participating Broker-Dealer who seeks to sell
Exchange Notes during the Applicable Period, use its commercially reasonable
efforts to register or qualify, and to cooperate with the selling Holders of
Registrable Notes or each such Participating Broker-Dealer, as the case may be,
the underwriters, if any, and their respective counsel in connection with the
registration or qualification (or exemption from such registration or
qualification) of such Registrable Notes or Exchange Notes, as the case may be,
for offer and sale under the securities or Blue Sky laws of such jurisdictions
within the United States as any selling Holder, Participating Broker-Dealer or
any managing underwriter or underwriters, if any, reasonably request in
writing; provided that where Exchange Notes held by Participating
Broker-Dealers or Registrable Notes are offered other than through an
Underwritten Offering, the Issuer and each Guarantor agree to cause its counsel
to perform Blue

 

17

 

Sky investigations
and file any registrations and qualifications required to be filed pursuant to
this Section 6(h), keep each such registration or qualification (or
exemption therefrom) effective during the period such Registration Statement is
required to be kept effective and do any and all other acts or things
reasonably necessary or advisable to enable the disposition in such
jurisdictions of the Exchange Notes held by Participating Broker-Dealers or the
Registrable Notes covered by the applicable Registration Statement; provided
that neither the Issuer nor any Guarantor shall be required to (A) qualify
generally to do business in any jurisdiction where it is not then so qualified,
(B) take any action that would subject it to general service of process in
any such jurisdiction where it is not then so subject or (C) subject
itself to taxation in any such jurisdiction where it is not then so subject.

 

(i)                                     If (A) a Shelf Registration is
filed pursuant to Section 3 or (B) a Prospectus contained in an
Exchange Registration Statement filed pursuant to Section 2 is requested
to be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Notes during the Applicable Period, cooperate with the
selling Holders of Registrable Notes and the managing underwriter or underwriters,
if any, to facilitate the timely preparation and delivery of certificates
representing Registrable Notes to be sold, which certificates shall not bear
any restrictive legends and shall be in a form eligible for deposit with
The Depository Trust Company, and enable such Registrable Notes to be in such
denominations and registered in such names as the managing underwriter or
underwriters, if any, or Holders may reasonably request.

 

(j)                                     If (1) a Shelf Registration is
filed pursuant to Section 3, or (2) a Prospectus contained in an
Exchange Registration Statement filed pursuant to Section 2 is required to
be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Notes during the Applicable Period, upon the occurrence
of any event contemplated by paragraph 6(e)(2)(v) or 6(e)(2)(vi) hereof,
as promptly as practicable, prepare and file with the SEC, at the expense of
the Issuer and the Guarantors, a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any
document incorporated or deemed to be incorporated therein by reference, or
file any other required document so that, as thereafter delivered to the
purchasers of the Registrable Notes being sold thereunder or to the purchasers
of the Exchange Notes to whom such Prospectus will be delivered by a
Participating Broker-Dealer, such Prospectus will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and, if SEC review is
required, use all reasonable efforts to cause such post-effective amendment to
be declared effective as soon as possible.

 

(k)                                  Use its commercially reasonable
efforts to cause the Registrable Notes covered by a Registration Statement to
be rated with such appropriate rating agencies, if so requested in writing by
the Holders of a majority in aggregate principal amount of

 

18

 

the Registrable
Notes covered by such Registration Statement or the managing underwriter or
underwriters, if any.

 

(l)                                     Prior to the initial issuance of
the Exchange Notes, (i) provide the Trustee with one or more certificates
for the Registrable Notes in a form eligible for deposit with The
Depository Trust Company and (ii) provide a CUSIP number for the Exchange
Notes.

 

(m)                               If a Shelf Registration is filed
pursuant to Section 3, enter into such customary agreements (including an
underwriting agreement in form, scope and substance as is customary in
Underwritten Offerings of debt securities similar to the Notes, as may be
appropriate in the circumstances) and take all such other actions in connection
therewith (including those reasonably requested in writing by the managing
underwriters, if any, or the Holders of a majority in aggregate principal
amount of the Registrable Notes being sold) in order to expedite or facilitate
the registration or the disposition of such Registrable Notes (provided
that the Issuer shall have no obligation to enter into an underwriting
agreement or permit an Underwritten Offering unless a request therefor shall
have been received by Holders of not less than a majority of Registrable Notes
outstanding), and in such connection, whether or not an underwriting agreement
is entered into and whether or not the registration is an Underwritten
Registration, (i) make such representations and warranties to the Holders
and the underwriters, if any, with respect to the business of the Issuer, the
Successor and its subsidiaries as then conducted, and the Registration
Statement, Prospectus and documents, if any, incorporated or deemed to be
incorporated by reference therein, in each case, in form, substance and scope
as are customarily made by issuers to underwriters in Underwritten Offerings of
debt securities similar to the Notes, as may be appropriate in the
circumstances, and confirm the same if and when reasonably required; (ii) obtain
an opinion of counsel to the Issuer and the Guarantors and updates thereof
which counsel and opinions (in form and substance) shall be reasonably
satisfactory to the managing underwriters, if any, addressed to each of the
underwriters, if any, covering the matters customarily covered in opinions of
counsel to the Issuer and the Guarantors requested in Underwritten Offerings of
debt securities similar to the Notes, as may be appropriate in the
circumstances; (iii) obtain “cold comfort” letters and updates thereof
(which letters and updates (in form and substance) shall be reasonably
satisfactory to the managing underwriters) from the independent certified
public accountants of the Issuer and the Guarantors (and, if necessary, any
other independent certified public accountants of any subsidiary of the Issuer
or of any business acquired by the Issuer or the Successor for which financial
statements and financial data are, or are required to be, included in the
Registration Statement), addressed to each of the underwriters, such letters to
be in customary form and covering matters of the type customarily covered
in “cold comfort” letters in connection with Underwritten Offerings of debt
securities similar to the Notes, as may be appropriate in the
circumstances, and such other matters as reasonably requested in writing by the
underwriters; and (iv) deliver such documents and certificates as may be
reasonably requested in writing by the Holders of a majority in aggregate

 

19

 

principal amount
of the Registrable Notes being sold and the managing underwriters, if any, to
evidence the continued validity of the representations and warranties of the
Issuer, the Successor and its subsidiaries made pursuant to clause (i) above
and to evidence compliance with any conditions contained in the underwriting
agreement or other similar agreement entered into by the Issuer or any
Guarantor.

 

(n)                                 If (1) a Shelf Registration is
filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange
Registration Statement filed pursuant to Section 2 is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period, make available for
inspection by any selling Holder of such Registrable Notes being sold, or each
such Participating Broker-Dealer, as the case may be, any underwriter
participating in any such disposition of Registrable Notes, if any, and any
attorney or accountant or other agent retained (in connection with due
diligence responsibilities) by any such selling Holder or each such
Participating Broker-Dealer, as the case may be, or underwriter
(collectively, the “Inspectors”), at the offices where normally kept,
during reasonable business hours, all financial and other records and pertinent
corporate documents of the Issuer, the Successor and their respective
subsidiaries (collectively, the “Records”) as shall be reasonably
necessary to enable them to exercise any applicable due diligence
responsibilities, and cause the officers, directors and employees of the
Issuer, the Successor and their subsidiaries to supply all information
reasonably requested in writing by any such Inspector in connection with such
Registration Statement; provided, that the foregoing inspection and
information gathering shall be coordinated on behalf of all of the selling
Holders and each such Participating Broker-Dealer by one counsel as may be
chosen by the Holders of a majority in principal amount of Registrable Notes
and, if reasonably requested by the underwriters, if any, by one counsel on
behalf of the underwriters. Each Inspector shall agree in writing that it will
keep the Records confidential and not disclose any of the Records unless (i) the
disclosure of such Records is necessary to avoid or correct a misstatement or
omission in such Registration Statement, (ii) the release of such Records
is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, (iii) the information in such Records is public or has been
made generally available to the public other than as a result of a disclosure
or failure to safeguard by such Inspector or (iv) disclosure of such
information is, in the reasonable written opinion of counsel for any Inspector,
necessary or advisable in connection with any action, claim, suit or
proceeding, directly or indirectly, involving or potentially involving such
Inspector and arising out of, based upon, related to, or involving this
Agreement, or any transaction contemplated hereby or arising hereunder. Each
selling Holder of such Registrable Notes and each such Participating
Broker-Dealer will be required to agree that information obtained by it as a
result of such inspections shall be deemed confidential and shall not be used
by it as the basis for any market transactions in the securities of the Issuer
unless and until such is made generally available to the public. Each
Inspector, each selling Holder of such Registrable Notes and each such
Participating Broker-Dealer will be required to further agree

 

20

 

that it will, upon
learning that disclosure of such Records is sought in a court of competent
jurisdiction, give notice to the Issuer and, to the extent practicable, use its
commercially reasonable efforts to allow the Issuer, at its expense, to
undertake appropriate action to prevent disclosure of the Records deemed
confidential at its expense.

 

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

 

(p)                                 Upon consummation of an Exchange
Offer or Private Exchange, obtain an opinion of counsel to the Issuer and the
Guarantors (in form and substance reasonably satisfactory to the Initial
Purchaser), addressed to the Trustee for the benefit of all Holders
participating in the Exchange Offer or Private Exchange, as the case may be,
to the effect that (i) the Issuer and the Guarantors have duly authorized,
executed and delivered the Exchange Notes or the Private Exchange Notes, as the
case may be, and the Indenture, (ii) the Exchange Notes or the
Private Exchange Notes, as the case may be, and the Indenture constitute
legal, valid and binding obligations of the Issuer and the Guarantors,
enforceable against the Issuer and the Guarantors in accordance with their
respective terms, except as such enforcement may be subject to customary
United States and foreign exceptions and (iii) all obligations of the
Issuer and the Guarantors under the Exchange Notes or the Private Exchange
Notes, as the case may be, and the Indenture are secured by Liens (as
defined in the Indenture) on the assets securing the obligations of the Issuer
and the Guarantors under the Notes, Indenture and Collateral Agreements to the
extent and as discussed in the Registration Statement.

 

(q)                                 If the Exchange Offer or a Private
Exchange is to be consummated, upon delivery of the Registrable Notes by the
Holders to the Issuer and the Guarantors (or to such other Person as directed
by the Issuer and the Guarantors) in exchange for the Exchange Notes or the
Private Exchange Notes, as the case may be, the Issuer and the Guarantors
shall mark, or caused to be marked, on such Registrable Notes that the Exchange
Notes or the Private Exchange Notes, as the case may be, are being issued
as substitute evidence of the indebtedness originally evidenced by the
Registrable Notes; provided that in no event shall such Registrable
Notes be marked as paid or otherwise satisfied.

 

21

 

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

 

(s)                                  Use
its commercially reasonable efforts to cause all Securities covered by a
Registration Statement to be listed on each securities exchange, if any, on
which similar debt securities issued by the Issuer are then listed.

 

(t)                                    Use its commercially reasonable
efforts to take all other steps reasonably necessary to effect the registration
of the Registrable Notes covered by a Registration Statement contemplated
hereby.

 

(u)                                 The Issuer may require each
seller of Registrable Notes or Participating Broker-Dealer as to which any
registration is being effected to furnish to the Issuer such information
regarding such seller or Participating Broker-Dealer and the distribution of
such Registrable Notes as the Issuer may, from time to time, reasonably request
in writing. The Issuer may exclude from such registration the Registrable
Notes of any seller who fails to furnish such information within a reasonable
time (which time in no event shall exceed 45 days, subject to Section 3(d))
hereof) after receiving such request. Each seller of Registrable Notes or
Participating Broker-Dealer as to which any 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 by such seller
not materially misleading.

 

(v)                                 Each Holder of Registrable Notes
and each Participating Broker-Dealer agrees by acquisition of such Registrable
Notes or Exchange Notes to be sold by such Participating Broker-Dealer, as the
case may be, that, upon receipt of any notice from the Issuer of the
happening of any event of the kind described in Section 6(e)(2)(ii),
6(e)(2)(iii), 6(e)(2)(iv), 6(e)(2)(v), or 6(e)(2)(vi), such Holder will
forthwith discontinue disposition of such Registrable Notes covered by a
Registration Statement and such Participating Broker-Dealer will forthwith
discontinue disposition of such Exchange Notes pursuant to any Prospectus and,
in each case, forthwith discontinue dissemination of such Prospectus until such
Holder’s or Participating Broker-Dealer’s receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 6(j), or until
it is advised in writing (the “Advice”) by the Issuer and the Guarantors
that the use of the applicable Prospectus may be resumed, and has received
copies of any amendments or supplements thereto and, if so directed by the
Issuer and the Guarantors, such Holder or Participating Broker-Dealer, as the
case may be, will deliver to the Issuer all copies, other than permanent
file copies, then in such Holder’s or Participating Broker-Dealer’s possession,
of the Prospectus covering such Registrable Notes current at the time of the
receipt of such notice. In the event the Issuer and the Guarantors shall give
any such notice, the Applicable Period shall be extended by the number of days
during such periods from and including the date of the giving of such notice to
and including the date when

 

22

 

each Participating
Broker-Dealer shall have received (x) the copies of the supplemented or amended
Prospectus contemplated by Section 6(j) or (y) the Advice.

 

7.                                      Registration Expenses

 

(a)                                  All fees and expenses incident to
the performance of or compliance with this Agreement by the Issuer and the
Guarantors shall be borne by the Issuer and the Guarantors, whether or not the
Exchange Offer or a Shelf Registration is filed or becomes effective,
including, without limitation, (i) all registration and filing fees,
including, without limitation, (A) fees with respect to filings required
to be made with the NASD in connection with any Underwritten Offering and (B) fees
and expenses of compliance with state securities or Blue Sky laws as provided
in Section 6(h) hereof (including, without limitation, reasonable
fees and disbursements of counsel in connection with Blue Sky qualifications of
the Registrable Notes or Exchange Notes and determination of the eligibility of
the Registrable Notes or Exchange Notes for investment under the laws of such
jurisdictions (x) where the Holders are located, in the case of the Exchange
Notes, or (y) as provided in Section 6(h), in the case of Registrable
Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the
Applicable Period)), (ii) printing
expenses, including, without limitation, expenses of printing Prospectuses if
the printing of Prospectuses is requested by the managing underwriter or
underwriters, if any, or by the Holders of a majority in aggregate principal
amount of the Registrable Notes included in any Registration Statement or by
any Participating Broker-Dealer during the Applicable Period, as the case may be,
(iii) messenger, telephone and delivery expenses incurred in connection
with the performance of their obligations hereunder, (iv) fees and
disbursements of counsel for the Issuer the Guarantors and, subject to 7(b),
the Holders, (v) fees and disbursements of all independent certified
public accountants referred to in Section 6 (including, without
limitation, the expenses of any special audit and “cold comfort” letters
required by or incident to such performance), (vi) rating agency
fees and the fees and expenses incurred in connection with the listing (if any)
of the Securities to be registered on any securities exchange, (vii) Securities Act
liability insurance, if the Issuer and the Guarantors desire such insurance, (viii) fees
and expenses of all other Persons retained by the Issuer and the Guarantors, (ix) fees
and expenses of any “qualified independent underwriter” or other independent
appraiser participating in an offering pursuant to Section 3 of Schedule E
to the By-laws of the NASD, but only where the need for such a “qualified
independent underwriter” arises due to a relationship with the Issuer and the
Guarantors, (x) internal
expenses of the Issuer and the Guarantors (including, without limitation, all
salaries and expenses of officers and employees of the Issuer or the Guarantors
performing legal or accounting duties), (xi) the expense of any annual audit,
(xii) the fees and expenses of the Trustee and the Exchange Agent and (xiii)
the expenses relating to printing, word processing and distributing all
Registration Statements, underwriting agreements, securities sales agreements,
indentures and any other documents necessary in order to comply with this
Agreement.

 

23

 

(b)                                 The Issuer and the Guarantors shall
reimburse the Holders for the reasonable fees and disbursements of not more
than one counsel (in addition to appropriate legal counsel) chosen by the
Holders of a majority in aggregate principal amount of the Registrable Notes to
be included in any Registration Statement. The Issuer and the Guarantors shall
pay all documentary, stamp, transfer or other transactional taxes attributable
to the issuance or delivery of the Exchange Notes or Private Exchange Notes in
exchange for the Notes; provided that the Issuer shall not be required
to pay taxes payable in respect of any transfer involved in the issuance or
delivery of any Exchange Note or Private Exchange Note in a name other than
that of the Holder of the Note in respect of which such Exchange Note or
Private Exchange Note is being issued.

 

8.                                      Indemnification

 

(a)                                  Indemnification by the Issuer and
the Guarantors. The
Issuer and the Guarantors jointly and severally agree to indemnify and hold
harmless each Holder and each Participating Broker-Dealer selling Exchange
Notes during the Applicable Period, each Person, if any, who controls each such
Holder (within the meaning of Section 15 of the Securities Act or Section 20(a) of
the Exchange Act) and the officers, directors and partners of each such Holder,
Participating Broker-Dealer and controlling person, to the fullest extent
lawful, from and against any and all losses, claims, damages, liabilities,
costs (including, without limitation, reasonable costs of preparation and
reasonable attorneys’ fees as provided in this Section 8) and expenses
(including, without limitation, reasonable costs and expenses incurred in
connection with investigating, preparing, pursuing or defending against any of
the foregoing) (collectively, “Losses”), as incurred, arising out of or
based upon any untrue or alleged untrue statement of a material fact contained
in any Registration Statement, Prospectus or form of prospectus, or in any
amendment or supplement thereto, or in any preliminary prospectus, or any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, but only to the
extent, that such Losses are finally judicially determined by a court of
competent jurisdiction in a final, unappealable order, except insofar as such
Losses are solely based upon information relating to such Holder or
Participating Broker-Dealer and furnished in writing to the Issuer and the
Guarantors (or reviewed and approved in writing) by such Holder or
Participating Broker-Dealer or their counsel expressly for use therein; provided,
however, that the Issuer and the Guarantors will not be liable to any
Indemnified Party (as defined below) under this Section 8 to the extent
Losses were primarily caused by an untrue statement or omission or alleged
untrue statement or omission that was contained or made in any preliminary
prospectus and corrected in the Prospectus or any amendment or supplement
thereto if (i) any such Losses resulted from an action, claim or suit by
any Person who purchased Registrable Notes or Exchange Notes which are the
subject thereof from such Indemnified Party and (ii) it is established in
the proceeding related to the Loss that such Indemnified Party failed to
deliver or provide a copy of the Prospectus (as amended or supplemented) to
such Person with or prior to

 

24

 

the confirmation
of the sale of such Registrable Notes or Exchange Notes sold to such Person if
required by applicable law, unless such failure to deliver or provide a copy of
the Prospectus (as amended or supplemented) was a result of noncompliance by
the Issuer with Section 6 of this Agreement. The Issuer and the Guarantors
also agree to indemnify underwriters, their officers and directors and each
person who controls such underwriters within the meaning of the Securities Act
or Exchange Act to the same extent as provided above with respect to the
indemnification of the Holders or the Participating Broker-Dealer, if requested
by such Holders or Participating Broker-Dealer.

 

(b)                                 Indemnification by Holder. In connection with any
Registration Statement, Prospectus or form of prospectus, any amendment or
supplement thereto, or any preliminary prospectus in which a Holder is
participating, such Holder shall furnish to the Issuer and the Guarantors in
writing such information as the Issuer and the Guarantors reasonably request
for use in connection with any Registration Statement, Prospectus or form of
prospectus, any amendment or supplement thereto, or any preliminary prospectus,
and shall indemnify and hold harmless the Issuer, the Guarantors, their
respective directors and each Person, if any, who controls the Issuer and the
Guarantors (within the meaning of Section 15 of the Securities Act and Section 20(a) of
the Exchange Act), and the directors, officers and partners of such controlling
persons, to the fullest extent lawful, from and against all Losses arising out
of or based upon any untrue or alleged untrue statement of a material fact
contained in any Registration Statement, Prospectus or form of prospectus
or in any amendment or supplement thereto or in any preliminary prospectus, or
any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading to the extent, but
only to the extent that such losses are finally judicially determined by a
court of competent jurisdiction in a final, unappealable order to have resulted
solely from an untrue statement or alleged untrue statement of a material fact
or omission or alleged omission of a material fact contained in or omitted from
any information so furnished in writing by or on behalf of such Holder to the
Issuer and the Guarantors expressly for use therein. Notwithstanding the
foregoing, in no event shall the liability of any selling Holder be greater in
amount than such Holder’s Maximum Contribution Amount (as defined below).

 

(c)                                  Conduct of Indemnification
Proceedings. If
any proceeding shall be brought or asserted against any Person entitled to
indemnity hereunder (an “Indemnified Party”), such Indemnified Party
shall promptly notify the party or parties from which such indemnity is sought
(the “Indemnifying Party” or “Indemnifying Parties”, as
applicable) in writing; provided, that the failure to so notify the
Indemnifying Parties shall not relieve the Indemnifying Parties from any
obligation or liability except to the extent (but only to the extent) that it
shall be finally determined by a court of competent jurisdiction (which
determination is not subject to appeal) that the Indemnifying Parties have been
prejudiced materially by such failure.

 

25

 

The Indemnifying
Party shall have the right, exercisable by giving written notice to an
Indemnified Party, within 20 Business Days after receipt of written notice from
such Indemnified Party of such proceeding, to assume, at its expense, the
defense of any such proceeding, provided, that an Indemnified Party
shall have the right to employ separate counsel in any such proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party or parties unless:  (1) the Indemnifying Party has agreed to
pay such fees and expenses; or (2) the Indemnifying Party shall have
failed promptly to assume the defense of such proceeding or shall have failed
to employ counsel reasonably satisfactory to such Indemnified Party; or (3) the
named parties to any such proceeding (including any impleaded parties) include
both such Indemnified Party and the Indemnifying Party or any of its
controlling persons, and such Indemnified Party shall have been advised by
counsel that there may be one or more defenses available to such
Indemnified Party that are in addition to, or in conflict with, those defenses
available to the Indemnifying Party or such controlling person (in which case,
if such Indemnified Party notifies the Indemnifying Parties in writing that it
elects to employ separate counsel at the expense of the Indemnifying Parties,
the Indemnifying Parties shall not have the right to assume the defense thereof
on behalf of the Indemnified Party and the reasonable fees and expenses of such
counsel shall be at the expense of the Indemnifying Party; it being understood,
however, that, the Indemnifying Party shall not, in connection with any one
such proceeding or separate but substantially similar or related proceedings in
the same jurisdiction, arising out of the same general allegations or
circumstances, be liable for the fees and expenses of more than one separate
firm of attorneys (together with appropriate local counsel) at any time for
such Indemnified Party).

 

No Indemnifying
Party shall be liable for any settlement of any such proceeding effected
without its written consent, which shall not be unreasonably withheld, but if
settled with its written consent, or if there be a final judgment for the
plaintiff in any such proceeding, each Indemnifying Party jointly and severally
agrees, subject to the exceptions and limitations set forth above, to indemnify
and hold harmless each Indemnified Party from and against any and all Losses by
reason of such settlement or judgment. The Indemnifying Party shall not consent
to the entry of any judgment or enter into any settlement that does not include
as an unconditional term thereof the giving by the claimant or plaintiff to
each Indemnified Party of a release, in form and substance reasonably
satisfactory to the Indemnified Party, from all Losses in respect of such
proceeding for which such Indemnified Party would be entitled to
indemnification hereunder (whether or not any Indemnified Party is a party
thereto).

 

(d)                                 Contribution. If the indemnification provided
for in this Section 8 is unavailable to an Indemnified Party or is
insufficient to hold such Indemnified Party harmless for any Losses in respect
of which this Section 8 would otherwise apply by its terms (other than by
reason of exceptions provided in this Section 8), then each applicable
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall have
a joint and several obligation to contribute to the amount paid or payable by
such Indemnified Party as a result of such Losses, (i) in such
proportion as is appropriate to reflect the relative benefits received by the
indemnifying party, on the one hand, and such indemnified party, on the other
hand, from the sale of Registrable Notes, 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

 

26

 

but also the relative fault of the indemnifying party,
on the one hand, and such indemnified party, on the other hand, in connection
with the actions, statements or omissions that resulted in such Losses as well
as any other relevant equitable considerations. The relative fault of such
Indemnifying Party, on the one hand, and Indemnified Party, on the other hand,
shall be determined by reference to, among other things, whether any untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact relates to information supplied by such Indemnifying
Party or Indemnified Party, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent any such statement or
omission. The amount paid or payable by an Indemnified Party as a result of any
Losses shall be deemed to include any legal or other fees or expenses incurred
by such party in connection with any proceeding, to the extent such party would
have been indemnified for such fees or expenses if the indemnification provided
for in Section 8(a) or 8(b) was available to such party.

 

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were
determined by pro rata allocation or by other method of allocation that does
not take account of the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 8(d),
a selling Holder shall not be required to contribute, in the aggregate, any
amount in excess of such Holder’s Maximum Contribution Amount. A selling Holder’s
“Maximum Contribution Amount” shall equal the excess of (i) the
aggregate proceeds received by such Holder pursuant to the sale of such
Registrable Notes or Exchange Notes over (ii) the aggregate amount of
damages that such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation. The Holders’
obligations to contribute pursuant to this Section 8(d) are several
in proportion to the respective principal amount of the Registrable Securities
held by each Holder hereunder and not joint. The Issuer’s and Guarantors’
obligations to contribute pursuant to this Section 8(d) are joint and
several.

 

The indemnity and
contribution agreements contained in this Section 8 are in addition to any
liability that the Indemnifying Parties may have to the Indemnified
Parties.

 

9.                                      Rules 144 and
144A

 

The Issuer
covenants that it shall (a) file the reports required to be filed by it
(if so required) under the Securities Act and the Exchange Act in a timely
manner and, if at any time the Issuer is not required to file such reports, it
will, upon the written request of any Holder of Registrable Notes, make
publicly available other information necessary to permit sales pursuant to Rule 144
and 144A and (b) take such further action as any Holder may reasonably
request in writing, all to the extent required from time to time to enable such
Holder to sell Registrable Notes without registration under the Securities Act
pursuant to the exemptions provided by Rule 144 and Rule 144A. Upon
the request of any Holder, the Issuer shall deliver to such Holder a written
statement as to whether it has complied with such information and requirements.

 

27

 

10.                               Underwritten
Registrations of Registrable Notes

 

If any of the
Registrable Notes covered by any Shelf Registration is to be sold in an
Underwritten Offering, the investment banker or investment bankers and manager
or managers that will manage the offering will be selected by the Holders of a
majority in aggregate principal amount of such Registrable Notes included in
such offering; provided, however, that such investment banker or
investment bankers and manager or managers must be reasonably acceptable to the
Issuer.

 

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

 

11.                               Miscellaneous

 

(a)                                  Remedies.
In the event of a breach by either the Issuer or any of the Guarantors of any
of their respective obligations under this Agreement, each Holder, in addition
to being entitled to exercise all rights provided herein, in the Indenture or,
in the case of the Initial Purchaser, in the Purchase Agreement, or granted by
law, including recovery of damages, will be entitled to specific performance of
its rights under this Agreement. The Issuer and the Guarantors agree that
monetary damages would not be adequate compensation for any loss incurred by reason
of a breach by either the Issuer or any of the Guarantors of any of the
provisions of this Agreement and hereby further agree that, in the event of any
action for specific performance in respect of such breach, the Issuer and the
Successor shall (and shall
cause each Guarantor to) waive the defense that a remedy at law would be
adequate.

 

(b)                                 No Inconsistent Agreements. The Issuer and each of the
Guarantors have not entered, as of the date hereof, and the Issuer and each of
the Guarantors shall not enter, after the date of this Agreement, into any
agreement with respect to any of its securities that is inconsistent with the
rights granted to the Holders of Securities in this Agreement or otherwise
conflicts with the provisions hereof. The Issuer and each of the Guarantors
have not entered and will not enter into any agreement with respect to any of
its securities that will grant to any Person piggy-back rights with respect to
a Registration Statement.

 

(c)                                  Adjustments Affecting Registrable
Notes. The Issuer
shall not, directly or indirectly, take any action with respect to the
Registrable Notes as a class that would adversely affect the ability of
the Holders to include such Registrable Notes in a registration undertaken
pursuant to this Agreement.

 

(d)                                 Amendments and Waivers. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to departures
from

 

28

 

the provisions
hereof may not be given, otherwise than with the prior written consent of
the Holders of not less than a majority in aggregate principal amount of the
then outstanding Registrable Notes in circumstances that would adversely affect
any Holders of Registrable Notes; provided, however, that Section 8
and this Section 11(d) may not be amended, modified or
supplemented without the prior written consent of each Holder. Notwithstanding
the foregoing, 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 Notes whose securities are being tendered pursuant to the Exchange
Offer or sold pursuant to a Notes Registration Statement and that does not
directly or indirectly affect, impair, limit or compromise the rights of other
Holders of Registrable Notes may be given by Holders of at least a
majority in aggregate principal amount of the Registrable Notes being tendered
or being sold by such Holders pursuant to such Notes Registration Statement.

 

(e)                                  Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by
hand delivery, registered first-class mail, next-day air courier or
telecopier:

 

(i)                                     if to a Holder of Securities or to
any Participating Broker-Dealer, at the most current address of such Holder or
Participating Broker-Dealer, as the case may be, set forth on the records
of the registrar of the Notes, with a copy in like manner to the Initial
Purchaser as follows:

 

Jefferies &
Company, Inc.

520 Madison Avenue

12th Floor

New York, New York 10022

Attention: Lloyd H. Feller, Esq.

 

 

with a copy to:

 

Mayer, Brown, Rowe &
Maw LLP

1675 Broadway

New York, New York  10019

Facsimile No.:  (212) 262-1910

Attention:  Ronald S. Brody, Esq.

 

(ii)                                  if to the Initial Purchaser, at the
address specified in Section 11(e)(1);

 

(iii)                               if to the Issuer or any Guarantor,
as follows:

 

Pipe Acquisition Limited

Newbridge Industrial Estate

Newbridge, Scotland EH28 8PJ

United Kingdom

Attention: Ken Cockburn, Managing Director

 

29

 

with a copy to:

 

Dechert LLP

160 Queen Victoria
Street

London EC4V4QQ

United Kingdom

Attention: Brian
M. McCall, Esq.

 

All such notices
and communications shall be deemed to have been duly given:  when delivered by hand, if personally
delivered; five Business Days after being deposited in the United States mail,
postage prepaid, if mailed, one business day after being deposited in the
United States mail, postage prepaid, if mailed; one Business Day after being
timely delivered to a next-day air courier guaranteeing overnight delivery; and
when receipt is acknowledged by the addressee, if telecopied.

 

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

 

(f)                                    Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties hereto, including, without limitation and without the need for an
express assignment, subsequent Holders.

 

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

 

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

 

(i)                                     Governing Law. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO PRINCIPLES OF CONFLICT OF LAW. THE ISSUER HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN
IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF
MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITS
AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF
THE AFORESAID COURTS. THE ISSUER IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY
DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION THAT IT

 

30

 

MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
THE ISSUER IRREVOCABLY CONSENTS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY
DO SO UNDER APPLICABLE LAW, TO THE SERVICE OF PROCESS OF ANY OF THE
AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES
THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE ISSUER AT ITS
SAID ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING
HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST THE ISSUER IN ANY OTHER JURISDICTION.

 

(j)                                     Severability. If any term, provision, covenant
or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and
the parties hereto shall use their commercially reasonable efforts to find and employ
an alternative means to achieve the same or substantially the same result as
that contemplated by such term, provision, covenant or restriction. It is
hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions
without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable.

 

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

 

(l)                                     Third Party Beneficiaries. Holders and Participating
Broker-Dealers are intended third party beneficiaries of this Agreement and
this Agreement may be enforced by such Persons.

 

(m)                               Entire Agreement. This Agreement, together with the
Purchase Agreement, the Indenture and the Collateral Agreements, is intended by
the parties as a final and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein and therein and any and all prior oral or written agreements,
representations, or warranties, contracts, understanding, correspondence,
conversations and memoranda between the Initial Purchaser on the one hand and
the Issuer and the Guarantors on the other, or between or among any agents,
representatives, parents, subsidiaries, affiliates,

 

31

 

predecessors in
interest or successors in interest with respect to the subject matter hereof
and thereof are merged herein and replaced hereby.

 

32

 

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

 

 

	
   

  	
  PIPE
  ACQUISITION FINANCE PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  DANIEL J
  O'LEARY

  	
   

  
	
   

  	
   

  	
  Name: DANIEL
  J O'LEARY

  
	
   

  	
   

  	
  Title:
  DIRECTOR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PIPE
  ACQUISITION LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  DANIEL J
  O'LEARY

  	
   

  
	
   

  	
   

  	
  Name:DANIEL
  J O'LEARY

  
	
   

  	
   

  	
  Title:DIRECTOR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MURRAY
  INTERNATIONAL METALS

  LIMITED, as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K A COCKBURN

  	
   

  
	
   

  	
   

  	
  Name: KENNETH A COCKBURN

  
	
   

  	
   

  	
  Title: DIRECTOR

  
	
   

  	
   

  
	
   

  	
  Upon the completion of the Whitewash

  Procedures:

  
	
   

  	
   

  
	
   

  	
  MURRAY
  INTERNATIONAL METALS

  PTE. LIMITED, as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MICHAEL
  CRAIG

  	
   

  
	
   

  	
   

  	
  Name: MICHAEL CRAIG

  
	
   

  	
   

  	
  Title: DIRECTOR

  

 

Registration Rights Agreement

 

33

 

	
  ACCEPTED AND
  AGREED TO:

  
	
   

  
	
   

  
	
  JEFFERIES &
  COMPANY, INC.

  
	
   

  
	
  By:

  	
  RICHARD A GOLDENBERG

  	
   

  
	
  Name:

  	
  Richard A. Goldenberg

  
	
  Title:

  	
  Managing Director

  
				

 

34

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