Document:

QuickLinks
 -- Click here to rapidly navigate through this document
  

EXHIBIT 4.7  

EXECUTION COPY  

 
 
 

AFFINITY GROUP HOLDING, INC.
  
    $88,200,000
  
    107/8% Senior Notes due 2012    

PURCHASE AGREEMENT

March 21,
2005 

CIBC
WORLD MARKETS CORP.

300 Madison Avenue, 4th Floor

New York, New York 10017 

Ladies
and Gentlemen: 

        Affinity
Group Holding, Inc., a Delaware corporation (the "Company"), hereby confirms its agreement with you (the
"Initial Purchaser"), as set forth below. 

        1.    The Securities.    Subject to the terms and conditions herein contained, the Company proposes to issue and sell
to the Initial Purchaser $88,200,000 aggregate principal amount of its 107/8% Senior Notes due 2012 (the "Securities"). The Securities
are to be issued pursuant to the Indenture, to be dated as of March 24, 2005 (the "Indenture"), between the Company and The Bank of New York, as
trustee (the "Trustee"). 

        The
Securities will be offered and sold to the Initial Purchaser without such offers and sales being registered under the Securities Act of 1933, as amended (together with the rules and
regulations of the Securities and Exchange Commission (the "Commission") promulgated thereunder, the "Securities
Act"), in reliance on exemptions therefrom. 

        In
connection with the sale of the Securities, the Company has prepared a preliminary offering memorandum, dated March 8, 2005 (the "Preliminary
Memorandum"), and a final offering memorandum, dated March 21, 2005 (the "Final Memorandum"; the Preliminary Memorandum
and the Final Memorandum each herein being referred to as a "Memorandum"), each setting forth or including a description of the terms of the Securities,
the terms of the offering of the Securities, a description of the Company and its subsidiaries and any material developments relating to the Company and its subsidiaries occurring after the date of
the most recent historical financial statements included therein. 

        The
Company understands that the Initial Purchaser proposes to make an offering of the Securities only on the terms and in the manner set forth in the Memorandum and Section 9
hereof as soon as the Initial Purchaser deems advisable after this Agreement has been executed and delivered (i) to persons in the United States whom the Initial Purchaser reasonably believes
to be qualified institutional buyers ("QIBs") as defined in Rule 144A under the Securities Act, as such rule may be amended from time to time
("Rule 144A"), in transactions under Rule 144A; (ii) to persons in the United States whom the Initial Purchaser reasonably believes
(based upon written representations made by such persons to the Initial Purchaser) to be "accredited investors" ("Accredited Investors") as defined in
Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (iii) outside the United States to certain persons in reliance on Regulation S under the Securities Act
("Regulation S"). 

        The
Initial Purchaser and its direct and indirect transferees of the Securities will be entitled to the benefits of the Registration Rights Agreement, to be dated as of March 24,
2005 (the "Registration Rights Agreement"), between the parties hereto, pursuant to which the Company has agreed, among 

1

 

other
things, to file (i) a registration statement (the "Registration Statement") with the Commission registering the Securities or the Exchange
Notes (as defined in the Registration Rights Agreement) under the Securities Act or (ii) a shelf registration statement pursuant to Rule 415 under the Securities Act relating to the
resale of the Securities by holders thereof or, if applicable, relating to the resale of Private Exchange Notes (as defined in the Registration Rights Agreement) by the Initial Purchaser pursuant to
an exchange of the Securities for Private Exchange Notes. 

        The
Securities, the Exchange Notes, the Private Exchange Notes, the Indenture, the Registration Rights Agreement and this Agreement are herein collectively referred to as the
"Basic Documents." The Company proposes to issue the Securities simultaneously with the amendment (the
"Amendment") of the senior credit facility of Affinity Group, Inc. ("AGI") to permit, among other
things, a capital contribution consisting of the net proceeds of the offering of the Securities from the Company to AGI, which in turn will make a capital contribution in an equal amount to Camping
World, Inc., which in turn will make a capital contribution in an equal amount to CWI, Inc., which in turn will make a capital contribution in an equal amount to CWFR Capital Corp.
("CWFR"), which in turn will acquire a preferred membership interest, with a face amount of $88.2 million, in FreedomRoads Holding Company, LLC
("FreedomRoads Holding") (collectively, the "Transactions"). The acquisition of the preferred membership
interest in FreedomRoads Holding by CWFR will be effected pursuant to a purchase agreement (the "CWFR Purchase Agreement") to be entered into by CWFR
and FreedomRoads Holding; the Amendment, the CWFR Purchase Agreement and each other agreement entered into in connection therewith or in connection with the Transactions are hereinafter referred to as
the "Transaction Documents." 

        2.    Representations and Warranties of the Company.    The Company represents and warrants to and agrees with the
Initial Purchaser that: 

        (a)   Neither
the Preliminary Memorandum as of the date thereof nor the Final Memorandum nor any amendment or supplement thereto as of the date thereof and at all times
subsequent thereto up to the Closing Date (as defined in Section 3 below) contained or contains any untrue statement of a material fact or omitted or omits to state a material fact 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 2 do not
apply to statements or omissions made in reliance upon and in conformity with information relating to the Initial Purchaser furnished to the Company in writing by the Initial Purchaser expressly for
use in the Preliminary Memorandum, the Final Memorandum or any amendment or supplement thereto. 

        (b)   Each
of the Company and its subsidiaries set forth in Exhibit A hereto (the
"Subsidiaries" and, together with the Company, the "Transaction Parties") has been duly incorporated and
each of the Company and the Subsidiaries is validly existing in good standing as a corporation, partnership or limited liability company, as the case may be, under the laws of its jurisdiction of
incorporation, organization or formation, as the case may be, with the requisite corporate or other power and authority to own its properties and conduct its business as now conducted as described in
the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum) and is duly qualified to do business as a foreign corporation in good standing in all
other jurisdictions where the ownership or leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified would not, individually or
in the aggregate, have a material adverse effect on the general affairs, management, business, condition (financial or other), properties, prospects or results of operations of the Company and the
Subsidiaries, taken as a whole (any such event, a "Material Adverse Effect"); as of the Closing Date, the Company will have the authorized, issued and
outstanding capitalization set forth in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum); except as set forth in  Exhibit A hereto, the
Company does not have any subsidiaries or own directly or indirectly any of the capital stock or other equity or
long-term debt 

2

 

securities
of or have any equity interest in any other person; all of the outstanding shares of capital stock of the Company and the Subsidiaries have been duly authorized and validly issued, are
fully paid and nonassessable and were not issued in violation of any preemptive or similar rights and are owned free and clear of all liens, encumbrances, equities and restrictions on transferability
(other than those imposed by the Securities Act and the state securities or "Blue Sky" laws) or voting; except as set forth in the Final Memorandum (or, if the Final Memorandum is not in existence,
the most recent Preliminary Memorandum), all of the outstanding shares of capital stock of the Subsidiaries are owned, directly or indirectly, by the Company; except as set forth in the Final
Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum), no options, warrants or other rights to purchase from the Company or any Subsidiary, agreements or
other obligations of the Company or any Subsidiary to issue or other rights to convert any obligation into, or exchange any securities for, shares of capital stock of or ownership interests in the
Company or any Subsidiary are outstanding and no holder of securities of the Company or any Subsidiary is entitled to have such securities registered under the Securities Act; and except as set forth
in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum), there is no agreement, understanding or arrangement among the Company or any
Subsidiary and each of their respective stockholders or any other person relating to the ownership or disposition of any capital stock of the Company or any Subsidiary or the election of directors of
the Company or any Subsidiary or the governance of the Company's or any Subsidiary's affairs, and, if any, such agreements, understandings and arrangements will not be breached or violated as a result
of the execution and delivery of, or the consummation of the transactions contemplated by, this Agreement, the other Basic Documents and the Transaction Documents. 

        (c)   The
Company has the requisite corporate or similar power and authority to execute, deliver and perform its obligations under the Securities, the Exchange Notes and the
Private Exchange Notes. The Securities, the Exchange Notes and the Private Exchange Notes have each been duly and validly authorized by the Company for issuance and, when executed by the Company and
authenticated by the Trustee in accordance with the provisions of the Indenture, and, in the case of the Securities, delivered to and paid for by the Initial Purchaser in accordance with the terms
hereof, will have been duly executed, issued and delivered and will constitute valid and legally binding obligations of the Company,
entitled to the benefits of the Indenture and enforceable against the Company in accordance with their terms except that the enforcement thereof may be limited by (i) bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to or affecting creditors' rights generally or (ii) general principles of equity and
the discretion of the court before which any proceeding therefor may be brought (regardless of whether such enforcement is considered in a proceeding at law or in equity) (collectively, the
"Enforceability Exceptions"); the Securities are in the form contemplated by the Indenture. 

        (d)   The
Company has the requisite corporate or similar power and authority to execute, deliver and perform its obligations under the Indenture. The Indenture has been duly
and validly authorized by the Company and meets the requirements for qualification under the Trust Indenture Act of 1939, as amended (the "Trust Indenture
Act"), and, when executed and delivered by the Company (assuming the due authorization, execution and delivery by the Trustee), will constitute a valid and legally binding
agreement of the Company, enforceable against the Company in accordance with its terms except that the enforcement thereof may be limited by the Enforceability Exceptions. 

        (e)   The
Company has the requisite corporate or similar power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly
and validly authorized by the Company and, when executed and delivered by the Company, will 

3

 

constitute
a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms except that the enforcement thereof may be limited by the Enforceability
Exceptions and except as any rights to indemnity or contribution hereunder may be limited by federal and state securities laws and public policy considerations. 

        (f)    The
Company has the requisite corporate or similar power and authority to execute, deliver and perform its obligations under the Registration Rights Agreement. The
Registration Rights Agreement has been duly and validly authorized by the Company and, when executed and delivered by the Company, will constitute a valid and legally binding agreement of the Company,
enforceable against the Company in accordance with its terms except that the enforcement thereof may be limited by the Enforceability Exceptions and except as any rights to indemnity or contribution
hereunder may be limited by federal and state securities laws and public policy considerations. The Securities, the Indenture and the Registration Rights Agreement conform in all material respects to
the descriptions thereof in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum). 

        (g)   Each
Transaction Party has the requisite corporate or similar power and authority to execute, deliver and perform its respective obligations under each Transaction
Document to which it is a party. Each Transaction Document has been duly and validly authorized by each Transaction Party party thereto and, when executed and delivered by each such Transaction Party,
will constitute a valid and legally binding agreement of such Transaction Party, enforceable against such Transaction Party in accordance with its terms except that the enforcement thereof may be
limited by the Enforceability Exceptions and
except as any rights to indemnity or contribution thereunder may be limited by federal and state securities laws and public policy considerations. Each Transaction Document conforms in all material
respects to the description thereof in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum). 

        (h)   The
Company has delivered to the Initial Purchaser a true and correct copy of each of the Transaction Documents that has been executed and delivered prior to the date of
this Agreement, if any, and each other Transaction Document in the form substantially as it will be executed and delivered on, prior to or after the Closing Date, together with all related agreements
and all schedules and exhibits thereto, and as of the date hereof there have been no amendments, alterations, modifications or waivers of any of the provisions of any of the Transaction Documents
since their date of execution or from the form in which any such Transaction Document has been delivered to the Initial Purchaser; and there exists as of the date hereof (after giving effect to the
transactions contemplated by each of the Transaction Documents) no event or condition that would constitute a default or an event of default (in each case as defined in each of the Transaction
Documents) under any of the Transaction Documents that would result in a Material Adverse Effect or materially adversely affect the ability of the Transaction Parties to consummate the Transactions. 

        (i)    No
consent, approval, authorization, license, qualification, exemption or order of any court or governmental agency or body or third party is required for the
performance of (i) this Agreement, the Registration Rights Agreement, the Securities and the Indenture by the Company and (ii) each Transaction Document by each Transaction Party party
thereto or, in each case, for the consummation by the Transaction Parties of any of the transactions contemplated hereby or thereby, or the application of the proceeds of the issuance of the
Securities as described in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum), except as has already been acquired or as may be required
under state securities or "Blue Sky" laws in connection with the purchase and distribution of the Securities by the Initial Purchaser; all such consents, approvals, authorizations, licenses,
qualifications, exemptions and orders set forth in the Final Memorandum (or, if the Final Memorandum is not in existence, the 

4

 

most
recent Preliminary Memorandum) that are required to be obtained by the Closing Date have been obtained or made, as the case may be, and are in full force and effect and not the subject of any
pending or, to the best knowledge of the Company, threatened attack by appeal or direct proceeding or otherwise. 

        (j)    None
of the Company or the Subsidiaries is (i) in violation of its certificate of incorporation or bylaws (or similar organizational document), (ii) in
breach or violation of any statute, judgment, decree, order, rule or regulation applicable to it or any of its properties or assets, which breach or violation would, individually or in the aggregate,
have a Material Adverse Effect, or (iii) in default in (and no event has occurred that with notice or passage of time, or both, would constitute a default), has received any notice or claim of
any such default or has knowledge of any breach of or in the performance or observance of any obligation, agreement, covenant or condition contained in this Agreement, the Registration Rights
Agreement, the Securities, the Indenture or any Transaction Document or any other contract, indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise
agreement, permit, certificate or agreement or instrument to which it is a party or to which it is subject, which default or breach would, individually or in the aggregate, have a Material Adverse
Effect. 

        (k)   The
execution, delivery and performance by (i) the Company of this Agreement, the Registration Rights Agreement, the Securities and the Indenture and
(ii) each Transaction Party of each Transaction Document to which it is a party and, in each case, the consummation by the Transaction Parties of the transactions contemplated hereby and
thereby and by the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum) and the fulfillment of the terms hereof and thereof will not
(i) violate, conflict with or constitute or result in a breach of or a default under (or an event that, with notice or lapse of time, or both, would constitute a breach of or a default under)
any of (A) the terms or provisions of any contract, indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit, certificate or agreement or instrument
to which any of the Company or the Subsidiaries is a party or to which any of their respective properties or assets are subject, (B) the certificate of incorporation or bylaws (or other similar
organizational documents) of any of the Company or the Subsidiaries or (C) (assuming compliance with all applicable state securities or "Blue Sky" laws) any statute, judgment, decree, order,
rule or regulation of any court or governmental agency or other body applicable to the Company or the Subsidiaries or any of their respective properties or assets or (ii) result in the
imposition of any lien upon or with respect to any of the properties or assets now owned or hereafter acquired by the Company or any of the Subsidiaries, which violation, conflict, breach, default or
lien would, individually or in the aggregate, have a Material Adverse Effect. 

        (l)    The
audited consolidated financial statements included in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum)
present fairly the consolidated financial position, results of operations and cash flows of such entities at the dates and for the periods to which they relate and have been prepared in accordance
with generally accepted accounting principles applied on a consistent basis; the interim unaudited consolidated financial statements included in the Final Memorandum (or, if the Final Memorandum is
not in existence, the most recent Preliminary Memorandum) present fairly the consolidated financial position, results of operations and cash flows of such entities at the dates and for the periods to
which they relate subject to year-end audit adjustments and have been prepared in accordance with generally accepted accounting principles applied on a consistent basis with the audited
consolidated financial statements included therein; the summary and selected financial and statistical data included in the Final Memorandum (or, if the Final Memorandum is not in existence, the most
recent Preliminary Memorandum) present fairly the information shown therein and have been prepared and compiled on a basis consistent with the audited financial 

5

 

statements
included therein, except as otherwise stated therein; and (i) Ernst & Young LLP, which has examined certain of such financial statements as set forth in its reports included
in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum), is an independent public accounting firm as required by the Securities Act and
(ii) Arthur Andersen LLP, at the time of each respective audit of the consolidated financial statements of the Company included in the Final Memorandum (or, if the Final Memorandum is not in
existence, the most recent Preliminary Memorandum) was an independent public accounting firm as required by the Securities Act. 

        (m)  The
pro forma financial statements and other pro forma financial information (including the notes thereto) included in the Final Memorandum (or, if the Final Memorandum
is not in existence, the most recent Preliminary Memorandum) (i) have been prepared in accordance with applicable requirements of Regulation S-X promulgated under the
Securities Exchange Act of 1934, as amended (together with the rules and regulations of the Commission promulgated thereunder, the "Exchange Act") and
(ii) have been properly computed on the bases described therein; and the assumptions used in the preparation of the pro forma financial statements and other pro forma financial information
included in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum) are reasonable and the adjustments used therein are appropriate to give
effect to the transactions or circumstances referred to therein. 

        (n)   Except
as described in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum), there is not pending or, to the
best knowledge of the Company, threatened any action, suit, proceeding, inquiry or investigation, governmental or otherwise, to which any of the Company or the Subsidiaries is a party, or to which
their respective properties or assets are subject, before or brought by any court, arbitrator or governmental agency or body, that, if determined adversely to the Company or any such Subsidiary would,
individually or in the aggregate, have a Material Adverse Effect or that seeks to restrain, enjoin, prevent the consummation of or otherwise challenge the Transactions or the issuance or sale of the
Securities to be sold hereunder or the application of the proceeds therefrom or the other transactions described in the Final Memorandum (or, if the Final Memorandum is not in existence, the most
recent Preliminary Memorandum). 

        (o)   None
of the Company or the Subsidiaries has, and, after giving effect to Transactions or the issuance and sale of the Securities and the application of the proceeds
therefrom, none of the Company or the Subsidiaries will have, any liability for any prohibited transaction (as defined in Section 406 of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as amended ("Code")),
accumulated funding deficiency (as defined in Section 302 of ERISA) or any complete or partial withdrawal from a multiemployer plan (as defined in Section 4001(a)(3) of ERISA), with
respect to any plan (as defined in Section 3(3) of ERISA) as to which the Company or the Subsidiaries has or could have any direct or indirect, actual or contingent liability. With respect to
such plans, the Company and the Subsidiaries are, and, after giving effect to the Transactions and the issuance and sale of the Securities and the application of proceeds therefrom, will be, in
compliance in all material respects with all provisions of the Code and ERISA. 

        (p)   The
Company and the Subsidiaries own or possess adequate licenses or other rights to use all patents, trademarks, service marks, trade names, copyrights and
know-how that are necessary to conduct their respective businesses as described in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary
Memorandum). None of the Company or the Subsidiaries has received any notice of infringement of or conflict with (or knows of any such infringement of or conflict with) asserted rights of others with
respect to any patents, trademarks, service marks, trade names, copyrights or know-how that, if such assertion of 

6

 

infringement
or conflict were sustained, would, individually or in the aggregate, have a Material Adverse Effect. 

        (q)   Each
of the Company and the Subsidiaries possesses all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and has made all
declarations and filings with, all federal, state, local and other governmental authorities, all self-regulatory organizations and all courts and other tribunals presently required or
necessary to own or lease, as the case may be, and to operate its respective properties and to carry on its respective businesses as now or proposed to be conducted as set forth in the Final
Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum) ("Permits"), except where the failure to obtain
such Permits would not, individually or in the aggregate, have a Material Adverse Effect; each of the Company and the Subsidiaries has fulfilled and performed all of its obligations with respect to
such Permits and no event has occurred that 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; and none of the Company or the Subsidiaries has received any notice of any proceeding relating to revocation or modification of any such Permit, except as described in the
Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum) and except where such revocation or modification would not, individually or in the aggregate,
have a Material Adverse Effect. 

        (r)   Subsequent
to the respective dates as of which information is given in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary
Memorandum) and except as described therein, (i) the Company and the Subsidiaries have not incurred any material liabilities or obligations, direct or contingent, or entered into any material
transactions, in either case whether or not in the ordinary course of business, (ii) the Company and the Subsidiaries have not purchased any of their respective outstanding capital stock, or
declared, paid or otherwise made any dividend or distribution of any kind on any of their respective capital stock or otherwise (other than, with respect to any of such Subsidiaries, the purchase of,
or dividend or distribution on, capital stock owned by the Company), (iii) there has not been any other change in the capital stock or any change in the long-term indebtedness of
the Company or any of the Subsidiaries, (iv) there has not occurred any material change, or any development involving a prospective material change, in or affecting the general affairs,
management, business, condition (financial or other), properties, prospects or results of operations of the Company and the Subsidiaries, taken as a whole, not contemplated by the Final Memorandum and
(v) the Company and the Subsidiaries have not sustained any material loss or interference with respect to their respective businesses or properties from fire, flood, hurricane, earthquake,
accident or other calamity, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding. 

        (s)   There
are no legal or governmental proceedings or any contracts or other documents required by the Securities Act to be described in a prospectus that are not described
in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum). Except as described in the Final Memorandum (or, if the Final Memorandum is not in
existence, the most recent Preliminary Memorandum), none of the Company or the Subsidiaries is in default under any of the contracts described in the Final Memorandum (or, if the Final Memorandum is
not in existence, the most recent Preliminary Memorandum), has received a notice or claim of any such default or has knowledge of any breach of such contracts by the other party or parties thereto,
except such defaults or breaches as would not, individually or in the aggregate, have a Material Adverse Effect. 

        (t)    None
of the Company or the Subsidiaries has taken or will take any action that would cause this Agreement or the issuance or sale of the Securities to violate
Regulation T, U or X of 

7

 

the
Board of Governors of the Federal Reserve System, in each case as in effect, or as the same may hereafter be in effect, on the Closing Date. 

        (u)   Each
of the Company and the Subsidiaries has good and marketable title to all real property described in the Final Memorandum (or, if the Final Memorandum is not in
existence, the most recent Preliminary Memorandum) as being owned by it and good and marketable title to the leasehold estate in the real property described therein as being leased by it, free and
clear of all liens, charges, encumbrances or restrictions, except, in each case, as described in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary
Memorandum) or such as would not, individually or in the aggregate, have a Material Adverse Effect. All leases, contracts and agreements, including those referred to in the Final Memorandum (or, if
the Final Memorandum is not in existence, the most recent Preliminary Memorandum) to which the Company or any of the Subsidiaries is a party or by which any of them is bound are valid and enforceable
against the Company or any such Subsidiary, are, to the knowledge of the Company, valid and enforceable against the other party or parties thereto and are in full force and effect. 

        (v)   Each
of the Company and the Subsidiaries has filed all necessary federal, state and foreign income and franchise tax returns, except where the failure to so file such
returns would not, individually or in the aggregate, have a Material Adverse Effect, and have paid all taxes shown as due thereon; and other than tax deficiencies that the Company or any Subsidiary is
contesting in good faith and for which adequate reserves have been provided in accordance with generally accepted accounting principles, there is no tax deficiency that has been asserted against the
Company or any Subsidiary that would, individually or in the aggregate, have a Material Adverse Effect. 

        (w)  (i) Immediately
after the consummation of the Transactions and the other transactions contemplated by this Agreement, the other Basic Documents and the
Transaction Documents, the fair value and present fair saleable value of the assets of each of the Company and the Subsidiaries will exceed the sum of its probable liabilities and identified
contingent liabilities; and (ii) each of the Company and the
Subsidiaries is not, and, after giving effect to the execution, delivery and performance of this Agreement, the other Basic Documents and the Transaction Documents, and the consummation of the
Transactions and the other transactions contemplated hereby and thereby, will not be (A) left with unreasonably small capital with which to carry on its business as it is proposed to be
conducted, (B) unable to pay its debts (contingent or otherwise) as they mature or (C) otherwise insolvent. 

        (x)   Except
as disclosed in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum) and except as would not,
individually or in the aggregate, have a Material Adverse Effect, (i) each of the Company and the Subsidiaries is in compliance with all, and is not subject to liability (including, without
limitation, fines or penalties) under any, applicable Environmental Laws, (ii) each of the Company and the Subsidiaries has made all filings and provided all notices required under any
applicable Environmental Law, and has all permits, authorizations and approvals required under any applicable Environmental Laws and is in compliance with their requirements, (iii) there is no
civil, criminal or administrative action, suit, demand, claim, hearing, notice of violation, investigation, proceeding, notice or demand letter or request for information pending or, to the best
knowledge of the Company, threatened against the Company or any of the Subsidiaries under any Environmental Law (as defined below), (iv) no lien, charge, encumbrance or restriction has been
recorded under any Environmental Law with respect to any assets, facility or property owned, operated, leased or controlled by the Company or any of the Subsidiaries, (v) neither the Company
nor any of the Subsidiaries is subject to any order, decree or agreement requiring, or otherwise obligated or required to perform any response or corrective action relating to any hazardous material, 

8

 

(vi) neither
the Company nor any of the Subsidiaries has received notice that it has been identified as a potentially responsible party under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended ("CERCLA") or any comparable state law, (vii) no property or facility of the Company or any of
the Subsidiaries is (A) listed or proposed for listing on the National Priorities List under CERCLA or (B) listed in the Comprehensive Environmental Response, Compensation, Liability
Information System List promulgated pursuant to CERCLA, or on any comparable list maintained by any state or local governmental authority and (viii) there are no past or present actions,
events, operations or activities that could reasonably be expected to prevent or interfere with compliance by the Company or any Subsidiary with any applicable Environmental Law or to result in
liability (including, without limitation, fines or penalties) under any applicable Environmental Law. 

For
purposes of this Agreement, the following terms shall have the following meanings: "Environmental Law" means any federal, state, local or municipal
statute, law, rule, regulation, ordinance, code, policy or rule of common law and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree
or judgment binding on any of the Company or the Subsidiaries, relating to pollution or protection of the environment, natural resources or health or safety including, without limitation, any relating
to the release or threatened release of any pollutant, contaminated substance, material, waste, chemical or contaminant subject to regulation thereunder. 

        (y)   None
of the Company or the Subsidiaries is, or immediately after the Closing Date will be, required to register as an "investment company" or a company "controlled by"
an "investment company" within the meaning of the Investment Company Act of 1940, as amended (the "Investment Company Act"). 

        (z)   None
of the Company or the Subsidiaries or any of such entities' directors, officers, employees, agents or controlling persons has taken, directly or indirectly, any
action designed, or that might reasonably be expected, to cause or result, under the Securities Act or otherwise, in, or that has constituted, stabilization or manipulation of the price of the
Securities. 

        (aa) None
of the Company, the Subsidiaries or any of their respective Affiliates (as defined in Rule 501(b) of Regulation D under the Securities Act) directly,
or through any agent, (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of any "security" (as defined in the Securities Act) that is or could be integrated
with the sale of the Securities in a manner that would require the registration under the Securities Act of the Securities or (ii) engaged in any form of general solicitation or general
advertising (as those terms are used in Regulation D under the Securities Act) in connection with the offering of the Securities or in any manner involving a public offering within the meaning
of Section 4(2) of the Securities Act. Assuming the accuracy of the representations and warranties of the Initial Purchaser in Section 9 hereof, it is not necessary in connection with
the offer, sale and delivery of the Securities to the Initial Purchaser in the manner contemplated by this Agreement to register any of the Securities under the Securities Act or to qualify the
Indenture under the Trust Indenture Act. 

        (bb) No
securities of the Company are of the same class (within the meaning of Rule 144A under the Securities Act) as the Securities and listed on a national
securities exchange registered under Section 6 of the Exchange Act, or quoted in a U.S. automated inter-dealer quotation system. 

        (cc) Except
as set forth in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum), there is no strike, labor
dispute, slowdown or work stoppage with the employees of the Company or any of the Subsidiaries that is pending or, to the best knowledge of the Company or any of the Subsidiaries, threatened. 

9

 

        (dd) Each
of the Company and the Subsidiaries carries insurance (including self-insurance) in such amounts and covering such risks as in its reasonable
determination is adequate for the conduct of its business and the value of its properties. 

        (ee) Each
of the Company and the Subsidiaries (i) makes and keeps accurate books and records and (ii) maintains internal accounting controls that provide
reasonable assurance that (A) transactions are executed in accordance with management's authorization, (B) transactions are recorded as necessary to permit preparation of its financial
statements and to maintain accountability for its assets, (C) access to its assets is permitted only in accordance with management's authorization and (D) the reported accountability for
its assets is compared with existing assets at reasonable intervals. 

        (ff)  No
holder of securities of the Company or any Subsidiary will be entitled to have such securities registered under the registration statements required to be filed by
the Company pursuant to the Registration Rights Agreement other than as expressly permitted thereby. 

        (gg) The
statistical and market and industry-related data included in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary
Memorandum) are based on or derived from sources that the Company believes to be reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from
such sources. 

        (hh) Neither
the Company nor any of its affiliates does business with the government of Cuba or with any person or affiliate located in Cuba within the meaning of
Section 517.075, Florida Statutes. 

        (ii)   Except
as stated in the Final Memorandum (or, if the Final Memorandum is not in existence, the most recent Preliminary Memorandum), the Company does not know of any
claims for services, either in the nature of a finder's fee or financial advisory fee, with respect to the offering of the Securities and the transactions contemplated by the Final Memorandum. 

        (jj)   None
of the Company, the Subsidiaries, any of their respective Affiliates or any person acting on its or their behalf (other than the Initial Purchaser) has engaged in
any directed selling efforts (as that term is defined in Regulation S) with respect to the Securities and the Company, the Subsidiaries and their respective Affiliates and any person acting on
its or their behalf (other than the Initial Purchaser) have acted in accordance with the offering restrictions requirement of Regulation S. 

        Any
certificate signed by any officer of the Company or any Subsidiary and delivered to the Initial Purchaser or to counsel for the Initial Purchaser shall be deemed a representation and
warranty by the Company to the Initial Purchaser as to the matters covered thereby. 

        3.    Purchase, Sale and Delivery of the Securities.    On the basis of the representations, warranties, agreements
and covenants herein contained and subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Initial Purchaser, and the Initial Purchaser agrees to purchase
from the Company, the Securities, at 93.826% of their principal amount. 

        One
or more certificates in definitive form for the Securities that the Initial Purchaser has agreed to purchase hereunder, and in such denomination or denominations and registered in
such name or names as the Initial Purchaser requests upon notice to the Company at least 48 hours prior to the Closing Date shall be delivered by or on behalf of the Company, against payment by
or on behalf of the Initial Purchaser, of the purchase price therefor by wire transfer of immediately available funds to the account of the Company previously designated by it in writing. Such
delivery of and payment for the Securities shall be made at the offices of Cahill Gordon & Reindel llp, 80 Pine Street, New York, New York 10005, at 9:00 A.M., New York time, on
March 24, 2005, or at such date as the Initial 

10

 

Purchaser
and the Company may agree upon, such time and date of delivery against payment being herein referred to as the "Closing Date." The Company
will make such certificate or certificates for the Securities available for checking and packaging by the Initial Purchaser at the offices in New York, New York of CIBC World Markets Corp. at least
24 hours prior to the Closing Date. 

        4.    Offering by the Initial Purchaser.    The Initial Purchaser proposes to make an offering of the Securities at
the price and upon the terms set forth in the Final Memorandum as soon as practicable after this Agreement is entered into and as in the judgment of the Initial Purchaser is advisable. 

        5.    Certain Covenants.    The Company covenants and agrees with the Initial Purchaser that: 

        (i)    The
Company will not amend or supplement the Final Memorandum or any amendment or supplement thereto of which the Initial Purchaser shall not have been advised and
furnished a copy for a reasonable period of time prior to the proposed amendment or supplement and as to which the Initial Purchaser shall not have given its consent (which consent shall not be
unreasonably withheld). The Company will promptly, upon the reasonable request of the Initial Purchaser or counsel for the Initial Purchaser, make any amendments or supplements to the Preliminary
Memorandum or the Final Memorandum that may be necessary in connection with the resale of the Securities by the Initial Purchaser. 

        (ii)   The
Company will cooperate with the Initial Purchaser in arranging for the qualification of the Securities for offering and sale under the securities or "Blue Sky" laws
of such jurisdictions as the Initial Purchaser may designate and will continue such qualifications in effect for as long as may be necessary to complete the resale of the Securities by the Initial
Purchaser; provided, however, that in connection therewith the Company shall not be required to qualify
as a foreign corporation or to execute a general consent to service of process in any jurisdiction or to take any other action that would subject it to general service of process or to taxation in
excess of a nominal amount in respect of doing business in any jurisdiction in which it is not otherwise subject. 

        (iii)  If,
at any time prior to the completion of the resale by the Initial Purchaser of the Securities or the Private Exchange Notes, any event shall occur as a result of
which it is necessary, in the opinion of
counsel for the Initial Purchaser, to amend or supplement the Final Memorandum in order to make such Final Memorandum not misleading in the light of the circumstances existing at the time it is
delivered to a purchaser, or if for any other reason it shall be necessary to amend or supplement the Final Memorandum in order to comply with applicable laws, rules or regulations, the Company shall
(subject to Section 5(i)) forthwith amend or supplement such Final Memorandum at its own expense so that, as so amended or supplemented, such Final Memorandum will not include an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at the time it is delivered to a purchaser,
not misleading and will comply with all applicable laws, rules or regulations. 

        (iv)  The
Company will, without charge, provide to the Initial Purchaser and to counsel for the Initial Purchaser as many copies of each Preliminary Memorandum or Final
Memorandum or any amendment or supplement thereto as the Initial Purchaser may reasonably request. 

        (v)   Neither
the Company nor any of its Affiliates will sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any "security" (as defined in the
Securities Act) that could be integrated with the sale of the Securities in a manner that would require the registration under the Securities Act of the Securities. 

        (vi)  For
so long as any of the Securities remain outstanding, the Company will furnish to the Initial Purchaser (a) as soon as available, a copy of each report or
other communication 

11

 

(financial
or otherwise) of the Company mailed to the Trustee or holders of the Securities or stockholders or filed with the Commission or any national securities exchange on which any class of
securities of the Company may be listed, and (b) from time to time such other information concerning the Company as the Initial Purchaser may reasonably request. 

        (vii) The
Company will apply the net proceeds from the sale of the Securities as set forth under "Use of Proceeds" in the Final Memorandum. 

        (viii) Prior
to the Closing Date, the Company will furnish to the Initial Purchaser, as soon as they have been prepared by or are available to the Company, a copy of any
unaudited interim consolidated financial statements of the Company and the Subsidiaries, for any period subsequent to the period covered by the most recent financial statements appearing in the Final
Memorandum. 

        (ix)  The
Company will not, and will not permit any of the Subsidiaries to, engage in any form of general solicitation or general advertising (as those terms are used in
Regulation D under the Securities Act) in
connection with the offering of the Securities or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act. 

        (x)   For
so long as any of the Securities remain outstanding, the Company will make available at its expense, upon request, to any holder of Securities and any prospective
purchasers thereof the information specified in Rule 144A(d)(4) under the Securities Act, unless the Company is then subject to Section 13 or 15(d) of the Exchange Act. 

        (xi)  The
Company will use its best efforts to (i) permit the Securities to be designated PORTAL securities in accordance with the rules and regulations adopted by the
National Association of Securities Dealers, Inc. (the "NASD") relating to trading in the Private Offerings, Resales and Trading through Automated
Linkages market (the "Portal Market") and (ii) permit the Securities to be eligible for clearance and settlement through The Depository Trust
Company. 

        (xii) In
connection with Securities offered and sold in an offshore transaction (as defined in Regulation S), the Company will not register any transfer of such
Securities not made in accordance with the provisions of Regulation S and will not, except in accordance with the provisions of Regulation S, if applicable, issue any such Securities in
the form of definitive securities. 

        (xiii) If
this Agreement shall terminate or shall be terminated after execution pursuant to any provision hereof (other than by reason of a default or omission by the
Initial Purchaser of its obligations hereunder) or if this Agreement shall be terminated by the Initial Purchaser because of any failure or refusal on the part of the Company to comply with the terms
or fulfill any of the conditions of this Agreement, the Company agrees to reimburse the Initial Purchaser for all reasonable out-of-pocket expenses (including fees and expenses
of counsel for the Initial Purchaser) incurred by the Initial Purchaser in connection herewith, but in no event will the Company be liable to the Initial Purchaser for damages on account of loss of
anticipated profits from the sale of the Securities. 

        (xiv) The
Company will not become, at any time prior to the expiration of three years after the Closing Date, an open-end investment company, unit investment
trust, closed-end investment company or face-amount certificate company that is or is required to be registered under Section 8 of the Investment Company Act. 

        (xv) During
the period of three years after the Closing Date, the Company will not, and will not permit any of its "affiliates" (as defined in Rule 144 under the
Securities Act) to, 

12

 

resell
any of the Securities that constitute "restricted securities" under Rule 144 that have been reacquired by any of them. 

        (xvi) The
Company will use its best efforts to do and perform all things required to be done and performed by it under this Agreement and the other Basic Documents prior to
or after the Closing Date and to satisfy all conditions precedent on its part to the obligations of the Initial Purchaser to purchase and accept delivery of the Securities. 

        6.    Expenses.    Notwithstanding any termination of this Agreement (pursuant to Section 11 or otherwise), the
Company agrees to pay the following costs and expenses and all other costs and expenses incident to the performance by the Company of its obligations hereunder: (i) the printing, typing,
reproduction, execution and delivery of this Agreement and of the other Basic Documents, any amendment or supplement to or modification of any of the foregoing and any and all other documents
furnished pursuant hereto or thereto or in connection herewith or therewith; (ii) the printing or reproduction of each Preliminary Memorandum, the Final Memorandum and each amendment or
supplement to any of them; (iii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of each Preliminary
Memorandum, the Final Memorandum and all amendments or supplements to any of them as may be reasonably requested for use in connection with the offering and sale of the Securities; (iv) the
printing, authentication, issuance and delivery of certificates for the Securities, including any stamp taxes in connection with the original issuance and sale of the Securities and trustees' fees;
(v) the reproduction and delivery of this Agreement and the other Basic Documents, the preliminary and supplemental "Blue Sky" memoranda and all other agreements or documents reproduced and
delivered in connection with the offering of the Securities; (vi) the registration or qualification of the Securities for offer and sale under the securities or Blue Sky laws of the several
states (including filing fees and the fees, expenses and disbursements of Cahill Gordon & Reindel llp, counsel to the Initial Purchaser, relating to such registration and qualification);
(vii) the transportation and other expenses incurred by or on behalf of Company employees in connection with presentations to prospective purchasers of the Securities; (viii) the fees
and expenses of the Company's accountants and the fees and expenses of counsel (including local and special counsel) retained by the Company; (ix) fees and expenses of the Trustee including
fees and expenses of its counsel; (x) all expenses and listing fees incurred in connection with the application for quotation of the Securities on the PORTAL Market and (xi) any fees
charged by investment rating agencies for the rating of the Securities. 

        7.    Conditions of the Initial Purchaser's Obligations.    The obligation of the Initial Purchaser to purchase and
pay for the Securities is subject to the accuracy of the representations and warranties contained herein, to the performance by the Company of its covenants and agreements hereunder and to the
following additional conditions unless waived in writing by the Initial Purchaser: 

        (i)    The
Initial Purchaser shall have received an opinion, dated the Closing Date, of Kaplan, Strangis and Kaplan, P.A., counsel to the Company, in form and substance
satisfactory to the Initial Purchaser and Cahill Gordon & Reindel llp, counsel to the Initial Purchaser, substantially in the form of  Exhibit B hereto. In rendering such opinion, Kaplan,
Strangis and Kaplan, P.A. shall have received and may rely upon such certificates and other
documents and information, including one or more opinions of local counsel reasonably acceptable to the Initial Purchaser and Cahill Gordon & Reindel llp, counsel to the Initial Purchaser, as
they may reasonably request to pass upon such matters. 

        (ii)   The
Initial Purchaser shall have received an opinion, dated the Closing Date, of Cahill Gordon & Reindel llp, counsel to the Initial Purchaser, with respect to
the sufficiency of certain legal matters relating to this Agreement and such other related matters as the Initial Purchaser may require. In rendering such opinion, Cahill Gordon & Reindel llp
shall have received and may rely upon such certificates and other documents and information as 

13

 

they
may reasonably request to pass upon such matters. In addition, in rendering their opinion, Cahill Gordon & Reindel llp may state that their opinion is limited to matters of New York,
Delaware corporate and federal law. 

        (iii)  The
Initial Purchaser shall have received (a) from Ernst & Young LLP, independent public accountants for the Company, "comfort" letters dated the date
hereof and the Closing Date and (b) from the Chief Financial Officer and Comptroller of the Company, a letter, dated the date hereof, relating to the financial statements and other financial
information contained in the Final Memorandum previously audited by Arthur Andersen LLP, addressed to the Initial Purchaser and in form and substance reasonably satisfactory to the Initial Purchaser
and Cahill Gordon & Reindel llp, counsel to the Initial Purchaser. 

        (iv)  The
representations and warranties of the Company contained in this Agreement shall be true and correct on and as of the Closing Date; the Company shall have complied
in all material respects with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date. 

        (v)   There
shall not have been any change in the capital stock of the Company or the Subsidiaries or any material increase in the consolidated short-term or
long-term debt of the Company from that set forth or contemplated in the Final Memorandum and the Company and the Subsidiaries shall not have any liabilities or obligations, contingent or
otherwise (whether or not in the ordinary course of business), that are material to the Company and the Subsidiaries, taken as a whole, other than those reflected in the Final Memorandum. 

        (vi)  None
of the issuance and sale of the Securities pursuant to this Agreement or any of the transactions contemplated by any of the other Basic Documents or the
Transaction Documents shall be
enjoined (temporarily or permanently) and no restraining order or other injunctive order shall have been issued; and there shall not have been any legal action, order, decree or other administrative
proceeding instituted or threatened against any Transaction Party or against the Initial Purchaser relating to the issuance of the Securities or the Initial Purchaser's activities in connection
therewith or any other transactions contemplated by this Agreement or the Final Memorandum, the other Basic Documents or the Transaction Documents. 

        (vii) Subsequent
to the date of this Agreement and since the date of the most recent financial statements in the Final Memorandum (exclusive of any amendment or supplement
thereto after the date hereof), there shall not have occurred (i) any change, or any development involving a prospective change, in or affecting the general affairs, management, business,
condition (financial or other), properties, prospects or results of operations of the Company and the Subsidiaries, taken as a whole, not contemplated by the Final Memorandum that, in the opinion of
the Initial Purchaser, would materially adversely affect the market for the Securities, or (ii) any event or development relating to or involving any of the Company or the Subsidiaries or any
of the officers or directors of the Company or the Subsidiaries that makes any statement made in the Final Memorandum untrue or that, in the opinion of the Company and its counsel or the Initial
Purchaser and its counsel, requires the making of any addition to or change in the Final Memorandum in order to state a material fact required by any applicable law, rule or regulation to be stated
therein or necessary in order to make the statements made therein not misleading. 

14

 

        (viii) The
Initial Purchaser shall have received certificates, dated the Closing Date and signed by the chief executive officer and the chief financial officer of the
Company, to the effect that: 

	a.
	All
of the representations and warranties of the Company set forth in this Agreement are true and correct as if made on and as of the Closing Date and the Company has complied in all
material respects with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Date.

	b.
	The
issuance and sale of the Securities pursuant to this Agreement or the Final Memorandum and the consummation of the transactions contemplated by the Transaction Documents have not
been enjoined (temporarily or permanently) and no restraining order or other injunctive order has been issued and there has not been any legal action, order, decree or other administrative proceeding
instituted or threatened against any Transaction Party relating to the issuance of the Securities or the Initial Purchaser's activities in connection therewith or in connection with any other
transactions contemplated by this Agreement or the Final Memorandum, the other Basic Documents or the Transaction Documents.

	c.
	Subsequent
to the date of this Agreement and since the date of the most recent financial statements in the Final Memorandum (exclusive of any amendment or supplement thereto after the
date hereof), there has not occurred (i) any change, or any development involving a prospective change, in or affecting the general affairs, management, business, condition (financial or
other), properties, prospects or results of operations of the Company and the Subsidiaries, taken as a whole, not contemplated by the Final Memorandum, or (ii) any event or development relating
to or involving any of the Company or the Subsidiaries or any of the respective officers or directors of the Company or the Subsidiaries that makes any statement made in the Final Memorandum untrue or
that requires the making of any addition to or change in the Final Memorandum in order to state a material fact required by any applicable law, rule or regulation to be stated therein or necessary in
order to make the statements made therein not misleading.

	d.
	There
has not been any change in the capital stock of the Company or the Subsidiaries or any material increase in the consolidated short-term or long-term debt
of the Company from that set forth or contemplated in the Final Memorandum and the Company and the Subsidiaries have no liabilities or obligations, contingent or otherwise (whether or not in the
ordinary course of business), that are material to the Company and the Subsidiaries, taken as a whole, other than those reflected in the Final Memorandum.

	e.
	At
the Closing Date and after giving effect to the consummation of the transactions contemplated by this Agreement, the other Basic Documents and the Transaction Documents, there
exists no Default or Event of Default (as defined in the Indenture). 

        (ix)  Each
of the Transaction Documents and each other agreement or instrument executed in connection with the Transactions shall be reasonably satisfactory in form and
substance to the Initial Purchaser and shall have been executed and delivered by all the respective parties thereto and shall be in full force and effect, and there shall have been no material
amendments, alterations, modifications or waivers of any provision thereof since the date of this Agreement. 

        (x)   All
proceedings taken in connection with the issuance of the Securities and the transactions contemplated by this Agreement, the other Basic Documents and the
Transaction Documents and all documents and papers relating thereto shall be reasonably satisfactory to the Initial Purchaser and counsel to the Initial Purchaser. The Initial Purchaser and counsel to 

15

 

the
Initial Purchaser shall have received copies of such papers and documents as they may reasonably request in connection therewith, all in form and substance reasonably satisfactory to them. 

        (xi)  The
Company shall apply the proceeds necessary from the issuance and sale of the Securities as described under "Use of Proceeds" in the Final Memorandum. 

        (xii) There
shall not have been any announcement by any "nationally recognized statistical rating organization," as defined for purposes of Rule 436(g) under the
Securities Act, that (A) it is downgrading its rating assigned to any debt securities of the Company, or (B) it is reviewing its rating assigned to any debt securities of the Company
with a view to possible downgrading, or with negative implications, or direction not determined. 

        (xiii) On
or before the Closing Date, the Initial Purchaser shall have received the Registration Rights Agreement executed by the Company and such agreement shall be in full
force and effect at all times from and after the Closing Date. 

        (xiv) On
or before the Closing Date, the Indenture shall be executed by the Company and the Trustee and such agreement shall be in full force and effect at all times from
and after the Closing Date. 

        (xv) The
Company shall have furnished or caused to be furnished to the Initial Purchaser such further certificates and documents as the Initial Purchaser shall have
reasonably requested. 

        All
such opinions, certificates, letters, schedules, documents or instruments delivered pursuant to this Agreement will comply with the provisions hereof only if they are reasonably
satisfactory in all material respects to the Initial Purchaser and counsel to the Initial Purchaser. The Company shall furnish to the Initial Purchaser such conformed copies of such opinions,
certificates, letters, schedules, documents and instruments in such quantities as the Initial Purchaser shall reasonably request. 

        8.    Indemnification and Contribution.    (a) The Company agrees to indemnify and hold harmless the Initial
Purchaser, each director, officer, employee or agent of the Initial Purchaser and each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act, against any losses, claims, damages, liabilities or expenses to which the Initial Purchaser or such director, officer, employee, agent or controlling person
may become subject under the Securities Act, the Exchange Act or otherwise, insofar as any such losses, claims, damages, liabilities or expenses (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 (A) any Preliminary Memorandum or the Final Memorandum or any amendment or
supplement thereto or (B) any of the Basic Documents or any application or other document, or any amendment or supplement thereto, executed by the Company or based upon written information
furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Securities under the securities or
"Blue Sky" laws thereof or filed with the Commission or any securities association or securities exchange (collectively, the "Documents"); or 

        (ii)   the
omission or alleged omission to state, in any Preliminary Memorandum or the Final Memorandum or any amendment or supplement thereto, or any of the Documents, 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
will reimburse, as incurred, the Initial Purchaser and each such director, officer, employee, agent or controlling person for any legal or other expenses reasonably incurred by the Initial
Purchaser or such director, officer, employee, agent or controlling person in connection with investigating, defending 

16

 

against
or appearing as a third-party witness in connection with any such loss, claim, damage, liability, expense or action; provided,  however, that the Company
will not be liable under this paragraph (a) to the extent that any such loss, claim, damages, liability expense or
action arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any of the documents referred to in this paragraph (a), in
reliance upon and in conformity with written information furnished to the Company by or on behalf of the Initial Purchaser specifically for use therein; and  provided, further, that the Company will not be liable under this paragraph (a) with respect to
any such untrue statement or omission made in any Preliminary Memorandum that is corrected in the Final Memorandum (or any amendment or supplement thereto) if the person asserting any such loss,
claim, damage, expense or liability purchased Securities from the Initial Purchaser in reliance upon the Preliminary Memorandum but was not sent or given a copy of the Final Memorandum (as amended or
supplemented) that was made available by the Company to the Initial Purchaser at or prior to the written confirmation of the sale of the Securities to such person unless such failure to deliver such
Final Memorandum (as amended or supplemented) was a result of noncompliance by the Company with Section 5(iv) of this Agreement. This indemnity agreement will be in addition to any
liability that the Company may otherwise have to the indemnified parties. The Company further agrees that the indemnification, contribution and reimbursement commitments set forth in this
Section 8 shall apply whether or not the Initial Purchaser is a formal party to any such lawsuits, claims or other proceedings. The Company will not, without the prior written consent of the
Initial Purchaser, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification by the Initial
Purchaser may be sought hereunder (whether or not the Initial Purchaser or any person who controls the Initial Purchaser within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act is a party to such claim, action, suit or proceeding), unless such settlement, compromise or consent (i) includes an unconditional release of the Initial
Purchaser and each such director, officer, employee, agent or controlling person from all liability arising out of such claim, action, suit or proceeding and (ii) does not include a statement
as to, or an admission of, fault, culpability or a failure to act, by or on behalf of the Initial Purchaser or any such director, officer, employee, agent or controlling person. 

        (b)   The
Initial Purchaser will indemnify and hold harmless the Company, each of its directors, officers, employees and agents and each person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any losses, claims, damages, liabilities or expenses to which the Company or any
such director, officer, employee, agent or controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or
expenses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement or omission or alleged omission of any material fact contained in any
Preliminary Memorandum or the Final Memorandum or any amendment or supplement thereto or any Document, 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 furnished to the Company by or on behalf of the Initial Purchaser specifically for use
therein; and will reimburse, as incurred, the Company and each such director, officer, employee, agent or controlling person for any legal or other expenses reasonably incurred by the Company or any
such director, officer, employee, agent or 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, expense 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. The
Initial Purchaser further agrees that the indemnification, contribution and reimbursement commitments set forth in this Section 8 shall apply whether or not the Company is a formal party to any
such lawsuits, claims or other proceedings. The Initial Purchaser will not, without the prior written consent of the Company, settle or compromise or consent to the entry of any judgment in 

17

 

any
pending or threatened claim, action, suit or proceeding in respect of which indemnification by the Company may be sought hereunder (whether or not the Company or any person who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act is a party to such claim, action, suit or proceeding), unless such settlement, compromise
or consent (i) includes an unconditional release of the Company and its directors, officers, employees, agents or controlling persons from all liability arising out of such claim, action, suit
or proceeding and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of the Company or its directors, officers, employees,
agents or controlling persons. 

        (c)   Promptly
after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party of the commencement thereof; but the omission so to notify the indemnifying
party will not relieve it from any liability that it may have to any indemnified party under Section 8(a) or (b) except to the extent that the indemnifying party has been prejudiced
materially by such failure. In case any such action is brought against any indemnified party, and such indemnified party notifies the indemnifying party of the commencement thereof, the indemnifying
party will be entitled to participate therein and, to the extent that it may wish, 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 the named parties in any such action
(including any impleaded parties) include both the indemnified party and the indemnifying party and the indemnified party shall have been advised in writing by counsel that there may be one or more
legal defenses available to it that are different from or additional to those available to any such indemnifying party, then the indemnifying parties 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. 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
out-of-pocket costs of investigation, 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, representing the indemnified parties under such paragraph (a) or paragraph (b), as the case may be, who are parties to such action or actions);
(ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying parties; or (iii) the indemnifying party
shall have failed to assume the defense or retain counsel reasonably satisfactory to the indemnified party. No indemnifying party shall be liable for the costs and expenses of any settlement of any
such claim or action effected without its written consent, but if settled with the written consent of such indemnifying party, such indemnifying party agrees to indemnify and hold harmless the
indemnified party from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the third sentence of this paragraph, then the indemnifying party agrees that it shall be liable for any
settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid
request, (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and 

18

 

(iii) such
indemnified party shall have given the indemnifying party at least 30 days' prior notice of its intention to settle. 

        (d)   In
circumstances in which the indemnity agreement provided for in the preceding paragraphs of this Section 8 is unavailable or insufficient to hold harmless an
indemnified party in respect of any losses, claims, damages, expenses or liabilities (or actions in respect thereof), each indemnifying party, in order
to provide for just and equitable contribution, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, expenses 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 of the Securities 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, expenses or liabilities (or actions in respect thereof). The relative benefits received by the Company 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 of the Securities (before deducting expenses) received by the Company 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 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, and any other equitable considerations appropriate in the circumstances. The amount paid or payable by a party
as a result of the losses, claims, damages and liabilities referred to above shall be deemed to include any legal or other fees or expenses incurred by such party in connection with investigating or
defending any such claim. The Company and the Initial Purchaser agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation (even if
the Company on the one hand and the Initial Purchaser on the other hand were treated as one entity for such purpose) or by any other method of allocation that does not take into account the equitable
considerations referred to in the first sentence of this paragraph (d). Notwithstanding any other provision of this paragraph (d), the Initial Purchaser shall not be obligated to make
contributions hereunder that in the aggregate exceed the total discounts and commissions received by the Initial Purchaser under this Agreement, less the aggregate amount of any damages that the
Initial Purchaser has otherwise been required to pay by reason of the untrue or alleged untrue statements, and 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. For purposes of this paragraph (d), each
director, officer, employee or agent of and each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act shall have the same rights to contribution as the Initial Purchaser, and each director, officer, employee and agent of the Company and each person, if any, who controls the Company within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Company. 

        (e)   Notwithstanding
anything to the contrary in this Section 8, the indemnification and contribution provisions of the Registration Rights Agreement shall govern any
claim with respect thereto. 

        9.    Offering of Securities; Restrictions on Transfer.    (a) The Initial Purchaser represents and warrants
that it is a QIB. The Initial Purchaser agrees with the Company that (i) it has not and will not solicit offers for, or offer or sell, the Securities by any form of general solicitation or
general 

19

 

advertising
(as those terms are used in Regulation D under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act; and
(ii) it has and will solicit offers for the Securities only from, and will offer the Securities only to, (A) in the case of offers inside the United States (x) persons whom the
Initial Purchaser reasonably believes to be QIBs or, if any such person is buying for one or more institutional accounts for which such person is acting as fiduciary or agent, only when such person
has represented to the Initial Purchaser that each such account is a QIB, to whom notice has been given that such sale or delivery is being made in reliance on Rule 144A and, in each case, in
transactions under Rule 144A or (y) persons whom the Initial Purchaser reasonably believes to be Accredited Investors and (B) in the case of offers outside the United States, to
persons other than U.S. persons ("foreign purchasers," which term shall include dealers or other professional fiduciaries in the United States acting on a discretionary basis for foreign beneficial
owners (other than an estate or trust)); provided, however, that, in the case of this clause (B),
in purchasing such Securities such persons are deemed to have represented and agreed as provided under the caption "Notice to Investors" contained in the Final Memorandum (or, if the Final Memorandum
is not in existence, the most recent Preliminary Memorandum). 

        (b)   The
Initial Purchaser represents and warrants with respect to offers and sales outside the United States that (i) it has and will comply with all applicable laws
and regulations in each jurisdiction in which it acquires, offers, sells or delivers Securities or has in its possession or distributes any Memorandum or any such other material, in all cases at its
own expense; (ii) the Securities have not been and will not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with
Regulation S or pursuant to an exemption from the registration requirements of the Securities Act; (iii) it has offered the Securities and will offer and sell the Securities
(A) as part of its distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering and the Closing Date, only in accordance with
Rule 903 of Regulation S and, accordingly, neither it nor any persons acting on its behalf have engaged or will engage in any directed selling efforts (within the meaning of
Regulation S) with respect to the Securities, and any such persons have complied and will comply with the offering restrictions requirement of Regulation S; and (iv) it agrees
that, at or prior to confirmation of sales of the Securities, it will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases
Securities from 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 and sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of the distribution of the securities at any time or (ii) otherwise until
40 days after the later of the commencement of the offering and the closing date of the offering, except in either case in accordance with Regulation S (or Rule 144A if available)
under the Securities Act. Terms used above have the meaning given to them in Regulation S under the Securities Act." 

Terms
used in this Section 9 and not defined in this Agreement have the meanings given to them in Regulation S. 

        10.    Survival Clause.    The respective representations, warranties, agreements, covenants, indemnities and other
statements of the Company, its officers and the Initial Purchaser set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement shall remain in full force and
effect, regardless of (i) any investigation made by or on behalf of the Company, any of its officers or directors, the Initial Purchaser or any controlling person referred to in
Section 8 hereof and (ii) delivery of, payment for or disposition of the Securities, and shall be binding upon and shall inure to the benefit of any successors, assigns, heirs or
personal representatives of the Company, the Initial Purchaser and indemnified parties referred to in Section 8 hereof. The respective agreements, 

20

 

covenants,
indemnities and other statements set forth in Sections 6 and 8 hereof shall remain in full force and effect, regardless of any termination or cancellation of this Agreement. 

        11.    Termination.    (a) This Agreement may be terminated in the sole discretion of the Initial Purchaser by
notice to the Company given in the event that the Company shall have failed, refused or been unable to satisfy all conditions on its part to be performed or satisfied hereunder on or prior to the
Closing Date or if at or prior to the Closing Date: 

        (i)    any
of the Company or the Subsidiaries shall have sustained any loss or interference with respect to their respective businesses or properties from fire, flood,
hurricane, earthquake, accident or other calamity, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, which loss or interference, in the sole
judgment of the Initial Purchaser, has had or has a material adverse effect on the general affairs, management, business, condition (financial or other), properties, prospects or results of operations
of the Company and the Subsidiaries, taken as a whole, or there shall have been any material adverse change, or any development involving a prospective material adverse change (including without
limitation a change in management or control of the Company or any Subsidiary), in the general affairs, management, business, condition (financial or other), properties, prospects or results of
operations of the Company and the Subsidiaries, taken as a whole, except as described in or contemplated by the Final Memorandum (exclusive of any amendment or supplement thereto); 

        (ii)   trading
in securities of the Company or any Subsidiary or in securities generally on the New York Stock Exchange, the American Stock Exchange or the NASDAQ National
Market shall have been suspended or minimum or maximum prices shall have been established on any such exchange; 

        (iii)  a
banking moratorium shall have been declared by New York or United States authorities; 

        (iv)  there
shall have been (A) an outbreak or escalation of hostilities between the United States and any foreign power, (B) an outbreak or escalation of any
other insurrection or armed conflict involving the United States or any other national or international calamity or emergency, or (C) any material change in the financial markets of the United
States that, in the case of (A), (B) or (C) above, in the sole judgment of the Initial Purchaser, makes it impracticable or inadvisable to proceed with the delivery of the Securities as
contemplated by the Final Memorandum, as amended as of the date hereof; or 

        (v)   any
securities of the Company or any of the Subsidiaries shall have been downgraded or placed on any "watch list" for possible downgrading by any nationally recognized
statistical rating organization. 

	(b)
	Termination
of this Agreement pursuant to this Section 11 shall be without liability of any party to any other party except as provided in Section 10 hereof. 

        12.    Notices.    All communications hereunder shall be in writing and, (i) if sent to the Initial Purchaser,
shall be hand delivered, mailed by first-class mail, couriered by next-day courier or faxed and confirmed in writing to CIBC World Markets Corp., 300 Madison Avenue, 4th Floor,
New York, New York 10017, Facsimile No.: (212) 885-4801, Attention: Leveraged Finance Group, and with a copy to Cahill Gordon & Reindel llp,
80 Pine Street, New York, New York 10005, Facsimile No.: (212) 269-5420, Attention: Roger Meltzer, Esq. and (ii) if sent to
the Company, shall be hand delivered, mailed by first-class mail, couriered by next-day courier or faxed and confirmed in writing to Affinity Group Holding, Inc., 2575 Vista
Del Mar Drive, Ventura, California 93001, Facsimile No.: (805) 667-4419, Attention: Thomas Wolfe, and with a copy to Kaplan, Strangis and Kaplan, P.A., 

21

 

5500 Wells Fargo
Center, 90 South Seventh Street, Minneapolis, Minnesota 55402, Facsimile No.: (612) 375-1143, Attention: Robert York, 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 mail,
postage prepaid, if mailed; one business day after being timely delivered to a next-day courier guaranteeing overnight delivery; and when receipt is acknowledged by the addressee, if
faxed. 

        13.    Successors.    This Agreement shall inure to the benefit of and be binding upon the Initial Purchaser and the
Company and their respective successors and legal representatives, and nothing expressed or mentioned in this Agreement is intended or shall be construed to give any other person any legal or
equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained; this Agreement and all conditions and provisions hereof being intended to be and being for
the sole and exclusive benefit of such persons and for the benefit of no other person except that (i) the indemnities of the Company contained in Section 8 of this Agreement shall also
be for the benefit of the directors, officers, employees and agents and any person or persons who control the Initial Purchaser within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act and (ii) the indemnities of the Initial Purchaser contained in Section 8 of this Agreement shall also be for the benefit of the directors, officers,
employees and agents of the Company and any person or persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act. No
purchaser of Securities from the Initial Purchaser will be deemed a successor because of such purchase. 

        14.    No Waiver; Modifications in Writing.    No failure or delay on the part of the Company or the Initial Purchaser
in exercising any right, power or remedy hereunder shall operate as a waiver thereof, and no single or partial exercise of any such right, power or remedy shall preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to the Company or the Initial
Purchaser at law or in equity or otherwise. No waiver of or consent to any departure by the Company or the Initial Purchaser from any provision of this Agreement shall be effective unless signed in
writing by the party entitled to the benefit thereof, provided that notice of any such waiver shall be given to each party hereto as set forth below.
Except as otherwise provided herein, no amendment, modification or termination of any provision of this Agreement shall be effective unless signed in writing by or on behalf of the Company and the
Initial Purchaser. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement, and any consent to any departure by the Company or
the Initial Purchaser from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is
specifically required by this Agreement, no notice to or demand on the Company in any case shall entitle the Company to any other or further notice or demand in similar or other circumstances. 

        15.    Information Supplied by the Initial Purchaser.    The statements set forth in the fourth and fifth sentences of
the seventh paragraph and the fifth and ninth paragraphs, in each case under the heading "Plan of Distribution" in the Final Memorandum (to the extent such statements relate to the Initial Purchaser)
constitute the only information furnished by the Initial Purchaser to the Company for purposes of Section 8 hereof. 

        16.    Entire Agreement.    This Agreement constitutes the entire agreement among the parties hereto and supersedes
all prior agreements, understandings and arrangements, oral or written, among the parties hereto with respect to the subject matter hereof. 

        17.    APPLICABLE LAW.    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 

22

 

NEW
YORK, WITHOUT GIVING EFFECT TO ANY PROVISIONS RELATING TO CONFLICTS OF LAW. 

        18.    Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 

23

        If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this Agreement shall constitute a
binding agreement between the Company and the Initial Purchaser. 

	 	 	Very truly yours,
	

 	
 	

AFFINITY GROUP HOLDING, INC.
	

 	
 	

By:	

/s/  THOMAS F. WOLFE      
 Name: Thomas F. Wolfe

Title: Chief Financial Officer

Signature
Page to Purchase Agreement 

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

CIBC WORLD MARKETS CORP.	
 	

 
	

By:	

/s/  BRIAN PERMAN      
 Name: Brian Perman

Title: Managing Director	
 	

 

Signature
Page to Purchase Agreement 

Exhibit A  

Subsidiaries  

AFFINITY
ADVERTISING, LP 

AFFINITY
BROKERAGE, INC. 

AFFINITY
GROUP, INC. 

AFFINITY
ROAD AND TRAVEL CLUB, INC. 

CAMP
COAST TO COAST, INC. 

CAMPING
REALTY, INC. 

CAMPING
WORLD, INC. 

CAMPING
WORLD INSURANCE SERVICES OF NEVADA, INC. 

COAST
MARKETING GROUP, INC. 

CWFR
CAPITAL CORP. 

CWI, INC. 

CW
MICHIGAN, INC. 

EHLERT
PUBLISHING GROUP, INC. 

GOLF
CARD INTERNATIONAL CORP. 

GOLF
CARD RESORT SERVICES, INC. 

GSS
ENTERPRISES, INC. 

POWER
SPORTS MEDIA, INC. 

TL
ENTERPRISES, INC. 

VBI, INC.

  

Exhibit B  

 
 

Form of Opinion of Kaplan, Strangis and Kaplan, P.A.    
    

        The opinion, dated the Closing Date and addressed to the Initial Purchaser, of Kaplan, Strangis and Kaplan, P.A., counsel to the Company, to be delivered pursuant
to Section 7(i) of the Purchase Agreement, shall be to the effect that: 

        (a)   Each
of the Company and its Subsidiaries has been duly organized and are validly existing and in good standing as a corporation or partnership, as the case may be, under
the laws of its jurisdiction of incorporation or formation, as the case may be, and is authorized to do business in each jurisdiction in which the ownership or leasing of any property or the character
of its operations makes such qualification necessary and in which the failure so to qualify could have a Material Adverse Effect. 

        (b)   The
Company has all requisite power and authority to execute, issue, deliver and perform its obligations under the Securities, the Exchange Notes (as defined in the
Registration Rights Agreement) and the Private Exchange Notes (as defined in the Registration Rights Agreement), to execute, issue and deliver the Basic Documents and the Transaction Documents to
which it is a party, to incur and perform all of its obligations thereunder and to consummate the transactions contemplated thereby. The Company has the requisite power and authority to own and
operate its property and assets and to transact its business as described in the Memorandum. Each Subsidiary has all requisite power and authority to execute, issue and deliver each Transaction
Document to which it is a party, to incur and perform all of its respective obligations thereunder and to consummate the transactions contemplated thereby. 

        (c)   The
beneficial ownership of the equity interests in the Company and AGI Holding Corp. is as set forth in the Final Memorandum under the heading "Security Ownership of
Certain Beneficial Owners." 

        (d)   The
Purchase Agreement has been duly authorized by the Company and the Company has all requisite power and authority to execute, issue and deliver the Purchase Agreement
and to incur and perform its obligations provided for therein. The Purchase Agreement, when executed and delivered by the Company (assuming the due authorization, execution and delivery by the Initial
Purchaser), will constitute a valid and legally binding agreement of the Company, enforceable against it in accordance with its terms except (i) that the enforcement thereof may be subject to
bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditors' rights generally, and to general principles of equity
and the discretion of the court before which any proceeding therefor may be brought and (ii) as any rights to indemnity or contribution thereunder may be limited by federal and state securities
laws and public policy considerations. 

        (e)   The
Indenture has been duly authorized by the Company and the Company has all requisite power and authority to execute, issue and deliver the Indenture and to incur and
perform its obligations provided for therein. The Indenture, when executed and delivered by the Company (assuming the due authorization, execution and delivery by the Trustee), will constitute a valid
and legally binding agreement of the Company, enforceable against it in accordance with its terms except that the enforcement thereof may be subject to (i) bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditors' rights generally, and (ii) general principles of equity and the
discretion of the court before which any proceeding therefor may be brought. The Indenture is in sufficient form for due qualification under the Trust Indenture Act of 1939, as amended. 

1

 

        (f)    The
Registration Rights Agreement has been duly authorized by the Company and the Company has all requisite power and authority to execute, issue and deliver the
Registration Rights Agreement and to incur and perform its obligations provided for therein. The Registration Rights Agreement, when executed and delivered by the Company (assuming the due
authorization, execution and delivery by the Initial Purchaser), will constitute a valid and legally binding agreement of the Company, enforceable against it in accordance with its terms except
(i) that the enforcement thereof may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to
creditors' rights generally, and to general principles of equity and the discretion of the court before which any proceeding therefor may be brought and (ii) as any rights to indemnity or
contribution thereunder may be limited by federal and state securities laws and public policy considerations. 

        (g)   The
Securities have each been duly authorized by the Company and the Company has all requisite power and authority to execute, issue and deliver the Securities and to
incur and perform its obligations provided for therein. The Securities, when executed and delivered by the Company (assuming the due authorization, execution and delivery by the Trustee) in accordance
with the provisions of the Indenture and delivered to and paid for by the Initial Purchaser in accordance with the terms of the Purchase Agreement, will be entitled to the benefits of the Indenture
and will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms, except that the enforcement thereof may be subject to
(i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditors' rights
generally, (ii) general principles of equity and the discretion of the court before which any proceeding therefor may be brought. 

        (h)   The
execution and delivery of the Exchange Notes and the Private Exchange Notes have been duly authorized by all necessary corporate action of the Company, and the
Exchange Notes and the Private Exchange Notes, when duly executed and delivered by the Company, all in accordance with the terms of the Registration Rights Agreement and the Indenture, and assuming
due authentication by the Trustee, will be the legal, valid, and binding obligations of the Company entitled to the benefits of the Indenture and will be enforceable in accordance with their terms
except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to
creditors rights generally, and (ii) general principles of equity and the discretion of the court before which any proceeding therefor may be brought. 

        (i)    Each
of the Transaction Documents has been duly authorized by each Transaction Party party thereto and each such Transaction Party has all requisite power and authority
to execute, issue and deliver each Transaction Document to which it is a party and to incur and perform its respective obligations provided for therein. Each of the Transaction Documents, when
executed and delivered by each Transaction Party party thereto (assuming the due authorization, execution and delivery by the other parties thereto), will constitute a valid and legally binding
agreement of each such Transaction Party, enforceable against it in accordance with its terms except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditors' rights generally, and (ii) general principles of equity and the discretion of the court
before which any proceeding therefor may be brought. 

        (j)    To
the best of such counsel's knowledge and other than as described in the Final Memorandum, there is no action, suit, investigation or proceeding, governmental or
otherwise, pending or, to the best of such counsel's knowledge, threatened to which any Transaction Party is or would be a party or of which the properties of any Transaction Party are or may be
subject, that (i) seeks to restrain, enjoin, prevent the consummation of or otherwise challenge the issuance and sale of the Securities by the Company, or (ii) could have any effect on
the power or ability of 

2

 

(A) the
Company to perform its obligations under the Basic Documents and (B) each Transaction Party to perform its respective obligations under each Transaction Document to which it is a
party or, in each case, to consummate the transactions contemplated thereby including application of the proceeds of the issuance of the Securities as set forth in the Final Memorandum. 

        (k)   To
such counsel's knowledge, none of the Company or the Subsidiaries is (i) in violation of its certificate of incorporation or bylaws (or similar organizational
document), (ii) in breach or violation of any statute, judgment, decree, order, rule or regulation applicable to it or any of its properties or assets, which breach or violation would,
individually or in the aggregate, have a Material Adverse Effect, or (iii) in default (and no event has occurred that with notice or passage of time, or both, would
constitute a default) in the performance or observance of any obligation, agreement, covenant or condition contained in any Basic Document or any Transaction Document or any other contract, indenture,
mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit, certificate or agreement or instrument to which it is a party or to which it is subject, which default
would, individually or in the aggregate, have a Material Adverse Effect. 

        (l)    The
execution, delivery and performance by the Company of the Basic Documents, the execution, delivery and performance by each Transaction Party of each Transaction
Document to which it is a party, the issuance and sale by the Company of the Securities and the execution, delivery and performance by each Transaction Party of all other agreements and instruments to
be executed and delivered by such Transaction Party, pursuant thereto or in connection therewith, and compliance by each Transaction Party with the terms and provisions thereof to the extent
applicable to such party, do not and will not (i) violate any provision of any law, rule or regulation (including, without limitation, Regulation G, T, U or X of the Board of Governors
of the Federal Reserve System), order, writ, judgment, decree, determination or award known to such counsel presently in effect or in effect on the Closing Date having applicability to any of the
Transaction Parties, (ii) conflict with, constitute or result in a breach or violation of (A) any of the terms or provisions of, or constitute a default (or an event that, with notice or
lapse of time or both, would constitute a default) by any Transaction Party or give rise to any right to accelerate the maturity or require the prepayment of any indebtedness under any contract,
indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, authorization, permit, certificate or other agreement or document known to such counsel to which any
Transaction Party is a party or by which it may be bound, or to which it or any of its assets or businesses is subject, (B) the articles of incorporation and bylaws or the certificate of
limited partnership and limited partnership agreement, as the case may be (each, an "Organizational Document"), of any of the Transaction Parties or (C) any statute, judgment, decree, order,
rule or regulation of any court or governmental agency or other body applicable to any of the Transaction Parties or any of their respective properties or assets, or (iii) except as
contemplated by the Transaction Documents, result in, or require the creation or imposition of, any lien upon or with respect to any of the properties now owned or hereafter acquired by any of the
Transaction Parties, except, in each case, where such violation, conflict, breach, default or creation or imposition of any lien would not (individually or in the aggregate) (1) have a Material
Adverse Effect, (2) materially impair the ability of any of the Transaction Parties to perform their respective obligations contemplated by the Transaction Documents and the Final Memorandum or
(3) materially affect the consummation of the transactions contemplated by the Transaction Documents and the Final Memorandum. 

        (m)  Except
as set forth in the Final Memorandum, to such counsel's knowledge, no authorization, consent, approval, license, qualification or formal exemption from, or any
filing, declaration or registration with, any court, governmental agency or regulatory authority or any securities exchange is required (i) in connection with the execution, delivery or
performance by (A) the Company of any of the Basic Documents and (B) each Transaction Party of each 

3

 

Transaction
Document to which it is a party or (ii) to permit the Company to effect payments of principal of, premium and interest on the Securities except (A) as may be required under
state securities or "Blue Sky" laws or the laws of any foreign jurisdiction in connection with the offer and sale of the Securities or (B) as would not (individually or in the aggregate) have a
Material Adverse Effect; all such consents, approvals, authorizations, licenses, qualifications, exemptions and orders set forth in the Final Memorandum that are required to be obtained by the Closing
Date have been obtained or made, as the case may be, and are in full force and effect and not the subject of any pending or, to the best of such counsel's knowledge, threatened attack by appeal or
direct proceeding or otherwise. 

        (n)   The
Company is not and, immediately after the Closing Date, will not be an "investment company" or a company "controlled" by an "investment company" within the meaning
of the Investment Company Act of 1940, as amended. 

        (o)   The
statements set forth under the headings "Description of the Notes" and "Description of Other Indebtedness" in the Final Memorandum, insofar as such statements
purport to summarize certain provisions of the Securities and the Indenture, provide a fair summary of such provisions and information with respect thereto. 

        (p)   Assuming
the accuracy of the Initial Purchaser's representations and warranties set forth in the Purchase Agreement and the due performance by the Initial Purchaser of
the covenants and agreements set forth in the Purchase Agreement, the offer, sale and delivery of the Securities to the Initial Purchaser in the manner contemplated by the Purchase Agreement and the
Final Memorandum or in connection with the initial resale of the Securities by the Initial Purchaser in accordance with Section 9 of the Purchase Agreement does not require registration under
the Securities Act and the Indenture does not require qualification under the Trust Indenture Act of 1939, as amended. 

        (q)   No
securities of the Company are of the same class (within the meaning of Rule 144A under the Securities Act) as the Securities and listed on a national
securities exchange registered under Section 6 of the Exchange Act, or quoted in a U.S. automated inter-dealer quotation system. 

        (r)   To
such counsel's knowledge, there are no legal or governmental proceedings, nor any contracts or other documents required by the Securities Act to be described in a
prospectus that have not been described in the Final Memorandum. 

        Such
counsel shall additionally state that in its capacity as counsel to the Company, it has participated in the preparation of the Final Memorandum and in conferences with officers and
other representatives of the Company and representatives of the independent public accountants for the Company at which the contents of the Final Memorandum and related matters were discussed and,
although it is not passing upon and does not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Final Memorandum (except as otherwise indicated in
clauses (a) through (r) above) on the foregoing basis, no facts have come to its attention that leads it to believe that, as of the date of the Final Memorandum or as of date hereof, the
Final Memorandum (other than the financial statements and other financial and statistical data and information included therein or omitted therefrom, as to which it expresses no opinion) contained or
contains an untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not
misleading. 

4

QuickLinks

PURCHASE AGREEMENT

Form of Opinion of Kaplan, Strangis and Kaplan, P.A.QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 4.8  

 
 

REGISTRATION RIGHTS AGREEMENT    
    
    Dated as of March 24, 2005    
    
    between    
    
    AFFINITY GROUP HOLDING, INC.    
    
    and    
    
    CIBC WORLD MARKETS
CORP.    
    
    as Initial Purchaser    
    

 $88,200,000  

 107/8% SENIOR NOTES DUE 2012  

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	 
	 	Page

	1.	 	Definitions	 	1
	2.	 	Exchange Offer	 	4
	3.	 	Shelf Registration	 	7
	4.	 	Additional Interest	 	8
	5.	 	Registration Procedures	 	9
	6.	 	Registration Expenses	 	16
	7.	 	Indemnification	 	17
	8.	 	Rules 144 and 144A	 	20
	9.	 	Underwritten Registrations	 	20
	10.	 	Miscellaneous	 	20
	 	 	(a)	 	Remedies	 	20
	 	 	(b)	 	No Inconsistent Agreements	 	21
	 	 	(c)	 	Adjustments Affecting Registrable Notes	 	21
	 	 	(d)	 	Amendments and Waivers	 	21
	 	 	(e)	 	Notices	 	21
	 	 	(f)	 	Successors and Assigns	 	22
	 	 	(g)	 	Counterparts	 	23
	 	 	(h)	 	Headings	 	23
	 	 	(i)	 	Governing Law	 	23
	 	 	(j)	 	Severability	 	23
	 	 	(k)	 	Notes Held by the Company or Its Affiliates	 	23
	 	 	(l)	 	Third Party Beneficiaries	 	23
	 	 	(m)	 	Entire Agreement	 	23

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        This Registration Rights Agreement (the "Agreement") is made and entered into as of March 24, 2005, between
Affinity Group Holding, Inc., a Delaware corporation (the "Company"), and CIBC World Markets Corp. (the "Initial
Purchaser"). 

        This
Agreement is entered into in connection with the Purchase Agreement, dated March 21, 2005 (the "Purchase Agreement"), between
the Company and the Initial Purchaser, relating to the sale by the Company to the Initial Purchaser of $88,200,000 aggregate principal amount of the Company's 107/8% Senior Notes due
2012 (the "Notes"). In order to induce the Initial Purchaser to enter into the Purchase Agreement, the Company has agreed to provide the registration
rights set forth in this Agreement for the benefit of the holders of Registrable Notes (as defined), including, without limitation, the Initial Purchaser. The execution and delivery of this Agreement
is a condition to the Initial Purchaser's obligation to purchase the Notes under the Purchase Agreement. 

        The
parties hereby agree as follows: 

1.    Definitions    

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

        Additional Interest:    See Section 4(a) hereof. 

        Advice:    See the last paragraph of Section 5 hereof. 

        Agreement:    See the first introductory paragraph to this Agreement. 

        Applicable Period:    See Section 2(b) hereof. 

        Business Day:    A day that is not a Saturday, a Sunday or a day on which banking institutions in New York, New York are
required to be closed. 

        Closing Date:    The Closing Date as defined in the Purchase Agreement. 

        Commission:    The Securities and Exchange Commission. 

        Company:    See the first introductory paragraph to this Agreement. 

        Effectiveness Date:    (i) The 180th day after the Issue Date, in the case of the Exchange Registration Statement or an
Initial Shelf Registration filed in lieu of the Exchange Registration Statement, and (ii) in the case of an Initial Shelf Registration filed following delivery of a Shelf Notice, the 60th day
after the filing of such Initial Shelf Registration. 

        Effectiveness Period:    See Section 3(a) hereof. 

        Event Date:    See Section 4(b) hereof. 

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

        Exchange Notes:    See Section 2(a) hereof. 

        Exchange Offer:    See Section 2(a) hereof. 

        Exchange Registration Statement:    See Section 2(a) hereof. 

        Filing Date:    The 45th day after the Issue Date (regardless of whether the actual filing precedes such date). 

        Holder:    Any registered holder of Registrable Notes. 

        Indemnified Person:    See Section 7(c) hereof. 

 

        Indemnifying Person:    See Section 7(c) hereof. 

        Indenture:    The Indenture, dated as of March 24, 2005, between the Company 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 thereof. 

        Initial Purchaser:    See the first introductory paragraph to this Agreement. 

        Initial Shelf Registration:    See Section 3(a) hereof. 

        Inspectors:    See Section 5(o) hereof. 

        Issue Date:    The date on which the Notes were sold to the Initial Purchaser pursuant to the Purchase Agreement. 

        NASD:    National Association of Securities Dealers, Inc. 

        Notes:    See the second introductory paragraph to this Agreement. 

        Participant:    See Section 7(a) hereof. 

        Participating Broker-Dealer:    See Section 2(b) hereof. 

        Person:    Any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company,
trust, unincorporated organization or government (including any agency or political subdivision thereof). 

        Private Exchange:    See Section 2(b) hereof. 

        Private Exchange Notes:    See Section 2(b) hereof. 

        Prospectus:    The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to
completion and a prospectus that includes any 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 second introductory paragraph to this Agreement. 

        Records:    See Section 5(o) hereof. 

        Registrable Notes:    Each Note upon original issuance thereof and at all times subsequent thereto, each Exchange Note as to
which Section 2(c)(iv) hereof is applicable upon original issuance thereof and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof and at all
times subsequent thereto, until, in the case of any such Note, Exchange Note or Private Exchange Note, as the case may be, the earliest to occur of (i) a Registration Statement (other than,
with respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable) covering such Note, Exchange Note or Private Exchange Note, as the case may be, has been declared
effective by the Commission and such Note, Exchange Note or Private Exchange Note, as the case may be, has been disposed of in accordance with such effective Registration Statement, (ii) such
Note, Exchange Note or Private Exchange Note, as the case may be, is sold in compliance with Rule 144, (iii) in the case of any Note, such Note has been exchanged pursuant to the
Exchange Offer for an Exchange Note or Exchange Notes which may be resold without restriction under federal securities laws, or (iv) such Note, 

2

 

Exchange
Note or Private Exchange Note, as the case may be, ceases to be outstanding for purposes of the Indenture. 

        Registration Statement:    Any registration statement of the Company, including, but not limited to, the Exchange Registration
Statement, that covers 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 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 Commission 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 of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 

        Rule 144A:    Rule 144A 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 Commission. 

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

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

        Shelf Notice:    See Section 2(c) hereof. 

        Shelf Registration:    See Section 3(b) hereof. 

        Subsequent Shelf Registration:    See Section 3(b) hereof. 

        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 Company are sold to an
underwriter for reoffering to the public. 

2.    Exchange Offer    

        (a)   The
Company agrees to file with the Commission no later than the Filing Date, an offer to exchange (the "Exchange Offer")
any and all of the Registrable Notes (other than Private Exchange Notes, if any) for a like aggregate principal amount of debt securities of the Company that are identical in all material respects to
the Notes (the "Exchange Notes") (and that are entitled to the benefits of the Indenture or a trust indenture that is identical in all material respects
to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to comply with any requirements of the Commission to effect or maintain the
qualification thereof under the TIA) and which, in either case, has been qualified under the TIA), except that the Exchange Notes shall have been registered pursuant to an effective Registration
Statement under the Securities Act and shall contain no restrictive legend thereon. The Exchange Offer shall be registered under the Securities Act on the appropriate form (the
"Exchange Registration Statement") and shall comply with all applicable tender offer rules and regulations under the Exchange Act. The Company agrees to
use its best efforts to (x) cause the Exchange Registration Statement to be declared effective under the Securities Act on or before the Effectiveness Date; (y) keep the Exchange Offer
open for not less than 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is first mailed to Holders; and (z) consummate the Exchange
Offer on or prior to the 45th day following the date on 

3

 

which
the Exchange Registration Statement is declared effective (but in no event later than the 210th day after the Issue Date). If after such Exchange Registration Statement is initially declared
effective by the Commission, the Exchange Offer or the issuance of the Exchange Notes thereunder is interfered with by any stop order, injunction or other order or requirement of the Commission or any
other governmental agency or court, such Exchange Registration Statement shall be deemed not to have become effective for purposes of this Agreement. Each Holder who participates in the Exchange Offer
will be required to represent that any Exchange Notes received by it will be acquired in the ordinary course of its business, that, at the time of the consummation of the Exchange Offer, such Holder
will have no arrangement or understanding with any Person to participate in the distribution of the Exchange Notes and that such Holder is not an affiliate of the Company within the meaning of the
Securities Act, and make any additional representations that in the written opinion of counsel to the Company are necessary under then-existing interpretations of the Commission in order
for the Exchange Registration Statement to be declared effective. Upon consummation of the Exchange Offer in accordance with this Section 2, the provisions of this Agreement shall continue to
apply, mutatis mutandis, solely with respect to Registrable Notes that are Private Exchange Notes and Exchange Notes held by Participating
Broker-Dealers, and the Company shall have no further obligation to register Registrable Notes (other than Private Exchange Notes and other than in respect of any Exchange Notes as to which
clause 2(c)(iv) hereof applies) pursuant to Section 3 of this Agreement. 

        (b)   The
Company shall 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 a summary statement of the positions taken or policies made by the staff of the Commission 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 (a
"Participating Broker-Dealer"), whether such positions or policies have been publicly disseminated by the staff of the Commission or such positions or
policies, in the judgment of the Initial Purchaser, represent the prevailing views of the staff of the Commission. Such "Plan of Distribution" section shall also allow, to the extent permitted by
applicable policies and regulations of the Commission, 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
Company shall use its best 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 beginning when the Exchange Notes are first issued in
the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed and such Persons are no longer required to comply with the prospectus
delivery requirements in connection with offers and sales of the Exchange Notes (the "Applicable Period"). 

        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, the Company,
upon the request of the Initial Purchaser, shall, simultaneously with the delivery of the Exchange Notes in the Exchange Offer, 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 debt securities of the Company that are identical in all
material respects 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") (and that are issued pursuant to the same indenture as the Exchange Notes). The Private Exchange Notes shall bear the same
CUSIP number as the Exchange Notes. Interest on the Exchange Notes and Private Exchange Notes will accrue from the last interest payment 

4

 

date
on which interest was paid on the Notes surrendered in exchange therefor or, if no interest has been paid on the Notes, from the Issue Date. 

        In
connection with the Exchange Offer, the Company shall: 

        (1)   mail
to each Holder a copy of the Prospectus forming part of the Exchange Registration Statement and, in the case of the Holders in Canada, any wrapper used in
connection with the private placement
of the Exchange Notes in Canada, together with an appropriate letter of transmittal and related documents; 

        (2)   utilize
the services of a depositary 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; 

        (3)   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 

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

        As
soon as practicable after the close of the Exchange Offer or the Private Exchange, as the case may be, the Company shall: 

        (1)   accept
for exchange all Registrable Notes validly tendered and not validly withdrawn pursuant to the Exchange Offer or the Private Exchange; 

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

        (3)   cause
the Trustee to authenticate and deliver promptly to each Holder 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. 

        The
Exchange Notes and the Private Exchange Notes may be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture, which, in
either event, will provide that the Exchange Notes will not 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 vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or the Notes, if any, will have the right to vote or consent as a
separate class on any matter. 

        (c)   If,
(i) because of any change in law or in currently prevailing interpretations of the staff of the Commission, the Company is not permitted to effect an Exchange
Offer, (ii) the Exchange Offer is not consummated within 210 days of the Issue Date, (iii) any holder of Private Exchange Notes so requests in writing to the Company or
(iv) in the case of any Holder that participates in the Exchange Offer (and tenders its Registrable Notes prior to the expiration thereof), such Holder does not receive Exchange Notes on the
date of the exchange that may be sold without restriction under federal securities laws (other than due solely to the status of such Holder as an affiliate of the Company within the meaning of the
Securities Act) and so notifies the Company within 30 days following the consummation of the Exchange Offer (and providing a reasonable basis for its conclusions), in the case of each of
clauses (i)-(iv), then the Company shall promptly deliver to the Holders and the Trustee written notice thereof (the "Shelf Notice") and shall
file a Shelf Registration pursuant to Section 3 hereof. 

        (d)   Any
distribution in Canada of the Exchange Notes will be effected solely to holders of Registrable Notes who would be eligible to acquire Exchange Notes pursuant to
prospectus exemptions under applicable Canadian securities legislation and, as a condition to the sale of their Registrable Notes pursuant to the Exchange Offer, holders of Registrable Notes in Canada
will be required to make certain representations to the Company, including a representation that they are entitled under 

5

 

applicable
Canadian securities legislation to acquire the Exchange Notes without the benefit of a prospectus qualified under such applicable securities laws. 

3.    Shelf Registration    

        If
a Shelf Notice is delivered as contemplated by Section 2(c) hereof, then: 

        (a)    Shelf Registration.    The Company shall file with the Commission, as promptly as reasonably practicable, 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 Company shall not have yet filed the Exchange Registration Statement, the Company shall file with the Commission the Initial Shelf Registration on or
prior to the Filing Date and shall use its best efforts to cause such Initial Shelf Registration to be declared effective under the Securities Act on or prior to the Effectiveness Date. Otherwise, the
Company shall file with the Commission, as promptly as practicable (such period not to exceed 45 days), the Initial Shelf Registration upon the delivery of the Shelf Notice and shall use its
best efforts to cause such Shelf Registration to be declared effective under the Securities Act on or prior to the Effectiveness Date. 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 designated by them (including, without
limitation, one or more underwritten offerings). The Company shall not permit any securities other than the Registrable Notes to be included in any Shelf Registration. The Company shall use its best
efforts to keep the Initial Shelf Registration continuously effective under the Securities Act until the date that is 24 months from the Issue Date (or, if Rule 144(k) under the
Securities Act is amended to permit unlimited resales by non-affiliates within a lesser period, such lesser period) (subject to
extension pursuant to the last paragraph of Section 5 hereof) (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 or (ii) a Subsequent Shelf Registration
covering all of the Registrable Notes has been declared effective under the Securities Act. 

        (b)    Subsequent Shelf Registrations.    If the Initial Shelf Registration or any Subsequent Shelf Registration
ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), the Company shall use its best
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 the Shelf
Registration in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or 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 Company shall use its best 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 Registrations was previously continuously effective. As
used herein the term "Shelf Registration" means the Initial Shelf Registration and any Subsequent Shelf Registration. 

        (c)    Supplements and Amendments.    The Company shall promptly supplement and amend any Shelf Registration 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 if reasonably requested 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, in each case, with the Company's consent, which
consent shall not be unreasonably withheld or delayed. 

6

 

4.    Additional Interest    

        (a)   The
Company and the Initial Purchaser agree that the Holders of Registrable Notes will suffer damages if the Company fails to fulfill its 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 Company agrees to pay, as liquidated damages,
additional interest on the Registrable Notes ("Additional Interest") under the circumstances and to the extent set forth below (each of which shall be
given independent effect): 

          (i)  if
(A) neither the Exchange Registration Statement nor the Initial Shelf Registration has been filed on or prior to the Filing Date or (B) notwithstanding
that the Company has consummated or will consummate an Exchange Offer, the Company is required to file a Shelf Registration and such Shelf
Registration is not filed on or prior to the 45th day after delivery of the Shelf Notice, then, in the case of subclause (A), commencing on the day after the Filing Date or, in the case of subclause
(B), commencing on the 46th day following delivery of the Shelf Notice, Additional Interest shall accrue on the Registrable Notes over and above the stated interest at a rate of 0.50% per annum for
the first 90 days immediately following the Filing Date or such 45th day, as the case may be, such Additional Interest rate increasing by an additional 0.50% 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 applicable
thereto or (B) notwithstanding that the Company has consummated or will consummate an Exchange Offer, the Company is required to file a Shelf Registration and such Shelf Registration is
not declared effective by the Commission on or prior to the applicable Effectiveness Date, then, commencing on the day after such applicable Effectiveness Date, Additional Interest shall accrue on the
Registrable Notes over and above the stated interest at a rate of 0.50% per annum for the first 90 days immediately following the day after the applicable Effectiveness Date, such Additional
Interest rate increasing by an additional 0.50% per annum at the beginning of each subsequent 90-day period; and 

        (iii)  if
(A) the Company has not exchanged Exchange Notes for all Notes validly tendered in accordance with the terms of the Exchange Offer on or prior to the 210th
day after the Issue Date, (B) the Exchange Registration Statement ceases to be effective prior to consummation of the Exchange Offer or (C) if applicable, a Shelf Registration has been
declared effective and such Shelf Registration ceases to be effective at any time during the Effectiveness Period, then Additional Interest shall accrue on the Registrable Notes over and above the
stated interest at a rate of 0.50% per annum for the first 90 days commencing on the (x) 211st day after the Issue Date in the case of (A) above or (y) the day such
Exchange Registration Statement or Shelf Registration ceases to be effective in the case of (B) and (C) above, such Additional Interest rate increasing by an additional 0.50% per annum
at the beginning of each such subsequent 90-day period; 

provided, however, that the Additional Interest rate on the Registrable Notes may not exceed in the
aggregate 1.50% per annum; provided further that (1) upon the filing of the Exchange Registration Statement or each Shelf Registration (in the
case of (i) above), (2) upon the effectiveness of the Exchange Registration Statement or each Shelf Registration, as the case may be (in the case of (ii) above), or
(3) upon the exchange of Exchange Notes for all Registrable Notes tendered (in the case of (iii)(A) above) or upon the effectiveness of an Exchange Registration Statement or Shelf Registration
that had ceased to remain effective (in the case of (iii)(B) and (C) above), Additional Interest on any Registrable Notes then accruing Additional Interest as a result of such clause (or the
relevant subclause thereof), as the case may be, shall cease to accrue. 

        (b)   The
Company shall notify the Trustee within one Business Day after each and every date on which an event occurs in respect of which Additional Interest is required to be
paid (an "Event Date"). 

7

 

Any
amounts of Additional Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be payable, (i) for any regular interest payment date on or prior to
February 15, 2008, through the issuance of Additional Notes (as defined in the Indenture) in a principal amount equal to the amount of such Additional Interest or, at the election of the
Company made prior to the relevant regular record date therefor (as specified in the Indenture), in cash or (ii) for any regular interest payment date after February 15, 2008, in cash,
in each case, semi-annually on each regular interest payment date specified in the Indenture (to the Holders of Registrable Notes of record on the regular record date therefor (as
specified in the Indenture) immediately preceding such dates), commencing with the first such regular 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 subject thereto, 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 the
denominator of which is 360. 

5.    Registration Procedures    

        In
connection with the filing of any Registration Statement pursuant to Section 2 or Section 3 hereof, the Company shall 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 Company
hereunder, the Company shall: 

        (a)   Prepare
and file with the Commission prior to the Filing Date, the Exchange Registration Statement or, if the Exchange Registration Statement is not filed or is
unavailable, a Shelf Registration, as prescribed by Section 2 or Section 3 hereof, and use its best 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 hereof, or (2) a Prospectus
contained in an Exchange Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Notes during the Applicable Period and has advised the Company that it is a Participating Broker-Dealer, before filing any Registration Statement or Prospectus or any amendments or
supplements thereto, the Company shall, if requested, furnish to and afford the Holders of the Registrable Notes to be registered pursuant to such Shelf Registration or each such Participating
Broker-Dealer, as the case may be, covered by such Registration Statement, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents
(including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days prior to such filing). The Company
shall not file any such Registration Statement or Prospectus or any amendments or supplements thereto 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, their counsel, or the managing underwriters, if any, shall reasonably object. 

        (b)   Prepare
and file with the Commission such 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) under the Securities Act;
and comply with the provisions of the Securities Act and the Exchange Act applicable to it 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 Company shall be deemed
not to have used its best efforts to keep a Registration Statement effective during the Applicable Period if it voluntarily 

8

 

takes
any action that would result in selling Holders of the Registrable Notes covered thereby 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 or unless the Company complies with this Agreement, including, without limitation,
the provisions of paragraph 5(k) hereof and the last paragraph of Section 5 hereof. 

        (c)   If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period from whom the
Company has received written notice that it will be a Participating Broker-Dealer, notify the selling Holders of Registrable Notes, and each such Participating Broker-Dealer, their counsel and the
managing underwriters, if any, promptly (but in any event within two Business Days), and confirm such notice in writing, (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 Commission of any stop order suspending the effectiveness
of a Registration Statement or of any order preventing or suspending the use of any preliminary 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 Company contained in any agreement (including
any underwriting agreement contemplated by Section 5(n) hereof) cease to be true and correct in any material respect, (iv) of the receipt by the Company 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 occurrence 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, 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 not misleading and, in the case of the
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 the light of
the circumstances under which they were made, not misleading, and (vi) of the Company's reasonable determination that a post-effective amendment to a Registration Statement would be
appropriate. 

        (d)   If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its best
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 best efforts to obtain the withdrawal of any such order at the earliest possible date. 

        (e)   If
a Shelf Registration is filed pursuant to Section 3 hereof and if requested by the managing underwriters, if any, or the Holders of a majority in aggregate
principal amount of the Registrable 

9

 

Notes
being sold in connection with an underwritten offering, (i) as promptly as practicable 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 or their counsel reasonably request to be included or made
therein, (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the
matters to be incorporated in such prospectus supplement or post-effective amendment, and (iii) supplement or make amendments to such Registration Statement. 

        (f)    If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to
each selling Holder of Registrable Notes and to each such Participating Broker-Dealer who so requests and to counsel and each managing underwriter, if any, without charge, one conformed copy of the
Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or
deemed to be incorporated therein by reference and all exhibits. 

        (g)   If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer, deliver to each selling Holder of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, their respective counsel, and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of
preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this
Section 5, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes and each Participating
Broker-Dealer, 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. 

        (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 best efforts to register or qualify, and cooperate with the selling Holders of Registrable Notes and each such Participating
Broker-Dealer, 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 the 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 pursuant to an underwritten offering, counsel to the underwriters shall, at the cost and expense of the Company, perform the Blue Sky investigations and
file registrations and qualifications required to be filed pursuant to this Section 5(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
by Participating Broker-Dealers or the Registrable Notes covered by the applicable Registration Statement; provided that the Company shall not 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 excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 

10

 

        (i)    If
a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes, any Participating Broker-Dealer 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)    Use
its best efforts to cause the Registrable Notes covered by the Registration Statement to be registered with or approved by such governmental agencies or authorities
as may be necessary to enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Notes, in which case the Company will cooperate in all
reasonable respects with the filing of such Registration Statement and the granting of such approvals. 

        (k)   If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 hereof 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 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the
Commission, at the Company's sole expense, 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, any 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 the light of the circumstances under which they were made, not misleading. 

        (l)    Use
its best efforts to cause the Registrable Notes covered by a Registration Statement to be rated with the appropriate rating agencies, if so requested by the Holders
of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement or the managing underwriter or underwriters, if any. 

        (m)  Prior
to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with printed certificates for the
Registrable Notes or the Exchange Notes, as the case may be, in a form eligible for deposit with the Depository Trust Company and (ii) provide a CUSIP number for the Registrable Notes or the
Exchange Notes, as the case may be. 

        (n)   In
connection with an underwritten offering of Registrable Notes pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten
offerings of debt securities similar to the Notes and take all such other actions as are reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the
registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and warranties to the underwriters with respect to the business of the Company
and its subsidiaries and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers
to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested; (ii) obtain the opinion of counsel to the Company and
updates thereof in form and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions requested
in underwritten offerings of debt securities similar to the Notes and such other matters as may be reasonably requested by managing underwriters; (iii) obtain "cold comfort" letters and updates
thereof in form and substance reasonably satisfactory to the managing underwriter or underwriters from the independent auditors of 

11

 

the
Company (and, if necessary, any other independent auditors of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are
required to be, included in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in "cold
comfort" letters in connection with underwritten offerings of debt securities similar to the Notes and such other matters as reasonably requested by the managing underwriter or underwriters; and
(iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable than those set forth in Section 7 hereof (or such
other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement and the managing underwriter or
underwriters or agents) with respect to all parties to be indemnified pursuant to said Section. The above shall be done at each closing under such underwriting agreement, or as and to the extent
required thereunder. 

        (o)   If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 hereof 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, and each Participating Broker-Dealer, any underwriter participating in any such disposition of Registrable Notes,
if any, and any attorney, accountant or other agent retained by any such selling Holder, each 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, pertinent corporate documents and
properties of the Company and its subsidiaries (collectively, the "Records") as shall be reasonably necessary to enable them to exercise any applicable
due diligence responsibilities, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information reasonably requested by any such Inspector in connection
with such Registration Statement. Records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors are confidential shall not be disclosed by any Inspector
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 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 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 transactions contemplated
hereby or arising hereunder. Each selling Holder of such Registrable Notes and each 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 Company unless and until such information is made generally
available to the public. Each Inspector, each selling Holder of such Registrable Notes and each Participating Broker-Dealer will be required to further agree that it will, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction pursuant to clauses (ii) or (iv) of the previous sentence or otherwise, give notice to the Company and allow the
Company to undertake appropriate action to obtain a protective order or otherwise prevent disclosure of the Records deemed confidential at its expense. 

        (p)   Provide
an indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture provided for in
Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating to the Registrable
Notes; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes, 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 best efforts to cause such trustee to execute, all 

12

 

documents
as may be required to effect such changes, and all other forms and documents required to be filed with the Commission to enable such indenture to be so qualified in a timely manner. 

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

        (r)   Upon
consummation of the Exchange Offer or a Private Exchange, obtain an opinion of counsel to the Company, in a form customary for underwritten transactions, addressed
to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as the case may be, that the Exchange Notes or the Private Exchange
Notes, as the case may be, and the related indenture constitute legally valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms. 

        (s)   If
the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other Person as directed
by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, the Company shall mark, or caused to be marked, on such Registrable Notes that such Registrable
Notes are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 

        (t)    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. 

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

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

        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 Company of the happening of any event of the kind described in Section 5(c)(ii), Section 5(c)(iv),
Section 5(c)(v) or Section 5(c)(vi) hereof, such Holder will forthwith discontinue disposition of such Registrable Notes covered by such Registration Statement or
Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be, and, in each case, 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 5(k) hereof, or until it is advised in writing (the
"Advice") by the Company that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto. In
the event the Company shall give any such notice, each of the Effectiveness Period and the 

13

 

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 each seller of Registrable Notes
covered by such Registration Statement or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, shall have received (x) the copies of the supplemented or amended
Prospectus contemplated by Section 5(k) hereof or (y) the Advice. 

6.    Registration Expenses    

        All
fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company 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 an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (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 of Registrable Notes are located, in the case of the Exchange Notes, or (y) as provided in Section 5(h)
hereof, 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 certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and 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, as the case may be, (iii) reasonable messenger, telephone and delivery expenses incurred in connection with the Exchange Registration Statement and any Shelf
Registration, (iv) fees and disbursements of one special counsel for all of the sellers of Registrable Notes, (v) fees and disbursements of all independent auditors referred to in
Section 5(n)(iii) hereof (including, without limitation, the expenses of any special audit and "cold comfort" letters required by or incident to such performance), (vi) rating
agency fees, (vii) Securities Act liability insurance, if the Company desires such insurance, (viii) fees and expenses of all other Persons retained by the Company, (ix) internal
expenses of the Company (including, without limitation, all salaries and expenses of officers and employees of the Company performing legal or accounting duties), (x) the expense of any annual
or special audit, (xi) the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, (xii) the fees and disbursements of
underwriters, if any,
customarily paid by issuers or sellers of securities (but not including any underwriting discounts or commissions or transfer taxes, if any, attributable to the sale of the Registrable Notes, which
discounts, commissions or taxes shall be paid by Holders of such Registrable Notes) 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. 

7.    Indemnification    

        (a)   The
Company agrees to indemnify and hold harmless each Holder of Registrable Notes and each Participating Broker-Dealer, the officers, directors, employees and agents of
each such Person, and each Person, if any, who controls any such Person within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a
"Participant"), from and against any and all losses, claims, damages and liabilities (including, without limitation, the reasonable legal fees and other
reasonable expenses actually incurred in connection with any suit, action or proceeding or any claim asserted) caused by, arising out of or based upon any untrue statement or alleged untrue statement
of a material fact contained in any Registration Statement or Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or caused by, arising
out of or based upon any omission or alleged omission to state therein a material fact required to be stated 

14

 

therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages or liabilities are
caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Participant furnished to the Company in
writing by or on behalf of such Participant expressly for use therein; provided, however, that the
Company shall not be liable if such untrue statement or omission or alleged untrue statement or omission was contained or made in any preliminary prospectus and corrected in the Prospectus or any
amendment or supplement thereto and the Prospectus does not contain any other untrue statement or omission or alleged untrue statement or omission of a material fact that was the subject matter of the
related proceeding and any such loss, liability, claim, damage or expense suffered or incurred by the Participants resulted from any action, claim or suit by any Person who purchased Registrable Notes
or Exchange Notes that are the subject thereof from such Participant and it is established in the related proceeding that such Participant failed to deliver or provide a copy of the Prospectus (as
amended or supplemented) to such Person with or prior to 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 Company with Section 5 of this Agreement. 

        (b)   Each
Participant will be required to agree, severally and not jointly, to indemnify and hold harmless the Company, its directors and officers and each Person who
controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to each
Participant, but only with reference to information relating to such Participant furnished to the Company in writing by such Participant expressly for use in any Registration Statement or Prospectus,
any amendment or supplement thereto or any preliminary prospectus. The liability of any Participant under this paragraph shall in no event exceed the proceeds received by such Participant from sales
of Registrable Notes or Exchange Notes giving rise to such obligations. 

        (c)   If
any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of
which indemnity may be sought pursuant to either of the two preceding paragraphs, such Person (the "Indemnified Person") shall promptly notify the
Person against whom such indemnity may be sought (the "Indemnifying Person") in writing, and the Indemnifying Person, upon request of the Indemnified
Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others the Indemnifying Person may reasonably designate in such proceeding
and shall pay the reasonable fees and expenses actually incurred by such counsel related to such proceeding; provided,  however, that the failure to so
notify the Indemnifying Person shall not relieve it of any obligation or liability that it may have under
Section 7 (a) or Section 7 (b) hereof except to the extent that the Indemnifying Person is unaware of the commencement of such action and such omission results in the
forfeiture by the Indemnifying Person of substantial rights and defenses. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed in writing to the contrary,
(ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person or (iii) the named parties in any such proceeding
(including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and the Indemnified Person shall have reasonably concluded that there may be one or more legal
defenses available to it and/or other Indemnified Persons that are different from or in addition to those available to any such Indemnifying Person. It is understood that, unless there is a conflict
among Indemnified Persons, the Indemnifying Person shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one
separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for the 

15

 

Participants
and control Persons of Participants shall be designated in writing by Participants who sold a majority in interest of Registrable Notes sold by all such Participants and any such separate
firm for the Company, its respective directors, officers and such control Persons of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such consent or if there is a final non-appealable judgment for the plaintiff, the Indemnifying
Person agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified
Person shall have requested an Indemnifying Person to reimburse the Indemnified Person for reasonable fees and expenses actually incurred by counsel as contemplated by the third sentence of this
paragraph, the Indemnifying Person agrees that it shall be liable for any settlement of any proceeding effected without its consent if (i) such settlement is entered into more than
30 days after receipt by such Indemnifying Person of the aforesaid request and (ii) such Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such
request prior to the date of such settlement; provided, however, that the Indemnifying Person shall not
be liable for any settlement effected without its consent pursuant to this sentence if the Indemnifying Person is contesting, in good faith, the request for reimbursement. No Indemnifying Person
shall, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a
party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance
satisfactory to such Indemnified Person, 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 an Indemnified Person. 

        (d)   If
the indemnification provided for in the first and second paragraphs of this Section 7 is unavailable to, or insufficient to hold harmless, an Indemnified
Person in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraphs, in lieu of indemnifying such Indemnified Person thereunder and
in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities in such
proportion as is appropriate to reflect the relative fault of the Indemnifying Person or Persons on the one hand and the Indemnified Person or Persons 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) as well as any other relevant equitable considerations. 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 Company on the one hand or by the Participants or such other Indemnified Person, as the case may be, on the other, the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission and any other equitable considerations appropriate under the circumstances. 

        (e)   The
parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro
rata allocation (even if the Participants were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in the
immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Person in
connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall a Participant be required to contribute any amount in
excess of the amount by which proceeds received by such Participant from sales of Registrable Notes or Exchange Notes, as the case may be, exceeds the amount of any damages that such Participant has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty 

16

 

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. 

        (f)    The
indemnity and contribution agreements contained in this Section 7 will be in addition to any liability that the Indemnifying Persons may otherwise have to the
Indemnified Persons referred to above. 

8.    Rules 144 and 144A    

        The
Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission
thereunder in a timely
manner and, if at any time it is not required to file such reports, it will, upon the request of any Holder of Registrable Notes, make publicly available other information so long as necessary to
permit sales pursuant to Rule 144 and Rule 144A under the Securities Act. The Company further covenants, for so long as any Registrable Notes remain outstanding, to make available to any
Holder or beneficial owner of Registrable Notes in connection with any sale thereof and any prospective purchaser of such Registrable Notes from such Holder or beneficial owner, the information
required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Notes pursuant to Rule 144A. 

9.    Underwritten Registrations    

        If
any of the Registrable Notes covered by any Shelf Registration are 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 and reasonably acceptable to the Company. 

        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. 

10.    Miscellaneous    

        (a)    Remedies.    In the event of a breach by the Company of any of its obligations under this Agreement, each
Holder of Registrable Notes and each Participating Broker-Dealer holding Exchange Notes, 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 Company agrees that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

        (b)    No Inconsistent Agreements.    The Company has not entered into, as of the date hereof, and the Company shall
not enter into, after the date of this Agreement, any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Registrable Notes in this Agreement
or otherwise conflicts with the provisions hereof. The Company has not entered into and shall 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 Company 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 of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this
Agreement. 

17

 

        (d)    Amendments and Waivers.    The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of (A) the Holders of not less than a majority in aggregate
principal amount of the then outstanding Registrable Notes and (B) in circumstances that would adversely affect Participating Broker-Dealers, the Participating Broker-Dealers holding not less
than a majority in aggregate principal amount of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 hereof and this Section 10(d) may not be
amended, modified or supplemented without the prior written covnsent of each Holder and each Participating Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of
Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement). 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 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 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 courier or facsimile: 

        1.     if
to a Holder of Registrable Notes or 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 under the Indenture, with a copy in like manner to the Initial Purchaser as follows: 

CIBC
World Markets Corp.

300 Madison Avenue

4th Floor

New York, New York 10017

Facsimile No.: (212) 885-4801

Attention: Leveraged Finance Group 

with
a copy to: 

Cahill
Gordon & Reindel LLP

80 Pine Street

New York, New York 10005

Facsimile No.: (212) 269-5420

Attention: Roger

Meltzer, Esq. 

        2.     if
to the Initial Purchaser, at the address specified in Section 10(e)(1) hereof; 

        3.     if
to the Company, as follows: 

Affinity
Group Holding, Inc.

2575 Vista Del Mar Drive

Ventura, California 93001

Facsimile No.: (805) 667-4419

Attention: Thomas Wolfe 

with
copies to: 

Kaplan,
Strangis and Kaplan, P.A.

5500 Wells Fargo Center

90 South Seventh Street

Minneapolis, Minnesota 55402

Facsimile No.: (612) 375-1143

Attention: Robert York, Esq. 

18

 

        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 mail,
postage prepaid, if mailed; one Business Day after being timely delivered to a next-day courier guaranteeing overnight delivery; and when receipt is acknowledged by the addressee, if
faxed. 

        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 and the Holders; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the
extent such successor or assign holds Registrable Notes. 

        (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, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE
PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

        (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 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. 

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

        (l)    Third Party Beneficiaries.    Holders of Registrable Notes 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 and the Indenture, 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, understandings, correspondence, conversations and memoranda among the Initial Purchaser on the one hand and the Company on the other, or between
or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof or thereof are merged herein and
replaced hereby. 

19

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

	

 	
 	

AFFINITY GROUP HOLDING, INC.
	

 	
 	

By:	
 	

/s/  THOMAS F. WOLFE          

	 	 	 	 	Name:	 	Thomas F. Wolfe
	 	 	 	 	Title:	 	Chief Financial Officer

	

 	
 	

CIBC WORLD MARKETS CORP.
	

 	
 	

By:	
 	

/s/  BRIAN PERMAN      

	 	 	 	 	Name:	 	Brian Perman
	 	 	 	 	Title:	 	Managing Director

QuickLinks

REGISTRATION RIGHTS AGREEMENT Dated as of March 24, 2005 between AFFINITY GROUP HOLDING, INC. and CIBC WORLD MARKETS CORP. as Initial Purchaser

TABLE OF CONTENTS

REGISTRATION RIGHTS AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]