Document:

Euro 200,000,000

                          WINSTAR COMMUNICATIONS, INC.

                       Euro 12-3/4% Senior Notes Due 2010

                          REGISTRATION RIGHTS AGREEMENT

                                                               April 10, 2000

CREDIT SUISSE FIRST BOSTON (EUROPE) LIMITED
SALOMON BROTHERS INTERNATIONAL LIMITED
GOLDMAN SACHS INTERNATIONAL
MERRILL LYNCH INTERNATIONAL
BNY CAPITAL MARKETS, INC.

CIBC WORLD MARKETS CORP.
ABN AMRO Incorporated
BARCLAYS BANK PLC

CREDIT LYONNAIS SECURITIES (USA) INC.
DRESDNER BANK AG LONDON BRANCH
FLEETBOSTON ROBERTSON STEPHENS INC.
J.P. MORGAN SECURITIES LTD.
RBC DOMINION SECURITIES CORPORATION
SOCIETE GENERALE
SCOTIA CAPITAL (USA) INC.
TD SECURITIES (USA) INC.

c/o CREDIT SUISSE FIRST BOSTON (EUROPE) LIMITED
         One Cabot Square

         London E14 4OJ
         United Kingdom

Ladies and Gentlemen:

     Winstar Communications, Inc., a Delaware corporation (the "Issuer") has
agreed to issue and sell to Credit Suisse First Boston (Europe) Limited, Salomon
Brothers International Limited, Goldman Sachs International, Merrill Lynch
International, BNY Capital Markets, Inc., CIBC World Markets Corp., Barclays
Bank plc, Credit Lyonnais Securities (USA) Inc., Dresdner Bank AG London Branch,
FleetBoston Robertson Stephens Inc., J.P. Morgan Securities Ltd., RBC Dominion
Securities Corporation, Societe Generale, Scotia Capital (USA) Inc. and Toronto
Dominion Bank (Europe) Limited severally as the initial purchasers (the "Initial
Purchasers"), upon the terms set forth in a purchase agreement of even date
herewith (the "Purchase Agreement"), Euro 200,000,000 of the Issuer's 12-3/4%
Senior Notes Due 2010 (the "Initial Securities"). The Offered Securities will be
issued pursuant to a separate Indenture, dated as of April 10, 2000 (the
"Indenture"), between the Issuer and United States Trust Company of New York, as
trustee (the "Trustee"). As an inducement to the Initial Purchasers, the Issuer
agrees with the Initial Purchasers, for the benefit of the holders of the
Initial Securities (including, without limitation, the Initial Purchasers), the
Exchange Securities (as defined below) and the Private Exchange Securities (as
defined below) (collectively the "Holders"), as follows:

     1. Registered Exchange Offer. Unless not permitted by applicable law (after
the Issuer has complied with the ultimate paragraph of this Section 1), the
Issuer shall prepare and, not later than 90 days (such 90th day being a "Filing
Deadline") after the date on which the Initial Purchasers purchase the Initial
Securities pursuant to the Purchase Agreement (the "Closing Date"), file with
the Securities and Exchange Commission (the "Commission") a registration
statement (the "Exchange Offer Registration Statement") on an appropriate form
under the Securities Act of 1933, as amended (the "Securities Act"), with
respect to a proposed offer (the "Registered Exchange Offer") to the Holders of
Transfer Restricted Securities (as defined in Section 6 hereof), who are not
prohibited by any law or policy of the Commission from participating in the
Registered Exchange Offer, to issue and deliver to such Holders, in exchange for
the Initial Securities, a like aggregate principal amount of debt securities of
the Issuer issued under the Indenture, identical in all material respects to the
applicable Initial Securities and registered under the Securities Act (the
"Exchange Securities"). The Issuer shall use its best efforts to (i) cause such
Exchange Offer Registration Statement to become effective under the Securities
Act within 180 days after the Closing Date (such 180th day being an
"Effectiveness Deadline") and (ii) keep the Exchange Offer Registration
Statement effective for not less than 30 days (or longer, if required by
applicable law) after the date notice of the Registered Exchange Offer is mailed

<PAGE>

to the Holders (such period being called the "Exchange Offer Registration
Period").

     If the Issuer commences the Registered Exchange Offer, the Issuer (i) will
be entitled to consummate the Registered Exchange Offer 30 days after such
commencement (provided that the Issuer has accepted all the Initial Securities
theretofore validly tendered in accordance with the terms of the Registered
Exchange Offer) and (ii) will be required to consummate the Registered Exchange
Offer no later than 40 days after the date on which the Exchange Offer
Registration Statement is declared effective (such 40th day being the
"Consummation Deadline").

     Following the declaration of the effectiveness of the Exchange Offer
Registration Statement, the Issuer shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to
enable each Holder of Transfer Restricted Securities electing to exchange the
Initial Securities for Exchange Securities (assuming that such Holder is not an
affiliate of the Issuer within the meaning of the Securities Act, acquires the
Exchange Securities in the ordinary course of such Holder's business and has no
arrangements with any person to participate in the distribution of the Exchange
Securities and is not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer) to trade such Exchange
Securities from and after their receipt without any limitations or restrictions
under the Securities Act and without material restrictions under the securities
laws of the several states of the United States.

     The Issuer acknowledges that, pursuant to current interpretations by the
Commission's staff of Section 5 of the Securities Act, in the absence of an
applicable exemption therefrom, (i) each Holder which is a broker-dealer
electing to exchange Initial Securities, acquired for its own account as a
result of market making activities or other trading activities, for Exchange
Securities (an "Exchanging Dealer"), is required to deliver a prospectus
containing the information set forth in (a) Annex A hereto on the cover, (b)
Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of
the Exchange Offer" section, and (c) Annex C hereto in the "Plan of
Distribution" section of such prospectus in connection with a sale of any such
Exchange Securities received by such Exchanging Dealer pursuant to the
Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell
Securities (as defined below) acquired in exchange for Initial Securities
constituting any portion of an unsold allotment, is required to deliver a
prospectus containing the information required by Items 507 or 508 of Regulation
S-K under the Securities Act, as applicable, in connection with such sale.

     The Issuer shall use its best efforts to keep the Exchange Offer
Registration Statement effective and to amend and supplement the prospectus
contained therein, in order to permit such prospectus to be lawfully delivered
by all persons subject to the prospectus delivery requirements of the Securities
Act for such period of time as such persons must comply with such requirements
in order to resell the Exchange Securities; provided, however, that (i) in the
case where such prospectus and any amendment or supplement thereto must be
delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be
the lesser of 180 days and the date on which all Exchanging Dealers and the
Initial Purchasers have sold all Exchange Securities held by them (unless such
period is extended pursuant to Section 3(j) below) and (ii) the Issuer shall
make such prospectus and any amendment or supplement thereto available to any
broker-dealer for use in connection with any resale of any Exchange Securities
for a period of not less than 180 days after the consummation of the Registered
Exchange Offer.

     If, upon consummation of the Registered Exchange Offer, any Initial
Purchaser holds Initial Securities acquired by it as part of its initial
distribution, the Issuer, simultaneously with the delivery of the Exchange
Securities pursuant to the Registered Exchange Offer, shall issue and deliver to
such Initial Purchaser upon the written request of such Initial Purchaser, in
exchange (the "Private Exchange") for the Initial Securities held by such
Initial Purchaser, a like principal amount of debt securities of the Issuer
issued under the Indenture and identical in all material respects to the
applicable Initial Securities (the "Private Exchange Securities"). The Initial
Securities, the Exchange Securities and the Private Exchange Securities are
herein collectively called the "Securities".

     In connection with the Registered Exchange Offer, the Issuer shall:

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

          (b) keep the Registered Exchange Offer open for not less than 30 days
     (or longer, if required by applicable law) after the date notice thereof is
     mailed to the Holders;

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<PAGE>

          (c) utilize the services of a depositary for the Registered Exchange
     Offer with an address in the Borough of Manhattan, The City of New York,
     which may be the Trustee or an affiliate of the Trustee;

          (d) permit Holders to withdraw tendered Securities at any time prior
     to the close of business, New York time, on the last business day on which
     the Registered Exchange Offer shall remain open; and

          (e) otherwise comply with all applicable laws.

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

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

          (y) deliver to the Trustee for cancellation all the Initial Securities
     so accepted for exchange; and

          (z) cause the Trustee to authenticate and deliver promptly to each
     Holder of the Initial Securities, Exchange Securities or Private Exchange
     Securities, as the case may be, equal in principal amount to the Initial
     Securities of such Holder so accepted for exchange.

     The Indenture will provide that the Exchange Securities will not be subject
to the transfer restrictions set forth in the Indenture and that all the
Securities will issued pursuant to the Indenture vote and consent together on
all matters as one class and that none of the Securities issued pursuant to the
Indenture will have the right to vote or consent as a class separate from one
another on any matter.

     Interest on each Exchange Security and Private Exchange Security issued
pursuant to the Registered Exchange Offer and in the Private Exchange will
accrue from the last interest payment date on which interest was paid on the
Initial Securities surrendered in exchange therefor or, if no interest has been
paid on the Initial Securities, from the date of original issue of the Initial
Securities.

     Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Issuer that at the time of the consummation of the
Registered Exchange Offer (i) any Exchange Securities received by such Holder
will be acquired in the ordinary course of business, (ii) such Holder will have
no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of
the Securities Act, (iii) such Holder is not an "affiliate," as defined in Rule
405 of the Securities Act, of the Issuer or if it is an affiliate, such Holder
will comply with the registration and prospectus delivery requirements of the
Securities Act to the extent applicable, (iv) if such Holder is not a
broker-dealer, that it is not engaged in, and does not intend to engage in, the
distribution of the Exchange Securities and (v) if such Holder is a
broker-dealer, that it will receive Exchange Securities for its own account in
exchange for Initial Securities that were acquired as a result of market-making
activities or other trading activities and that it will be required to
acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Securities.

     Notwithstanding any other provisions hereof, the Issuer will ensure that
(i) any Exchange Offer Registration Statement and any amendment thereto and any
prospectus forming part thereof and any supplement thereto complies in all
material respects with the Securities Act and the rules and regulations
thereunder, (ii) any Exchange Offer Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading and (iii) any prospectus
forming part of any Exchange Offer Registration Statement, and any supplement to
such prospectus, does not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading.

     If following the date hereof there has been announced a change in
Commission policy with respect to exchange offers that in the reasonable opinion
of counsel to the Issuer raises a substantial question as to whether the
Registered Exchange Offer is permitted by applicable federal law, the Issuer
will seek a no-action letter or other favorable decision from the Commission
allowing the Issuer to consummate the Registered Exchange Offer. The Issuer will
pursue the issuance of such a decision to the Commission staff level. In
connection with the foregoing, the Issuer will take all such other reasonable
actions as may be requested by the Commission or otherwise reasonably required

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<PAGE>

in connection with the issuance of such decision, including without limitation
(i) participating in telephonic conferences with the Commission, (ii) delivering
to the Commission staff an analysis prepared by counsel to the Issuer setting
forth the legal bases, if any, upon which such counsel has concluded that the
Registered Exchange Offer should be permitted and (iii) diligently pursuing a
resolution (which need not be favorable) by the Commission staff.

     2. Shelf Registration. If, (i) because of any change in law or in
applicable interpretations thereof by the staff of the Commission, the Issuer is
not permitted to effect a Registered Exchange Offer, as contemplated by Section
1 hereof, (ii) the Registered Exchange Offer is not consummated by the 220th day
after the Closing Date, (iii) any Initial Purchaser so requests with respect to
the Initial Securities (or the Private Exchange Securities) not eligible to be
exchanged for Exchange Securities in the Registered Exchange Offer and held by
it following consummation of the Registered Exchange Offer or (iv) any Holder
(other than an Exchanging Dealer) is not eligible to participate in the
Registered Exchange Offer or, in the case of any Holder (other than an
Exchanging Dealer) that participates in the Registered Exchange Offer, such
Holder does not receive freely tradeable Exchange Securities on the date of the
exchange and any such Holder so requests, the Issuer shall take the following
actions (the date on which any of the conditions described in the foregoing
clauses (i) through (iv) occur, including in the case of clauses (iii) or (iv)
the receipt of the required notice, being a "Trigger Date"):

          (a) The Issuer shall promptly (but in no event more than 30 days after
     the Trigger Date (such 30th day being a "Filing Deadline")) file with the
     Commission and thereafter use its best efforts to cause to be declared
     effective no later than 140 days after the Trigger Date (such 140th day
     being an "Effectiveness Deadline") a registration statement (the "Shelf
     Registration Statement" and, together with the Exchange Offer Registration
     Statement, a "Registration Statement") on an appropriate form under the
     Securities Act relating to the offer and sale of the Transfer Restricted
     Securities by the Holders thereof from time to time in accordance with the
     methods of distribution set forth in the Shelf Registration Statement and
     Rule 415 under the Securities Act (hereinafter, the "Shelf Registration");
     provided, however, that no Holder (other than an Initial Purchaser) shall
     be entitled to have the Securities held by it covered by such Shelf
     Registration Statement unless such Holder agrees in writing to be bound by
     all the provisions of this Agreement applicable to such Holder.

          (b) The Issuer shall use its best efforts to keep the Shelf
     Registration Statement continuously effective in order to permit the
     prospectus included therein to be lawfully delivered by the Holders of the
     relevant Securities, for a period of two years (or for such longer period
     if extended pursuant to Section 3(j) below) from the date of its
     effectiveness or such shorter period that will terminate when all the
     Securities covered by the Shelf Registration Statement (i) have been sold
     pursuant thereto or (ii) are no longer restricted securities (as defined in
     Rule 144 under the Securities Act, or any successor rule thereof). The
     Issuer shall be deemed not to have used its best efforts to keep the Shelf
     Registration Statement effective during the requisite period if it
     voluntarily takes any action that would result in Holders of Securities
     covered thereby not being able to offer and sell such Securities during
     that period, unless such action is required by applicable law.

          (c) Notwithstanding any other provisions of this Agreement to the
     contrary, the Issuer shall cause the Shelf Registration Statement and the
     related prospectus and any amendment or supplement thereto, as of the
     effective date of the Shelf Registration Statement, amendment or
     supplement, (i) to comply in all material respects with the applicable
     requirements of the Securities Act and the rules and regulations of the
     Commission and (ii) not to contain any untrue statement of a material fact
     or omit to state a material fact required to be stated therein or necessary
     in order to make the statements therein, in light of the circumstances
     under which they were made, not misleading.

     3. Registration Procedures. In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered
Exchange Offer contemplated by Section 1 hereof, the following provisions shall
apply:

          (a) The Issuer shall (i) furnish to each Initial Purchaser, prior to
     the filing thereof with the Commission, a copy of the Registration
     Statement and each amendment thereof and each supplement, if any, to the
     prospectus included therein and, in the event that an Initial Purchaser
     (with respect to any portion of an unsold allotment from the original
     offering) is participating in the Registered Exchange Offer or the Shelf
     Registration Statement, the Issuer shall use its best efforts to reflect in
     each such document, when so filed with the Commission, such comments as
     such Initial Purchaser reasonably and timely may propose; (ii) include the
     information set forth in Annex A hereto on the cover, in Annex B hereto in
     the "Exchange Offer Procedures" section and the "Purpose of the Exchange
     Offer" section and in Annex C hereto in the "Plan of Distribution" section
     of the prospectus forming a part of the Exchange Offer Registration

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<PAGE>

     Statement and include the information set forth in Annex D hereto in the
     Letter of Transmittal delivered pursuant to the Registered Exchange Offer;
     (iii) if requested by an Initial Purchaser, include the information
     required by Items 507 or 508 of Regulation S-K under the Securities Act, as
     applicable, in the prospectus forming a part of the Exchange Offer
     Registration Statement; (iv) include within the prospectus contained in the
     Exchange Offer Registration Statement a section entitled "Plan of
     Distribution," reasonably acceptable to the Initial Purchasers, 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 Securities Exchange Act of 1934, as amended (the "Exchange Act"))
     of Exchange Securities received by such broker-dealer in the Registered
     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 reasonable judgment of the Initial
     Purchasers based upon advice of counsel (which may be in-house counsel),
     represent the prevailing views of the staff of the Commission; and (v) in
     the case of a Shelf Registration Statement, include the names of the
     Holders who propose to sell Securities pursuant to the Shelf Registration
     Statement as selling securityholders.

          (b) The Issuer shall give written notice to the Initial Purchasers,
     the Holders of the Securities and any Participating Broker-Dealer from whom
     the Issuer has received prior written notice that it will be a
     Participating Broker-Dealer in the Registered Exchange Offer (which notice
     pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction
     to suspend the use of the prospectus until the requisite changes have been
     made):

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

               (ii) of any request by the Commission for amendments or
          supplements to the Registration Statement or the prospectus included
          therein or for additional information;

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

               (iv) of the receipt by the Issuer or its legal counsel of any
          notification with respect to the suspension of the qualification of
          the Securities for sale in any jurisdiction or the initiation or
          threatening of any proceeding for such purpose; and

               (v) of the happening of any event that requires the Issuer to
          make changes in the Registration Statement or the prospectus in order
          that the Registration Statement or the prospectus does not contain an
          untrue statement of a material fact nor omit to state a material fact
          required to be stated therein or necessary to make the statements
          therein (in the case of the prospectus, in light of the circumstances
          under which they were made) not misleading.

          (c) The Issuer shall make every reasonable effort to obtain the
     withdrawal at the earliest possible time, of any order suspending the
     effectiveness of the Registration Statement.

          (d) The Issuer shall furnish to each Holder of Securities included
     within the coverage of the Shelf Registration, without charge, at least one
     copy of the Shelf Registration Statement and any post-effective amendment
     thereto, including financial statements and schedules, and, if the Holder
     so requests in writing, all exhibits thereto (including those, if any,
     incorporated by reference).

          (e) The Issuer shall deliver to each Exchanging Dealer and each
     Initial Purchaser, and to any other Holder who so requests, without charge,
     at least one copy of the Exchange Offer Registration Statement and any
     post-effective amendment thereto, including financial statements and
     schedules, and, if any Initial Purchaser or any such Holder requests, all
     exhibits thereto (including those incorporated by reference).

          (f) The Issuer shall, during the Shelf Registration Period, deliver to
     each Holder of Securities included within the coverage of the Shelf
     Registration, without charge, as many copies of the prospectus (including
     each preliminary prospectus) included in the Shelf Registration Statement
     and any amendment or supplement thereto as such person may reasonably
     request. The Issuer consents, subject to the provisions of this Agreement,

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<PAGE>
     to the use of the prospectus or any amendment or supplement thereto by each
     of the selling Holders of the Securities in connection with the offering
     and sale of the Securities covered by the prospectus, or any amendment or
     supplement thereto, included in the Shelf Registration Statement.

          (g) The Issuer shall deliver to each Initial Purchaser, any Exchanging
     Dealer, any Participating Broker-Dealer and such other persons required to
     deliver a prospectus following the Registered Exchange Offer, without
     charge, as many copies of the final prospectus included in the Exchange
     Offer Registration Statement and any amendment or supplement thereto as
     such persons may reasonably request. The Issuer consents, subject to the
     provisions of this Agreement, to the use of the prospectus or any amendment
     or supplement thereto by any Initial Purchaser, if necessary, any
     Participating Broker-Dealer and such other persons required to deliver a
     prospectus following the Registered Exchange Offer in connection with the
     offering and sale of the Exchange Securities covered by the prospectus, or
     any amendment or supplement thereto, included in such Exchange Offer
     Registration Statement.

          (h) Prior to any public offering of the Securities pursuant to any
     Registration Statement the Issuer shall register or qualify or cooperate
     with the Holders of the Securities included therein and their respective
     counsel in connection with the registration or qualification of the
     Securities for offer and sale under the securities or "blue sky" laws of
     such states of the United States as any Holder of the Securities reasonably
     requests in writing and do any and all other acts or things necessary or
     advisable to enable the offer and sale in such jurisdictions of the
     Securities covered by such Registration Statement; provided, however, that
     the Issuer shall not be required to (i) qualify generally to do business in
     any jurisdiction where it is not then so qualified or (ii) take any action
     which would subject it to general service of process or to taxation in any
     jurisdiction where it is not then so subject.

          (i) The Issuer shall cooperate with the Holders of the Securities to
     facilitate the timely preparation and delivery of certificates representing
     the Securities to be sold pursuant to any Registration Statement free of
     any restrictive legends and in such denominations and registered in such
     names as the Holders may request a reasonable period of time prior to sales
     of the Securities pursuant to such Registration Statement.

          (j) Upon the occurrence of any event contemplated by paragraphs (ii)
     through (v) of Section 3(b) above during the period for which the Issuer is
     required to maintain an effective Registration Statement, the Issuer shall
     promptly prepare and file a post-effective amendment to the Registration
     Statement or a supplement (by way of incorporation by reference from an
     Exchange Act report or otherwise) to the related prospectus and any other
     required document so that, as thereafter delivered to Holders of the
     Securities or purchasers of Securities, the prospectus will not contain an
     untrue statement of a material fact or omit to state any material fact
     required to be stated therein or necessary to make the statements therein,
     in light of the circumstances under which they were made, not misleading.
     If the Issuer notifies the Initial Purchasers, the Holders of the
     Securities and any known Participating Broker-Dealer in accordance with
     paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the
     prospectus until the requisite changes to the prospectus have been made,
     then the Initial Purchasers, the Holders of the Securities and any such
     Participating Broker-Dealers shall suspend use of such prospectus, and
     (unless and until the Securities covered thereby are eligible for sale
     under Rule 144(k) under the Securities Act) the period of effectiveness of
     the Shelf Registration Statement provided for in Section 2(b) above and the
     Exchange Offer Registration Statement provided for in Section 1 above shall
     each be extended by the number of days from and including the date of the
     giving of such notice to and including the date when the Initial
     Purchasers, the Holders of the Securities and any known Participating
     Broker-Dealer shall have received such amended or supplemented prospectus
     pursuant to this Section 3(j).

          (k) Not later than the effective date of the applicable Registration
     Statement, the Issuer will provide a CUSIP number for the Initial
     Securities, the Exchange Securities or the Private Exchange Securities, as
     the case may be, and provide the Registrar and Transfer Agent (as defined
     in the Indenture) or the trustee with printed certificates for the Initial
     Securities, the Exchange Securities or the Private Exchange Securities, as
     the case may be, in a form eligible for deposit with The Depository Trust
     Company.

          (l) The Issuer will comply with all rules and regulations of the
     Commission to the extent and so long as they are applicable to the
     Registered Exchange Offer or the Shelf Registration and will make generally
     available to its security holders (or otherwise provide in accordance with
     Section 11(a) of the Securities Act) an earnings statement satisfying the
     provisions of Section 11(a) of the Securities Act, no later than 45 days

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<PAGE>

     after the end of a 12-month period (or 90 days, if such period is a fiscal
     year) beginning with the first month of the Issuer's first fiscal quarter
     commencing after the effective date of the Registration Statement, which
     statement shall cover such 12-month period.

          (m) The Issuer shall cause the Indenture to be qualified under the
     Trust Indenture Act of 1939, as amended, in a timely manner and containing
     such changes, if any, as shall be necessary for such qualification. In the
     event that such qualification would require the appointment of a new
     trustee under the Indenture, the Issuer shall appoint a new trustee
     thereunder pursuant to the applicable provisions of the Indenture.

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

          (o) The Issuer shall enter into such customary agreements (including,
     if requested, an underwriting agreement in customary form) and take all
     such other action, if any, as any Holder of the Securities shall reasonably
     request in order to facilitate the disposition of the Securities pursuant
     to any Shelf Registration.

          (p) In the case of any Shelf Registration, the Issuer shall (i) make
     reasonably available for inspection by the Holders of the Securities, any
     underwriter participating in any disposition pursuant to the Shelf
     Registration Statement and any attorney, accountant or other agent retained
     by the Holders of the Securities or any such underwriter all relevant
     financial and other records, pertinent corporate documents and properties
     of the Issuer and (ii) cause the Issuer's officers, directors, employees,
     accountants and auditors to supply all relevant information reasonably
     requested by the Holders of the Securities or any such underwriter,
     attorney, accountant or agent in connection with the Shelf Registration
     Statement, in each case, as shall be reasonably necessary to enable such
     persons, to conduct a reasonable investigation within the meaning of
     Section 11 of the Securities Act; provided, however, that the foregoing
     inspection and information gathering shall be coordinated on behalf of the
     Initial Purchasers by you and on behalf of the other parties, by one
     counsel designated by and on behalf of such other parties as described in
     Section 4 hereof; provided, further, that any records, documents,
     properties or information that are designated by the Issuer as confidential
     at the time of delivery of such records, documents, properties or
     information shall be kept confidential by such persons, unless (i) such
     records, documents, properties or information are in the public domain or
     otherwise publicly available, (ii) disclosure of such records, documents,
     properties or information is required by court or administrative order or
     (iii) disclosure of such records, documents, properties or information, in
     the written opinion of counsel to such person, is otherwise required by law
     (including, without limitation, pursuant to the requirements of the
     Securities Act)

          (q) In the case of any Shelf Registration, the Issuer, if requested by
     any Holder of Securities covered thereby, shall cause (i) its counsel to
     deliver an opinion and updates thereof relating to the applicable
     Securities in customary form addressed to such Holders and the managing
     underwriters, if any, thereof and dated, in the case of the initial
     opinion, the effective date of such Shelf Registration Statement (it being
     agreed that the matters to be covered by such opinion shall include,
     without limitation, the due incorporation and good standing of the Issuer
     and its subsidiaries; the due authorization, execution and delivery of the
     relevant agreement of the type referred to in Section 3(o) hereof; the due
     authorization, execution, authentication and issuance, and the validity and
     enforceability, of the applicable Securities; the absence of governmental
     approvals required to be obtained in connection with the Shelf Registration
     Statement, the offering and sale of the Securities, or any agreement of the
     type referred to in Section 3(o) hereof; the compliance as to form of such
     Shelf Registration Statement and any documents incorporated by reference
     therein and of the Indenture with the requirements of the Securities Act
     and the Trust Indenture Act, respectively; and, as of the date of the
     opinion and as of the effective date of the Shelf Registration Statement or
     most recent post-effective amendment thereto, as the case may be, the
     absence from such Shelf Registration Statement and the prospectus included
     therein, as then amended or supplemented, and from any documents
     incorporated by reference therein of an untrue statement of a material fact
     or the omission to state therein a material fact required to be stated
     therein or necessary to make the statements therein not misleading (in the
     case of any such documents, in the light of the circumstances existing at
     the time that such documents were filed with the Commission under the
     Exchange Act); (ii) its officers to execute and deliver all customary
     documents and certificates and updates thereof reasonably requested by any

                                        7
<PAGE>
     underwriters of the applicable Securities and (iii) its independent public
     accountants to provide to the selling Holders of the applicable Securities
     and any underwriter therefor a comfort letter in customary form and
     covering matters of the type customarily covered in comfort letters in
     connection with primary underwritten offerings, subject to receipt of
     appropriate documentation as contemplated, and only if permitted, by
     Statement of Auditing Standards No. 72.

          (r) In the case of the Registered Exchange Offer, if requested by any
     Initial Purchaser or any known Participating Broker-Dealer, the Issuer
     shall cause (i) its counsel to deliver to such Initial Purchaser or such
     Participating Broker-Dealer a signed opinion in the form set forth in the
     forms described in Section 6(c) of the Purchase Agreement with such changes
     as are customary in connection with the preparation of a Registration
     Statement and (ii) its independent public accountants to deliver to such
     Initial Purchaser or such Participating Broker-Dealer a comfort letter, in
     customary form, meeting the requirements as to the substance thereof as set
     forth in Section 6(a) and (f) of the Purchase Agreement, with appropriate
     date changes.

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

          (t) The Issuer shall (a) if the Initial Securities have been rated
     prior to the initial sale of such Initial Securities, use its best efforts
     to confirm such ratings will apply to the Securities covered by a
     Registration Statement, or (b) if the Initial Securities were not
     previously rated, use commercially reasonable efforts to cause the
     Securities covered by a Registration Statement to be rated with the
     appropriate rating agencies, if so requested by Holders of a majority in
     aggregate principal amount of Securities covered by such Registration
     Statement, or by the managing underwriters, if any.

          (u) In the event that any broker-dealer registered under the Exchange
     Act shall underwrite any Securities or participate as a member of an
     underwriting syndicate or selling group or "assist in the distribution"
     (within the meaning of the Conduct Rules (the "Rules") of the National
     Association of Securities Dealers, Inc. ("NASD")) thereof, whether as a
     Holder of such Securities or as an underwriter, a placement or sales agent
     or a broker or dealer in respect thereof, or otherwise, the Issuer will
     assist such broker-dealer in complying with the requirements of such Rules,
     including, without limitation, by (i) if such Rules, including Rule 2720,
     shall so require, engaging (solely, except in the case of an Initial
     Purchaser, at the broker-dealer's expense) a "qualified independent
     underwriter" (as defined in Rule 2720) to participate in the preparation of
     the Registration Statement relating to such Securities, to exercise usual
     standards of due diligence in respect thereto and, if any portion of the
     offering contemplated by such Registration Statement is an underwritten
     offering or is made through a placement or sales agent, to recommend the
     yield of such Securities, (ii) indemnifying any such qualified independent
     underwriter to the extent of the indemnification of underwriters provided
     in Section 5 hereof and (iii) providing such information to such
     broker-dealer as may be required in order for such broker-dealer to comply
     with the requirements of the Rules.

          (v) The Issuer shall use its best efforts to take all other steps
     necessary to effect the registration of the Securities covered by a
     Registration Statement contemplated hereby.

     4. Registration Expenses. The Issuer shall bear all fees and expenses
incurred by the Issuer in connection with the performance of its obligations
under Sections 1 through 3 hereof, whether or not the respective Registered
Exchange Offer or a Shelf Registration is filed or becomes effective, and, in
the event of a Shelf Registration, shall bear or reimburse the Holders of the
Securities covered thereby for the reasonable fees and disbursements of one firm
of counsel designated by the Holders of a majority in principal amount of the
Securities covered thereby to act as counsel for the Holders of the Securities
in connection therewith. Each Holder of the Securities shall pay all
underwriting discounts, if any, and commissions and transfer taxes, if any,
relating to the sale or disposition of such Holder's Securities.

     5. Indemnification. (a) The Issuer agrees to indemnify and hold harmless
each Holder of the Securities, any Participating Broker-Dealer and each person,
if any, who controls such Holder or such Participating Broker-Dealer within the
meaning of the Securities Act or the Exchange Act (each Holder, any
Participating Broker-Dealer and such controlling persons are referred to

                                        8
<PAGE>
collectively as the "Indemnified Parties") from and against any losses, claims,
damages or liabilities, joint or several, or any actions in respect thereof
(including, but not limited to, any losses, claims, damages, liabilities or
actions relating to purchases and sales of the Securities) to which each
Indemnified Party may become subject under the Securities Act, the Exchange Act
or otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in a Registration Statement or prospectus or in any
amendment or supplement thereto or in any preliminary prospectus relating to a
Shelf Registration, or arise out of, or are based upon, the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and shall reimburse, as
incurred, the Indemnified Parties for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action in respect thereof; provided, however, that
(i) the Issuer shall not be liable in any such case to the extent that such
loss, claim, damage or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to a Shelf Registration in reliance
upon and in conformity with written information pertaining to such Holder and
furnished to the Issuer by or on behalf of such Holder specifically for
inclusion therein and (ii) with respect to any untrue statement or omission or
alleged untrue statement or omission made in any preliminary prospectus relating
to a Shelf Registration Statement, the indemnity agreement contained in this
subsection (a) shall not inure to the benefit of any Holder or Participating
Broker-Dealer from whom the person asserting any such losses, claims, damages or
liabilities purchased the Securities concerned, to the extent that a prospectus
relating to such Securities was required to be delivered by such Holder or
Participating Broker-Dealer under the Securities Act in connection with such
purchase and any such loss, claim, damage or liability of such Holder or
Participating Broker-Dealer results from the fact that there was not sent or
given to such person, at or prior to the written confirmation of the sale of
such Securities to such person, a copy of the final prospectus if the Issuer had
previously furnished copies thereof to such Holder or Participating
Broker-Dealer; provided further, however, that this indemnity agreement will be
in addition to any liability which the Issuer may otherwise have to such
Indemnified Party. The Issuer shall also indemnify underwriters, their officers
and directors and each person who controls such underwriters within the meaning
of the Securities Act or the Exchange Act to the same extent as provided above
with respect to the indemnification of the Holders of the Securities if
requested by such Holders.

     (b) Each Holder of the Securities, severally and not jointly, will
indemnify and hold harmless the Issuer and each person, if any, who controls the
Issuer within the meaning of the Securities Act or the Exchange Act from and
against any losses, claims, damages or liabilities or any actions in respect
thereof, to which the Issuer or any such controlling person may become subject
under the Securities Act, the Exchange Act or otherwise, insofar as such losses,
claims, damages, liabilities or actions arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to a Shelf Registration, or arise out
of or are based upon the omission or alleged omission to state therein a
material fact necessary to make the statements therein not misleading, but in
each case only to the extent that the untrue statement or omission or alleged
untrue statement or omission was made in reliance upon and in conformity with
written information pertaining to such Holder and furnished to the Issuer by or
on behalf of such Holder specifically for inclusion therein; and, subject to the
limitation set forth immediately preceding this clause, shall reimburse, as
incurred, the Issuer for any legal or other expenses reasonably incurred by the
Issuer or any such controlling person in connection with investigating or
defending any loss, claim, damage, liability or action in respect thereof. This
indemnity agreement will be in addition to any liability which such Holder may
otherwise have to the Issuer or any of its controlling persons.

     (c) Promptly after receipt by an indemnified party under this Section 5 of
notice of the commencement of any action or proceeding (including a governmental
investigation), such indemnified party will, if a claim in respect thereof is to
be made against the indemnifying party under this Section 5, notify the
indemnifying party of the commencement thereof; but the omission so to notify
the indemnifying party will not, in any event, relieve the indemnifying party
from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. In case any such action is
brought against any indemnified party, and it notifies the indemnifying party of
the commencement thereof, the indemnifying party will be entitled to participate
therein and, to the extent that it may wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except with the consent
of the indemnified party, be counsel to the indemnifying party), and after
notice from the indemnifying party to such indemnified party of its election so
to assume the defense thereof the indemnifying party will not be liable to such
indemnified party under this Section 5 for any legal or other expenses, other
than reasonable costs of investigation, subsequently incurred by such
indemnified party in connection with the defense thereof. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened action in respect of which any
indemnified party is or could have been a party and indemnity could have been

                                        9
<PAGE>
sought hereunder by such indemnified party unless such settlement includes an
unconditional release of such indemnified party from all liability on any claims
that are the subject matter of such action, and does not include a statement as
to or an admission of fault, culpability or a failure to act by or on behalf of
any indemnified party.

     (d) If the indemnification provided for in this Section 5 is unavailable or
insufficient to hold harmless an indemnified party under subsections (a) or (b)
above, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of the losses, claims, damages or
liabilities (or actions in respect thereof) referred to in subsection (a) or (b)
above (i) in such proportion as is appropriate to reflect the relative benefits
received by the indemnifying party or parties on the one hand and the
indemnified party on the other from the exchange of the Securities, pursuant to
the Registered Exchange Offer, or (ii) if the allocation provided by the
foregoing clause (i) is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause
(i) above 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 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 Issuer on the one hand or
such Holder or such other indemnified party, as the case may be, on the other,
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The amount paid by
an indemnified party as a result of the losses, claims, damages or liabilities
referred to in the first sentence of this subsection (d) shall be deemed to
include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any action or claim which is
the subject of this subsection (d). Notwithstanding any other provision of this
Section 5(d), the Holders of the Securities shall not be required to contribute
any amount in excess of the amount by which the net proceeds received by such
Holders from the sale of the Securities pursuant to a Registration Statement
exceeds the amount of damages which such Holders have otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For purposes
of this paragraph (d), each person, if any, who controls such indemnified party
within the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as such indemnified party and each person, if any, who
controls the Issuer within the meaning of the Securities Act or the Exchange Act
shall have the same rights to contribution as the Issuer.

     (e) The agreements contained in this Section 5 shall survive the sale of
the Securities pursuant to a Registration Statement and shall remain in full
force and effect, regardless of any termination or cancellation of this
Agreement or any investigation made by or on behalf of any indemnified party.

     6. Additional Interest Under Certain Circumstances. (a) Additional interest
(the "Additional Interest") with respect to the Securities shall be assessed as
follows if any of the following events occur (each such event in clauses (i)
through (iv) below being herein called a "Registration Default"):

     (i)  any Registration Statement required by this Agreement is not filed
          with the Commission on or prior to the applicable Filing Deadline;

     (ii) any Registration Statement required by this Agreement is not declared
          effective by the Commission on or prior to the applicable
          Effectiveness Deadline;

     (iii) the Registered Exchange Offer has not been consummated on or prior to
          the Consummation Deadline; or

     (iv) any Registration Statement required by this Agreement has been
          declared effective by the Commission but (A) such Registration
          Statement thereafter ceases to be effective or (B) such Registration
          Statement or the related prospectus ceases to be usable in connection
          with resales of Transfer Restricted Securities during the periods
          specified herein because either (1) any event occurs as a result of
          which the related prospectus forming part of such Registration
          Statement would include any untrue statement of a material fact or
          omit to state any material fact necessary to make the statements
          therein in the light of the circumstances under which they were made
          not misleading, or (2) it shall be necessary to amend such
          Registration Statement or supplement the related prospectus, to comply
          with the Securities Act or the Exchange Act or the respective rules
          thereunder.

Each of the foregoing will constitute a Registration Default whatever the reason
for any such event and whether it is voluntary or involuntary or is beyond the
control of the Issuer or pursuant to operation of law or as a result of any
action or inaction by the Commission.

                                       10
<PAGE>
     Additional Interest shall accrue on the Securities to which the
Registration Default relates over and above the interest set forth in the title
of the Securities from and including the date on which any such Registration
Default shall occur (except under the circumstances described in (b) below) to
but excluding the date on which all such Registration Defaults have been cured,
at a rate of 0.25% per annum (the "Additional Interest Rate") for the first
90-day period immediately following the occurrence of such Registration Default.
The Additional Interest Rate shall increase by an additional 0.25% per annum
with respect to each subsequent 90-day period until all Registration Defaults
have been cured, up to a maximum Additional Interest Rate of 1.0% per annum.

     (b) A Registration Default referred to in Section 6(a)(iv) hereof shall be
deemed not to have occurred and be continuing in relation to a Shelf
Registration Statement or the related prospectus if (i) such Registration
Default has occurred solely as a result of (x) the filing of a post-effective
amendment to such Shelf Registration Statement to incorporate annual audited
financial information with respect to the Issuer where such post-effective
amendment is not yet effective and needs to be declared effective to permit
Holders to use the related prospectus or (y) other material events, with respect
to the Issuer that would need to be described in such Shelf Registration
Statement or the related prospectus and (ii) in the case of clause (y), the
Issuer is proceeding promptly and in good faith to amend or supplement
(including by way of filing documents under the Exchange Act which are
incorporated by reference into such Shelf Registration Statement) such Shelf
Registration Statement and related prospectus to describe such events; provided,
however, that in any case if such Registration Default occurs for a continuous
period in excess of 45 days, Additional Interest shall be payable in accordance
with the above paragraph from the 46th after such Registration Default occurs
until such Registration Default is cured or until the Company is no longer
required pursuant to this Agreement to keep such Registration Statement
effective or such Registration Statement or prospectus useable.

     (c) Any amounts of Additional Interest due pursuant to Section 6(a) will be
payable in cash on each Interest Payment Date (as defined in the Indenture),
commencing with the first such Interest Payment Date following the applicable
Registration Default. The amount of Additional Interest will be determined by
multiplying the Additional Interest Rate by the principal amount of such
Securities, in each case, 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. Payments of Additional Interest on
the Securities will be made to the Holders of such Securities on the regular
record date (or, if there is no regular record date, the date 15 days prior to
such Additional Interest payment date) immediately preceding the relevant
Additional Interest payment date.

     (d) "Transfer Restricted Securities" means each Security until (i) the date
on which such Security has been exchanged by a person other than a broker-dealer
for a freely transferable Exchange Security in the Registered Exchange Offer,
(ii) following the exchange by a broker-dealer in the Registered Exchange Offer
of an Initial Security for an Exchange Security, the date on which such Exchange
Security is sold to a purchaser who receives from such broker-dealer on or prior
to the date of such sale a copy of the prospectus contained in the Exchange
Offer Registration Statement, (iii) the date on which such Security has been
effectively registered under the Securities Act and disposed of in accordance
with the Shelf Registration Statement or (iv) the date on which such Security is
distributed to the public pursuant to Rule 144 under the Securities Act or is
saleable pursuant to Rule 144(k) under the Securities Act.

     7. Rules 144 and 144A. The Issuer shall use its best efforts to file the
reports required to be filed by it under the Securities Act and the Exchange Act
in a timely manner and, if at any time the Issuer is not required to file such
reports, it will, upon the request of any Holder of Transfer Restricted
Securities, make publicly available other information so long as necessary to
permit sales of its securities pursuant to Rules 144 and 144A. The Issuer
covenants that it will take such further action as any Holder of Securities may
reasonably request, all to the extent required from time to time to enable such
Holder to sell Securities without registration under the Securities Act within
the limitation of the exemptions provided by Rules 144 and 144A (including the
requirements of Rule 144A(d)(4)). The Issuer will provide a copy of this
Agreement to prospective purchasers of Initial Securities identified to the
Issuer by the Initial Purchasers upon request. Upon the request of any Holder of
Initial Securities, the Issuer shall deliver to such Holder a written statement
as to whether it has complied with such requirements. Notwithstanding the
foregoing, nothing in this Section 7 shall be deemed to require the Issuer to
register any of its securities pursuant to the Exchange Act.

     8. Underwritten Registrations. If any of the Transfer Restricted Securities
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
administer the offering ("Managing Underwriters") will be selected by the
Holders of a majority in aggregate principal amount of such Transfer Restricted
Securities to be included in such offering.

                                       11
<PAGE>
     No person may participate in any underwritten registration hereunder unless
such person (i) agrees to sell such person's Transfer Restricted Securities on
the basis reasonably provided in any underwriting arrangements approved by the
persons entitled hereunder to approve such arrangements and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

     9. Miscellaneous.

     (a) Remedies. The Issuer acknowledges and agrees that any failure by the
Issuer to comply with its obligations under Section 1 and 2 hereof may result in
material irreparable injury to the Initial Purchasers or the Holders for which
there is no adequate remedy at law, that it will not be possible to measure
damages for such injuries precisely and that, in the event of any such failure,
the Initial Purchasers or any Holder may obtain such relief as may be required
to specifically enforce the Issuer's obligations under Sections 1 and 2 hereof.
The Issuer further agrees to waive the defense in any action for specific
performance that a remedy at law would be adequate.

     (b) No Inconsistent Agreements. The Issuer will not on or after the date of
this Agreement enter into any agreement with respect to its securities that is
inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with
the rights granted to the holders of the Issuer's securities under any agreement
in effect on the date hereof.

     (c) 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, except by the Issuer and the written
consent of the Holders of a majority in principal amount of the Securities
affected by such amendment, modification, supplement, waiver or consents.

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

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

          (2) if to the Initial Purchasers:

                           Credit Suisse First Boston (Europe) Limited
                           One Cabot Square
                           London E14 4OJ
                           United Kingdom
                           Fax No.:  011-44-171-888-1600
                           Attention:  Transactions Advisory Group

         with a copy to:

                           Cravath, Swaine & Moore
                           Worldwide Plaza
                           825 Eighth Avenue
                           New York, NY 10019-7475
                           Attention:  Kris F. Heinzelman

                  (3)      if to the Issuer, at the following address:

                           Winstar Communications, Inc.
                           685 Third Avenue
                           New York, NY 10017
                           Fax No.: (212) 584-4001
                           Attention:  Timothy Graham

         with a copy to:

                           Graubard Mollen & Miller
                           600 Third Avenue
                           New York, NY  10016
                           Attention:  David A. Miller

                                       12

<PAGE>

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; three business
days after being deposited in the mail, postage prepaid, if mailed; when receipt
is acknowledged by recipient's facsimile machine operator, if sent by facsimile
transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery.

     (e) Third Party Beneficiaries. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Issuer, on the one
hand, and the Initial Purchasers, on the other hand, and shall have the right to
enforce such agreements directly to the extent they may deem such enforcement
necessary or advisable to protect their rights or the rights of Holders
hereunder.

     (f) Successors and Assigns. This Agreement shall be binding upon the Issuer
and its successors and assigns.

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

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

     (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAWS.

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

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

                                       13

<PAGE>

     If the foregoing is in accordance with your understanding of our agreement,
please sign and return to the Issuer a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among
the several Initial Purchasers and the Issuer in accordance with its terms.

                                            Very truly yours,

                                            WINSTAR COMMUNICATIONS, INC.,

                                                /s/ Kenneth J. Zinghini
                                            By:______________________________
                                               Name:   Kenneth J. Zinghini
                                               Title:  Senior Vice President

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

CREDIT SUISSE FIRST BOSTON (EUROPE) LIMITED
SALOMON BROTHERS INTERNATIONAL LIMITED
GOLDMAN SACHS INTERNATIONAL
MERRILL LYNCH INTERNATIONAL
BNY CAPITAL MARKETS, INC.

CIBC WORLD MARKETS CORP.
BARCLAYS BANK PLC
CREDIT LYONNAIS SECURITIES (USA) INC.
DRESDNER BANK AG LONDON BRANCH
FLEETBOSTON ROBERTSON STEPHENS INC.
J.P. MORGAN SECURITIES LTD.
RBC DOMINION SECURITIES CORPORATION
SOCIETE GENERALE
SCOTIA CAPITAL (USA) INC.
TORONTO DOMINION BANK (EUROPE) LIMITED

By:  CREDIT SUISSE FIRST BOSTON (EUROPE) LIMITED

by      /s/ S. J. Chippindall
    ------------------------------------
    Name:   S. J. Chippindall
    Title:  Vice President

                                       14

<PAGE>

                                                                   ANNEX A

     Each broker-dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. The Letter
of Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Securities received in exchange for Initial Securities
where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities. The Issuer has agreed
that, for a period of 180 days after the Expiration Date (as defined herein), it
will make this Prospectus available to any broker-dealer for use in connection
with any such resale. See "Plan of Distribution."

<PAGE>

                                                                      ANNEX B

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

<PAGE>

                                                                     ANNEX C

                              PLAN OF DISTRIBUTION

     Each broker-dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired as a
result of market-making activities or other trading activities. The Issuer has
agreed that, for a period of 180 days after the Expiration Date, it will make
this prospectus, as amended or supplemented, available to any broker-dealer for
use in connection with any such resale. In addition, until __________ ___, 200 ,
all dealers effecting transactions in the Exchange Securities may be required to
deliver a prospectus.(1)

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

     For a period of 180 days after the Expiration Date the Issuer will promptly
send additional copies of this Prospectus and any amendment or supplement to
this Prospectus to any broker-dealer that requests such documents in the Letter
of Transmittal. The Issuer has agreed to pay all expenses incident to the
Exchange Offer (including the expenses of one counsel for the Holders of the
Securities) other than commissions or concessions of any brokers or dealers and
will indemnify the Holders of the Securities (including any broker-dealers)
against certain liabilities, including liabilities under the Securities Act.

--------
(1)  In addition, the legend required by Item 502(e) of
Regulation S-K will appear on the back cover page of the
Exchange Offer prospectus.

<PAGE>

                                                                       ANNEX D

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

           Name:
           Address:

If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Initial Securities that were
acquired as a result of market-making activities or other trading activities, it
acknowledges that it will deliver a prospectus in connection with any resale of
such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.Form of Stockholder's Agreement

     WHEREAS, the undersigned (the "Stockholder") is the beneficial owner of
shares of the Series C 14-1/4% Cumulative Exchangeable Preferred Stock due 2007
(the "Preferred Stock") of Winstar Communications, Inc. (the "Company"), with an
aggregate Initial Liquidation Preference (as defined) as set forth on the
signature page hereto (the "Shares").

     WHEREAS, the Company intends to engage in a refinancing transaction
consisting of (i) an offer to purchase for cash (the "Tender Offer") any and all
of its outstanding 14% Senior Discount Notes due 2005 and 14-1/2% Senior
Deferred Interest Notes due 2005, any and all of the outstanding 12-1/2%
Guaranteed Senior Secured Notes due 2004 of Winstar Equipment Corp. and any and
all of the outstanding 12-1/2% Guaranteed Senior Secured Notes due 2004 of
Winstar Equipment II Corp. (collectively, the "Existing Senior Notes"), (ii) an
offer to exchange (the "Subordinated Notes Exchange Offer") (a) its Senior Notes
Due 2010 (the "New Senior Notes") and its Senior Discount Notes Due 2010 (the
"New Senior Discount Notes" and, together with the New Senior Notes, the "New
Notes") for any and all of its outstanding 10% Senior Subordinated Notes Due
2008 (the "10% Subordinated Notes") and (b) its New Senior Discount Notes for
any and all of its outstanding 15% Senior Subordinated Deferred Interest Notes
Due 2007 and 11% Senior Subordinated Deferred Interest Notes Due 2008 (together
with the 10% Subordinated Notes, the "Existing Subordinated Notes"), and (iii) a
private placement of additional New Notes in an aggregate principal amount of at
least $250.0 million plus the amount required to fund the Tender Offer pursuant
to a Rule 144A/Regulation S distribution (the "Notes Offering" and, together
with the Tender Offer and the Subordinated Notes Exchange Offer, the
"Refinancing").

     WHEREAS, in connection with the Refinancing, the Company intends (1) in
accordance with the Certificate of Designation (the "Certificate of
Designation"), a copy of which is attached hereto as Exhibit A, governing the
Preferred Stock, on June 15, 2000 (the "Exchange Date"), to exercise its
election to exchange (the "Exchange Debenture Election") the Preferred Stock for
Exchange Debentures (the "Exchange Debentures"), to be issued pursuant to an
indenture (the "Exchange Debenture Indenture"), in an aggregate Accumulated
Amount (as defined in the Exchange Debenture Indenture) equal to the aggregate
Accumulated Amount (as defined in the Certificate of Designation) of the
Preferred Stock then outstanding, all in accordance with the Certificate of
Designation; and (2) to exchange with holders of Preferred Stock that have
entered into agreements having the terms set forth herein any and all of such
holders' Exchange Debentures for its New Senior Discount Notes (the

<PAGE>

                                                                              2

"Debenture Exchange Transaction"), which exchange shall be effective as of June
16, 2000.

     WHEREAS, in lieu of the Exchange Debenture Election and Debenture Exchange
Transaction, the Company may at any time commence a registered or a private
offer to exchange (the "Direct Exchange Offer") any and all of the Preferred
Stock directly for its New Senior Discount Notes without the intervening
Exchange Debenture Election.

     NOW, THEREFORE, in consideration of the premises and the representations,
warranties and agreements contained herein, the parties agree as follows:

                  1.       Tender and Exchange of Debentures.

     The Stockholder hereby agrees that it shall exchange its Exchange
Debentures for New Senior Discount Notes at the Exchange Price (as defined) in
the Debenture Exchange Transaction (it being understood that the obligation
contained in this sentence is unconditional, subject to Section 7), and that it
shall execute such other documentation as may be required to effect its
participation in the Debenture Exchange Transaction. The exchange price (the
"Exchange Price") will be New Senior Discount Notes with an Accreted Value (as
defined therein) of $1,545.91 (determined as of June 16, 2000) for each $1,000
principal amount of the Exchange Debentures. The Company's obligation to effect
the Exchange Debenture Election and consummate the Debenture Exchange
Transaction is subject to the following conditions (which may be waived in the
sole discretion of the Company): (a) the Company having accepted Existing Senior
Notes for payment in the Tender Offer, (b) the Company having accepted Existing
Subordinated Notes for exchange in the Subordinated Notes Exchange Offer, and
(c) the Company having consummated the Notes Offering. Upon satisfaction (or
waiver) of these conditions, the Company will become unconditionally obligated
to effect the Exchange Debenture Election and consummate the Debenture Exchange
Transaction, subject only to the next paragraph.

     In lieu of the commitment by the Company to effect the Exchange Debenture
Election and the Debenture Exchange Transaction, the Company reserves the right,
at any time after consummation of the Refinancing, to commence a Direct Exchange
Offer wherein the Company would offer to exchange any and all of the shares of
Preferred Stock for its New Senior Discount Notes. In such event, the
Stockholder hereby agrees that it shall tender its Shares into any Direct
Exchange Offer and that it shall not withdraw any Shares so tendered (it being
understood that the obligation contained in this sentence is unconditional,
subject to Section 7). The Offer Price in any Direct Exchange Offer

<PAGE>

                                                                              3

will be New Senior Discount Notes with an Accreted Value (as defined therein) of
$1,545.91 (determined as of June 16, 2000) for each $1,000 Initial Liquidation
Preference (as defined in the Certificate of Designation) of the Preferred
Stock.

                  2.  Amendments to Exchange Debentures Indenture.

     The Stockholder hereby irrevocably consents to amend the Exchange
Indenture, in accordance with Section (f)(iii)(D) of the Certificate of
Designation, to eliminate substantially all the restrictive covenants contained
therein. A draft of the form of Exchange Indenture is attached hereto as Exhibit
B, and the form of Supplemental Indenture, which sets forth the amendments, is
attached hereto as.

                  3.  Waiver of Defaults.

     The Stockholder hereby irrevocably (A) waives (i) any voting rights or
rights to elect directors of the Company in respect of the Preferred Stock that
would accrue to it pursuant to clause (f)(ii)(A)(3) of the Certificate of
Designation to which it may now or hereafter be entitled, (ii) any condition
precedent to the exchange of Preferred Stock for Exchange Debentures under the
Certificate of Designation (such waiver to be deemed to be the Stockholder's
consent to amend the Certificate of Designation in any manner necessary to
consummate the exchange of Preferred Stock for Exchange Debentures), and (iii)
any other breach, violation or default under paragraph (l) of the Certificate of
Designation and (B) agrees that it shall not take any action, including, without
limitation, providing notice to the Company of the occurrence of an event that
would give rise to voting rights or the right to elect directors of the Company
pursuant to clause (f)(ii)(A)(3) of the Certificate of Designation, to give rise
to voting rights or the right to elect directors to other holders of Preferred
Stock.

     4. Representations and Warranties of the Stockholder. The Stockholder
hereby represents and warrants to the Company as follows:

<PAGE>

                                                                              4

          (a) Authority. The Stockholder has all requisite power and authority
     to execute and deliver this Agreement and to consummate the transactions
     contemplated hereby. The execution, delivery and performance of this
     Agreement and the consummation of the transactions contemplated hereby have
     been duly authorized by the Stockholder. This Agreement has been duly
     executed and delivered by the Stockholder and constitutes a valid and
     binding obligation of the Stockholder enforceable against the Stockholder
     in accordance with its terms. Neither the execution, delivery or
     performance of this Agreement by the Stockholder nor the consummation by
     the Stockholder of the transactions contemplated hereby will (i) require
     any filing with, or permit, authorization, consent or approval of, any
     Federal, state or local government or any court, tribunal, administrative
     agency or commission or other governmental or regulatory authority or
     agency, domestic, foreign or supranational (a "Governmental Entity"), (ii)
     result in a violation or breach of, or constitute (with or without due
     notice or lapse of time or both) a default under, or give rise to any right
     of termination, amendment, cancelation or acceleration under, or result in
     the creation of any pledge, claim, lien, charge, encumbrance or security
     interest of any kind or nature whatsoever (a "Lien") upon any of the
     properties or assets of the Stockholder under, any of the terms, conditions
     or provisions of any note, bond, mortgage, indenture, lease, license,
     permit, concession, franchise, contract, agreement or other instrument or
     obligation (a "Contract") to which the Stockholder is a party or by which
     the Stockholder or any of the Stockholder's properties or assets, including
     the Shares and the Debentures, may be bound or (iii) violate any judgment,
     order, writ, preliminary or permanent injunction or decree (an "Order") or
     any statute, law, ordinance, rule or regulation of any Governmental Entity
     (a "Law") applicable to the Stockholder or any of the Stockholder's
     properties or assets, including the Shares and the Exchange Debentures.

          (b) The Shares and Exchange Debentures. The Shares and the
     certificates representing such Shares are now and at all times during the
     term hereof will be, and the Exchange Debentures and the certificates
     representing such Exchange Debentures after the Exchange Date will be, held
     by such Stockholder, or by a nominee or custodian for the benefit of such
     Stockholder, and the Stockholder has good and marketable title to such
     Shares, and will have good and marketable title to such Exchange

<PAGE>

                                                                              5

     Debentures, free and clear of any Liens, proxies, voting trusts or
     agreements, understandings or arrangements, except for any such Liens or
     proxies arising hereunder. The Stockholder owns of record or beneficially
     no shares of Preferred Stock other than the Shares.

     5. Covenants of the Stockholder. The Stockholder shall not, except as
contemplated by the terms of this Agreement, (i) sell, transfer, pledge, assign
or otherwise dispose of, or enter into any Contract, option or other arrangement
(including any profit sharing arrangement) or understanding with respect to the
sale, transfer, pledge, assignment or other disposition of, the Shares or the
Exchange Debentures to any person other than the Company or the Company's
designee, other than to a transferee that is a "qualified institutional buyer"
(as defined under the Securities Act of 1933) who agrees in writing (a form of
which is attached hereto as Exhibit C) prior to such transfer to be bound by the
terms of this Agreement, (ii) enter into any voting arrangement, whether by
proxy, voting agreement, voting trust, power-of-attorney or otherwise, with
respect to the Shares or the Exchange Debentures or (iii) take any other action
that would in any way restrict, limit or interfere with the performance of its
obligations hereunder or the transactions contemplated hereby.

     6. Assignment. Except as set forth in clause (i) of Section 5, neither this
Agreement nor any of the rights, interests or obligations hereunder shall be
assigned by any of the parties without the prior written consent of the other
parties. Subject to the preceding sentence, this Agreement will be binding upon,
inure to the benefit of and be enforceable by the parties and their respective
successors and assigns. The Stockholder agrees that this Agreement and the
obligations of the Stockholder hereunder shall attach to the Shares and the
Exchange Debentures and shall be binding upon any person or entity to which
legal or beneficial ownership of such Shares or Exchange Debentures shall pass,
whether by operation of law or otherwise, including without limitation the
Stockholder's heirs, guardians, administrators or successors.

     7. Termination. This Agreement, and all rights and obligations of the
parties hereunder, shall terminate immediately if the transactions constituting
the Refinancing are abandoned by the Company.

     8. Stop Transfer. The Stockholder agrees with, and covenants to, the
Company that the Company shall not register the transfer of any certificate
representing any Shares or Exchange Debentures unless such transfer is made in
accordance with the terms of this Agreement. The Stockholder authorizes any
applicable depositary or securities custodian for the Preferred Stock or the

<PAGE>

                                                                            6

Exchange Debentures to restrict transfer of the Stockholder's beneficial
interests in any global security that represents the Preferred Stock or Exchange
Debentures.

     9. General Provisions.

          (a) Expenses. All costs and expenses incurred in connection with this
     Agreement and the transactions contemplated hereby shall be paid by the
     party incurring such expense.

          (b) Amendments. This Agreement may be amended at any time only by a
     written instrument executed by each of the parties hereto.

          (d) Notice. Any notices and other communications required or permitted
     hereunder shall be in writing and shall be addressed as follows:

                  (i)      if to the Company, to

                           Winstar Communications, Inc.
                           The Winstar Building
                           685 Third Avenue
                           New York, NY 10017

                           Attention:  Timothy Graham
                           Telephone:  (212) 584-4012
                           Telecopy:   (212) 584-4001

                           and

                  (ii)    if to the Stockholder, to the address set forth under
                          the name of such Stockholder on the signature page
                          hereto

     or such other address as shall be furnished in writing by either party in
     accordance with this Section 9, and any such notice or communication shall
     be deemed to have been given as of the date so mailed. Notices or other
     communications shall be deemed given (i) if delivered personally, upon
     delivery, (ii) if delivered by registered or certified mail (return receipt
     requested), upon the earlier of actual delivery or three business days
     after being mailed, (iii) if delivered by overnight courier or similar

<PAGE>

                                                                          7

     service, upon delivery, or (iv) if given by fax, upon confirmation of
     transmission by fax; provided that if such notice or other communications
     would be otherwise deemed given on a day which is not a business day, the
     delivery shall be deemed given the first business day following such day.

          (d) Interpretation. When a reference is made in this Agreement to a
     Section, such reference shall be to a Section of this Agreement unless
     otherwise indicated. The headings contained in this Agreement are for
     reference purposes only and shall not affect in any way the meaning or
     interpretation of this Agreement. Wherever the words "include", "includes"
     or "including" are used in this Agreement, they shall be deemed to be
     followed by the words "without limitation".

          (e) Counterparts. This Agreement may be executed in two or more
     counterparts, all of which shall be considered one and the same agreement
     and shall become effective when two or more counterparts have been signed
     by each of the parties and delivered to the other parties, it being
     understood that all parties need not sign the same counterpart.

          (f) Entire Agreement; No Third-Party Beneficiaries. This Agreement
     (including the documents and instruments referred to herein) (i)
     constitutes the entire agreement and supersedes all prior agreements and
     understandings, both written and oral, among the parties with respect to
     the subject matter hereof and (ii) is not intended to confer upon any
     person other than the parties hereto any rights or remedies hereunder.

          (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE
     STATE OF NEW YORK (WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAWS RULES) AS
     TO ALL MATTERS, INCLUDING BUT NOT LIMITED TO, MATTERS OF VALIDITY,
     CONSTRUCTION, EFFECT AND PERFORMANCE.

          (h) Publicity. Except in connection with the Refinancing or as
     otherwise required by law, court process or the rules of a national
     securities exchange or the Nasdaq National Market, for so long as this
     Agreement is in effect, neither the Stockholder nor the Company shall issue
     or cause the publication of any press release or other public announcement
     with respect to the transactions contemplated by this Agreement without the
     consent of the other party, which consent shall not be unreasonably
     withheld.

<PAGE>

                                                                            8

     10. Enforcement. The parties agree that irreparable damage would occur in
the event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement, this being in addition to any other
remedy to which they are entitled at law or in equity. In addition, each of the
parties hereto waives any right to trial by jury with respect to any claim or
proceeding related to or arising out of this Agreement or any of the
transactions contemplated hereby.

<PAGE>

     Capitalized terms used herein and not otherwise defined shall have the
meaning set forth in the Certificate of Designation.

                                                  WINSTAR COMMUNICATIONS, INC.

                                                  by __________________________
                                                    Name:
                                                    Title:

<PAGE>

                          [Counterpart Signature Page]

                                            -----------------------------
                                               (Stockholder)

Dated:                                      By:
       --------------------                    -----------------------------
                                                              (signature)
Aggregate Initial Liquidation
Preference of Preferred
by Stock held by                             ----------------------------------
Stockholder:                                            (name and title)

                                             ---------------------------------
$                                                   (city/state/zip code)
 ------------------------------------

                                             ---------------------------------
                                                             (phone)

                                            ----------------------------------
                                                            (facsimile)

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