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EXECUTION VERSION    
    

 
 

Exhibit 4.2    
    

        $247,200,000

principal amount at maturity  

JOSTENS HOLDING CORP.  

101/4% Senior Discount Notes Due 2013  

REGISTRATION RIGHTS AGREEMENT  

November 25, 2003 

Credit
Suisse First Boston LLC

Deutsche Bank Securities Inc.

c/o Credit Suisse First Boston LLC

        Eleven Madison Avenue

        New York, New York 10010-3629 

Ladies
and Gentlemen: 

        JOSTENS
HOLDING CORP., a Delaware corporation (the "Company"), proposes to issue and sell to Credit Suisse First Boston LLC and Deutsche
Bank Securities, Inc. (collectively, the "Initial Purchasers"), upon the terms set forth in a purchase agreement of even date herewith (the
"Purchase
Agreement"), $247,200,000 aggregate principal amount at maturity of its 101/4% Senior Discount Notes Due 2013 (the "Initial
Securities"). The Initial Securities will be issued pursuant to an Indenture, dated as of December 2, 2003 (the
"Indenture"), between the Company and The Bank of New York, as trustee (the "Trustee"). As an inducement
to the Initial Purchasers to enter into the Purchase Agreement, the Company agrees (this "Agreement") with the Initial Purchasers, for the benefit of the Initial Purchasers and the holders of the
Securities (as defined below) (collectively the "Holders"), as follows: 

        1.    Registered Exchange Offer.    Unless not permitted by applicable law (after the Company has complied with the
ultimate paragraph of this Section 1), the Company shall prepare and, not later than 120 days (such 120th 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, debt securities of
the Company, issued under the Indenture, in like aggregate principal amount at maturity, identical in all material respects to the Initial Securities and registered under the Securities Act (the
"Exchange Securities"). The Company shall use its reasonable 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 to the
Holders (such period being called the "Exchange Offer Registration Period"). 

        If
the Company commences the Registered Exchange Offer, the Company (i) will be entitled to consummate the Registered Exchange Offer 30 days after such commencement
(provided that the Company 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 Company 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 Company 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
Company 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 or dealer (a "Broker-Dealer") registered under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), 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. As used in this Agreement,
"Affiliated Market Maker" means a Broker-Dealer, or one of its affiliates, who is deemed to be an affiliate of the Company and intends to make a market
in the Exchange Securities. 

        The
Company shall use its reasonable best efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained therein, in order to
permit such prospectus to be lawfully delivered by all persons subject to the applicable prospectus delivery requirements of the Securities Act for such period of time as such persons are required to
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 Company 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 Company, 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, debt securities of the Company, issued under the Indenture,
in like principal amount at maturity and identical in all material respects to the Initial Securities (the "Private Exchange Securities"). The Initial
Securities, the Exchange Securities and the Private Exchange Securities are herein collectively called the "Securities". 

2

 

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

        (a)   mail
or cause to be mailed 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; 

        (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 Company shall: 

        (x)   accept
for exchange all the Securities validly tendered and not validly 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 at maturity 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 vote and consent
together on all matters as one class and that none of the Securities 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 Company 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 Company or if it is such 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. 

3

 

        Notwithstanding
any other provisions hereof, the Company will use its reasonable best efforts to 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 Company raises a
substantial question as to whether the Registered Exchange Offer is permitted by applicable federal law, the Company will use its reasonable best efforts to seek a no-action letter or
other favorable decision from the Commission allowing the Company to consummate the Registered Exchange Offer. The Company will pursue the issuance of such a decision to the Commission staff level. In
connection with the foregoing, the Company will take all such other actions as may be requested by the Commission or otherwise required 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 Company 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 Company 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 (A) is not eligible to
participate in the Registered Exchange Offer or, in the case of any Holder that participates in the Registered Exchange Offer, such Holder does not receive freely tradeable Exchange Securities on the
date of the exchange or (B) who is a Broker-Dealer who acquired Initial Securities directly from the Company or any of its affiliates or is an Affiliated Market Maker, and any such Holder so
requests, the Company 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
Company 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 reasonable best efforts to cause to be declared effective: in the case of clause (i), no later than
180 days after the Closing Date and, in the case of clauses (ii) through (iv), no later than 90 days after the Trigger Date (such 180th day after the Closing Date in the case of
clause (i), or such 90th day after the Trigger Date in the case of clauses (ii) through (iv) 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 

4

 

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
Company shall use its reasonable 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 Securities registered on such Shelf Registration Statement, until the later of (A) the date on which no Broker-Dealer making a market in the Exchange
Notes is deemed to be an affiliate of the Company within the meaning of the Securities Act and (B) 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 Company shall be deemed not to have used its reasonable
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 Company 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 Registration Statement required by this Agreement, the
following provisions shall apply: 

        (a)   The
Company 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 of
the Initial Securities) is participating in the Registered Exchange Offer or holds Securities covered by the Shelf Registration Statement, the Company shall use its reasonable 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 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 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) (A) in the 

5

 

case
of a Shelf Registration Statement, include the name of each Holder who proposes to sell Securities pursuant to the Shelf Registration Statement as a selling securityholder and who has provided in
writing information required to be disclosed with respect to such Holder on a timely basis and (B) include the name of each Affiliated Market Maker. 

        (b)   The
Company shall give written notice to (1) the Initial Purchasers, (2) any Affiliated Market Maker, (3) the Holders of any Securities covered by a
Shelf Registration Statement and (4) any Participating Broker-Dealer from whom the Company 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; 

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        (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 Company 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 Company to make changes in the Registration Statement or the prospectus in order that the Registration Statement or the
prospectus do 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
Company 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
Company shall furnish to (i) each Holder of Securities included in the Shelf Registration and (ii) each Affiliated Market Maker, 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
Company shall deliver to each Exchanging Dealer, each Initial Purchaser and each Affiliated Market Maker, 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, if any, incorporated by reference). 

        (f)    The
Company shall, during the Shelf Registration Period, deliver to (i) each Holder of Securities included in the Shelf Registration and (ii) each
Affiliated Market Maker, 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 Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each Affiliated Market
Maker and each selling Holder 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 and all market-making activities of each such Affiliated Market Maker. 

        (g)   The
Company shall deliver to each Initial Purchaser, each Affiliated Market Maker, 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 Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any
Affiliated Market Maker, any Initial Purchaser and, 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 and all
market-making activities of such Affiliated Market Maker. 

        (h)   Prior
to any public offering of the Securities pursuant to any Registration Statement, the Company shall register or qualify or cooperate with any Affiliated Market
Maker, the Holders of 

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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; provided, however, that the foregoing cooperation shall be
coordinated on behalf of any such Affiliated Market Makers, Holders of the Securities included therein and their respective counsel 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; 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 Company 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
Company shall cooperate with any Affiliated Market Maker and 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 such Affiliated Market Maker or
the Holders may request within 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 Company is
required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the
related prospectus and any other required document so that, as thereafter delivered to any Affiliated Market Maker, Holders of the Securities or purchasers of Securities, the prospectus does 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 Company directs the Initial Purchasers, the Holders of the Securities, any Affiliated Market Maker 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, any Affiliated Market Maker and any such Participating Broker-Dealers shall suspend use of such prospectus, and each of the periods for which the Shelf Registration
Statement provided for in Section 2(b) above and the Exchange Offer Registration Statement provided for in Section 1 above, respectively, are required to remain effective shall 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, any Affiliated Market
Maker 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 Company 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 applicable 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
Company 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 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 Company's first fiscal quarter 

8

 

commencing
after the effective date of the Registration Statement, which statement shall cover such 12-month period. 

        (m)  The
Company 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 Company shall appoint a new trustee thereunder
pursuant to the applicable provisions of the Indenture. 

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

        (o)   The
Company 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 Company shall (i) make reasonably available for inspection by the Holders of Securities included in such Shelf
Registration, any Affiliated Market Maker, 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, any Affiliated Market Maker or any such underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and
(ii) cause the Company's officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested by the Holders of the Securities, any Affiliated Market
Maker 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. 

        (q)   In
the case of any Shelf Registration, the Company, if requested by any Holder of Securities covered thereby or any Affiliated Market Maker, shall cause (i) its
counsel to deliver an opinion and updates thereof relating to the Securities in customary form addressed to such Holders, Affiliated Market Makers 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 Company and its subsidiaries; the qualification of the Company and its subsidiaries to transact business as foreign corporations; 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 material legal or governmental proceedings involving the Company and its subsidiaries; the absence of governmental approvals required to be
obtained in connection with the Shelf Registration Statement, the offering and sale of the applicable 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 

9

 

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 requested by any underwriters of the applicable Securities and
(iii) its independent public accountants and the independent public accountants with respect to any other entity for which financial information is provided in the Shelf Registration Statement
to provide to the selling Holders of the applicable Securities and any underwriter therefor and any Affiliated Market Makers 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, any Affiliated Market Maker or any known Participating Broker-Dealer, the Company
shall cause (i) its counsel to deliver to such Initial Purchaser or such Participating Broker-Dealer signed opinions in the forms set forth 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 and the independent public accountants with respect to
any other entity for which financial information is provided in the Registration Statement to deliver to such Initial Purchaser, Affiliated Market Maker 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) 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 Company (or to such other Person as
directed by the Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the
Company shall mark, or caused 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. 

10

  

        (t)    The
Company will use its reasonable best efforts to (a) if the Initial Securities have been rated prior to the initial sale of such Initial Securities, confirm
such ratings will apply to the Securities covered by a Registration Statement, or (b) if the Initial Securities were not previously rated, 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 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 Company 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 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
Company shall use its reasonable best efforts to take all other steps necessary to effect the registration of the Securities covered by a Registration Statement
contemplated hereby. 

        (w)    If
requested by any Holders whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in the case of the Shelf Registration Statement)
or any Affiliated Market Maker, promptly include in any Registration Statement or the related prospectus and any amendment or supplement thereto, pursuant to a supplement or post-effective
amendment if necessary, such information as such persons may reasonably and timely request in writing to have included therein, including, without limitation, information relating to the "Plan of
Distribution" of the Transfer Restricted Securities and the use of the Registration Statement or such prospectus for market-marking activities; and make all required filings of such prospectus
supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be included in such prospectus supplement or post-effective
amendment. 

        4.    Registration Expenses.    

        (a)    All
expenses incident to the Company's performance of and compliance with this Agreement will be borne by the Company, regardless of whether a Registration Statement is
ever filed or becomes effective, including without limitation; 

        (i)    all
registration and filing fees and expenses; 

        (ii)    all
fees and expenses of compliance with federal securities and state "blue sky" or securities laws; 

        (iii)    all
expenses of printing (including printing certificates for the Securities to be issued in the Registered Exchange Offer and the Private Exchange and printing of
Prospectuses (whether for exchanges, sales, market-making or otherwise)), messenger and delivery services and telephone; 

        (iv)    all
fees and disbursements of counsel for the Company; 

11

 

        (v)    all
application and filing fees in connection with listing the Exchange Securities on a national securities exchange or automated quotation system pursuant to the
requirements hereof; and 

        (vi)    all
fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or
incident to such performance). 

        The
Company will bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses
of any annual audit and the fees and expenses of any person, including special experts, retained by the Company. 

        (b)    In
connection with any Registration Statement required by this Agreement, the Company will reimburse the Initial Purchasers and the Holders of Transfer Restricted
Securities who are tendering Initial Securities in the Registered Exchange Offer and/or selling or reselling Securities pursuant to the "Plan of Distribution" contained in the Exchange Offer
Registration Statement or the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, who shall be Cravath, Swaine & Moore LLP
unless another firm shall be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared. 

        5.    Indemnification.    

        (a)    The
Company 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 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 Company 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 Company 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 

12

 

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 Company 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 Company may otherwise have to such Indemnified Party. The Company 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 Company and each person, if any, who controls the Company 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 Company 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 Company 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 Company for any legal or other expenses reasonably incurred by the
Company 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 Company 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 failure to notify the indemnifying party shall not relieve it from any liability that it may have under subsection (a) or (b) above except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any
liability that it may have to an indemnified party otherwise than under subsection (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 sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all
liability on any claims that are the subject matter of such action, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party. 

13

 

        (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 in such proportion as is appropriate to reflect 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 Company 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 Company within the meaning of the
Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 

        (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. 

        (f)    The
Company agrees that the indemnity and contribution provisions of this Section 5 shall apply to the Affiliated Market Makers to the same extent and on the same
conditions as it applies to Holders of the Securities. 

14

   
        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 as a
result of either (1) the occurrence of any event 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 becoming 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 Company or
pursuant to operation of law or as a result of any action or inaction by the Commission. 

        Additional
Interest shall accrue on the Securities 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 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 Company 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 Company that would need to be described in such Shelf Registration Statement or the
related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement 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
30 days, Additional Interest shall be payable in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default is cured. 

        (c)    Any
amounts of Additional Interest due pursuant to Section 6(a) after December 1, 2008, will be payable in cash on the regular interest payment dates with
respect to the Securities. 

15

 

The
amount of Additional Interest will be determined by multiplying the applicable Additional Interest Rate by the Accreted Value (as such term is defined in the Indenture) of the Securities and
further 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. Any amounts of Additional Interest due pursuant to Section 6(a) on or prior to December 1, 2008, will
be added to the Accreted Value of the Securities. 

        (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 Company 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 Company is not required to file such reports, it will, upon the request of any Holder of Securities, make
publicly available other information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Company 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 Company will provide a copy of this Agreement to prospective purchasers of Initial
Securities identified to the Company by the Initial Purchasers upon request. Upon the request of any Holder of Initial Securities, the Company 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 Company 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 at maturity of such Transfer Restricted Securities to be included in such offering. 

        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 Company acknowledges and agrees that any failure by the Company to comply with its obligations
under Section 1 and 2 hereof may result in material irreparable injury to the Initial Purchasers or the Holders or Affiliated Market Makers for which th ere 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 Affiliated Market Makers or any Holder may obtain such
relief as may be required to specifically enforce the Company's 

16

 

obligations
under Sections 1 and 2 hereof. The Company 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 Company 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 Company'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 Company 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. Without the consent of the Holder of each Security, however, no modification may change the provisions relating to the payment of
Additional Interest. 

        (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 Company. 

        (2)    if
to the Initial Purchasers: 

Credit
Suisse First Boston LLC

Eleven Madison Avenue

New York, NY 10010-3629

Fax No.: (212) 325-8278

Attention: Transactions Advisory Group 

        and: 

Deutsche
Bank Securities Inc.

60 Wall Street

New York, NY 10010

Fax No.: (212) 797-4564

Attention: Keith DeLeon 

        with
a copy to: 

Kris
F. Heinzelman, Esq.

Cravath, Swaine & Moore LLP

Worldwide Plaza

825 Eighth Avenue

New York, NY 10019

Fax No.: (212) 474-3700 

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

Jostens
Holding Corp.

American Boulevard West

Minneapolis, MN 55437

Fax No.: (952) 830-3293

Attention: Paula R. Johnson 

17

 

        with
a copy to: 

Todd
R. Chandler, Esq.

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153

Fax No.: (212) 310-8007 

        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 and Affiliated Market Makers shall be third party beneficiaries to
the agreements made hereunder between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent 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 Company 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 Company.    Whenever the consent or approval of Holders of a specified percentage of
principal amount of Securities is required hereunder, Securities held by the Company 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. 

        (l)    Agent for Service; Submission to Jurisdiction; Waiver of Immunities.    By the execution and delivery of this
Agreement, the Company submits to the nonexclusive jurisdiction of any Federal or State court in the State of New York or brought under Federal or State securities laws in any suit or proceeding
arising out of or relating to this Agreement. 

        (m)    Compliance with Form S-3.    The Company agrees for the benefit of any Affiliated Market
Makers that for so long as any of the Transfer Restricted Securities remain outstanding, if at any time sales by the Affiliated Market Makers of the Transfer Restricted Securities will satisfy clauses
1 or 3 of the "Transaction Requirements" specified in Form S-3 (or any comparable provision of any successor form to Form S-3), the Company will use its
reasonable best efforts to 

18

 

comply
with, and maintain its compliance with, the "Registrant Requirements" of Form S-3 (or any comparable provision of any successor form to Form S-3). 

19

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

	

 	
 	

Very truly yours,
	

 	
 	

JOSTENS HOLDING CORP.
	

 	
 	

by	

 
	 	 	 	
 Name:

Title:

The
foregoing Registration

Rights Agreement is hereby confirmed

and accepted as of the date first

above written. 

CREDIT
SUISSE FIRST BOSTON LLC

DEUTSCHE BANK SECURITIES INC. 

	By:	CREDIT SUISSE FIRST BOSTON LLC	 
	

by	

 	

 
	 	
 Name:

Title:	 
	

By:	

DEUTSCHE BANK SECURITIES INC.	

 
	

by	

 	

 
	 	
 Name:

Title:	 
	

by	

 	

 
	 	
 Name:

Title:	 

20

 
 

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 Company has agreed that it
will make this Prospectus available to any broker-dealer for use in connection with any such resale. See "Plan of Distribution." 

 
 

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." 

 
 

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 Company has agreed that 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
Company 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. 

        The
Company 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 Company 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 inside front cover page of the Exchange Offer prospectus below the Table of Contents. 

 
 

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. 

QuickLinks

EXECUTION VERSION

Exhibit 4.2

ANNEX A

ANNEX B

ANNEX C

PLAN OF DISTRIBUTION

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Exhibit 10.14  

 
 

WAIVER TO
  GLOBAL REVOLVING CREDIT AGREEMENT (5-YEAR)    
    

        Waiver to Global Revolving Credit Agreement (5-Year) (the "Waiver") dated as of January 22,
2003 among Sealed Air Corporation (the "Company"), the Subsidiary Borrowers party hereto, the Subsidiary Guarantors party hereto, the Banks party
hereto, and ABN AMRO Bank N.V., as Administrative Agent; 

W I T N E S S E T H:  

        Whereas, the Company and the Subsidiary Borrowers, the Guarantors, the Banks and ABN AMRO Bank N.V., as Administrative Agent, have heretofore executed and
delivered a Global Revolving Credit Agreement (5-Year) dated as of March 30, 1998 (as amended, the "Credit Agreement"); 

        Whereas,
the Company has informed the Banks that due to a settlement of various asbestos related claims against the Company it expects to recognize a non-cash charge during
the fiscal quarter ended December 31, 2002 of approximately $850,000,000; and 

        Whereas,
as a result of such non-cash charge, the Company expects that it will fail to meet the Interest Coverage Ratio and Leverage Ratio set forth in Sections 8.01 and
8.02, respectively, of the Credit Agreement; 

        Now,
therefore, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

        1.    For
purposes of calculating EBITDA for the Test Period ending December 31, 2002 consolidated net income of the Company and its Subsidiaries for such period shall
be adjusted by adding thereto any
non-cash charges incurred by the Company in connection with the settlement of asbestos related claims against the Company to the extent such amounts do not exceed $850,000,000. 

        2.    This
Waiver shall become effective on the date the Administrative Agent shall have received (i) counterparts hereof executed by the Borrowers, the Guarantors and
the Required Banks (or, in the case of any party as to which an executed counterpart hereof shall not have been received, receipt by the Administrative Agent in form satisfactory to it of facsimile or
other written confirmation from such party of execution of a counterpart hereof by such party) and (ii) from the Company, for the account of each Bank (a "Consenting
Bank") that has evidenced its agreement hereto as provided in clause (i) above by 5:00 p.m. (New York time) on January 22, 2003, a waiver fee equal to 2.5
basis points (0.025%) on the aggregate of such Consenting Bank's Commitment. 

 

        3.1.    To
induce the Administrative Agent and the Banks to executed this Waiver, each Borrower and Guarantor represents and warrants to the Administrative Agent and the Banks
that: (a) the representations and warranties contained in the Credit Documents, after giving effect to this Waiver (other than Section 6.05 of the Credit Agreement), are true and correct
in all material respects as of the date hereof with the same effect as though made on the date hereof (it being understood and agreed that any representation or warranty which by its terms is made as
of a specified date shall be required to be true and correct in all material respects only as of such specified date); (b) after giving effect to this Waiver, no Default exists; (c) this
Waiver has been duly authorized by all necessary corporate proceedings and duly executed and delivered by each Borrower and each Guarantor, and the Credit Agreement, and each of the other Credit
Documents are the legal, valid and binding obligations of the applicable Borrower or Guarantor, enforceable against such Borrower or Guarantor in accordance with their respective terms, except as
enforceability may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors' rights or by general principles of equity; and
(d) no consent, approval, authorization, order, registration or qualification with any governmental authority is required for, and in the absence of which would adversely effect, the
performance by any Borrower or any Guarantor of the Credit Agreement, or any other Credit Document to which they are party. 

        3.2.    This
Waiver may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same Waiver. 

        3.3.    Except
as specifically provided above, the Credit Agreement and the other Credit Documents shall remain in full force and effect and are hereby ratified and confirmed
in all respects. The execution, delivery, and effectiveness of this Waiver shall not, except as expressly provided herein, operate as a waiver of any right, power, or remedy of the Agent or any Bank
under the Credit Agreement or any of the other Credit Documents, nor constitute a waiver or modification of any provision of any of the other Credit Documents. 

        3.4.    All
defined terms used herein and not defined herein have the same meanings herein as in the Credit Agreement. 

        3.5.    This
Waiver and the rights and obligations of the parties hereunder shall be construed in accordance with and be governed by the law of the State of New York. 

2

 

        In
Witness Whereof, the parties hereto have caused this Waiver to be executed by their respective officers thereunto duly authorized as of the day and year first above written. 

	 	 	SEALED AIR CORPORATION, as Borrower and Guarantor
	

 	
 	

By:	

/s/  WILLIAM V. HICKEY      
 Title: President & Chief Executive Officer
	

 	
 	
SEALED AIR CORPORATION (US), as Borrower and Guarantor
	

 	
 	

By:	

/s/  TOD S. CHRISTIE      
 Title: Vice President
	

 	
 	
CRYOVAC, INC., as Borrower and Guarantor
	

 	
 	

By:	

/s/  TOD S. CHRISTIE      
 Title: Vice President

3

 

	 	 	ABN AMRO BANK N.V., individually and as Administrative Agent
	

 	
 	

By:	

/s/  CRAIG TRAUTWEIN      
 Craig Trautwein

Title: Vice President
	

 	
 	

By:	

/s/  TODD J. MILLER      
 Todd J. Miller

Title: Assistant Vice President

4

 

	 	 	BANK OF AMERICA, NA
	

 	
 	
By:	

/s/  WENDY J. GORMAN      
 Wendy J. Gorman

Title Principal

5

 

	 	 	CITIBANK, N.A.
	

 	
 	
By:	

/s/  HUGO ARIAS      
 Title

Hugo Arias

Vice President

388 Greenwich St./23rd FL

New York, NY 10013

Tel: 212-816-5390

6

 

	 	 	COMMERZBANK AG, NEW YORK BRANCH
	

 	
 	
By:	

/s/  ROBERT S. TAYLOR, JR.      
 Robert S. Taylor, Jr.

Title: Senior Vice President
	

 	
 	

By:	

/s/  ANDREW P. LUSK      
 Andrew P. Lusk

Title: Assistant Vice President

7

 

	 	 	CREDIT LYONNAIS New York Branch
	

 	
 	

By:	

/s/  SCOTT R. CHAPPELKA      
 Scott R. Chappelka

Vice President

8

 

	 	 	FLEET NATIONAL BANK
	

 	
 	
By:	

/s/  MARWAN ISBAIH      
 Marwan Isbaih

Title: Director

9

 

	 	 	ALLIED IRISH BANK
	

 	
 	
By:	

/s/  MICHAEL DOYLE      
 Michael Doyle

Title: Senior Vice President

10

 

	 	 	TORONTO DOMINION (TEXAS) INC.
	

 	
 	
By:	

/s/  CAROL BRANDT      
 Carol Brandt

Title: Vice President

11

 

	 	 	BANCA DI ROMA
	

 	
 	
By:	

/s/  CHRISTOPHER STRIKE      
 Christopher Strike

Title: Vice President
	

 	
 	

By:	

/s/  STEVEN PALEY      
 Steven Paley

Title: First Vice President

12

 

	 	 	THE BANK OF NEW YORK
	

 	
 	
By:	

/s/  ERNEST FUNG      
 Ernest Fung

Title: Vice President

13

 

	 	 	THE BANK OF NOVA SCOTIA
	

 	
 	
By:	

/s/  MANA GING      
 Mana Ging

Title: Director

14

 

	 	 	BANCA NAZIONALE DEL LAVORO S.P.A.—NEW YORK BRANCH
	

 	
 	
By:	

/s/  FREDERIC W. HALL      
 Frederic W. Hall

Title: Vice President
	

 	
 	

By:	

/s/  LEONARDO VALENTINI      
 Title

15

 

	 	 	CREDIT INDUSTRIEL ET COMMERCIAL
	

 	
 	
By:	

/s/  ERIC LONGUET      
 Eric Longuet

Title: Vice President
	

 	
 	

By:	

/s/  ERIC DULOT      
 Eric Dulot

Title: Vice President

16

 

	 	 	BANK ONE N.A.
	

 	
 	
By:	

/s/  JOSEPH PINZONE      
 Joseph Pinzone

Title: Director

17

 

	 	 	HSBC BANK USA
	

 	
 	
By:	

/s/  DIANE M. ZIESKE      
 Diane M. Zieske

Title: First Vice President

18

 

	 	 	WACHOVIA BANK N.A.
	

 	
 	
By:	

/s/  DAVID DRIGGERS      
 Title: Managing Director

19

 

	 	 	THE NORTHERN TRUST COMPANY
	

 	
 	
By:	

/s/  KAREN E. DAHL      
 Karen E. Dahl

Title: Vice President

20

 

	 	 	SAN PAOLO IMI SPA
	

 	
 	
By:	

/s/  CARLO PERSICO      
 Carlo Persico

Title: CEO of the Americas
	

 	
 	

By:	

/s/  ETTORE VIAZZO      
 Ettore Viazzo

Title: Vice President

21

 

	 	 	THE BANK OF TOKYO-MITSUBISHI, LTD.,

    NEW YORK BRANCH
	

 	
 	
By:	

/s/  JEFFREY K. STANTON      
 Title: Authorized Signatory

22

 

	 	 	BNP PARIBAS
	

 	
 	
By:	

/s/  ARNAUD COLLIN DU BOCAGE      
 Arnaud Collin du Bocage

Title: Managing Director
	

 	
 	

By:	

/s/  RICHARD PACE      
 Richard Pace

Title: Director

23

 

	 	 	BANCA INTESA, NEW YORK BRANCH
 as successor to
 INTESABCI, NEW YORK BRANCH
	

 	
 	
By:	

/s/  J. DICKERHOF      
 J. Dickerhof

Title: VP
	

 	
 	

By:	

/s/  F. MAFFEI      
 F. Maffei

Title: VP

24

 

	 	 	KBC BANK N.V.
	

 	
 	
By:	

 
	 	 	 	
 Title
	

 	
 	

By:	

 
	 	 	 	
 Title

25

 

	 	 	UFJ BANK LTD
	

 	
 	
By:	

/s/  RUSSELL BOHNER      
 Title: Vice President

26

 

	 	 	BANCA MONTE DEI PASCHI BELGLO S.A.
	

 	
 	
By:	

 
	 	 	 	/s/        
 Title
	

 	
 	

By:	

 
	 	 	 	/s/        
 Title

27

 

	 	 	NORDDEUTSCHE LANDESBANK GIROZENTRALE
	

 	
 	
By:	

/s/  STEPHANIE FINNEN      
 Stephanie Finnen

Title: Vice President
	

 	
 	

By:	

/s/  JOSEF HAAS      
 Josef Haas

Title: Vice President

28

 

	 	 	SUNTRUST BANK, ATLANTA
	

 	
 	
By:	

/s/  FRANK A. COE      
 Title: V.P.

29

 

	 	 	CREDIT AGRICOLE INDOSUEZ
	

 	
 	
By:	

 
	 	 	 	/s/        
 Title
	

 	
 	

By:	

 
	 	 	 	/s/        
 Title

30

 

	 	 	BANCA POPOLARE DI MILANO
	

 	
 	
By:	

/s/  GIORGIO CUCCOLO      
 Giorgio Cuccolo

EVP & General Manager
	

 	
 	

By:	

/s/  ROBERT DESANTES      
 Robert DeSantes

VP & Head of Corporate Banking

31

 

	 	 	GE CAPITAL CFE, INC.
	

 	
 	
By:	

/s/  W. JEROME MCDERMOTT      
 W. Jerome McDermott

Title: Duly Authorized Signatory

32

 

	 	 	UNI CREDITO ITALIANO S.P.A.
	

 	
 	
By:	

/s/  CHRISTOPHER ELDIN      
 Christopher Eldin

Title: FVP & Deputy Manager
	

 	
 	

By:	

/s/  CHARLES MICHAEL      
 Charles Michael

Title: Vice President

33

 

	 	 	BANK AUSTRIA AKTIENGESELLSCHAFT
	

 	
 	
By:	

/s/  LAURA A. DEPERSIS      
 Laura A. DePersis

Title: Vice President
	

 	
 	

By:	

/s/  DIANE B. VACCARO      
 Diane B. Vaccaro

Title: Vice President

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WAIVER TO GLOBAL REVOLVING CREDIT AGREEMENT (5-YEAR)

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