Document:

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                                                                     Exhibit 4.2

                                                            EXECUTION COPY

                              JLG INDUSTRIES, INC.

                                  $175,000,000

                   8 3/8 % SENIOR SUBORDINATED NOTES DUE 2012

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                                   June 17, 2002

Wachovia Securities, Inc.
Credit Suisse First Boston Corporation
J.P. Morgan Securities Inc.
Banc One Capital Markets, Inc.
BNY Capital Markets, Inc.
BMO Nesbitt Burns Corp.
Credit Lyonnais Securities (USA) Inc.

As Initial Purchasers under the Purchase Agreement

c/o Wachovia Securities, Inc.
Wachovia Center
301 South College Street
Charlotte, NC 28288

Ladies and Gentlemen:

            This Registration Rights Agreement (the "Agreement") is dated June
17, 2002, by and among JLG Industries, Inc., a Pennsylvania corporation (the
"Company"), the Note Guarantors listed on the signature pages hereto (the
"Guarantors"), Wachovia Securities, Inc., Credit Suisse First Boston
Corporation, J.P. Morgan Securities Inc., Banc One Capital Markets, Inc., BNY
Capital Markets, Inc., BMO Nesbitt Burns Corp., and Credit Lyonnais Securities
(USA) Inc. (the "Initial Purchasers").

            This Agreement is being entered into in connection with a certain
note purchase agreement, dated June 12, 2002, by and among the Company, the
Guarantors, and the Initial Purchasers (the "Purchase Agreement"), which
provides for the issuance and sale by the Company to the Initial Purchasers of
$175,000,000 aggregate principal amount of the Company's 8 3/8% Senior
Subordinated Notes Due 2012 (the "Notes") to be unconditionally guaranteed on a
general unsecured senior subordinated basis by the Guarantors. In order to
induce the Initial Purchasers to enter into the Purchase Agreement, the Company
and the Guarantors have agreed to provide the registration rights set forth in
this Agreement for the benefit of the Initial Purchasers and their direct and
indirect transferees. The parties hereby agree as follows:

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            1.    Definitions. Capitalized terms used herein without definition
shall have their respective meanings set forth in the Purchase Agreement. As
used in this Agreement, the following capitalized defined terms shall have the
following meanings:

            "Act" means the Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder. "Additional Interest"
has the meaning set forth in Section 4 hereto.

            "Affiliate" means, with respect to any specified person, any other
person that, directly or indirectly, is in control of, is controlled by, or is
under common control with, such specified person. For purposes of this
definition, control of a person means the power, direct or indirect, to direct
or cause the direction of the management and policies of such person whether by
contract or otherwise; and the terms "controlling" and "controlled" have
meanings correlative to the foregoing.

            "Agreement" has the meaning set forth in the preamble hereto.

            "Business Day" means any day excluding Saturday, Sunday or any other
day which is a legal holiday under the laws of New York, New York or is a day
on which banking institutions therein located are authorized or required by law
or other governmental action to close.

            "Commission" means the Securities and Exchange Commission.

            "Consummate" means, with respect to a Registered Exchange Offer, the
occurrence of (a) the filing and effectiveness under the Act of the Exchange
Offer Registration Statement relating to the Exchange Notes to be issued in the
Registered Exchange Offer, (b) the maintenance of such Registration Statement
continuously effective and the keeping of the Registered Exchange Offer open for
a period not less than the minimum period required pursuant to Section 2(c)(ii)
hereof, (c) the Company's acceptance for exchange of all Transfer Restricted
Notes duly tendered and not validly withdrawn pursuant to the Registered
Exchange Offer and (d) the delivery of Exchange Notes by the Company to the
registrar under the Indenture in the same aggregate principal amount as the
aggregate principal amount of Transfer Restricted Notes duly tendered and not
validly withdrawn by Holders thereof pursuant to the Registered Exchange Offer
and the delivery of such Exchange Notes to such Holders. The term "Consummation"
has a meaning correlative to the foregoing.

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

            "Exchange Notes" means debt securities of the Company, guaranteed by
the Guarantors, substantially identical in all material respects to the Notes
other than issue date (except that the Additional Interest provisions and the
transfer restrictions pertaining to the Notes will be modified or eliminated, as
appropriate), to be issued under the Indenture.

            "Exchange Offer Registration Period" means the 180-day period
following the Consummation of the Registered Exchange Offer, exclusive of any
period during which any stop

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order shall be in effect suspending the effectiveness of the Exchange Offer
Registration Statement or during which the Company has suspended the use of the
Prospectus contained therein pursuant to Section 2(d); provided, however, that
in the event that all resales of Exchange Notes (including, subject to the time
periods set forth herein, any resales by Participating Broker-Dealers) covered
by such Exchange Offer Registration Statement have been made, the Exchange Offer
Registration Statement need not thereafter remain continuously effective for
such period.

            "Exchange Offer Registration Statement" means a registration
statement of the Company and the Guarantors on an appropriate form under the Act
with respect to the Registered Exchange Offer, all amendments and supplements to
such registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

            "Filing Date" has the meaning set forth in Section 2 hereto.

            "Holder" means any holder from time to time of Transfer Restricted
Notes or Exchange Notes (including any of the Initial Purchasers).

            "Indenture" means the indenture relating to the Notes and the
Exchange Notes, dated as of June 17, 2002, among the Company, the Guarantors and
The Bank of New York, as trustee, as the same may be amended, supplemented,
waived or otherwise modified from time to time in accordance with the terms
thereof.

            "Initial Purchasers" has the meaning set forth in the preamble
hereto.

            "Issue Date" means June 17, 2002.

            "Losses" has the meaning set forth in Section 8(d) hereto.

            "Majority Holders" means the Holders of a majority of the aggregate
principal amount of Transfer Restricted Notes registered under a Registration
Statement.

            "Managing Underwriters" means the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering
under a Shelf Registration Statement.

            "Notes" has the meaning set forth in the preamble hereto.

            "Participating Broker-Dealer" means any Holder (which may include
any of the Initial Purchasers) that is a broker-dealer electing to exchange
Notes acquired for its own account as a result of market-making activities or
other trading activities for Exchange Notes.

            "Private Exchange Notes" has the meaning set forth in Section 2(g)
hereof.

            "Prospectus" means the prospectus included in any Registration
Statement (including a prospectus that discloses information previously omitted
from a prospectus filed as part of an effective registration statement in
reliance upon Rule 430A under the Act or any similar rule that may be adopted by
the Commission), as amended or supplemented by any

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prospectus supplement, with respect to the terms of the offering of any portion
of the Transfer Restricted Notes covered by such Registration Statement, and all
amendments and supplements to the Prospectus.

            "Purchase Agreement" has the meaning set forth in the preamble
hereto.

            "Registered Exchange Offer" means the proposed offer to the Holders
to issue and deliver to such Holders, in exchange for the Notes, a like
aggregate principal amount of Exchange Notes.

            "Registration Statement" means any Exchange Offer Registration
Statement or Shelf Registration Statement that covers any of the Transfer
Restricted Notes (including any guarantees of each thereof) pursuant to the
provisions of this Agreement, amendments and supplements to such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto, and all material
incorporated by reference therein.

            "Shelf Registration" means a registration of Transfer Restricted
Notes with the Commission effected pursuant to Section 3 hereof.

            "Shelf Registration Period" has the meaning set forth in Section
3(c) hereof.

            "Shelf Registration Statement" means a "shelf" registration
statement of the Company and the Guarantors filed pursuant to the provisions of
Section 3 hereof, which covers some or all of the Transfer Restricted Notes, as
applicable, on an appropriate form under Rule 415 under the Act, or any similar
rule that may be adopted by the Commission, and which may be in the format of an
amendment to the Exchange Offer Registration Statement if permitted by the
Commission, all amendments and supplements to such registration statement,
including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by
reference therein.

            "Transfer Restricted Notes" means each Note upon original issuance
thereof and at all times subsequent thereto, each Exchange Note as to which
Section 3(a)(iii) or Section 3(a)(iv) apply upon original issuance and at all
times subsequent thereto, until in the case of any such Note or Exchange Note,
as the case may be, the earliest to occur of (i) the date on which such Note has
been exchanged by a person other than a Participating Broker-Dealer for an
Exchange Note (other than with respect to an Exchange Note as to which Section
3(a)(iii) or Section 3(a)(iv) apply), (ii) with respect to Exchange Notes
received by Participating Broker-Dealers in the Registered Exchange Offer, the
date on which such Exchange Note has been sold by such Participating
Broker-Dealer by means of the Prospectus contained in the Exchange Offer
Registration Statement, (iii) a Shelf Registration Statement covering such Note
or Exchange Note, as the case may be, has been declared effective by the
Commission and such Note or Exchange Note, as the case may be, has been disposed
of in accordance with such effective Shelf Registration Statement, (iv) the date
on which such Note or Exchange Note, as the case may be, can be sold without any
limitations under clauses (c), (e), (f) or (h) of Rule 144 under the Act or any
similar rule that may be adopted by the Commission or (v) such Note or Exchange
Note, as the case may be, ceases to be outstanding for purposes of the
Indenture.

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            "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended.

            "Trustee" means the trustee with respect to the Notes or Exchange
Notes, as applicable, under the Indenture.

            2.    Registered Exchange Offer; Resales of Exchange Notes by
Participating Broker-Dealers; Private Exchange. (a) The Company and the
Guarantors shall prepare and, not later than 90 days from the Issue Date (or, if
such 90th day is not a Business Day, by the first Business Day thereafter),
shall file with the Commission the Exchange Offer Registration Statement with
respect to the Registered Exchange Offer (the date of such filing hereinafter
referred to as the "Filing Date"). The Company and the Guarantors shall use
commercially reasonable efforts (i) to cause the Exchange Offer Registration
Statement to be declared effective under the Act within 150 days from the Issue
Date (or, if such 150th day is not a Business Day, by the first Business Day
thereafter), and (ii) to Consummate the Registered Exchange Offer within 20
Business Days from the date the Exchange Offer Registration Statement becomes
effective.

            (b)   The objective of such Registered Exchange Offer is to enable
each Holder electing to exchange Transfer Restricted Notes for Exchange Notes
assuming that such Holder (x) is not an "affiliate" of the Company or any of the
Guarantors within the meaning of the Act, (y) is not a broker-dealer that
acquired the Transfer Restricted Notes in a transaction other than as a part of
its market-making or other trading activities and (z) if such Holder is not a
broker-dealer, acquires the Exchange Notes in the ordinary course of such
Holder's business, is not participating in the distribution of the Exchange
Notes and has no arrangements or intentions with any person to make a
distribution of the Exchange Notes) to resell such Exchange Notes from and after
their receipt without any limitations or restrictions under the Act and without
material restrictions under the securities laws of a substantial proportion of
the several states of the United States. Each Holder participating in the
Registered Exchange Offer shall be required to represent to the Company and the
Guarantors that at the time of the Consummation of the Registered Exchange Offer
each of the items listed in subsections (x), (y), and (z) of this Section 2(b).

            (c)   In connection with the Registered Exchange Offer, the Company
and the Guarantors shall:

            (i)   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;

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

            (iii) permit Holders to withdraw tendered Notes at any time prior to
      5:00 P.M. New York City time on the last Business Day on which the
      Registered Exchange Offer shall remain open;

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            (iv)  utilize the services of a depositary for the Registered
      Exchange Offer with an address in the Borough of Manhattan, The City of
      New York; and

            (v)   comply in all material respects with all applicable laws
      relating to the Registered Exchange Offer.

            (d)   The Company and the Guarantors may suspend the use of the
Prospectus for a period not to exceed 30 days in any six-month period or an
aggregate of 45 days in any twelve-month period for valid business reasons (not
including avoidance of their obligations hereunder) to avoid premature public
disclosure of a pending corporate transaction, including pending acquisitions or
divestitures of assets, mergers and combinations and similar events; provided
that (i) the Company and the Guarantors promptly thereafter comply with the
requirements of Section 5(k) hereof, if applicable; (ii) the period during which
the Registration Statement is required to be effective and usable shall be
extended by the number of days during which such Registration Statement was not
effective or usable pursuant to the foregoing provisions; and (iii) the
Additional Interest shall accrue on the Notes as provided in Section 4 hereof.

            (e)   As soon as practicable after the Consummation of the
Registered Exchange Offer, the Company and the Guarantors shall: -

            (i)   accept for exchange all the Notes validly tendered and not
      withdrawn pursuant to the Registered Exchange Offer;

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

            (iii) cause the Trustee promptly to authenticate and deliver to each
      Holder Exchange Notes equal in principal amount to the Transfer Restricted
      Notes of such Holder so accepted for exchange.

            (f)   The Initial Purchasers, the Company and the Guarantors
acknowledge that, pursuant to interpretations by the staff of the Commission of
Section 5 of the Act, and in the absence of an applicable exemption therefrom,
each Participating Broker-Dealer is required to deliver a Prospectus in
connection with a sale of any Exchange Notes received by such Participating
Broker-Dealer pursuant to the Registered Exchange Offer in exchange for Transfer
Restricted Notes acquired for its own account as a result of market-making
activities or other trading activities. Accordingly, the Company and the
Guarantors will allow Participating Broker-Dealers and other persons, if any,
with similar prospectus delivery requirements to use the Prospectus contained in
the Exchange Offer Registration Statement during the Exchange Offer Registration
Period in connection with the resale of such Exchange Notes and shall:

            (i)   include the information set forth in (a) Annex A hereto on the
      cover of the Prospectus forming a part of the Exchange Offer Registration
      Statement; (b) Annex B hereto in the forepart of the Exchange Offer
      Registration Statement in a section setting forth details of the
      Registered Exchange Offer; (c) Annex C hereto in the plan of distribution
      section of the Prospectus forming a part of the Exchange Offer
      Registration Statement, and (d) Annex D hereto in the letter of
      transmittal delivered pursuant to the Registered Exchange Offer; and

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            (ii)  use commercially reasonable efforts to keep the Exchange Offer
      Registration Statement continuously effective (subject to Section 2(d))
      under the Act during the Exchange Offer Registration Period for delivery
      of the Prospectus included therein by Participating Broker-Dealers in
      connection with sales of Exchange Notes received pursuant to the
      Registered Exchange Offer, as contemplated by Section 5(h) below.

            (g)   In the event that any Initial Purchaser determines that it is
not eligible to participate in the Registered Exchange Offer with respect to the
exchange of Transfer Restricted Notes constituting any portion of an unsold
allotment, upon the effectiveness of the Shelf Registration Statement as
contemplated by Section 3 hereof and at the request of such Initial Purchaser,
the Company and the Guarantors shall issue and deliver to such Initial
Purchaser, or to the party purchasing Transfer Restricted Notes registered under
the Shelf Registration Statement from such Initial Purchaser, in exchange for
such Transfer Restricted Notes, a like principal amount of Exchange Notes to the
extent permitted by applicable law (the "Private Exchange Notes"). The Company
and the Guarantors shall use their commercially reasonable efforts to cause the
CUSIP Service Bureau to issue the same CUSIP number for such Exchange Notes as
for Exchange Notes issued pursuant to the Registered Exchange Offer.

            3.    Shelf Registration. (a) If (i) the Company and the Guarantors
are not permitted to file the Exchange Offer Registration Statement or to
Consummate the Registered Exchange Offer because the Registered Exchange Offer
is not permitted by applicable law or Commission policy, (ii) for any other
reason the Registered Exchange Offer is not Consummated within 30 days (or if
such 30th day is not a Business Day, by the first Business Day thereafter) of
the date the Exchange Offer Registration Statement has become effective, (iii)
an Initial Purchaser so requests with respect to Notes which have not been
resold acquired by it directly from the Company and the Guarantors on or prior
to the 30th day (or if such 30th day is not a Business Day, by the first
Business Day thereafter) following the Consummation of the Registered Exchange
Offer, (iv) any Holder notifies the Company and the Guarantors on or prior to
the 30th day (or if such 30th day is not a Business Day, by the first Business
Day thereafter) following the Consummation of the registered Exchange Offer that
(A) such Holder is not eligible to participate in the Registered Exchange Offer,
due to applicable law or Commission policy, (B) the Exchange Notes such Holder
would receive would not be freely tradable, (C) such Holder is a Participating
Broker-Dealer that cannot publicly resell the Exchange Notes that it acquires in
the Registered Exchange Offer without delivering a Prospectus and the Prospectus
contained in the Exchange Offer Registration Statement is not appropriate or
available for resales following the completion of the Registered Exchange Offer,
or (D) the Holder is a broker-dealer and owns Notes it has not exchanged and
that it acquired directly from the Company, one of its Affiliates or any
Guarantor, or (v) in the case where an Initial Purchaser participates in the
Registered Exchange Offer or acquires Private Exchange Notes pursuant to Section
2(g) hereof, the Initial Purchaser does not receive freely tradable Exchange
Notes in exchange for Notes constituting any portion of an unsold allotment and
such Initial Purchaser notifies the Company and the Guarantors on or prior to
the 30th day following the Consummation of the Registered Exchange Offer (it
being understood that, for purposes of this Section 3, (x) the requirement that
the Initial Purchaser deliver a Prospectus containing the information required
by Items 507 and/or 508 of Regulation S-K under the Act in connection with sales
of Exchange Notes acquired in exchange for such Transfer Restricted Notes shall
result in such Exchange Notes being not "freely

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tradable" and (y) the requirement that a Participating Broker-Dealer deliver a
Prospectus in connection with sales of Exchange Notes acquired in the Registered
Exchange Offer in exchange for Transfer Restricted Notes acquired as a result of
market-making activities or other trading activities shall not result in such
Exchange Notes being not "freely tradable"), the following provisions shall
apply:

            (b)   The Company and the Guarantors shall use their commercially
reasonable efforts to prepare and file with the Commission a Shelf Registration
Statement prior to the 30th day (or if such 30th day is not a Business Day, by
the first Business Day thereafter) following the earliest to occur of (i) the
date on which the Company and the Guarantors determine that they are not
permitted to file the Exchange Offer Registration Statement or to Consummate the
Exchange Offer; (ii) 30 days (or if such 30th day is not a Business Day, by the
first Business Day thereafter) after the Exchange Offer Registration Statement
has been declared effective if the Registered Exchange Offer has not been
Consummated by such date and (iii) the date notice is given pursuant to Section
(a)(iii), (iv) or (v) above (or if either such 30th day is not a Business Day,
by the first Business Day thereafter) and shall use their commercially
reasonable efforts to cause the Shelf Registration Statement to be declared
effective by the Commission within 90 days thereafter (or if such 90th day is
not a Business Day, by the first Business Day thereafter). With respect to
Exchange Notes received by any of the Initial Purchasers in exchange for Notes
constituting any portion of an unsold allotment, the Company and the Guarantors
may, if permitted by current interpretations by the Commission's staff, file a
post-effective amendment to the Exchange Offer Registration Statement containing
the information required by Regulation S-K Items 507 and/or 508, as applicable,
in satisfaction of their obligations under this paragraph (b) with respect
thereto, and any such Exchange Offer Registration Statement, as so amended,
shall be referred to herein as, and governed by the provisions herein applicable
to, a Shelf Registration Statement.

            (c)   The Company and the Guarantors shall use their commercially
reasonable efforts to keep such Shelf Registration Statement continuously
effective (subject to Section 3(d)) in order to permit the Prospectus forming a
part thereof to be usable by Holders until the earliest of (i) such time as the
Notes or Exchange Notes covered by the Shelf Registration Statement can be sold
without any limitations under clauses (c), (e), (f) and (h) of Rule 144 or
similar rule adopted by the Commission, (ii) two years from the date the Shelf
Registration Statement has been declared effective exclusive of any period
during which any stop order shall be in effect suspending the effectiveness of
the Exchange Offer Registration Statement or during which the Company has
suspended the use of the Prospectus contained therein pursuant to Section 3(d)
and (iii) such date as of which all the Transfer Restricted Notes have been sold
pursuant to the Shelf Registration Statement (in any such case, such period
being called the "Shelf Registration Period"). The Company and the Guarantors
shall be deemed not to have used their commercially reasonable efforts to keep
the Shelf Registration Statement effective during the Shelf Registration Period
if it voluntarily takes any action that would result in Holders of Transfer
Restricted Notes covered thereby not being able to offer and sell such notes
during that period, unless such action is (x) required by applicable law or (y)
pursuant to Section 3(d) hereof, and, in either case, so long as the Company and
the Guarantors promptly thereafter comply with the requirements of Section 5(k)
hereof, if applicable.

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            (d)   The Company and the Guarantors may suspend the use of the
Prospectus for a period not to exceed 30 days in any six-month period or an
aggregate of 45 days in any twelve-month period for valid business reasons (not
including avoidance of their obligations hereunder) to avoid premature public
disclosure of a pending corporate transaction, including pending acquisitions or
divestitures of assets, mergers and combinations and similar events; provided
that (i) the Company and the Guarantors promptly thereafter comply with the
requirements of Section 5(k) hereof, if applicable; (ii) the period during which
the Registration Statement is required to be effective and usable shall be
extended by the number of days during which such Registration Statement was not
effective or usable pursuant to the foregoing provisions; and (iii) the
Additional Interest shall accrue on the Notes as provided in Section 4 hereof.

            (e)   No Holder of Transfer Restricted Notes may include any of its
Transfer Restricted Notes in any Shelf Registration Statement pursuant to this
Agreement unless and until such Holder furnishes to the Company and the
Guarantors in writing, within 30 days after receipt of a request therefor, such
information as the Company and the Guarantors may reasonably request for use in
connection with any Shelf Registration Statement or Prospectus or preliminary
Prospectus included therein. No Holder of Transfer Restricted Notes shall be
entitled to Additional Interest pursuant to Section 4 hereof unless and until
such Holder shall have used its commercially reasonable efforts to provide all
such reasonably requested information. Each Holder of Transfer Restricted Notes
as to which any Shelf Registration Statement is being effected agrees to furnish
promptly to the Company and the Guarantors all information required to be
disclosed in order to make the information previously furnished to the Company
and the Guarantors by such Holder not misleading.

            4.    Additional Interest.

            (a)   The parties hereto agree that Holders of Transfer Restricted
Notes will suffer damages if the Company or the Guarantors fails to perform
their obligations under Section 2 or Section 3 hereof and that it would not be
feasible to ascertain the extent of such damages. Accordingly, in the event that
(i) the applicable Registration Statement is not filed with the Commission on or
prior to the date specified herein for such filing, (ii) the applicable
Registration Statement has not been declared effective by the Commission on or
prior to the date specified herein for such effectiveness after such obligation
arises, (iii) if the Registered Exchange Offer is required to be Consummated
hereunder, the Registered Exchange Offer has not been Consummated by the Company
and the Guarantors within the time period set forth in Section 2(a) hereof, (iv)
prior to the end of the Exchange Offer Registration Period or the Shelf
Registration Period, the Commission shall have issued a stop order suspending
the effectiveness of the Exchange Offer Registration Statement or the Shelf
Registration Statement, as the case may be, or proceedings have been initiated
with respect to the Registration Statement under Section 8(d) or 8(e) of the
Act, or (v) the Company and the Guarantors shall have initiated a suspension
period pursuant to Section 2(d) or 3(d) (each such event referred to in clauses
(i) through (v), a "Registration Default"), then additional interest with
respect to the Transfer Restricted Notes ("Additional Interest") will accrue
with respect to the first 90-day period immediately following the occurrence of
such Registration Default in an amount equal to 0.25% per annum per $1,000
principal amount of such Notes and will increase by an additional 0.25% per
annum per $1,000 principal amount of such Notes for each subsequent 90-day
period until such Registration Default has been cured, up to an aggregate
maximum amount of Additional

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Interest of 1.50% per annum per $1,000 principal amount of Notes for all
Registration Defaults. Following the cure of a Registration Default, the accrual
of Additional Interest with respect to such Registration Default will cease and
upon the cure of all Registration Defaults the accrual of all Additional
Interest will cease. Notwithstanding anything to the contrary in this Section
4(a), the Company and the Guarantors shall not be required to pay Additional
Interest to a Holder of Restricted Transfer Notes if such Holder failed to
comply with its obligations to make the representations set forth in the second
sentence of Section 2(b).

            (b)   The Company shall notify the Trustee and paying agent under
the Indenture (or the trustee and paying agent under such other indenture under
which any Transfer Restricted Notes are issued) immediately upon the happening
of each and every Registration Default. The Company and the Guarantors shall pay
the Additional Interest due on the Transfer Restricted Notes by depositing with
the paying agent (which shall not be the Company or the Guarantors for these
purposes) for the Transfer Restricted Notes, in trust, for the benefit of the
Holders thereof, prior to 11:00 A.M. on the next interest payment date specified
in the Indenture (or such other indenture), sums sufficient to pay the
Additional Interest then due. The Additional Interest due shall be payable on
each interest payment date specified by the Indenture (or such other indenture)
to the record holders entitled to receive the interest payment to be made on
such date. Each obligation to pay Additional Interest shall be deemed to accrue
from and include the date of the applicable Registration Default to, but
excluding, the relevant interest payment date.

            (c)   The parties hereto agree that the Additional Interest provided
for in this Section 4 constitutes a reasonable estimate of the damages that will
be suffered by holders of Transfer Restricted Notes by reason of the happening
of any Registration Default and are intended to constitute the sole remedy for
damages that will be suffered by the Holders of the Transfer Restricted Notes by
reason of any of the failures listed in Section 4(a).

            (d)   All of the Company's and the Guarantors' obligations set forth
in this Section 4 which are outstanding with respect to any Transfer Restricted
Note at the time such Note ceases to be covered by an effective Registration
Statement shall survive until such time as all such obligations with respect to
such Note have been satisfied in full (notwithstanding termination of this
Agreement).

            5.    Registration Procedures. In connection with any Exchange Offer
Registration Statement, and, to the extent applicable, any Shelf Registration
Statement the following provisions shall apply:

            (a)   The Company and the Guarantors shall furnish to Wachovia
Securities, Inc. and Credit Suisse First Boston Corporation (collectively
"Wachovia and CSFB"), prior to the filing thereof with the Commission, a copy of
any Registration Statement, and each amendment thereof and each amendment or
supplement, if any, to the Prospectus included therein and shall use their
commercially reasonable efforts to reflect in each such document, when so filed
with the Commission, such comments as Wachovia and CSFB reasonably may propose.

            (b)   The Company and the Guarantors shall ensure that:

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            (i)   any Registration Statement and any amendment thereto and any
      Prospectus contained therein and any amendment or supplement thereto
      complies in all material respects with the Act;

            (ii)  any 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 Registration Statement,
      including any amendment or supplement to such Prospectus, does not include
      an untrue statement of a material fact or omit to state a material fact
      necessary in order to make the statements therein, in light of the
      circumstances under which they were made, not misleading;

provided that no representation or agreement is made hereby with respect to
information with respect to any of the Initial Purchasers, any Underwriter or
any Holder required to be included in any Registration Statement or Prospectus
pursuant to the Act or provided by any of the Initial Purchasers, any Holder or
any Underwriter specifically for inclusion in any Registration Statement or
Prospectus.

            (c) (1) The Company and the Guarantors shall advise Wachovia and
CSFB and, in the case of a Shelf Registration Statement, the Holders of Transfer
Restricted Notes covered thereby, and, if requested by Wachovia and CSFB or any
such Holder, confirm such advice in writing:

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

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

            (2)   The Company and the Guarantors shall advise Wachovia and CSFB
and, in the case of a Shelf Registration Statement, the Holders of Transfer
Restricted Notes covered thereby, and, in the case of an Exchange Offer
Registration Statement, any Participating Broker-Dealer that has provided in
writing to the Company a telephone or facsimile number and address for notices,
and, if requested by Wachovia and CSFB or any such Holder or Participating
Broker-Dealer, confirm such advice in writing:

            (i)   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;

            (ii)  of the receipt by the Company or any Guarantor of any
      notification with respect to the suspension of the qualification of the
      Transfer Restricted Notes included in any Registration Statement for sale
      in any jurisdiction or the initiation or threatening of any proceeding for
      such purpose; and

                                       11
<PAGE>
            (iii) of the happening of any event that requires the making of any
      changes in the Registration Statement or the Prospectus so that, as of
      such date, the statements therein are not misleading and do not 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 (which advice
      shall be accompanied by an instruction to suspend the use of the
      Prospectus until the requisite changes have been made).

            (d)   The Company and the Guarantors shall use their commercially
reasonable efforts to obtain the withdrawal of any order suspending the
effectiveness of any Registration Statement at the earliest possible time.

            (e)   The Company and the Guarantors shall furnish to each Holder of
Transfer Restricted Notes included within the coverage of any Shelf Registration
Statement, without charge, at least one copy of such 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 incorporated by reference).

            (f)   The Company and the Guarantors shall, during the Shelf
Registration Period, deliver to each Holder of Transfer Restricted Notes
included within the coverage of any Shelf Registration Statement, without
charge, as many copies of the Prospectus (including any preliminary Prospectus)
included in such Shelf Registration Statement and any amendment or supplement
thereto as such Holder may reasonably request; and the Company and the
Guarantors consent to the use of the Prospectus (including any preliminary
prospectus) or any amendment or supplement thereto by each of the selling
Holders of Transfer Restricted Notes in connection with the offering and sale of
the Transfer Restricted Notes covered by the Prospectus or any amendment or
supplement thereto.

            (g)   The Company and the Guarantors shall furnish to each
Participating Broker-Dealer that 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, any documents
incorporated by reference therein and, if the Participating Broker-Dealer so
requests in writing, all exhibits thereto (including those incorporated by
reference).

            (h)   The Company and the Guarantors shall, during the Exchange
Offer Registration Period and pursuant to the requirements of the Act for the
resale of the Exchange Notes during the period in which a prospectus is required
to be delivered under the Act (including any Commission no-action letters
relating to the Registered Exchange Offer), deliver to each Participating
Broker-Dealer, without charge, as many copies of the Prospectus (including any
preliminary Prospectus) included in such Exchange Offer Registration Statement
and any amendment or supplement thereto as such Participating Broker-Dealer may
reasonably request; and the Company and the Guarantors consent to the use of the
Prospectus (including any preliminary prospectus) or any amendment or supplement
thereto by any such Participating Broker-Dealer in connection with the offering
and sale of the Exchange Notes, as provided in Section 2(f) above.

                                       12
<PAGE>
            (i)   Prior to the Registered Exchange Offer or any other offering
of Transfer Restricted Notes pursuant to any Registration Statement, the Company
and the Guarantors shall use commercially reasonable efforts to register,
qualify or cooperate with the Holders of Transfer Restricted Notes included
therein and their respective counsel in connection with the registration or
qualification of such Transfer Restricted Notes for offer and sale under the
securities or blue sky laws of such states as any such Holders reasonably
request in writing and do any and all other commercially reasonable acts or
things necessary or advisable to enable the offer and sale in such jurisdictions
of the Transfer Restricted Notes covered by such Registration Statement;
provided, however, neither the Company nor the Guarantors will be required to
qualify generally to do business in any jurisdiction in which it is not then so
qualified, to file any general consent to service of process or to take any
action which would subject it to general service of process or to taxation in
any such jurisdiction where it is not then so subject.

            (j)   The Company and the Guarantors shall cooperate with the
Holders to facilitate the timely preparation and delivery of certificates
representing Transfer Restricted Notes to be sold pursuant to any Registration
Statement free of any restrictive legends and in denominations and registered in
such names as Holders may request prior to sales of Transfer Restricted Notes
pursuant to such Registration Statement.

            (k)   Upon the occurrence of any event contemplated by Section 2(d),
3(d) or paragraph (c)(2)(iii) of this Section 5, the Company and the Guarantors
shall promptly prepare and file a posteffective amendment to any Registration
Statement or an amendment or supplement to the related Prospectus or any other
required document so that, as thereafter delivered to purchasers of the Transfer
Restricted Notes included therein, the Prospectus will not include an untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading.

            (1)   The Company and the Guarantors shall use their commercially
reasonable efforts to cause The Depository Trust Company ("DTC") on the first
Business Day following the effective date of any Registration Statement
hereunder or as soon as possible thereafter to remove (i) from any existing
CUSIP number assigned to the Transfer Restricted Notes or Exchange Notes, as the
case may be, any designation indicating that such notes are "restricted
securities," which efforts shall include delivery to DTC of a letter executed by
the Company substantially in the form of Annex E hereto and (ii) any other stop
or restriction on DTC's system with respect to the Transfer Restricted Notes or
Exchange Notes, as the case may be. In the event the Company and the Guarantors
are unable to cause DTC to take actions described in the immediately preceding
sentence, the Company and the Guarantors shall take such actions as the Initial
Purchasers may reasonably request to provide, as soon as practicable, a new
CUSIP (if not already obtained) number for the Transfer Restricted Notes or
Exchange Notes registered under such Registration Statement and to cause such
CUSIP number to be assigned to the Transfer Restricted Notes or Exchange Notes
(or to the maximum aggregate principal amount of the securities to which such
number may be assigned).

            (m)   The Company and the Guarantors shall use their commercially
reasonable efforts to comply with all applicable rules and regulations of the
Commission and shall make generally available to the security holders as soon as
practicable after the effective date of the

                                       13
<PAGE>
applicable Registration Statement an earnings statement satisfying the
provisions of Section 11(a) of the Act and Rule 158 promulgated thereunder.

            (n)   The Company and the Guarantors shall commercially reasonable
efforts to cause the Indenture to be qualified under the Trust Indenture Act in
a timely manner.

            (o)   The Company and the Guarantors may require each Holder of
Transfer Restricted Notes to be sold pursuant to any Shelf Registration
Statement to furnish to the Company and the Guarantors such information
regarding the Holder and the distribution of such Transfer Restricted Notes as
may, from time to time, be reasonably required by the Act, and the obligations
of the Company and the Guarantors to any Holder hereunder shall be expressly
conditioned on the compliance of such Holder with such request.

            (p)   The Company and the Guarantors shall, if requested, promptly
incorporate in a Prospectus supplement or post-effective amendment to a Shelf
Registration Statement (i) such information as the Majority Holders provide or,
if the Transfer Restricted Notes are being sold in an underwritten offering, as
the Managing Underwriters and the Majority Holders reasonably agree should be
included therein and, in either case, provided to the Company or the Guarantors
in writing for inclusion in the Shelf Registration Statement, or Prospectus, and
(ii) such information as a Holder may provide from time to time to the Company
or the Guarantors in writing for inclusion in a Prospectus or any Shelf
Registration Statement, in the case of clause (i) or (ii) above, concerning such
Holder and/or underwriter and the distribution of such Holder's Transfer
Restricted Notes and, in either case, shall make all required filings of such
Prospectus supplement or post-effective amendment as soon as practicable after
being notified in writing of the matters to be incorporated in such Prospectus
supplement or post-effective amendment.

            (q)   In the case of any Shelf Registration Statement, the Company
and the Guarantors shall enter into such agreements (including underwriting
agreements) and take all other customary and appropriate actions as may be
reasonably requested in order to expedite or facilitate the registration or the
disposition of any Transfer Restricted Notes, and in connection therewith, if an
underwriting agreement is entered into, cause the same to contain
indemnification provisions and procedures no less favorable than those set forth
in Section 8 (or such other provisions and procedures reasonably acceptable to
the Majority Holders and the Managing Underwriters, if any, with respect to all
parties to be indemnified pursuant to Section 8).

            (r)   In the case of any Shelf Registration Statement, the Company
and the Guarantors shall:

            (i)   make reasonably available for inspection by the Holders of
      Transfer Restricted Notes to be registered thereunder, any Managing
      Underwriter participating in any disposition pursuant to such Shelf
      Registration Statement, and any attorney, accountant or other agent
      retained by the Holders or any such Managing Underwriter, all relevant
      financial and other records, pertinent corporate documents and properties
      of the Company and any of its subsidiaries;

                                       14
<PAGE>
            (ii)  use commercially reasonable efforts to cause the Company's and
      the Guarantors' officers, directors and employees to supply all relevant
      information reasonably requested by the Holders or any such Managing
      Underwriter, attorney, accountant or agent in connection with any such
      Registration Statement as is customary for similar due diligence
      examinations; provided, however, that any information that is designated
      in writing by the Company and the Guarantors as confidential at the time
      of delivery of such information shall be kept confidential by the Holders
      or any such Managing Underwriter, attorney, accountant or agent, unless
      (x) disclosure thereof is made in connection with a court proceeding or
      required by law; provided that each Holder and any such Managing
      Underwriter, attorney, accountant or agent will, upon learning that
      disclosure of such information is sought in a court proceeding or required
      by law, give notice to the Company and the Guarantors with enough time to
      allow the Company and the Guarantors to undertake appropriate action to
      prevent disclosure at the Company's and the Guarantors' sole expense, or
      (y) such information has previously been made or becomes available to the
      public generally through the Company, the Guarantors or through a third
      party without an accompanying obligation of confidentiality;

            (iii) make such representations and warranties to the Holders of
      Transfer Restricted Notes registered thereunder and the Managing
      Underwriters, if any, in form, substance and scope as are customarily made
      by the Company and the Guarantors to Managing Underwriters and covering
      matters including, but not limited to, those set forth in the Purchase
      Agreement;

            (iv)  obtain opinions of counsel to the Company and the Guarantors
      and updates thereof (which counsel and opinions, in form, scope and
      substance, shall be reasonably satisfactory to the Managing Underwriters,
      if any) addressed to each selling Holder and the Managing Underwriters, if
      any, covering such matters as are customarily covered in opinions
      requested in underwritten offerings and such other matters as may be
      reasonably requested by such Holders and Managing Underwriters;

            (v)   obtain "cold comfort" letters and updates thereof from the
      independent certified public accountants of the Company and the Guarantors
      (and, if necessary, any other independent certified public accountants of
      any subsidiary of the Company or of any business acquired by the Company
      for which financial statements and financial data are, or are required to
      be, included in the Registration Statement), addressed to each selling
      Holder of the Transfer Restricted Notes covered by such Shelf Registration
      Statement (provided such Holder furnishes the accountants with such
      representations as the accountants customarily require in similar
      situations) and the Managing Underwriters, if any, in customary form and
      covering matters of the type customarily covered in "cold comfort" letters
      in connection with primary underwritten offerings; and

            (vi)  deliver such documents and certificates as may be reasonably
      requested by the Majority Holders and the Managing Underwriters, if any,
      including those to evidence compliance with Section 5(i) and with any
      customary conditions contained in the underwriting agreement or other
      agreement entered into by the Company and the Guarantors.

                                       15

<PAGE>

            The foregoing actions set forth in this Section 5(r) shall be
performed at (i) the effectiveness of such Shelf Registration Statement and each
post-effective amendment thereto and (ii) each closing under any underwriting or
similar agreement as and to the extent required thereunder.

            (s) The Company and the Guarantors shall, if and to the extent
required under the Act and/or the Trust Indenture Act and the rules and
regulations thereunder in order to register the guarantees under the Act and
qualify the Indenture under the Trust Indenture Act, cause each guarantor, if
any, to sign any Registration Statement and take all other action necessary to
register any such guarantees under the applicable Registration Statement.

            6. Registration Expenses. The Company and the Guarantors shall bear
all reasonable fees and expenses (including the reasonable fees and expenses, if
any, of Cleary, Gottlieb, Steen & Hamilton, counsel for the Initial Purchasers,
incurred in connection with the Registered Exchange Offer) incurred in
connection with the performance of their obligations under Sections 2, 3, 4 and
5 hereof (other than brokers', dealers' and underwriters' discounts and
commissions and brokers', dealers' and underwriters' counsel fees) and, in
connection with the Shelf Registration Statement, shall reimburse the Holders
for the reasonable fees and disbursements of one firm or counsel designated by
the Majority Holders to act as counsel for the Holders in connection therewith.

            7. Rules 144 and 144A. The Company shall use commercially reasonable
efforts to file the reports required to be filed by it under the 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 Transfer
Restricted Notes, make publicly available other information so long as necessary
to permit sales of their securities pursuant to Rules 144 and 144A (or any
successor rule adopted by the Commission). The Company covenants that it will
take such further action as any Holder of Transfer Restricted Notes may
reasonably request, all to the extent required from time to time to enable such
Holder to sell Transfer Restricted Notes 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) if applicable). The Company
will provide a copy of this Agreement to prospective purchasers of Transfer
Restricted Notes identified to the Company by the Initial Purchasers upon
request. Upon the request of any Holder of Transfer Restricted Notes, 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 or any Guarantor to register
any of its securities pursuant to the Exchange Act.

            8. Indemnification and Contribution.

            (a) (i) In connection with any Registration Statement, the Company
      and the Guarantors, jointly and severally, agree to indemnify and hold
      harmless each Holder of Transfer Restricted Notes covered thereby, the
      directors, officers, employees and agents of each such Holder and each
      person who controls any such Holder within the meaning of either the Act
      or the Exchange Act against any and all losses, claims, damages or
      liabilities, joint or several, to which they or any of them may become
      subject under the Act, the Exchange Act or other Federal or state
      statutory law or regulation, at common

                                       16
<PAGE>
      law or otherwise, insofar as such losses, claims, damages or liabilities
      (or actions in respect thereof) arise out of or are based upon any untrue
      statement or alleged untrue statement of a material fact contained in the
      Registration Statement as originally filed or in any amendment thereof, in
      any preliminary Prospectus or Prospectus or in any amendment thereof or
      supplement thereto, 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
      agree to reimburse each such indemnified party, as incurred, for any legal
      or other expenses reasonably incurred by them in connection with
      investigating or defending any such loss, claim, damage, liability or
      action; provided, however, that the Company and the Guarantors will not be
      liable in any case to the extent that any such loss, claim, damage or
      liability arises out of or is based upon (A) any such untrue statement or
      alleged untrue statement or omission or alleged omission made therein in
      reliance upon and in conformity with written information relating to the
      Holder furnished to the Company and the Guarantors by or on behalf of any
      such Holder specifically for inclusion therein, (B) use of a Registration
      Statement or the related Prospectus during a period when a stop order has
      been issued in respect of such Registration Statement or any proceedings
      for that purpose have been initiated or use of a Prospectus when use of
      such Prospectus has been suspended pursuant to Section 2(d), 3(d) or
      5(c)(2); provide , further, in each case, that Holders received prior
      notice of such stop order, initiation of proceedings or suspension or (C)
      if the Holder is required to but does not deliver a Prospectus or the
      then-current Prospectus. This indemnity agreement will be in addition to
      any liability which the Company and the Guarantors may otherwise have.

            (ii) The Company and the Guarantors also agree to indemnify or
      contribute to Losses, as provided in Section 8(d), of any Managing
      Underwriters of Transfer Restricted Notes registered under a Registration
      Statement, their officers and directors and each person who controls such
      Managing Underwriters on substantially the same basis as that of the
      indemnification of the selling Holders provided in this Section 8(a) and
      shall, if requested by any Holder, enter into an underwriting agreement
      reflecting such agreement, as provided in Section 5(q) hereof.

            (b) Each Holder of Transfer Restricted Notes covered by a
Registration Statement severally agrees to indemnify and hold harmless the
Company and the Guarantors, and their respective directors, officers, employees
and agents and each person who controls either of the Company or the Guarantors
within the meaning of either the Act or the Exchange Act to the same extent as
the foregoing indemnity from the Company and the Guarantors to each such Holder,
but only with reference to written information relating to such Holder furnished
to the Company and the Guarantors by or on behalf of such Holder specifically
for inclusion in the documents referred to in the foregoing indemnity. This
indemnity agreement will be in addition to any liability which any such Holder
may otherwise have.

            (c) Promptly after receipt by an indemnified party under this
Section 8 of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying party
under this Section 8, notify the indemnifying party in writing of the
commencement thereof; but the failure so to notify the indemnifying party (i)
will not relieve it from liability under paragraph (a) or (b) above unless and
to the extent it did not

                                       17
<PAGE>
otherwise learn of such action and such failure results in the forfeiture by the
indemnifying party of substantial rights and defenses and (ii) will not, in any
event, relieve the indemnifying party from any obligations to any indemnified
party other than the indemnification obligation provided in paragraph (a) or (b)
above. The indemnifying party shall be entitled to appoint counsel of the
indemnifying party's choice at the indemnifying party's expense to represent the
indemnified party in any action for which indemnification is sought (in which
case the indemnifying party shall not thereafter be responsible for the fees and
expenses of any separate counsel retained by the indemnified party or parties
except as set forth below); provided, however, that such counsel shall be
satisfactory to the indemnified party. Notwithstanding the indemnifying party's
election to appoint counsel to represent the indemnified party in an action, the
indemnified party shall have the right to employ separate counsel (including
local counsel), and the indemnifying party shall bear the reasonable fees, costs
and expenses of such separate counsel (and local counsel) if (i) the use of
counsel chosen by the indemnifying party to represent the indemnified party
would present such counsel with a conflict of interest, (ii) the actual or
potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded, based on the advice of outside counsel, that there
may be legal defenses available to it and/or other indemnified parties which are
different from or additional to those available to the indemnifying party, (iii)
the indemnifying party shall not have employed counsel satisfactory to the
indemnified party to represent the indemnified party within a reasonable time
after notice of the institution of such action or (iv) the indemnifying party
shall have authorized the indemnified party to employ separate counsel at the
expense of the indemnifying party; provided further, that the indemnifying party
shall not be responsible for the fees and expenses of more than one separate
counsel (together with appropriate local counsel) representing all the
indemnified parties under paragraph (a) or paragraph (b) above. An indemnifying
party will not, without the prior written consent of the indemnified parties,
settle or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim or action)
unless such settlement, compromise or consent includes an unconditional release
of each indemnified party from all liability arising out of such claim, action,
suit or proceeding.

            (d) In the event that the indemnity provided in paragraph (a) or (b)
of this Section 8 is unavailable to or insufficient to hold harmless an
indemnified party for any reason, then each applicable indemnifying party, in
lieu of indemnifying such indemnified party, shall have a joint and several
obligation to contribute to the aggregate losses, claims, damages and
liabilities (including legal or other expenses reasonably incurred in connection
with investigating or defending same) (collectively "Losses") to which such
indemnified party may be subject in such proportion as is appropriate to reflect
the relative benefits received by such indemnifying party, on the one hand, and
such indemnified party, on the other hand, from the Registration Statement which
resulted in such Losses. If the allocation provided by the immediately preceding
sentence is unavailable for any reason, the indemnifying party and the
indemnified party shall contribute in such proportion as is appropriate to
reflect not only such relative benefits but also the relative fault of such
indemnifying party, on the one hand, and such indemnified party, on the other
hand, in connection with the statements or omissions which resulted in such
Losses 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

                                       18
<PAGE>
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 person, 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. Benefits received by the Company and the Guarantors
shall be deemed to be equal to the sum of (x) the aggregate principal amount of
the Notes and (y) the total amount of Additional Interest which the Company and
the Guarantors were not required to pay as a result of registering the Transfer
Restricted Notes covered by the Registration Statement which resulted in such
Losses. Benefits received by any Holder shall be deemed to be equal to the value
of receiving Transfer Restricted Notes registered under the Act. Benefits
received by any Managing Underwriter shall be deemed to be equal to the total
underwriting discounts and commissions, as set forth on the cover page of the
Prospectus forming a part of the Registration Statement which resulted in such
Losses. Relative fault shall be determined by reference to, among other things,
whether any alleged untrue statement or omission relates to information provided
by the indemnifying party, on the one hand, or by the indemnified party, on the
other hand. 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 Transfer Restricted
Notes shall in no case 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
Transfer Restricted Notes 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 and in no case shall any Managing Underwriter be responsible for any
amount in excess of the underwriting discount or commission applicable to the
Transfer Restricted Notes purchased by such Managing Underwriter under the
Registration Statement which resulted in such Losses. The parties agree that it
would not be just and equitable if contribution were determined by pro rata
allocation or any other method of allocation which does not take account of the
equitable considerations referred to above. Notwithstanding the provisions of
this paragraph (d), no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For purposes
of this Section 8, each person who controls an indemnified party within the
meaning of either the Act or the Exchange Act and each director, officer,
employee and agent of such indemnified party shall have the same rights to
contribution as such indemnified party, and each person who controls the Company
or the Guarantors within the meaning of either the Act or the Exchange Act and
each director, officer, employee and agent of the Company or the Guarantors
shall have the same rights to contribution as the Company and the Guarantors,
subject in each case to the applicable terms and conditions of this paragraph
(d).

            (e) The provisions of this Section 8 will remain in full force and
effect, regardless of any investigation made by or on behalf of any Holder, the
Company, the Guarantors or any of the officers, directors or controlling persons
referred to in Section 8 hereof, and will survive the sale by a Holder of
Transfer Restricted Notes covered by a Registration Statement.

                                       19
<PAGE>
            9. Underwritten Registrations

            If any of the Transfer Restricted Notes covered by any Shelf
Registration statement are to be sold in an underwritten offering, the Managing
Underwriter that will administer the offering will be selected by the Majority
Holders of such Transfer Restricted Notes included in such offering, subject to
the consent of the Company not to be unreasonably withheld; it being expressly
agreed that Wachovia and CSFB are acceptable Managing Underwriters to the
Company and such Holders shall be responsible for all underwriting commissions
and discounts in connection therewith.

            No person may participate in any underwritten registration hereunder
unless such person (i) agrees to sell such person's Transfer Restricted Notes 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.

            10. Miscellaneous.

            (a) No Inconsistent Agreements. The Company and the Guarantors have
not, as of the date hereof, entered into nor shall they, on or after the date
hereof, enter into any agreement that is inconsistent with the rights granted to
the Holders herein or otherwise conflicts with the provisions hereof.

            (b) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Company and the Guarantors have
obtained the written consent of the Majority Holders. Notwithstanding the
foregoing, a waiver or consent to departure from the provisions hereof with
respect to a matter that relates exclusively to the rights of Holders whose
Transfer Restricted Notes are being sold pursuant to a Shelf Registration
Statement or whose Notes are being exchanged pursuant to an Exchange Offer
Registration Statement, as the case may be, and which does not directly or
indirectly affect the rights of other Holders may be given by such Holders,
determined on the basis of Notes being sold rather than registered.
Notwithstanding any of the foregoing, no amendment, modification, supplement,
waiver or consents to any departure from the provisions of Section 8 hereof
shall be effective as against any Holder of Transfer Restricted Notes unless
consented to in writing by such Holder.

            (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier, or air courier guaranteeing overnight delivery:

            (i)   if to the Initial Purchasers, as follows:

                  Wachovia Securities, Inc.
                  Wachovia Center

                                       20
<PAGE>
                  301 South College Street
                  Charlotte, NC 28288
                  Attention: Corporate Finance Department

                  with a copy mailed or delivered to:

                  Allan G. Sperling, Esq.
                  Cleary, Gottlieb, Steen & Hamilton
                  One Liberty Plaza
                  New York, NY 10006
                  212-225-2260

            (ii)  if to any other Holder, at the most current address given by
      such Holder to the Company and the Guarantors in accordance with the
      provisions of this Section 10(c), which address initially is, with respect
      to each Holder, the address of such Holder maintained by the registrar
      under the Indenture, with a copy in like manner to the Initial Purchasers;
      and

            (iii) if to the Company or any of the Guarantors, as follows:

                  JLG Industries, Inc.
                  1 JLG Drive
                  McConnellsburg, Pennsylvania 17233-9533
                  (717)485-5161
                  Attention: Corporate Secretary

                  with a copy mailed or delivered to:

                  W. Andrew Jack, Esq.
                  Covington & Burling
                  1201 Pennsylvania Avenue NW
                  Washington, DC 2004-2401

            All such notices and communications shall be deemed to have been
duly given when received, if delivered by hand or air courier, and when sent, if
sent by first-class mail, telex or telecopier.

            The Company and the Guarantors by notice to the others may designate
additional or different addresses for subsequent notices or communications.

            (d) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including, without the need for an express assignment or any consent by
the Company or the Guarantors thereto, subsequent Holders. The Company and the
Guarantors hereby agree to extend the benefits of this Agreement to any Holder
and any such Holder may specifically enforce the provisions of this Agreement as
if an original party hereto.

                                       21
<PAGE>
            (e) 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.

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

            (g) Governing Law and Consent to Jurisdiction. This agreement shall
be governed by and construed in accordance with the laws of the State of New
York. The Company and the Guarantors (x) submit to the nonexclusive jurisdiction
of the courts of the State of New York and of the United States sitting in the
Borough of Manhattan in respect of any action, claim or proceeding
("Proceeding") arising out of or relating to this Agreement or the transactions
contemplated hereby, (y) irrevocably waive, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of
venue of any Proceeding in the Supreme Court of the State of New York, County of
New York, or the United States District Court for the Southern District of New
York, and any claim that any Proceeding in any such court has been brought in an
inconvenient forum, and (z) agree that any service of process or other legal
summons in connection with any Proceeding may be served on it by mailing a copy
thereof by registered mail, or a form of mail substantially equivalent thereto,
postage prepaid, addressed to the served party at its address as provided for in
Section 10(c). Nothing in this section shall affect the right of the parties to
serve process in any other manner permitted by law.

            (h) Obligations of Material Domestic Subsidiaries. If any person
becomes a Material Domestic Subsidiary (as defined in the Indenture) after the
date hereof and while the Company has continuing obligations under this
Agreement, the Company will cause such Material Domestic Subsidiary to become a
party hereto including for purposes of registration obligations, the guarantee
of Additional Interest on a joint and several basis and indemnification and
contribution pursuant to Section 8.

            (i) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

            (j) Notes Held by the Company, etc. Whenever the consent or approval
of Holders of a specified percentage of principal amount of Transfer Restricted
Notes or Exchange Notes is required hereunder, Transfer Restricted Notes or
Exchange Notes held by the Company, the Guarantors or any of their respective
Affiliates (other than subsequent Holders of Transfer Restricted Notes or
Exchange Notes if such subsequent Holders are deemed to be Affiliates solely by
reason of their holdings of such Notes) shall not be counted in determining
whether such consent or approval was given by the Holders of such required
percentage.

                                       22
<PAGE>
                                                   Registration Rights Agreement

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

                               Very truly yours,

                               JLG Industries, Inc.

                               By: /s/ James H. Woodward, Jr.
                                   ---------------------------------------------
                               Name:  James H. Woodward, Jr.
                               Title: Executive Vice President Chief
                                      Financial Officer

                               By: /s/ Thomas D. Singer
                                   ---------------------------------------------
                               Name:  Thomas D. Singer
                               Title: Senior Vice President, General Counsel and
                                      Secretary
<PAGE>
                                                   Registration Rights Agreement

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

by Wachovia Securities, Inc.
      Credit Suisse First Boston Corporation
            For themselves and on behalf of the several
            Initial Purchasers

 WACHOVIA SECURITIES, INC.

 By: /s/ Lewis S. Morris III
     --------------------------
     Name:  Lewis S. Morris III
     Title: Vice President

 CREDIT SUISSE FIRST BOSTON CORPORATION

By:
     --------------------------
     Name:
     Title:
<PAGE>
                                                   Registration Rights Agreement

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

by Wachovia Securities, Inc.
      Credit Suisse First Boston Corporation
            For themselves and on behalf of the several
            Initial Purchasers

 WACHOVIA SECURITIES, INC.

 By:
     ---------------------------------
     Name:
     Title:

 CREDIT SUISSE FIRST BOSTON CORPORATION

 By: /s/ Colleen A. Burke
     ----------------------------------
     Name:  Colleen A. Burke
     Title: Managing Director
<PAGE>
                                                                         ANNEX A

Each broker-dealer that receives Exchange Notes for its own account pursuant to
the Registered Exchange Offer must acknowledge that it will deliver a prospectus
in connection with any resale of such Exchange Notes. 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 Act. This Prospectus, as it may be amended or supplemented from time to
time, may be used by a broker-dealer during the Exchange Offer Registration
Period in connection with resales of Exchange Notes received in exchange for
Notes where such Notes were acquired by such broker-dealer as a result of
market-making activities or other trading activities. The Company and the
Guarantors have agreed that, during the Exchange Offer Registration Period, it
will make this Prospectus available to any broker-dealer for use in connection
with any such resale. See "Plan of Distribution."

                                      A-1
<PAGE>
                                                                         ANNEX B

Each broker-dealer that receives Exchange Notes for its own account in exchange
for Notes, where such Notes 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 Notes
during the Exchange Offer Registration Period. See "Plan of Distribution."

                                      B-1
<PAGE>
                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

            Each broker-dealer that receives Exchange Notes for its own account
pursuant to the Registered Exchange Offer must acknowledge that it will deliver
a prospectus in connection with any resale of such Exchange Notes during the
Exchange Offer Registration Period. 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 Notes received in exchange for Notes where such Notes
were acquired as a result of market-making activities or other trading
activities. The Company and the Guarantors have agreed that, during the Exchange
Offer Registration Period, 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       2002, all dealers effecting transactions in the
Exchange Notes may be required to deliver a prospectus.

            The Company and the Guarantors will not receive any proceeds from
any sale of Exchange Notes by broker-dealers. Exchange Notes received by
broker-dealers for their own account pursuant to the Registered 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 Notes 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 and/or the purchasers of any such Exchange Notes. Any
broker-dealer that resells Exchange Notes that were received by it for its own
account pursuant to the Registered Exchange Offer and any broker or dealer that
participates in a distribution of such Exchange Notes may be deemed to be an
"underwriter" within the meaning of the Act and any profit from any such resale
of Exchange Notes and any commissions or concessions received by any such
persons may be deemed to be underwriting compensation under the 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 Act.

            During the Exchange Offer Registration Period, the Company and the
Guarantors 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 and the Guarantors have
agreed to pay all expenses incident to the Registered Exchange Offer (including
the expenses of one counsel for the holders of the Notes) other than dealers'
and brokers' discounts, commissions and counsel fees and will indemnify the
holders of the Notes (including any broker-dealers) against certain liabilities,
including liabilities under the Act.

            [If applicable, add information required by Regulation S-K Items 507
and/or 508.]

                                      C-1
<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:
                      ------------------------------------

                      ------------------------------------

            The undersigned represents that it is not an Affiliate of the
Company or any of the Guarantors, that any Exchange Notes to be received by it
will be acquired in the ordinary course of business and that at the time of the
commencement of the Registered Exchange Offer it had no arrangement with any
person to participate in a distribution of the Exchange Notes.

            In addition, 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 Notes. If the undersigned is a
broker-dealer that will receive Exchange Notes for its own account in exchange
for Notes, it represents that the Notes to be exchanged for Exchange Notes were
acquired by it as a result of market-making activities or other trading
activities and acknowledges that it will deliver a prospectus in connection with
any resale of such Exchange Notes; 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 Act.

                                      D-1
<PAGE>
                                                                         ANNEX E

                 FORM OF LETTER TO BE PROVIDED BY THE COMPANY TO

                          THE DEPOSITORY TRUST COMPANY

 The Depository Trust Company
 55 Water Street, 50th Floor
 New York, NY 10041

             Re:   8 3/8 % Senior Subordinated Notes Due 2012 (the
                   "Notes") of JLG Industries, Inc.

 Ladies and Gentlemen:

            Please be advised that the Securities and Exchange Commission has
declared effective a Registration Statement on Form S-- under the Securities Act
of 1933, as amended, with regard to all of the Notes referenced above.
Accordingly, there is no longer any restriction as to whom such Notes may be
sold and [any restrictions on the CUSIP designation are no longer appropriate
and may be removed] [the new CUSIP number for the Notes provided should be
used]. I understand that upon receipt of this letter, DTC will remove any stop
or restriction on its system with respect to this issue.

            As always, please do not hesitate to call if we can be of further
assistance.

 Very truly yours,

 JLG INDUSTRIES, INC.

 By:
    ---------------------
 Authorized Officer

                                      E-1<PAGE>

                                                                     Exhibit 4.3

                              FORM OF EXCHANGE NOTE

[Include the following legend for Global Notes only:

"THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO
HEREINAFTER.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF."]

<PAGE>

                              FORM OF FACE OF NOTE

No. [   ]                                     Principal Amount $[              ]
     ---                                                         --------------

                  [If the Note is a Global Note include the following two lines:
                                     as revised by the Schedule of Increases and
                                       Decreases in Global Note attached hereto]

                                                    CUSIP NO.
                                                             -------------------

   [If the Note is a Regulation S Global Note, delete the reference to CUSIP No.
                                       and replace it with:  ISIN NO.          ]
                                                                     ----------

               JLG Industries, Inc., a Pennsylvania corporation, promises to pay
to [___________], or registered assigns, the principal sum of
[__________________] Dollars [If the Note is a Global Note, add the following,
as revised by the Schedule of Increases and Decreases in Global Note attached
hereto], on June 15, 2012.

               Interest Payment Dates:  June 15 and December 15

               Record Dates:            June 1 and December 1

<PAGE>

Additional provisions of this Note are set forth on the other side of this Note.

                                            JLG INDUSTRIES, INC.

                                            By:
                                               ---------------------------------
                                                Name:
                                                Title:

                                            By:
                                               ---------------------------------
                                                Name:
                                                Title:

TRUSTEE'S CERTIFICATE OF
  AUTHENTICATION

The Bank of New York,
as Trustee, certifies
that this is one of
the Notes referred
to in the Indenture.

By:
     -----------------------
        Authorized Signatory                       Date:
                                                          -------------------

<PAGE>

                          FORM OF REVERSE SIDE OF NOTE

                    8 3/8% SENIOR SUBORDINATED NOTES DUE 2012

1.      Interest

               JLG Industries, Inc., a Pennsylvania corporation (such
corporation, and its successors and assigns under the Indenture hereinafter
referred to, the "Company"), promises to pay interest on the principal amount of
this Note at the rate per annum shown above.

               The Company will pay interest semiannually in arrears on each
Interest Payment Date of each year commencing December 15, 2002. Interest on the
Notes will accrue from the most recent date to which interest has been paid on
the Notes or, if no interest has been paid, from and including the Issue Date.
The Company shall pay interest on overdue principal (plus interest on such
interest to the extent lawful), at the rate borne by the Notes to the extent
lawful. Interest will be computed on the basis of a 360-day year of twelve
30-day months.

               The Company shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal and, to the
extent such payments are lawful, interest on overdue installments of interest
("Defaulted Interest") without regard to any applicable grace periods at the
rate of 2.0% per annum in excess of the rate shown on this Note, as provided in
the Indenture.

2.      Method of Payment

               Prior to 10:00 a.m. New York City time on the date on which any
principal of or interest on any Note is due and payable, the Company shall
irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay
such principal and/or interest. The Company will pay interest (except Defaulted
Interest) to the Persons who are registered Holders of Notes at the close of
business on the Record Date preceding the Interest Payment Date even if Notes
are canceled, repurchased or redeemed after the Record Date and on or before the
relevant Interest Payment Date. Holders must surrender Notes to a Paying Agent
to collect principal payments. The Company will pay principal and interest in
U.S. Legal Tender.

               Payments in respect of Notes represented by a Global Note
(including principal and interest) will be made by the transfer of immediately
available funds to the accounts specified by DTC. The Company will make all
payments in respect of a Certificated Note (including principal and interest) by
mailing a check to the registered address of each Holder thereof; provided,
however, that payments on the Notes may also be made, in the case of a Holder of
at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a
U.S. dollar account maintained by the payee with a bank in the United States if
such Holder elects payment by wire transfer by giving written notice to the
Trustee or the Paying Agent to such effect designating such account no later
than 15 days immediately preceding the relevant due date for payment (or such
other date as the Trustee may accept in its discretion).

<PAGE>

3.      Paying Agent and Registrar

               Initially, The Bank of New York (the "Trustee"), will act as
Trustee, Paying Agent and Registrar. The Company may appoint and change any
Paying Agent, Registrar or co-Registrar without notice to any Holder. The
Company or any Note Guarantor may act as Paying Agent, Registrar or
co-Registrar.

4.      Indenture; Guarantees

               The Company issued the Notes under an Indenture, dated as of June
17, 2002 (as it may be amended or supplemented from time to time in accordance
with the terms thereof, the "Indenture"), between the Company, the Note
Guarantors and the Trustee. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the TIA.
Capitalized terms used herein and not defined herein have the meanings ascribed
thereto in the Indenture. The Notes are subject to all such terms, and Holders
are referred to the Indenture and the TIA for a statement of those terms. Each
Holder by accepting a Note, agrees to be bound by all of the terms and
provisions of the Indenture, as amended or supplemented from time to time.

               The Notes are general unsecured obligations of the Company
limited to $275,000,000 aggregate principal amount, of which $175,000,000 in
aggregate principal amount will be initially issued on the Issue Date. Subject
to the conditions set forth in the Indenture and without the consent of the
Holders, the Company may issue Additional Notes of up to an additional
$100,000,000 aggregate principal amount of 8 3/8% Senior Subordinated Notes Due
2012. All Notes will be treated as a single class of securities under the
Indenture.

               The Indenture imposes certain limitations on, among other things,
the ability of the Company and its Restricted Subsidiaries to: Incur
Indebtedness, make Restricted Payments, incur Liens, make Asset Sales, enter
into transactions with Affiliates, or consolidate or merge or transfer or convey
all or substantially all of the Company's and its Restricted Subsidiaries'
assets.

               To guarantee the due and punctual payment of the principal of,
premium and interest on the Notes and all other amounts payable by the Company
under the Indenture and the Notes when and as the same shall be due and payable,
whether at maturity, by acceleration or otherwise, according to the terms of the
Notes and the Indenture, Access Financial Solutions, Inc., Fulton International,
Inc., JLG Equipment Services, Inc., JLG Manufacturing, LLC, Gradall Industries,
Inc., and The Gradall Company have unconditionally guaranteed (and each future
Material Domestic Subsidiary will unconditionally guarantee), jointly and
severally, such obligations pursuant to the terms of the Indenture. Each Note
Guarantee will be subject to release as provided in the Indenture.

5.      Redemption

               Optional Redemption. Except as stated below, the Company may not
redeem the Notes prior to June 15, 2007. The Company may redeem the Notes, at
its option, in whole at any time or in part from time to time, on and after June
15, 2007, at the following redemption prices, expressed as percentages of the
principal amount thereof, plus accrued and unpaid interest to, but

<PAGE>

excluding the date of redemption, if redeemed during the twelve-month period
commencing on June 15 of any year set forth below:

<TABLE>
<CAPTION>
                                           YEAR         PERCENTAGE
                                           ----         ----------
<S>                                                     <C>
                                           2007          104.188%
                                           2008          102.792%
                                           2009          101.396%
                                           2010          100.000%
                                         and 2011
</TABLE>

               Optional Redemption upon Equity Offerings. At any time, or from
time to time, on or prior to June 15, 2005, the Company may, at its option, use
the net cash proceeds of one or more Equity Offerings to redeem in the aggregate
up to 35% of the aggregate principal amount of the Notes issued on or prior to
such date at a redemption price equal to 108.375% of the principal amount
thereof, plus accrued and unpaid interest thereon to, but excluding, the date of
redemption; provided, that:

                      (1)   after giving effect to any such redemption at least
        65% of the aggregate principal amount of the Notes issued on or prior to
        such date remains outstanding; and

                      (2)   the Company shall make such redemption not more than
        60 days after the consummation of such Equity Offering.

               "Equity Offering" means an offering of Qualified Capital Stock of
the Company (other than pursuant to a registration statement filed on Form S-4
or S-8 or any issuance pursuant to employee benefit or compensation plans or
programs).

               Partial Redemption. In the case of any partial redemption,
selection of the Notes for redemption will be made in accordance with Article V
of the Indenture. On and after the redemption date, interest will cease to
accrue on Notes or portions thereof called for redemption as long as the Company
has deposited with the Paying Agent funds in satisfaction of the applicable
redemption price pursuant to the Indenture.

6.      Repurchase Provisions

               Change Of Control Offer. Upon the occurrence of a Change of
Control, each Holder of Notes will have the right to require that the Company
purchase all or a portion (in integral multiples of $1,000) of the Holder's
Notes at a purchase price equal to 101% of the principal amount thereof, plus
accrued and unpaid interest through the date of purchase. Within 20 days
following the date upon which the Change of Control occurred, the Company must
make a Change of Control Offer pursuant to a Change of Control Offer Notice. As
more fully described in the Indenture, the Change of Control Offer Notice shall
state, among other things, the Change of Control Payment Date, which must be a
Business Day no earlier than 30 calendar days nor later than 60 calendar days
from the date the notice is mailed, other than as may be required by law.

<PAGE>

               Asset Sale Offer. The Indenture imposes certain limitations on
the ability of the Company and its Restricted Subsidiaries to make Asset Sales.
In the event the proceeds from a permitted Asset Sale exceed certain amounts and
are not applied as specified in the Indenture, the Company will be required to
make an Asset Sale Offer to purchase to the extent of such remaining proceeds
each Holder's Notes, and at the Company's option, on a pro rata basis other
Senior Subordinated Indebtedness with similar provisions requiring the Company
to offer to purchase the Senior Subordinated Indebtedness with the proceeds of
Asset Sales, at 100% of the principal amount thereof, plus accrued interest (if
any) to the Asset Sale Offer Payment Date, as more fully set forth in the
Indenture.

7.      Subordination

               This Note and the Note Guarantees are subordinated in right of
payment, as set forth in the Indenture, to the prior payment in full in cash or
Cash Equivalents of all existing and future Senior Indebtedness of the Company
or the relevant Note Guarantor, as the case may be. This Note and the Note
Guarantees in all respects rank pari passu with, or senior to, all other
Indebtedness of the Company or the relevant Note Guarantor, as the case may be.
By accepting a Note, each Holder agrees to the subordination provisions set
forth in the Indenture, authorizes the Trustee to acknowledge such subordination
provisions and give them effect and appoints the Trustee as attorney-in-fact for
such purpose.

8.      Denominations; Transfer; Exchange

               The Notes are in fully registered form without coupons, and only
in denominations of principal amount of $1,000 and any integral multiple
thereof. A Holder may transfer or exchange Notes in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Registrar need not register
the transfer of or exchange (i) any Notes selected for redemption (except, in
the case of a Note to be redeemed in part, the portion of the Note not to be
redeemed) for a period beginning 15 days before the mailing of a notice of Notes
to be redeemed and ending on the date of such mailing or (ii) any Notes for a
period beginning 15 days before an interest payment date and ending on such
interest payment date.

9.      Persons Deemed Owners

               The registered holder of this Note may be treated as the owner of
it for all purposes.

10.     Unclaimed Money

               If money for the payment of principal or interest remains
unclaimed for two years, the Trustee or Paying Agent shall pay the money back to
the Company at its request unless an abandoned property law designates another
Person. After any such payment, Holders entitled to the money must look only to
the Company and not to the Trustee for payment.

<PAGE>

11.     Discharge Prior to Redemption or Maturity

               Subject to certain conditions set forth in the Indenture, the
Company at any time may terminate some or all of its obligations under the Notes
and the Indenture if the Company deposits with the Trustee U.S. Legal Tender or
U.S. Government Obligations for the payment of principal of and interest on the
Notes to redemption or maturity, as the case may be.

12.     Amendment, Waiver

               Subject to certain exceptions set forth in the Indenture, (i) the
Indenture or the Notes may be amended or supplemented with the written consent
of the Holders of at least a majority in principal amount of the then
Outstanding Notes and (ii) any default (other than with respect to nonpayment or
in respect of a provision that cannot be amended or supplemented without the
written consent of each Holder affected) or noncompliance with any provision may
be waived with the written consent of the Holders of a majority in aggregate
principal amount of the then Outstanding Notes. Subject to certain exceptions
set forth in the Indenture, without the consent of any Holder, the Company and
the Trustee may amend or supplement the Indenture or the Notes to, among other
things, cure any ambiguity, omission, defect or inconsistency, or to comply with
Article IV of the Indenture, or to provide for uncertificated Notes in addition
to or in place of certificated Notes, or to add guarantees with respect to the
Notes or to secure the Notes, or to add additional covenants or surrender rights
and powers conferred on the Company, or to comply with any request of the SEC in
connection with qualifying the Indenture under the TIA, or to make any change
that does not adversely affect the rights of any Holder, or to provide for the
issuance of Exchange Notes or Additional Notes.

13.     Defaults and Remedies

               If an Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Notes may declare all the
Notes to be due and payable immediately. Certain events of bankruptcy or
insolvency are Events of Default which will result in the Notes being due and
payable immediately upon the occurrence of such Events of Default.

               Holders may not enforce the Indenture or the Notes except as
provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Notes unless it receives reasonable indemnity or security. Subject to
certain limitations, Holders of a majority in principal amount of the
Outstanding Notes may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders notice of any continuing Default or Event
of Default (except a Default or Event of Default in payment of principal or
interest) if it determines that withholding notice is in their interest.

14.     Trustee Dealings with the Company

               Subject to certain limitations set forth in the Indenture, the
Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with and collect
obligations owed to it by the Company or its Affiliates and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were
not Trustee.

<PAGE>

15.     No Recourse Against Others

               An incorporator, director, officer, employee, stockholder or
controlling person, as such, of the Company or any Note Guarantor shall not have
any liability for any obligations of the Company under the Notes, the Indenture
or any Note Guarantee or for any claim based on, in respect of or by reason of
such obligations or their creation. By accepting a Note, each Holder waives and
releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes.

16.     Authentication

               This Note shall not be valid until an authorized signatory of the
Trustee (or an authenticating agent acting on its behalf) manually signs the
certificate of authentication on the other side of this Note.

17.     Abbreviations

               Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entirety), JT TEN (=joint tenants with rights of survivorship and not as tenants
in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

18.     CUSIP Numbers

               Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures the Company has caused CUSIP numbers
to be printed on the Notes and has directed the Trustee to use CUSIP numbers in
notices of redemption as a convenience to Holders. No representation is made as
to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

[18.    ISIN Numbers

               The Company has caused ISIN numbers to be printed on the Notes
and has directed the Trustee to use ISIN numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such
numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers
placed thereon.]

19.     Governing Law

               This Note shall be governed by, and construed in accordance with,
the laws of the State of New York.

               The Company will furnish to any Holder upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of
this Note in larger type. Requests may be made to:

<PAGE>

                              JLG Industries, Inc.
                                   1 JLG Drive
                          McConnellsburg, PA 17233-9533
                         Attention: Corporate Secretary

<PAGE>

                                 ASSIGNMENT FORM

               To assign this Note, fill in the form below:

               I or we assign and transfer this Note to

                   (Print or type assignee's name, address and zip code)

                  (Insert assignee's Social Security or Tax I.D. Number)

and irrevocably appoint _________________ agent to transfer this Note on the
books of the Company. The agent may substitute another to act for him.

Date:                               Your Signature:
     --------------------                          -------------------

Signature Guarantee:
                    ------------------------------
                     (Signature must be guaranteed)

--------------------------------------------------------------------------------
Sign exactly as your name appears on the other side of this Note.

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
Exchange Act Rule 17Ad-15.

<PAGE>

                      [To be attached to Global Notes only:

                SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

    The following increases or decreases in this Global Note have been made:

<TABLE>
<S>           <C>                  <C>                 <C>                  <C>
Date of       Amount of decrease   Amount of           Principal Amount     Signature of
Exchange      in Principal         increase in         of this Global       authorized
              Amount of this       Principal Amount    Note following       signatory of
              Global Note          of this Global      such decrease or     Trustee or Note
                                   Note                increase             Custodian

                                                                                           ]
--------      ------------------   ----------------    ----------------     ---------------
</TABLE>

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

               If you want to elect to have this Note purchased by the Company
pursuant to Section 3.8 or Section 3.11 of the Indenture, check either box:

                       [  ]                  [  ]
                       SECTION 3.8           SECTION 3.11

               If you want to elect to have only part of this Note purchased by
the Company pursuant to Section 3.8 or Section 3.11 of the Indenture, state the
principal amount (which must be an integral multiple of $1,000) that you want to
have purchased by the Company: $

Date:                 Your Signature
       ----------                    ----------------------------
                      (Sign exactly as your name appears on the
                      other side of the Note)

Signature Guarantee:
                      ---------------------------------------
                      (Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
Exchange Act Rule 17Ad-15.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]