Document:

Exhibit 4.3

 

REGISTRATION RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”), dated as of May 25,
2007, is made by and among (i) subject to the entry of the Agreement Order
(as defined below), Northwest Airlines Corporation, a Delaware corporation (as
debtor-in-possession and a reorganized debtor, as applicable, the “Company”),
and (ii) J.P. Morgan Securities Inc. (“JPMorgan Securities”) and
any parties identified on the signature pages of any Joinder Agreements
(as defined below) executed and delivered pursuant to Section 12.2 hereto
(each, including JPM (as defined herein), an “Investor” and, collectively,
the “Investors”).

 

RECITALS

 

WHEREAS, in
connection with the consummation of the transactions contemplated by that
certain Equity Commitment Agreement, dated as of February 12, 2007 (the “Equity
Commitment Agreement”), by and among the Company, Northwest Airlines, Inc.,
as Guarantor, and JPM, JPM has agreed to acquire shares of New Common Stock (as
defined below) in accordance with the provisions of the Equity Commitment
Agreement; 

 

WHEREAS, in
connection with the Equity Commitment Agreement, JPM and the other Investors
have entered into a Syndication Agreement, dated as of February 12, 2007
(the “Syndication Agreement”), pursuant to which such other Investors
have agreed to purchase certain shares of the New Common Stock from JPM; and

 

WHEREAS, in
consideration of the Investors’ commitment to purchase shares of the New Common
Stock pursuant to and on the terms and conditions set forth in the Equity
Commitment Agreement and the Syndication Agreement, the Company has agreed to
enter into a registration rights agreement with respect to certain shares of
New Common Stock to be acquired by the Investors and certain of their
Affiliates (as defined below).

 

AGREEMENTS

 

NOW,
THEREFORE, in consideration of the foregoing and the covenants and agreements
contained herein and in the Equity Commitment Agreement and Amended Plan, and
intending to be legally bound hereby, the parties hereto hereby agree as
follows:

 

ARTICLE I.

DEFINITIONS

 

For purposes
of this Agreement, the following terms have the following meanings: 

 

“Affiliate”
has the meaning given to that term pursuant to Rule 12b-2 under the
Exchange Act.

 

“Agreement”
has the meaning given to that term in the introductory paragraph hereof.

 

 

“Agreement
Order” means the order of the Bankruptcy Court granting the motion to
approve the Rights Offering, the Equity Commitment Agreement, the Syndication
Agreement and this Agreement and related relief.

 

“Amended
Plan” means the Company’s First Amended Joint and Consolidated Plan of
Reorganization attached as Exhibit A to the related Disclosure Statement,
as approved by Order of the Bankruptcy Court entered on March 30, 2007, as
it may be amended or supplemented from time to time; provided that
no such amendment or supplement shall be given effect for purposes of this
definition that shall (i) alter the capitalization of Company contemplated
therein, (ii) materially adversely affect the obligations or rights of the
Investors hereunder or (iii) cause any representation or warranty
contained herein to be incorrect.

 

“Bankruptcy
Code” means Chapter 11, Title 11 of the United States Code, 11 U.S.C. 101 et seq.

 

“Bankruptcy
Court” means the United States Bankruptcy Court for the Southern District
of New York administering the Company’s bankruptcy case under the Bankruptcy
Code together with the applicable district court, to the extent district court
approval of the Amended Plan, or any transactions contemplated therein, is
sought or required.

 

“Bankruptcy
Rules” means the Federal Rules of Bankruptcy Procedure. 

 

“Blackout
Period” means any period during which, in accordance with Article VI
hereof, the Company is not required to effect the filing of a Registration
Statement or is entitled to postpone the preparation, filing or effectiveness
or suspend the effectiveness of a Registration Statement.

 

“Business
Day” means any day, other than a Saturday or Sunday, on which banking institutions
in New York, New York, are open.

 

“Closing
Date” has the meaning set forth in the Equity Commitment Agreement.

 

 “Code” means the Internal Revenue Code
of 1986, as amended.

 

“Company”
has the meaning given to that term in the introductory paragraph hereof.

 

“control”
has the meaning given to that term under Rule 405 under the Securities Act
(and “controlled” and “controlling” shall have correlative
meanings). 

 

“Demand
Registration” has the meaning given to that term in Section 4.1 of
this Agreement.

 

“Demanding
Holders” has the meaning given to that term in Section 4.1 of this
Agreement.

 

“ECA Shares”
has the meaning set forth in the Equity Commitment Agreement.

 

2

 

“Effective
Date” means each effective date or deemed effective date under the
Securities Act of any Registration Statement or any post-effective amendment
thereto.

 

“Equity
Commitment Agreement” has the meaning given that term in the recitals
hereof.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated by the SEC thereunder.

 

“Filing
Date” means (a) with respect to the Initial Registration Statement,
not later than April 2, 2007 (b) with respect to a Registration
Statement to be filed on Form S-1 (or any applicable successor form), not
later than 75 days after receipt by the Company of a request for such Registration
Statement and (c) with respect to a Registration Statement to be filed on Form S-3
(or any applicable successor form), not later than 45 days after receipt by the
Company of a request for such Registration Statement.

 

“Free
Writing Prospectus” means a free writing prospectus as defined in Rule 405
under the Securities Act relating to the Registrable Securities included in the
applicable registration.

 

“Holder
Shelf Offering” has the meaning given to that term in Section 3.2(a) of
this Agreement.

 

“Holders”
means (i) the Investors and (ii) any transferees of such Investors’
Registrable Securities in accordance with Section 12.4 of this Agreement,
in each case at such times as such Persons shall own Registrable Securities. 

 

“Indemnified
Person” has the meaning given to that term in Section 8.3 of this
Agreement.

 

“Indemnifying
Person” has the meaning given to that term in Section 8.3 of this
Agreement.

 

“Initial
Registration Statement” means the Registration Statement to be filed by the
Company pursuant to Rule 415 of the Securities Act and pursuant to the
Amended Plan relating to the Registrable Securities. 

 

“Investor”
and “Investors” have the meanings given to those terms in the introductory
paragraph hereof.

 

“Issuer
Free Writing Prospectus” means an issuer free writing prospectus as defined
in Rule 433 under the Securities Act.

 

“Joinder
Agreement” has the meaning given to that term in Section 12.2 of this
Agreement.

 

“JPM”
means, collectively, JPMorgan Securities and its Affiliates who are parties to
this Agreement.

 

3

 

“JPMorgan
Securities” has the meaning given to that term in the introductory paragraph
of this Agreement.

 

“Lock-Up
Period” has the meaning given to that term in Section 7.5(c) of
this Agreement.

 

“Majority
Selling Holders” means those Selling Holders whose Registrable Securities
included in a specified registration represent a majority of the Registrable
Securities of all Selling Holders included therein. 

 

“Material
Adverse Effect” has the meaning given to that term in Section 2.1(a) of
this Agreement.

 

“NASD”
has the meaning given to that term in Section 7.1(m) of this Agreement. 

 

“NASDAQ”
means the NASDAQ National Market.

 

“New Common
Stock” means the shares of new common stock of the Company issued on and
after the effective date of the Amended Plan and any additional shares of
common stock paid, issued or distributed in respect of any such shares by way
of a stock dividend, stock split or distribution, or in connection with a
combination of shares, recapitalization, reorganization, merger or
consolidation, or otherwise.

 

“NYSE”
means the New York Stock Exchange.

 

“Other
Stockholders” means any Person (other than the Holders) having rights to
participate in a registration of the New Common Stock.

 

“Person”
means any individual, corporation, general or limited partnership, limited
liability company, joint venture, trust or other entity or association,
including without limitation any governmental authority.

 

“Piggyback
Notice” has the meaning given to that term in Section 5.1 of this
Agreement.

 

“Piggyback
Registration” has the meaning given to that term in Section 5.1 of
this Agreement.

 

“Preliminary
Prospectus” has the meaning given to that term in Section 2.1(i) of
this Agreement.

 

“Prospectus”
means the prospectus relating to the Registrable Securities included in the
applicable Registration Statement, and any such prospectus as supplemented by
any and all prospectus supplements and as amended by any and all amendments
(including post-effective amendments) and including all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

 

4

 

“Questionnaire”
has the meaning given to that term in Section 3.2(a) of this
Agreement.

 

“Registrable
Securities” means at any time (a) shares of New Common Stock purchased
by a Holder pursuant to the Equity Commitment Agreement or Syndication
Agreement, (b) shares of New Common Stock received by a Holder pursuant to
the Amended Plan in respect of their claims, including pursuant to the Rights
Offering, to the extent required to be registered under the Securities Act in connection
with the resale thereof, and (c) any additional shares of New Common Stock
held by a Holder, which additional shares were paid, issued or distributed in respect
of any shares of the types described in clauses (a) and (b) of this
definition by way of stock dividend, stock split or distribution, or in
connection with a combination of shares, recapitalization, reorganization,
merger or consolidation, or otherwise; provided, however,
that as to any Registrable Securities, such securities shall cease to
constitute Registrable Securities upon the earliest to occur of: (i) the
date on which the securities are disposed of pursuant to an effective
registration statement under the Securities Act; (ii) the date on which
the securities are disposed of pursuant to Rule 144 (or any successor
provision) under the Securities Act or are eligible to be disposed of pursuant
to Rule 144(K) or any successor thereto; and (iii) the date on which
the securities cease to be outstanding. 

 

“Registration
Expenses” has the meaning given to that term in Section 7.4(a) of
this Agreement.

 

“Registration
Statement” means any registration statement of the Company under the
Securities Act that covers any of the Registrable Securities pursuant to the
provisions of this Agreement, including the related Prospectus, all amendments
and supplements to such registration statement (including post-effective
amendments), and all exhibits and all materials incorporated by reference or
deemed to be incorporated by reference in such registration statement. 

 

“Required
Period” means: (i) with respect to the Initial Registration Statement,
two years following the later of the Effective Date thereof and the Closing
Date, (ii) with respect to any other “shelf registration,” two years
following the Effective Date of the Registration Statement filed in connection
therewith and (iii) with respect to any other Registration Statement, 90
days following the Effective Date thereof.

 

“Rights
Offering” shall have the meaning given to such term in the Equity Commitment
Agreement.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.

 

“SEC”
means the United States Securities and Exchange Commission and any successor
United States federal agency or governmental authority having similar powers.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the SEC thereunder.

 

5

 

“Selling
Holder” means, with respect to a specified registration pursuant to this
Agreement, Holders whose Registrable Securities are included in such
registration.

 

“Selling
Holder Information” has the meaning given to that term in Section 3.2(a) of
this Agreement.

 

“Significant
Subsidiary” means any subsidiary that would be a “significant subsidiary”
as defined in Article I, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act.

 

“Syndication
Agreement” has the meaning given to such term in the recitals hereof.

 

“Underwritten
Registration” or “Underwritten Offering” means a registration in
which securities of the Company are sold to an underwriter for reoffering to
the public.

 

ARTICLE II.

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

 

SECTION 2.1                          Representations
and Warranties of the Company. The Company represents and warrants to, and
agrees with, each Investor as set forth below, (i) with respect to
Sections 2.1(a), (b), (c), (f) and (g), as of the date hereof and (ii) with
respect to all other representations and warranties not expressly limited as to
their date, as of each Effective Date:

 

(a)                                  Incorporation and
Qualification. The Company and each of its subsidiaries has been duly
organized and is validly existing and in good standing under the laws of their
respective jurisdictions of organization, with the requisite power and
authority to own its properties and conduct its business as currently conducted.
Each of the Company and its subsidiaries has been duly qualified as a foreign
company for the transaction of business and is in good standing under the laws
of each other jurisdiction in which it owns or leases properties or conducts
any business so as to require such qualification, except to the extent the failure
to be so qualified or be in good standing has not had and could not reasonably
be expected to have, individually or in the aggregate, a material adverse
effect on the business, results of operations, property or financial condition
of the Company and its subsidiaries taken as a whole as such business is
proposed to be conducted as contemplated by the Amended Plan or on the ability
of the Company, subject to the approvals and other authorizations set forth in Section 3(g) of
the Equity Commitment Agreement, to consummate the transactions contemplated by
the Transaction Documents (a “Material Adverse Effect”).

 

(b)                                 Corporate Power and
Authority. The Company has the requisite corporate power and authority to
enter into, execute and deliver this Agreement and, subject to entry of the
Agreement Order and the expiration, or waiver by the Bankruptcy Court, of any
applicable waiting period set forth in the Bankruptcy Rules, respectively, to
perform its obligations hereunder. The Company has taken all necessary
corporate action required for the due authorization, execution, delivery and
performance by it of this Agreement.

 

6

 

(c)                                  Execution and
Delivery; Enforceability. This Agreement has been duly and validly executed
and delivered by the Company, and, upon the entry of the Agreement Order and
the expiration, or waiver by the Bankruptcy Court, of any applicable waiting
period set forth in the Bankruptcy Rules, this Agreement will constitute the
valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms.

 

(d)                                 Authorized Capital
Stock. The authorized capital stock of the Company conforms in all material
respects to the authorized capital stock set forth in the Registration
Statement and Preliminary Prospectus and the issued and outstanding shares of
capital stock of the Company conforms in all material respects to the
description set forth in the Registration Statement and Preliminary Prospectus.

 

(e)                                  Issuance. All
outstanding shares of New Common Stock have been duly and validly issued, are
fully paid and non-assessable, and are free and clear of all taxes, liens,
pre-emptive rights, rights of first refusal, subscription and similar rights.

 

(f)                                    No Conflict.
Subject to the entry of the Agreement Order and the expiration, or waiver by
the Bankruptcy Court, of any applicable waiting period set forth in the
Bankruptcy Rules, the execution and delivery by the Company of this Agreement
and compliance by the Company with all of the provisions hereof and the
consummation of the transactions contemplated hereby (i) will not result
in a breach or violation of, any of the terms or provisions of, or constitute a
default under, or result, in the acceleration of, or the creation of any lien
under, any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any of its subsidiaries is a
party or by which the Company or any of its subsidiaries is bound or to which
any of the property or assets of the Company or any of its subsidiaries is
subject, (ii) will not result in any violation of the provisions of the
Certificate of Incorporation or Bylaws of the Company included in the Amended
Plan and as applicable to the Company from and after the effective date of the
Amended Plan and (iii) will not result in any violation of, or any
termination or material impairment of any rights under, any statute or any
license, authorization, injunction, judgment, order, decree, rule or
regulation of any court or governmental agency or body having jurisdiction over
the Company or any of its subsidiaries or any of their properties, except in
any such case described in subclause (i) or (iii) as have been
described in an effective Registration Statement or as will not have and are
not reasonably expected to have, individually or in the aggregate, a Material
Adverse Effect and except in any such case described in subclause (i), for (y)
the registration under the Securities Act contemplated hereby and (z) such consents,
approvals, authorizations, registrations or qualifications as may be
required under state securities or Blue Sky laws in connection with the sale of
the shares of New Common Stock by the Investors.

 

(g)                                 Consents and
Approvals. No consent, approval, authorization, order, registration or
qualification of or with any court or governmental agency or body having
jurisdiction over the Company or any of its subsidiaries or any of their
properties is required for the execution and delivery by the Company of this
Agreement and performance of and compliance by the Company with all of the
provisions hereof and the consummation by the Company of the transactions
contemplated hereby, except (i) the entry

 

7

 

of the Agreement Order and the expiration, or
waiver by the Bankruptcy Court, of any applicable waiting period set forth in
the Bankruptcy Rules, (ii) the registration under the Securities Act
contemplated hereby and (iii) such consents, approvals, authorizations, registrations
or qualifications (w) as may be required under NYSE or NASDAQ rules and
regulations in order to consummate the transactions contemplated herein, (x) as
may be required under state securities or Blue Sky laws in connection with
the sale of the shares of New Common Stock by the Investors, (y) as have been
described in an effective Registration Statement or (z) the absence of which
will not have or are not reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

(h)                                 Exchange Act
Documents. The documents incorporated by reference in the Registration
Statement or the Preliminary Prospectus, when they became effective or were
filed with the SEC, as the case may be, conformed in all material respects
to the requirements of the Exchange Act and, when read together with the other
information included or incorporated by reference in the Registration
Statement, at the time the Registration Statement became effective or the date
of such Preliminary Prospectus, none of such documents contained any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and any further
documents so filed and incorporated by reference in the Registration Statement
or the Preliminary Prospectus, when such documents become effective or are
filed with the SEC, as the case may be, will conform in all material
respects to the requirements of the Securities Act or the Exchange Act, as
applicable, and will not, when read together with the other information
included or incorporated by reference in the Registration Statement and the
Preliminary Prospectus, contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading. 

 

(i)                                     Preliminary
Prospectus. Each Preliminary Prospectus, at the time of filing thereof,
will comply in all material respects with the Securities Act and will not
contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading; provided that the Company makes no representation and
warranty to an Investor with respect to any statements or omissions made in
each such Preliminary Prospectus in reliance upon and in conformity with
information relating to such Investor furnished to the Company in writing by
such Investor expressly for use in any Preliminary Prospectus. As used herein,
the term “Preliminary Prospectus” means each prospectus included in such
registration statement (and any amendments thereto) before it becomes
effective, any prospectus filed with the SEC pursuant to Rule 424(a) under
the Securities Act and the prospectus included in the Registration Statement,
at the time of their respective effectiveness.

 

(j)                                     Registration
Statement and Prospectus. As of the Effective Date of a Registration
Statement, such Registration Statement complies in all material respects with
the Securities Act, and does not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading; and as of the
applicable filing date of the Prospectus and

 

8

 

any amendment or supplement thereto, the
Prospectus will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that the Company makes no
representation and warranty to an Investor with respect to any statements or
omissions made in such Registration Statement or Prospectus or amendment or
supplement thereto in reliance upon and in conformity with information relating
to such Investor furnished to the Company in writing by such Investor expressly
for use in the Registration Statement and the Prospectus and any amendment or
supplement thereto.

 

ARTICLE III.

INITIAL REGISTRATION

 

SECTION 3.1                          Initial
Registration Statement. 

 

(a)                                  The
Company has filed the Initial Registration Statement with the SEC on the Filing
Date and will use its commercially reasonable efforts to cause it to be
declared effective by the SEC no later than June 30, 2007 on an
appropriate form under the Securities Act relating to the offer and sale
of the Registrable Securities by the Holders thereof from time to time in accordance
with the methods of distribution set forth in the Initial Registration
Statement and Rule 415 under the Securities Act. Once the Initial
Registration Statement is declared effective by the SEC, the Company shall use
its commercially reasonable efforts to (i) cause the Initial Registration
Statement to remain continually effective, and supplemented and amended
throughout the Required Period and (ii) file post-effective amendments on Form S-3
to the Initial Registration Statement, as soon as the Company is eligible to
use Form S-3 for secondary offerings. The Company’s obligations under this
Section 3.1 are subject to the provisions of Article VI.

 

SECTION 3.2                          Initial
Registration Procedures.

 

(a)                                  During
the Required Period, any Holder shall be entitled, subject to the remainder of
this Section 3.2, to sell all or any part of the Registrable Securities
registered on behalf of such Holder pursuant to the Initial Registration
Statement (“Holder Shelf Offering”). Notwithstanding any other provision
of this Agreement, no Holder may include any of its Registrable Securities
in a Holder Shelf Offering pursuant to this Agreement unless the Holder shall
provide to the Company a fully completed notice and questionnaire in
substantially the form set forth in Exhibit A hereto (the “Questionnaire”)
and such other information in writing as may be reasonably requested by
the Company pursuant to Section 7.2 (the “Selling Holder Information”).
In order to be named as a selling securityholder in the Initial Registration
Statement or Prospectus at the time it initially becomes effective under the
Securities Act, each Holder must no later than three Business Days prior to the
Effective Date of the Initial Registration Statement, which will be at least 15
days following notice by the Company of the expected initial Effective Date
(the “Company Registration Notice”), furnish in writing the completed
Questionnaire and such other Selling Holder Information that the Company may reasonably
request in writing, if any, to the Company. The Company Registration Notice
shall set forth (1) the expected initial Effective Date, (2) the date
by which Holders must return a completed Questionnaire in order to be named as
selling securityholders in the Initial Registration Statement, and (3) if
such Company Registration

 

9

 

Notice is given prior to the
effective date of the Amended Plan, (a) for each class under the
Amended Plan receiving shares of New Common Stock (as defined in the Amended
Plan), the number of shares of New Common Stock that a holder of $1,000 in
Allowed Claims (as defined in the Amended Plan) of such class would
receive on the effective date of the Amended Plan and (b) for each series of
notes under an Indenture (as defined in the Plan), the amount of the Allowed
Claim in Class 1D (as defined in the Amended Plan) that a holder of $1,000
in principal amount of such series would hold pursuant to the Amended
Plan.

 

The Company
shall include in the Initial Registration Statement the information from the
completed Questionnaire and such other Selling Holder Information, if any, received
by the Company at least one Business Day prior to the initial Effective Date of
the Initial Registration Statement and the Prospectus, as necessary in a manner
so that upon such effectiveness of the Initial Registration Statement the
Holder shall be named as a selling securityholder and be permitted to deliver
(or be deemed to deliver) such Prospectus to purchasers of the Registrable
Securities in accordance with applicable law. From and after the date that the
Initial Registration Statement initially becomes effective, upon receipt of a
completed Questionnaire (including any updated Questionnaire) and such other
Selling Holder Information (including any updated Selling Holder Information)
that the Company may reasonably request in writing (including any
amendments to any prior Questionnaire or Selling Holder Information), if any,
but in any event within ten Business Days after the Company receives the
completed Questionnaire and such other Selling Holder Information, if any, the
Company shall use its commercially reasonable efforts to file any amendments or
supplements to the Initial Registration Statement or Prospectus or the
documents incorporated by reference therein necessary for such Holder to be
named as a selling securityholder and permit such Holder to deliver (or be
deemed to deliver) the Prospectus to purchasers of the Registrable Securities
(subject to the Company’s rights during a Blackout Period); provided
that the Company shall not be required to file more than one such amendment to
the Registration Statement in any rolling 30-day period. Holders that do not
deliver a completed written Questionnaire and such other information, as
provided for in this Section 3.2(a), shall not be named as selling
securityholders in the Prospectus until such Holder delivers such information
and the appropriate notice and other periods called for by this Agreement shall
have elapsed. If the Company shall file a post-effective amendment to the
Initial Registration Statement, it shall use commercially reasonable efforts to
cause such post-effective amendment to be declared effective under the
Securities Act as promptly as is reasonably practicable and notify such Holder
as promptly as practicable after the effectiveness under the Securities Act of
any post-effective amendment filed pursuant to this Article III. If such
Selling Holder Information is delivered during a Blackout Period, the Company
shall so inform the Holder delivering such Selling Holder Information and
shall take the actions set forth in this Section 3.2(a) upon
expiration of the Blackout Period as though such Holder’s Selling Holder
Information had been delivered on the expiration date of such Blackout Period.

 

(b)                                 Any
Holder may, by written notice to the Company, request that the Company take any
commercially reasonable steps necessary to assist and cooperate with such
Holder to facilitate a Holder Shelf Offering, subject to the provisions of this
Agreement. Such written notice shall specify the number of shares of Registrable
Securities proposed to be sold and shall also specify the intended method of disposition
thereof.

 

10

 

(c)                                  At
any time and from time to time after the Initial Registration Statement becomes
effective, Holders may request in writing that the Company file a
post-effective amendment to the Initial Registration Statement with respect to
all or part of their Registrable Securities (which written request shall
be addressed to the Secretary of the company, shall state that the request is
for a post-effective amendment pursuant to this Section 3.2(c) and
shall specify (i) the then current name and address of such requesting
Holder or Holders, (ii) the aggregate number of shares of Registrable
Securities requested to be registered pursuant to such post-effective
amendment, (iii) the total number of shares of New Common Stock then held
by such requesting Holder or Holders, and (iv) the intended means of
distribution); provided, however, that the Company shall only be
required to file a post-effective amendment to the Initial Registration
Statement once per any 90-day period. the Company shall notify each other
Holder of such request (by delivering a copy of such request to each such
Holder) for a post-effective amendment and each other Holder may, by written
notice to the Company given no later than 10 Business Days after the Company’s
notice is given to such Holder (which notice shall specify (i) the
then-current name and address of the Holder, (ii) the aggregate number of
shares of Registrable Securities requested to be registered pursuant to the
post-effective amendment by such Holder or group of Holders, and (iii) the
total number of shares of New Common Stock then held by such Holder), request
that all or part of such Holder’s Registrable Securities be included in
such post-effective amendment. The Company shall file a post-effective
amendment covering such requesting Holder’s or Holders’ Registrable Securities
requested to be registered as promptly as practicable after receipt of such
request. At any time after the Initial Registration Statement ceases to be
effective for a period of thirty (30) days or more and there are Registrable
Securities outstanding, the Holders of such Registrable Securities shall be
entitled to request a Demand Registration with respect to such shares in
accordance with Sections 4.1(a) and 4.1(b).

 

ARTICLE IV.

DEMAND REGISTRATION

 

SECTION 4.1                          Right
to Demand Registration.

 

(a)                                  Subject
to Sections 4.1(b) and 4.1(c) at any time and from time to time,
(x) JPM may request in writing that the Company effect the registration of
all or part of its Registrable Securities and (y) any Holder or group of
Holders (excluding JPM) representing at least 33% of all Registrable Securities
then outstanding, may request in writing that the Company (the “Demanding
Holders”) effect the registration (a “Demand Registration”) of all
or part of such Demanding Holder’s or Holders’ Registrable Securities with
the SEC under and in accordance with the provisions of the Securities Act
(which written request shall be addressed to the Secretary of the Company,
shall state that the request is for a Demand Registration pursuant to this Section 4.1(a) and
shall specify (i) the then current name and address of such Demanding Holder
or Holders, (ii) the aggregate number of shares of Registrable Securities
requested to be registered in such registration by such Holder or group of
Holders, (iii) the total number of shares of New Common Stock then held by
such Demanding Holder or Holders, and (iv) the intended means of
distribution). The Company shall notify each other Holder of such request (by
delivering a copy of such request to each such Holder) for registration and
each other Holder may, by written notice to the Company given no later than 10
Business Days after the Company’s notice is given to such Holder (which notice
shall specify (i) the then-current name and address of the Holder, (ii)

 

11

 

the aggregate number of shares
of Registrable Securities requested to be registered in such registration by
such Holder or group of Holders, and (iii) the total number of shares of
New Common Stock then held by such Holder), request that all or a part of
such Holder’s Registrable Securities be included in such registration. The
Company shall file a Registration Statement covering such Demanding Holder’s or
Holders’ Registrable Securities requested to be registered as promptly as
practicable (and, in any event, by the applicable Filing Date) after receipt of
such request; provided, however, that the Company shall not be required to take any action
pursuant to this Article IV:

 

(i)                                     in
the case of a non-Underwritten Offering, unless the Registrable Securities
requested to be registered (A) have an aggregate then-current market
value, including (x) in the case of a Demand Registration by JPM, Registrable
Securities of other Holders which such Holders have agreed to include in such
Demand Registration and (y) in the case of a Demand Registration by other
Holders, Registrable Securities of JPM which JPM has agreed to include in such
Demand Registration, of $25 million or more (before deducting underwriting
discounts and commission) or (B) constitute all of the then-outstanding
Registrable Securities held by the Demanding Holders or Holders;

 

(ii)                                  in
the case of an Underwritten Offering, unless the Registrable Securities
requested to be registered (A) have an aggregate then-current market value
at the time of the request for a Demand Registration, including (x) in the case
of a Demand Registration by JPM, Registrable Securities of other Holders which
such Holders have agreed to include in such Demand Registration and (y) in the
case of a Demand Registration by other Holders, Registrable Securities of JPM
which JPM has agreed to include in such Demand Registration, of $50 million or
more (before deducting underwriting discounts and commission) or (B) constitute
all of the then-outstanding Registrable Securities held by the Demanding
Holders or Holders; or

 

(iii)                               during
the pendency of any Blackout Period.

 

(b)                                 Holders
may only request a Demand Registration with respect to the Registrable
Securities in accordance with Section 4.1(a) or participate in a
Piggyback Registration in accordance with Section 5.1 if the Initial
Registration Statement ceases to be effective for a period of thirty (30) days
or more and there are Registrable Securities outstanding. Subject to the
provisions of Section 4.1(a), the Holders shall be entitled to request an
aggregate of three (3) Demand Registrations with respect to the
Registrable Securities during any twelve month period. Subject to Section 4.5,
a registration shall not count as one of the permitted Demand Registrations (i) until
it has become effective or (ii) if the initiating Holder(s) requesting
such registration is not able to register eighty percent (80%) of the
Registrable Securities requested by such initiating Holders to be included in
such registration.

 

(c)                                  If
at any time there is no Company “shelf” Registration Statement outstanding with
respect to Registrable Securities, the Demanding Holder or Holders making such
request hereunder may specify that the requested registration be a “shelf
registration” for an offering on a delayed or continuous basis pursuant to Rule 415
under the Securities Act.

 

12

 

SECTION 4.2                          Priority
on Demand Registrations.

 

No securities
to be sold for the account of any Person (including the Company) other than a
Holder shall be included in a Demand Registration pursuant to Section 4.1
if, in the case that such registration is to be an Underwritten Registration,
the managing underwriter of the Underwritten Offering relating thereto advises
the Demanding Holders (or, in the case that such registration is not to be an
Underwritten Registration, the Demanding Holders requesting registration
determine in good faith) that the total amount of Registrable Securities
requested to be registered, together with such other securities that the
Company and any Other Stockholders propose to include in such offering is such
as to adversely affect the successful marketing (including the pricing) of the
securities included in such offering, in which case the Company shall include
in such registration all Registrable Securities requested to be included
therein, up to the full amount that, in the view of such managing underwriter
or such Demanding Holders requesting registration, as the case may be, can
be sold without adversely affecting the success of such offering, before
including any securities of any Person (including the Company) other than the
Demanding Holders and the other Holders. If the number of shares to be included
in any such offering is less than the aggregate number of Registrable
Securities requested by Demanding Holders and the other Holders to be included
therein, then the Registrable Securities to be included in such offering shall
be allocated pro rata among such Demanding Holders and the other Holders on the
basis of the number of Registrable Securities requested by Demanding Holders
and the other Holders to be included therein.

 

SECTION 4.3                          Revocation
of Demand Registration. (i) JPM, if a registration is requested
pursuant to Section 4.1(a)(x) or (ii) Holders of at least a majority
of the Registrable Securities to be included in a Registration Statement
pursuant to Section 4.1, if a registration is requested pursuant to Section 4.1(a)(y),
may, at any time prior to the Effective Date of the Registration Statement
relating to such registration, revoke their request to have Registrable
Securities included therein by providing a written notice to the Company and,
if the Company receives such written notice, it shall not cause such
Registration Statement to become effective under the Securities Act. Any such
revocation by JPM or Holders shall be deemed a Demand Registration for purposes
of counting the number of Demand Registrations pursuant to Section 4.1(b) unless
the expenses incurred by the Company with respect to the Demand Registration
and the revocation thereof are paid by JPM or Holders, as the case may be.

 

SECTION 4.4                          Withdrawal
by the Holders. If (a) a Blackout Period occurs after a request for a
Demand Registration pursuant to Section 4.1 hereof but before the
Registrable Securities of the Demanding Holder or Holders covered by such
request are sold, transferred, exchanged or disposed in accordance with such
request, (b) the Demanding Holder or Holders requesting such Demand
Registration are not entitled to include all of such Registrable Securities
requested by such Demanding Holder or Holders in any offering, or (c) the
Company has breached its obligations hereunder, then in any of such cases the
Demanding Holder or Holders requesting such registration may elect to
withdraw from or revoke such offering by giving written notice to the Company
and the underwriter, to the extent applicable, of such Demanding Holder’s or
Holders’ request to withdraw or revoke prior to the effectiveness of the
Registration Statement filed with the SEC with respect to such Demand
Registration. If the Holder or Holders requesting such registration withdraw
from or revoke the proposed offering relating to a Demand Registration in
accordance with the previous sentence, then (x) such

 

13

 

Holders shall have no further
rights to include their Registrable Securities in such Demand Registration, (y)
the Company shall cease all efforts to secure such registration, and (z) the
Company shall reimburse such Holder or Holders for all of their out-of-pocket
expenses incurred in connection with such cancelled registration as a result of
clause (a) or (c) above through the date of the written notice of
withdrawal or revocation.

 

ARTICLE V.

PIGGYBACK REGISTRATION

 

SECTION 5.1                          Right
to Piggyback. Subject to Section 4.1(b), if the Company at any time
proposes to file a registration statement under the Securities Act with respect
to an offering (a “Piggyback Registration”) of any New Common Stock
(other than a registration statement (a) on Form S-8 or any successor
form thereto, (b) on Form S-4 or any successor form thereto
or (c) relating solely to a transaction under Rule 145 under the
Securities Act), whether or not for its own account, on a form that would
permit registration of Registrable Securities for sale to the public under the
Securities Act, then the Company shall give prompt written notice (the “Piggyback
Notice”) of such proposed filing to the Holders at least 10 Business Days
before the anticipated filing date. The Piggyback Notice shall include the
number of shares of New Common Stock proposed to be registered, the proposed
date of filing of such registration statement, any proposed means of
distribution, any proposed managing underwriter and a good faith estimate by
the Company of the proposed maximum offering price as such price is proposed to
appear on the facing page of such registration statement. The Company
shall, subject to Section 5.2, use its commercially reasonable efforts in
order to provide the Holders with the opportunity to request to register such
amount of Registrable Securities as each Holder may specify on the same
terms and conditions as the registration of the Company’s or Other Stockholders’
securities, as the case may be (a “Piggyback Registration”). The Company
shall use its commercially reasonable efforts to include in such Piggyback
Registration all Registrable Securities for which the Company has received
written requests for inclusion within 10 Business Days after delivery of the
Piggyback Notice, subject to Section 5.2 and Section 7.2. The Company’s
obligations under this Section 5.1 are subject to the provisions of Article VI.

 

SECTION 5.2                          Priority
on Piggyback Registrations. If the Piggyback Registration is an
Underwritten Offering, the Company shall use its commercially reasonable
efforts to cause the managing underwriter of that proposed offering to permit
the Holders that have requested Registrable Securities to be included in the
Piggyback Registration to include all such Registrable Securities on the same
terms and conditions as the registration of the Company’s securities. Notwithstanding
the foregoing, if the managing underwriter of such Underwritten Offering
advises the Company and the Selling Holders in writing that, in its view, the
total amount of shares of New Common Stock that the Company, such Holders and
any Other Stockholders propose to include in such offering is such as to
adversely affect the successful marketing (including the pricing) of the
securities included in such Underwritten Offering, then:

 

(i)                                     if such Piggyback
Registration is a primary registration by the Company for its own account, the
Company shall include in such Piggyback Registration: (A) first, up
to the full amount of securities to be
offered by the Company; (B) second, up to the full

 

14

 

amount of Registrable
Securities requested to be included in such Piggyback Registration by the
Holders pursuant to Section 5.1 hereof, allocated among the participating
Holders on a pro rata basis, and (C) third, up to the full amount
of securities requested to be included in such Piggyback Registration by any
Other Stockholders in accordance with the priorities, if any, then existing
among the Company and the Other Stockholders so that the total amount of
securities to be included in such Underwritten Offering is the full amount
that, in the view of such managing underwriter, can be sold without adversely affecting
the successful marketing (including pricing) of the securities included in such
Underwritten Offering; and

 

(ii)                                  if such Piggyback
Registration is an underwritten secondary registration for the account of
holders of securities of the Company, the Company shall include in such
registration: (A) first, up to the full amount of securities of the
Persons exercising “demand” registration rights requested to be included
therein; (B) second, up to the full amount of Registrable
Securities requested to be included in such Piggyback Registration by the
participating Holders pursuant to Section 5.1 hereof, allocated among such
Holders on a pro rata basis; (C) third, up to the full amount of
securities proposed to be included in the registration by the Company; and (D) fourth,
up to the full amount of securities requested to be included in such Piggyback
Registration by the Other Stockholders in accordance with the priorities, if
any, then existing among the Company and the Other Stockholders so that the
total amount of securities to be included in such Underwritten Offering is the
full amount that, in the view of such managing underwriter, can be sold without
adversely affecting the success of such Underwritten Offering.

 

SECTION 5.3                          Withdrawal
of Piggyback Registration.

 

(a)                                  If
at any time after giving the Piggyback Notice and prior to the effective date
of the Registration Statement filed in connection with the Piggyback
Registration, the Company determines for any reason not to register or to delay
the Piggyback Registration, the Company may, at its election, give notice of
its determination to all Holders, and in the case of a determination not to
register, shall be relieved of its obligation to register any Registrable
Securities in connection with the abandoned Piggyback Registration, without
prejudice.

 

(b)                                 Any
Holder of Registrable Securities requesting to be included in a Piggyback
Registration may withdraw its request for inclusion by giving written
notice to the Company of its intention to withdraw from that registration, provided,
however, that (i) the Holder’s request be made in writing and (ii) the
withdrawal shall be irrevocable and, after making the withdrawal, a Holder
shall no longer have any right to include its Registrable Securities in that
Piggyback Registration.

 

(c)                                  An
election by the Company to withdraw a Piggyback Registration under this Section 5.3
shall not be deemed to be a breach of the Company’s obligations with respect to
such Piggyback Registration.

 

15

 

ARTICLE VI.

BLACKOUT PERIOD

 

SECTION 6.1                          Initial
Registration, Demand and Piggyback Blackout. Notwith-standing any other
provision of this Agreement to the contrary, if the Board of Directors of the
Company determines in good faith that the registration and distribution of
Registrable Securities (a) would materially impede, delay or interfere
with, or require premature disclosure of, any material financing, offering,
acquisition, corporate reorganization or other significant transaction, or any
negotiations, discussions or pending proposals with respect thereto, involving
the Company or any of its subsidiaries or (b) would require disclosure of
non-public material information, the disclosure of which would materially and
adversely affect the Company, the Company shall (i) be entitled to
postpone the preparation, filing or effectiveness or suspend the effectiveness
of a Registration Statement and/or the use of any resale Prospectus for a
reasonable period of time not to exceed 60 days and (ii) promptly give the
Holders notice of such postponement or suspension (which notice need not
specify the nature of the event giving rise to such suspension).

 

SECTION 6.2                          Blackout
Period Limits. Notwithstanding anything contained in this Article VI
to the contrary, the Company shall not be entitled to more than three Blackout
Periods during any consecutive 12-month period, and in no event shall the
number of days included in all Blackout Periods during any consecutive 12-month
period exceed an aggregate of 90 days and in no event shall the Company be
entitled to postpone the preparation, filing or effectiveness or suspend the
effectiveness of a Registration Statement and/or the use of any resale
Prospectus included in a Registration Statement pursuant to this Article VI
unless it postpones or suspends during the Blackout Period the effectiveness of
any registration statements required pursuant to the registration rights of the
Other Stockholders. In the event of the occurrence of any Blackout Period,
during any Required Period, the same shall be extended by the number of days
during which such Blackout Period is in effect.

 

ARTICLE VII.

PROCEDURES AND EXPENSES

 

SECTION 7.1                          Registration
Procedures. In connection with the Company’s registration obligations
pursuant to Articles III, IV and V the Company shall use its commercially
reasonable efforts to effect such registrations to permit the sale of
Registrable Securities by a Selling Holder in accordance with the intended
method or methods of disposition thereof, and pursuant thereto the Company
shall as promptly as reasonably practicable:

 

(a)                                  prepare and file with
the SEC a Registration Statement on an appropriate form under the
Securities Act available for the sale of the Registrable Securities by the
Selling Holders in accordance with the intended method or methods of
distribution thereof; provided, however, that the Company shall (i) before
filing, furnish to one firm of counsel for the Selling Holders (selected by JPM
with respect to the Initial Registration Statement and if JPM is requesting
registration of any of its Registrable Securities pursuant to Section 4.1(a)(x)
to be included in the registration or if JPM is not requesting 

 

16

 

registration of any of its Registrable
Securities pursuant to Section 4.1(a)(x), then the Majority Selling
Holders in accordance with Section 7.4) and the managing underwriter, if
any, within a reasonable period of time (but in any event at least three
Business Days) prior to the filing thereof with the SEC to afford to such
counsel, the Selling Holders, the managing underwriter and its counsel a
reasonable opportunity for review, copies of the Registration Statement or
Prospectus proposed to be filed, and (ii) reflect in each such document, when
so filed with the SEC, such written comments as such counsel to the Selling
Holders and the managing underwriter may reasonably propose;

 

(b)                                 furnish, at its
expense, to the Selling Holders such number of conformed copies of the
Registration Statement and each amendment thereto, of the Prospectus and each
supplement thereto, and of such other documents as the Selling Holders reasonably
may request in writing from time to time;

 

(c)                                  subject to Section 4.2
and Article VI, prepare and file with the SEC any amendments and
post-effective amendments to the Registration Statement as may be
necessary and any supplements to the Prospectus as may be required or
appropriate, in the view of the Company and its counsel, by the rules,
regulations or instructions applicable to the registration form used by
the Company or by the Securities Act to keep the Registration Statement
effective until the earlier of (i) such time as all shares of New Common
Stock covered by the Registration Statement cease to be Registrable Securities
and (ii) the termination of the Required Period (giving effect to any
extensions thereof pursuant to Section 4.2(b), Section 6.2 or Section 7.3);

 

(d)                                 promptly following its
actual knowledge thereof (but in any event within two Business Days), notify
the Selling Holders and the managing underwriter, if any, in writing:

 

(i)                                     when
a Registration Statement, Prospectus, Issuer Free Writing Prospectus or any
supplement or amendment has been filed and, with respect to a Registration
Statement or any post-effective amendment, when the same has become effective;

 

(ii)                                  of
any comments or inquiries by the SEC or any request by the SEC or any other
governmental authority for amendments or supplements to a Registration
Statement, Prospectus or Issuer Free Writing Prospectus or for additional
information (and to furnish the Selling Holders with copies of any correspondence
related thereto);

 

(iii)                               of
the issuance by the SEC or any other governmental authority of any stop order
or order preventing or suspending the effectiveness of a Registration Statement
or the use of any Prospectus or the initiation or threatening of any
proceedings for that purpose;

 

(iv)                              of
the receipt by the Company of any written notification with respect to the
suspension of the qualification or exemption from qualification of the 

 

17

 

Registrable Securities for sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose;

 

(v)                                 of
the occurrence of any event during the period a Registration Statement is
effective which makes any statement made in the Registration Statement or the
Prospectus or any Issuer Free Writing Prospectus untrue in any material respect
or which requires the making of any changes in such Registration Statement,
Prospectus or Issuer Free Writing Prospectus so that such Registration
Statement, Prospectus or Issuer Free Writing Prospectus shall not contain any
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading (provided,
however, that no notice by the Company shall be required pursuant to this Section 7.1(d)(v) in
the event that the Company either promptly files a Prospectus supplement to
update the Prospectus or an appropriate Exchange Act report that is incorporated
by reference into the Registration Statement, which, in either case, contains
the requisite information that results in such Registration Statement no longer
containing any untrue statement of a material fact or omitting to state a
material fact necessary to make the statements therein or in light of the circumstances
under which they were made, not misleading); and

 

(vi)                              of
the Company’s reasonable determination that a post-effective amendment to a
Registration Statement would be required by applicable law (in which case the
Company shall file the same as soon as practicable after such determination and
use its commercially reasonable efforts to cause the same to become effective
as soon as practicable following filing);

 

(e)                                  use its commercially
reasonable efforts to prevent the issuance of or obtain the withdrawal of any
order suspending the effectiveness of a Registration Statement, or the lifting
of any suspension of the qualification or exemption from qualification of any
of the Registrable Securities for sale in any jurisdiction, at the earliest
practicable date or, if any such order or suspension is made effective during
any Blackout Period, at the earliest practicable date after the Blackout Period;

 

(f)                                    prior to any public
offering of Registrable Securities, use commercially reasonable efforts to
register or qualify, or cooperate with the Majority Selling Holders, or counsel
retained by the Selling Holders’ in accordance with Section 7.4, the
managing underwriter, if any, and its counsel in connection with the
registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities for offer and sale under the
securities or blue sky laws of such jurisdictions within the United States as
such counsel for the Selling Holders covered by a shelf Registration Statement
or the managing underwriter of an Underwritten Offering of Registrable
Securities reasonably requests in writing and do such other acts and things as may be
reasonably necessary to maintain each such registration or qualification (or
exemption therefrom) effective during the Required Period for such Registration
Statement; provided, however, that the Company shall not be required to qualify
generally to do business or as a dealer in securities in any jurisdiction in
which it is not then so qualified or take any action which 

 

18

 

would subject it to general service of
process or taxation in any jurisdiction in which it is not then so subject;

 

(g)                                 subject to Section 4.2
and Article VI, as promptly as reasonably practicable after the occurrence
of any event contemplated by Sections 7.1(d)(v) or 7.1(d)(vi) hereof,
use its commercially reasonable efforts to prepare (and furnish at its expense,
subject to any notice by the Company in accordance with Section 7.1(d), to
the Selling Holders a reasonable number of copies of) a supplement or
post-effective amendment to the applicable Registration Statement or a
supplement to the related Prospectus (including by means of an Issuer Free
Writing Prospectus), or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Securities being sold
thereunder, such Prospectus or Issuer Free Writing Prospectus shall not contain
an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading;

 

(h)                                 enter into such
agreements (including an underwriting agreement containing representations and
warranties and indemnity and contribution provisions of the type made in
customary underwriting agreements for an underwritten public offering), in
usual and customary form, and take such other actions as may be reasonably
requested by the Selling Holders or the managing underwriter, if any, to
expedite the offer for sale or disposition of the Registrable Securities, and
in connection therewith, upon such request and upon the date of closing of any
sale of Registrable Securities in such Underwritten Registration:

 

(i)                                     use
its commercially reasonable efforts to obtain opinions of counsel to the
Company (such counsel being reasonably satisfactory to the managing
underwriter, if any) and updates thereof covering matters customarily covered
in opinions of counsel in connection with Underwritten Offerings (including as
to such matters set forth on Exhibit B attached hereto), addressed to each
Selling Holder and the managing underwriter;

 

(ii)                                  use
its commercially reasonable efforts to obtain customary “comfort” letters from
the independent registered public accountants of the Company (to the extent
deliverable in accordance with their professional standards) addressed to the
Selling Holder (to the extent consistent with Statement on Auditing Standards No. 100
of the American Institute of Certified Public Accountants) and the managing
underwriter, if any, in customary form and covering matters of the type
customarily covered in “comfort” letters in connection with Underwritten Offerings;
and

 

(iii)                               provide
officers’ certificates and other customary closing documents customarily
delivered in connection with Underwritten Offerings and any reasonably
requested by the managing underwriter, if any;

 

provided that the
Company shall only be required to comply with this clause (h): (x) in
connection with an Underwritten Offering and (y) on the initial effective date
of any Registration 

 

19

 

Statement; provided, further, that with respect to clause (y) the
Company shall not be required to comply with this clause (h) any more than
two times in any 12-month period in connection with Demand Registrations made
pursuant to this Agreement.

 

(i)                                     in connection with
an Underwritten Offering, upon reasonable notice and at reasonable times during
normal business hours, make reasonably available for inspection by a
representative of each Selling Holder, one firm of counsel for the Selling
Holders retained in accordance with Section 7.4, the managing underwriter,
if any, participating in any disposition of Registrable Securities and its
counsel and any single accountant retained by the Selling Holders or any such
underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, and cause the appropriate officers, directors and
employees of the Company to make reasonably available for such inspection all
such relevant information reasonably requested in writing by them in connection
with the Registration Statement as is customary for “due diligence”
investigations; provided that such Persons shall first agree in writing
with the Company that any information that is reasonably designated by the
Company as confidential at the time of delivery shall be kept confidential by
such Persons and shall be used solely for the purposes of exercising rights
under this Agreement and such Person shall not engage in trading any securities
of the Company until such material non-public information becomes publicly
available, except nothing in such writing shall restrict (i) disclosure of
such information if it is required by court or administrative order or is
necessary to respond to inquiries of regulatory authorities, (ii) disclosure
of such information if it is required by law (including any disclosure requirements
pursuant to federal or state securities laws in connection with any disposition
of Registrable Securities), (iii) sharing information with other
underwriters, agents or dealers participating in the disposition of any
Registrable Securities, subject to the execution by such other underwriters,
agents or dealers of reasonable non-disclosure agreements with the Company, (iv) using
any such documents or other information in investigating or defending itself
against claims made or threatened by purchasers, regulatory authorities or
others in connection with the disposition of any Registrable Securities, (v) disclosure
of such information if it becomes generally available to the public other than
as a result of a disclosure or failure to safeguard by any such Person or (vi) disclosure
of such information if it becomes available to any such Person from a source
other than the Company and such source is not bound by a confidentiality
agreement or confidentiality obligations or duties; and provided, further, that the
foregoing inspection and information gathering shall, to the greatest extent
possible, be coordinated on behalf of all the Selling Holders and the other
parties entitled thereto by the counsel to the Selling Holders retained in
accordance with Section 7.4 or the counsel to the managing underwriter, if
any;

 

(j)                                     use its
commercially reasonable efforts to comply with all applicable rules and
regulations of the SEC relating to such registration and make generally
available to its securityholders earning statements satisfying the provisions
of Section 11(a) of the Securities Act, provided that the
Company shall be deemed to have complied with this Section 7.1(j) if it
has satisfied the provisions of Rule 158 under the Securities Act (or any
similar rule promulgated under the Securities Act);

 

20

 

(k)                                  use its commercially
reasonable efforts to cause all Registrable Securities covered by the
applicable Registration Statement if the New Common Stock is then listed on the
NYSE or quoted on the NASDAQ to continue to be so listed or quoted for a reasonable
period of time after the offering;

 

(l)                                     use its
commercially reasonable efforts to procure the cooperation of the Company’s
transfer agent in settling any offering or sale of Registrable Securities;

 

(m)                               use its commercially reasonable
efforts to provide such information as may be reasonably required for any
filings required to be made by the Selling Holders or managing underwriter, if
any, with the National Association of Securities Dealers, Inc. (the “NASD”)
in connection with the offering under any Registration Statement of the
Registrable Securities (including, without limitation, such as may be
required by NASD Rule 2710 or 2720), and, upon the written request of the
Majority Selling Holders, shall use its commercially reasonable efforts to
cooperate in connection with any filings required to be made with the NASD in
that regard on or prior to the filing of any Registration Statement; and

 

(n)                                 use its commercially
reasonable efforts to assist Holders in the marketing of such Registrable
Securities (including without limitation, having officers of the Company attend
“road shows” for Underwritten Offerings and analyst or investor presentations
and rating agency presentations and such other selling or informational
activities requested by the Majority Selling Holders or the managing
underwriter for such Offerings provided that at least 60% of the initial
Registrable Shares are being offered in the Underwritten Offering).

 

SECTION 7.2                          Information
from Holders; Holders’ Obligations.

 

(a)                                  It
shall be a condition precedent to the obligations of the Company to include the
Registrable Securities of any Selling Holder in any Registration Statement or
Prospectus, as the case may be, that such Selling Holder shall take the
actions described in this Section 7.2.

 

(b)                                 Each
Selling Holder that has requested inclusion of its Registrable Securities in
any Registration Statement shall furnish to the Company (as a condition
precedent to such Holder’s participation in such registration) a completed Questionnaire.
Each Holder agrees promptly to furnish to the Company in writing all
information required to be disclosed in order to make the information
previously furnished to the Company by such Holder, in light of the circumstances
under which it was made, not misleading, any other information regarding such
Holder and the distribution of such Registrable Securities as may be
required to be disclosed in the Prospectus or Registration Statement under
applicable law or pursuant to SEC comments and any information otherwise
reasonably required by the Company to comply with applicable law or
regulations.

 

(c)                                  Each
Selling Holder shall promptly (i) following its actual knowledge thereof,
notify the Company of the occurrence of any event that makes any statement made
in a Registration Statement, Prospectus, Issuer Free Writing Prospectus or
other Free Writing Prospectus regarding such Selling Holder untrue in any
material respect or that requires the making of any changes 

 

21

 

in a Registration Statement,
Prospectus or Free Writing Prospectus so that, in such regard, it shall not
contain any untrue statement of a material fact or omit any material fact
required to be stated therein or necessary to make the statements, in light of
the circumstances under which they were made, not misleading and (ii) provide
the Company with such information as may be required to enable the Company
to prepare a supplement or post-effective amendment to any such Registration
Statement or a supplement to such Prospectus or Free Writing Prospectus.

 

(d)                                 With
respect to any Registration Statement for an Underwritten Offering, the
inclusion of a Holder’s Registrable Securities therein shall be conditioned, at
the managing underwriter’s request, upon the execution and delivery by such
Holder of an underwriting agreement; provided that the underwriting agreement
is in customary form and reasonably acceptable to Company and the Majority
Selling Holders of the Registrable Securities to be included in the
Underwritten Offering.

 

(e)                                  Each
Selling Holder shall use commercially reasonable efforts to cooperate with the
Company in preparing the applicable registration.

 

(f)                                    Each
Selling Holder agrees that no Holder of Registrable Securities shall be entitled
to sell any of such Registrable Securities pursuant to a Registration Statement
or to receive a Prospectus relating thereto unless such Holder has furnished
the Company with the Questionnaire and Selling Holder Information relating to
such Holder.

 

(g)                                 Each
Holder shall provide written notice to the Company of any and all sales of
Registrable Securities, whether pursuant to any Registration Statement filed in
accordance herewith or in a private transaction, within five (5) Business
Days of such sale.

 

SECTION 7.3                          Suspension
of Disposition.

 

(a)                                  Each
Selling Holder agrees by acquisition of a Registrable Security that, upon receipt
of any written notice from the Company of the occurrence of any event of the
type described in Sections 7.1(d)(ii), 7.1(d)(iii), 7.1(d)(iv), 7.1(d)(v) or
7.1(d)(vi), such Holder shall discontinue disposition of Registrable Securities
covered by a Registration Statement, Prospectus or Free Writing Prospectus and
suspend use of such Prospectus or Free Writing Prospectus until such Holder’s
receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 7.1(g) or until it is advised by the Company in writing that
the use of the applicable Prospectus or Free Writing Prospectus may be
resumed and have received copies of any additional or supplemental filings that
are incorporated or deemed to be incorporated by reference in such Prospectus
or Free Writing Prospectus. In the event the Company shall give any such
notice, the period of time for which a Registration Statement must remain
effective pursuant to this Agreement shall be extended by the number of days
during the time period from and including the date of the giving of such notice
to and including the date when each Selling Holder of Registrable Securities
covered by such Registration Statement has received (i) the copies of the
supplemented or amended Prospectus or Issuer Free Writing Prospectus
contemplated by Section 7.1(g) or (ii) the advice referenced in
this Section 7.3(a).

 

(b)                                 Each
Selling Holder shall be deemed to have agreed that, upon receipt of any notice
from the Company contemplated by Section 6.1, such Selling Holder shall
discontinue disposition 

 

22

 

of Registrable Securities
covered by a Registration Statement, Prospectus or Free Writing Prospectus and
suspend use of such Prospectus or Free Writing Prospectus until the earlier to
occur of the Holder’s receipt of (i) copies of a supplemented or amended
Prospectus or Issuer Free Writing Prospectus and (ii)(A) written notice
from the Company that the use of the applicable Prospectus or Issuer Free
Writing Prospectus may be resumed and (B) copies of any additional or
supplemental filings that are incorporated or deemed to be incorporated by
reference in such Prospectus or Issuer Free Writing Prospectus; provided,
however, that in no event shall the number of days during which the offer
and sale of Registrable Securities is discontinued pursuant to this Section 7.3(b) during
any consecutive 12-month period, together with any other Blackout Periods in
such consecutive 12-month period, exceed an aggregate of ninety (90) days. In
the event the Company gives any such notice contemplated by Section 6.1,
the period of time for which a Registration Statement must remain effective
pursuant to this Agreement shall be extended by the number of days during the
time period from and including the date of giving of such notice to and
including the date when each Selling Holder of Registrable Securities covered
by such Registration Statement receives (i) the supplemented or amended
Prospectus or Issuer Free Writing Prospectus or (ii) written notice from
the Company that use of the applicable Prospectus or Issuer Free Writing
Prospectus may resume.

 

(c)                                  If
so requested by the Company, each Holder shall deliver to the Company all
copies in such Holder’s possession, other than permanent file copies then in
such Holder’s possession or as may be required to be retained in
accordance with applicable law, of the Prospectus covering such Registrable
Securities that was current at the time of receipt of notice from the Company
of any suspension contemplated by this Section 7.3.

 

SECTION 7.4                          Registration
Expenses.

 

(a)                                  All
fees and expenses incurred by the Company in complying with Articles III, IV
and V and Section 7.1 (“Registration Expenses”) shall be borne by
the Company. These fees and expenses shall include without limitation (i) all
registration, filing and qualification fees, including fees made with the NASD,
(ii) printing, duplicating and delivery expenses, (iii) fees and
disbursements of counsel for the Company, (iv) fees and expenses of
complying with state securities or “blue sky” laws (including the reasonable,
documented fees and expenses of the counsel specified in Section 7.4(b) in
connection therewith), (v) fees and disbursements of all independent
registered public accountants referred to in Section 7.1(h)(ii) (including
the expenses of any special audit and “comfort” letters required by or incident
to such performance) and (vi) fees and expenses in connection with listing
the Registrable Securities on the NYSE or quoting the Registrable Securities on
the NASDAQ or any other exchange or automated trading system in accordance with
the other terms of this Agreement.

 

(b)                                 The
Company shall also reimburse or pay, as the case may be, the reasonable
fees and reasonable out-of-pocket expenses of one law firm (which shall be a
nationally recognized law firm experienced in securities law matters) retained
by the Holders (by consent of (i) JPM, with respect to the Initial Registration
Statement and if JPM is requesting registration of any of its Registrable
Securities pursuant to Section 4.1(a)(x) to be included in the
registration or (ii) in connection with Section 4.1(a)(y) or a
Piggyback Registration, by consent of the Majority Selling Holders of
Registrable Securities included in the applicable registration), considered
collectively, within 30 days of presentation of an invoice approved by JPM or
such Holders holding at 

 

23

 

least a majority of the Registrable
Securities included in any applicable registration, as the case may be.

 

(c)                                  Notwithstanding
anything contained herein to the contrary, all underwriting fees, discounts,
selling commissions and stock transfer taxes applicable to the sale of
Registrable Securities shall be borne by the Holder owning such Registrable
Securities.

 

SECTION 7.5                          Underwritten
Offerings.

 

(a)                                  In
the event that Holders propose to dispose of their Registrable Securities pursuant
to an Underwritten Offering through the Initial Registration Statement pursuant
to Section 3.1 or a Demand Registration pursuant to Section 4.1, (i) if
the registration is being requested by JPM, JPM shall in its reasonable
discretion and with the consent of the Company (which consent shall not be
unreasonably withheld) select an investment banking firm of national standing
to be the managing underwriter for the Underwritten Offering relating thereto
and (ii) if the Underwritten Offering is being requested by Holders other
than JPM, then the Majority Selling Holders of the Registrable Securities to be
included in the Underwritten Offering shall in their reasonable discretion and
with the consent of the Company (which consent shall not be unreasonably withheld)
select an investment banking firm of national standing to be the managing
underwriter for the Underwritten Offering relating thereto.

 

(b)                                 Provided
the Registrable Securities included in such Underwritten Offering have an
aggregate then current market value of at least $100 million, if so requested
(pursuant to a timely written notice) by the managing underwriter for the
Underwritten Offering relating thereto, the Company shall not effect any
underwritten public sale or distribution of any securities for its own account
or the account of any Person not a party hereto that are the same as, or
similar to, the Registrable Securities, or any securities convertible into, or
exchangeable or exercisable for, any securities of the Company that are the
same as, or similar to, the Registrable Securities, during the 15-day period
prior to, and during the 90-day period after, the date a Registration Statement
for such Underwritten Offering becomes effective (or if later, the date of pricing
of the Underwritten Offering), as specified by the managing underwriter.

 

(c)                                  If
and to the extent requested by the managing underwriter for any Underwritten
Offering, each Holder who “beneficially owns” (as such term is defined under
and determined pursuant to Rule 13d-3 under the Exchange Act) 5% or more
of the outstanding shares of New Common Stock that is a party to this Agreement
shall agree with such managing underwriter (such agreement, a “Lock-Up”),
for a period (the “Lock-Up Period”) beginning on a date not earlier than
five Business Days prior to the date of pricing of such Underwritten Offering
and ending not later than 90 days after the date of such pricing, to the effect
that such Holder shall not directly or indirectly (i) offer, pledge, sell,
contract to sell, grant any options for the sale of, seek the redemption of or
otherwise transfer or dispose of (including pursuant to a registration
statement) any shares of New Common Stock (or securities exchangeable or exercisable
for any shares of New Common Stock) held by such Holder, (ii) enter into a
transaction which would have the same effect, or enter into any swap, hedge or
other arrangement that transfers, in whole or in part, any of the economic
consequences of ownership of the shares of New Common Stock held by such
Holder, whether any such aforementioned transaction is to be settled by
delivery of shares of New Common Stock or such other securities, in cash or
otherwise, or (iii) publicly disclose 

 

24

 

the intention to make any such
offer, sale, pledge, transfer or disposition, or to enter into any such
transaction, swap, hedge or other arrangement, so long as the directors and
executive officers of the Company agree to such limits, except for any Holder
that, not later than 5 days following receipt of written notice from the
Company that the Company will be filing a Registration Statement within 15 days
of such notice pursuant to a Demand Registration with respect to an
Underwritten Offering, shall have irrevocably agreed by delivery of written
notice to the Company to terminate all of its rights under this Agreement,
including under any outstanding shelf Registration Statement; provided,
that neither this Section 3.3(c) nor any Lock-Up shall prohibit a
Holder from exercising rights or complying with agreements entered into by such
Holder prior to the commencement of such Lock-Up Period or prevent such Holder
from selling pursuant to such Underwritten Offering; and provided further, that with respect to any Holder that is a
broker-dealer or an affiliate of a broker-dealer, the provisions of any Lock-Up
shall not apply to any transactions effected for or on behalf of any bona fide
customer or client of such Holder (other than a customer or client who is a
beneficial owner of the Registrable Securities held by such Holder).

 

ARTICLE VIII.

INDEMNIFICATION

 

SECTION 8.1                          Indemnification
by the Company. The Company agrees to indemnify and hold harmless each
Holder owning Registrable Securities registered pursuant to this Agreement,
such Holder’s Affiliates, and their respective officers, directors, employees
and agents, and each Person, if any, who controls any such Holder within the
meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act (collectively referred to for purposes of this Article VIII
as a “Holder”), from and against any and all losses, claims, damages and
liabilities (including without limitation, subject to Section 8.3, the
reasonable legal fees and other reasonable out-of-pocket expenses incurred in
investigating, responding to or defending against any claim, challenge,
litigation, investigation or proceeding, including without limitation, all
costs of appearing as a witness in any claim, challenge, litigation,
investigation or proceeding) caused by any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement pursuant
to which any Registrable Securities were registered under the Securities Act,
Prospectus or Preliminary Prospectus or Issuer Free Writing Prospectus, or any
amendment thereof or supplement thereto, or caused by any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary, in the case of any Prospectus or Issuer Free Writing Prospectus, in
light of the circumstances under which they were made, to make the statements
therein not misleading; provided, however, that the Company shall
not be liable in any such case to the extent that any such loss, claim, damage,
liability (or action or proceeding in respect thereof) or expense arises out of
or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in such Registration Statement, Prospectus, amendment,
supplement or Free Writing Prospectus in reliance upon and in conformity with
written information furnished to the Company by such participating Holder or
any other Person who participates as an underwriter in the offering or sale of
such securities, in either case specifically stating that it is for use in the
preparation thereof or that is corrected in any subsequent prospectus that was
delivered to Holders at least two Business Days prior to the relevant sale date.
Such indemnity shall remain in full force and effect regardless of any 

 

25

 

investigation made by or on
behalf of any participating Holder or any such underwriter or controlling
Person and shall survive the transfer of such securities by the Holder.

 

SECTION 8.2                          Indemnification
by Holders. Each Holder agrees, severally and not jointly, to indemnify and
hold harmless, the Company, the directors, and officers of the Company and each
Person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, to the same
extent as the foregoing indemnity contained in Section 8.1 from the
Company to the Holders, as incurred, but only with respect to information
relating to such Holder furnished to the Company in writing by such Holder
expressly for use in any Registration Statement, Prospectus or Preliminary
Prospectus or Issuer Free Writing Prospectus, or any amendment or supplement
thereto.

 

SECTION 8.3                          Conduct
of Indemnification Proceedings. If any claim, challenge, litigation,
investigation or proceeding (including any governmental or regulatory
investigation) shall be brought or asserted against any Person in respect of
which indemnity may be sought pursuant to either of Section 8.1 or Section 8.2,
such Person (the “Indemnified Person”) shall promptly notify the Person
against whom such indemnity may be sought (the “Indemnifying Person”)
in writing; provided that (i) the omission to so notify the
Indemnifying Party shall not relieve it from any liability that it may have
hereunder except to the extent it has been materially prejudiced by such
failure and (ii) the omission to so notify the Indemnifying Person shall
not relieve it from any liability that it may have to an Indemnified
Person otherwise than on account of this Article VIII. In case any such
claim, challenge, litigation, investigation or proceeding is brought against
any Indemnified Person and it notifies the Indemnifying Party of the
commencement thereof, the Indemnifying Person shall be entitled to participate
therein and, to the extent that it may elect by written notice delivered
to such Indemnified Person, to assume the defense thereof and retain counsel
reasonably satisfactory to the Indemnified Person to represent the Indemnified
Person and any others the Indemnifying Person may designate in such
proceeding and shall pay the reasonable fees and expenses of such counsel
related to such proceeding. In any such proceeding, any Indemnified Person
shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i) the
Indemnifying Person and the Indemnified Person shall have mutually agreed in
writing to the contrary, (ii) the Indemnifying Person shall have failed
within a reasonable time to retain counsel reasonably satisfactory to the
Indemnified Person as contemplated by the preceding sentence or (iii) the
named parties in any such proceeding (including any impleaded parties) include
both the Indemnifying Person and the Indemnified Person and representation of
both parties by the same counsel would be inappropriate due to actual or
potential conflicts of interests between them. It is understood that the
Indemnifying Person shall not, in connection with any proceeding or related
proceeding in the same jurisdiction, be liable for the fees and expenses of
more than one separate firm (in addition to any local counsel) for all
Indemnified Persons, and that all such fees and expenses shall be reimbursed as
they are incurred. Any such separate firm for the Holders and such control
Persons of the Holders shall be designated in writing by JPM and any such
separate firm for the Company, the directors and officers of the Company and
such control Persons of the Company shall be designated in writing by the
Company. The Indemnifying Person shall not be liable for any settlement of any
pending or threatened proceeding effected without its prior written consent
(which consent shall not be unreasonably withheld), but if settled with such
consent or if there be a final judgment for the plaintiff, the Indemnifying
Person agrees to indemnify in accordance 

 

26

 

with, and subject to the
limitations of, Section 8.1 and Section 8.2 above, as the case may be,
any Indemnified Person from and against any loss or liability by reason of such
settlement or judgment. No Indemnifying Person shall, without the prior written
consent of the Indemnified Persons (which consent shall not be unreasonably
withheld), effect any settlement of any pending proceeding in respect of which
any Indemnified Person is a party or of any threatened proceeding in respect of
which any Indemnified Person could have been a party and indemnity could have
been sought hereunder by such Indemnified Person, unless such settlement (i) includes
an unconditional release of such Indemnified Person from all liability on
claims that are the subject matter of such proceeding and (ii) does not
include any statement as to or any admission of fault, culpability or a failure
to act by or on behalf of any Indemnified Person.

 

SECTION 8.4                          Contribution,
etc.

 

(a)                                  If
the indemnification provided for in this Article VIII is unavailable to an
Indemnified Person or insufficient in respect of any losses, claims, damages or
liabilities referred to therein, then each Indemnifying Person under such
paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall
contribute to the amount paid or payable by such Indemnified Person as a result
of such losses, claims, damages or liabilities (i) in such proportion as
is appropriate to reflect the relative benefits received by the Company on the
one hand and the Holder on the other hand with respect to the sale by such
Holder of Registrable Securities or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i) above
but also the relative fault of the Company on the one hand and of such Holder
on the other in connection with the statements or omissions that resulted in
such losses, claims, damages or liabilities, as well as any other relevant
equitable considerations. Benefits received by the Company shall be deemed to
be equal to the total value received or proposed to be received (before
deducting expenses) by the Company pursuant to the sale of Shares contemplated
by the Equity Commitment Agreement. Benefits received by any Holder shall be
deemed to be equal to the value of having the Registrable Securities registered
under the Securities Act. The relative fault of the Company on the one hand and
such Holder on the other shall be determined by reference to, among other
things, whether any untrue or any alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Company or by such Holder and the parties’ relevant
intent, knowledge, information and opportunity to correct or prevent such
statement or omission.

 

(b)                                 The
Company and the Holders agree that it would not be just and equitable if
contribution pursuant to this Article VIII were determined by pro rata
allocation (even if the Holders were treated as one entity for such purpose) or
any other method of allocation that does not take account of the equitable
considerations referred to in this Section 8.4. The amount paid or payable
by an Indemnified Person as a result of losses, claims, damages and liabilities
referred to in this Section 8.4 shall be deemed to include, subject to the
limitations set forth in Sections 8.1, 8.2 and 8.3 above, any reasonable legal
or other reasonable out-of-pocket expenses incurred by such Indemnified Person
not otherwise reimbursed in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Article VIII, in
no event shall any Holder be required to contribute any amount in excess of the
amount by which the total amount received by such Holder with respect to its sale
of Registrable Securities pursuant to any Registration Statement exceeds the
amount of any damages that such Holder has otherwise been required 

 

27

 

to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. No Person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.

 

(c)                                  The
remedies provided for in this Article VIII are not exclusive and shall not
limit any rights or remedies which may otherwise be available to any
Indemnified Party at law or in equity.

 

(d)                                 The
indemnity and contribution agreements contained in this Article VIII shall
remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf
of any Holder or any Person controlling any Holder or by or on behalf of the
Company, the officers or directors of each of the Company or any other Person
controlling the Company and (iii) the sale by a Holder of Registrable
Securities covered by any Registration Statement.

 

ARTICLE IX.

FREE WRITING PROSPECTUSES

 

Except a
Prospectus, an Issuer Free Writing Prospectus or other materials prepared by
the Company, each Holder represents and agrees that it (i) shall not make
any offer relating to the Registrable Securities that would constitute an
Issuer Free Writing Prospectus or that would otherwise constitute a Free
Writing Prospectus, and (ii) has not distributed and will not distribute
any written materials in connection with the offer or sale of New Common Stock,
in each case without the prior written consent of the Company and, in
connection with any Underwritten Offering, the underwriters. The Company
represents and agrees that it shall not make any offer relating to the
Registrable Securities that would constitute an Issuer Free Writing Prospectus
or that would otherwise constitute a Free Writing Prospectus in connection with
the offer or sale of Registrable Securities without the prior written consent
of JPM, or if JPM is not requesting registration of any of its Registrable
Securities, then the Majority Selling Holders of Registrable Securities that
are registered under the Registration Statement to be included in an
Underwritten Offering and, in connection with any Underwritten Offering, the
underwriters.

 

ARTICLE X.

RULE 144

 

With a view to
making available the benefits of certain rules and regulations of the SEC
which may permit the sale of Registrable Securities to the public without
registration, the Company agrees to (a) use its reasonable best efforts to
file with the SEC in a timely manner all reports and other documents required
of the Company under the Securities Act and the Exchange Act; (b) upon
written request of any Holder of Registrable Securities, furnish to such Holder
promptly a written statement by the Company as to its compliance with the
reporting requirements of Rule 144 and of the Securities Act and the
Exchange Act, and such other reports and documents as any Holder reasonably may request
in availing itself of any rule or regulation of the SEC allowing such
Holder to sell any Registrable Securities without registration; and (c) 

 

28

 

take such
other actions as may be reasonably required by the Company’s transfer
agent to consummate any distribution of Registrable Securities that may be
permitted in accordance with the terms and conditions of Rule 144.

 

ARTICLE XI.

PRIVATE PLACEMENT

 

Except for Section 7.5(c),
the Company agrees that nothing in this Agreement shall prohibit the Holders,
at any time and from time to time, from selling or otherwise transferring
Registrable Securities pursuant to a private placement or other transaction
which is not registered pursuant to the Securities Act. To the extent requested
by a Holder, the Company shall take all reasonable steps necessary to assist
and cooperate with such Holder to facilitate such sale or transfer, including
providing due diligence access to potential purchasers, and entering into a
private placement agreement containing customary representations and
warranties, indemnifications, opinions and other typical closing conditions.

 

ARTICLE XII.

MISCELLANEOUS

 

SECTION 12.1                    Notices.
All notices and other communications in connection with this Agreement shall be
in writing and shall be deemed given by (and shall be deemed to have been duly
given) as follows: (i) at the time delivered by hand, if delivered
personally; (ii) when sent via facsimile (with confirmation); (iii) five
Business Days after being deposited in the mail, if sent postage prepaid, by
registered or certified mail (return receipt requested); or (iv) on the
next Business Day, if timely delivered to an express courier guaranteeing
overnight delivery (with confirmation). Notices shall be directed to the
parties at the following addresses (or at such other address for a party as
shall be specified by like notice):

 

	
   

  	
  (a)

  	
  If to the Company:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Northwest
  Airlines Corporation

  
	
   

  	
   

  	
   

  	
  2700 Lone
  Oak Parkway

  
	
   

  	
   

  	
   

  	
  Eagan, MN
  55121

  
	
   

  	
   

  	
   

  	
  Attention:
  Michael L. Miller

  
	
   

  	
   

  	
   

  	
  Fax: (612)
  726-7123

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Cadwalader,
  Wickersham & Taft LLP

  
	
   

  	
   

  	
   

  	
  One World
  Financial Center

  
	
   

  	
   

  	
   

  	
  New York,
  New York 10281

  
	
   

  	
   

  	
   

  	
  Attention:
  Dennis J. Block

  
	
   

  	
   

  	
   

  	
  Fax: (212)
  504-5557

  

 

29

 

 

	
   

  	
  (b)

  	
  JPM:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  J.P. Morgan
  Securities Inc.

  
	
   

  	
   

  	
   

  	
  270 Park
  Avenue, 17th Floor

  
	
   

  	
   

  	
   

  	
  New York,
  New York 10017

  
	
   

  	
   

  	
   

  	
  Attention:
  Warfield Price

  
	
   

  	
   

  	
   

  	
  Fax: (212)
  270-1063

  

 

	
   

  	
   

  	
  with a copy
  to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Cahill
  Gordon & Reindel LLP

  
	
   

  	
   

  	
   

  	
  80 Pine
  Street

  
	
   

  	
   

  	
   

  	
  New York,
  New York  10005

  
	
   

  	
   

  	
   

  	
  Attention:

  	
  Gerald S.
  Tanenbaum

  
	
   

  	
   

  	
   

  	
   

  	
  Stephen A.
  Greene

  
	
   

  	
   

  	
   

  	
  Fax:  (212) 269-5420

  

 

	
   

  	
   

  	
  and to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Stroock & Stroock & Lavan LLP

  
	
   

  	
   

  	
   

  	
  180 Maiden Lane

  
	
   

  	
   

  	
   

  	
  New York, New York  10038

  
	
   

  	
   

  	
   

  	
  Attention:

  	
  Lewis Kruger

  
	
   

  	
   

  	
   

  	
   

  	
  Melvin Epstein

  
	
   

  	
   

  	
   

  	
  Fax: (212)
  806-6006

  

 

(c)           If to any Investor (other than JPM) to the
address and facsimile number set forth on the signature pages hereto, or the
signature page of any joinder agreement executed and delivered pursuant to
Section 12.2:

 

	
   

  	
   

  	
  with a copy
  to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Stroock
  & Stroock & Lavan LLP

  
	
   

  	
   

  	
   

  	
  180 Maiden
  Lane

  
	
   

  	
   

  	
   

  	
  New York,
  New York  10038

  
	
   

  	
   

  	
   

  	
  Attention

  	
  Lewis Kruger

  
	
   

  	
   

  	
   

  	
   

  	
  Brett
  Lawrence

  
	
   

  	
   

  	
   

  	
  Fax: (212)
  806-6006

  

 

SECTION 12.2       Additional Investors.
Each Person who is a party to the Syndication Agreement shall be deemed to be
an Investor upon execution and delivery of a joinder agreement in the form of
Exhibit C (the “Joinder Agreement”). Only Persons (other than the
initial signatories hereto) that execute a Joinder Agreement shall be deemed to
be Investors. Except to the extent limited in any other joinder agreement, each
Person that so becomes an Investor after the date hereof shall be entitled to
all rights and privileges of an Investor as if such Investor had been an
original signatory to this Agreement.

 

SECTION 12.3       Severability. If any
provision of this Agreement shall be invalid or unenforceable, such invalidity
or unenforceability shall not affect the validity and enforceability of the
remaining provisions of this Agreement, unless the result thereof would be

 

30

 

unreasonable in which case the
parties hereto shall negotiate in good faith as to appropriate amendments
hereto.

 

SECTION 12.4       Assignment; Certain
Specified Third Party Beneficiaries. This Agreement shall be binding upon,
inure to the benefit of and be enforceable by each of the parties and their
respective successors and assigns; provided, however, that neither this Agreement nor any
of the rights, interests or obligations hereunder shall be assigned or delegated
by a Holder to any third party who purchases or is otherwise a permitted
transferee of such Registrable Securities from the Holder, unless (i) such
transferee of the Registrable Securities that is not a party to this Agreement
shall have executed and delivered to the Secretary of the Company a properly
completed agreement substantially in the form of Exhibit D, and (ii) the Holder
selling the Registrable Securities shall have delivered to the Secretary of the
Company written notice of such transfer setting forth the name of such Holder,
the name and address of the transferee and the number of Registrable Securities
that shall have been so transferred; provided, however, that such
assignment or delegation to a third party shall have occurred within thirty
(30) days of the Effective Date of the Initial Registration Statement. Notwithstanding
the foregoing sentence, this Agreement and the rights, interests and
obligations hereunder may be assigned, transferred or delegated by an Investor
to any Affiliate of such Investor, provided that any such transferee or
assignee assumes the obligations of such Investor hereunder and agrees in
writing to be bound by the terms of this Agreement in the same manner as the
Investor pursuant to a properly completed agreement substantially in the form
of Exhibit D. This Agreement (including the documents and instruments referred
to in this Agreement) is not intended to and does not confer upon any Person
any rights or remedies under this Agreement other than the parties hereto,
their permitted successors and assigns and any Indemnified Person.

 

SECTION 12.5       Entire Agreement. This
Agreement (including the documents and instruments referred to in this
Agreement) constitutes the entire agreement of the parties and supersedes all
prior agreements and understandings, whether written or oral, between the
parties with respect to the subject matter of this Agreement, including
Section 5(i) and Section 5(m) of the Equity Commitment Agreement. Notwithstanding
the foregoing, the parties hereto acknowledge that any confidentiality
agreements heretofore executed among the parties shall continue in full force
and effect.

 

SECTION 12.6       Waivers and Amendments.
This Agreement may be amended, modified, superseded, cancelled, renewed or
extended, and the terms and conditions of this Agreement may be waived, only by
a written instrument, (A) if prior to the effective date of the Amended Plan,
signed by (i) the Company, (ii) JPM and (iii) holders of a majority of
commitments under the Syndication Agreement (excluding JPM), (B) if after the
effective date of the Amended Plan, signed by (i) the Company, (ii) JPM (unless
JPM holds no Registrable Securities) and (iii) holders of a majority of the
Registrable Securities consisting of ECA Shares; provided that without
the consent of JPM, no provision of this Agreement relating to the rights of
JPM with respect to registration of its Registrable Securities hereunder,
including without limitation its rights under Section 4.1(a)(x), shall be
modified or amended or (C) in the case of a waiver, by the party waiving
compliance. No delay on the part of any party in exercising any right, power or
privilege pursuant to this Agreement shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any right, power or privilege
pursuant to this Agreement, nor shall any single or partial exercise of any
right, power or privilege pursuant to this 

 

31

 

Agreement, preclude any other
or further exercise thereof or the exercise of any other right, power or
privilege pursuant to this Agreement. The rights and remedies provided pursuant
to this Agreement are cumulative and are not exclusive of any rights or
remedies which any party otherwise may have at law or in equity.

 

SECTION 12.7       Counterparts. This
Agreement may be executed in any number of counterparts, all of which shall be
considered one and the same agreement and shall become effective when
counterparts have been signed by each of the parties and delivered to the other
party (including via facsimile or other electronic transmission), it being
understood that each party need not sign the same counterpart.

 

SECTION 12.8       Governing Law; Venue.
THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF NEW YORK. EACH PARTY TO THIS AGREEMENT IRREVOCABLY SUBMITS
TO THE JURISDICTION OF, AND VENUE IN, THE DISTRICT COURTS OF THE UNITED STATES
SITTING IN THE SOUTHERN DISTRICT OF NEW YORK OR THE COURTS OF THE STATE OF NEW
YORK SITTING IN THE COUNTY OF NEW YORK AND WAIVES ANY OBJECTION BASED ON FORUM
NON CONVENIENS.

 

SECTION 12.9       Headings. The
headings in this Agreement are for reference purposes only and shall not in any
way affect the meaning or interpretation of this Agreement.

 

SECTION 12.10     Specific Performance. The
parties acknowledge and agree that any breach of the terms of this Agreement
would give rise to irreparable harm for which money damages would not be an
adequate remedy, and, accordingly, the parties agree that, in addition to any
other remedies, each will be entitled to enforce the terms of this Agreement by
a decree of specific performance without the necessity of proving the
inadequacy of money damages as a remedy and without the necessity of posting
bond.

 

SECTION 12.11     Termination. This
Agreement may be terminated at any time by a written instrument signed by the
parties hereto. Unless sooner terminated in accordance with the preceding
sentence, this Agreement (other than the first proviso in Section 7.1(i),
Section 7.4, Article VIII and Article XI hereof) shall terminate when there are
no Registrable Securities outstanding.

 

SECTION 12.12     No Conflicting Rights.
The Company shall not, on or after the date hereof, grant any registration or
similar rights to any Person which conflict with or impair the rights granted
hereby.

 

SECTION 12.13     Listing. The Company
shall, on or prior to the effective date of the Amended Plan, have caused the
New Common Stock to be listed on the NYSE or quoted on the NASDAQ.

 

[Signature Page Follows]

 

32

 

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

 

	
   

  	
  NORTHWEST
  AIRLINES CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Miller

  	
   

  
	
   

  	
   

  	
  Name: Michael
  Miller

  
	
   

  	
   

  	
  Title: Vice
  President—Law and Secretary

  

 

33

 

	
   

  	
  INVESTORS

  
	
   

  	
   

  
	
   

  	
  J.P. MORGAN SECURITIES INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Abate

  	
   

  
	
   

  	
   

  	
  Name: John
  Abate

  
	
   

  	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  Each Investor party to the Syndication
  Agreement 

  who shall sign a Joinder 

  Agreement pursuant to Section 12.2

  hereof. 

  

 

 

34

 

Exhibit A

 

NORTHWEST AIRLINES CORPORATION

 

Form of Selling Securityholder Notice and
Questionnaire

 

The undersigned beneficial owner (the “Selling
Securityholder”) of common stock (the “Registrable Securities”) of
Northwest Airlines Corporation (the “Company”) understands that the
Company has filed or intends to file with the Securities and Exchange Commission
(the “Commission”) a Registration Statement for the registration and
resale of the Registrable Securities, in accordance with the terms of the
Registration Rights Agreement, dated as of May 25, 2007 (the “Registration
Rights Agreement”), among the Company and the Holders referred to therein. A
copy of the Registration Rights Agreement is available from the Company upon
request at the address set forth below. All capitalized terms used and not
otherwise defined herein shall have the meanings ascribed thereto in the
Registration Rights Agreement.

 

NOTICE

 

The undersigned Selling Securityholder of
Registrable Securities hereby gives notice to the Company of its intention to
sell or otherwise dispose of Registrable Securities beneficially owned by it
and listed below in Item 3 (unless otherwise specified under Item 3) pursuant
to the Registration Statement. The undersigned, by signing and returning this
Notice and Questionnaire, understands that it will be bound by the terms and
conditions of this Notice and Questionnaire and the Registration Rights
Agreement. Pursuant to the Registration Rights Agreement, the undersigned has
agreed to indemnify and hold harmless the Company’s directors and officers and
each Person, if any, who controls the Company within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, from and
against losses arising in connection with statements concerning the undersigned
made in the Registration Statement or the related prospectus in reliance upon
the information provided in this Notice and Questionnaire.

 

The undersigned Selling Securityholder hereby
provides the following information to the Company and represents and warrants
that such information is accurate and complete:

 

A-1

 

QUESTIONNAIRE

 

1.             Name.

 

(a)           Full Legal Name of Selling Securityholder:

 

(b)           Full Legal Name of Registered Holder (if not
the same as (a) above) through which Registrable Securities Listed in Item 3
below are held:

 

(c)           Full Legal name of DTC Participant (if
applicable and if not the same as (b) above) through which Registrable Securities
listed in Item 3 below are held:

 

(d)           Full Legal Name of Natural Control Person
(which means a natural person who directly or indirectly alone or with others
has power to vote or dispose of the securities covered by the questionnaire):

 

2.             Address for Notices to Selling Securityholder:

 

 Telephone:

 

Fax:

 

Email:

 

Contact
Person:

 

3.             Beneficial Ownership of Registrable
Securities:

 

Type and Principal Amount of Registrable
Securities beneficially owned:

 

4.             Broker-Dealer
Status:

 

(a)           Are you a broker-dealer?

 

	
   

  	
   

  	
  Yes  o

  	
   

  	
  No  o

  	
   

  	
   

  

 

Note:  If yes, the SEC’s staff
has indicated that you should be identified as an underwriter in the
Registration Statement.

 

A-2

 

(b)           If you are a registered broker-dealer, do
you consent to being named as an underwriter in the Registration Statement?

 

	
   

  	
   

  	
  Yes  o

  	
   

  	
  No  o

  	
   

  	
   

  

 

(c)           Are you an affiliate of a broker-dealer?

 

	
   

  	
   

  	
  Yes  o

  	
   

  	
  No  o

  	
   

  	
   

  

 

If yes, please identify the registered broker-dealer with whom the
Selling Securityholder is affiliated and the nature of the affiliation:

 

(d)           If you are an affiliate of a broker-dealer,
do you certify that you bought the Registrable Securities in the ordinary
course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or
indirectly, with any person to distribute the Registrable Securities?

 

	
   

  	
   

  	
  Yes  o

  	
   

  	
  No  o

  	
   

  	
   

  

 

Note:  If no, the SEC’s staff has
indicated that you should be identified as an underwriter in the Registration
Statement.

 

5.             Beneficial
Ownership of Other Securities of the Company Owned by the Selling Securityholder:

 

Except as set
forth below in this Item 5, the undersigned Selling Securityholder is not the
beneficial or registered owner of any securities of the Company other than the
Registrable Securities listed above in Item 3.

 

Type and
Amount of Other Securities beneficially owned by the Selling Securityholder:

 

6.             Relationships with
the Company:

 

Except as set
forth below, neither the undersigned Selling Securityholder nor any of its
affiliates, officers, directors or principal equity holders (owners of 5% or
more of the equity securities of the undersigned) has held any position or
office or has had any other material relationship with the Company (or its
predecessors or affiliates) during the past three years.

 

A-3

 

State any exceptions here:

 

The undersigned agrees to promptly notify the
Company of any inaccuracies or changes in the information provided herein that
may occur subsequent to the date hereof and at any time while the Registration
Statement remains in effect.

 

By signing below, the undersigned consents to
the disclosure of the information contained herein in its answers to Items 1
through 6 and the inclusion of such information in the Registration Statement
and the related prospectus. The undersigned understands that such information
will be relied upon by the Company in connection with the preparation or
amendment of the Registration Statement and the related prospectus.

 

IN WITNESS WHEREOF the undersigned, by
authority duly given, has caused this Notice and Questionnaire to be executed and
delivered either in person or by its duly authorized agent.

 

Dated:    Beneficial
Owner:

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

PLEASE FAX A COPY OF THE COMPLETED AND
EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL,
TO:

 

[                              ]

[                              ]

[                              ]

[                              ]

 

A-4

 

Exhibit B

 

OPINION OF
COUNSEL TO THE COMPANY

 

1.             The Company has been duly incorporated
and, on the Effective Date of the Amended Plan, the Company will be a corporation
validly existing and in good standing under the laws of the State of Delaware,
with the corporate power and corporate authority to own its properties and
conduct its business as described in the Registration Statement. The Company is
duly qualified to transact business as a foreign corporation and is in good
standing in the State of Minnesota.

 

2.             The Registration Rights Agreement has been
duly authorized, executed and delivered by the Company.

 

3.             On the Effective Date of the Amended Plan,
the number of shares of authorized capital stock of the Company will be as described
in the Registration Statement. When issued and delivered by the Company
pursuant to and upon the consummation of the transactions contemplated by the
Amended Plan and paid for as contemplated by the Amended Plan, all of the
shares of capital stock of the Company outstanding on the Effective Date will
be validly issued, fully paid and nonassessable.

 

4.             Except as described in the Registration
Statement, there are no preemptive rights to subscribe for or purchase shares
of the Common Stock under Applicable Laws or pursuant to the Company’s Amended
and Restated Certificate of Incorporation or Amended and Restated Bylaws, in
each case, as applicable to the Company from and after the Effective Date, or
any agreement or other instrument filed or incorporated by reference as an
exhibit to the Registration Statement.

 

5.             The Registration Statement has been
declared effective under the Securities Act and, to our knowledge, no stop order
suspending the effectiveness of the Registration Statement has been issued
under the Securities Act.

 

6.             The Registration Statement (with the
exception of any information incorporated by reference therein and any numerical,
financial, statistical and computational information included therein, as to
which we express no view), as of its effective date, appeared on its face to be
appropriately responsive in all material respects to the applicable
requirements of the Securities Act and the applicable rules and regulations of
the SEC thereunder applicable thereto as of the relevant date.

 

7.             The statements included in the Prospectus
under the captions “The Reorganization,” “Certain Transactions” and “Description
of Capital Stock,” insofar as such statements purport to summarize legal
matters, legal descriptions, legal proceedings, or the terms of the capital
stock of the Company (including the New Common Shares), fairly summarize in all
material respects such legal matters, legal descriptions, legal proceedings, or
the terms of such capital stock.

 

8.             We do not know of any legal or
governmental proceedings before any court now pending against the Company or to
which the Company is a party or to which any properties of the Company is
subject other than proceedings fairly summarized in all material respects in
the

 

B-1

 

Registration
Statement or the Prospectus; and each document filed pursuant to the Exchange
Act and incorporated by reference in the Registration Statement or the
Prospectus when so filed with the SEC appeared on its face to have been appropriately
responsive in all material respects to the applicable requirements of the
Exchange Act and the applicable rules and regulations of the SEC thereunder
applicable to such documents as of the relevant date (in each case, with the
exception of any information incorporated by reference therein and any numerical,
financial, statistical and computational information included therein, as to
which we express no view).

 

9.             Except as set forth in the Registration
Rights Agreement or the Equity Commitment Agreement, to our knowledge, no person
will have the right to require the Company or any of its subsidiaries to
register any securities for sale under the Securities Act by reason of the
filing of the Registration Statement.

 

10.           The Company is not, and, after giving effect
to the offering and sale of the Shares, will not be, required to register as an
“investment company” under and as defined in the Investment Company Act of
1940, as amended.

 

11.           Subject to the entry of the Court Orders and
the expiration, or waiver by the Bankruptcy Court, of the 10-day period set
forth in Bankruptcy Rules 6004(g) and 3020 (e), as applicable, no consent,
approval, authorization, filing with or order of any United States federal or
New York or Delaware State court or governmental agency or body is required to
be obtained on the part of the Company in connection with the consummation by
the Company of the transactions contemplated by the Registration Rights
Agreement, except (i) such as may be required in connection with (x) the
registration of the ECA Shares in accordance with the Registration Rights Agreement
and (y) compliance with state securities and blue sky laws and regulations,
(ii) those that have been obtained or made and to our knowledge are in full
force and effect, and (iii) those, the absence of which will not have or could
not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect.

 

12.           Subject to the entry of the Court Orders and
the expiration, or waiver by the Bankruptcy Court, of the 10-day period set
forth in Bankruptcy Rules 6004(g) and 3020 (e), as applicable, none of the
execution and delivery by the Company of, or the performance by the Company of
its obligations under, the Registration Rights Agreement or the consummation by
the Company of the transactions therein contemplated or the Company’s
fulfillment of the terms thereof will (i) violate the Amended and Restated
Certificate of Incorporation or Amended and Restated Bylaws of the Company, in
each case, as applicable to the Company from and after the Effective Date, or
(ii) violate any Applicable Laws to which the Company or any of its subsidiaries
or any of their properties is subject or any judgment, order or decree known to
us and applicable to the Company or any of its subsidiaries and, pursuant to
any Applicable Laws, is issued by any United States federal or New York or
Delaware State court, regulatory body, administrative agency, governmental
body, arbitrator or other authority, in each case having jurisdiction over the
Company or any of its subsidiaries or any of their properties, in each case,
except as disclosed in the Prospectus or the Registration Statement or as will
not have or could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

 

B-2

 

The following may be provided in a separate
letter:

 

We have participated in conferences with
officers and representatives of the Company, including representatives of the
Company’s independent registered public accounting firm, and your
representatives, at which the contents of the Registration Statement, the
Prospectus and related matters were discussed, including consideration of
judgments expressed by those parties of the relevance of certain facts to
prospective investors, and we received information for, or comments on, the
Registration Statement and the Prospectus from those parties. Although we are
not passing upon, and do not assume responsibility for, the accuracy,
completeness or fairness of the statements included or incorporated by
reference in or omitted from the Registration Statement and have not made any
independent check or verification thereof and based on our understanding of
applicable law and the experience we have gained through our practice, no fact
has come to our attention that causes us to believe that the Registration
Statement, as of the date it became effective under the Securities Act (except
for financial statements and other financial or statistical information
contained therein or omitted therefrom or information incorporated by reference
in the Registration Statement, as to which we express no belief), included any
untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements
therein not misleading.

 

B-3

 

Exhibit C

 

FORM OF JOINDER AGREEMENT

 

THIS JOINDER AGREEMENT is made and entered
into by the undersigned with reference to the following facts:

 

Reference is made to the Registration Rights
Agreement, dated as of May 25, 2007 (the “Registration Rights Agreement”),
by and among Northwest Airlines Corporation, a Delaware corporation (the “Company”),
J.P. Morgan Securities Inc. (“JPMorgan Securities”) and any other
parties identified on the signature pages of any joinder agreements substantially
similar to this Joinder Agreement executed and delivered pursuant to Section
12.2 of the Registration Rights Agreement. Capitalized terms used but not
defined in this Joinder Agreement shall have the meanings ascribed thereto in the
Registration Rights Agreement.

 

As a condition to the acquisition of
ownership of the New Common Stock in the amount specified below, the undersigned
agrees as follows:

 

1.             The undersigned hereby agrees to be bound
by the provisions of the Registration Rights Agreement and undertakes to
perform each obligation as if an “Investor” thereunder and an original
signatory thereto in such capacity.

 

2.             This Joinder Agreement shall bind, and
inure to the benefit of, the parties hereto and their respective devisees,
heirs, personal and legal representatives, executors, administrators,
successors and assigns.

 

3.             This Joinder Agreement shall be construed
and enforced in accordance with the laws of the State of New York without
regard or giving effect to its principles of conflicts of law.

 

[Remainder of Page Intentionally Left Blank]

 

C-1

 

IN WITNESS WHEREOF, the undersigned has
executed this Joinder Agreement this               ,
200  .

 

(Print Name of Investor)

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Address and Facsimile Number for Notices:

I.R.S. I.D. #:

 

Acknowledged and Agreed by:

 

NORTHWEST AIRLINES CORPORATION

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

C-2

 

Exhibit D

AGREEMENT TO BE BOUND

 

BY THE REGISTRATION RIGHTS AGREEMENT

 

The undersigned, being the transferee of
               
shares of the common stock (the “Registrable Securities”), of Northwest
Airlines Corporation, a Delaware corporation (the “Company”), as a condition
to obtaining the benefits of the Registration Rights Agreement dated as of May
25, 2007 initially among the Company and the Holders referred to therein (the “Agreement”),
acknowledges that matters pertaining to the registration of such Registrable
Securities is governed by the Agreement, and the undersigned hereby (1) acknowledges
receipt of a copy of the Agreement, and (2) agrees to be bound as a Holder by
the terms of the Agreement, as the same has been or may be amended from time to
time.

 

Agreed to this       day of                 ,       .

 

[TRANSFEREE]

 

	
   

  	
   

  
	
  Name:

  
	
  Title:

  

 

Address for Notice:

 

D-1Exhibit 4.1

REGISTRATION
RIGHTS AGREEMENT

BY AND AMONG

BREITBURN ENERGY
PARTNERS L.P.

AND

THE PURCHASERS
NAMED HEREIN

TABLE
OF CONTENTS

	
  

  	
   

  	
   

  	
  Page

  
	
  ARTICLE
  I

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 1.1

  	
   

  	
  Definitions

  	
  1

  
	
  Section 1.2

  	
   

  	
  Registrable Securities

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  REGISTRATION
  RIGHTS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.1

  	
   

  	
  Registration

  	
  3

  
	
  Section 2.2

  	
   

  	
  Piggyback Rights

  	
  5

  
	
  Section 2.3

  	
   

  	
  Underwritten Offering

  	
  7

  
	
  Section 2.4

  	
   

  	
  Sale Procedures

  	
  7

  
	
  Section 2.5

  	
   

  	
  Cooperation by Holders

  	
  11

  
	
  Section 2.6

  	
   

  	
  Restrictions on Public Sale by Holders of
  Registrable Securities

  	
  11

  
	
  Section 2.7

  	
   

  	
  Expenses

  	
  11

  
	
  Section 2.8

  	
   

  	
  Indemnification

  	
  12

  
	
  Section 2.9

  	
   

  	
  Rule 144 Reporting

  	
  14

  
	
  Section 2.10

  	
   

  	
  Transfer or Assignment of Registration Rights

  	
  15

  
	
  Section 2.11

  	
   

  	
  Limitation on Subsequent Registration Rights

  	
  15

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.1

  	
   

  	
  Communications

  	
  15

  
	
  Section 3.2

  	
   

  	
  Successor and Assigns

  	
  15

  
	
  Section 3.3

  	
   

  	
  Aggregation of Purchased Units

  	
  16

  
	
  Section 3.4

  	
   

  	
  Recapitalization, Exchanges, Etc. Affecting the
  Common Units

  	
  16

  
	
  Section 3.5

  	
   

  	
  Specific Performance

  	
  16

  
	
  Section 3.6

  	
   

  	
  Counterparts

  	
  16

  
	
  Section 3.7

  	
   

  	
  Headings

  	
  16

  
	
  Section 3.8

  	
   

  	
  Governing Law

  	
  16

  
	
  Section 3.9

  	
   

  	
  Severability of Provisions

  	
  16

  
	
  Section 3.10

  	
   

  	
  Entire Agreement

  	
  16

  
	
  Section 3.11

  	
   

  	
  Amendment

  	
  17

  
	
  Section 3.12

  	
   

  	
  No Presumption

  	
  17

  
	
  Section 3.13

  	
   

  	
  Obligations Limited to Parties to Agreement

  	
  17

  
	
  Section 3.14

  	
   

  	
  Interpretation

  	
  17

  

 

 i

REGISTRATION
RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is made and entered into as of May 18 2007 by and among BreitBurn Energy
Partners L.P., a Delaware limited partnership (“BreitBurn”), and each of
Kayne Anderson MLP
Investment Company, Kayne Anderson Energy Total Return Fund, Inc., Kayne
Anderson Energy Development Company, GPS New Equity Fund LP, GPS MLP Fund LP,
Royal Bank of Canada, Lehman Brothers MLP Opportunity Fund L.P., ZLP Fund, L.P.
and Structured Finance Americas, LLC (a “Purchaser” and, collectively,
the “Purchasers”).

WHEREAS, this Agreement is made in connection with the
Closing of the issuance and sale of the Purchased Units pursuant to the Unit
Purchase Agreement, dated as of May 16, 2007, by and among BreitBurn and the Purchasers (the “Purchase
Agreement”);

WHEREAS, BreitBurn has agreed to provide the
registration and other rights set forth in this Agreement for the benefit of
the Purchasers pursuant to the Purchase Agreement; and

WHEREAS, it is a condition to the obligations of each
Purchaser and BreitBurn under the Purchase Agreement that this Agreement be
executed and delivered.

NOW THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
each party hereto, the parties hereby agree as follows:

ARTICLE I

DEFINITIONS

Section 1.1  Definitions. 
Capitalized terms used herein without definition shall have the meanings
given to them in the Purchase Agreement. 
The terms set forth below are used herein as so defined:

“Agreement” has the meaning specified therefor
in the introductory paragraph.

“BreitBurn” has the meaning specified therefor
in the introductory paragraph.

“Effectiveness Period” has the meaning
specified therefor in Section 2.1(a)(i) of this Agreement.

“Holder” means the record holder of any
Registrable Securities.

“Included Registrable Securities” has the
meaning specified therefor in Section 2.2(a) of this Agreement.

“Liquidated Damages” has the meaning specified
therefor in Section 2.1(a)(ii) of this Agreement.

 1
 

“Liquidated Damages Multiplier” means the
product of $32.00 times the number of Common Units purchased by such Purchaser.

“Losses” has the meaning specified therefor in
Section 2.8(a) of this Agreement.

“Managing Underwriter” means, with respect to
any Underwritten Offering, the book-running lead manager of such Underwritten
Offering.

“Opt Out Notice” has the meaning specified
therefor in Section 2.2(a) of this Agreement.

“Other Holders” has the meaning specified
therefor in Section 2.2(b).

“Partnership Agreement” means the First Amended
and Restated Limited Partnership Agreement of BreitBurn Energy Partners L.P.,
dated as of October 10, 2006.

“Purchase Agreement” has the meaning specified
therefor in the Recitals of this Agreement.

“Purchaser” and “Purchasers” have the
meanings specified therefor in the introductory paragraph of this Agreement.

“Purchaser Underwriter Registration Statement”
has the meaning specified therefor in Section 2.4(o) of this Agreement.

“Registrable Securities” means:  (i) the Purchased Units, and (ii) any Common
Units issued as Liquidated Damages pursuant to this Agreement, all of which
Registrable Securities are subject to the rights provided herein until such
rights terminate pursuant to the provisions hereof.

“Registration Deadline” means 275 days from the
Closing Date.

“Registration Expenses” has the meaning
specified therefor in Section 2.7(a) of this Agreement.

“Registration Statement” has the meaning
specified therefor in Section 2.1(a)(i) of this Agreement.

“Selling Expenses” has the meaning specified
therefor in Section 2.7(a) of this Agreement.

“Selling Holder” means a Holder who is selling
Registrable Securities pursuant to a registration statement.

“Underwritten Offering” means an offering
(including an offering pursuant to a Registration Statement) in which Common
Units are sold by BreitBurn to an underwriter on a firm commitment basis for
reoffering to the public or an offering that is a “bought deal” with one or
more investment banks.

 2
 

Section 1.2  Registrable Securities. 
Any Registrable Security will cease to be a Registrable Security
when:  (a) a registration statement
covering such Registrable Security has been declared effective by the
Commission and such Registrable Security has been sold or disposed of pursuant
to such effective registration statement; (b) such Registrable Security has
been disposed of pursuant to any section of Rule 144 (or any similar provision
then in force) under the Securities Act; (c) such Registrable Security can be
disposed of pursuant to Rule 144(k) (or any similar provision then in force)
under the Securities Act; (d) such Registrable Security is held by BreitBurn or
one of its Subsidiaries; or (e) such Registrable Security has been sold in a
private transaction in which the transferor’s rights under this Agreement are
not assigned to the transferee of such securities.

ARTICLE
II

REGISTRATION
RIGHTS

Section 2.1  Registration.

(a)           Registration

(i)            Deadline To Go Effective.  BreitBurn shall prepare and file a
registration statement under the Securities Act to permit the resale of the
Registrable Securities from time to time, including as permitted by Rule 415
under the Securities Act (or any similar provision then in force) with respect
to all of the Registrable Securities (the “Registration Statement”).  BreitBurn shall use its commercially
reasonable efforts to cause the Registration Statement to become effective no
later than the Registration Deadline.  A
Registration Statement filed pursuant to this Section 2.1 shall be on such
appropriate registration form of the Commission as shall be selected by
BreitBurn.  BreitBurn will use its
commercially reasonable efforts to cause the Registration Statement filed
pursuant to this Section 2.1 to be continuously effective under the Securities
Act until the date which all Registrable Securities have ceased to be
Registrable Securities pursuant to Section 1.2 (the “Effectiveness Period”).  The Registration Statement when declared
effective (including the documents incorporated therein by reference) shall
comply as to form with all applicable requirements of the Securities Act and
the Exchange Act and shall not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading.

(ii)           Failure To Go Effective.  If the Registration Statement required by Section
2.1 of this Agreement is not declared effective by the Registration Deadline,
then each Purchaser shall be entitled to a payment with respect to the
Purchased Units of each such Purchaser, as liquidated damages and not as a
penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day period for
the first 60 days following the Registration Deadline, increasing by an
additional 0.25% of the Liquidated Damages Multiplier per 30-day period for
each subsequent 60 days, up to a maximum of 1.0% of the Liquidated Damages
Multiplier per 30-day period (the “Liquidated Damages”); provided,  however,
the aggregate amount of Liquidated Damages payable by BreitBurn under this
Agreement to each Purchaser shall not exceed 10.0% of the aggregate proceeds
from the 

 3
 

sale of the Purchased
Units.  The Liquidated Damages payable
pursuant to the immediately preceding sentence shall be payable within ten (10)
Business Days of the end of each such 30-day period.  Any Liquidated Damages shall be paid to each
Purchaser in cash or immediately available funds; provided, however,
if BreitBurn certifies that it is unable to pay Liquidated Damages in cash or
immediately available funds because such payment would result in a breach under
any of BreitBurn’s or BreitBurn’s Subsidiaries’ credit facilities or other
indebtedness filed as exhibits to the BreitBurn SEC Documents, then BreitBurn
may pay the Liquidated Damages in kind in the form of the issuance of
additional Common Units.  Upon any
issuance of Common Units as Liquidated Damages, BreitBurn shall promptly
prepare and file an amendment to the Registration Statement prior to its
effectiveness adding such Common Units to such Registration Statement as
additional Registrable Securities.  The
determination of the number of Common Units to be issued as Liquidated Damages
shall be equal to the amount of Liquidated Damages divided by the volume
weighted average closing price of the Common Units (as reported by The Nasdaq
Global Market) for the ten (10) trading days immediately preceding the date on
which the Liquidated Damages payment is due. 
The payment of Liquidated Damages to a Purchaser shall cease at the
earlier of (i) the effectiveness of the Registration Statement and (ii) such
time as the Purchased Units of such Purchaser become eligible for resale under
Rule 144(k) promulgated under the Securities Act.  As soon as
practicable following the date that the Registration Statement becomes
effective, but in any event within two Business Days of such date, BreitBurn
shall provide the Purchasers with written notice of the effectiveness of the
Registration Statement.

(iii)          Waiver of Liquidated Damages.  If BreitBurn is unable to cause a
Registration Statement to go effective by the Registration Deadline as a result
of an acquisition, merger, reorganization, disposition or other similar
transaction, then BreitBurn may request a waiver of the Liquidated Damages,
which may be granted or withheld by the consent of the Holders of a majority of
the Purchased Units, taken as a whole, in their sole discretion.

(iv)          Termination of Purchaser’s
Rights.  A Purchaser’s
rights (and any transferee’s rights pursuant to Section 2.10 of this Agreement)
under this Section 2.1 shall terminate upon the termination of the
Effectiveness Period.

(b)           Delay
Rights.  Notwithstanding anything to
the contrary contained herein, BreitBurn may, upon written notice to any
Selling Holder whose Registrable Securities are included in the Registration
Statement, suspend such Selling Holder’s use of any prospectus which is a part
of the Registration Statement (in which event the Selling Holder shall
discontinue sales of the Registrable Securities pursuant to the Registration
Statement, but such Selling Holder may settle any such sales of Registrable
Securities) if (i) BreitBurn is pursuing an acquisition, merger,
reorganization, disposition or other similar transaction and BreitBurn
determines in good faith that BreitBurn’s ability to pursue or consummate such
a transaction would be materially adversely affected by any required disclosure
of such transaction in the Registration Statement or (ii) BreitBurn has
experienced some other material non-public event the disclosure of which at
such time, in the good faith judgment of BreitBurn, would materially 

 4
 

adversely affect BreitBurn; provided,
however, in no event shall the
Purchasers be suspended for a period that exceeds an aggregate of 60 days in
any 180-day period or 90 days in any 365-day period.  Upon disclosure of such information or the
termination of the condition described above, BreitBurn shall provide prompt
notice to the Selling Holders whose Registrable Securities are included in the
Registration Statement, shall promptly terminate any suspension of sales it has
put into effect and shall take such other actions to permit registered sales of
Registrable Securities as contemplated in this Agreement.

(c)           Additional
Rights to Liquidated Damages.  If (i)
the Holders shall be prohibited from selling their Registrable Securities under
the Registration Statement as a result of a suspension pursuant to Section
2.1(b) of this Agreement in excess of the periods permitted therein or (ii) the
Registration Statement is filed and declared effective but, during the
Effectiveness Period, shall thereafter cease to be effective or fail to be
usable for its intended purpose without being succeeded by a post-effective
amendment to the Registration Statement, a supplement to the prospectus or a
report filed with the Commission pursuant to Sections 13(a), 13(c), 14 or l5(d)
of the Exchange Act, then, until the suspension is lifted or a post-effective
amendment, supplement or report is filed with the Commission, but not including
any day on which a suspension is lifted or such amendment, supplement or report
is filed and declared effective, if applicable, BreitBurn shall owe the Holders
an amount equal to the Liquidated Damages, following (x) the date on which the
suspension period exceeded the permitted period under 2.1(b) of this Agreement
or (y) the day after the Registration Statement ceased to be effective or
failed to be useable for its intended purposes, as liquidated damages and not
as a penalty.  For purposes of this
Section 2.1(c), a suspension shall be deemed lifted on the date that notice
that the suspension has been lifted is delivered to the Holders pursuant to Section
3.1 of this Agreement.

Section 2.2   Piggyback Rights.

(a)           Participation.  If BreitBurn proposes to file a prospectus
supplement to an effective shelf registration statement, other than the
Registration Statement contemplated by Section 2.1 of this Agreement, or
BreitBurn proposes to file a registration statement, other than a shelf
registration statement, in either case, for the sale of Common Units in an
Underwritten Offering for its own account and/or another Person, then as soon
as practicable but not less than three Business Days prior to the filing of (x)
any preliminary prospectus supplement relating to such Underwritten Offering
pursuant to Rule 424(b) under the Securities Act, (y) the prospectus supplement
relating to such Underwritten Offering pursuant to Rule 424(b) under the Securities
Act (if no preliminary prospectus supplement is used) or (z) such registration
statement, as the case may be, then BreitBurn shall give notice (including, but
not limited to, notification by electronic mail) of such proposed Underwritten
Offering to the Holders and such notice shall offer the Holders the opportunity
to include in such Underwritten Offering such number of Registrable Securities
(the “Included Registrable Securities”) as each such Holder may request
in writing; provided, however, that if BreitBurn has been
advised by the Managing Underwriter that the inclusion of Registrable
Securities for sale for the benefit of the Holders will have a material adverse
effect on the price, timing or distribution of the Common Units in the
Underwritten Offering, then the amount of Registrable Securities to be offered
for the accounts of Holders shall be determined based on the provisions of
Section 2.2(b) of this Agreement; provided, 

 5
 

further, that BreitBurn shall not be obligated
to include any Registrable Securities in any Underwritten Offering unless the
Holders request inclusion of at least $5 million of Registrable Securities
in such offering.  The notice required to
be provided in this Section 2.2(a) to Holders shall be provided on a Business
Day pursuant to Section 3.1 hereof and receipt of such notice shall be
confirmed by such Holder.  Each such
Holder shall then have three Business Days after receiving such notice to
request inclusion of Registrable Securities in the Underwritten Offering, except
that such Holder shall have one Business Day after such Holder confirms receipt
of the notice to request inclusion of Registrable Securities in the
Underwritten Offering in the case of a “bought deal” or “overnight transaction”
where no preliminary prospectus is used. 
If no request for inclusion from a Holder is received within the
specified time, such Holder shall have no further right to participate in such
Underwritten Offering.  If, at any time
after giving written notice of its intention to undertake an Underwritten
Offering and prior to the closing of such Underwritten Offering, BreitBurn
shall determine for any reason not to undertake or to delay such Underwritten
Offering, BreitBurn may, at its election, give written notice of such
determination to the Selling Holders and, (x) in the case of a determination
not to undertake such Underwritten Offering, shall be relieved of its
obligation to sell any Included Registrable Securities in connection with such
terminated Underwritten Offering, and (y) in the case of a determination to
delay such Underwritten Offering, shall be permitted to delay offering any
Included Registrable Securities for the same period as the delay in the
Underwritten Offering.  Any Selling Holder
shall have the right to withdraw such Selling Holder’s request for inclusion of
such Selling Holder’s Registrable Securities in such offering by giving written
notice to BreitBurn of such withdrawal up to and including the time of pricing
of such offering.  Each Holder’s rights
under this Section 2.2(a) shall terminate when such Holder (together with any
Affiliates or swap counterparties of such Holder) holds less than $10 million
of Purchased Units, based on the Commitment Amounts.  Notwithstanding the foregoing, any Holder may
deliver written notice (an “Opt Out Notice”) to BreitBurn requesting
that such Holder not receive notice from BreitBurn of any proposed Underwritten
Offering; provided that such Holder may later
revoke any such notice.

(b)           Priority
of Rights.  If the Managing Underwriter
or Underwriters of any proposed Underwritten Offering of Common Units included
in an Underwritten Offering involving Included Registrable Securities advises
BreitBurn that the total amount of Common Units that the Selling Holders and
any other Persons intend to include in such offering exceeds the number that
can be sold in such offering without being likely to have a material adverse
effect on the price, timing or distribution of the Common Units offered or the
market for the Common Units, then the Common Units to be included in such
Underwritten Offering shall include the number of Registrable Securities that
such Managing Underwriter or Underwriters advises BreitBurn can be sold without
having such adverse effect, with such number to be allocated (i) first, to
BreitBurn, and (ii) second, pro rata among the Selling Holders party to this
Agreement and any other Persons who have been or are granted registration
rights on or after the date of this Agreement (including the General Partner, “Other
Holders”) who have requested participation in the Underwritten Offering, in
each case, who have requested participation in such Underwritten Offering.  The pro rata allocations for each such
Selling Holder shall be the product of (a) the aggregate number of Common Units
proposed to be sold by all Selling Holders and Other Holders in such
Underwritten Offering multiplied by (b) the fraction derived by dividing (x)
the number of Common Units owned on the Registration Deadline by such Selling
Holder or Other 

 6
 

Holder by (y) the aggregate number of Common Units owned on the
Registration Deadline by all Selling Holders and Other Holders participating in
the Underwritten Offering.  All
participating Selling Holders shall have the opportunity to share pro rata that
portion of such priority allocable to any Selling Holder(s) not so
participating.  As of the date of
execution of this Agreement, there are no other Persons with Registration
Rights relating to Common Units other than as described in this Section 2.2(b)
and as set forth in the Partnership Agreement.

Section 2.3   Underwritten Offering.

(a)           General
Procedures.  In connection with any
Underwritten Offering under this Agreement, BreitBurn shall be entitled to
select the Managing Underwriter or Underwriters.  In connection with an Underwritten Offering
contemplated by this Agreement in which a Selling Holder participates, each
Selling Holder and BreitBurn shall be obligated to enter into an underwriting
agreement that contains such representations, covenants, indemnities and other
rights and obligations as are customary in underwriting agreements for firm
commitment offerings of securities.  No
Selling Holder may participate in such Underwritten Offering unless such
Selling Holder agrees to sell its Registrable Securities on the basis provided
in such underwriting agreement and completes and executes all questionnaires,
powers of attorney, indemnities and other documents reasonably required under
the terms of such underwriting agreement. 
Each Selling Holder may, at its option, require that any or all of the
representations and warranties by, and the other agreements on the part of,
BreitBurn to and for the benefit of such underwriters also be made to and for
such Selling Holder’s benefit and that any or all of the conditions precedent
to the obligations of such underwriters under such underwriting agreement also
be conditions precedent to its obligations. 
No Selling Holder shall be required to make any representations or
warranties to or agreements with BreitBurn or the underwriters other than
representations, warranties or agreements regarding such Selling Holder and its
ownership of the securities being registered on its behalf, its intended method
of distribution and any other representation required by Law.  If any Selling Holder disapproves of the
terms of an underwriting, such Selling Holder may elect to withdraw therefrom
by notice to BreitBurn and the Managing Underwriter; provided, however,
that such withdrawal may only be made up to and including the time of pricing
of such Underwritten Offering.  No such
withdrawal or abandonment shall affect BreitBurn’s obligation to pay
Registration Expenses.

(b)           No
Demand Rights. Notwithstanding any other provision of this Agreement, no
Holder of Registrable Securities shall be entitled to any “demand” rights or
similar rights that would require BreitBurn to effect an Underwritten Offering
solely on behalf of such Holder.

Section 2.4   Sale Procedures.  In connection with its obligations under this
Article II, BreitBurn will, as expeditiously as possible:

(a)           prepare and file
with the Commission such amendments and supplements to the Registration
Statement and the prospectus used in connection therewith as may be necessary
to keep the Registration Statement effective for the Effectiveness Period and
as may be necessary to comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by the Registration
Statement;

 7

(b)           if a prospectus supplement will be used in connection with
the marketing of an Underwritten Offering from the Registration Statement and
the Managing Underwriter at any time shall notify BreitBurn in writing that, in
the sole judgment of such Managing Underwriter, inclusion of detailed
information to be used in such prospectus supplement is of material importance
to the success of the Underwritten Offering of such Registrable Securities, use
its commercially reasonable efforts to include such information in such
prospectus supplement;

(c)           furnish to each Selling Holder (i) as far in advance as
reasonably practicable before filing the Registration Statement or any other
registration statement contemplated by this Agreement or any supplement or
amendment thereto, upon request, copies of reasonably complete drafts of all
such documents proposed to be filed (including exhibits and each document
incorporated by reference therein to the extent then required by the rules and
regulations of the Commission), and provide each such Selling Holder the
opportunity to object to any information pertaining to such Selling Holder and
its plan of distribution that is contained therein and make the corrections
reasonably requested by such Selling Holder with respect to such information
prior to filing the Registration Statement or such other registration statement
or supplement or amendment thereto, and (ii) such number of copies of the
Registration Statement or such other registration statement and the prospectus
included therein and any supplements and amendments thereto as such Persons may
reasonably request in order to facilitate the public sale or other disposition
of the Registrable Securities covered by such Registration Statement or other
registration statement;

(d)           if applicable, use its commercially reasonable efforts to
register or qualify the Registrable Securities covered by the Registration
Statement or any other registration statement contemplated by this Agreement
under the securities or blue sky laws of such jurisdictions as the Selling
Holders or, in the case of an Underwritten Offering, the Managing Underwriter,
shall reasonably request; provided,
however, that BreitBurn will not
be required to qualify generally to transact business in any jurisdiction where
it is not then required to so qualify or to take any action which would subject
it to general service of process in any such jurisdiction where it is not then
so subject;

(e)           promptly notify each Selling Holder and each underwriter
of Registrable Securities, at any time when a prospectus relating thereto is
required to be delivered by any of them under the Securities Act, of (i) the
filing of the Registration Statement or any other registration statement
contemplated by this Agreement or any prospectus or prospectus supplement to be
used in connection therewith, or any amendment or supplement thereto, and, with
respect to such Registration Statement or any such other registration statement
or any post-effective amendment thereto, when the same has become effective;
and (ii) any written comments from the Commission with respect to any filing
referred to in clause (i) and any written request by the Commission for
amendments or supplements to the Registration Statement or any other
registration statement or any prospectus or prospectus supplement thereto;

(f)            immediately notify each Selling Holder and each
underwriter of Registrable Securities, at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of (i) the
happening of any event as a result of which the prospectus or prospectus
supplement contained in the Registration Statement or any other registration
statement 

 8
 

contemplated by this Agreement, as then in
effect, includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing; (ii)
the issuance or threat of issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or any other registration
statement contemplated by this Agreement, or the initiation of any proceedings
for that purpose; or (iii) the receipt by BreitBurn of any notification with
respect to the suspension of the qualification of any Registrable Securities
for sale under the applicable securities or blue sky laws of any
jurisdiction.  Following the provision of
such notice, BreitBurn agrees to as promptly as practicable amend or supplement
the prospectus or prospectus supplement or take other appropriate action so
that the prospectus or prospectus supplement does not include 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 in
the light of the circumstances then existing and to take such other action as
is necessary to remove a stop order, suspension, threat thereof or proceedings
related thereto;

(g)           upon request, furnish to each Selling Holder copies of any
and all transmittal letters or other correspondence with the Commission or any
other governmental agency or self-regulatory body or other body having
jurisdiction (including any domestic or foreign securities exchange) relating
to such offering of Registrable Securities;

(h)           in the case of an Underwritten Offering, furnish upon
request, (i) an opinion of counsel for BreitBurn and a letter of like kind both
dated the date of the closing under the underwriting agreement, and (ii) a “cold
comfort” letter, dated the date of the applicable registration statement or the
date of any amendment or supplement thereto and a letter of like kind dated the
date of the closing under the underwriting agreement, in each case, signed by
the independent public accountants who have certified BreitBurn’s financial
statements included or incorporated by reference into the applicable
registration statement.  Each of the
opinion and the “cold comfort” letter shall be in customary form and covering
substantially the same matters with respect to such registration statement (and
the prospectus and any prospectus supplement included therein) as are
customarily covered in opinions of issuer’s counsel and in accountants’ letters
delivered to the underwriters in Underwritten Offerings of securities and such
other matters as such underwriters or Selling Holders may reasonably request;

(i)            otherwise use its commercially reasonable efforts to
comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, an
earnings statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;

(j)            make available to the appropriate representatives of the
Managing Underwriter and Selling Holders access to such information and
BreitBurn personnel as is reasonable and customary to enable such parties to
establish a due diligence defense under the Securities Act; provided, however,
that BreitBurn need not disclose any such information to any such
representative unless and until such representative has entered into or is
otherwise subject to a confidentiality agreement with BreitBurn satisfactory to
BreitBurn (including, if applicable, any confidentiality agreement referenced
in Section 8.6 of the Purchase Agreement);

 9
 

(k)           cause all such Registrable Securities registered pursuant
to this Agreement to be listed on each securities exchange on which similar
securities issued by BreitBurn are then listed;

(l)            use its commercially reasonable efforts to cause the
Registrable Securities to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the
business and operations of BreitBurn to enable the Selling Holders to
consummate the disposition of such Registrable Securities;

(m)          provide a transfer agent and registrar for all Registrable
Securities covered by such registration statement not later than the effective
date of such registration statement; and

(n)           enter into customary agreements and take such other
actions as are reasonably requested by the Selling Holders or the underwriters,
if any, in order to expedite or facilitate the disposition of such Registrable
Securities.

(o)           BreitBurn agrees that, if any Purchaser could reasonably
be deemed to be an “underwriter”, as defined in Section 2(a)(11) of the
Securities Act, in connection with the registration statement in respect of any
registration of BreitBurn’s securities of any Purchaser pursuant to this
Agreement, and any amendment or supplement thereof (any such registration
statement or amendment or supplement a “Purchaser Underwriter Registration
Statement”), then BreitBurn will cooperate with such Purchaser in allowing
such Purchaser to conduct customary “underwriter’s due diligence” with respect
to BreitBurn and satisfy its obligations in respect thereof.  In addition, at any Purchaser’s request,
BreitBurn will furnish to such Purchaser, on the date of the effectiveness of
any Purchaser Underwriter Registration Statement and thereafter from time to
time on such dates as such Purchaser may reasonably request, (i) a letter,
dated such date, from BreitBurn’s independent certified public accountants in
form and substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering, addressed to
such Purchaser, and (ii) an opinion, dated as of such date, of counsel
representing BreitBurn for purposes of such Purchaser Underwriter Registration
Statement, in form, scope and substance as is customarily given in an
underwritten public offering, including a standard “10b-5” opinion for such
offering, addressed to such Purchaser. 
BreitBurn will also permit legal counsel to such Purchaser to review and
comment upon any such Purchaser Underwriter Registration Statement at least
five Business Days prior to its filing with the Commission and all amendments
and supplements to any such Purchaser Underwriter Registration Statement within
a reasonable time period prior to their filing with the Commission and not file
any Purchaser Underwriter Registration Statement or amendment or supplement
thereto in a form to which such Purchaser’s legal counsel reasonably objects.

(p)           Each Selling Holder, upon receipt of notice from BreitBurn
of the happening of any event of the kind described in Section 2.4(f) of this
Agreement, shall forthwith discontinue disposition of the Registrable
Securities until such Selling Holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 2.4(f) of this
Agreement or until it is advised in writing by BreitBurn that the use of the
prospectus may be resumed, and has received copies of any additional or
supplemental filings incorporated by reference in the prospectus, and, if so
directed by BreitBurn, such Selling Holder will, or will request the managing
underwriter or underwriters, if any, to deliver to BreitBurn (at BreitBurn’s
expense) all 

 10
 

copies in their possession or control, other
than permanent file copies then in such Selling Holder’s possession, of the
prospectus covering such Registrable Securities current at the time of receipt
of such notice.

(q)           If requested by a Purchaser, BreitBurn shall:  (i) as soon as practicable incorporate in a
prospectus supplement or post-effective amendment such information as such
Purchaser reasonably requests to be included therein relating to the sale and
distribution of Registrable Securities, including information with respect to
the number of Registrable Securities being offered or sold, the purchase price
being paid therefor and any other terms of the offering of the Registrable
Securities to be sold in such offering; (ii) as soon as practicable make all
required filings of such prospectus supplement or post-effective amendment
after being notified of the matters to be incorporated in such prospectus
supplement or post-effective amendment; and (iii) as soon as practicable,
supplement or make amendments to any Registration Statement.

Section 2.5  Cooperation by Holders.  BreitBurn shall have no obligation to include
in the Registration Statement Common Units of a Holder, or in an Underwritten
Offering pursuant to Section 2.2 of this Agreement, Common Units of a Selling
Holder who has failed to timely furnish such information that, in the opinion
of counsel to BreitBurn, is reasonably required in order for the registration
statement or prospectus supplement, as applicable, to comply with the
Securities Act.

Section 2.6   Restrictions on Public
Sale by Holders of Registrable Securities.  For one year following the Closing Date, each
Holder of Registrable Securities who is included in the Registration Statement
agrees not to effect any public sale or distribution of the Registrable
Securities during the 30-day period following pricing of an Underwritten
Offering of equity securities by BreitBurn (except as provided in this Section
2.6); provided, however, that the duration of the
foregoing restrictions shall be no longer than the duration of the shortest
restriction generally imposed by the underwriters on the officers or directors
or any other Common Unitholder of BreitBurn on whom a restriction is imposed in
connection with such public offering.  In
addition, the provisions of this Section 2.6 shall not apply with respect to a
Holder that (A) owns less than $10 million of Purchased Units, based on the
Commitment Amounts, (B) has delivered an Opt Out Notice to BreitBurn pursuant
to Section 2.2 hereof or (C) has submitted a notice requesting the inclusion of
Registrable Securities in an Underwritten Offering pursuant to Section 2.2
hereof but is unable to do so as a result of the priority provisions contained
in Section 2.2(b) hereof.

Section 2.7   Expenses.

(a)           Certain Definitions.  “Registration Expenses” means all
expenses incident to BreitBurn’s performance under or compliance with this
Agreement to effect the registration of Registrable Securities on the
Registration Statement pursuant to Section 2.1 hereof or an Underwritten
Offering covered under this Agreement, and the disposition of such securities,
including, without limitation, all registration, filing, securities exchange
listing and The Nasdaq Global Market fees, all registration, filing,
qualification and other fees and expenses of complying with securities or blue
sky laws, fees of the National Association of Securities Dealers, Inc.,
transfer taxes and fees of transfer agents and registrars, all word processing,

 11
 

duplicating and printing expenses and the
fees and disbursements of counsel and independent public accountants for
BreitBurn, including the expenses of any special audits or “cold comfort”
letters required by or incident to such performance and compliance.  “Selling Expenses” means all
underwriting fees, discounts and selling commissions allocable to the sale of
the Registrable Securities.

(b)           Expenses. 
BreitBurn will pay all reasonable Registration Expenses as determined in
good faith, including, in the case of an Underwritten Offering, whether or not
any sale is made pursuant to such Underwritten Offering.  In addition, except as otherwise provided in
Section 2.8 hereof, BreitBurn shall not be responsible for legal fees incurred
by Holders in connection with the exercise of such Holders’ rights
hereunder.  Each Selling Holder shall pay
all Selling Expenses in connection with any sale of its Registrable Securities
hereunder.

Section 2.8   Indemnification.

(a)           By BreitBurn. 
In the event of an offering of any Registrable Securities under the
Securities Act pursuant to this Agreement, BreitBurn will indemnify and hold
harmless each Selling Holder thereunder, its directors and officers, and each
underwriter, pursuant to the applicable underwriting agreement with such
underwriter, of Registrable Securities thereunder and each Person, if any, who
controls such Selling Holder or underwriter within the meaning of the
Securities Act and the Exchange Act, and its directors and officers, against
any losses, claims, damages, expenses or liabilities (including reasonable
attorneys’ fees and expenses) (collectively, “Losses”), joint or
several, to which such Selling Holder, director, officer, underwriter or
controlling Person may become subject under the Securities Act, the Exchange
Act or otherwise, insofar as such Losses (or actions or proceedings, whether
commenced or threatened, in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in
the Registration Statement or any other registration statement contemplated by
this Agreement, any preliminary prospectus, free writing prospectus or final
prospectus contained therein, or any amendment or supplement thereof, 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 (in the case of a prospectus, in light of the circumstances under which
they were made) not misleading, and will reimburse each such Selling Holder,
its directors and officers, each such underwriter and each such controlling
Person for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such Loss or actions or
proceedings; provided, however, that BreitBurn will not be liable
in any such case if and to the extent that any such Loss arises out of or is
based upon an untrue statement or alleged untrue statement or omission or
alleged omission so made in strict conformity with information furnished by
such Selling Holder, its directors or officers or any underwriter or controlling
Person in writing specifically for use in the Registration Statement or such
other registration statement, or prospectus supplement, as applicable.  Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of such Selling
Holder, its directors or officers or any underwriter or controlling Person, and
shall survive the transfer of such securities by such Selling Holder.

(b)           By Each Selling Holder.  Each Selling Holder agrees severally and not
jointly to indemnify and hold harmless BreitBurn, its directors and officers,
and each Person, if any, who 

 12
 

controls BreitBurn within the meaning of the
Securities Act or of the Exchange Act, and its directors and officers, to the
same extent as the foregoing indemnity from BreitBurn to the Selling Holders,
but only with respect to information regarding such Selling Holder furnished in
writing by or on behalf of such Selling Holder expressly for inclusion in the
Registration Statement or any preliminary prospectus or final prospectus
included therein, or any amendment or supplement thereto; provided, however,
that the liability of each Selling Holder shall not be greater in amount than
the dollar amount of the proceeds (net of any Selling Expenses) received by
such Selling Holder from the sale of the Registrable Securities giving rise to
such indemnification.

(c)           Notice. 
Promptly after receipt by an indemnified party hereunder of notice of
the commencement of any action, such indemnified party shall, if a claim in respect
thereof is to be made against the indemnifying party hereunder, notify the
indemnifying party in writing thereof, but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to
any indemnified party other than under this Section 2.8.  In any action brought against any indemnified
party, it shall notify the indemnifying party of the commencement thereof.  The indemnifying party shall be entitled to
participate in and, to the extent it shall wish, to assume and undertake the
defense thereof with counsel reasonably satisfactory to such indemnified party
and, after notice from the indemnifying party to such indemnified party of its
election so to assume and undertake the defense thereof, the indemnifying party
shall not be liable to such indemnified party under this Section 2.8 for any
legal expenses subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable costs of investigation and of
liaison with counsel so selected; provided,
however, that, (i) if the
indemnifying party has failed to assume the defense or employ counsel
reasonably acceptable to the indemnified party or (ii) if the defendants in any
such action include both the indemnified party and the indemnifying party and
counsel to the indemnified party shall have concluded that there may be
reasonable defenses available to the indemnified party that are different from
or additional to those available to the indemnifying party, or if the interests
of the indemnified party reasonably may be deemed to conflict with the
interests of the indemnifying party, then the indemnified party shall have the
right to select one separate counsel and to assume such legal defense and
otherwise to participate in the defense of such action, with the reasonable
expenses and fees of such separate counsel and other reasonable expenses
related to such participation to be reimbursed by the indemnifying party as
incurred.  Notwithstanding any other
provision of this Agreement, no indemnified party shall settle any action
brought against it with respect to which it is entitled to indemnification
hereunder without the consent of the indemnifying party, unless the settlement
thereof imposes no liability or obligation on, and includes a complete and
unconditional release from all liability of, the indemnifying party.  Notwithstanding any other provision of this
Agreement, no indemnifying party shall settle any action brought against an
indemnified party with respect to which it is entitled to indemnification
hereunder without the consent of the indemnified party, unless the settlement
thereof imposes no liability or obligation on, and includes a complete and
unconditional release from all liability of, the indemnified party.

(d)           Contribution. 
If the indemnification provided for in this Section 2.8 is held by a
court or government agency of competent jurisdiction to be unavailable to any
indemnified party or is insufficient to hold it harmless in respect of any
Losses, then each such indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by 

 13
 

such indemnified party as a result of such
Loss in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of such indemnified party on the other
in connection with the statements or omissions which resulted in such Losses,
as well as any other relevant equitable considerations; provided, however,
that in no event shall such Selling Holder be required to contribute an
aggregate amount in excess of the dollar amount of proceeds (net of Selling
Expenses) received by such Selling Holder from the sale of Registrable
Securities giving rise to such indemnification. 
The relative fault of the indemnifying party on the one hand and the
indemnified party on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact has been made by, or
relates to, information supplied by such party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.  The parties
hereto agree that it would not be just and equitable if contributions pursuant
to this paragraph were to be determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable
considerations referred to herein.  The
amount paid by an indemnified party as a result of the Losses referred to in
the first sentence of this paragraph shall be deemed to include any legal and
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any Loss which is the subject of this
paragraph.  No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who is not
guilty of such fraudulent misrepresentation.

(e)           Other Indemnification.  The provisions of this Section 2.8 shall be
in addition to any other rights to indemnification or contribution that an
indemnified party may have pursuant to law, equity, contract or otherwise.

Section 2.9   Rule 144 Reporting.  With a view to making available the benefits
of certain rules and regulations of the Commission that may permit the sale of
the Registrable Securities to the public without registration, BreitBurn agrees
to use its commercially reasonable efforts to:

(a)           make and keep public information regarding BreitBurn
available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times from and after the date hereof;

(b)           file with the Commission in a timely manner all reports
and other documents required of BreitBurn under the Securities Act and the
Exchange Act at all times from and after the date hereof; and

(c)           so long as a Holder owns any Registrable Securities,
furnish, unless otherwise not available at no charge by access electronically
to the Commission’s EDGAR filing system, to such Holder forthwith upon request
a copy of the most recent annual or quarterly report of BreitBurn, and such
other reports and documents so filed as such Holder may reasonably request in
availing itself of any rule or regulation of the Commission allowing such
Holder to sell any such securities without registration.

 14

Section 2.10   Transfer or Assignment of Registration Rights.  The rights to cause BreitBurn to register
Registrable Securities granted to the Purchasers by BreitBurn under this
Section 2.10 may be transferred or assigned by one or more Holders to one or more
transferee(s) or assignee(s) of such Registrable Securities; provided, however,
that (a) unless such transferee is a Holder or an Affiliate of the transferring
Holder, or the transfer is to a swap counterparty, following such transfer or
assignment, each such transferee or assignee holds Registrable Securities
representing at least $10 million of the Purchased Units, based on the
Commitment Amounts, (b) BreitBurn is given written notice prior to any said
transfer or assignment, stating the name and address of each such transferee
and identifying the securities with respect to which such registration rights
are being transferred or assigned, and (c) each such transferee assumes in
writing responsibility for its portion of the obligations of such Purchaser
under this Agreement.

Section 2.11   Limitation on Subsequent Registration Rights.  From and after the date hereof, BreitBurn
shall not, without the prior written consent of the Holders of a majority of
the outstanding Registrable Securities, enter into any agreement with any
current or future holder of any securities of BreitBurn that would allow such
current or future holder to require BreitBurn to include securities in any
registration statement filed by BreitBurn on a basis other than pari passu with,
or subject to priority in favor of, the Purchasers hereunder.

ARTICLE III

MISCELLANEOUS

Section 3.1   Communications.  All
notices and other communications provided for or permitted hereunder shall be
made in writing by facsimile, electronic mail, courier service or personal
delivery:

(a)           if to Purchaser, to the address set forth under that
Purchaser’s signature block in accordance with the provisions of this Section
3.1;

(b)           if to a transferee of Purchaser, to such Holder at the
address provided pursuant to Section 2.10 hereof; and

(c)           if to BreitBurn, at 515 South Flower Street,
Suite 4800, Los Angeles, California 
90071 (facsimile:  (213)
225-5916)), notice of which is given in accordance with the provisions of this
Section 3.1.

All such notices and communications shall be deemed to
have been received:  at the time
delivered by hand, if personally delivered; when receipt acknowledged, if sent
via facsimile or electronic mail; and when actually received, if sent by courier
service or any other means.

Section 3.2   Successor and Assigns. 
This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties, including subsequent Holders of
Registrable Securities to the extent permitted herein.

 15
 

Section 3.3   Aggregation of Purchased Units.  All Purchased Units held or acquired by
Persons who are Affiliates of one another shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement.

Section 3.4   Recapitalization, Exchanges, Etc. Affecting the Common Units.  The provisions of this Agreement shall apply
to the full extent set forth herein with respect to any and all units of
BreitBurn or any successor or assign of BreitBurn (whether by merger,
consolidation, sale of assets or otherwise) which may be issued in respect of,
in exchange for or in substitution of, the Registrable Securities, and shall be
appropriately adjusted for combinations, unit splits, recapitalizations and the
like occurring after the date of this Agreement.

Section 3.5   Specific Performance.  Damages in the event of breach of this
Agreement by a party hereto may be difficult, if not impossible, to ascertain,
and it is therefore agreed that each such Person, in addition to and without
limiting any other remedy or right it may have, will have the right to an
injunction or other equitable relief in any court of competent jurisdiction,
enjoining any such breach, and enforcing specifically the terms and provisions
hereof, and each of the parties hereto hereby waives any and all defenses it
may have on the ground of lack of jurisdiction or competence of the court to
grant such an injunction or other equitable relief.  The existence of this right will not preclude
any such Person from pursuing any other rights and remedies at law or in equity
which such Person may have.

Section 3.6   Counterparts.  This
Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which counterparts, when so
executed and delivered, shall be deemed to be an original and all of which
counterparts, taken together, shall constitute but one and the same Agreement.

Section 3.7   Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

Section 3.8   Governing Law.  The
Laws of the State of New York shall govern this Agreement.

Section 3.9   Severability of Provisions. 
Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining
provisions hereof or affecting or impairing the validity or enforceability of
such provision in any other jurisdiction.

Section 3.10   Entire Agreement. 
This Agreement is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein.  There are no
restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein with respect to the rights granted by BreitBurn set forth
herein.  This Agreement and the Purchase
Agreement supersede all prior agreements and understandings between the parties
with respect to such subject matter.

 16
 

Section 3.11   Amendment.  This
Agreement may be amended only by means of a written amendment signed by
BreitBurn and the Holders of a majority of the then outstanding Registrable
Securities; provided, however, that no such amendment shall
materially and adversely affect the rights of any Holder hereunder without the
consent of such Holder.

Section 3.12   No Presumption.  If
any claim is made by a party relating to any conflict, omission or ambiguity in
this Agreement, no presumption or burden of proof or persuasion shall be
implied by virtue of the fact that this Agreement was prepared by or at the
request of a particular party or its counsel.

Section 3.13   Obligations Limited to Parties to Agreement.  Each of the Parties hereto covenants, agrees and acknowledges that no
Person other than the Purchasers (and their permitted assignees) and BreitBurn
shall have any obligation hereunder and that, notwithstanding that one or more
of the Purchasers may be a corporation, partnership or limited liability
company, no recourse under this Agreement or under any documents or instruments
delivered in connection herewith or therewith shall be had against any former,
current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the Purchasers or
any former, current or future director, officer, employee, agent, general or
limited partner, manager, member, stockholder or Affiliate of any of the
foregoing, whether by the enforcement of any assessment or by any legal or
equitable proceeding, or by virtue of any applicable Law, it being expressly
agreed and acknowledged that no personal liability whatsoever shall attach to,
be imposed on or otherwise be incurred by any former, current or future
director, officer, employee, agent, general or limited partner, manager,
member, stockholder or Affiliate of any of the Purchasers or any former,
current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the foregoing, as
such, for any obligations of the Purchasers under this Agreement or the
Purchase Agreement or any documents or instruments delivered in connection
herewith or therewith or for any claim based on, in respect of or by reason of
such obligation or its creation.

Section 3.14   Interpretation. 
Article and Section references are to this Agreement, unless otherwise
specified.  All references to
instruments, documents, contracts and agreements are references to such
instruments, documents, contracts and agreements as the same may be amended,
supplemented and otherwise modified from time to time, unless otherwise
specified.  The word “including” shall
mean “including but not limited to”. 
Whenever any determination, consent or approval is to be made or given
by a Purchaser under this Agreement, such action shall be in such Purchaser’s
sole discretion unless otherwise specified.

[The
remainder of this page is intentionally left blank.]

 17
 

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

	
  

  	
  BREITBURN ENERGY PARTNERS L.P.

  
	
   

  	
  By:

  	
  BreitBurn GP, LLC,

  
	
   

  	
   

  	
  its general partner

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Halbert S. Washburn

  
	
   

  	
   

  	
  Title:

  	
  Co-Chief Executive Officer

  

 

 18
 

 

	
  

  	
  ROYAL BANK OF CANADA

  
	
   

  	
  by its agent

  
	
   

  	
  RBC
  CAPITAL MARKETS CORPORATION

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Josef Muskatel

  
	
   

  	
   

  	
  Director and Senior Counsel

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  David Weiner

  
	
   

  	
   

  	
  Managing Director

  

 

 19
 

 

	
  

  	
  GPS NEW EQUITY FUND LP

  
	
   

  	
  By:

  	
  GPS Partners, LLC, its
  General Partner

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Brett S. Messing, Managing Partner

  
	
   

  	
  GPS MLP FUND LP

  
	
   

  	
  By:

  	
  GPS Partners, LLC, its
  General Partner

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Brett S. Messing, Managing Partner

  

 

 20
 

 

	
  

  	
  ZLP FUND, L.P.

  
	
   

  	
  By:

  	
  Zimmer Lucas Partners,
  LLC,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Craig M. Lucas

  
	
   

  	
   

  	
  Managing Member

  

 

 21
 

 

	
  

  	
  LEHMAN
  BROTHERS MLP OPPORTUNITY 

  FUND L.P.

  
	
   

  	
  By:

  	
  Lehman Brothers MLP
  Opportunity 

  Associates L.P., its general partner

  
	
   

  	
  By:

  	
  Lehman Brothers MLP
  Opportunity 

  Associates L.L.C., its general partner

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 22
 

 

	
  

  	
  KAYNE ANDERSON MLP INVESTMENT 

  COMPANY

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: James C. Baker

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
  KAYNE ANDERSON ENERGY TOTAL 

  RETURN FUND, INC.

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: James C. Baker

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
  KAYNE ANDERSON ENERGY 

  DEVELOPMENT COMPANY

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: James C. Baker

  
	
   

  	
   

  	
  Title: Vice President

  

 

 23
 

 

	
  

  	
  STRUCTURED FINANCE AMERICAS, LLC

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]