Document:

Exhibit
4.5

Execution
Copy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGISTRATION
RIGHTS AGREEMENT

 

Dated October 7, 2004

between

GRAHAM PACKAGING COMPANY, L.P.

GPC CAPITAL CORP. I

The Guarantors listed on the Signature Pages hereto

and

CITIGROUP
GLOBAL MARKETS INC.

DEUTSCHE BANK SECURITIES INC.

GOLDMAN, SACHS & CO.

LEHMAN BROTHERS INC.

ABN
AMRO INCORPORATED

 

 

 

$250,000,000
   8 1/2 % Senior Notes due 2012

REGISTRATION
RIGHTS AGREEMENT

October
7, 2004

Citigroup Global Markets Inc.

Deutsche Bank Securities Inc. 

Goldman, Sachs & Co.

Lehman Brothers Inc.

ABN AMRO Incorporated

  As Initial Purchasers

c/o Citigroup Global Markets Inc.

390 Greenwich Street

New York, New York  10013

Ladies and Gentlemen:

Graham Packaging Company,
L.P., a Delaware limited partnership (the “Operating Company”)
and GPC Capital Corp., I, a Delaware corporation ( the “Corporate
Co-Issuer” and, together with the Operating Company, the “Company Issuers”), propose to issue and sell to certain
purchasers (the “Initial Purchasers”), for whom
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman, Sachs
& Co. are acting as representatives, $250,000,000 aggregate principal
amount of its 8 1⁄2  % Senior Notes due 2012 (the “Securities”)
upon the terms set forth in the Purchase Agreement among the Company the
Issuers, the Parent Guarantor (as defined below), the Subsidiary Guarantors (as
defined below) and the Initial Purchasers named in Schedule I thereto, dated
September 29, 2004 (the “Purchase Agreement”),
relating to the initial placement (the “Initial Placement”)
of the Securities.  As of the date
hereof, the Company Issuers’ obligations under the Securities will be
guaranteed (the “Guarantee”) by, Graham Packaging
Holdings Company, a Pennsylvania limited partnership (the “Parent
Guarantor”) and the Operating Company’s wholly-owned domestic
subsidiaries (the “Subsidiary Guarantors”
and, together with the Parent Guarantor, the “Guarantors”)  The Company Issuers and the Guarantors are
collectively referred to as the “Issuers”.  References herein to the “Securities” refer to the Securities and the Guarantees,
collectively.  To induce the Initial Purchasers
to enter into the Purchase Agreement and to satisfy a condition to your
obligations thereunder, the Issuers agree with you for your benefit and the
benefit of the holders from time to time of the Securities (including the
Initial Purchasers) (each, a “Holder” and,
collectively, the “Holders”), as
follows:

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

“Act”
shall mean the Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder.

“Affiliate”
shall have the meaning specified in Rule 405 under the Act and the term
“controlling” shall have a meaning correlative thereto.

“Broker-Dealer”
shall mean any broker or dealer registered as such under the Exchange Act.

“Business Day”
shall mean a day other than a Saturday, a Sunday or a legal holiday or day on
which banking institutions or trust companies are authorized or required by law
to close in New York City.

“Closing Date”
shall mean the date of the first issuance of the Securities.

“Commission”
shall mean the Securities and Exchange Commission.

“Company
Issuers” shall have the meaning set forth in the preamble hereto.

“Corporate
Co-Issuer” shall have the meaning set forth in the preamble hereto.

“Deferral
Period” shall have the meaning set forth in Section 4(k)(ii)
hereof.

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder.

“Exchange
Offer” shall mean the exchange offer by the Issuers of Securities for
Registrable Securities pursuant to Section 2(a) hereof.

“Exchange
Offer Registration Period” shall mean the period of 90 days following
the consummation of the Registered Exchange Offer, exclusive of any period
during which any stop order shall be in effect suspending the effectiveness of
the Exchange Offer Registration Statement.

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

“Exchange
Securities” shall mean debt securities of the Issuers and Guarantees
by the Guarantors, in each case identical in all material respects to the
Securities (except that the transfer restrictions and liquidated damages
provisions will be eliminated, as appropriate) to be issued under the Exchange
Securities Indenture.

“Exchange
Securities Indenture” shall mean the Indenture or an indenture among
the Issuers, the Guarantors and the Exchange Securities Trustee, identical in
all material respects to the Indenture (except that the transfer restrictions
and liquidated damages provisions will be eliminated, as appropriate), which
may be the Indenture if in the terms thereof appropriate provision is made for
the Exchange Securities.

“Exchange
Securities Trustee” shall mean the Trustee or a bank or trust
company satisfactory to the Initial Purchasers, as trustee with respect to the
Exchange Securities under the Exchange Securities Indenture.  For the purposes of the Exchange

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Securities
Indenture, The Bank of New York is deemed satisfactory to the Initial
Purchasers.

“Exchanging
Dealer” shall mean any Holder (which may include any Initial
Purchaser) that is a Broker-Dealer and elects to exchange for Exchange
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from any
Issuer or any Affiliate of any Issuer) for Exchange Securities.

“Final
Memorandum” shall mean the offering memorandum, dated
September 29, 2004, relating to the Securities, including any and all
supplements or exhibits thereto and any information incorporated by reference
therein as of such date.

“Guarantee”
shall have the meaning set forth in the preamble hereto.

“Guarantors”
shall have the meaning set forth in the preamble hereto.

“Holder”
shall have the meaning set forth in the preamble hereto.

 “Indenture”
shall mean that certain Indenture relating to the Securities, dated as of
October 7, 2004, among the Issuers, the Guarantors and The Bank of New York, as
trustee, as the same may be amended from time to time in accordance with the
terms thereof.

“Initial
Placement” shall have the meaning set forth in the preamble hereto.

“Initial
Purchasers” shall have the meaning set forth in the preamble hereto.

“Issuers”
shall have the meaning set forth in the preamble hereto.

“Liquidated
Damages” shall have the meaning set forth in Section 8 hereof.

“Losses”
shall have the meaning set forth in Section 6(d) hereof.

“Majority
Holders” shall mean, on any date, Holders of a majority of the
aggregate principal amount of Securities and Exchange Securities registered
under a Registration Statement.

“Managing
Underwriters” shall mean the investment banker or investment bankers
and manager or managers who administer an underwritten offering, if any, under
a Registration Statement.

“NASD Rules”
shall mean the Conduct Rules and the By-laws of the National Association of
Securities Dealers, Inc.

“Operating
Company” shall have the meaning set forth in the preamble hereto.

“Parent
Guarantor” shall have the meaning set forth in the preamble hereto.

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“Prospectus”
shall mean the prospectus included in any Registration Statement (including,
without limitation, a prospectus that discloses information previously omitted
from a prospectus filed as part of an effective registration statement in
reliance upon Rule 430A under the Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion
of the Securities or the Exchange Securities covered by such Registration
Statement, and all amendments and supplements thereto, including any and all
exhibits thereto and any information incorporated by reference therein.

“Purchase
Agreement” shall have the meaning set forth in the preamble hereto.

“Registered
Exchange Offer” shall mean the proposed offer of the Issuers to
issue and deliver to the Holders of Securities, which Holders are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of the
Exchange Securities.

“Registrable
Securities” shall mean (i) Securities other than those that
have been (A) registered under a Registration Statement and disposed of in
accordance therewith or (B) distributed to the public pursuant to
Rule 144 under the Act or any successor rule or regulation thereto that
may be adopted by the Commission and (ii) any Exchange Securities the resale
of which by the Holder thereof requires compliance with the prospectus delivery
requirements of the Act.

“Registration
Statement” shall mean any Exchange Offer Registration Statement or
Shelf Registration Statement that covers any of the Securities or the Exchange
Securities pursuant to the provisions of this Agreement, any amendments and
supplements to such registration statement, including post-effective amendments
(in each case including the Prospectus contained therein), all exhibits thereto
and all material incorporated by reference therein.

“Securities”
shall have the meaning set forth in the preamble hereto.

 “Shelf Registration”
shall mean a registration effected pursuant to Section 3 hereof.

“Shelf
Registration Period” shall have the meaning set forth in
Section 3(b)(ii) hereof.

“Shelf
Registration Statement” shall mean a “shelf” registration statement
of the Issuers pursuant to the provisions of Section 3 hereof which covers
some or all of the Securities or Exchange Securities, as applicable, on an
appropriate form under Rule 415 under the Act, or any similar rule that
may be adopted by the Commission, amendments and supplements to such
registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

“Trust
Indenture Act” shall mean the Trust Indenture Act of 1939, as
amended, and the rules and regulations of the Commission promulgated
thereunder.

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“Trustee”
shall mean the trustee with respect to the Securities under the Indenture.

“underwriter”
shall mean any underwriter of Securities in connection with an offering thereof
under a Shelf Registration Statement.

2.             Registered Exchange
Offer.

(a)           The Issuers shall prepare and use
their reasonable best efforts to file with the Commission and cause to become
effective the Exchange Offer Registration Statement with respect to the
Registered Exchange Offer.  The Issuers
shall use their commercially reasonable efforts to cause the Registered
Exchange Offer to be completed under the Act within 300 days of the Closing
Date.

(b)           Upon the effectiveness of the
Exchange Offer Registration Statement, the Issuers shall promptly commence the
Registered Exchange Offer, it being the objective of such Registered Exchange
Offer to enable each Holder electing to exchange Securities for Exchange
Securities (assuming that such Holder (i) is not an Affiliate of the Issuers,
(ii) acquires the Exchange Securities in the ordinary course of such Holder’s
business, (iii) has no arrangements with any person to participate in the
distribution of the Exchange Securities, (iv) is not prohibited by any law or
policy of the Commission from participating in the Registered Exchange Offer
and (v) is not an Initial Purchaser holding Securities that have the status of
an unsold allotment remaining from the initial distribution of the Securities)
to trade such Exchange Securities from and after their receipt without any limitations
or restrictions under the Act and without material restrictions under the
securities laws of a substantial proportion of the several states of the United
States.

(c)           In connection with the Registered Exchange
Offer, the Issuers shall:

(i)    mail or cause to be mailed to each Holder a
copy of the Prospectus forming part of the Exchange Offer Registration
Statement, together with an appropriate letter of transmittal and related documents;

(ii)   keep the Registered Exchange Offer open for
at least 20 Business Days (or longer if required by applicable law) after the
date notice thereof is mailed to the Holders;

(iii)  use their commercially reasonable efforts to
keep the Exchange Offer Registration Statement continuously effective under the
Act, supplemented and amended as required under the Act, to ensure that it is
available for sales of Exchange Securities by Exchanging Dealers during the
Exchange Offer Registration Period;

(iv)  utilize the services of a depositary for the
Registered Exchange Offer with an address in the Borough of Manhattan in New
York City, which may be the Trustee, the Exchange Securities Trustee or an
Affiliate of either of them;

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(v)   permit Holders to withdraw tendered
Securities at any time prior to the close of business, New York time, on the
last Business Day on which the Registered Exchange Offer is open;

(vi)  prior to effectiveness of the Exchange Offer
Registration Statement, provide a supplemental letter to the Commission
(A) stating that the Issuers are conducting the Registered Exchange Offer
in reliance on the position of the Commission in Exxon Capital Holdings
Corporation (pub. avail. May 13, 1988) and Morgan Stanley &
Co., Inc. (pub. avail. June 5, 1991) and (B) including a representation
that the Issuers have not entered into any arrangement or understanding with
any person to distribute the Exchange Securities to be received in the
Registered Exchange Offer and that, to the best of the Issuers’ information and
belief, each Holder participating in the Registered Exchange Offer is acquiring
the Exchange Securities in the ordinary course of business and has no
arrangement or understanding with any person to participate in the distribution
of the Exchange Securities; and

(vii) comply in all respects with all laws applicable
to the Registered Exchange Offer.

(d)           As soon as practicable after the
close of the Registered Exchange Offer, the Issuers shall:

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

(ii)   deliver to the Trustee for cancellation in
accordance with Section 4(r) hereof all Securities so accepted for
exchange; and

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

(e)           Each Holder hereby acknowledges and
agrees that any Broker-Dealer and any such Holder using the Registered Exchange
Offer to participate in a distribution of the Exchange Securities
(x) could not under Commission policy as in effect on the date of this
Agreement rely on the position of the Commission in Exxon Capital Holdings
Corporation (pub. avail. May 13, 1988) and Morgan Stanley and Co.,
Inc. (pub. avail. June 5, 1991), as interpreted in the Commission’s
letter to Shearman & Sterling dated July 2, 1993 and similar no-action
letters and (y) must comply with the registration and prospectus delivery
requirements of the Act in connection with any secondary resale transaction,
which must be covered by an effective registration statement containing the
selling security holder information required by Item 507 or 508, as
applicable, of Regulation S-K under the Act if the resales are of Exchange
Securities obtained by such Holder in exchange for Securities acquired by such
Holder directly from any Issuer or any Affiliate of any Issuer.  Accordingly, each Holder participating in the
Registered

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Exchange Offer shall be
required to represent to the Issuers that, at the time of the consummation of
the Registered Exchange Offer:

(i)    any Exchange Securities received by such
Holder shall be acquired in the ordinary course of business;

(ii)   such Holder shall have no arrangement or
understanding with any person to participate in the distribution within the
meaning of the Act of the Securities or the Exchange Securities;

(iii)  such Holder is not an Affiliate of the
Issuers; and

(iv)  if such Holder is an Exchanging Dealer, then
such Holder will deliver a Prospectus in connection with a sale of any Exchange
Securities received by such Holder pursuant to the Registered Exchange Offer.

(f)            If any Initial Purchaser determines
that it is not eligible to participate in the Registered Exchange Offer with respect
to the exchange of Securities constituting any portion of an unsold allotment,
at the request of such Initial Purchaser, the Issuers shall issue and deliver
to such Initial Purchaser or the person purchasing Exchange Securities
registered under a Shelf Registration Statement as contemplated by
Section 3 hereof from such Initial Purchaser, in exchange for such
Securities, a like principal amount of Exchange Securities.  The Issuers shall use their reasonable best
efforts to cause the CUSIP Service Bureau to issue the same CUSIP number and
International Securities Identification Number (“ISIN”) for such Exchange
Securities as for Exchange Securities issued pursuant to the Registered Exchange
Offer.

3.             Shelf
Registration.

(a)           If (i) due to any change in law or
applicable interpretations thereof by the Commission’s staff, the Issuers
determine upon advice of their outside counsel that it is not permitted to
effect the Registered Exchange Offer as contemplated by Section 2 hereof;
(ii) for any other reason the Registered Exchange Offer is not consummated
within 300 days of the Closing Date; (iii) any
Initial Purchaser so requests with respect to Securities that are not eligible
to be exchanged for Exchange Securities in the Registered Exchange Offer and
that are held by it following consummation of the Registered Exchange Offer;
(iv) any Holder (other than an Initial Purchaser) is not eligible to
participate in the Registered Exchange Offer; or (v) in the case of any Initial
Purchaser that participates in the Registered Exchange Offer or acquires
Exchange Securities pursuant to Section 2(f) hereof, such Initial
Purchaser does not receive freely tradeable Exchange Securities in exchange for
Securities constituting any portion of an unsold allotment (it being understood
that (x) the requirement that an Initial Purchaser deliver a Prospectus
containing the information required by Item 507 or 508 of
Regulation S-K under the Act in connection with sales of Exchange
Securities acquired in exchange for such Securities shall result in such
Exchange Securities being not “freely tradeable;” and (y) the requirement
that an Exchanging Dealer deliver a Prospectus in connection with sales of
Exchange Securities acquired in the Registered Exchange Offer in exchange for

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Securities acquired as a
result of market-making activities or other trading activities shall not result
in such Exchange Securities being not “freely tradeable”), the Issuers shall
file and use their reasonable best efforts to cause to become and keep
effective a Shelf Registration Statement in accordance with subsection (b)
below.

(b)           (i)  The Issuers shall as
promptly as practicable use their commercially reasonable efforts to file with
the Commission and shall use their commercially reasonable efforts to cause to
be declared effective under the Act within 300 days, a Shelf Registration
Statement relating to the offer and sale of the Securities or the Exchange
Securities, as applicable, by the Holders thereof from time to time in
accordance with the methods of distribution elected by such Holders and set
forth in such Shelf Registration Statement; provided, however,
that no Holder (other than an Initial Purchaser) shall be entitled to have the
Securities held by it covered by such Shelf Registration Statement unless such
Holder agrees in writing to be bound by all of the provisions of this Agreement
applicable to such Holder; and provided further,
that with respect to Exchange Securities received by an Initial Purchaser in
exchange for Securities constituting any portion of an unsold allotment, the
Issuers may, if permitted by current interpretations by the Commission’s staff,
file a post-effective amendment to the Exchange Offer Registration Statement
containing the information required by Item 507 or 508 of
Regulation S-K, as applicable, in satisfaction of their obligations under
this subsection with respect thereto, and any such Exchange Offer Registration
Statement, as so amended, shall be referred to herein as, and governed by the
provisions herein applicable to, a Shelf Registration Statement.

(ii)   The Issuers shall use their commercially
reasonable efforts to keep the Shelf Registration Statement continuously
effective, supplemented and amended as required by the Act, in order to permit
the Prospectus forming part thereof to be usable by Holders for a period from
the date the Shelf Registration Statement is declared effective by the Commission
until the earliest of: (A)  the second anniversary of the Closing Date,
(B) the date upon which all the Securities or Exchange Securities, as
applicable, covered by the Shelf Registration Statement have been sold pursuant
to the Shelf Registration Statement or (C) the date upon which the Securities
or Exchange Securities, as applicable, covered by the Shelf Registration
Statement become eligible for resale, without regard to volume, manner of sale
or other restrictions contained in Rule 144 under the Act pursuant to paragraph
(k) thereof (in any such case, the “Shelf Registration Period”).  The Issuers shall be deemed not to have used
their commercially reasonable efforts to keep the Shelf Registration Statement
effective during the Shelf Registration Period if they voluntarily take any
action that would result in Holders of Securities or Exchange Securities, as
the case may be, covered thereby not being able to offer and sell such
Securities or Exchange Securities, as the case may be, at any time during the
Shelf Registration Period, unless such action is (x) required by
applicable law or otherwise taken by the Issuers in good faith and for valid
business reasons (not including avoidance of the Issuers’ obligations
hereunder), including the acquisition or divestiture of assets and
(y) permitted pursuant to Section 4(k)(ii) hereof.

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(iii)  The Issuers shall cause the Shelf Registration
Statement and the related Prospectus and any amendment or supplement thereto,
as of the effective date of the Shelf Registration Statement or such amendment
or supplement, (A) to comply in all material respects with the applicable
requirements of the Act and (B) not to contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein (in the case of the
Prospectus, in the light of the circumstances under which they were made) not
misleading.

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

(a)           The Issuers shall:

(i)    furnish to counsel for the Initial
Purchasers and to counsel for the Holders, not less than two (2) Business Days prior
to the filing thereof with the Commission, a copy of any Exchange Offer
Registration Statement and any Shelf Registration Statement, and each amendment
thereof and each amendment or supplement, if any, to the Prospectus included
therein (including all documents incorporated by reference therein after the
initial filing) and shall use their commercially reasonable efforts to reflect
in each such document, when so filed with the Commission, such comments as counsel
to the Holders or counsel for the Initial Purchasers reasonably propose;

(ii)   include the information set forth in Annex A
hereto on the facing page of the Exchange Offer Registration Statement, in Annex B
hereto in the forepart of the Exchange Offer Registration Statement in a
section setting forth details of the Exchange Offer, in Annex C
hereto in the underwriting or plan of distribution section of the Prospectus contained
in the Exchange Offer Registration Statement and in Annex D hereto
in the letter of transmittal delivered pursuant to the Registered Exchange Offer;

(iii)  if requested by an Initial Purchaser, include
the information required by Item 507 or 508, as applicable, of
Regulation S-K in the Prospectus contained in the Exchange Offer Registration
Statement or Shelf Registration Statement; and

(iv)  in the case of a Shelf Registration Statement,
include the names of the Holders that propose to sell Securities pursuant to
the Shelf Registration Statement as selling security holders.

(b)           The Issuers shall use their
commercially reasonable efforts to ensure that:

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

9

(ii)   any Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading.

(c)           The Issuers shall advise counsel for
the Initial Purchasers, the Holders of Securities covered by any Shelf
Registration Statement and any Exchanging Dealer under any Exchange Offer Registration
Statement that has provided in writing to the Issuers a telephone or facsimile
number and address for notices, and, if requested by any Initial Purchaser or
any such Holder or Exchanging Dealer, shall confirm such advice in writing
(which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an
instruction to suspend the use of the Prospectus until the Issuers shall have
remedied the basis for such suspension):

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

(ii)   of any request by the Commission after the
effective date for any amendment or supplement to the Registration Statement or
the Prospectus or for additional information;

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

(iv)  of the receipt by the Issuers of any notification
with respect to the suspension of the qualification of the Securities or
Exchange Securities, as the case may be, included therein for sale in any
jurisdiction or the institution of any proceeding for such purpose; and

(v)   of the happening of any event that requires
any change in the Registration Statement or the Prospectus so that, as of such
date, they (A) do not contain any untrue statement of a material fact and
(B) do not omit to state a material fact required to be stated therein or
necessary to make the statements therein (in the case of the Prospectus, in the
light of the circumstances under which they were made) not misleading.

(d)           The Issuers shall use their
commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of any Registration Statement or the qualification
of the Securities or Exchange Securities, as the case may be, therein for sale
in any jurisdiction.

(e)           The Issuers shall furnish to each
Holder of Securities covered by any Shelf Registration Statement, without
charge, at least one (1) copy of such Shelf Registration Statement and any
post-effective amendment thereto, including all material incorporated therein
by reference, and, if the Holder so requests in writing, all exhibits thereto (including
exhibits incorporated by reference therein).

10

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

(g)           The Issuers shall furnish to each Exchanging
Dealer which so requests, without charge, at least one (1) conformed copy of
the Exchange Offer Registration Statement and any post-effective amendments
thereto, including all material incorporated by reference therein, and, if the
Exchanging Dealer so requests in writing, all exhibits thereto (including
exhibits incorporated by reference therein).

(h)           The Issuers shall promptly deliver to
each Initial Purchaser, each Exchanging Dealer and each other person required
to deliver a Prospectus during the Exchange Offer Registration Period, without
charge, as many copies of the Prospectus included in such Exchange Offer
Registration Statement and any amendments or supplements thereto as any such
person may reasonably request.  The
Issuers consent to the use of the Prospectus or any amendments or supplements
thereto by any Initial Purchaser, any Exchanging Dealer and any such other
person that may be required to deliver a Prospectus following the Registered Exchange
Offer in connection with the offering and sale of the Exchange Securities
covered by the Prospectus, or any amendment or supplement thereto, included in
the Exchange Offer Registration Statement.

(i)            Prior to the Registered Exchange
Offer or any other offering of Securities pursuant to any Registration
Statement, the Issuers shall arrange, if necessary, for the registration or
qualification of the Securities or the Exchange Securities for sale under the
laws of such jurisdictions as any Holder shall reasonably request and shall maintain
such qualification in effect so long as required; provided
that in no event shall the Issuers be obligated to qualify to do business in
any jurisdiction where they are not then so qualified or to take any action
that would subject them to service of process in suits, other than those
arising out of the Initial Placement, the Registered Exchange Offer or any
offering pursuant to a Shelf Registration Statement, in any such jurisdiction
where they are not then so subject or to subject themselves to taxation in
excess of a nominal amount in respect of doing business in such jurisdiction.

(j)            The Issuers shall cooperate with the
Holders of Securities to facilitate the timely preparation and delivery of
certificates representing Exchange Securities or Securities to be issued or sold
pursuant to any Registration Statement free of any restrictive legends and in
such denominations and registered in such names as Holders may request in
writing at least three (3) Business Days prior to the closing date of any sales
of Exchange Securities.

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(k)           (i)  Upon the occurrence of any
event contemplated by subsections (c) (ii) through (v) above, the Issuers
shall promptly (or within the time period provided for by clause (ii) hereof,
if applicable) prepare a post-effective amendment to the applicable
Registration Statement or an amendment or supplement to the related Prospectus
or file any other required document so that, as thereafter delivered to the Initial
Purchasers of the Securities included therein, the Prospectus shall not include
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
the light of the circumstances under which they were made, not misleading.  In such circumstances, the period of effectiveness
of the Exchange Offer Registration Statement provided for in Section 2
hereof shall be extended by the number of days from and including the date of
the giving of a notice of suspension pursuant to Section 4(c) hereof to
and including the date when the Initial Purchasers, the Holders of the
Securities and any known Exchanging Dealer shall have received such amended or
supplemented Prospectus pursuant to this Section 4(k).

(ii)   Upon the occurrence or existence of any
pending corporate development or any other material event that, in the
reasonable judgment of the Issuers, makes it appropriate to suspend the
availability of a Shelf Registration Statement and the related Prospectus, the
Issuers shall give notice (without notice of the nature or details of such
events) to the Holders that the availability of the Shelf Registration is suspended
and, upon actual receipt of any such notice, each Holder agrees not to sell any
Registrable Securities pursuant to the Shelf Registration until such Holder’s
receipt of copies of the supplemented or amended Prospectus provided for in
Section 3(a)(i) hereof, or until it is advised in writing by the Issuers
that the Prospectus may be used, and has received copies of any additional or
supplemental filings that are incorporated or deemed incorporated by reference
in such Prospectus.  The period during
which the availability of the Shelf Registration and any Prospectus is suspended
(the “Deferral Period”) (1) shall not
exceed 60 consecutive days, (2) shall not occur more than one time during
any calendar year and (3) shall extend the number of days the Shelf
Registration or any Prospectus is available by an amount equal to the Deferral
Period.  Any Liquidated Damages payable
pursuant to Section 8(a)(iii) shall cease to accrue during any Deferral Period.

(l)            Not later than the effective date of
any Registration Statement, the Issuers shall provide a CUSIP number and ISIN
for the Securities or the Exchange Securities, as the case may be, registered
under such Registration Statement, and provide the Trustee with printed
certificates for such Securities or Exchange Securities, in a form eligible for
deposit with The Depository Trust Company.

(m)          The Issuers shall comply in all
material respects with all applicable rules and regulations of the Commission
and shall make generally available to its security holders earnings statements
satisfying the provisions of Section 11(a) of the Act as soon as practicable
after the effective date of the applicable Registration Statement.

(n)           The Issuers shall cause the Exchange
Securities Indenture to be qualified under the Trust Indenture Act as required
by applicable law in a timely manner.

12

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

(p)           In the case of any Shelf Registration
Statement, upon the request of the Majority Holders, the Issuers shall enter
into customary agreements (including, if requested, one underwriting agreement
in customary form) and take all other appropriate actions, if any, as the
Majority Holders shall reasonably request in order to expedite or facilitate
the registration or the disposition of the Securities, and in connection
therewith, if an underwriting agreement is entered into, cause the same to
contain indemnification provisions and procedures no less favorable than those
set forth in Section 6 hereof.

(q)           In the case of any Shelf Registration
Statement, the Issuers shall:

(i)    make reasonably available for inspection at
a location where they are normally kept and during normal business hours by the
Majority Holders of Securities to be registered thereunder, any underwriter
participating in any disposition pursuant to such Registration Statement and
any attorney, accountant or other agent retained by such Holders or any such
underwriter, all relevant financial and other records and pertinent corporate
documents of the Issuers;

(ii)   use their commercially reasonable efforts to
cause their officers, directors, employees, accountants and auditors to supply
all relevant information reasonably requested by the Holders or any such
underwriter, attorney, accountant or agent (each, an “Inspector”)
in connection with any such Registration Statement as is customary for similar
due diligence examinations; provided, however,
that such Inspector shall first agree in writing with the Issuers that any
information that is reasonably and in good faith designated by the Issuers in
writing as confidential at the time of delivery of such information shall be
kept confidential by such Inspector, unless (1) disclosure of such
information is required by court or administrative order or is necessary to
respond to inquiries of regulatory authorities, (2) disclosure of such
information is required by law (including any disclosure requirements pursuant
to federal securities laws in connection with the filing of such Registration
Statement or the use of any Prospectus), (3) such information becomes
generally available to the public other than as a result of a disclosure or
failure to safeguard such information by such person or (4) such
information becomes available to such Inspector from a source other than the
Issuers and such source is not known, after due inquiry, by the relevant Holder
to be bound by a confidentiality agreement or is not otherwise under a duty of
trust to the Issuers;

(iii)  make such representations and warranties to
the Holders of Securities registered thereunder and the underwriters, if any,
in form, substance

13

and
scope as are customarily made by issuers to underwriters in primary underwritten
offerings;

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

(v)   obtain “comfort” letters and updates thereof
from the independent certified public accountants of the Parent Guarantor (and,
if necessary, any other independent certified public accountants of any subsidiary
of the Parent Guarantor or of any business acquired by the Parent Guarantor for
which financial statements and financial data are, or are required to be,
included in the Registration Statement), addressed to each selling Holder of
Securities registered thereunder and the underwriters, if any, in customary
form and covering matters of the type customarily covered in “comfort” letters
in connection with primary underwritten offerings; and

(vi)  deliver such documents and certificates as may
be reasonably requested by the Majority Holders or the Managing Underwriters,
if any, including those to evidence compliance with Section 4(k) hereof
and with any customary conditions contained in the underwriting agreement or
other agreement entered into by the Issuers.

(r)            If a Registered Exchange Offer is to
be consummated, upon delivery of the Securities by Holders to the Issuers (or
to such other person as directed by the Issuer) in exchange for the Exchange
Securities, the Issuers shall mark, or caused to be marked, on the Securities
so exchanged that such Securities are being cancelled in exchange for the
Exchange Securities.  In no event shall
the Securities be marked as paid or otherwise satisfied.

(s)           The Issuers shall use their
commercially reasonable best efforts to take all other steps necessary to
effect the registration of the Securities or the Exchange Securities, as the
case may be, covered by a Registration Statement.

5.             Registration Expenses.  The Issuers shall bear all expenses incurred
in connection with the performance of their obligations under Sections 2,
3 and 4 hereof and, in the event of any Shelf Registration Statement, shall
reimburse the Holders for the reasonable fees and disbursements of one firm or
counsel (which shall initially be Cahill Gordon & Reindel LLP, but which may be another nationally
recognized law firm experienced in securities matters designated by the
Majority Holders) to act as counsel for the Holders in connection therewith,
and, in the case of any Exchange Offer Registration Statement, shall reimburse
the Initial Purchasers for the reasonable fees and disbursements of counsel
acting in connection therewith, in each case which counsel shall be approved by
the Issuers (such approval not to be unreasonably withheld).  Each Holder shall pay all expenses of its
counsel other than as set forth

14

in the preceding sentence,
underwriting discounts and commissions and transfer taxes, if any, relating to
the sale or disposition of such Holder’s Securities or Exchange Securities.

6.             Indemnification
and Contribution.

(a)           Each of the Issuers, jointly and
severally, agrees to indemnify and hold harmless each Holder of Securities or
Exchange Securities, as the case may be, covered by any Registration Statement,
each Initial Purchaser and each Affiliate thereof and, with respect to any
Prospectus delivery as contemplated in Section 4(h) hereof, each
Exchanging Dealer, the directors, officers and Affiliates of each such Holder,
Initial Purchaser or Exchanging Dealer and each person who controls any such
Holder, Initial Purchaser or Exchanging Dealer within the meaning of either the
Act or the Exchange Act from and against any and all losses, claims, damages
and liabilities, joint or several, to which they or any of them may become
subject under Section 15 of the Act, Section 20 of the Exchange Act or other federal
or state statutory law or regulation, at common law or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement as originally filed
or in any amendment thereof, or in any preliminary Prospectus or the Prospectus,
or in any amendment thereof or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein (in the case
of any preliminary Prospectus or the Prospectus, in the light of the
circumstances under which they were made) not misleading, and agree (subject to
the limitations set forth in the proviso to this sentence) to reimburse each
such indemnified party, as incurred, for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however,
that the Issuers shall not be liable in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon any such
untrue statement or alleged untrue statement or omission or alleged omission
made therein in reliance upon and in conformity with written information
furnished to the Issuers by or on behalf of the party claiming indemnification
specifically for inclusion therein; provided further,
that with respect to any such untrue statement in or omission from the
preliminary Prospectus, the indemnity agreement contained in this paragraph (a)
shall not inure to the benefit of any Initial Purchaser to the extent that the
sale to the person asserting any such loss, claim, damage or liability was an
initial resale by such Initial Purchaser and any such loss, claim, damage or
liability of or with respect to such Initial Purchaser results from the fact
that both (i) a copy of the final Prospectus was not sent or given to such
person at or prior to the written confirmation of the sale of such Securities
to such person and (ii) the untrue statement in or omission from such
preliminary Prospectus was corrected in the final Prospectus unless, in either
case, such failure to deliver the final Prospectus was a result of
non-compliance by the Issuers with the provisions of Section 4 hereof.  This indemnity agreement shall be in addition
to any liability that the Issuer may otherwise have.  The Issuers shall not be liable under this
Section 6 to any indemnified party regarding any settlement or compromise
or consent to the entry of any judgment with respect to any pending or
threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified

15

parties are actual or
potential parties to such claim or action) unless such settlement, compromise
or consent is consented to by the Issuers, which consent shall not be unreasonably
withheld.

(b)           Each Holder of securities covered by
a Registration Statement (including each Initial Purchaser that is a Holder, in
such capacity) severally and not jointly agrees to indemnify and hold harmless
each of the Issuers and each of their directors, each of their officers who
signs such Registration Statement and each person who controls the Issuers
within the meaning of either Section 15 of the Act or Section 20 of the
Exchange Act, to the same extent as the foregoing indemnity from the Issuers to
each such Holder, but only with reference to written information relating to
such Holder furnished to the Issuer by or on behalf of such Holder specifically
for inclusion in the documents referred to in the foregoing indemnity.  This indemnity agreement shall be in addition
to any liability that any such Holder may otherwise have.

(c)           Promptly after receipt by an
indemnified party under this Section 6 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 under this Section 6, notify the
indemnifying party in writing of the commencement thereof; but the failure to
so notify the indemnifying party (i) shall not relieve it from liability under
paragraph (a) or (b) of this Section 6 unless and to the extent it
did not otherwise learn of such action and such failure results in forfeiture
by the indemnifying party of substantial rights and defenses and (ii) shall
not, in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided in
paragraph (a) or (b) of this Section 6.  The indemnifying party shall be entitled to
appoint counsel (including local counsel) of the indemnifying party’s choice at
the indemnifying party’s expense to represent the indemnified party in any
action for which indemnification is sought (in which case the indemnifying
party shall not thereafter be responsible for the fees and expenses of any
separate counsel, other than local counsel if not appointed by the indemnifying
party, retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel
shall be reasonably satisfactory to the indemnified party.  Notwithstanding the indemnifying party’s
election to appoint counsel (including local counsel) to represent the
indemnified party in an action, the indemnified party shall have the right to
employ separate counsel (including local counsel), and the indemnifying party
shall bear the reasonable fees, costs and expenses of such separate counsel if
(i) the use of counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with a conflict of interest (based
on the advice of counsel to the indemnified person), (ii) such action
includes both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded (based on the advice of
counsel to the indemnified person) that there may be legal defenses available
to it and/or other indemnified parties that are different from or additional to
those available to the indemnifying party, (iii) the indemnifying party
shall not have employed counsel reasonably satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after notice
of the institution of such action or (iv) the indemnifying party shall authorize
the indemnified party to employ separate counsel at the expense of the indemnifying
party.  It is understood and agreed that
the indemnifying person shall not, in connection with any

16

proceeding or related
proceeding in the same jurisdiction, be liable for the reasonable fees and
expenses of more than one separate firm (in addition to any local counsel) for
all indemnified persons.  Any such
separate firm for any Initial Purchaser, its affiliates, directors and officers
and any control persons of such Initial Purchaser shall be designated in
writing by the Initial Purchasers who sold a majority in interest of
Registrable Securities and Exchange Securities sold by all such Initial
Purchasers and any such separate firm for the Issuers, the Guarantors and any
control persons of the Issuer shall be designated in writing by the
Issuers.  An indemnifying party shall
not, without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any pending
or threatened claim, action, suit or proceeding in respect of which indemnification
or contribution may be sought hereunder (whether or not the indemnified parties
are actual or potential parties to such claim or action) unless such
settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or
proceeding and does not include any statement as to, or any concession of,
fault, culpability or failure to act by or on behalf of any indemnified party.

(d)           In the event that the indemnity
provided in paragraph (a) or (b) of this Section 6 is unavailable to
or insufficient to hold harmless an indemnified party for any reason, then each
applicable indemnifying party shall have a joint and several obligation to contribute
to the aggregate losses, claims, damages and liabilities (including legal or
other expenses reasonably incurred in connection with investigating or
defending any loss, claim, liability, damage or action) (collectively “Losses”) to which such indemnified party may be subject in
such proportion as is appropriate to reflect the relative benefits received by
such indemnifying party, on the one hand, and such indemnified party, on the
other hand, from the Initial Placement and the Registration Statement which
resulted in such Losses; provided, however,
that in no case shall any Initial Purchaser be responsible, in the aggregate,
for any amount in excess of the purchase discount or commission applicable to
such Security, or in the case of a Exchange Security, applicable to the Security
that was exchangeable into such Exchange Security, as set forth in the Purchase
Agreement, nor shall any underwriter be responsible for any amount in excess of
the underwriting discount or commission applicable to the securities purchased
by such underwriter under the Registration Statement which resulted in such
Losses.  If the allocation provided by
the immediately preceding sentence is unavailable for any reason or not
permitted by applicable law, the indemnifying party and the indemnified party
shall contribute in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of such indemnifying party, on
the one hand, and such indemnified party, on the other hand, in connection with
the statements or omissions which resulted in such Losses as well as any other
relevant equitable considerations.  Benefits
received by the Issuers shall be deemed to be equal to the total net proceeds
from the Initial Placement (before deducting expenses) as set forth in the
Final Memorandum.  Benefits received by
the Initial Purchasers shall be deemed to be equal to the total purchase
discounts and commissions as set forth in the Purchase Agreement, and benefits
received by any other Holders shall be deemed to be equal to the value of
receiving Securities or Exchange Securities, as applicable, registered under
the Act.  Benefits received by any
underwriter shall be deemed to be equal to the total underwriting discounts and
commissions, as set forth on the cover page of the Prospectus

17

forming a part of the
Registration Statement which resulted in such Losses.  Relative fault shall be determined by
reference to, among other things, whether any untrue or any alleged untrue
statement of a material fact or omission or alleged omission to state a
material fact relates to information provided by the indemnifying party, on the
one hand, or by the indemnified party, on the other hand, the intent of the
parties and their relative knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission and any other equitable
considerations appropriate in the circumstances.  The parties agree that it would not be just
and equitable if the amount of such contribution were determined by pro rata
allocation (even if the Holders were treated as one entity for such purpose) or
any other method of allocation which does not take account of the equitable
considerations referred to above.  Notwithstanding
the provisions of this paragraph 6(d), no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.  For purposes of this
Section 6(d), each person, if any, who controls a Holder within the meaning
of either the Act or the Exchange Act and each director and officer of such
Holder shall have the same rights to contribution as such Holder, and each
person who controls any Issuer within the meaning of either Section 15 of the
Act or Section 20 of the Exchange Act, each officer of such Issuer who shall
have signed the Registration Statement and each director of such Issuer shall
have the same rights to contribution as the Issuers, subject in each case to
the applicable terms and conditions of this paragraph 6(d).

(e)           The provisions of this Section 6
shall remain in full force and effect, regardless of any investigation made by
or on behalf of any Holder or the Issuers or any of the indemnified persons
referred to in this Section 6, and shall survive the sale by a Holder of securities
covered by a Registration Statement.

7.             Underwritten
Registrations.

(a)           If any of the Securities or Exchange
Securities, as the case may be, covered by any Shelf Registration Statement are
to be sold in an underwritten offering, the Managing Underwriters, if any,
shall be selected by the Majority Holders, subject to the consent of the
Issuers (which shall not be unreasonably withheld), and the Holders of
Securities or Exchange Securities covered by such Shelf Registration Statement
shall be responsible for all underwriting commissions and discounts.

(b)           No person may participate in any
underwritten offering pursuant to any Shelf Registration Statement, unless such
person (i) agrees to sell such person’s Securities or Exchange Securities, as
the case may be, on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements.

18

8.             Registration
Defaults.

(a)           If any of the following events shall
occur, then the Issuers shall pay liquidated damages (the “Liquidated
Damages”) to the Holders of Securities in respect of the Securities
as follows:

(i)    if (a) neither (x) the Registered Exchange
Offer is completed, nor (y) if required, the Shelf Registration Statement is
declared effective, within, in each case, 300 days of the Closing Date, then
Liquidated Damages shall accrue on the Registrable Securities at a rate of
0.25% per annum on the principal amount of such Registrable Securities for the
first 90 days from and including such specified date and increasing by an
additional 0.25% per annum at the beginning of each subsequent 90-day period
thereafter; provided that Liquidated Damages in the
aggregate under this Section 8 may not exceed 1.0% per annum of the principal
amount of such Registrable Securities; or

(ii)   notwithstanding that the Issuers have
consummated or will consummate a Registered Exchange Offer, if the Issuer is
required to file a Shelf Registration Statement and such Shelf Registration
Statement is not declared effective on or prior to the 300th day following the
date the filing of such Shelf Registration Statement is required or requested
pursuant to Section 3(a), then Liquidated Damages shall accrue on the
Registrable Securities at a rate of 0.25% per annum of the principal amount of
such Registrable Securities for the first 90 days from and including such
specified date and increasing by an additional 0.25% per annum at the beginning
of each subsequent 90-day period thereafter; provided that Liquidated Damages
in the aggregate under this Section 8 may not exceed 1.0% per annum of the
principal amount of such Registrable Securities; or

(iii)  subject to the last sentence of Section
4(k)(ii) above, if the Shelf Registration Statement required by Section 3(a) of
this Agreement has been declared effective but thereafter ceases to be
effective at any time at which it is required to be effective under this
Agreement and such failure to remain effective exists for more than 30
consecutive days or more than 60 days (whether or not consecutive) during the
period for which the Shelf Registration Statement is required, then commencing
on the 31st day or 61st day, as applicable, following the date on which such
Shelf Registration Statement ceases to be effective, Liquidated Damages shall
accrue on the Registrable Securities at a rate of 0.25% per annum of the
principal amount of such Registrable Securities for the first 90 days from and
including such 31st day or 61st day, as applicable, following the date on which
such Shelf Registration Statement ceases to be effective and increasing by an
additional 0.25% per annum at the beginning of each subsequent 90-day period
thereafter; provided that Liquidated Damages in the
aggregate under this Section 8 may not exceed 1.0% per annum of the principal
amount of such Registrable Securities;

provided, however, that upon
(1) the completion of the Exchange Offer (in the case of paragraph (i)
above), (2) the effectiveness of the Shelf Registration Statement (in the
case

19

of paragraph (ii) above) and
(3) the effectiveness of the Shelf Registration Statement which had ceased to
remain effective (in the case of paragraph (iii) above), Liquidated Damages
shall cease to accrue.

(b)           The Company Issuers shall notify the
Trustee in writing within one Business Day after each and every date on which
an event occurs in respect of which Liquidated Damages are required to be paid
and within one Business Day after such Liquidated Damages cease to accrue.  Any amounts of Liquidated Damages due
pursuant to paragraphs (i), (ii) or (iii) of this Section 8(a) will be payable
in cash on each interest payment date specified by the Indenture to the record
holder entitled to receive the interest payment to be made on such date,
commencing with the first such date occurring after any such Liquidated Damages
commences to accrue.

(c)           The parties hereto agree that the
liquidated damages in the form of Liquidated Damages provided for in this
Section 8 constitute a reasonable estimate of and are intended to constitute
the sole damages payable under this Agreement that will be suffered by Holders
of Securities by reason of the failure of (i) the Registered Exchange Offer to
be completed; (ii) the Shelf Registration Statement, if required hereby, to be
declared effective, or (iii) the Shelf Registration Statement to remain
effective (and the prospectus contained therein to remain usable), in each case
to the extent required by this Agreement.

9.             No Inconsistent Agreements.  The Issuers have not entered into, and agree
not to enter into, any agreement with respect to their securities that is inconsistent
with the rights granted to the Holders herein or that otherwise conflicts with
the provisions hereof.

10.           Amendments and Waivers.  The provisions of this Agreement may not be
amended, qualified, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, unless the Issuer has obtained the
written consent of the Holders of a majority of the aggregate principal amount
of the Registrable Securities outstanding; provided that,
with respect to any matter that directly or indirectly affects the rights and
obligations of any Initial Purchaser hereunder, the Issuer shall obtain the
written consent of each such Initial Purchaser against which such amendment,
qualification, supplement, waiver or consent is to be effective; provided, further, that no amendment, qualification,
supplement, waiver or consent with respect to Section 8 hereof shall
be effective as against any Holder of Registered Securities unless consented to
in writing by such Holder; and provided, further,
that the provisions of this Article 10 may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the provisions
hereof may not be given, unless the Issuer has obtained the written consent of
the Initial Purchasers and each Holder.  Notwithstanding the
foregoing (except the foregoing provisos), a waiver or consent to depart from
the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders whose Securities or Exchange Securities, as the case may be, are
being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by the Majority
Holders, determined on the basis of Securities or Exchange Securities, as the
case may be, being sold rather than registered under such Registration
Statement.

20

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

(a)           if to a Holder, at the most current
address given by such Holder to the Issuer in accordance with the provisions of
this Section 11, which address initially is, with respect to each Holder,
the address of such Holder maintained by the Registrar (as such term is defined
in the Indenture) under the Indenture;

(b)           if to the Initial Purchasers,
initially at the address or addresses set forth in the Purchase Agreement; and

(c)           if to the Company Issuers or any
Guarantor, initially at the address set forth in the Purchase Agreement.

All such notices and
communications shall be deemed to have been duly given when received.

The Initial Purchasers or
the Company Issuers by notice to the other parties may designate additional or
different addresses for subsequent notices or communications.

12.           Remedies. 
Each Holder, in addition to being entitled to exercise all rights
provided to it herein, in the Indenture or in the Purchase Agreement or granted
by law, including recovery of liquidated or other damages, will be entitled to
specific performance of its rights under this Agreement.  Each Issuer agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach
by them of the provisions of this Agreement and hereby agree to waive in any
action for specific performance the defense that a remedy at law would be
adequate.

13.           Successors and Assigns.  This Agreement shall inure to the benefit of
and be binding upon the parties hereto, their respective successors and
assigns, including, without the need for an express assignment or any consent
by the Issuer thereto, subsequent Holders of Securities and the Exchange
Securities, and the indemnified persons referred to in Section 6
hereof.  Each Issuer hereby agrees to
extend the benefits of this Agreement to any Holder of Securities and the
Exchange Securities, and any such Holder may specifically enforce the
provisions of this Agreement as if an original party hereto.

14.           Counterparts. 
This Agreement may be signed in one or more counterparts which may be
delivered in original form or by telecopier, each of which when so executed
shall constitute an original and all of which together shall constitute one and
the same agreement.

15.           Headings. 
The section headings used herein are for convenience only and shall not
affect the construction hereof.

16.           Applicable Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of New York applicable to contracts made and to be performed
in the State of New York.  The parties
hereto each hereby waive any right to trial by jury in any action, proceeding
or counterclaim arising out of or relating to this Agreement.

21

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

18.           Securities Held by any Issuer, etc.  Whenever the consent or approval of Holders
of a specified percentage of principal amount of Securities or Exchange
Securities is required hereunder, Securities or Exchange Securities, as
applicable, held by the Company Issuers, any Guarantor or their Affiliates
(other than subsequent Holders of Securities or Exchange Securities if such
subsequent Holders are deemed to be Affiliates solely by reason of their
holdings of such Securities or Exchange Securities) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage.

[Signature
pages follow.]

 

22

If the foregoing is in
accordance with your understanding of our agreement, please sign and return to
us the enclosed duplicate hereof, whereupon this letter and your acceptance
shall represent a binding agreement by and among the Company Issuers, the
Guarantors and the several Initial Purchasers.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GPC CAPITAL CORP. I

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Secretary and Assistant Treasurer

  

 

 

	
   

  	
  GRAHAM
  PACKAGING COMPANY, L.P.

  
	
   

  	
  By:

  	
  GPC
  Opco GP, LLC,

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer, Treasurer and Secretary

  
					

 

 

	
   

  	
  GRAHAM
  PACKAGING HOLDINGS COMPANY

  
	
   

  	
  By:

  	
  BCP/Graham
  Holdings LLC,

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

	
   

  	
  GPC SUB GP LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Finance and Administration,
  Treasurer and Secretary

  

 

[SIGNATURES CONTINUE ON THE
FOLLOWING PAGE]

23

 

	
   

  	
  GRAHAM PACKAGING LATIN
  AMERICA, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Finance and Administration,
  Treasurer and Secretary

  

 

 

	
   

  	
  GRAHAM
  PACKAGING POLAND, L.P.

  
	
   

  	
  By:

  	
  GPC
  Sub GP LLC,

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Finance and Administration,
  Treasurer and Secretary

  
					

 

 

	
   

  	
  GRAHAM
  RECYCLING COMPANY, L.P.

  
	
   

  	
  By:

  	
  GPC
  Sub GP LLC,

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Finance and Administration,
  Treasurer and Secretary

  
					

 

 

	
   

  	
  GRAHAM
  PACKAGING FRANCE PARTNERS

  
	
   

  	
  By:

  	
  Graham
  Packaging Company, L.P.,

  
	
   

  	
   

  	
  its
  partner

  
	
   

  	
  By:

  	
  GPC
  Opco GP LLC,

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer, Treasurer and Secretary

  
					

 

[SIGNATURES CONTINUE ON THE
FOLLOWING PAGE]

24

	
   

  	
  GRAHAM PACKAGING WEST
  JORDAN, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer, Treasurer and Secretary

  

 

	
   

  	
  GRAHAM PACKAGING
  ACQUISITION CORP.

  
	
   

  	
  OWENS-BROCKWAY PLASTIC
  PRODUCTS, INC.

  
	
   

  	
  CONTINENTAL PET
  TECHNOLOGIES, INC.

  
	
   

  	
  LANCOP U.S.A., INC.

  
	
   

  	
  CONTROLLERS U.S.A., INC.

  
	
   

  	
  COMERC U.S.A., INC.

  
	
   

  	
  OI REGIOPLAST STS INC.

  
	
   

  	
  TECHNOLOGICAL SPECIALITIES
  INC.

  
	
   

  	
  OI VENEZUELA PLASTIC
  PRODUCTS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  

 

 

[SIGNATURES
CONTINUE ON THE FOLLOWING PAGE]

25

 

Accepted as of the date hereof

Citigroup Global Markets Inc.

Deutsche Bank Securities Inc. 

Goldman, Sachs & Co.

Lehman Brothers Inc.

ABN AMRO Incorporated

 

Acting severally on behalf
of themselves and the several Initial Purchasers.

	
  By:

  	
  Citigroup Global Markets Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Whitner Marshall

  	
   

  
	
   

  	
  Name:

  	
  Whitner Marshall

  
	
  Title:

  	
  Director

  
				

 

 

 

26

 

ANNEX
A

Each broker-dealer that
receives Exchange Securities for its own account pursuant to the Exchange Offer
must acknowledge that it shall deliver a prospectus in connection with any
resale of such Exchange Securities.  The
Letter of Transmittal states that by so acknowledging and by delivering a
Prospectus, a broker-dealer shall not be deemed to admit that it is an “underwriter”
within the meaning of the Act.  This
prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Securities received
in exchange for Securities where such Securities were acquired by such
broker-dealer as a result of market-making activities or other trading
activities.  The Issuers have agreed
that, for a period of 90 days after consummation of the Registered Exchange
Offer, they shall make this Prospectus available to any broker-dealer for use
in connection with any such resale.  See
“Plan of Distribution”.

 

A-1

ANNEX
B

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

B-1

ANNEX
C

PLAN
OF DISTRIBUTION

Each broker-dealer that
receives Exchange Securities for its own account pursuant to the Registered
Exchange Offer must acknowledge that it will deliver a Prospectus in connection
with any resale of such Exchange Securities. 
This Prospectus, as it may be amended or supplemented from time to time,
may be used by a broker-dealer in connection with resales of Exchange
Securities received in exchange for Securities where such Securities were
acquired as a result of market-making activities or other trading
activities.  Each Issuer has agreed that,
for a period of 90 days after the consummation of the Registered Exchange
Offer, it will make this Prospectus, as amended or supplemented, available to
any broker-dealer for use in connection with any such resale.  In addition, until __________, 20___, all
dealers effecting transactions in the Exchange Securities may be required to deliver
a Prospectus.

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

For a period of 90 days
after the consummation of the Registered Exchange Offer, the Issuers will
promptly send additional copies of this Prospectus and any amendments or
supplements to this Prospectus to any broker-dealer that requests such
documents in the Letter of Transmittal. 
The Company has agreed to pay all expenses incident to the Registered
Exchange Offer (including the expenses of one counsel for the holder of the
Securities) other than commissions or concessions of any brokers or dealers and
will indemnify the holders of the Securities (including any broker-dealers)
against certain liabilities, including liabilities under the Act.

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

C-1

ANNEX
D

LANGUAGE
TO BE INCLUDED IN LETTER OF TRANSMITTAL

1.                                       PLEASE FILL IN
YOUR NAME AND ADDRESS BELOW IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
SUPPLEMENTS THERETO.

 

	
  Name:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

2.                                       If the
undersigned is not a Broker-Dealer, the undersigned represents that it acquired
the Exchange Securities in the ordinary course of its business, it is not
engaged  in, and does not intend to
engage in, a distribution of Exchange Securities and it has no arrangements or
understandings with any person to participate in a distribution of the Exchange
Securities.  If the undersigned is a Broker-Dealer
that will receive Exchange Securities for its own account in exchange for
Securities, it represents that the Securities to be exchanged for Exchange
Securities were acquired by it as a result of market-making activities or other
trading activities and acknowledges that it shall deliver a Prospectus in connection
with any resale of such Exchange Securities; however, by so acknowledging and
by delivering a Prospectus, the undersigned shall not be deemed to admit that
it is an “underwriter” within the meaning of the Act.

 

 

D-1Exhibit 4.6

EXECUTION COPY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

Dated October 7, 2004

between

GRAHAM PACKAGING COMPANY, L.P.

GPC CAPITAL CORP. I

The Guarantors listed on the Signature Pages hereto

and

CITIGROUP
GLOBAL MARKETS INC.

DEUTSCHE BANK SECURITIES INC.

GOLDMAN, SACHS & CO.

LEHMAN BROTHERS INC.

ABN
AMRO INCORPORATED

 

 

$375,000,000
    9 7/8% Senior Subordinated Notes due 2014

REGISTRATION
RIGHTS AGREEMENT

October
7, 2004

Citigroup Global Markets Inc.

Deutsche Bank Securities Inc. 

Goldman, Sachs & Co.

Lehman Brothers Inc.

ABN AMRO Incorporated

  As Initial Purchasers

c/o Citigroup Global Markets Inc.

390 Greenwich Street

New York, New York  10013

Ladies and Gentlemen:

Graham Packaging Company,
L.P., a Delaware limited partnership (the “Operating Company”)
and GPC Capital Corp., I, a Delaware corporation ( the “Corporate
Co-Issuer” and, together with the Operating Company, the “Company Issuers”), propose to issue and sell to certain
purchasers (the “Initial Purchasers”), for whom Citigroup
Global Markets Inc., Deutsche Bank Securities Inc. and Goldman, Sachs & Co.
are acting as representatives, $375,000,000 aggregate principal amount of its 9
7/8 % Senior Subordinated Notes
due 2014 (the “Securities”)
upon the terms set forth in the Purchase Agreement among the Company the Issuers,
the Parent Guarantor (as defined below), the Subsidiary Guarantors (as defined
below) and the Initial Purchasers named in Schedule I thereto, dated September 29,
2004 (the “Purchase Agreement”), relating to
the initial placement (the “Initial Placement”)
of the Securities.  As of the date
hereof, the Company Issuers’ obligations under the Securities will be
guaranteed (the “Guarantee”) by, Graham Packaging
Holdings Company, a Pennsylvania limited partnership (the “Parent
Guarantor”) and the Operating Company’s wholly-owned domestic
subsidiaries (the “Subsidiary Guarantors”
and, together with the Parent Guarantor, the “Guarantors”)  The Company Issuers
and the Guarantors are collectively referred to as the “Issuers”.  References herein to the “Securities” refer to the Securities and the Guarantees,
collectively.  To induce the Initial Purchasers
to enter into the Purchase Agreement and to satisfy a condition to your obligations
thereunder, the Issuers agree with you for your benefit and the benefit of the
holders from time to time of the Securities (including the Initial Purchasers)
(each, a “Holder” and, collectively, the “Holders”), as follows:

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

“Act”
shall mean the Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder.

“Affiliate”
shall have the meaning specified in Rule 405 under the Act and the term “controlling”
shall have a meaning correlative thereto.

“Broker-Dealer”
shall mean any broker or dealer registered as such under the Exchange Act.

“Business Day”
shall mean a day other than a Saturday, a Sunday or a legal holiday or day on
which banking institutions or trust companies are authorized or required by law
to close in New York City.

“Closing Date”
shall mean the date of the first issuance of the Securities.

“Commission”
shall mean the Securities and Exchange Commission.

“Company
Issuers” shall have the meaning set forth in the preamble hereto.

“Corporate
Co-Issuer” shall have the meaning set forth in the preamble hereto.

“Deferral
Period” shall have the meaning set forth in Section 4(k)(ii) hereof.

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder.

“Exchange
Offer” shall mean the exchange offer by the Issuers of Securities
for Registrable Securities pursuant to Section 2(a) hereof.

“Exchange
Offer Registration Period” shall mean the period of 90 days following
the consummation of the Registered Exchange Offer, exclusive of any period
during which any stop order shall be in effect suspending the effectiveness of
the Exchange Offer Registration Statement.

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

“Exchange
Securities” shall mean debt securities of the Issuers and Guarantees
by the Guarantors, in each case identical in all material respects to the
Securities (except that the transfer restrictions and liquidated damages provisions
will be eliminated, as appropriate) to be issued under the Exchange Securities
Indenture.

“Exchange
Securities Indenture” shall mean the Indenture or an indenture among
the Issuers, the Guarantors and the Exchange Securities Trustee, identical in
all material respects to the Indenture (except that the transfer restrictions
and liquidated damages provisions will be eliminated, as appropriate), which
may be the Indenture if in the terms thereof appropriate provision is made for
the Exchange Securities.

“Exchange
Securities Trustee” shall mean the Trustee or a bank or trust
company satisfactory to the Initial Purchasers, as trustee with respect to the
Exchange Securities under the Exchange Securities Indenture.  For the purposes of the Exchange

2

 Securities Indenture, The Bank of New York is
deemed satisfactory to the Initial Purchasers.

“Exchanging
Dealer” shall mean any Holder (which may include any Initial
Purchaser) that is a Broker-Dealer and elects to exchange for Exchange
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from any
Issuer or any Affiliate of any Issuer) for Exchange Securities.

“Final
Memorandum” shall mean the offering memorandum, dated September 29,
2004, relating to the Securities, including any and all supplements or exhibits
thereto and any information incorporated by reference therein as of such date.

“Guarantee”
shall have the meaning set forth in the preamble hereto.

“Guarantors”
shall have the meaning set forth in the preamble hereto.

“Holder”
shall have the meaning set forth in the preamble hereto.

 “Indenture”
shall mean that certain Indenture relating to the Securities, dated as of October
7, 2004, among the Issuers, the Guarantors and The Bank of New York, as
trustee, as the same may be amended from time to time in accordance with the
terms thereof.

“Initial
Placement” shall have the meaning set forth in the preamble hereto.

“Initial
Purchasers” shall have the meaning set forth in the preamble hereto.

“Issuers”
shall have the meaning set forth in the preamble hereto.

“Liquidated
Damages” shall have the meaning set forth in Section 8 hereof.

“Losses”
shall have the meaning set forth in Section 6(d) hereof.

“Majority
Holders” shall mean, on any date, Holders of a majority of the
aggregate principal amount of Securities and Exchange Securities registered
under a Registration Statement.

“Managing
Underwriters” shall mean the investment banker or investment bankers
and manager or managers who administer an underwritten offering, if any, under
a Registration Statement.

“NASD Rules”
shall mean the Conduct Rules and the By-laws of the National Association of
Securities Dealers, Inc.

“Operating
Company” shall have the meaning set forth in the preamble hereto.

“Parent
Guarantor” shall have the meaning set forth in the preamble hereto.

3

“Prospectus”
shall mean the prospectus included in any Registration Statement (including,
without limitation, a prospectus that discloses information previously omitted
from a prospectus filed as part of an effective registration statement in
reliance upon Rule 430A under the Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion
of the Securities or the Exchange Securities covered by such Registration
Statement, and all amendments and supplements thereto, including any and all
exhibits thereto and any information incorporated by reference therein.

“Purchase
Agreement” shall have the meaning set forth in the preamble hereto.

“Registered
Exchange Offer” shall mean the proposed offer of the Issuers to
issue and deliver to the Holders of Securities, which Holders are not prohibited
by any law or policy of the Commission from participating in such offer, in
exchange for the Securities, a like aggregate principal amount of the Exchange
Securities.

“Registrable
Securities” shall mean (i) Securities other than those that
have been (A) registered under a Registration Statement and disposed of in
accordance therewith or (B) distributed to the public pursuant to
Rule 144 under the Act or any successor rule or regulation thereto that
may be adopted by the Commission and (ii) any Exchange Securities the
resale of which by the Holder thereof requires compliance with the prospectus
delivery requirements of the Act.

“Registration
Statement” shall mean any Exchange Offer Registration Statement or
Shelf Registration Statement that covers any of the Securities or the Exchange
Securities pursuant to the provisions of this Agreement, any amendments and
supplements to such registration statement, including post-effective amendments
(in each case including the Prospectus contained therein), all exhibits thereto
and all material incorporated by reference therein.

“Securities”
shall have the meaning set forth in the preamble hereto.

“Shelf
Registration” shall mean a registration effected pursuant to Section
3 hereof.

“Shelf
Registration Period” shall have the meaning set forth in
Section 3(b)(ii) hereof.

“Shelf
Registration Statement” shall mean a “shelf” registration statement
of the Issuers pursuant to the provisions of Section 3 hereof which covers
some or all of the Securities or Exchange Securities, as applicable, on an
appropriate form under Rule 415 under the Act, or any similar rule that
may be adopted by the Commission, amendments and supplements to such
registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

“Trust
Indenture Act” shall mean the Trust Indenture Act of 1939, as
amended, and the rules and regulations of the Commission promulgated
thereunder.

4

“Trustee”
shall mean the trustee with respect to the Securities under the Indenture.

“underwriter” shall mean any underwriter of Securities
in connection with an offering thereof under a Shelf Registration Statement.

2.             Registered
Exchange Offer.

(a)           The Issuers shall prepare and use their
reasonable best efforts to file with the Commission and cause to become
effective the Exchange Offer Registration Statement with respect to the
Registered Exchange Offer.  The Issuers
shall use their commercially reasonable efforts to cause the Registered
Exchange Offer to be completed under the Act within 300 days of the Closing
Date.

(b)           Upon the effectiveness of the
Exchange Offer Registration Statement, the Issuers shall promptly commence the
Registered Exchange Offer, it being the objective of such Registered Exchange
Offer to enable each Holder electing to exchange Securities for Exchange
Securities (assuming that such Holder (i) is not an Affiliate of the Issuers, (ii)
acquires the Exchange Securities in the ordinary course of such Holder’s
business, (iii) has no arrangements with any person to participate in the
distribution of the Exchange Securities, (iv) is not prohibited by any law or
policy of the Commission from participating in the Registered Exchange Offer
and (v) is not an Initial Purchaser holding Securities that have the status of
an unsold allotment remaining from the initial distribution of the Securities)
to trade such Exchange Securities from and after their receipt without any
limitations or restrictions under the Act and without material restrictions
under the securities laws of a substantial proportion of the several states of
the United States.

(c)           In connection with the Registered Exchange
Offer, the Issuers shall:

(i)    mail or cause to be
mailed to each Holder a copy of the Prospectus forming part of the Exchange
Offer Registration Statement, together with an appropriate letter of
transmittal and related documents;

(ii)   keep the Registered
Exchange Offer open for at least 20 Business Days (or longer if required by
applicable law) after the date notice thereof is mailed to the Holders;

(iii)  use their commercially reasonable efforts to
keep the Exchange Offer Registration Statement continuously effective under the
Act, supplemented and amended as required under the Act, to ensure that it is
available for sales of Exchange Securities by Exchanging Dealers during the
Exchange Offer Registration Period;

(iv)  utilize the services
of a depositary for the Registered Exchange Offer with an address in the
Borough of Manhattan in New York City, which may be the Trustee, the Exchange
Securities Trustee or an Affiliate of either of them;

5

(v)   permit Holders to
withdraw tendered Securities at any time prior to the close of business, New
York time, on the last Business Day on which the Registered Exchange Offer is
open;

(vi)  prior to
effectiveness of the Exchange Offer Registration Statement, provide a
supplemental letter to the Commission (A) stating that the Issuers are conducting
the Registered Exchange Offer in reliance on the position of the Commission in Exxon
Capital Holdings Corporation (pub. avail. May 13,
1988) and Morgan Stanley & Co., Inc. (pub. avail.
June 5, 1991) and (B) including a representation that the Issuers have
not entered into any arrangement or understanding with any person to distribute
the Exchange Securities to be received in the Registered Exchange Offer and
that, to the best of the Issuers’ information and belief, each Holder
participating in the Registered Exchange Offer is acquiring the Exchange
Securities in the ordinary course of business and has no arrangement or
understanding with any person to participate in the distribution of the Exchange
Securities; and

(vii) comply in all respects
with all laws applicable to the Registered Exchange Offer.

(d)           As soon as
practicable after the close of the Registered Exchange Offer, the Issuers
shall:

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

(ii)   deliver to the
Trustee for cancellation in accordance with Section 4(r) hereof all
Securities so accepted for exchange; and

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

(e)           Each Holder hereby acknowledges and
agrees that any Broker-Dealer and any such Holder using the Registered Exchange
Offer to participate in a distribution of the Exchange Securities
(x) could not under Commission policy as in effect on the date of this
Agreement rely on the position of the Commission in Exxon Capital Holdings
Corporation (pub. avail. May 13, 1988) and Morgan
Stanley and Co., Inc. (pub. avail. June 5, 1991), as
interpreted in the Commission’s letter to Shearman & Sterling dated
July 2, 1993 and similar no-action letters and (y) must comply with
the registration and prospectus delivery requirements of the Act in connection
with any secondary resale transaction, which must be covered by an effective
registration statement containing the selling security holder information required
by Item 507 or 508, as applicable, of Regulation S-K under the Act if
the resales are of Exchange Securities obtained by such Holder in exchange for
Securities acquired by such Holder directly from any Issuer or any Affiliate of
any Issuer.  Accordingly, each Holder
participating in the Registered 

6

Exchange Offer shall be required
to represent to the Issuers that, at the time of the consummation of the
Registered Exchange Offer:

(i)    any Exchange
Securities received by such Holder shall be acquired in the ordinary course of
business;

(ii)   such Holder shall
have no arrangement or understanding with any person to participate in the
distribution within the meaning of the Act of the Securities or the Exchange
Securities;

(iii)  such Holder is not an
Affiliate of the Issuers; and

(iv)  if such Holder is an
Exchanging Dealer, then such Holder will deliver a Prospectus in connection
with a sale of any Exchange Securities received by such Holder pursuant to the
Registered Exchange Offer.

(f)            If any Initial Purchaser determines
that it is not eligible to participate in the Registered Exchange Offer with respect
to the exchange of Securities constituting any portion of an unsold allotment,
at the request of such Initial Purchaser, the Issuers shall issue and deliver
to such Initial Purchaser or the person purchasing Exchange Securities
registered under a Shelf Registration Statement as contemplated by
Section 3 hereof from such Initial Purchaser, in exchange for such
Securities, a like principal amount of Exchange Securities.  The Issuers shall use their reasonable best
efforts to cause the CUSIP Service Bureau to issue the same CUSIP number and
International Securities Identification Number (“ISIN”) for such Exchange
Securities as for Exchange Securities issued pursuant to the Registered Exchange
Offer.

3.             Shelf
Registration.

(a)           If (i) due to any change in law or
applicable interpretations thereof by the Commission’s staff, the Issuers
determine upon advice of their outside counsel that it is not permitted to effect
the Registered Exchange Offer as contemplated by Section 2 hereof; (ii)
for any other reason the Registered Exchange Offer is not consummated within 300 days of the Closing Date; (iii) any Initial Purchaser so
requests with respect to Securities that are not eligible to be exchanged for Exchange
Securities in the Registered Exchange Offer and that are held by it following
consummation of the Registered Exchange Offer; (iv) any Holder (other than an
Initial Purchaser) is not eligible to participate in the Registered Exchange
Offer; or (v) in the case of any Initial Purchaser that participates in the Registered
Exchange Offer or acquires Exchange Securities pursuant to Section 2(f)
hereof, such Initial Purchaser does not receive freely tradeable Exchange Securities
in exchange for Securities constituting any portion of an unsold allotment (it
being understood that (x) the requirement that an Initial Purchaser
deliver a Prospectus containing the information required by Item 507 or
508 of Regulation S-K under the Act in connection with sales of Exchange
Securities acquired in exchange for such Securities shall result in such Exchange
Securities being not “freely tradeable;” and (y) the requirement that an
Exchanging Dealer deliver a Prospectus in connection with sales of Exchange
Securities acquired in the Registered Exchange Offer in exchange for 

7

Securities acquired as a
result of market-making activities or other trading activities shall not result
in such Exchange Securities being not “freely tradeable”), the Issuers shall
file and use their reasonable best efforts to cause to become and keep
effective a Shelf Registration Statement in accordance with subsection (b)
below.

(b)           (i)  The Issuers shall as
promptly as practicable use their commercially reasonable efforts to file with
the Commission and shall use their commercially reasonable efforts to cause to
be declared effective under the Act within 300 days, a Shelf Registration
Statement relating to the offer and sale of the Securities or the Exchange
Securities, as applicable, by the Holders thereof from time to time in
accordance with the methods of distribution elected by such Holders and set
forth in such Shelf Registration Statement; provided, however,
that no Holder (other than an Initial Purchaser) shall be entitled to have the
Securities held by it covered by such Shelf Registration Statement unless such
Holder agrees in writing to be bound by all of the provisions of this Agreement
applicable to such Holder; and provided further,
that with respect to Exchange Securities received by an Initial Purchaser in
exchange for Securities constituting any portion of an unsold allotment, the
Issuers may, if permitted by current interpretations by the Commission’s staff,
file a post-effective amendment to the Exchange Offer Registration Statement
containing the information required by Item 507 or 508 of
Regulation S-K, as applicable, in satisfaction of their obligations under
this subsection with respect thereto, and any such Exchange Offer Registration
Statement, as so amended, shall be referred to herein as, and governed by the
provisions herein applicable to, a Shelf Registration Statement.

(ii)   The Issuers shall use their commercially
reasonable efforts to keep the Shelf Registration Statement continuously
effective, supplemented and amended as required by the Act, in order to permit
the Prospectus forming part thereof to be usable by Holders for a period from
the date the Shelf Registration Statement is declared effective by the
Commission until the earliest of: (A)  the second anniversary of the
Closing Date, (B) the date upon which all the Securities or Exchange Securities,
as applicable, covered by the Shelf Registration Statement have been sold
pursuant to the Shelf Registration Statement or (C) the date upon which the
Securities or Exchange Securities, as applicable, covered by the Shelf
Registration Statement become eligible for resale, without regard to volume,
manner of sale or other restrictions contained in Rule 144 under the Act
pursuant to paragraph (k) thereof (in any such case, the “Shelf
Registration Period”).  The
Issuers shall be deemed not to have used their commercially reasonable efforts
to keep the Shelf Registration Statement effective during the Shelf
Registration Period if they voluntarily take any action that would result in
Holders of Securities or Exchange Securities, as the case may be, covered
thereby not being able to offer and sell such Securities or Exchange
Securities, as the case may be, at any time during the Shelf Registration
Period, unless such action is (x) required by applicable law or otherwise
taken by the Issuers in good faith and for valid business reasons (not
including avoidance of the Issuers’ obligations hereunder), including the
acquisition or divestiture of assets and (y) permitted pursuant to Section 4(k)(ii)
hereof.

8

(iii)  The Issuers shall cause the Shelf Registration
Statement and the related Prospectus and any amendment or supplement thereto,
as of the effective date of the Shelf Registration Statement or such amendment
or supplement, (A) to comply in all material respects with the applicable
requirements of the Act and (B) not to contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein (in the case of the
Prospectus, in the light of the circumstances under which they were made) not
misleading.

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

(a)           The Issuers shall:

(i)    furnish to counsel for the Initial Purchasers
and to counsel for the Holders, not less than two (2) Business Days prior to
the filing thereof with the Commission, a copy of any Exchange Offer
Registration Statement and any Shelf Registration Statement, and each amendment
thereof and each amendment or supplement, if any, to the Prospectus included
therein (including all documents incorporated by reference therein after the
initial filing) and shall use their commercially reasonable efforts to reflect
in each such document, when so filed with the Commission, such comments as
counsel to the Holders or counsel for the Initial Purchasers reasonably propose;

(ii)   include the information set forth in Annex A
hereto on the facing page of the Exchange Offer Registration Statement, in Annex B
hereto in the forepart of the Exchange Offer Registration Statement in a
section setting forth details of the Exchange Offer, in Annex C
hereto in the underwriting or plan of distribution section of the Prospectus contained
in the Exchange Offer Registration Statement and in Annex D hereto
in the letter of transmittal delivered pursuant to the Registered Exchange Offer;

(iii)  if requested by an Initial Purchaser, include
the information required by Item 507 or 508, as applicable, of
Regulation S-K in the Prospectus contained in the Exchange Offer
Registration Statement or Shelf Registration Statement; and

(iv)  in the case of a
Shelf Registration Statement, include the names of the Holders that propose to
sell Securities pursuant to the Shelf Registration Statement as selling
security holders.

(b)           The Issuers shall use their
commercially reasonable efforts to ensure that:

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

9

(ii)   any Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading.

(c)           The Issuers shall advise counsel for
the Initial Purchasers, the Holders of Securities covered by any Shelf
Registration Statement and any Exchanging Dealer under any Exchange Offer
Registration Statement that has provided in writing to the Issuers a telephone
or facsimile number and address for notices, and, if requested by any Initial
Purchaser or any such Holder or Exchanging Dealer, shall confirm such advice in
writing (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied
by an instruction to suspend the use of the Prospectus until the Issuers shall
have remedied the basis for such suspension):

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

(ii)   of any request by
the Commission after the effective date for any amendment or supplement to the
Registration Statement or the Prospectus or for additional information;

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

(iv)  of the receipt by the Issuers of any
notification with respect to the suspension of the qualification of the Securities
or Exchange Securities, as the case may be, included therein for sale in any
jurisdiction or the institution of any proceeding for such purpose; and

(v)   of the happening of any event that requires
any change in the Registration Statement or the Prospectus so that, as of such
date, they (A) do not contain any untrue statement of a material fact and
(B) do not omit to state a material fact required to be stated therein or
necessary to make the statements therein (in the case of the Prospectus, in the
light of the circumstances under which they were made) not misleading.

(d)           The Issuers shall use their commercially
reasonable efforts to obtain the withdrawal of any order suspending the
effectiveness of any Registration Statement or the qualification of the Securities
or Exchange Securities, as the case may be, therein for sale in any
jurisdiction.

(e)           The Issuers shall furnish to each
Holder of Securities covered by any Shelf Registration Statement, without
charge, at least one (1) copy of such Shelf Registration Statement and any
post-effective amendment thereto, including all material incorporated therein
by reference, and, if the Holder so requests in writing, all exhibits thereto (including
exhibits incorporated by reference therein).

10

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

(g)           The Issuers shall furnish to each Exchanging
Dealer which so requests, without charge, at least one (1) conformed copy of
the Exchange Offer Registration Statement and any post-effective amendments
thereto, including all material incorporated by reference therein, and, if the
Exchanging Dealer so requests in writing, all exhibits thereto (including
exhibits incorporated by reference therein).

(h)           The Issuers shall promptly deliver to
each Initial Purchaser, each Exchanging Dealer and each other person required
to deliver a Prospectus during the Exchange Offer Registration Period, without
charge, as many copies of the Prospectus included in such Exchange Offer
Registration Statement and any amendments or supplements thereto as any such
person may reasonably request.  The
Issuers consent to the use of the Prospectus or any amendments or supplements
thereto by any Initial Purchaser, any Exchanging Dealer and any such other
person that may be required to deliver a Prospectus following the Registered Exchange
Offer in connection with the offering and sale of the Exchange Securities
covered by the Prospectus, or any amendment or supplement thereto, included in
the Exchange Offer Registration Statement.

(i)            Prior to the Registered Exchange
Offer or any other offering of Securities pursuant to any Registration
Statement, the Issuers shall arrange, if necessary, for the registration or
qualification of the Securities or the Exchange Securities for sale under the
laws of such jurisdictions as any Holder shall reasonably request and shall maintain
such qualification in effect so long as required; provided
that in no event shall the Issuers be obligated to qualify to do business in
any jurisdiction where they are not then so qualified or to take any action
that would subject them to service of process in suits, other than those
arising out of the Initial Placement, the Registered Exchange Offer or any
offering pursuant to a Shelf Registration Statement, in any such jurisdiction
where they are not then so subject or to subject themselves to taxation in
excess of a nominal amount in respect of doing business in such jurisdiction.

(j)            The Issuers shall cooperate with the
Holders of Securities to facilitate the timely preparation and delivery of
certificates representing Exchange Securities or Securities to be issued or sold
pursuant to any Registration Statement free of any restrictive legends and in
such denominations and registered in such names as Holders may request in
writing at least three (3) Business Days prior to the closing date of any sales
of Exchange Securities.

11

(k)           (i)  Upon the occurrence of any
event contemplated by subsections (c) (ii) through (v) above, the Issuers
shall promptly (or within the time period provided for by clause (ii) hereof,
if applicable) prepare a post-effective amendment to the applicable
Registration Statement or an amendment or supplement to the related Prospectus
or file any other required document so that, as thereafter delivered to the
Initial Purchasers of the Securities included therein, the Prospectus shall not
include 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 the light of the circumstances under which they were made, not misleading.  In such circumstances, the period of effectiveness
of the Exchange Offer Registration Statement provided for in Section 2
hereof shall be extended by the number of days from and including the date of
the giving of a notice of suspension pursuant to Section 4(c) hereof to
and including the date when the Initial Purchasers, the Holders of the
Securities and any known Exchanging Dealer shall have received such amended or
supplemented Prospectus pursuant to this Section 4(k).

(ii)   Upon the occurrence or existence of any
pending corporate development or any other material event that, in the reasonable
judgment of the Issuers, makes it appropriate to suspend the availability of a Shelf
Registration Statement and the related Prospectus, the Issuers shall give
notice (without notice of the nature or details of such events) to the Holders
that the availability of the Shelf Registration is suspended and, upon actual
receipt of any such notice, each Holder agrees not to sell any Registrable
Securities pursuant to the Shelf Registration until such Holder’s receipt of copies
of the supplemented or amended Prospectus provided for in Section 3(a)(i)
hereof, or until it is advised in writing by the Issuers that the Prospectus
may be used, and has received copies of any additional or supplemental filings
that are incorporated or deemed incorporated by reference in such
Prospectus.  The period during which the
availability of the Shelf Registration and any Prospectus is suspended (the “Deferral Period”) (1) shall not exceed 60 consecutive
days, (2) shall not occur more than one time during any calendar year and
(3) shall extend the number of days the Shelf Registration or any
Prospectus is available by an amount equal to the Deferral Period.  Any Liquidated Damages payable pursuant to
Section 8(a)(iii) shall cease to accrue during any
Deferral Period.

(l)            Not later than the effective date of
any Registration Statement, the Issuers shall provide a CUSIP number and ISIN
for the Securities or the Exchange Securities, as the case may be, registered
under such Registration Statement, and provide the Trustee with printed
certificates for such Securities or Exchange Securities, in a form eligible for
deposit with The Depository Trust Company.

(m)          The Issuers shall comply in all
material respects with all applicable rules and regulations of the Commission
and shall make generally available to its security holders earnings statements
satisfying the provisions of Section 11(a) of the Act as soon as practicable
after the effective date of the applicable Registration Statement.

(n)           The Issuers shall cause the Exchange
Securities Indenture to be qualified under the Trust Indenture Act as required
by applicable law in a timely manner.

12

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

(p)           In the case of any Shelf Registration
Statement, upon the request of the Majority Holders, the Issuers shall enter
into customary agreements (including, if requested, one underwriting agreement
in customary form) and take all other appropriate actions, if any, as the
Majority Holders shall reasonably request in order to expedite or facilitate
the registration or the disposition of the Securities, and in connection
therewith, if an underwriting agreement is entered into, cause the same to
contain indemnification provisions and procedures no less favorable than those
set forth in Section 6 hereof.

(q)           In the case of any Shelf Registration
Statement, the Issuers shall:

(i)    make reasonably available for inspection at
a location where they are normally kept and during normal business hours by the
Majority Holders of Securities to be registered thereunder, any underwriter
participating in any disposition pursuant to such Registration Statement and any
attorney, accountant or other agent retained by such Holders or any such
underwriter, all relevant financial and other records and pertinent corporate
documents of the Issuers;

(ii)   use their commercially reasonable efforts to
cause their officers, directors, employees, accountants and auditors to supply
all relevant information reasonably requested by the Holders or any such
underwriter, attorney, accountant or agent (each, an “Inspector”)
in connection with any such Registration Statement as is customary for similar
due diligence examinations; provided, however,
that such Inspector shall first agree in writing with the Issuers that any
information that is reasonably and in good faith designated by the Issuers in
writing as confidential at the time of delivery of such information shall be
kept confidential by such Inspector, unless (1) disclosure of such
information is required by court or administrative order or is necessary to
respond to inquiries of regulatory authorities, (2) disclosure of such
information is required by law (including any disclosure requirements pursuant
to federal securities laws in connection with the filing of such Registration
Statement or the use of any Prospectus), (3) such information becomes
generally available to the public other than as a result of a disclosure or
failure to safeguard such information by such person or (4) such
information becomes available to such Inspector from a source other than the
Issuers and such source is not known, after due inquiry, by the relevant Holder
to be bound by a confidentiality agreement or is not otherwise under a duty of
trust to the Issuers;

(iii)  make such
representations and warranties to the Holders of Securities registered
thereunder and the underwriters, if any, in form, substance 

13

and scope as are
customarily made by issuers to underwriters in primary underwritten offerings;

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

(v)   obtain “comfort” letters and updates thereof
from the independent certified public accountants of the Parent Guarantor (and,
if necessary, any other independent certified public accountants of any
subsidiary of the Parent Guarantor or of any business acquired by the Parent
Guarantor for which financial statements and financial data are, or are
required to be, included in the Registration Statement), addressed to each
selling Holder of Securities registered thereunder and the underwriters, if
any, in customary form and covering matters of the type customarily covered in “comfort”
letters in connection with primary underwritten offerings; and

(vi)  deliver such
documents and certificates as may be reasonably requested by the Majority
Holders or the Managing Underwriters, if any, including those to evidence
compliance with Section 4(k) hereof and with any customary conditions
contained in the underwriting agreement or other agreement entered into by the
Issuers.

(r)            If a Registered Exchange Offer is to
be consummated, upon delivery of the Securities by Holders to the Issuers (or
to such other person as directed by the Issuer) in exchange for the Exchange
Securities, the Issuers shall mark, or caused to be marked, on the Securities
so exchanged that such Securities are being cancelled in exchange for the Exchange
Securities.  In no event shall the
Securities be marked as paid or otherwise satisfied.

(s)           The Issuers shall use their commercially
reasonable best efforts to take all other steps necessary to effect the
registration of the Securities or the Exchange Securities, as the case may be,
covered by a Registration Statement.

5.             Registration Expenses.  The Issuers shall bear all expenses incurred
in connection with the performance of their obligations under Sections 2, 3
and 4 hereof and, in the event of any Shelf Registration Statement, shall
reimburse the Holders for the reasonable fees and disbursements of one firm or
counsel (which shall initially be Cahill Gordon & Reindel LLP, but which may be another nationally
recognized law firm experienced in securities matters designated by the
Majority Holders) to act as counsel for the Holders in connection therewith,
and, in the case of any Exchange Offer Registration Statement, shall reimburse
the Initial Purchasers for the reasonable fees and disbursements of counsel
acting in connection therewith, in each case which counsel shall be approved by
the Issuers (such approval not to be unreasonably withheld).  Each Holder shall pay all expenses of its
counsel other than as set forth 

14

in the preceding
sentence, underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of such Holder’s Securities or Exchange
Securities.

6.             Indemnification
and Contribution.

(a)           Each of the Issuers, jointly and
severally, agrees to indemnify and hold harmless each Holder of Securities or Exchange
Securities, as the case may be, covered by any Registration Statement, each
Initial Purchaser and each Affiliate thereof and, with respect to any
Prospectus delivery as contemplated in Section 4(h) hereof, each
Exchanging Dealer, the directors, officers and Affiliates of each such Holder,
Initial Purchaser or Exchanging Dealer and each person who controls any such
Holder, Initial Purchaser or Exchanging Dealer within the meaning of either the
Act or the Exchange Act from and against any and all losses, claims, damages and
liabilities, joint or several, to which they or any of them may become subject
under Section 15 of the Act, Section 20 of the Exchange Act or other federal or
state statutory law or regulation, at common law or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement as originally filed or in
any amendment thereof, or in any preliminary Prospectus or the Prospectus, or
in any amendment thereof or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein (in the case
of any preliminary Prospectus or the Prospectus, in the light of the
circumstances under which they were made) not misleading, and agree (subject to
the limitations set forth in the proviso to this sentence) to reimburse each
such indemnified party, as incurred, for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however,
that the Issuers shall not be liable in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon any such
untrue statement or alleged untrue statement or omission or alleged omission
made therein in reliance upon and in conformity with written information
furnished to the Issuers by or on behalf of the party claiming indemnification
specifically for inclusion therein; provided further,
that with respect to any such untrue statement in or omission from the
preliminary Prospectus, the indemnity agreement contained in this paragraph (a)
shall not inure to the benefit of any Initial Purchaser to the extent that the
sale to the person asserting any such loss, claim, damage or liability was an
initial resale by such Initial Purchaser and any such loss, claim, damage or
liability of or with respect to such Initial Purchaser results from the fact
that both (i) a copy of the final Prospectus was not sent or given to such
person at or prior to the written confirmation of the sale of such Securities
to such person and (ii) the untrue statement in or omission from such
preliminary Prospectus was corrected in the final Prospectus unless, in either
case, such failure to deliver the final Prospectus was a result of
non-compliance by the Issuers with the provisions of Section 4 hereof.  This indemnity agreement shall be in addition
to any liability that the Issuer may otherwise have.  The Issuers shall not be liable under this
Section 6 to any indemnified party regarding any settlement or compromise
or consent to the entry of any judgment with respect to any pending or
threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified 

15

parties are actual or
potential parties to such claim or action) unless such settlement, compromise
or consent is consented to by the Issuers, which consent shall not be unreasonably
withheld.

(b)           Each Holder of securities covered by
a Registration Statement (including each Initial Purchaser that is a Holder, in
such capacity) severally and not jointly agrees to indemnify and hold harmless each
of the Issuers and each of their directors, each of their officers who signs
such Registration Statement and each person who controls the Issuers within the
meaning of either Section 15 of the Act or Section 20 of the Exchange Act, to
the same extent as the foregoing indemnity from the Issuers to each such
Holder, but only with reference to written information relating to such Holder
furnished to the Issuer by or on behalf of such Holder specifically for
inclusion in the documents referred to in the foregoing indemnity.  This indemnity agreement shall be in addition
to any liability that any such Holder may otherwise have.

(c)           Promptly after receipt by an
indemnified party under this Section 6 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 under this Section 6, notify the
indemnifying party in writing of the commencement thereof; but the failure to
so notify the indemnifying party (i) shall not relieve it from liability under
paragraph (a) or (b) of this Section 6 unless and to the extent it
did not otherwise learn of such action and such failure results in forfeiture
by the indemnifying party of substantial rights and defenses and (ii) shall
not, in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided in
paragraph (a) or (b) of this Section 6.  The indemnifying party shall be entitled to
appoint counsel (including local counsel) of the indemnifying party’s choice at
the indemnifying party’s expense to represent the indemnified party in any
action for which indemnification is sought (in which case the indemnifying
party shall not thereafter be responsible for the fees and expenses of any
separate counsel, other than local counsel if not appointed by the indemnifying
party, retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel
shall be reasonably satisfactory to the indemnified party.  Notwithstanding the indemnifying party’s
election to appoint counsel (including local counsel) to represent the indemnified
party in an action, the indemnified party shall have the right to employ
separate counsel (including local counsel), and the indemnifying party shall
bear the reasonable fees, costs and expenses of such separate counsel if
(i) the use of counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with a conflict of interest (based
on the advice of counsel to the indemnified person), (ii) such action
includes both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded (based on the advice of
counsel to the indemnified person) that there may be legal defenses available
to it and/or other indemnified parties that are different from or additional to
those available to the indemnifying party, (iii) the indemnifying party
shall not have employed counsel reasonably satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after notice
of the institution of such action or (iv) the indemnifying party shall
authorize the indemnified party to employ separate counsel at the expense of
the indemnifying party.  It is understood
and agreed that the indemnifying person shall not, in connection with any 

16

proceeding or related
proceeding in the same jurisdiction, be liable for the reasonable fees and
expenses of more than one separate firm (in addition to any local counsel) for
all indemnified persons.  Any such
separate firm for any Initial Purchaser, its affiliates, directors and officers
and any control persons of such Initial Purchaser shall be designated in
writing by the Initial Purchasers who sold a majority in interest of
Registrable Securities and Exchange Securities sold by all such Initial
Purchasers and any such separate firm for the Issuers, the Guarantors and any
control persons of the Issuer shall be designated in writing by the Issuers.  An indemnifying party shall not, without the
prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties
are actual or potential parties to such claim or action) unless such
settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or
proceeding and does not include any statement as to, or any concession of,
fault, culpability or failure to act by or on behalf of any indemnified party.

(d)           In the event that the indemnity
provided in paragraph (a) or (b) of this Section 6 is unavailable to
or insufficient to hold harmless an indemnified party for any reason, then each
applicable indemnifying party shall have a joint and several obligation to contribute
to the aggregate losses, claims, damages and liabilities (including legal or
other expenses reasonably incurred in connection with investigating or
defending any loss, claim, liability, damage or action) (collectively “Losses”) to which such indemnified party may be subject in
such proportion as is appropriate to reflect the relative benefits received by
such indemnifying party, on the one hand, and such indemnified party, on the
other hand, from the Initial Placement and the Registration Statement which
resulted in such Losses; provided, however,
that in no case shall any Initial Purchaser be responsible, in the aggregate,
for any amount in excess of the purchase discount or commission applicable to
such Security, or in the case of a Exchange Security, applicable to the Security
that was exchangeable into such Exchange Security, as set forth in the Purchase
Agreement, nor shall any underwriter be responsible for any amount in excess of
the underwriting discount or commission applicable to the securities purchased
by such underwriter under the Registration Statement which resulted in such
Losses.  If the allocation provided by
the immediately preceding sentence is unavailable for any reason or not
permitted by applicable law, the indemnifying party and the indemnified party
shall contribute in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of such indemnifying party, on
the one hand, and such indemnified party, on the other hand, in connection with
the statements or omissions which resulted in such Losses as well as any other
relevant equitable considerations.  Benefits
received by the Issuers shall be deemed to be equal to the total net proceeds
from the Initial Placement (before deducting expenses) as set forth in the
Final Memorandum.  Benefits received by
the Initial Purchasers shall be deemed to be equal to the total purchase
discounts and commissions as set forth in the Purchase Agreement, and benefits
received by any other Holders shall be deemed to be equal to the value of
receiving Securities or Exchange Securities, as applicable, registered under
the Act.  Benefits received by any
underwriter shall be deemed to be equal to the total underwriting discounts and
commissions, as set forth on the cover page of the Prospectus 

17

forming a part of the
Registration Statement which resulted in such Losses.  Relative fault shall be determined by
reference to, among other things, whether any untrue or any alleged untrue
statement of a material fact or omission or alleged omission to state a
material fact relates to information provided by the indemnifying party, on the
one hand, or by the indemnified party, on the other hand, the intent of the
parties and their relative knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission and any other equitable
considerations appropriate in the circumstances.  The parties agree that it would not be just
and equitable if the amount of such contribution were determined by pro rata
allocation (even if the Holders were treated as one entity for such purpose) or
any other method of allocation which does not take account of the equitable
considerations referred to above.  Notwithstanding
the provisions of this paragraph 6(d), no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall
be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.  For
purposes of this Section 6(d), each person, if any, who controls a Holder
within the meaning of either the Act or the Exchange Act and each director and
officer of such Holder shall have the same rights to contribution as such
Holder, and each person who controls any Issuer within the meaning of either Section
15 of the Act or Section 20 of the Exchange Act, each officer of such Issuer
who shall have signed the Registration Statement and each director of such
Issuer shall have the same rights to contribution as the Issuers, subject in
each case to the applicable terms and conditions of this paragraph 6(d).

(e)           The provisions of this Section 6
shall remain in full force and effect, regardless of any investigation made by
or on behalf of any Holder or the Issuers or any of the indemnified persons
referred to in this Section 6, and shall survive the sale by a Holder of securities
covered by a Registration Statement.

7.             Underwritten
Registrations.

(a)           If any of the Securities or Exchange
Securities, as the case may be, covered by any Shelf Registration Statement are
to be sold in an underwritten offering, the Managing Underwriters, if any,
shall be selected by the Majority Holders, subject to the consent of the Issuers
(which shall not be unreasonably withheld), and the Holders of Securities or Exchange
Securities covered by such Shelf Registration Statement shall be responsible for
all underwriting commissions and discounts.

(b)           No person may participate in any
underwritten offering pursuant to any Shelf Registration Statement, unless such
person (i) agrees to sell such person’s Securities or Exchange Securities, as
the case may be, on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and (ii)
completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

18

8.             Registration
Defaults.

(a)           If any of the following events shall
occur, then the Issuers shall pay liquidated damages (the “Liquidated Damages”)
to the Holders of Securities in respect of the Securities as follows:

(i)    if (a) neither (x) the Registered Exchange
Offer is completed, nor (y) if required, the Shelf Registration Statement is
declared effective, within, in each case, 300 days of the Closing Date, then Liquidated
Damages shall accrue on the Registrable Securities at a rate of 0.25% per annum
on the principal amount of such Registrable Securities for the first 90 days
from and including such specified date and increasing by an additional 0.25%
per annum at the beginning of each subsequent 90-day period thereafter; provided that Liquidated Damages in the aggregate under this
Section 8 may not exceed 1.0% per annum of the principal amount of such
Registrable Securities; or

(ii)   notwithstanding that the Issuers have
consummated or will consummate a Registered Exchange Offer, if the Issuer is
required to file a Shelf Registration Statement and such Shelf Registration
Statement is not declared effective on or prior to the 300th day following the
date the filing of such Shelf Registration Statement is required or requested
pursuant to Section 3(a), then Liquidated Damages shall accrue on the
Registrable Securities at a rate of 0.25% per annum of the principal amount of
such Registrable Securities for the first 90 days from and including such
specified date and increasing by an additional 0.25% per annum at the beginning
of each subsequent 90-day period thereafter; provided that Liquidated Damages
in the aggregate under this Section 8 may not exceed 1.0% per annum of the
principal amount of such Registrable Securities; or

(iii)  subject to the last sentence of Section 4(k)(ii)
above, if the Shelf Registration Statement required by Section 3(a) of this
Agreement has been declared effective but thereafter ceases to be effective at
any time at which it is required to be effective under this Agreement and such
failure to remain effective exists for more than 30 consecutive days or more
than 60 days (whether or not consecutive) during the period for which the Shelf
Registration Statement is required, then commencing on the 31st day or 61st
day, as applicable, following the date on which such Shelf Registration
Statement ceases to be effective, Liquidated Damages shall accrue on the Registrable
Securities at a rate of 0.25% per annum of the principal amount of such
Registrable Securities for the first 90 days from and including such 31st day
or 61st day, as applicable, following the date on which such Shelf Registration
Statement ceases to be effective and increasing by an additional 0.25% per
annum at the beginning of each subsequent 90-day period thereafter; provided that Liquidated Damages in the aggregate under this
Section 8 may not exceed 1.0% per annum of the principal amount of such
Registrable Securities;

provided,
however, that upon (1) the completion of the Exchange Offer (in the case 

19

of paragraph (i) above),
(2) the effectiveness of the Shelf Registration Statement (in the case of
paragraph (ii) above) and (3) the effectiveness of the Shelf Registration
Statement which had ceased to remain effective (in the case of paragraph (iii)
above), Liquidated Damages shall cease to accrue.

(b)           The Company Issuers shall notify the
Trustee in writing within one Business Day after each and every date on which
an event occurs in respect of which Liquidated Damages are required to be paid
and within one Business Day after such Liquidated Damages cease to accrue.  Any amounts of Liquidated Damages due
pursuant to paragraphs (i), (ii) or (iii) of this Section 8(a) will be payable
in cash on each interest payment date specified by the Indenture to the record
holder entitled to receive the interest payment to be made on such date,
commencing with the first such date occurring after any such Liquidated Damages
commences to accrue.

(c)           The parties hereto agree that the
liquidated damages in the form of Liquidated Damages provided for in this
Section 8 constitute a reasonable estimate of and are intended to constitute
the sole damages payable under this Agreement that will be suffered by Holders
of Securities by reason of the failure of (i) the Registered Exchange Offer to
be completed; (ii) the Shelf Registration Statement, if required hereby, to be
declared effective, or (iii) the Shelf Registration Statement to remain
effective (and the prospectus contained therein to remain usable), in each case
to the extent required by this Agreement.

9.             No Inconsistent Agreements.  The Issuers have not entered into, and agree
not to enter into, any agreement with respect to their securities that is inconsistent
with the rights granted to the Holders herein or that otherwise conflicts with
the provisions hereof.

10.           Amendments and Waivers.  The provisions of this Agreement may not be
amended, qualified, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, unless the Issuer has obtained the
written consent of the Holders of a majority of the aggregate principal amount
of the Registrable Securities outstanding; provided that,
with respect to any matter that directly or indirectly affects the rights and
obligations of any Initial Purchaser hereunder, the Issuer shall obtain the
written consent of each such Initial Purchaser against which such amendment,
qualification, supplement, waiver or consent is to be effective; provided, further, that no amendment, qualification,
supplement, waiver or consent with respect to Section 8 hereof shall
be effective as against any Holder of Registered Securities unless consented to
in writing by such Holder; and provided, further,
that the provisions of this Article 10 may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the provisions
hereof may not be given, unless the Issuer has obtained the written consent of
the Initial Purchasers and each Holder.  Notwithstanding the
foregoing (except the foregoing provisos), a waiver or consent to depart from
the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders whose Securities or Exchange Securities, as the case may be, are
being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by the Majority
Holders, determined on the basis of Securities or Exchange Securities, as the
case may be, being sold rather than registered under such Registration
Statement.

20

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

(a)           if to a Holder, at the most current
address given by such Holder to the Issuer in accordance with the provisions of
this Section 11, which address initially is, with respect to each Holder,
the address of such Holder maintained by the Registrar (as such term is defined
in the Indenture) under the Indenture;

(b)           if to the Initial
Purchasers, initially at the address or addresses set forth in the Purchase
Agreement; and

(c)           if to the Company
Issuers or any Guarantor, initially at the address set forth in the Purchase
Agreement.

All such notices and
communications shall be deemed to have been duly given when received.

The Initial Purchasers or
the Company Issuers by notice to the other parties may designate additional or
different addresses for subsequent notices or communications.

12.           Remedies. 
Each Holder, in addition to being entitled to exercise all rights
provided to it herein, in the Indenture or in the Purchase Agreement or granted
by law, including recovery of liquidated or other damages, will be entitled to
specific performance of its rights under this Agreement.  Each Issuer agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by
them of the provisions of this Agreement and hereby agree to waive in any
action for specific performance the defense that a remedy at law would be
adequate.

13.           Successors and Assigns.  This Agreement shall inure to the benefit of
and be binding upon the parties hereto, their respective successors and
assigns, including, without the need for an express assignment or any consent
by the Issuer thereto, subsequent Holders of Securities and the Exchange
Securities, and the indemnified persons referred to in Section 6 hereof.  Each Issuer hereby agrees to extend the
benefits of this Agreement to any Holder of Securities and the Exchange Securities,
and any such Holder may specifically enforce the provisions of this Agreement
as if an original party hereto.

14.           Counterparts. 
This Agreement may be signed in one or more counterparts which may be
delivered in original form or by telecopier, each of
which when so executed shall constitute an original and all of which together
shall constitute one and the same agreement.

15.           Headings. 
The section headings used herein are for convenience only and shall not
affect the construction hereof.

16.           Applicable Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of New York applicable to contracts made and to be performed
in the State of New York.  The parties
hereto each hereby waive any right to trial by jury in any action, proceeding
or counterclaim arising out of or relating to this Agreement.

21

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

18.           Securities Held by any Issuer, etc.  Whenever the consent or approval of Holders
of a specified percentage of principal amount of Securities or Exchange
Securities is required hereunder, Securities or Exchange Securities, as
applicable, held by the Company Issuers, any Guarantor or their Affiliates
(other than subsequent Holders of Securities or Exchange Securities if such
subsequent Holders are deemed to be Affiliates solely by reason of their
holdings of such Securities or Exchange Securities) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage.

[Signature
pages follow.]

 

22

 

If the foregoing is in
accordance with your understanding of our agreement, please sign and return to
us the enclosed duplicate hereof, whereupon this letter and your acceptance
shall represent a binding agreement by and among the Company Issuers, the
Guarantors and the several Initial Purchasers.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GPC CAPITAL CORP. I

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Secretary and Assistant Treasurer

  

 

 

	
   

  	
  GRAHAM
  PACKAGING COMPANY, L.P.

  
	
   

  	
  By:

  	
  GPC
  Opco GP, LLC,

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Secretary and Assistant Treasurer

  
					

 

 

	
   

  	
  GRAHAM
  PACKAGING HOLDINGS COMPANY

  
	
   

  	
  By:

  	
  BCP/Graham
  Holdings LLC,

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  GPC SUB GP LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Finance and Administration,
  Treasurer and Secretary

  

 

 

[SIGNATURES CONTINUE ON THE
FOLLOWING PAGE]

23

 

	
   

  	
  GRAHAM PACKAGING LATIN
  AMERICA, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Finance and Administration,
  Treasurer and Secretary

  

 

 

	
   

  	
  GRAHAM
  PACKAGING POLAND, L.P.

  
	
   

  	
  By:

  	
  GPC
  Sub GP LLC,

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Finance and Administration, Treasurer
  and Secretary

  
					

 

 

	
   

  	
  GRAHAM
  RECYCLING COMPANY, L.P.

  
	
   

  	
  By:

  	
  GPC Sub GP LLC,

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Finance and Administration, Treasurer
  and Secretary

  
					

 

 

	
   

  	
  GRAHAM
  PACKAGING FRANCE PARTNERS

  
	
   

  	
  By:

  	
  Graham Packaging Company, L.P.,

  
	
   

  	
   

  	
  its
  partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer,Treasurer and Secretary

  
					

 

 

 

[SIGNATURES CONTINUE ON THE
FOLLOWING PAGE]

24

 

	
   

  	
  GRAHAM PACKAGING WEST
  JORDAN, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John E. Hamilton

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer, Treasurer and Secretary

  

 

 

	
   

  	
  GRAHAM PACKAGING ACQUISITION CORP.

  
	
   

  	
  OWENS-BROCKWAY PLASTIC PRODUCTS INC.

  
	
   

  	
  CONTINENTAL PET TECHNOLOGIES, INC.

  
	
   

  	
  LANCOP U.S.A., INC.

  
	
   

  	
  CONTROLLERS U.S.A., INC.

  
	
   

  	
  COMERC U.S.A., INC.

  
	
   

  	
  OI REGIOPLAST STS INC.

  
	
   

  	
  TECHNOLOGICAL SPECIALTIES, INC.

  
	
   

  	
  OI VENEZUELA PLASTIC PRODUCTS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John E. Hamilton

  
	
   

  	
   

  	
  Name:

  	
  John
  E. Hamilton

  
	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  

 

 

[SIGNATURES
CONTINUE ON THE FOLLOWING PAGE]

25

Accepted as of the date hereof

Citigroup Global Markets Inc.

Deutsche Bank Securities Inc. 

Goldman, Sachs & Co.

Lehman Brothers Inc.

ABN AMRO Incorporated

 

Acting
severally on behalf of themselves and the several Initial Purchasers.

	
  By:

  	
  Citigroup Global Markets Inc.

  

 

	
  By:

  	
  /s/ Whitner Marshall

  
	
   

  	
  Name: Whitner Marshall

  
	
   

  	
  Title: Director

  

 

26

ANNEX
A

Each broker-dealer that
receives Exchange Securities for its own account pursuant to the Exchange Offer
must acknowledge that it shall deliver a prospectus in connection with any
resale of such Exchange Securities.  The
Letter of Transmittal states that by so acknowledging and by delivering a
Prospectus, a broker-dealer shall not be deemed to admit that it is an “underwriter”
within the meaning of the Act.  This
prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Securities received
in exchange for Securities where such Securities were acquired by such
broker-dealer as a result of market-making activities or other trading
activities.  The Issuers have agreed
that, for a period of 90 days after consummation of the Registered Exchange
Offer, they shall make this Prospectus available to any broker-dealer for use
in connection with any such resale.  See “Plan
of Distribution”.

A-1

ANNEX
B

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

B-1

ANNEX
C

PLAN
OF DISTRIBUTION

Each broker-dealer that
receives Exchange Securities for its own account pursuant to the Registered
Exchange Offer must acknowledge that it will deliver a Prospectus in connection
with any resale of such Exchange Securities. 
This Prospectus, as it may be amended or supplemented from time to time,
may be used by a broker-dealer in connection with resales of Exchange
Securities received in exchange for Securities where such Securities were
acquired as a result of market-making activities or other trading activities.  Each Issuer has agreed that, for a period of 90
days after the consummation of the Registered Exchange Offer, it will make this
Prospectus, as amended or supplemented, available to any broker-dealer for use
in connection with any such resale.  In
addition, until __________, 20___, all dealers effecting transactions in the Exchange
Securities may be required to deliver a Prospectus.

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

For a period of 90 days
after the consummation of the Registered Exchange Offer, the Issuers will
promptly send additional copies of this Prospectus and any amendments or
supplements to this Prospectus to any broker-dealer that requests such
documents in the Letter of Transmittal. 
The Company has agreed to pay all expenses incident to the Registered
Exchange Offer (including the expenses of one counsel for the holder of the
Securities) other than commissions or concessions of any brokers or dealers and
will indemnify the holders of the Securities (including any broker-dealers)
against certain liabilities, including liabilities under the Act.

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

C-1

ANNEX
D

LANGUAGE
TO BE INCLUDED IN LETTER OF TRANSMITTAL

1.                                       PLEASE FILL IN
YOUR NAME AND ADDRESS BELOW IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
SUPPLEMENTS THERETO.

 

	
  Name

  	
   

  	
   

  
	
  Address

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

2.                                       If the
undersigned is not a Broker-Dealer, the undersigned represents that it acquired
the Exchange Securities in the ordinary course of its business, it is not
engaged  in, and does not intend to
engage in, a distribution of Exchange Securities and it has no arrangements or
understandings with any person to participate in a distribution of the Exchange
Securities.  If the undersigned is a Broker-Dealer
that will receive Exchange Securities for its own account in exchange for
Securities, it represents that the Securities to be exchanged for Exchange
Securities were acquired by it as a result of market-making activities or other
trading activities and acknowledges that it shall deliver a Prospectus in connection
with any resale of such Exchange Securities; however, by so acknowledging and
by delivering a Prospectus, the undersigned shall not be deemed to admit that
it is an “underwriter” within the meaning of the Act.

 

D-1

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