Document:

<PAGE>

                                                                     EXHIBIT 4.3

                          REGISTRATION RIGHTS AGREEMENT

                  THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is made
and entered into, as of July 30, 2003 between (i) America West Airlines, Inc., a
Delaware corporation (the "COMPANY"), and Merrill Lynch & Co., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, as representative of the Initial Purchasers
(the "INITIAL PURCHASERS") listed on Schedule A of the Purchase Agreement, dated
July 24, 2003 (the "PURCHASE AGREEMENT"), between the Issuers and the Initial
Purchasers and (ii) America West Holdings Corporation, a Delaware corporation,
as guarantor (the "GUARANTOR" and, together with the Company, the "ISSUERS") and
Merrill Lynch & Co, Merrill Lynch, Pierce, Fenner & Smith Incorporated, as
representative of the Initial Purchasers. In order to induce the Initial
Purchasers to enter into the Purchase Agreement, each Issuer has agreed to
provide the registration rights set forth in this Agreement. The execution of
this Agreement is a condition to the closing under the Purchase Agreement.

                  Each Issuer has agreed with the Initial Purchasers, (i) for
their benefit as Initial Purchasers and (ii) for the benefit of the beneficial
owners (including the Initial Purchasers) from time to time of the Notes (as
defined herein), guaranteed by the Guarantor (the "GUARANTEES"), the Notes and
the Guarantees are collectively referenced to herein as the "SECURITIES," and
the beneficial owners from time to time of the Underlying Common Stock (as
defined herein) issued upon exchange of the Notes (each of the foregoing a
"HOLDER" and together the "HOLDERS"), as follows:

                  SECTION 1. Definitions. Capitalized terms used herein without
definition shall have their respective meanings set forth in the Purchase
Agreement. In addition to the terms that are defined elsewhere in this
Agreement, the following terms shall have the following meanings:

                  "AFFILIATE," with respect to any specified person, has the
meaning specified in Rule 144.

                  "APPLICABLE EXCHANGE PRICE" means, as of any date of
determination, the Applicable Principal Amount per $1,000 principal amount at
maturity of Notes as of such date of determination divided by the Exchange Rate
in effect as of such date of determination or, if no Notes are then outstanding,
the Exchange Rate that would be in effect were Notes then outstanding.

                  "APPLICABLE PRINCIPAL AMOUNT" means, as of any date of
determination, with respect to each $1,000 principal amount at maturity of Notes
means the sum of the initial issue price of such Notes ($343.61) plus accrued
original issue discount with respect to such Notes through such date of
determination or, if no Notes are then outstanding, such sum calculated as if
such Notes were then outstanding.

                  "BUSINESS DAY" means each Monday, Tuesday, Wednesday, Thursday
and Friday that is not a day on which banking institutions in The City of New
York are authorized or obligated by law or executive order to close.

<PAGE>

                  "COMMON STOCK" means any shares of the class B common stock,
$0.01 par value, of the Guarantor and any other shares of common stock as may
constitute "Common Stock" for purposes of the Indenture, including the
Underlying Common Stock.

                  "DAMAGES ACCRUAL PERIOD" has the meaning specified in Section
2(e) hereof.

                  "DAMAGES PAYMENT DATE" means each January 30 and July 30.

                  "DEFERRAL NOTICE" has the meaning specified in Section 3(i)
hereof.

                  "DEFERRAL PERIOD" has the meaning specified in Section 3(i)
hereof.

                  "EFFECTIVENESS DEADLINE DATE" has the meaning specified in
Section 2(a) hereof.

                  "EFFECTIVENESS PERIOD" means the earlier of (i) the sale
pursuant to the Shelf Registration Statement of all the Notes and the Common
Stock issuable upon exchange of the Notes, (ii) the expiration of the holding
period applicable to the Registrable Securities held by persons that are not
Affiliates of the Issuers under Rule 144(k) under the Securities Act, or any
successor provision, and (iii) two years after the effective date of the Initial
Shelf Registration Statement, subject to certain permitted exceptions specified
in Section 3(i) hereof.

                  "EVENT" has the meaning specified in Section 2(e) hereof.

                  "EVENT DATE" has the meaning specified in Section 2(e) hereof.

                  "EVENT TERMINATION DATE" has the meaning specified in Section
2(e) hereof.

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

                  "EXCHANGE RATE" has the meaning assigned to such term in the
Guarantee and Exchange Agreement.

                  "FILING DEADLINE DATE" has the meaning specified in Section
2(a) hereof.

                  "GUARANTEE" means, as applied to any obligation, (i) a
guarantee (other than by endorsement of negotiable instruments for collection in
the ordinary course of business), direct or indirect, in any manner, of any part
or all of such obligation and (ii) an agreement, direct or indirect, contingent
or otherwise, the practical effect of which is to assure in any way the payment
or performance (or payment of damages in the event of non-performance) of all or
any part of such obligation, including, without limiting the foregoing, the
payment of amounts drawn down by letters of credit.

                  "GUARANTEE AND EXCHANGE AGREEMENT" means the Guarantee and
Exchange Agreement dated as of the date hereof between the Guarantor and U.S.
Bank National Association, as trustee and Exchange Agent.

                  "GUARANTOR" has the meaning specified in the introductory
paragraph hereto.

                                       2

<PAGE>

                  "HOLDER" has the meaning specified in the second paragraph of
this Agreement.

                  "INDENTURE" means the Indenture dated as of the date hereof
between the Company and U.S. Bank National Association, as trustee, pursuant to
which the Notes are being issued.

                  "INITIAL PURCHASERS" mean Merrill Lynch, Pierce, Fenner &
Smith Incorporated and Citigroup Global Markets Inc.

                  "INITIAL SHELF REGISTRATION STATEMENT" has the meaning
specified in Section 2(a) hereof.

                  "ISSUE DATE" means July 30, 2003.

                  "LIQUIDATED DAMAGES AMOUNT" has the meaning specified in
Section 2(e) hereof.

                  "MATERIAL EVENT" has the meaning specified in Section 3(i)
hereof.

                  "NOTES" means the Senior Exchangeable Notes due 2023 of the
Company to be purchased pursuant to the Purchase Agreement.

                  "NOTICE AND QUESTIONNAIRE" means a written notice delivered to
the Issuers containing substantially the information called for by the Form of
Selling Securityholder Notice and Questionnaire attached as Annex A to the
Offering Memorandum of the Company dated July 24, 2003 relating to the Notes and
any supplement thereto as may be reasonably requested by either Issuer in order
to comply with SEC requests for information concerning the Holders or to
otherwise comply with the Securities Act or the rules and regulations
thereunder.

                  "NOTICE HOLDER" means on any date, any Holder that has
delivered a Notice and Questionnaire to the Issuers on or prior to such date.

                  "PROSPECTUS" means 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 415 promulgated under the
Securities Act), as amended or supplemented by any amendment or prospectus
supplement, including post-effective amendments, and all materials incorporated
by reference or explicitly deemed to be incorporated by reference in such
Prospectus.

                  "PURCHASE AGREEMENT" has the meaning specified in the first
paragraph of this Agreement.

                  "RECORD HOLDER" means, with respect to any Damages Payment
Date relating to any Note or shares of Underlying Common Stock as to which any
Liquidated Damages Amount has accrued, the registered holder of such Note or
such shares of Underlying Common Stock, as the case may be, on the 15th day
immediately prior to the next succeeding Damages Payment Date.

                                       3

<PAGE>

                  "REGISTRABLE SECURITIES" means the Notes and the Underlying
Common Stock until such securities have been exchanged and, at all times
subsequent to any such exchange, any securities into or for which such
securities have been exchanged, and any security issued with respect thereto
upon any stock dividend, split, merger or similar event until, in the case of
any such security, the earliest of (i) its effective registration under the
Securities Act and resale in accordance with the Registration Statement covering
it, (ii) expiration of the holding period that would be applicable thereto under
Rule 144(k) were it not held by an Affiliate of the Issuers, or (iii) its sale
to the public pursuant to Rule 144.

                  "REGISTRATION EXPENSES" has the meaning specified in Section 5
hereof.

                  "REGISTRATION STATEMENT" means any registration statement of
the Issuers that covers any of the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus, amendments and
supplements to such registration statement, including post-effective amendments,
all exhibits, and all materials incorporated by reference or explicitly deemed
to be incorporated by reference in such registration statement.

                  "RESTATED PRINCIPAL AMOUNT" has the meaning assigned to such
term in the Indenture.

                  "RESTRICTED SECURITIES" has the meaning assigned to such term
in Rule 144.

                  "RULE 144" means Rule 144 under the Securities Act, as such
Rule may be amended from time to time, or any similar or successor rule or
regulation hereafter adopted by the SEC having substantially the same effect as
such Rule.

                  "RULE 144A" means Rule 144A under the Securities Act, as such
Rule may be amended from time to time, or any similar or successor rule or
regulation hereafter adopted by the SEC having substantially the same effect as
such Rule.

                  "SEC" means the United States Securities and Exchange
Commission.

                  "SECURITIES" has the meaning specified in the introductory
paragraphs hereto.

                  "SECURITIES ACT" means the Securities Act of 1933, as amended,
and the rules and regulations promulgated by the SEC thereunder.

                  "SHELF REGISTRATION STATEMENT" has the meaning specified in
Section 2(a) hereof.

                  "SUBSEQUENT SHELF REGISTRATION STATEMENT" has the meaning
specified in Section 2(b) hereof.

                  "TAX EVENT" has the meaning assigned to such term in the
Indenture.

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

                  "TRUSTEE" means U.S. Bank National Association (or any
successor entity), the Trustee under the Indenture.

                                       4

<PAGE>

                  "UNDERLYING COMMON STOCK" means the Common Stock into which
the Notes are exchangeable or issued upon any such exchange.

                  SECTION 2. Shelf Registration.

                  (a)      Each Issuer shall prepare and file or cause to be
prepared and filed with the SEC no later than a date which is 90 days after the
Issue Date (the "FILING DEADLINE DATE") a Registration Statement for an offering
to be made on a delayed or continuous basis pursuant to Rule 415 of the
Securities Act (a "SHELF REGISTRATION STATEMENT") registering the resale from
time to time by Holders of all of the Registrable Securities (the "INITIAL SHELF
REGISTRATION STATEMENT"). The Initial Shelf Registration Statement shall be on
Form S-3 or another appropriate form permitting registration of such Registrable
Securities for resale by such Holders in accordance with the methods of
distribution reasonably elected by the Holders and set forth in the Initial
Shelf Registration Statement; provided that in no event will such method(s) of
distribution take the form of an underwritten offering of the Registrable
Securities without the prior agreement of the Company. Each of the Issuers shall
use reasonable best efforts to cause the Initial Shelf Registration Statement to
be declared effective under the Securities Act no later than the date (the
"EFFECTIVENESS DEADLINE DATE") that is 180 days after the Issue Date, and to
keep the Initial Shelf Registration Statement (or any Subsequent Shelf
Registration Statement) continuously effective under the Securities Act until
the expiration of the Effectiveness Period. Each Holder that becomes a Notice
Holder on or prior to the date 10 Business Days prior to the time that the
Initial Shelf Registration Statement became effective shall be named as a
selling security holder in the Initial Shelf Registration Statement and the
related Prospectus in such a manner as to permit such Holder to deliver such
Prospectus to purchasers of Registrable Securities in accordance with applicable
law (other than laws not generally applicable to all such Holders).
Notwithstanding the foregoing, no Holder shall be entitled to have the
Registrable Securities held by it covered by such Shelf Registration Statement
unless such Holder has provided a Notice and Questionnaire in accordance with
Section 2(d) and is in compliance with Section 4.

                  (b)      If the Initial Shelf Registration Statement or any
Subsequent Shelf Registration Statement ceases to be effective for any reason at
any time during the Effectiveness Period, each of the Issuers shall use
reasonable best efforts to obtain the prompt withdrawal of any order suspending
the effectiveness thereof, and in any event shall within 30 days of such
cessation of effectiveness amend the Shelf Registration Statement in a manner
reasonably expected by the Issuers to obtain the withdrawal of the order
suspending the effectiveness thereof, or file an additional Shelf Registration
Statement covering all of the securities that as of the date of such filing are
Registrable Securities (a "SUBSEQUENT SHELF REGISTRATION STATEMENT"). If a
Subsequent Shelf Registration Statement is filed, each Issuer shall use
reasonable best efforts to cause the Subsequent Shelf Registration Statement to
become effective as promptly as is reasonably practicable after such filing or,
if filed during a Deferral Period, after the expiration of such Deferral Period,
and to keep such Registration Statement (or subsequent Shelf Registration
Statement) continuously effective until the end of the Effectiveness Period.

                  (c)      The Company shall supplement and amend the Shelf
Registration Statement if required by the rules, regulations or instructions
applicable to the registration form

                                       5

<PAGE>

used by the Company for such Shelf Registration Statement, if required by the
Securities Act or, to the extent to which the Company does not reasonably
object, as reasonably requested by the Initial Purchasers or by the Trustee on
behalf of the registered Holders.

                  (d)      Each Holder of Registrable Securities agrees that if
such Holder wishes to sell Registrable Securities pursuant to a Shelf
Registration Statement and related Prospectus, it will do so only in accordance
with this Section 2(d) and Section 3(i) and Section 4. Each Holder of
Registrable Securities wishing to sell Registrable Securities pursuant to a
Shelf Registration Statement and related Prospectus agrees to deliver a Notice
and Questionnaire (including any supplement thereto) to the Company at least
five (5) Business Days prior to any intended distribution of Registrable
Securities under the Shelf Registration Statement. From and after the date the
Initial Shelf Registration Statement is declared effective, the Issuers shall,
as promptly as is reasonably practicable after the date a Notice and
Questionnaire is delivered, (i) if required by applicable law, file with the SEC
a post-effective amendment to the Shelf Registration Statement or prepare and,
if required by applicable law, file a supplement to the related Prospectus or a
supplement or amendment to any document incorporated therein by reference or
file any other document required by the SEC so that the Holder delivering such
Notice and Questionnaire is named as a selling security holder in the Shelf
Registration Statement and the related Prospectus in such a manner as to permit
such Holder to deliver such Prospectus to purchasers of the Registrable
Securities in accordance with applicable law (other than laws not generally
applicable to all Holders of Registrable Securities wishing to sell Registrable
Securities pursuant to the Shelf Registration Statement and related Prospectus)
and, if the Issuers shall file a post-effective amendment to the Shelf
Registration Statement, use reasonable best efforts to cause such post-effective
amendment to be declared effective under the Securities Act as promptly as is
reasonably practicable; (ii) provide such Holder copies of any documents filed
pursuant to Section 2(d)(i); and (iii) notify such Holder as promptly as is
reasonably practicable after the effectiveness under the Securities Act of any
post-effective amendment filed pursuant to Section 2(d)(i); provided that if
such Notice and Questionnaire is delivered during a Deferral Period, the Issuers
shall so inform the Holder delivering such Notice and Questionnaire and shall
take the actions set forth in clauses (i), (ii) and (iii) above upon expiration
of the Deferral Period in accordance with Section 3(i), provided further that if
under applicable law the Issuers have more than one option as to the type or
manner of making any such filing, it will make the required filing or filings in
the manner or of a type that the Company reasonably expects will result in the
earliest availability of the Prospectus for effecting resales of Registrable
Securities. Notwithstanding anything contained herein to the contrary, the
Issuers shall be under no obligation to name any Holder that is not a Notice
Holder as a selling security holder in any Registration Statement or related
Prospectus; provided, however, that any Holder that becomes a Notice Holder
pursuant to the provisions of Section 2(d) of this Agreement (whether or not
such Holder was a Notice Holder at the time the Registration Statement was
initially declared effective) shall be named as a selling security holder in the
Registration Statement or related Prospectus subject to and in accordance with
the requirements of this Section 2(d).

                  (e)      The parties hereto agree that the Holders of
Registrable Securities will suffer damages, and that it would not be feasible to
ascertain the extent of such damages with precision, if (i) the Initial Shelf
Registration Statement has not been filed on or prior to the Filing Deadline
Date, (ii) the Initial Shelf Registration Statement has not been declared
effective under the Securities Act on or prior to the Effectiveness Deadline
Date, or (iii) the aggregate duration

                                       6

<PAGE>

of Deferral Periods in any period exceeds the number of days permitted in
respect of such period pursuant to Section 3(i) hereof (each of the events of a
type described in any of the foregoing clauses (i) through (iii) is individually
referred to herein as an "EVENT," and the Filing Deadline Date in the case of
clause (i), the Effectiveness Deadline Date in the case of clause (ii), and the
date on which the aggregate duration of Deferral Periods in any period exceeds
the number of days permitted by Section 3(i) hereof in the case of clause (iii),
being referred to herein as an "EVENT DATE"). Events shall be deemed to continue
until the "EVENT TERMINATION DATE," which shall be the following dates with
respect to the respective types of Events: the date the Initial Shelf
Registration Statement is filed in the case of an Event of the type described in
clause (i), the date the Initial Shelf Registration Statement is declared
effective under the Securities Act in the case of an Event of the type described
in clause (ii), and termination of the Deferral Period that caused the limit on
the aggregate duration of Deferral Periods in a period set forth in Section 3(i)
to be exceeded in the case of the commencement of an Event of the type described
in clause (iii).

                  Accordingly, commencing on (and including) any Event Date and
ending on (but excluding) the next date after an Event Termination Date (a
"DAMAGES ACCRUAL PERIOD"), the Company agrees to pay, as liquidated damages and
not as a penalty, an amount (the "LIQUIDATED DAMAGES AMOUNT"), payable on the
Damages Payment Dates to Record Holders of then outstanding Notes that are
Registrable Securities and the Guarantor agrees to pay, as liquidated damages
and not as a penalty, the Liquidated Damages Amount, payable on the Damage
Payment Dates, to Record Holders of then outstanding shares of Underlying Common
Stock issued upon exchange of Notes that are Registrable Securities, in each
case, accruing, for each portion of such Damages Accrual Period beginning on and
including a Damages Payment Date (or, in respect of the first time that the
Liquidation Damages Amount is to be paid to Holders on a Damages Payment Date as
a result of the occurrence of any particular Event, from the Event Date) and
ending on but excluding the first to occur of (A) the date of the end of the
Damages Accrual Period or (B) the next Damages Payment Date, at a rate per annum
equal to 0.25% for the first 90-day period from the Event Date, and thereafter
at a rate per annum equal to 0.50% of the aggregate Applicable Principal Amount
of such Notes, the aggregate Applicable Exchange Price of the shares of
Underlying Common Stock and the Restated Principal Amount of the Semi-annual
Coupon Notes, as the case may be, in each case determined as of the Business Day
immediately preceding the next Damages Payment Date; provided that any
Liquidated Damages Amount accrued with respect to any Note or portion thereof
called for redemption on a redemption date or exchanged into Underlying Common
Stock on an exchange date or to Semi-annual Coupon Notes prior to the Damages
Payment Date shall, in any such event, be paid instead to the Holder who
submitted such Note or portion thereof for redemption or exchange on the
applicable redemption date or exchange date, as the case may be, on such date
(or promptly following the exchange date, in the case of exchange).
Notwithstanding the foregoing, no Liquidated Damages Amounts shall accrue as to
any Registrable Security from and after the earlier of (x) the date such
security is no longer a Registrable Security and (y) expiration of the
Effectiveness Period. The rate of accrual of the Liquidated Damages Amount with
respect to any period shall not exceed the rate provided for in this paragraph
notwithstanding the occurrence of multiple concurrent Events. Following the cure
of all Events requiring the payment by the Issuers of Liquidated Damages Amounts
to the Holders of Registrable Securities pursuant to this Section, the accrual
of Liquidated Damages Amounts will cease (without in any way limiting the

                                       7

<PAGE>

effect of any subsequent Event requiring the payment of the Liquidated Damages
Amount by the Issuers).

                  The Trustee, subject to the applicable provisions of the
Indenture or the Guarantee and Exchange Agreement, shall be entitled, on behalf
of Holders of Notes or Underlying Common Stock, to seek any available remedy for
the enforcement of this Agreement, including for the payment of any Liquidated
Damages Amount. Notwithstanding the foregoing, the parties agree that the sole
monetary damages payable for a violation of the terms of this Agreement with
respect to which liquidated damages are expressly provided shall be such
liquidated damages. Nothing shall preclude a Notice Holder or Holder of
Registrable Securities from pursuing or obtaining specific performance or other
equitable relief with respect to this Agreement.

                  All of the obligations of each Issuer set forth in this
Section 2(e) that are outstanding with respect to any Registrable Security at
the time such security ceases to be a Registrable Security shall survive until
such time as all such obligations with respect to such security have been
satisfied in full (notwithstanding termination of this Agreement pursuant to
Section 8(k)).

                  The parties hereto agree that the liquidated damages provided
for in this Section 2(e) constitute a reasonable estimate of the damages that
may be incurred by Holders of Registrable Securities by reason of the failure of
the Shelf Registration Statement to be filed or declared effective or available
for effecting resales of Registrable Securities in accordance with the
provisions hereof.

                  SECTION 3. Registration Procedures. In connection with the
registration obligations of each Issuer under Section 2 hereof, during the
Effectiveness Period each Issuer shall:

                  (a)      Before filing any Registration Statement or
Prospectus or any amendments or supplements (other than supplements that do
nothing more substantive than name one or more Notice Holders as selling
security holders) thereto with the SEC, furnish to the Initial Purchasers copies
of all such documents proposed to be filed and use reasonable best efforts to
reflect in each such document when so filed with the SEC such comments as the
Initial Purchasers reasonably shall propose within three (3) Business Days of
the delivery of such copies to the Initial Purchasers.

                  (b)      Subject to Section 3(i), prepare and file with the
SEC such amendments and post-effective amendments to each Registration Statement
as may be necessary to keep such Registration Statement continuously effective
for the applicable period specified in Section 2(a); cause the related
Prospectus to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provisions then in
force) under the Securities Act; and use reasonable best efforts to comply with
the provisions of the Securities Act applicable to it with respect to the
disposition of all securities covered by such Registration Statement during the
Effectiveness Period in accordance with the intended methods of disposition by
the sellers thereof set forth in such Registration Statement as so amended or
such Prospectus as so supplemented.

                                       8

<PAGE>

                  (c)      As promptly as reasonably practicable give notice to
the Notice Holders and the Initial Purchasers (i) when any Prospectus,
Prospectus Supplement, Registration Statement or post-effective amendment to a
Registration Statement has been filed with the SEC and, with respect to a
Registration Statement or any post-effective amendment, when the same has been
declared effective (provided, however, that the Issuers shall not be required by
this clause (i) to notify (A) the Initial Purchasers of the filing of a
Prospectus supplement that does nothing more substantive than name one or more
Notice Holders as selling security holders or (B) any Notice Holder of the
filing of a Prospectus supplement that does nothing more substantive than name
one or more other Notice Holders as selling security holders), (ii) of any
request, following the effectiveness of the Initial Shelf Registration Statement
under the Securities Act, by the SEC or any other federal or state governmental
authority for amendments or supplements to any Registration Statement or related
Prospectus or for additional information, (iii) of the issuance by the SEC or
any other federal or state governmental authority of any stop order or
injunction suspending or enjoining the use of any Prospectus or the
effectiveness of any Registration Statement or the initiation or threatening of
any proceedings for that purpose, (iv) of the receipt by either Issuer of any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose, (v) of the occurrence of (but not the nature of or details concerning)
a Material Event (provided, however, that no notice by the Issuers shall be
required pursuant to this clause (v) in the event that the Issuers either
promptly file a Prospectus supplement to update the Prospectus or a Current
Report on Form 8-K or other appropriate Exchange Act report that is incorporated
by reference into the Registration Statement, which, in either case, contains
the requisite information with respect to such Material Event that results in
such Registration Statement no longer containing any untrue statement of
material fact or omitting to state a material fact necessary to make the
statements contained therein not misleading) and (vi) of the determination by
either Issuer that a post-effective amendment to a Registration Statement will
be filed with the SEC, which notice may, at the discretion of the Issuers (or as
required pursuant to Section 3(i)), state that it constitutes a Deferral Notice,
in which event the provisions of Section 3(i) shall apply.

                  (d)      Use reasonable best efforts to obtain the withdrawal
of any order suspending the effectiveness of a Registration Statement or the
lifting of any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities for sale in any jurisdiction in which they
have been qualified for sale, in either case at the earliest possible moment or,
if any such order or suspension is made effective during any Deferral Period, at
the earliest possible moment after the expiration of such Deferral Period.

                  (e)      If reasonably requested by the Initial Purchasers or
any Notice Holder, as promptly as reasonably practicable incorporate in a
Prospectus supplement or post-effective amendment to a Registration Statement
such information as the Initial Purchasers or such Notice Holder shall, on the
basis of a written opinion of nationally recognized counsel experienced in such
matters, determine to be required to be included therein by applicable law and
make any required filings of such Prospectus supplement or such post-effective
amendment; provided that neither Issuer shall be required to take any actions
under this Section 3(e) that are not, in the reasonable opinion of counsel for
the Issuers, in compliance with applicable law.

                                       9

<PAGE>

                  (f)      As promptly as reasonably practicable after the
filing of such documents with the SEC, furnish to each Notice Holder and the
Initial Purchasers, upon their request and without charge, at least one
conformed copy of the Registration Statement and any amendment thereto,
including financial statements, but excluding schedules, all documents
incorporated or deemed to be incorporated therein by reference and all exhibits
(unless requested in writing to either Issuer by such Notice Holder or the
Initial Purchasers, as the case may be).

                  (g)      During the Effectiveness Period, deliver to each
Notice Holder in connection with any sale of Registrable Securities pursuant to
a Registration Statement, without charge, as many copies of the Prospectus or
Prospectuses relating to such Registrable Securities (including each preliminary
prospectus) and any amendment or supplement thereto as such Notice Holder may
reasonably request; and each Issuer hereby consents (except during such periods
that a Deferral Notice is outstanding and has not been revoked) to the use of
such Prospectus or each amendment or supplement thereto by each Notice Holder in
connection with any offering and sale of the Registrable Securities covered by
such Prospectus or any amendment or supplement thereto in the manner set forth
therein.

                  (h)      Subject to Section 3(i), prior to any public offering
of the Registrable Securities pursuant to the Shelf Registration Statement, use
reasonable best efforts to register or qualify or cooperate with the Notice
Holders in connection with the registration or qualification (or exemption from
such registration or qualification) of such Registrable Securities for offer and
sale under the securities or Blue Sky laws of such jurisdictions within the
United States as any Notice Holder reasonably requests in writing (which request
may be included in the Notice and Questionnaire), it being agreed that no such
registration or qualification will be made unless so requested; prior to any
public offering of the Registrable Securities pursuant to the Shelf Registration
Statement, use reasonable best efforts to keep each such registration or
qualification (or exemption therefrom) effective during the Effectiveness Period
in connection with such Notice Holder's offer and sale of Registrable Securities
pursuant to such registration or qualification (or exemption therefrom) and do
any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of such Registrable Securities in the manner set forth in
the relevant Registration Statement and the related Prospectus; provided that
the Issuers will not be required to (i) qualify as a foreign corporation or as a
dealer in securities in any jurisdiction where it is not otherwise qualified or
(ii) take any action that would subject it to general service of process in
suits or to taxation in any such jurisdiction where it is not then so subject.

                  (i)      Upon (A) the issuance by the SEC of a stop order
suspending the effectiveness of the Shelf Registration Statement or the
initiation of proceedings with respect to the Shelf Registration Statement under
Section 8(d) or 8(e) of the Securities Act, (B) the occurrence of any event or
the existence of any fact (a "MATERIAL EVENT") as a result of which any
Registration Statement shall contain any 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 not misleading, or any Prospectus shall contain any
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 (including, in
any such case, as a result of the non-availability of financial statements), or
(C) the occurrence or existence of any pending corporate development that, in
the discretion of either Issuer, makes it

                                       10

<PAGE>

appropriate to suspend the availability of the Shelf Registration Statement and
the related Prospectus, (i) in the case of clause (B) above, subject to the next
sentence, as promptly as practicable prepare and file a post-effective amendment
to such Registration Statement or a supplement to the related Prospectus or any
document incorporated therein by reference or file any other required document
that would be incorporated by reference into such Registration Statement and
Prospectus so that such Registration Statement does not contain any 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 not misleading, and
such Prospectus does not contain any 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, as thereafter delivered to the purchasers of the
Registrable Securities being sold thereunder, and, in the case of a
post-effective amendment to a Registration Statement, subject to the next
sentence, use reasonable best efforts to cause it to be declared effective as
promptly as is reasonably practicable, and (ii) give notice to the Notice
Holders that the availability of the Shelf Registration Statement is suspended
(a "DEFERRAL NOTICE") and, upon receipt of any Deferral Notice, each Notice
Holder agrees not to sell any Registrable Securities pursuant to the
Registration Statement until such Notice Holder's receipt of copies of the
supplemented or amended Prospectus provided for in clause (i) above, 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. Each Issuer will use
reasonable best efforts to ensure that the use of the Prospectus may be resumed
(x) in the case of clause (A) above, as promptly as is practicable, (y) in the
case of clause (B) above, as soon as, in the reasonable judgment of either
Issuer, public disclosure of such Material Event would not be prejudicial to or
contrary to the interests of each Issuer or, if necessary to avoid unreasonable
burden or expense, as soon as reasonably practicable thereafter and (z) in the
case of clause (C) above, as soon as, in the discretion of either Issuer, such
suspension is no longer appropriate. So long as the period during which the
availability of the Registration Statement and any Prospectus is suspended (the
"DEFERRAL PERIOD") does not exceed forty-five (45) days during any three (3)
month period or one hundred and twenty (120) days during any twelve (12) month
period, neither Issuer shall incur any obligation to pay liquidated damages
pursuant to Section 2(e).

                  (j)      If reasonably requested in writing in connection with
a disposition of Registrable Securities pursuant to a Registration Statement,
make reasonably available for inspection during normal business hours by a
representative for the Notice Holders of such Registrable Securities and any
broker-dealers, attorneys and accountants retained by such Notice Holders, all
relevant financial and other records, pertinent corporate documents and
properties of the Issuers and their respective subsidiaries (other than records
and documents that either Issuer agreed contractually not to disclose), and
cause the appropriate executive officers, directors and designated employees of
the Issuers and its subsidiaries to make reasonably available for inspection
during normal business hours all relevant information reasonably requested
(other than information either Issuer agreed contractually not to disclose) by
such representative for the Notice Holders or any such broker-dealers, attorneys
or accountants in connection with such disposition, in each case as is customary
for similar "due diligence" examinations; provided, however, that such persons
shall first agree in writing with the Issuers that any information that is
reasonably designated by the Issuers in writing as confidential at the time of
delivery of such information shall be kept confidential by such persons and
shall be used solely for the purposes

                                       11

<PAGE>

of exercising rights under this Agreement, unless (i) disclosure of such
information is required by court or administrative order or is necessary to
respond to inquiries of regulatory authorities, (ii) disclosure of such
information is required by law (including any disclosure requirements pursuant
to federal securities laws in connection with the filing of any Registration
Statement or the use of any Prospectus referred to in this Agreement), (iii)
such information becomes generally available to the public other than as a
result of a disclosure or failure to safeguard by any such person or (iv) such
information becomes available to any such person from a source other than the
Issuers and such source is not bound by a confidentiality agreement or other
obligation of confidentiality; and provided further that the foregoing
inspection and information gathering shall, to the greatest extent possible, be
coordinated on behalf of all the Notice Holders and the other parties entitled
thereto by the counsel referred to in Section 5.

                  (k)      Use reasonable best efforts to comply with all
applicable rules and regulations of the SEC and make generally available to its
security holders earning statements (which need not be audited) satisfying the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or
any similar rule promulgated under the Securities Act) no later than the time
period prescribed by the SEC for filing a Form 10-Q after the end of any
12-month period (or the time period prescribed by the SEC for filing a Form 10-K
after the end of any 12-month period if such period is a fiscal year) commencing
on the first day of the first fiscal quarter of the Issuers commencing after the
effective date of a Registration Statement, which statements shall cover said
12-month periods.

                  (l)      Unless the Securities are in book-entry form,
cooperate with each Notice Holder to facilitate the timely preparation and
delivery of certificates representing Registrable Securities sold pursuant to a
Registration Statement, and cause such Registrable Securities to be in such
denominations as are permitted by the Indenture and registered in such names as
such Notice Holder may request in writing at least two Business Days prior to
any sale of such Registrable Securities.

                  (m)      Provide a CUSIP number for all Registrable Securities
covered by each Registration Statement not later than the effective date of such
Registration Statement and provide the Trustee for the Notes and the transfer
agent for the Common Stock with certificates for the Registrable Securities that
are in a form eligible for deposit with The Depository Trust Company.

                  (n)      Use reasonable best efforts to provide such
information as is required for any filings required to be made with the National
Association of Securities Dealers, Inc.

                  (o)      Upon the effectiveness of the Initial Shelf
Registration Statement, announce the same, in each case by release to
Businesswire, Reuters Economic Services, Bloomberg Business News or any other
means of dissemination reasonably expected to make such information known
publicly.

                  (p)      Take all actions necessary, or reasonably requested
by the holders of a majority of the Registrable Securities being sold, in order
to expedite or facilitate disposition of such Registrable Securities under the
Securities Act; provided that the Issuers shall not be required to take any
action in connection with an underwritten offering without their consent.

                                       12

<PAGE>

                  (q)      Cause the Indenture and Guarantee and Exchange
Agreement to be qualified under the TIA not later than the effective date of any
Registration Statement; and in connection therewith, cooperate with the Trustee
to effect such changes to the Indenture and Guarantee and Exchange Agreement as
may be required for the Indenture or Guarantee and Exchange Agreement to be so
qualified in accordance with the terms of the TIA and execute, and use
reasonable best efforts to cause the Trustee to execute, all documents as may be
required to effect such changes, and all other forms and documents required to
be filed with the SEC to enable the Indenture and Guarantee and Exchange
Agreement to be so qualified in a timely manner.

                  SECTION 4. Holder's Obligations. Each Holder agrees, by
acquisition of the Registrable Securities, that no Holder of Registrable
Securities shall be entitled to sell any of such Registrable Securities pursuant
to a Registration Statement or to receive a Prospectus relating thereto, unless
such Holder has furnished the Issuers with a Notice and Questionnaire (including
any supplement thereto) hereof (including the information required to be
included in such Notice and Questionnaire) and the information set forth in the
next sentence. Each Notice Holder agrees promptly to furnish to the Issuers all
information required to be disclosed in order to make the information previously
furnished to the Issuers by such Notice Holder not misleading, any other
information regarding such Notice Holder and the distribution of such
Registrable Securities as may be required to be disclosed in the Registration
Statement under applicable law or pursuant to SEC comments and any information
otherwise required by the Issuers to comply with applicable law or regulations.
Each Holder further agrees, following termination of the Effectiveness Period,
to notify the Issuers, within 10 Business Days of a request, of the amount of
Registrable Securities sold pursuant to the Registration Statement and, in the
absence of a response, each Issuer may assume that all of the Holder's
Registrable Securities were so sold.

                  SECTION 5. Registration Expenses. Each Issuer shall bear all
fees and expenses incurred in connection with the performance by such Issuer of
its respective obligations under Sections 2 and 3 of this Agreement whether or
not any of the Registration Statements are declared effective. Such fees and
expenses shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (x) with respect to filings
required to be made with the National Association of Securities Dealers, Inc.
and (y) of compliance with federal and state securities or Blue Sky laws to the
extent such filings or compliance are required pursuant to this Agreement
(including, without limitation, reasonable fees and disbursements of the counsel
specified in the next sentence in connection with Blue Sky qualifications of the
Registrable Securities under the laws of such jurisdictions as the Notice
Holders of a majority of the Registrable Securities being sold pursuant to a
Registration Statement may designate)), (ii) printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities
in a form eligible for deposit with The Depository Trust Company), (iii)
duplication expenses relating to copies of any Registration Statement or
Prospectus delivered to any Holders hereunder, (iv) fees and disbursements of
counsel for the Issuers in connection with the Shelf Registration Statement, and
(v) reasonable fees and disbursements of the Trustee and its counsel and of the
registrar and transfer agent for the Common Stock. In addition, the Issuers
shall bear or reimburse the Notice Holders for the fees and disbursements of one
firm of legal counsel for the Holders, which shall, upon the written consent of
the Initial Purchasers (which shall not be unreasonably withheld), be another

                                       13

<PAGE>

nationally recognized law firm experienced in securities law matters designated
by the Issuers. In addition, each Issuer shall pay its own internal expenses
(including, without limitation, all salaries and expenses of officers and
employees performing legal or accounting duties), the expense of any annual
audit, the fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange on which the same securities
of such Issuer are then listed and the fees and expenses of any person,
including special experts, retained by such Issuer.

                  SECTION 6. Indemnification; Contribution.

                  (a)      The Company agrees to indemnify and hold harmless
each Initial Purchaser and each holder of Registrable Securities and each
person, if any, who controls such Initial Purchaser or any holder of Registrable
Securities within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, as follows:

                  (i)      against any and all loss, liability, claim, damage
         and expense whatsoever, as incurred, arising out of any untrue
         statement or alleged untrue statement of a material fact contained in
         the Registration Statement (or any amendment thereto), or the omission
         or alleged omission therefrom of a material fact required to be stated
         therein or necessary in order to make the statements therein, in light
         of the circumstances under which they were made, not misleading or
         arising out of any untrue statement or alleged untrue statement of a
         material fact included in any preliminary prospectus or the Prospectus
         (or any amendment or supplement thereto), or the omission or alleged
         omission therefrom of a material fact required to be stated therein or
         necessary in order to make the statements therein, in the light of the
         circumstances under which they were made, not misleading;

                  (ii)     against any and all loss, liability, claim, damage
         and expense whatsoever, as incurred, to the extent of the aggregate
         amount paid in settlement of any litigation, or any investigation or
         proceeding by any governmental agency or body, commenced or threatened,
         or of any claim whatsoever based upon any such untrue statement or
         omission, or any such alleged untrue statement or omission, provided
         that (subject to Section 6(e) below) any such settlement is effected
         with the prior written consent of the Company; and

                  (iii)    against any and all expense whatsoever, as incurred
         (including the reasonable fees and disbursements of counsel),
         reasonably incurred in investigating, preparing or defending against
         any litigation, or any investigation or proceeding by any governmental
         agency or body, commenced or threatened, or any claim whatsoever based
         upon any such untrue statement or omission, or any such alleged untrue
         statement or omission, to the extent that any such expense is not paid
         under (i) or (ii) above;

provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company or the
Guarantor by and with respect to any Initial Purchaser through Merrill Lynch,
such holder of Registrable Securities (which also acknowledges the indemnity
provisions herein) or any person, if any, who controls such Initial Purchaser or
any such holder

                                       14

<PAGE>

of Registrable Securities expressly for use in the Registration Statement (or
any amendment thereto), or any preliminary prospectus or the Prospectus (or any
amendment or supplement thereto); provided further that this indemnity agreement
shall not apply to any loss, liability, claim, damage or expense (1) arising
from an offer or sale of Registrable Securities occurring during a Deferral
Period, if a Deferral Notice was given to such Notice Holder in accordance with
Section 8(c), or (2) if the Holder fails to deliver at or prior to the written
confirmation of sale, the most recent Prospectus, as amended or supplemented,
and such Prospectus, as amended or supplemented, would have corrected such
untrue statement or omission or alleged untrue statement or omission of a
material fact.

                  (b)      The Guarantor agrees to indemnify and hold harmless
each Initial Purchaser and each holder of Registrable Securities and each
person, if any, who controls such Initial Purchaser or any holder of Registrable
Securities within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, as follows:

                  (i)      against any and all loss, liability, claim, damage
         and expense whatsoever, as incurred, arising out of any untrue
         statement or alleged untrue statement of a material fact contained in
         the Registration Statement (or any amendment thereto), or the omission
         or alleged omission therefrom of a material fact required to be stated
         therein or necessary in order to make the statements therein, in light
         of the circumstances under which they were made, not misleading or
         arising out of any untrue statement or alleged untrue statement of a
         material fact included in any preliminary prospectus or the Prospectus
         (or any amendment or supplement thereto), or the omission or alleged
         omission therefrom of a material fact required to be stated therein or
         necessary in order to make the statements therein, in the light of the
         circumstances under which they were made, not misleading;

                  (ii)     against any and all loss, liability, claim, damage
         and expense whatsoever, as incurred, to the extent of the aggregate
         amount paid in settlement of any litigation, or any investigation or
         proceeding by any governmental agency or body, commenced or threatened,
         or of any claim whatsoever based upon any such untrue statement or
         omission, or any such alleged untrue statement or omission, provided
         that (subject to Section 6(e) below) any such settlement is effected
         with the prior written consent of the Company; and

                  (iii)    against any and all expense whatsoever, as incurred
         (including the reasonable fees and disbursements of counsel),
         reasonably incurred in investigating, preparing or defending against
         any litigation, or any investigation or proceeding by any governmental
         agency or body, commenced or threatened, or any claim whatsoever based
         upon any such untrue statement or omission, or any such alleged untrue
         statement or omission, to the extent that any such expense is not paid
         under (i) or (ii) above;

provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company or the
Guarantor by and with respect to any Initial Purchaser through Merrill Lynch,
such holder of Registrable Securities (which also acknowledges the indemnity
provisions herein) or any person, if any, who controls such Initial Purchaser or
any such holder

                                       15

<PAGE>

of Registrable Securities expressly for use in the Registration Statement (or
any amendment thereto), or any preliminary prospectus or the Prospectus (or any
amendment or supplement thereto); provided further that this indemnity agreement
shall not apply to any loss, liability, claim, damage or expense (1) arising
from an offer or sale of Registrable Securities occurring during a Deferral
Period, if a Deferral Notice was given to such Notice Holder in accordance with
Section 8(c), or (2) if the Holder fails to deliver at or prior to the written
confirmation of sale, the most recent Prospectus, as amended or supplemented,
and such Prospectus, as amended or supplemented, would have corrected such
untrue statement or omission or alleged untrue statement or omission of a
material fact.

                  (c)      In connection with any Shelf Registration in which a
holder, including, without limitation, the Initial Purchasers, of Registrable
Securities is participating, in furnishing information relating to such holder
of Registrable Securities to the Company or the Guarantor in writing expressly
for use in such Registration Statement, any preliminary prospectus, the
Prospectus or any amendments or supplements thereto, the holders of such
Registrable Securities agree, severally and not jointly, to indemnify and hold
harmless the Initial Purchasers and each person, if any, who controls the
Initial Purchasers within the meaning of either Section 15 of the Securities Act
or Section 20 of the Exchange Act and the Issuers, and each person, if any, who
controls the Issuers within the meaning of either such Section, against any and
all loss, liability, claim, damage and expense described in the indemnity
contained in subsection (a) and (b) of this Section, as incurred, but only with
respect to untrue statements or omissions, or alleged untrue statements or
omissions, made in the Registration Statement (or any amendment thereto) or any
preliminary prospectus or the Prospectus (or any amendment or supplement
thereto) in reliance upon and in conformity with written information furnished
to the Issuers by or on behalf of such holder of Registrable Securities (which
also acknowledges the indemnity provisions herein) or any person, if any, who
controls any such holder of Registrable Securities expressly for use in the
Registration Statement (or any amendment thereto) or such preliminary prospectus
or the Prospectus (or any amendment or supplement thereto).

                  Each Initial Purchaser agrees to indemnify and hold harmless
the Issuers, the holders of Registrable Securities, and each person, if any, who
controls the Issuers or any holder of Registrable Securities within the meaning
of either Section 15 of the Securities Act or Section 20 of the Exchange Act
against any and all loss, liability, claim, damage and expense described in the
indemnity contained in subsection (a) of this Section, as incurred, but only
with respect to untrue statements or omissions, or alleged untrue statements or
omissions, made in the Registration Statement (or any amendment thereto) or any
preliminary prospectus or the Prospectus (or any amendment or supplement
thereto) in reliance upon and in conformity with written information furnished
to the Issuers by and with respect to any Initial Purchaser expressly for use in
the Registration Statement (or any amendment thereto) or such preliminary
prospectus or the Prospectus (or any amendment or supplement thereto).

                  (d)      Each indemnified party shall give notice as promptly
as reasonably practicable to each indemnifying party of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, but
failure to so notify an indemnifying party shall not relieve such indemnifying
party from any liability hereunder to the extent it is not materially prejudiced
as a result thereof and in any event shall not relieve it from any liability
which it may have otherwise than on account of these indemnity provisions. The
indemnifying

                                       16

<PAGE>

party, upon request of the indemnified party, shall retain counsel reasonably
satisfactory to the indemnified party to represent the indemnified party and any
others the indemnifying party may designate in such proceeding and shall pay the
fees and disbursements of such counsel related to such proceeding. In any such
proceeding, any indemnified party shall have the right to retain a separate firm
as its own counsel, but the fees and expenses of such counsel shall be at the
expense of such indemnified party unless (i) the indemnifying party and the
indemnified party shall have mutually agreed to the retention of such counsel or
(ii) the named parties to any such proceeding (including any impleaded parties)
include both the indemnifying party and the indemnified party and representation
of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood that the
indemnifying party shall not, in respect of the legal expenses of any
indemnified party in connection with any proceeding or related proceedings in
the same jurisdiction, be liable for (A) the reasonable fees and expenses of
more than one firm (in addition to any local counsel) for the Initial
Purchasers, Holders of Registrable Securities, and all persons, if any, who
control the Initial Purchasers or Holders of Registrable Securities within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act or (B) the reasonable fees and expenses of more than one firm (in addition
to any local counsel) for the Issuers, their directors, and each person, if any,
who controls the Issuers within the meaning of either such Section, and that all
such reasonable fees and expenses shall be reimbursed as they are incurred. In
the event a separate firm is retained for the Initial Purchasers, Holders of
Registrable Securities, and control persons of the Initial Purchasers and
Holders of Registrable Securities, such firm shall be designated in writing by
the Initial Purchasers. In the event a separate firm is retained for the
Issuers, and such directors, officers and control persons of the Issuers, such
firm shall be designated in writing by the Issuers. No indemnifying party shall,
without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 6 (whether or
not the indemnified parties are actual or potential parties thereto), unless
such settlement, compromise or consent (i) includes an unconditional release of
each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.

                  (e)      If at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for
reasonable fees and expenses of counsel, such indemnifying party agrees that it
shall be liable for any settlement of the nature contemplated by Section
6(a)(ii) or 6(b)(ii) effected without its written consent if (i) such settlement
is entered into more than 45 days after receipt by such indemnifying party of
aforesaid request, (ii) such indemnifying party shall have received notice of
the terms of such settlement at least 30 days prior to such settlement being
entered into and (iii) such indemnifying party shall not have reimbursed such
indemnified party in accordance with such request prior to the date of such
settlement.

                  (f)      If the indemnification to which an indemnified party
is entitled under this Section 6 is for any reason unavailable to or
insufficient although applicable in accordance with its terms to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or
expenses referred to therein, then each indemnifying party shall contribute to
the

                                       17

<PAGE>

aggregate amount of such losses, liabilities, claims, damages and expenses
incurred by such indemnified party, as incurred, in such proportion as is
appropriate to reflect the relative fault of the indemnifying party or parties
on the one hand and of the indemnified party on the other hand in connection
with the statements or omissions which resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable
considerations.

                  The relative fault of the Issuers on the one hand and the
holders of the Registrable Securities or the Initial Purchasers on the other
hand shall be determined by reference to, among other things, whether any such
untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information supplied by the Issuers
or by the holder of the Registrable Securities or the Initial Purchasers and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission.

                  Each of the Issuers, the Initial Purchasers and the holders of
Registrable Securities agree that it would not be just and equitable if
contribution pursuant to this Section 6(e) were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to above in this Section 6(e). The
aggregate amount of losses, liabilities, claims, damages, and expenses incurred
by an indemnified party and referred to above in this Section 6(e) shall be
deemed to include any legal or other expenses reasonably incurred by such
indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue or alleged untrue statement or omission or alleged omission.

                  Notwithstanding the provisions of this Section 6, neither the
holder of any Registrable Securities nor the Initial Purchasers shall be
required to indemnify or contribute any amount in excess of the amount by which
the total price at which the Registrable Securities sold by such holder of
Registrable Securities or by the Initial Purchasers, as the case may be, exceeds
the amount of any damages that such holder of Registrable Securities or the
Initial Purchasers has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission.

                  No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

                  For purposes of this Section 6(e), each person, if any, who
controls the Initial Purchasers or any holder of Registrable Securities within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act shall have the same rights to contribution as the Initial Purchasers or such
holder, and each person, if any, who controls the Issuers within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act shall have
the same rights to contribution as the Issuers.

                  SECTION 7. Information Requirements. Each Issuer covenants
that, if at any time before the end of the Effectiveness Period such Issuer is
not subject to the reporting requirements of the Exchange Act, it will cooperate
with any Holder of Registrable Securities

                                       18

<PAGE>

and take such further reasonable action as any Holder of Registrable Securities
may reasonably request in writing (including, without limitation, making such
reasonable representations as any such Holder may reasonably request), all to
the extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitations
of Rule 144 and Rule 144A under the Securities Act and customarily taken in
connection with sales pursuant to such exemptions. Upon the written request of
any Holder of Registrable Securities, each Issuer shall deliver to such Holder a
written statement as to whether it has complied with such filing requirements,
unless such a statement has been included in such Issuer's most recent report
required to be filed and filed pursuant to Section 13 or Section 15(d) of the
Exchange Act. Notwithstanding the foregoing, nothing in this Section 7 shall be
deemed to require either Issuer to register any of its securities under any
section of the Exchange Act.

                  SECTION 8. Miscellaneous

                  (a)      No Conflicting Agreements. The Issuers are not, as of
the date hereof, a party to, nor shall it, on or after the date of this
Agreement, enter into, any agreement with respect to the Issuers' securities
that conflicts with the rights granted to the Holders of Registrable Securities
in this Agreement. Each Issuer represents and warrants that the rights granted
to the Holders of Registrable Securities hereunder do not in any way conflict
with the rights granted to the holders of such Issuer's securities under any
other agreements.

                  (b)      Amendments and Waivers. The provisions of this
Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Issuers have obtained the written
consent of Holders of a majority of the then outstanding Underlying Common Stock
constituting Registrable Securities (with Holders of Notes or Semi-annual Coupon
Notes deemed to be the Holders, for purposes of this Section, of the number of
outstanding shares of Underlying Common Stock into which such Notes or
Semi-annual Coupon Notes are or would be convertible or exchangeable as of the
date on which such consent is requested). Notwithstanding the foregoing, a
waiver or consent to depart from the provisions hereof with respect to a matter
that relates exclusively to the rights of Holders of Registrable Securities
whose securities are being sold pursuant to a Registration Statement and that
does not directly or indirectly affect the rights of other Holders of
Registrable Securities may be given by Holders of at least a majority of the
Registrable Securities being sold by such Holders pursuant to such Registration
Statement; provided that the provisions of this sentence may not be amended,
modified, or supplemented except in accordance with the provisions of the
immediately preceding sentence. Each Holder of Registrable Securities
outstanding at the time of any such amendment, modification, supplement, waiver
or consent or thereafter shall be bound by any such amendment, modification,
supplement, waiver or consent effected pursuant to this Section 8(b), whether or
not any notice, writing or marking indicating such amendment, modification,
supplement, waiver or consent appears on the Registrable Securities or is
delivered to such Holder.

                  (c)      Notices. All notices and other communications
provided for or permitted hereunder shall be made in writing by hand delivery,
by telecopier, by courier guaranteeing overnight delivery or by first-class
mail, return receipt requested, and shall be deemed given (i) when made, if made
by hand delivery, (ii) upon confirmation, if made by telecopier, (iii) one (1)

                                       19

<PAGE>

Business Day after being deposited with such courier, if made by overnight
courier, or (iv) on the date indicated on the notice of receipt, if made by
first-class mail, to the parties as follows:

                  if to a Holder of Registrable Securities that is not a Notice
Holder, at the address for such Holder then appearing in the Registrar (as
defined in the Indenture);

                  if to a Notice Holder, at the most current address given by
such Holder to the Company in a Notice and Questionnaire or any amendment
thereto;

                  if to the Issuers, to:

                           America West Airlines, Inc.
                           4000 East Sky Harbor Boulevard
                           Phoenix, Arizona  85034
                           Telephone No. (480) 693-0800
                           Facsimile No. (480) 693-5155
                           Attention:  General Counsel

                  with a copy to:

                           Cooley Godward LLP
                           One Maritime Plaza, 20th Floor
                           San Francisco, CA 94111-3580
                           Telephone No. (415) 693-2000
                           Facsimile No. (415) 951-3699
                           Attention:  Samuel M. Livermore

                  and

                  if to the Initial Purchasers, to:

                           Merrill Lynch & Co.,
                           4 World Financial Center, North Tower
                           New York, New York  10080
                           Attention:  Syndicate Department
                           Telecopier:  (212) 738-1069

                  with a copy to:

                           Shearman & Sterling LLP
                           1080 Marsh Road
                           Menlo Park CA 94025
                           Attention:  James B. Bucher
                           Telecopier:  (650) 838-3737

or to such other address as such person may have furnished to the other persons
identified in this Section 8(c) in writing in accordance herewith.

                                       20

<PAGE>

                  (d)      Approval of Holders. Whenever the consent or approval
of Holders of a specified percentage of Registrable Securities is required
hereunder, Registrable Securities held by the Issuers or their Affiliates (other
than the Initial Purchasers or subsequent Holders of Registrable Securities if
such subsequent Holders are deemed to be such affiliates solely by reason of
their holdings of such Registrable Securities) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage.

                  (e)      Successors and Assigns. This Agreement shall inure to
the benefit of and be binding upon the successors and assigns of each of the
parties hereto and, without requiring any express assignment, shall inure to the
benefit of and be binding upon each Holder of any Registrable Securities.

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

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

                  (h)      Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE TATE OF NEW YORK.

                  (i)      Severability. If any term, provision, covenant or
restriction of this Agreement is held to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall in
no way be affected, impaired or invalidated thereby, and the parties hereto
shall use their best efforts to find and employ an alternative means to achieve
the same or substantially the same result as that contemplated by such term,
provision, covenant or restriction, it being intended that all of the rights and
privileges of the parties hereto shall be enforceable to the fullest extent
permitted by law. Notwithstanding anything to the contrary herein, and for the
avoidance of doubt: (a) this Agreement shall be deemed to be (i) a separate
severable agreement between the Company and the Initial Purchasers, and (ii) a
separate severable agreement between the Guarantor and the Initial Purchasers;
(b) nothing herein shall constitute a contract or agreement by the Company with
or for the benefit of the Guarantor; and (c) neither the Guarantor nor the
Company shall have third party beneficiary rights in respect of their separate
agreements with the Initial Purchasers.

                  (j)      Entire Agreement. This Agreement is intended by the
parties hereto as a final expression of their agreement and is intended to be a
complete and exclusive statement of the agreement and understanding of the
parties hereto in respect of the subject matter contained herein and the
registration rights granted by each Issuer with respect to the Registrable
Securities. Except as provided in the Purchase Agreement, there are no
restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein, with respect to the registration rights granted by the
Issuers with respect to the Registrable Securities. This

                                       21

<PAGE>

Agreement supersedes all prior agreements and undertakings among the parties
hereto with respect to such registration rights.

                  (k)      Termination. This Agreement and the obligations of
the parties hereunder shall terminate upon the end of the Effectiveness Period,
except for any liabilities or obligations under Section 4, 5 or 6 hereof and the
obligations to make payments of and provide for liquidated damages under Section
2(e) hereof to the extent such damages accrue prior to the end of the
Effectiveness Period, each of which shall remain in effect in accordance with
its terms.

                                       22

<PAGE>

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

                                       Very truly yours,

                                       AMERICA WEST AIRLINES, INC.
                                       as Issuer

                                       By:  /s/ Derek J. Kerr
                                            -----------------------------------
                                             Name: Derek J. Kerr
                                             Title: Chief Financial Officer

                                       AMERICA WEST HOLDINGS CORPORATION
                                       as Guarantor

                                       By:  /s/ Derek J. Kerr
                                            ------------------------------------
                                             Name: Derek J. Kerr
                                             Title: Chief Financial Officer

<PAGE>

CONFIRMED AND ACCEPTED as of
the date first above written:

MERRILL LYNCH & CO.
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

By:  MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

By:  /s/ George Ackert
     ----------------------------------
     Name: George Ackert
     Title: Director

For itself and the other Initial Purchaser named in Schedule A to the Purchase
Agreement.<PAGE>

                                                                     EXHIBIT 4.4

                        AMERICA WEST HOLDINGS CORPORATION

                                       AND

                         U.S. BANK NATIONAL ASSOCIATION

                          As Exchange Agent and Trustee

                            Senior Exchangeable Notes
                                    due 2023

                        GUARANTEE AND EXCHANGE AGREEMENT

                            Dated as of July 30, 2003

<PAGE>

                  GUARANTEE AND EXCHANGE AGREEMENT dated as of July 30, 2003
between AMERICA WEST HOLDINGS CORPORATION, a Delaware corporation (the "Parent")
and U.S. BANK NATIONAL ASSOCIATION, a national banking association, in its
capacity as the Trustee (the "Trustee") under that certain Indenture, dated as
of even date herewith (as amended or supplemented from time to time in
accordance with the terms thereof, including the provisions of the Trust
Indenture Act of 1939, as amended, that are deemed to be a part thereof, the
"Indenture"), among AMERICA WEST AIRLINES, INC., a Delaware corporation (the
"Company") and the Trustee and as the Exchange Agent (the "Exchange Agent")
hereunder and under the Indenture.

                             RECITALS OF THE PARENT

                  WHEREAS, the Company has duly authorized the creation of an
issue of Senior Exchangeable Notes due 2023 (the "Securities") having the terms,
tenor, amount and other provisions set forth in the Indenture, and, to provide
therefor, the Company has duly authorized the execution and delivery of the
Indenture.

                  WHEREAS, the Company is a wholly owned subsidiary of the
Parent and the Parent will receive direct and indirect benefits from the
financing arrangements contemplated by the Indenture.

                  WHEREAS, the Parent is entering into this Agreement as
contemplated by the Indenture.

              NOW, THEREFORE, THIS GUARANTY AND EXCHANGE AGREEMENT
                                  WITNESSETH:

                  For and in consideration of the premises and the purchase of
the Securities by the Holders thereof, it is mutually covenanted and agreed, for
the equal and proportionate benefit of all Holders of the Securities, as
follows:

                                   ARTICLE 1

                   DEFINITIONS AND INCORPORATION BY REFERENCE

                  SECTION 1.01 Definitions. Except as otherwise defined herein,
capitalized terms used herein and not otherwise defined shall have the meanings
set forth therefor in the Indenture.

                  "Agreement" means this Agreement, as amended or supplemented
from time to time in accordance with the terms hereof, including the provisions
of the TIA that are deemed to be a part hereof.

                  "Average Sale Price" means the average of the Sale Prices of
the Common Stock for the shortest of

<PAGE>

                                      -2-

                  (1) 30 consecutive trading days ending on the last full
         trading day prior to the Time of Determination with respect to the
         rights, warrants or options or distribution in respect of which the
         Average Sale Price is being calculated, or

                  (2) the period (x) commencing on the date next succeeding the
         first public announcement of (a) the issuance of rights, warrants or
         options or (b) the distribution, in each case, in respect of which the
         Average Sale Price is being calculated and (y) proceeding through the
         last full trading day prior to the Time of Determination with respect
         to the rights, warrants or options or distribution in respect of which
         the Average Sale Price is being calculated (excluding days within such
         period, if any, which are not trading days), or

                  (3) the period, if any, (x) commencing on the date next
         succeeding the Ex-Dividend Time with respect to the next preceding (a)
         issuance of rights, warrants or options or (b) distribution, in each
         case, for which an adjustment is required by the provisions of Sections
         7.06(c), 7.07 or 7.08 and (y) proceeding through the last full trading
         day prior to the Time of Determination with respect to the rights,
         warrants or options or distribution in respect of which the Average
         Sale Price is being calculated (excluding days within such period, if
         any, which are not trading days).

                  "Board of Directors" means either the board of directors of
the Parent or any duly authorized committee of such board.

                  "Capital Stock" for any corporation means any and all shares,
interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) stock or other equity issued
by that corporation.

                  "Common Stock" shall mean the shares of Class B Common Stock,
$0.01 par value, of the Parent as it exists on the date of hereof or any other
shares of Capital Stock of the Parent into which the Common Stock shall be
reclassified or changed. "Common Stock" payable in connection with the purchase
of Securities upon a Change of Control in accordance with Section 3.02 shall be
deemed to include common stock of any entity, including the parent company of
any such entity, that the Parent consolidates or merges with or into, that is
merged into the Parent, or to which the Parent sells or transfers all or
substantially all of its assets.

                  "domestic Subsidiary" means any Subsidiary that was formed
under the laws of the United States or any state or political subdivision
thereof or the District of Columbia.

                  "guarantee" means, as applied to any obligation, (i) a
guarantee (other than by endorsement of negotiable instruments for collection in
the ordinary course of business), direct or indirect, in any manner, of any part
or all of such obligation and (ii) an agreement, direct or indirect, contingent
or otherwise, the practical effect of which is to assure in any way the payment
or performance (or payment of damages in the event of non-performance) of all or
any part of such obligation, including, without limiting the foregoing, the
payment of amounts drawn down by letters of credit.

<PAGE>

                                      -3-

                  "Guarantee" means any guarantee of the Securities by the
Parent or any Subsidiary (other than the Company or its Subsidiaries) in
accordance with the provisions of Article 8.

                  "Guaranteed Obligations" means the principal of and cash
interest on the Securities to be paid in full when due, whether at Stated
Maturity, by acceleration, redemption, or otherwise (including, without
limitation, the amount that would become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Law), together with cash
interest and interest on any overdue interest, to the extent lawful, and all
other obligations of the Company to the Holders or the Trustee under the
Securities and the Indenture to be paid in full or performed, all in accordance
with the terms of the Securities and the Indenture, including, without
limitation, in case of any extension of time of payment or renewal of any
Securities or of any such other obligations, the payment or performance of any
such Securities or other obligations when due or performed in accordance with
the terms of the extension or renewal, whether at Stated Maturity, by
acceleration, redemption or otherwise.

                  "Guarantors" means the Parent and each domestic Subsidiary
(other than the Company and its subsidiaries) that issues a Guarantee pursuant
to the provisions of Article 8.

                  "Officer" means the Chairman of the Board, the Vice Chairman,
the Chief Executive Officer, the President, any Executive Vice President, any
Senior Vice President, any Vice President, the Treasurer or the Secretary or any
Assistant Treasurer or Assistant Secretary of the Parent.

                  "Officer's Certificate" means a written certificate containing
the information specified in Sections 9.04 and 9.05, signed in the name of the
Parent by any Officer, and delivered to the Trustee.

                  "Opinion of Counsel" means a written opinion containing the
information specified in Sections 9.04 and 9.05, from legal counsel who is
acceptable to the Trustee. The counsel may be an employee of, or counsel to, the
Parent, the Company or the Trustee.

                  "Parent" means the party named as the "Parent" in the first
paragraph of this Agreement until a successor replaces it pursuant to the
applicable provisions of this Agreement and, thereafter, shall mean such
successor. The foregoing sentence shall likewise apply to any subsequent such
successor or successors.

                  "person" or "Person" means any individual, corporation,
limited liability company, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, or government or any agency or
political subdivision thereof.

                  "Sale Price" of Capital Stock on any date means (a) the
closing per share sale price (or, if no closing sale price is reported, the
average of the bid and ask prices or, if more than one in either case, the
average of the average bid and the average ask prices) on such date as reported
on the New York Stock Exchange or such other United States securities exchange
on which the Capital Stock is traded or, if the Capital Stock is not listed on a
United States national or regional securities exchange, as reported by the
National Association of Securities Dealers Automated Quotation System or by the
National Quotation Bureau Incorporated or (b) in the

<PAGE>

                                      -4-

absence of such quotation, such price as the Company shall determine on the
basis of such quotations as the Company considers appropriate.

                  "Subsidiary" means (i) a corporation, a majority of whose
Capital Stock with voting power, under ordinary circumstances, to elect
directors is, at the date of determination, directly or indirectly owned by the
Parent, by one or more Subsidiaries of the Parent or by the Parent and one or
more Subsidiaries of the Parent, (ii) a partnership in which the Parent or a
Subsidiary of the Parent holds a majority interest in the equity capital or
profits of such partnership, or (iii) any other person (other than a corporation
or a partnership) in which the Parent, a Subsidiary of the Parent or the Parent
and one or more Subsidiaries of the Parent, directly or indirectly, at the date
of determination, have (x) at least a majority ownership interest or (y) the
power to elect or direct the election of a majority of the directors or other
governing body of such person.

                  "Time of Determination" means the time and date of the earlier
of (i) the determination of stockholders entitled to receive rights, warrants or
options or a distribution, in each case, to which Section 7.07 or 7.08 applies
and (ii) the time ("Ex-Dividend Time") immediately prior to the commencement of
"ex-dividend" trading for such rights, warrants or options or distribution on
the New York Stock Exchange or such other national or regional exchange or
market on which the Common Stock is then listed or quoted.

                  "trading day" means a day during which trading in securities
generally occurs on the New York Stock Exchange or, if the Common Stock is not
listed on the New York Stock Exchange, on the principal other national or
regional securities exchange on which the Common Stock is then listed or, if the
Common Stock is not listed on a national or regional securities exchange, on the
National Association of Securities Dealers Automated Quotation System or, if the
Common Stock is not quoted on the National Association of Securities Dealers
Automated Quotation System, on the principal other market on which the Common
Stock is then traded.

                  "Trustee" means the party named as the "Trustee" in the first
paragraph of this Agreement until a successor replaces it pursuant to the
applicable provisions of this Agreement and the Indenture and, thereafter, shall
mean such successor. The foregoing sentence shall likewise apply to any
subsequent such successor or successors.

                  SECTION 1.02 Other Definitions
<TABLE>
<CAPTION>
                                                                     Defined in
             Term                                                      Section
<S>                                                                  <C>
"Exchange Agent"...................................................      2.01
"Exchange Date"....................................................      7.02
"Exchange Rate"....................................................      7.01
"Ex-Dividend Measurement Period"...................................      7.08
"Extraordinary Cash Dividend"......................................      7.08
"Market Price".....................................................      3.04
"Relevant Cash Dividends"..........................................      7.08
"Rights"...........................................................      7.19
"Rights Agreement".................................................      7.19
</TABLE>

<PAGE>

                                      -5-

                  SECTION 1.03 Incorporation by Reference of Trust Indenture
Act. Whenever this Agreement refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Agreement. All other TIA
terms used in this Agreement that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule have the meanings assigned
to them by such definitions.

                  SECTION 1.04 Rules of Construction. Unless the context
otherwise requires:

                  (1) a defined term has the meaning assigned to it;

                  (2) an accounting term not otherwise defined has the meaning
         assigned to it in accordance with United States generally accepted
         accounting principles as in effect from time to time;

                  (3) "or" is not exclusive;

                  (4) "including" means including, without limitation; and

                  (5) words in the singular include the plural, and words in the
         plural include the singular.

                  SECTION 1.05 Acts of Holders.

                  (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Agreement to be given or taken
by Holders may be embodied in and evidenced by one or more instruments (which
may take the form of an electronic writing or messaging or otherwise be in
accordance with customary procedures of the Depositary or the Trustee) of
substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing (which may be in electronic form); and, except as herein
otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Trustee and, when it is hereby
expressly required, to the Parent. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the "Act" of Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent
(either of which may be in electronic form) shall be sufficient for any purpose
of this Agreement and conclusive in favor of the Trustee and the Parent, if made
in the manner provided in this Section.

                  (b) The fact and date of the execution by any Person of any
such instrument or writing may be proved by the affidavit of a witness of such
execution (or electronic delivery) or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing or delivering such instrument or writing
acknowledged to such officer the execution (or electronic delivery) thereof.
When such execution is by a signer acting in a capacity other than such signer's
individual capacity, such certificate or affidavit shall also constitute
sufficient proof of such signer's authority. The fact and date of the execution
of any such instrument or writing (electronic or otherwise), or the

<PAGE>

                                      -6-

authority of the Person executing the same, may also be proved in any other
manner which the Trustee deems sufficient.

                  (c) The ownership of Securities shall be proved by the
register maintained by the Registrar.

                  (d) Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the holder of every Security issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustee or
the Company in reliance thereon, whether or not notation of such action is made
upon such Security.

                  (e) If the Parent shall solicit from the Holders any request,
demand, authorization, direction, notice, consent, waiver or other Act, the
Parent may, at its option, by or pursuant to a resolution of the Board of
Directors, fix in advance a record date for the determination of Holders
entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Parent shall have no obligation to do so.
If such a record date is fixed, such request, demand, authorization, direction,
notice, consent, waiver or other Act may be given before or after such record
date, but only the Holders of record at the close of business on such record
date shall be deemed to be Holders for the purposes of determining whether
Holders of the requisite proportion of outstanding Securities have authorized or
agreed or consented to such request, demand, authorization, direction, notice,
consent, waiver or other Act, and for that purpose the outstanding Securities
shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this
Agreement within six months after the record date.

                                   ARTICLE 2

                           TRUSTEE AND EXCHANGE AGENT

                  SECTION 2.01 Exchange Agent. The Parent shall maintain an
office or agency where Securities may be presented for exchange ("Exchange
Agent"). The Parent may have one or more additional exchange agents. The term
"Exchange Agent" includes any additional exchange agent, including any named
pursuant to Section 4.04. The Parent shall enter into an appropriate agency
agreement with any Exchange Agent (other than the Trustee). The agreement shall
implement the provisions of this Agreement that relate to such agent. The Parent
shall notify the Trustee of the name and address of any such agent. If the
Parent fails to maintain a Exchange Agent, the Trustee shall act as such and
shall be entitled to appropriate compensation therefor pursuant to Section 2.04.
The Parent or any Subsidiary or an Affiliate of either of them may act as
Exchange Agent or co-registrar. The Parent initially appoints the Trustee as
Exchange Agent in connection with the Securities.

                  SECTION 2.02 Rights, Duties, Etc. of the Trustee. The Trustee
shall have such rights and duties under this Agreement as set forth in Sections
7.01, 7.02 and 7.03 of the

<PAGE>

                                      -7-

Indenture, which sections of the Indenture are hereby incorporated in into this
Agreement in their entirety.

                  SECTION 2.03 Trustee's Disclaimer. The Trustee makes no
representation as to the validity or adequacy of the Indenture, this Agreement
or the Securities, it shall not be accountable for any Guarantor's or the
Company's use or application of the proceeds from the Securities, it shall not
be responsible for any statement in the registration statement for the
Securities under the Securities Act or in the Indenture, this Agreement or the
Securities (other than its certificate of authentication), or the determination
as to which beneficial owners are entitled to receive any notices hereunder.

                  SECTION 2.04 Compensation and Indemnity. The Parent agrees:

                  (a) to pay to the Trustee from time to time such reasonable
compensation as the Parent and the Trustee shall from time to time agree in
writing for all services rendered by it hereunder (which compensation shall not
be limited (to the extent permitted by law) by any provision of law in regard to
the compensation of a trustee of an express trust);

                  (b) to reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any provision of this Agreement (including the reasonable
compensation and the expenses, advances and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its negligence or bad faith; and

                  (c) to indemnify the Trustee or any predecessor, Trustee and
their agents for, and to hold them harmless against, any loss, damage, claim,
liability, cost or expense (including reasonable attorney's fees and expenses
and taxes (other than taxes based upon, measured by or determined by the income
of the Trustee)) incurred without negligence or bad faith on its part, arising
out of or in connection with the acceptance or administration of this trust,
including the reasonable costs and expenses of defending itself against any
claim (whether asserted by the Parent or any Holder or any other Person) or
liability in connection with the exercise or performance of any of its powers or
duties hereunder.

                  To secure the Parent's payment obligations in this Section
2.05, the Holders shall have been deemed to have granted to the Trustee a lien
prior to the Securities on all money or property held or collected by the
Trustee, except that held in trust to pay the Principal Amount at Maturity,
Issue Price plus accrued Original Issue Discount, Redemption Price, Purchase
Price, Change of Control Purchase Price, or cash interest, if any, as the case
may be, on particular Securities.

                  The Parent's payment obligations pursuant to this Section 2.05
shall survive the termination of this Agreement and discharge of the Indenture
and the resignation or removal of the Trustee. When the Trustee incurs expenses
after the occurrence of a Default specified in Section 6.01(6) or (7) of the
Indenture, the expenses including the reasonable charges and expenses of its
counsel, are intended to constitute expenses of administration under any
Bankruptcy Law.

<PAGE>

                                      -8-

                  SECTION 2.05 Replacement of Trustee. The Trustee may resign or
be removed and replaced in accordance with Section 7.08 of the Indenture.

                  SECTION 2.06 Successor Trustee by Merger. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation, the
resulting, surviving or transferee corporation without any further act shall be
the successor Trustee.

                  SECTION 2.07 Eligibility; Disqualification. The Trustee shall
at all times satisfy the requirements of TIA Sections 310(a)(1) and 310(b). The
Trustee (or its parent holding company) shall have a combined capital and
surplus of at least $50,000,000 as set forth in its most recent published annual
report of condition. Nothing herein contained shall prevent the Trustee from
filing with the Commission the application referred to in the penultimate
paragraph of TIA Section 310(b).

                                   ARTICLE 3

              THE PARENT'S RIGHTS UPON REDEMPTION OF THE SECURITIES

                  SECTION 3.01 Exchange Arrangement on Call for Redemption. In
connection with any redemption of Securities, the Parent may arrange for the
purchase and exchange of any Securities called for redemption by an agreement
with one or more investment banks or other purchasers to purchase such
Securities by paying to the Trustee in trust for the Securityholders, on or
prior to 11:30 a.m. New York City time on the Redemption Date, an amount that,
together with any amounts deposited with the Trustee by the Company for the
redemption of such Securities, is not less than the Redemption Price of, and any
accrued and unpaid interest with respect to, such Securities. If such an
agreement is entered into, any Securities not duly surrendered for exchange by
the Holders thereof may, at the option of the Parent, be deemed, to the fullest
extent permitted by law, acquired by such purchasers from such Holders and
(notwithstanding anything to the contrary contained in Article 7 hereof)
surrendered by such purchasers for exchange, all as of immediately prior to the
close of business on the Business Day prior to the Redemption Date, subject to
payment of the above amount as aforesaid. The Trustee shall hold and pay to the
Holders whose Securities are selected for redemption any such amount paid to it
for purchase and exchange in the same manner as it would moneys deposited with
it by the Company for the redemption of Securities. Without the Trustee's prior
written consent, no arrangement between the Parent and such purchasers for the
purchase and exchange of any Securities shall increase or otherwise affect any
of the powers, duties, responsibilities or obligations of the Trustee as set
forth in this Agreement or the Indenture, and the Parent agrees to indemnify the
Trustee from, and hold it harmless against, any loss, liability or expense
arising out of or in connection with any such arrangement for the purchase and
exchange of any Securities between the Parent and such purchasers, including the
costs and expenses incurred by the Trustee in the defense of any claim or
liability arising out of or in connection with the exercise or performance of
any of its powers, duties, responsibilities or obligations under this Indenture.

<PAGE>

                                      -9-

                  SECTION 3.02 Election to Deliver Common Stock Upon Purchase of
Securities at Option of the Holder.

                  (a) Subject to compliance with Section 3.04, the Parent may,
at its option, elect to deliver Common Stock in exchange for Securities in full
or partial satisfaction of the Company's obligation to pay the Purchase Price of
the Securities in respect of which a Purchase Notice pursuant to Section 3.08(a)
of the Indenture has been given and not withdrawn. If the Parent elects to so
deliver Common Stock in exchange for Securities, it shall deliver a notice of
its election thereof to the Trustee, the Company and the Paying Agent no later
than three Business Days prior to the relevant Company Notice Date. The Parent
shall designate in such notice, the percentages or amounts of the Purchase Price
of Securities in respect of which it will deliver Common Stock; provided that
the Parent will pay cash for fractional interests in Common Stock. For purposes
of determining the existence of potential fractional interests, all Securities
subject to purchase by the Company held by a Holder shall be considered together
(no matter how many separate certificates are to be presented). The Parent may
not change its election with respect to the consideration (or the percentage of
consideration to be paid in Common Stock) to be paid once the Parent has given
its notice pursuant hereto to the Company, the Paying Agent and the Trustee
except pursuant to Section 3.04 in the event of a failure to satisfy, prior to
the close of business on the Purchase Date, any condition to the payment of the
Purchase Price, in whole or in part, in Common Stock.

                  (b) The Purchase Price of Securities in respect of which a
Purchase Notice pursuant to Section 3.08(a) of the Indenture has been given, or
a specified percentage thereof, may be paid by the Parent by the issuance of a
number of shares of Common Stock equal to the quotient obtained by dividing (i)
an amount equal to the portion of such Purchase Price being paid in Common Stock
by (ii) the Market Price of a share of Common Stock, subject to Section 3.06.

                  SECTION 3.03 Purchase of Securities at Option of the Holder
upon Change of Control.

                  Subject to compliance with Section 3.04, the Parent may, at
its option, elect to deliver Common Stock in exchange for Securities in full or
partial satisfaction of the Company's obligation to pay the Change of Control
Purchase Price. If the Parent elects to so deliver Common Stock in exchange for
Securities, it shall deliver notice of its election thereof (which notice shall
include the percentage of the Change of Control Purchase Price to be satisfied
by delivery of Common Stock) to the Trustee and the Company no later than 15
Business Days after the occurrence of a Change of Control.

                  The shares of Common Stock deliverable in payment of the
Change of Control Purchase Price less any cash payments shall have a "fair
market value" as of the Change of Control Purchase Date of not less than the
Change of Control Purchase Price less any cash payments made by the Company. For
purposes hereof, the "fair market value" of shares of Common Stock shall be
determined by the Parent and shall be equal to 95% of the average of the Market
Price determined as of the Change of Control Purchase Date;

<PAGE>

                                      -10-

                  SECTION 3.04 Conditions to Exercise of the Parent's Rights to
Deliver Common Stock.

                  The Parent's right to exercise its election to purchase the
Securities pursuant to Sections 3.02 or 3.03 through the issuance of shares of
Common Stock shall be conditioned upon:

                  (i)      the Parent having given timely notice of its election
         to purchase all or a specified percentage of the Securities with Common
         Stock as provided herein;

                  (ii)     the shares of Common Stock having been admitted for
         listing or admitted for listing subject to notice of issuance on the
         New York Stock Exchange or a national securities exchange on which the
         Common Stock is then listed or, if the Common Stock is not then listed
         on a national or regional securities exchange, as quoted on the
         National Association of Securities Dealers Automated Quotation System;

                  (iii)    the registration of the shares of Common Stock to be
         issued in respect of the payment of the Purchase Price under the
         Securities Act of 1933, as amended (the "Securities Act"), or the
         Securities Exchange Act of 1934, as amended (the "Exchange Act"), in
         each case, if required;

                  (iv)     any necessary qualification or registration under
         applicable state securities laws or the availability of an exemption
         from such qualification and registration; and

                  (v)      the receipt by the Trustee of an Officer's
         Certificate and an Opinion of Counsel each stating that (A) the terms
         of the issuance of the Common Stock are in conformity with this
         Agreement and (B) the shares of Common Stock to be issued by the Parent
         in payment of the Purchase Price or the Change of Control Purchase
         Price, as the case may be, in respect of Securities have been duly
         authorized and, when issued and delivered pursuant to the terms of this
         Agreement in payment of the Purchase Price or Change of Control
         Purchase Price, as the case may be, in respect of the Securities, will
         be validly issued, fully paid and non-assessable and, to the best of
         such counsel's knowledge, free from preemptive rights under law or
         material contracts, and, in the case of such Officer's Certificate,
         stating that conditions (i), (ii), (iii) and (iv) above and the
         condition set forth in the second succeeding sentence have been
         satisfied and, in the case of such Opinion of Counsel, stating that
         conditions (ii) and (iii) above have been satisfied.

                  Such Officer's Certificate shall also set forth the number of
shares of Common Stock to be issued for each $1,000 Principal Amount at Maturity
of Securities and the Sale Price of a share of Common Stock on each trading day
during the period for which the Market Price is calculated. The Parent may pay
the Purchase Price (or any portion thereof) in Common Stock only if the
information necessary to calculate the Market Price is published in a daily
newspaper of national circulation.

                  The "Market Price" of the Common Stock means the average of
the Sale Prices of the Common Stock for the five trading day period ending on,
and including, the third Business Day (if the third Business Day prior to the
applicable Purchase Date is a trading day or, if not,

<PAGE>

                                      -11-

then on the last trading day) prior to the applicable Purchase Date,
appropriately adjusted to take into account the occurrence, during the period
commencing on the first of such trading days during such five trading day period
and ending on such Purchase Date, of any event described in Section 7.06, 7.07
or 7.08; subject, however, to the conditions set forth in Sections 7.09 and
7.10.

                  SECTION 3.05 Covenants of the Parent. All shares of Common
Stock delivered in exchange for the Securities shall be newly issued shares or
treasury shares, shall be duly authorized, validly issued, fully paid and
nonassessable and shall be free from preemptive rights and free of any lien or
adverse claim created by the Parent.

                  SECTION 3.06 Fractional Shares. The Parent will not issue a
fractional share of Common Stock in payment of the Purchase Price or the Change
of Control Purchase Price. Instead the Parent will pay, or cause to be paid,
cash for the current market value of the fractional share. The current market
value of a fraction of a share shall be determined by multiplying the Market
Price by such fraction and rounding the product to the nearest whole cent. It is
understood that if a Holder elects to have more than one Security purchased, the
number of shares of Common Stock shall be based on the aggregate amount of
Securities to be purchased.

                  SECTION 3.07 Effect of Delivery of Common Stock. Upon a
payment by Common Stock pursuant to the terms hereof, that portion of accrued
Original Issue Discount or cash interest attributable to the period from the
Issue Date to the Purchase Date or Change of Control Purchase Date with respect
to the purchased Security shall not be cancelled, extinguished or forfeited but
rather shall be deemed acquired by the Parent from the Holder through the
delivery of the Common Stock in exchange for the Security being purchased
pursuant to the terms hereof, and the fair market value of such Common Stock
(together with any cash payments in lieu of fractional shares of Common Stock)
shall be treated as issued, to the extent thereof, first in exchange for the
accrued Original Issue Discount or cash interest through the Purchase Date or
Change of Control Purchase Date, and the balance, if any, of the fair market
value of such shares of Common Stock shall be treated as issued in exchange for
the Issue Price of the Security being purchased pursuant to the provisions
hereof.

                  SECTION 3.08 Taxes. If a Holder of a Security receives Common
Stock in exchange for Securities, the Parent shall pay, or cause to be paid, any
documentary, stamp or similar issue or transfer tax due on such issue of shares
of Common Stock. However, the Holder shall pay any such tax which is due because
the Holder requests the shares of Common Stock to be issued in a name other than
the Holder's name. The Exchange Agent may refuse to deliver the certificates
representing the Common Stock being issued in a name other than the Holder's
name until the Exchange Agent receives a sum sufficient to pay any tax which
will be due because the shares of Common Stock are to be issued in a name other
than the Holder's name. Nothing herein shall preclude any income tax withholding
required by law or regulations.

                  SECTION 3.09 Deposit of Purchase Price or Change of Control
Purchase Price. Prior to 10:00 a.m., New York City time, on the Purchase Date or
the Change of Control Purchase Date, as the case may be, the Parent shall
deposit with the Trustee or with the Exchange Agent the number of shares of
Common Stock required to be delivered pursuant to the Parent's election under
Sections 3.02 or 3.03, as the case may be.

<PAGE>

                                      -12-

                  SECTION 3.10 Return to the Parent. The Trustee and the
Exchange Agent shall promptly return to the Parent any shares of Common Stock
that remain unclaimed as provided in paragraph 14 of the Securities, together
with dividends, if any, thereon (subject to the provisions of Section 7.01(f) of
the Indenture), held by them for the payment of the Purchase Price or Change of
Control Purchase Price, as the case may be; provided, however, that to the
extent that the aggregate number of shares of Common Stock deposited by the
Parent pursuant to Section 3.09 exceeds those necessary to pay the aggregate
Purchase Price or Change of Control Purchase Price, as the case may be, of the
Securities or portions thereof which the Parent or the Company is obligated to
purchase as of the Purchase Date or Change of Control Purchase Date, as the case
may be, whether as a result of withdrawal or otherwise, then promptly after the
Business Day following the Purchase Date or Change of Control Purchase Date, as
the case may be, the Trustee shall return any such excess to the Parent together
with dividends, if any, thereon (subject to the provisions of Section 7.01(f) of
the Indenture).

                                    ARTICLE 4

                                    COVENANTS

                  SECTION 4.01 Deposit of Securities. Any shares of Common Stock
to be given to the Exchange Agent shall be deposited with the Exchange Agent by
10:00 a.m., New York City time, no later than the Business Day following the
payment date in accordance with Section 3.09 or the seventh Business Day
following the Exchange Date in accordance with Section 7.02.

                  SECTION 4.02 SEC and Other Reports. The Parent shall deliver
to the Trustee, within 15 days after it files such annual and quarterly reports,
information, documents and other reports with the SEC, copies of its annual
report and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the SEC may by rules and regulations
prescribe) which the Parent is required to file with the SEC pursuant to Section
13 or 15(d) of the Exchange Act. The Parent also shall comply with the
provisions of TIA Section 314(a). Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee's
receipt of the same shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including
the Parent's compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officer's Certificates).

                  SECTION 4.03 Delivery of Certain Information. At any time when
the Parent is not subject to Section 13 or 15(d) of the Exchange Act, upon the
request of a Holder or any beneficial holder of Securities or shares of Common
Stock which are restricted securities issued upon exchange thereof, the Parent
will promptly furnish or cause to be furnished Rule 144A Information to such
Holder or any beneficial holder of Securities or holder of shares of Common
Stock issued upon exchange of Securities, or to a prospective purchaser of any
such security designated by any such holder, as the case may be, to the extent
required to permit compliance by such Holder or holder with Rule 144A under the
Securities Act in connection with the resale of any such security.

<PAGE>

                                      -13-

                  SECTION 4.04 Maintenance of Office or Agency. The Parent will
maintain an office or agency of the Trustee and Exchange Agent where Securities
may be surrendered for registration of purchase or exchange and where notices
and demands to or upon the Parent in respect of the Securities and this
Agreement may be served. The office of the Trustee, located at 180 East Fifth
Street, St. Paul, Minnesota 55101 (Attention: Corporate Trust Services), shall
initially be such office or agency for all of the aforesaid purposes. The Parent
shall give prompt written notice to the Trustee of the location, and of any
change in the location, of any such office or agency (other than a change in the
location of the office of the Trustee). If at any time the Parent shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the address of the Trustee set forth in Section 9.02.
Effective August 11, 2003, the office of the Trustee will be 60 Livingston
Avenue, St. Paul, Minnesota.

                  The Parent may also from time to time designate one or more
other offices or agencies where the Securities may be presented or surrendered
for any or all such purposes and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall in
any manner relieve the Parent of its obligation to maintain an office or agency
for such purposes.

                  SECTION 4.05 Limitation on Guarantees of Indebtedness by
Subsidiaries. The Parent will not permit any Subsidiary (other than the Company
or its Subsidiaries) to guarantee the payment of any Debt of the Parent or the
Company unless such Subsidiary simultaneously executes and delivers a supplement
to this Agreement providing for a Guarantee of the Securities by such Subsidiary
to the extent required in Article 8 hereof.

                  SECTION 4.06 Further Instruments and Acts. Upon the request of
the Trustee, the Parent will execute and deliver such further instruments and do
such other acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Agreement.

                                   ARTICLE 5

                             SUCCESSOR CORPORATION

                  SECTION 5.01 When Parent May Merge or Transfer Assets. The
Parent shall not consolidate with or merge with or into any other person or
convey, transfer or lease all or substantially all of its properties and assets
to any person, nor will the Parent permit any Subsidiary to enter into any such
transaction or series of transactions if such transaction or series of
transactions, in the aggregate, would result in a sale, assignment, transfer,
lease or other disposition of all or substantially all of the properties and
assets of the Parent and its Subsidiaries on a consolidated basis to any other
person or persons, unless:

                  (a) either (1) the Parent shall be the surviving corporation
or (2) the person (if other than the Parent) formed by such consolidation or
into which the Parent is merged or the person which acquires by conveyance,
transfer or lease the properties and assets of the Parent substantially as an
entirety (i) shall be a corporation organized and validly existing under the

<PAGE>

                                      -14-

laws of the United States or any state thereof or the District of Columbia and
(ii) shall expressly assume, by an agreement supplemental hereto, executed and
delivered to the Trustee and the Exchange Agent, in form reasonably satisfactory
to the Trustee and the Exchange Agent, all of the obligations of the Parent
under this Agreement;

                  (b) immediately after giving effect to such transaction, no
Default shall have occurred and be continuing under the Indenture; and

                  (c) the Parent shall have delivered to the Trustee an
Officer's Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, conveyance, transfer or lease and, if an agreement
supplemental hereto is required in connection with such transaction, such
supplemental agreement, comply with this Article 5 and that all conditions
precedent herein provided for relating to such transaction have been satisfied.

                  For purposes of the foregoing, the transfer (by lease,
assignment, sale or otherwise) of the properties and assets of one or more
Subsidiaries (other than to the Parent or another Subsidiary), which, if such
assets were owned by the Parent, would constitute all or substantially all of
the properties and assets of the Parent, shall be deemed to be the transfer of
all or substantially all of the properties and assets of the Parent.

                  The successor person formed by such consolidation or into
which the Parent is merged or the successor person to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Parent under this Agreement with the same
effect as if such successor had been named as the Parent or the applicable
Subsidiary herein; and thereafter, except in the case of a lease and any
obligations the Parent may have under a supplemental agreement pursuant to
Section 7.14, the Parent shall be discharged from all obligations and covenants
under this Agreement. Subject to Section 6.04, the Parent, the Exchange Agent,
the Trustee and the successor person shall enter into a supplement to this
Agreement to evidence the succession and substitution of such successor person
and such discharge and release of the Parent.

                  A Guarantor (other than the Parent) shall not consolidate with
or merge into any Person or convey, transfer or lease its properties and assets
substantially as an entity to another Person unless either such Guarantor is the
surviving Person or the surviving Person assumes the obligations of such
Guarantor and the surviving Person is a corporation organized and validly
existing under the laws of the United States, any state thereof or the District
of Columbia, except if all of the assets or all of the common stock of such
Guarantor is sold to a non-affiliate of the Parent, in which case the Guarantee
shall be released.

                                    ARTICLE 6

                                   AMENDMENTS

                  SECTION 6.01 Without Consent of Holders. The Parent and the
Trustee may amend this Agreement without the consent of any Holder:

                  (1) to cure any ambiguity, omission, defect or inconsistency;

<PAGE>

                                      -15-

                  (2) to comply with Article 5 or Section 7.14;

                  (3) to secure the Parent's obligations hereunder;

                  (4) to add to the Parent's covenants for the benefit of the
         Holders or to surrender any right or power conferred upon the Parent;

                  (5) to make any change to comply with the TIA, or any
         amendment thereto, or to comply with any requirement of the SEC in
         connection with the qualification of this Agreement under the TIA, or
         as necessary in connection with the registration of the Securities
         under the Securities Act;

                  (6) to add or release Guarantors in accordance with the terms
         of this Agreement; or

                  (7) to make any change that does not adversely affect the
         rights of any Holders (it being understood that any amendment described
         in clause (1) above made solely to conform this Agreement to the final
         offering memorandum provided to investors in connection with the
         initial offering of the Securities will be deemed not to adversely
         affect the rights or interests of Holders).

                  SECTION 6.02 With Consent of Holders. With the written consent
of the Holders of at least a majority in aggregate Principal Amount at Maturity
of the Securities at the time outstanding, the Parent and the Trustee may amend
this Agreement. However, without the consent of each Holder affected, an
amendment to this Agreement may not:

                  (1) reduce the percentage in Principal Amount at maturity of
         Securities whose Holders must consent to an amendment;

                  (2) make any change in this Section 6.02, except to increase
         any percentage set forth therein;

                  (3) make any change that adversely affects the right of a
         Holder to exchange any Security;

                  (4) make any change that affects the number of shares of
         Common Stock deliverable pursuant to Article 3 hereof in a manner
         adverse to the Holders;

                  (5) impair the right to institute suit for the enforcement of
         any payment with respect to, or exchange of, the Securities; or

                  (6) release any Guarantor from any of its obligations under
         its Guarantee other than in accordance with the terms of this
         Agreement.

                  It shall not be necessary for the consent of the Holders under
this Section 6.02 to approve the particular form of any proposed amendment, but
it shall be sufficient if such consent approves the substance thereof.

<PAGE>

                                      -16-

                  After an amendment under this Section 6.02 becomes effective,
the Parent shall mail to each Holder a notice briefly describing the amendment.

                  Every amendment effected pursuant to this Section 6.02 shall
comply with the TIA.

                  SECTION 6.03 Revocation and Effect of Consents, Waivers and
Actions. Until an amendment, consent, waiver or other action by the Holders
becomes effective, a consent thereto by a Holder of a Security hereunder is a
continuing consent by the Holder and every subsequent Holder of that Security or
portion of the Security that evidences the same obligation as the consenting
Holder's Security, even if notation of the amendment, consent, waiver or other
action is not made on the Security. However, any such Holder or subsequent
Holder may revoke the consent as to such Holder's Security or portion of the
Security if the Trustee receives the notice of revocation before the date as of
which the amendment, consent, waiver or action is made effective. After an
amendment, consent, waiver or action becomes effective, it shall bind every
Holder.

                  SECTION 6.04 Trustee to Sign Supplements to this Agreement.
The Trustee shall sign any amendment authorized pursuant to this Article 6 if
the amendment contained therein does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. If it does, the Trustee may, but need
not, sign such supplement to this Agreement. In signing such supplement to this
Agreement the Trustee shall receive, and (subject to the provisions of Section
7.01 of the Indenture) shall be fully protected in relying upon, in addition to
the documents required by Section 9.04, an Officer's Certificate and an Opinion
of Counsel stating that such amendment is authorized or permitted by this
Agreement and the Indenture.

                  SECTION 6.05 Effect of Amendments. Upon the execution of any
amendment under this Article, this Agreement shall be modified in accordance
therewith, and such amendment shall form a part of this Agreement for all
purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

                  SECTION 6.06 Waiver by Majority of Holders. The Holders of a
majority in Principal Amount at Maturity may, on behalf of all the Holders of
all Securities waive compliance by the Parent with restrictive provisions of
this Agreement, and waive any past default under this Agreement and its
consequences, except a default in the delivery of Common Stock by the Parent
pursuant to the terms hereof or in respect of any provision which under this
Agreement cannot be modified or amended without the consent of the Holder of
each outstanding Security affected.

                                    ARTICLE 7

                                    EXCHANGE

                  SECTION 7.01 Exchange Privilege. A Holder of a Security may
exchange such Security into Common Stock at any time during the periods and
subject to the conditions stated in paragraph 8 of the Securities, subject to
the provisions of this Article 7. The number of

<PAGE>

                                      -17-

shares of Common Stock issuable upon exchange of a Security per $1,000 of
Principal Amount at Maturity thereof (the "Exchange Rate") shall be determined
in accordance with the provisions of paragraph 8 of the Securities.

                  A Holder may exchange a portion of the Principal Amount at
Maturity of a Security if the portion is $1,000 or an integral multiple of
$1,000. Provisions of this Agreement that apply to exchange of all of a Security
also apply to exchange of a portion of a Security.

                  SECTION 7.02 Exchange Procedure. To exchange a Security, a
Holder must satisfy the requirements in paragraph 8 of the Securities. The date
on which the Holder satisfies all those requirements is the exchange date (the
"Exchange Date"). As soon as practicable after the Exchange Date but in any
event no later than the seventh Business Day following the Exchange Date, the
Parent shall deliver to the Holder, through the Exchange Agent, a certificate
for the number of full shares of Common Stock issuable upon the exchange and
cash in lieu of any fractional share determined pursuant to Section 7.03. The
Parent shall determine such full number of shares and the amounts of the
required cash with respect to any fractional share, and shall set forth such
information in an Officer's Certificate delivered to the Exchange Agent. The
Exchange Agent shall have no duties under this paragraph unless and until it has
received such certificate.

                  The person in whose name the certificate is registered shall
be treated as a stockholder of record on and after the Exchange Date; provided,
however, that no surrender of a Security on any date when the stock transfer
books of the Parent shall be closed shall be effective to constitute the Person
or Persons entitled to receive the shares of Common Stock upon such exchange as
the record holder or holders of such shares of Common Stock on such date, but
such surrender shall be effective to constitute the Person or Persons entitled
to receive such shares of Common Stock as the record holder or holders thereof
for all purposes at the close of business on the next succeeding day on which
such stock transfer books are open; such exchange shall be at the Exchange Rate
in effect on the date that such Security shall have been surrendered for
exchange, as if the stock transfer books of the Parent had not been closed. Upon
exchange of a Security, such Person shall no longer be a Holder of such
Security.

                  Holders may surrender a Security for exchange by means of a
book-entry delivery in accordance with paragraph 8 of the Security and the
regulations of the applicable book-entry facility.

                  No payment or adjustment will be made for dividends on, or
other distributions with respect to, any Common Stock except as provided in this
Article 7. On exchange of a Security, that portion of accrued Original Issue
Discount or cash interest attributable to the period from the Issue Date of the
Security through the Exchange Date with respect to the exchanged Security shall
not be cancelled, extinguished or forfeited, but rather shall be deemed to be
acquired by the Parent from the Holder thereof through delivery of the Common
Stock (together with the cash payment, if any, in lieu of fractional shares) in
exchange for the Security being exchanged pursuant to the provisions hereof; and
the fair market value of such shares of Common Stock (together with any such
cash payment in lieu of fractional shares) shall be treated as issued, to the
extent thereof, first in exchange for the greater of Original Issue Discount or
cash interest through the Exchange Date, and the balance, if any, of such fair
market value of

<PAGE>

                                      -18-

such Common Stock (and any such cash payment) shall be treated as issued in
exchange for the Issue Price of the Security being exchanged pursuant to the
provisions hereof. Notwithstanding the foregoing, accrued cash interest will be
payable upon exchange of Securities made concurrently with or after acceleration
of Securities following an Event of Default.

                  If a Holder exchanges more than one Security at the same time,
the number of shares of Common Stock issuable upon the exchange shall be based
on the total Principal Amount at Maturity of the Securities exchanged.

                  SECTION 7.03 Fractional Shares. The Parent will not issue a
fractional share of Common Stock upon exchange of a Security. Instead, the
Parent will deliver, or cause to be delivered, cash for the current market value
of the fractional share. The current market value of a fractional share shall be
determined, to the nearest 1/1,000th of a share, by multiplying the per share
Sale Price of the Common Stock, on the last Trading Day prior to the Exchange
Date, by the fractional amount and rounding the product to the nearest whole
cent.

                  SECTION 7.04 Taxes on Exchange. If a Holder exchanges a
Security, the Parent shall pay any documentary, stamp or similar issue or
transfer tax due on the issue of shares of Common Stock upon the exchange.
However, the Holder shall pay any such tax that is due because the Holder
requests the shares to be issued in a name other than the Holder's name and any
income tax which is imposed on the Holder as a result of the exchange. The
Exchange Agent may refuse to deliver the certificates representing the Common
Stock being issued in a name other than the Holder's name until the Exchange
Agent receives a sum sufficient to pay any tax which will be due because the
shares are to be issued in a name other than the Holder's name. Nothing herein
shall preclude the Parent from any tax withholding or directing the withholding
of any tax required by law or regulations.

                  SECTION 7.05 Parent to Provide Stock. The Parent shall, prior
to issuance of any Securities under this Article 7, and from time to time as may
be necessary, reserve out of its authorized but unissued Common Stock a
sufficient number of shares of Common Stock to permit the exchange of the
Securities.

                  All shares of Common Stock delivered upon exchange of the
Securities shall be newly issued shares or treasury shares, shall be duly and
validly issued and fully paid and nonassessable and shall be free from
preemptive rights and free of any lien or adverse claim created by the Parent.

                  The Parent will endeavor promptly to comply with all federal
and state securities laws regulating the offer and delivery of shares of Common
Stock upon exchange of the Securities, if any, and will list or cause to have
quoted such shares of Common Stock on each national securities exchange or in
the over-the-counter market or such other market on which the Common Stock is
then principally listed or quoted.

                  SECTION 7.06 Adjustment for Change in Capital Stock. Except as
set forth in Section 7.14, if, after the Issue Date of the Securities, the
Parent:

                  (a) pays a dividend or makes a distribution on its Common
Stock in shares of its Common Stock;

<PAGE>

                                      -19-

                  (b) subdivides its outstanding shares of Common Stock into a
greater number of shares;

                  (c) pays a dividend or makes a distribution on its Common
Stock in shares of its Capital Stock (other than Common Stock or rights,
warrants or options for its Capital Stock);

                  (d) combines its outstanding shares of Common Stock into a
smaller number of shares; or

                  (e) issues by reclassification of its Common Stock any shares
of its Capital Stock (other than rights, warrants or options for its Capital
Stock),

then the exchange privilege and the Exchange Rate in effect immediately prior to
such action shall be adjusted so that the Holder of a Security thereafter
exchanged may receive the number of shares or other units of Capital Stock of
the Parent which such Holder would have owned immediately following such action
if such Holder had exchanged the Security immediately prior to such action.

                  The adjustment shall become effective immediately after the
record date in the case of a dividend or distribution and immediately after the
effective date in the case of a subdivision, combination or reclassification.

                  SECTION 7.07 Adjustment for Rights Issue. Except as set forth
in Sections 7.14 and 7.19, if after the Issue Date, the Parent distributes any
rights, warrants or options to all holders of its Common Stock entitling them,
for a period expiring within 60 days after the record date for such
distribution, to purchase shares of Common Stock at a price per share less than
the Sale Price of the Common Stock as of the Time of Determination, the Exchange
Rate shall be adjusted in accordance with the formula:

                           R' =       R (O + N)
                               -----------------------
                                 O + [(N x P)/M]

                  where:

                  R' = the adjusted Exchange Rate.

                  R = the current Exchange Rate.

                  O = the number of shares of Common Stock outstanding on the
record date for the distribution to which this Section 7.07 is being applied.

                  N = the number of additional shares of Common Stock offered
pursuant to the distribution.

                  P = the offering price per share of the additional shares.

                  M = the Average Sale Price, minus, in the case of (i) a
distribution to which Section 7.06(c) applies or (ii) a distribution to which
Section 7.08(a) applies, for which, in each

<PAGE>

                                      -20-

case, (x) the record date shall occur on or before the record date for the
distribution to which this Section 7.07 applies and (y) the Ex-Dividend Time
shall occur on or after the date of the Time of Determination for the
distribution to which this Section 7.07 applies, the fair market value (on the
record date for the distribution to which this Section 7.07 applies) of:

                  (i) the Capital Stock of the Parent distributed in respect of
         each share of Common Stock in such Section 7.06(c) distribution and

                  (ii) assets of the Parent or debt securities or any rights,
         warrants or options to purchase securities of the Parent distributed in
         respect of each share of Common Stock in such Section 7.08(a)
         distribution.

                  The Board of Directors shall determine fair market values for
the purposes of this Section 7.07.

                  The adjustment shall become effective immediately after the
record date for the determination of shareholders entitled to receive the
rights, warrants or options to which this Section 7.07 applies. If all of the
shares of Common Stock subject to such rights, warrants or options have not been
issued when such rights, warrants or options expire, then the Exchange Rate
shall promptly be readjusted to the Exchange Rate which would then be in effect
had the adjustment upon the issuance of such rights, warrants or options been
made on the basis of the actual number of shares of Common Stock issued upon the
exercise of such rights, warrants or options.

                  No adjustment shall be made under this Section 7.07 if the
application of the formula stated above in this Section 7.07 would result in a
value of R' that is equal to or less than the value of R.

                  SECTION 7.08 Adjustment for Other Distributions.

                  (a) Subject to Section 7.08(c), if, after the Issue Date of
the Securities, the Parent distributes to all holders of its Common Stock any of
its assets (excluding distributions of Capital Stock or equity interests
referred to in Section 7.08(b)) or evidence of indebtedness or any rights,
warrants or options to purchase securities of the Parent (including securities
or cash, but excluding (x) distributions of Capital Stock referred to in Section
7.06 and distributions of rights, warrants or options referred to in Section
7.07 or Section 7.19 and (y) cash dividends or other cash distributions that are
paid out of consolidated current net earnings or earnings retained in the
business as shown on the books of the Parent unless such cash dividends or other
cash distributions are Extraordinary Cash Dividends) the Exchange Rate shall be
adjusted in accordance with the formula:

                           R'  =    R x M
                                    -----
                                    M - F

                  where:

                  R' = the adjusted Exchange Rate.

<PAGE>

                                      -21-

                  R = the current Exchange Rate.

                  M = the Average Sale Price, minus, in the case of a
distribution to which Section 7.06(c) applies, for which (i) the record date
shall occur on or before the record date for the distribution to which this
Section 7.08(a) applies and (ii) the Ex-Dividend Time shall occur on or after
the date of the Time of Determination for the distribution to which this Section
7.08(a) applies, the fair market value (on the record date for the distribution
to which this Section 7.08(a) applies) of any Capital Stock of the Parent
distributed in respect of each share of Common Stock in such Section 7.06(c)
distribution.

                  F = the fair market value (on the record date for the
distribution to which this Section 7.08(a) applies) of the assets, securities,
rights, warrants or options to be distributed in respect of each share of Common
Stock in the distribution to which this Section 7.08(a) is being applied
(including, in the case of cash dividends or other cash distributions giving
rise to an adjustment, all such cash distributed concurrently).

                  The Board of Directors shall determine fair market values for
the purposes of this Section 7.08(a).

                  The adjustment shall become effective immediately after the
record date for the determination of shareholders entitled to receive the
distribution to which this Section 7.08(a) applies.

                  For purposes of this Section 7.08(a), the term "Extraordinary
Cash Dividend" shall mean any cash dividend with respect to the Common Stock the
amount of which, together with the aggregate amount of cash dividends on the
Common Stock to be aggregated with such cash dividend in accordance with the
provisions of this paragraph, equals or exceeds the threshold percentage set
forth in item (i) below. For purposes of item (i) below, the "Ex-Dividend
Measurement Period" with respect to a cash dividend on the Common Stock shall
mean the 365 consecutive day period ending on the date prior to the Ex-Dividend
Time with respect to such cash dividend, and the "Relevant Cash Dividends" with
respect to a cash dividend on the Common Stock shall mean the cash dividends on
the Common Stock with Ex-Dividend Times occurring in the Ex-Dividend Measurement
Period.

                  (i) If, upon the date prior to the Ex-Dividend Time with
         respect to a cash dividend on the Common Stock, the aggregate amount of
         such cash dividend together with the amounts of all Relevant Cash
         Dividends equals or exceeds on a per share basis 5% of the Sale Price
         of the Common Stock on the last Trading Day preceding the date of
         declaration by the Board of Directors of the cash dividend or
         distribution with respect to which this provision is being applied,
         then such cash dividend together with all Relevant Cash Dividends,
         shall be deemed to be an Extraordinary Cash Dividend and for purposes
         of applying the formula set forth above in this Section 7.08(a), the
         value of "F" shall be equal to (y) the aggregate amount of such cash
         dividend together with the amount of all Relevant Cash Dividends, minus
         (z) the aggregate amount of all Relevant Cash Dividends for which a
         prior adjustment in the Exchange Rate was previously made under this
         Section 7.08(a).

<PAGE>

                                      -22-

                  In making the determinations required by item (i) above, the
         amount of cash dividends paid on a per share basis and the amount of
         any Relevant Cash Dividends specified in item (i) above, shall be
         appropriately adjusted to reflect the occurrence during such period of
         any event described in Section 7.06.

                  (b) If, after the Issue Date of the Securities, the Parent
pays a dividend or makes a distribution to all holders of its Common Stock
consisting of Capital Stock of any class or series, or similar equity interests,
of or relating to a Subsidiary or other business unit of the Parent, the
Exchange Rate shall be adjusted in accordance with the formula:

                               R' = R x (1 + F/M)

                  where:

                  R' = the adjusted Exchange Rate.

                  R = the current Exchange Rate.

                  M = the average of the Sale Prices of the Common Stock for the
ten (10) trading days commencing on and including the fifth trading day after
the date on which "ex-dividend trading" commences for such dividend or
distribution on The New York Stock Exchange or such other national or regional
exchange or market which such securities are then listed or quoted (the
"Ex-Dividend Date").

                  F = the fair market value of the securities distributed in
respect of each share of Common Stock for which this Section 7.08(b) applies.
For purposes of this Section 7.08(b), such "fair market value" shall mean the
number of securities distributed in respect of each share of Common Stock
multiplied by the average of the Sale Prices of those securities distributed for
the ten (10) trading days commencing on and including the fifth trading day
after the Ex-Dividend Date.

                  (c) In the event that, with respect to any distribution to
which Section 7.08(a) would otherwise apply, the difference between "M-F" as
defined in the formula set forth in Section 7.08(a) is less than $1.00 or "F" is
equal to or greater than "M", then the adjustment provided by Section 7.08(a)
shall not be made and in lieu thereof the provisions of Section 7.14 shall apply
to such distribution.

                  SECTION 7.09 When Adjustment May Be Deferred. No adjustment in
the Exchange Rate need be made unless the adjustment would require an increase
or decrease of at least 1% in the Exchange Rate. Any adjustments that are not
made shall be carried forward and taken into account in any subsequent
adjustment and all adjustments that are made and carried forward shall be taken
in the aggregate in order to determine if the 1% threshold is met.

                  All calculations under this Article 7 shall be made to the
nearest cent or to the nearest 1/1,000th of a share, as the case may be.

                  SECTION 7.10 When No Adjustment Required. No adjustment need
be made for a transaction referred to in Section 7.06, 7.07, 7.08 or 7.14 if
Holders are to participate

<PAGE>

                                      -23-

in the transaction on a basis and with notice that the Board of Directors
determines to be fair and appropriate in light of the basis and notice on which
holders of Common Stock participate in the transaction. Such participation by
Holders may include participation upon exchange provided that an adjustment
shall be made at such time as the Holders are no longer entitled to participate.

                  No adjustment need be made for rights to purchase Common Stock
pursuant to a Parent plan for reinvestment of dividends or interest.

                  No adjustment need be made for a change in the par value or no
par value of the Common Stock.

                  To the extent the Securities become exchangeable pursuant to
this Article 7 into cash, no adjustment need be made thereafter as to the cash.
Interest will not accrue on the cash.

                  No adjustment will be made pursuant to this Article 7 that
would result, through the application of two or more provisions hereof, in the
duplication of any adjustment.

                  SECTION 7.11 Notice of Adjustment. Whenever the Exchange Rate
is adjusted, the Parent shall promptly mail to Holders a notice of the
adjustment. The Parent shall file with the Trustee and the Exchange Agent such
notice and a certificate from the Parent's independent public accountants
briefly stating the facts requiring the adjustment and the manner of computing
it. Upon receipt by it of such notice, and at the written request of the Parent,
the Exchange Agent will promptly mail such notice to Holders at the Parent's
expense. The certificate shall be conclusive evidence that the adjustment is
correct. Neither the Trustee nor any Exchange Agent shall be under any duty or
responsibility with respect to any such certificate except to exhibit the same
to any Holder desiring inspection thereof.

                  SECTION 7.12 Voluntary Increase. The Parent from time to time
may increase the Exchange Rate by any amount for any period of time; provided
that the Parent may not voluntarily increase the Exchange Rate if such increase
shall result in the issuance, upon exchange of all Securities, of a number of
shares of Common Stock in excess of the thresholds requiring stockholder
approval under the rules of the New York Stock Exchange or such other United
States securities exchange on which the Common Stock is traded, unless the
Parent shall have, prior to such increase in the Exchange Rate, obtained any
such required stockholder approval. Whenever the Exchange Rate is increased, the
Parent shall mail, or shall direct the Exchange Agent in writing to mail, to
Holders and file with the Trustee and the Exchange Agent a notice of the
increase. The Parent shall mail the notice at least 15 days before the date the
increased Exchange Rate takes effect. The notice shall state the increased
Exchange Rate and the period it will be in effect.

                  A voluntary increase of the Exchange Rate does not change or
adjust the Exchange Rate otherwise in effect for purposes of Section 7.06, 7.07
or 7.08.

                  SECTION 7.13 Notice of Certain Transactions. If:

                  (a) the Parent takes any action that would require an
adjustment in the Exchange Rate pursuant to Section 7.06, 7.07 or 7.08 (unless
no adjustment is to occur pursuant to Section 7.10); or

<PAGE>

                                      -24-

                  (b) the Parent or the Company takes any action that would
require a supplement to this Agreement pursuant to Section 7.14; or

                  (c) there is a liquidation or dissolution of the Parent or the
Company (other than a liquidation or dissolution of the Company into the
Parent);

then the Parent shall mail to Holders and file with the Trustee and the Exchange
Agent a notice stating the proposed record date for a dividend or distribution
or the proposed effective date of a subdivision, combination, reclassification,
consolidation, merger, binding share exchange, transfer, liquidation or
dissolution. The Parent shall file and mail the notice at least 15 days before
such date. Failure to file or mail the notice or any defect in it shall not
affect the validity of the transaction.

                  SECTION 7.14 Reorganization of Parent; Special Distributions.
If the Parent is a party to a transaction subject to Article 5 (other than a
sale of all or substantially all of the assets of the Parent in a transaction in
which the holders of Common Stock immediately prior to such transaction do not
receive securities, cash, property or other assets of the Parent or any other
Person) or a merger or binding share exchange that reclassifies or changes its
outstanding Common Stock, the Person obligated to deliver securities, cash or
other assets upon exchange of Securities shall enter into a supplement to this
Agreement. If the issuer of securities deliverable upon exchange of Securities
is an Affiliate of the successor Parent, that issuer shall join in the
supplement to this Agreement.

                  The supplement to this Agreement shall provide that the Holder
of a Security may exchange it into the kind and amount of securities, cash or
other assets which such Holder would have received immediately after the
consolidation, merger, binding share exchange or transfer if such Holder had
exchanged the Security immediately before the effective date of the transaction,
assuming (to the extent applicable) that such Holder (i) was not a constituent
Person or an Affiliate of a constituent Person to such transaction; (ii) made no
election with respect thereto; and (iii) was treated alike with the plurality of
non-electing Holders. The supplement to this Agreement shall provide for
adjustments that shall be as nearly equivalent as may be practical to the
adjustments provided for in this Article 7. The successor Parent shall mail to
Holders a notice briefly describing the supplement to this Agreement.

                  If this Section applies, neither Section 7.06 nor 7.07
applies.

                  If the Parent makes a distribution to all holders of its
Common Stock of any of its assets, or debt securities or any rights, warrants or
options to purchase securities of the Parent that would otherwise result in an
adjustment in the Exchange Rate pursuant to the provisions of Section 7.08,
then, from and after the record date for determining the holders of Common Stock
entitled to receive the distribution, a Holder of a Security that exchanges such
Security in accordance with the provisions of this Indenture shall upon such
exchange be entitled to receive, in addition to the shares of Common Stock into
which the Security is exchangeable, the kind and amount of securities, cash or
other assets comprising the distribution that such Holder would have received if
such Holder had exchanged the Security immediately prior to the record date for
determining the holders of Common Stock entitled to receive the distribution.

<PAGE>

                                      -25-

                  SECTION 7.15 Parent Determination Final. Any determination
that the Parent or the Board of Directors must make pursuant to Section 7.03,
7.06, 7.07, 7.08, 7.09, 7.10, 7.14 or 7.17 is conclusive.

                  SECTION 7.16 Trustee's Adjustment Disclaimer. The Trustee has
no duty to determine when an adjustment under this Article 7 should be made, how
it should be made or what it should be. The Trustee has no duty to determine
whether a supplement to this Agreement under Section 7.14 need be entered into
or whether any provisions of any supplement to this Agreement are correct. The
Trustee shall not be accountable for and makes no representation as to the
validity or value of any securities or assets issued upon exchange of
Securities. The Trustee shall not be responsible for the Parent's failure to
comply with this Article 7. Each Exchange Agent (other than the Parent or an
Affiliate of the Parent) shall have the same protection under this Section 7.16
as the Trustee.

                  SECTION 7.17 Simultaneous Adjustments. In the event that this
Article 7 requires adjustments to the Exchange Rate under more than one of
Sections 7.06, 7.07 or 7.08, and the record dates for the distributions giving
rise to such adjustments shall occur on the same date, then such adjustments
shall be made by applying, first, the provisions of Section 7.06, second, the
provisions of Section 7.08 and, third, the provisions of Section 7.07.

                  SECTION 7.18 Successive Adjustments. After an adjustment to
the Exchange Rate under this Article 7, any subsequent event requiring an
adjustment under this Article 7 shall cause an adjustment to the Exchange Rate
as so adjusted.

                  SECTION 7.19 Rights Issued in Respect of Common Stock Issued
upon Exchange. Each share of Common Stock issued upon exchange of Securities
pursuant to this Article 7 shall be entitled to receive the appropriate number
of common stock or preferred stock purchase rights, as the case may be (the
"Rights"), if any, that all shares of Common Stock are entitled to receive and
the certificates representing the Common Stock issued upon such exchange shall
bear such legends, if any, in each case as may be provided by the terms of any
shareholder rights agreement adopted by the Parent, as the same may be amended
from time to time (in each case, a "Rights Agreement"). Provided that such
Rights Agreement requires that each share of Common Stock issued by the Parent
(including those that might be issued upon exchange of Securities) at any time
prior to the distribution of separate certificates representing the Rights be
entitled to receive such Rights, then, notwithstanding anything else to the
contrary in this Article 7, there shall not be any adjustment to the exchange
privilege or Exchange Rate or any other term or provision of the Securities as a
result of the issuance of Rights, the distribution of separate certificates
representing the Rights, the exercise or redemption of such Rights in accordance
with any such Rights Agreement, or the termination or invalidation of such
Rights.

                  SECTION 7.20 The Company's Right to Elect to Pay Cash. Both
the Parent and the Company, in accordance with Section 11.02 of the Indenture,
may, in lieu of delivery of Common Stock by the Parent upon notice of exchange
of any Securities, may elect to pay Holders surrendering Securities an amount in
cash per Security equal to the Average Sale Price of Common Stock for the five
consecutive trading days immediately following either (a) the date of notice of
election to deliver cash as described below if the Company has not given notice
of redemption, or (b) the Exchange Date, in the case of exchange following the
notice of

<PAGE>

                                      -26-

redemption specifying that the Company intends to deliver cash upon exchange, in
either case multiplied by the Exchange Rate in effect on that date. The Parent
will inform the Holders through the Trustee no later than two Business Days
following the Exchange Date of its election to deliver shares of Common Stock or
to pay cash in lieu of delivery of Common Stock, unless the Company has already
informed Holders of its election in connection with its optional redemption of
the Securities pursuant to Section 3.01 of the Indenture. If neither the Company
nor the Parent elects to deliver all of such payment in cash, the Common Stock
will be delivered by the Parent through the Exchange Agent no later than the
fifth business day following the Exchange Date. If either the Company or the
Parent elects to pay all of such payment in cash, the payment by the Parent, if
any, will be made to Holders surrendering Securities no later than the tenth
business day following the applicable Exchange Date. If an Event of Default
(other than a default in a cash payment upon exchange of the Securities) has
occurred and is continuing, the Parent may not pay cash upon exchange of any
Security (other than cash for fractional shares).

                                    ARTICLE 8

                                   GUARANTEES

                  SECTION 8.01 Guarantees. The Guarantors jointly and severally,
hereby absolutely, unconditionally and irrevocably guarantee the Securities and
obligations of the Company under the Securities and the Indenture, and guarantee
to each Holder of a Security authenticated and delivered by the Trustee in
accordance with the terms of the Indenture, and to the Trustee on behalf of such
Holder, the Guaranteed Obligations.

                  Each Guarantor hereby agrees that its obligations hereunder
shall be unconditional, irrespective of the validity, regularity or
enforceability of the Securities, the Indenture or this Agreement, the absence
of any action to enforce the same, any waiver or consent by any Holder with
respect to any provisions hereof or thereof, the recovery of any judgment
against the Company, any action to enforce the same or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor.

                  Each Guarantor hereby waives (to the extent permitted by law)
the benefits of diligence, presentment, demand for payment, filing of claims
with a court in the event of insolvency or bankruptcy of the Company, any
requirement that the Trustee or any of the Holders protect, secure, perfect or
insure any security interest in or other lien or encumbrance upon any property
subject thereto or exhaust any right or take any other action against the
Company or any other Person, any right to require a proceeding first against the
Company or any other Person, protest, notice and all demands whatsoever and
covenants that the Guarantee of such Guarantor shall not be discharged as to any
Security except by complete performance of the obligations contained in such
Security, the Indenture, this Agreement and such Guarantee. Each Guarantor
hereby acknowledges that its Guarantee is a guarantee of payment and not of
collection.

                  The Guarantors hereby agree that, in the event of a default in
payment of principal or cash interest on such Security, whether at its Stated
Maturity, by acceleration, redemption,

<PAGE>

                                      -27-

purchase or otherwise, legal proceedings may be instituted by the Trustee on
behalf of, or by, the Holder of such Security, subject to the terms and
conditions set forth in this Indenture, directly against each of the Guarantors
to enforce such Guarantor's Guarantee without first proceeding against the
Company or any other Guarantor. The Guarantor agrees that if, after the
occurrence and during the continuance of an Event of Default, the Trustee or any
of the Holders are prevented by applicable law from exercising their respective
rights to accelerate the maturity of the Securities, to collect interest on the
Securities, or to enforce or exercise any other right or remedy with respect to
the Securities, such Guarantor shall pay to the Trustee for the account of the
Holder, upon demand therefor, the amount that would otherwise have been due and
payable had such rights and remedies been permitted to be exercised by the
Trustee or any of the Holders.

                  The obligations of each Guarantor under a Guarantee are
independent of the obligations Guaranteed by such Guarantor hereunder, and a
separate action or actions may be brought and prosecuted by the Trustee on
behalf of, or by, the Holders, subject to the terms and conditions set forth in
the Indenture, against a Guarantor to enforce this Guaranty, irrespective of
whether any action is brought against the Company or whether the Company is
joined in any such action or actions.

                  If any Holder or the Trustee is required by any court or
otherwise to return to the Company or any Guarantor, or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or
any Guarantor, any amount paid by any of them to the Trustee or such Holder, the
Guarantee of each of the Guarantors, to the extent theretofore discharged, shall
be reinstated in full force and effect. The Guarantor further agrees that as
between each Guarantor, on the one hand, and the Holders and the Trustee, on the
other hand, (x) subject to this Article 8, the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article 6 of the Indenture
for the purposes of the Guarantee of such Guarantor notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any acceleration of such
obligation as provided in Article Six of the Indenture, such obligations
(whether or not due and payable) shall forthwith become due and payable by each
Guarantor for the purpose of the Guarantee of such Guarantor.

                  Each Guarantee shall remain in full force and effect and
continue to be effective should any petition be filed by or against the Company
for liquidation, reorganization, should the Company become insolvent or make an
assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of the Company's assets, and shall, to
the fullest extent permitted by law, continue to be effective or be reinstated,
as the case may be, if at any time payment and performance of the Securities
are, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee on the Securities, whether as a
"voidable preference," "fraudulent transfer" or otherwise, all as though such
payment or performance had not been made. In the event that any payment or any
part thereof, is rescinded, reduced, restored or returned, for the purposes of
the amounts due under the Guarantees, the Securities shall, to the fullest
extent permitted by law, be reinstated and deemed reduced only by such amount
paid and not so rescinded, reduced, restored or returned.

                  SECTION 8.02 Severability. Whenever possible, each provision
of any Guarantee shall be interpreted in such manner as to be effective and
valid under all applicable

<PAGE>

                                      -28-

laws and regulations. If, however, any provision of such Guarantee shall be
prohibited by or invalid under any such law or regulation, it shall be deemed
modified to conform to the minimum requirements of such law or regulation, or,
if for any reason it is not deemed so modified, it shall be ineffective and
invalid only to the extent of such prohibition or invalidity without the
remainder thereof or any of the remaining provisions of such Guarantee being
prohibited or invalid.

                  SECTION 8.03 Future Subsidiaries. If (a) the Parent or any of
its Subsidiaries (other than the Company and its Subsidiaries) acquires or forms
a wholly-owned domestic Subsidiary or (b) the Parent or any of its Subsidiaries
(other than the Company and its Subsidiaries) acquires or forms any domestic
Subsidiary and such Subsidiary guarantees any Debt of the Parent other than the
Guarantees of the Securities, the Parent will cause any such Subsidiary to (i)
execute and deliver to the Trustee any amendment or supplement to this Agreement
in accordance with the provisions of Article 6 hereof pursuant to which such
Subsidiary shall guarantee all of the obligations on the Securities (whether for
principal, cash interest, and interest accruing after the filing of, or which
would have accrued but for the filing of, a petition by or against the Company
under Bankruptcy Law, whether or not such interest is allowed as a claim after
such filing in any proceeding under such law), if any, and other amounts due in
connection therewith (including any fees, expenses and indemnities), on a senior
unsecured basis and (ii) deliver to such Trustee an Opinion of Counsel
reasonably satisfactory to such Trustee to the effect that such amendment or
supplement has been duly executed and delivered by such Subsidiary and is in
compliance with the terms of this Agreement. Upon the execution of any such
amendment or supplement, the obligations of the Guarantors and any such
Subsidiary under their respective Guarantees shall become joint and several and
each reference to the "Guarantor" in this Agreement and the Securities shall, be
deemed to refer to all Guarantors, including such Subsidiary.

                  SECTION 8.04 Priority of Guarantees. The Guarantee issued by
any Guarantor shall be unsecured senior obligations of such Guarantor, ranking
pari passu with all other existing and future senior unsecured indebtedness of
such Guarantor, if any.

                  SECTION 8.05 Limitation of Guarantors' Liability. Each
Guarantor and by its acceptance hereof each Holder confirms that it is the
intention of all such parties that the guarantee by the Guarantor pursuant to
its Guarantee not constitute a fraudulent transfer or conveyance for purposes of
the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law or the provisions of
its local law relating to fraudulent transfer or conveyance. To effectuate the
foregoing intention, the Holders and the Guarantors hereby irrevocably agree
that the obligations of such Guarantor under its Guarantee shall be limited to
the maximum amount that will not, after giving effect to all other contingent
and fixed liabilities of such Guarantor result in the obligations of such
Guarantor under its Guarantee constituting such fraudulent transfer or
conveyance.

                  SECTION 8.06 Subrogation. Each of the Guarantors hereby
irrevocably waives any claim or other rights which it may now or hereafter
acquire against the Company or any other Guarantor that arise from the
existence, payment, performance or enforcement of its obligations under the
Guarantee and the Indenture, including, without limitation, any right of
subrogation, reimbursement, exoneration, contribution, indemnification, any
right to participate

<PAGE>

                                      -29-

in any claim or remedy of the Holders against the Company or any Guarantor or
any collateral which any such Holder or the Trustee on behalf of such Holder
hereafter acquires, whether or not such claim, remedy or right arises in equity,
or under contract, statute or common law, including, without limitation, the
right to take or receive from the Company or a Guarantor, directly or
indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim or other rights. If any amount
shall be paid to a Guarantor in violation of the preceding sentence and the
principal of and accrued interest on the Securities shall not have been paid in
full, such amount shall be deemed to have been paid to such Guarantor for the
benefit of, and held in trust for the benefit of, the Holders, and shall
forthwith be paid to the Trustee for the benefit of the Holders to be credited
and applied upon the principal of and accrued interest on the Securities.

                  SECTION 8.07 Reinstatement. Each Guarantor hereby agrees (and
each Person who becomes a Guarantor shall agree) that the Guarantee provided for
in Section 8.01 shall continue to be effective or be reinstated, as the case may
be, (a) if at any time, payment, or any part thereof, of any Guaranteed
Obligations is rescinded or must otherwise be restored by a Holder to the
Company upon the bankruptcy, insolvency, dissolution or liquidation of the
Company or any Guarantor, including, without limitation, upon or as a result of
the appointment of a receiver or trustee or similar officer of the Company or
the Guarantor or a substantial part of their respective property, all as if such
payments had not been made, and (b) at any time any Guarantor (and each Person
who becomes a Guarantor) guarantees any indebtedness or obligations of the
Company.

                  SECTION 8.08 Release of the Guarantor. Concurrently with the
discharge of the Securities under Section 8.01 of the Indenture, each Guarantor
shall be released from all its obligations under its Guarantee under this
Article Eight.

                  So long as no Default exists or with notice or lapse of time
or both, would exist, the Guarantee issued by any Guarantor (other than the
Parent) shall be automatically and unconditionally released and discharged upon
(a) any sale, exchange or transfer to any Person that is not an Affiliate of the
Company of all of the Capital Stock of such Guarantor owned by the Company,
which transaction is otherwise in compliance with the Indenture or this
Agreement or (b) any release or discharge of all guarantees by such Guarantor of
any Debt of the Company other than the Guarantees of the Securities.

                  SECTION 8.09 Guaranteed Obligations Unaffected. No payment or
payments made by any other Guarantor or by any other Person, or received or
collected by any of the Holders from any other Guarantor or from any other
Person by virtue of any action or proceeding or any appropriation or application
at any time or from time to time in reduction of or in payment of the Guaranteed
Obligations shall be deemed to modify, reduce, release or otherwise affect the
liability of the Guarantor hereunder which shall, not withstanding any such
payments, remain liable for the Guaranteed Obligations, subject to Section 8.07,
until this Guarantee shall have terminated pursuant to Section 8.08 hereof.
Without limiting the foregoing, nothing contained in the Guarantee will restrict
the right of the Trustee or the Holders to take any action to declare the
Guarantee to be due and payable prior to the maturity of any Securities pursuant
to Section 6.01 of the Indenture or to pursue any rights or remedies hereunder
or thereunder.

<PAGE>

                                      -30-

                  SECTION 8.10 Enforcement of Guaranteed Obligations. Upon the
occurrence and during the continuance of an Event of Default (as defined in the
Indenture), then and in any such event all or any part of the Guaranteed
Obligations shall automatically become (in the case of an Event of Default
described in Section 6.01(6) or (7) of the Indenture) and may, at the option of
the Holders as provided in the Indenture (in the case of any Event of Default
described in Section 6.01 other than those described in Sections 6.01(6) or (7)
of the Indenture) and without demand, notice or legal process of any kind, be
declared, and immediately shall become, due and payable.

                  SECTION 8.11 Benefits Acknowledged. Each Guarantor
acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by this Indenture and that its guarantee and
waivers pursuant to its Guarantee are knowingly made in contemplation of such
benefits.

                                    ARTICLE 9

                                  MISCELLANEOUS

                  SECTION 9.01 Trust Indenture Act Controls. If any provision of
this Agreement limits, qualifies, or conflicts with another provision which is
required to be included in this Indenture by the TIA, the required provision
shall control.

                  SECTION 9.02 Notices. Any request, demand, authorization,
notice, waiver, consent or communication shall be in writing and delivered in
person or delivery by courier guaranteeing overnight delivery or mailed by
first-class mail, postage prepaid, addressed as follows or transmitted by
facsimile transmission (confirmed by guaranteed overnight courier) to the
following facsimile numbers:

                  if to the Parent:

                           America West Holdings Corporation
                           111 West Rio Salado Parkway
                           Tempe, AZ 85281
                           Attention:
                           Facsimile: (480)

                  with a copy of any notice given pursuant to Article 6 to:

                           Cooley Godward LLP
                           One Maritime Plaza
                           San Francisco, CA 94111
                           Attention: Samuel M. Livermore
                           Telephone: (415) 693-2113
                           Facsimile: (415) 951-3699

                  if to the Trustee:

<PAGE>

                                      -31-

                           U.S. Bank National Association
                           180 East Fifth Street
                           St. Paul, Minnesota 55101
                           Attention: Corporate Trust Services
                           Telephone: (651) 244-8677
                           Facsimile: (651) 244-0711

                           Provided that effective August 11, 2003, the address
                           for the Trustee will be:

                           U.S. Bank National Association
                           60 Livingston Avenue
                           St. Paul, MN 55107-2292
                           Phone (651) 495-3913
                           Fax (651) 495-8097

                  The Guarantor or the Trustee by notice given to the other in
the manner provided above may designate additional or different addresses for
subsequent notices or communications.

                  Any notice or communication given to a Holder shall be mailed
to the Holder, by first-class mail, postage prepaid, at the Holder's address as
it appears on the registration books of the Registrar and shall be sufficiently
given if so mailed within the time prescribed. In lieu of mailing any notice
directly to the Holders pursuant to any provision hereof, if so directed by the
Parent in writing, the Trustee or the Exchange Agent shall mail such notice,
subject to compliance by the Parent with Section 2.05.

                  Failure to mail a notice or communication to a Holder or any
defect in it shall not affect its sufficiency with respect to other Holders. If
a notice or communication is mailed in the manner provided above, it is duly
given, whether or not received by the addressee.

                  If the Parent or any other Guarantor mails a notice or
communication to the Holders, it shall mail a copy to the Trustee and each
Registrar, Paying Agent, Exchange Agent or co-registrar.

                  SECTION 9.03 Communication by Holders with Other Holders.
Securityholders may communicate pursuant to TIA Section 312(b) with other
Securityholders with respect to their rights under this Agreement. The Parent,
any other Guarantor, the Company, Trustee, the Registrar, the Paying Agent, the
Exchange Agent and anyone else shall have the protection of TIA Section 312(c).

                  SECTION 9.04 Certificate and Opinion as to Conditions
Precedent. Upon any request or application by the Parent, any other Guarantor to
the Trustee to take any action under this Indenture, the Parent or such
Guarantor, as the case may be, shall furnish to the Trustee if reasonably
requested:

                  (1) an Officer's Certificate stating that, in the opinion of
         the signers, all conditions precedent, if any, provided for in this
         Agreement relating to the proposed action have been complied with; and

<PAGE>

                                      -32-

                  (2) an Opinion of Counsel stating that, in the opinion of such
         counsel, all such conditions precedent have been complied with.

                  SECTION 9.05 Statements Required in Certificate or Opinion.
Each Officer's Certificate or Opinion of Counsel with respect to compliance with
a covenant or condition provided for in this Agreement shall include to the
extent required by the Trustee:

                  (1) a statement that such person making such Officer's
         Certificate or Opinion of Counsel has read such covenant or condition;

                  (2) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such Officer's Certificate or Opinion of Counsel are
         based;

                  (3) a statement that, in the opinion of each such person, he
         has made such examination or investigation as is necessary to enable
         such person to express an informed opinion as to whether or not such
         covenant or condition has been complied with; and

                  (4) a statement that, in the opinion of such person, such
         covenant or condition has been complied with.

                  SECTION 9.06 Separability Clause. In case any provision in
this Indenture or in the Securities shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.

                  SECTION 9.07 Holder's Rights and Obligations. Each Holder, by
acquisition of the Securities, agrees to be bound by the terms of this
Agreement. This Agreement shall inure to the benefit of and be binding upon each
Holder of Securities.

                  SECTION 9.08 Rules by Trustee, Paying Agent, Exchange Agent
and Registrar. The Trustee may make reasonable rules for action by or a meeting
of Securityholders. The Registrar, Exchange Agent and the Paying Agent may make
reasonable rules for their functions.

                  SECTION 9.09 Calculations. The calculation of the Purchase
Price, Change of Control Purchase Price, Exchange Rate, Market Price, Sale Price
of the Common Stock and each other calculation to be made hereunder shall be the
obligation of the Parent. All calculations made by the Parent as contemplated
pursuant to this Section 9.08 shall be final and binding on the Parent and the
Holders absent manifest error. The Trustee, Paying Agent and Exchange Agent
shall not be obligated to recalculate, recompute or confirm any such
calculations.

                  SECTION 9.10 Governing Law. THE LAWS OF THE STATE OF NEW YORK
SHALL GOVERN THIS AGREEMENT.

                  SECTION 9.11 No Recourse Against Others. A director, officer,
employee, agent, representative, stockholder or equity holder, as such, of the
Parent shall not have any liability for any obligations of the Parent under this
Agreement or for any claim based

<PAGE>

                                      -33-

on, in respect of or by reason of such obligations or their creation. By
accepting a Security, each Securityholder shall waive and release all such
liability. The waiver and release shall be part of the consideration for the
issue of the Securities.

                  SECTION 9.12 Successors. All agreements of the Parent and each
other Guarantor in this Agreement shall bind their respective successors. All
agreements of the Trustee in this Agreement shall bind its successor.

                  SECTION 9.13 Multiple Originals. The parties may sign any
number of copies of this Agreement. Each signed copy shall be an original, but
all of them together represent the same agreement. One originally signed copy is
enough to prove this Indenture.

<PAGE>

                  IN WITNESS WHEREOF, the undersigned, being duly authorized,
have executed this Agreement on behalf of the respective parties hereto as of
the date first above written.

                                        AMERICA WEST HOLDINGS CORPORATION

                                        By: /s/ Derek J. Kerr
                                            -----------------------------------
                                            Name: Derek J. Kerr
                                            Title: Chief Financial Officer

                                        U.S. BANK NATIONAL ASSOCIATION

                                        By: /s/ Richard H. Prokosch
                                            ------------------------------------
                                            Name: Richard H. Prokosch
                                            Title: Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]