Document:

EXHIBIT  10.4

                          REGISTRATION RIGHTS AGREEMENT
                          -------------------------------

      Registration   Rights   Agreement   dated  as  of  March  29,  2004  (this
"Agreement")  by and  between  Worldwater  Corp.,  a Delaware  corporation  (the
"Company"), and SBI Advisors, LLC ("SBI"), with reference to the following:

A. The  Company  has issued to SBI  warrants  (the  "Warrants")  to  purchase an
aggregate of 400,000  shares of the  Company's  Common  Stock,  pursuant to that
certain  Term Loan  Agreement  dated as of the date hereof  between the Company,
SBI, Hong Kong League  Central Credit Union and HIT Credit Union (the "Term Loan
Agreement").

B. The Company has agreed to provide with  respect to the Common Stock  issuable
to SBI upon  execution of the  Warrants  certain  registration  rights under the
Securities Act.

NOW,  THEREFORE,  in  consideration  of the  premises  and the mutual  covenants
contained  herein,  the parties  hereto,  intending to be legally bound,  hereby
agree as follows:

     1.     Definitions

      (A) As used  in  this  Agreement,  the  following  terms  shall  have  the
meanings:

            (1)  "AFFILIATE" of any specified  Person means any other Person who
directly, or indirectly through one or more intermediaries, is in control of, is
controlled  by, or is under common  control with,  such  specified  Person.  For
purposes of this  definition,  control of a Person means the power,  directly or
indirectly,  to direct or cause the direction of the  management and policies of
such Person  whether by contract,  securities,  ownership or otherwise;  and the
terms "controlling" and "controlled" have the respective meanings correlative to
the foregoing.

            (2) "COMMISSION" means the Securities and Exchange Commission.

            (3)  "EXCHANGE  ACT" means the  Securities  Exchange Act of 1934, as
amended,  and the rules and  regulations  of the Commission  thereunder,  or any
similar successor statute.

            (4)  "HOLDERS"   means  SBI  and  any   transferee  or  assignee  of
Registrable  Securities  which  agrees to  become  bound by all of the terms and
provisions of this Agreement in accordance with Section 8 hereof.

            (5) "PERSON" means any individual, partnership, corporation, limited
liability  company,  joint stock  company,  association,  trust,  unincorporated
organization, or a government or agency or political subdivision thereof.

            (6)   "PROSPECTUS"   means  the   prospectus   (including,   without
limitation,  any preliminary  prospectus and any final prospectus filed pursuant
to Rule 424(b) under the Securities Act, including any prospectus that discloses
information  previously  omitted from a prospectus filed as part of an effective
registration  statement  in  reliance  on Rule 430A  under the  Securities  Act)
included  in the  Registration  Statement,  as  amended or  supplemented  by any
prospectus  supplement  with respect to the terms of the offering of any portion
of the Registrable  Securities covered by the Registration  Statement and by all
other  amendments  and  supplements to such  prospectus,  including all material
incorporated  by reference in such  prospectus and all documents filed after the
date of such  prospectus by the Company under the Exchange Act and  incorporated
by reference therein.

            (7) "PUBLIC  OFFERING" means an offer registered with the Commission
and the appropriate  state  securities  commissions by the Company of its Common
Stock and made pursuant to the Securities Act.

            (8)  "REGISTRABLE  SECURITIES"  means the  shares  of  Common  Stock
issuable to SBI upon execution of the Warrants;  provided,  however,  a share of
Common  Stock  shall cease to be a  Registrable  Security  for  purposes of this
Agreement when it no longer is a Restricted Security.

            (9) "REGISTRATION  STATEMENT" means a registration  statement of the
Company filed on an appropriate  form under the Securities Act providing for the
registration  of, and the sale on a continuous  or delayed  basis by the holders
of, all of the Registrable  Securities pursuant to Rule 415 under the Securities
Act, including the Prospectus  contained therein and forming a part thereof, any
amendments to such  registration  statement and supplements to such  Prospectus,
and all  exhibits  to and  other  material  incorporated  by  reference  in such
registration statement and Prospectus.

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            (10)  "RESTRICTED  SECURITY"  means any share of Common Stock except
any  such  share  that  (i)  has  been  registered   pursuant  to  an  effective
registration   statement   under  the  Securities  Act  and  sold  in  a  manner
contemplated by the prospectus included in such registration statement, (ii) has
been transferred in compliance with the resale  provisions of Rule 144 under the
Securities Act (or any successor provision thereto) or is transferable  pursuant
to  paragraph  (k) of Rule  144  under  the  Securities  Act  (or any  successor
provision  thereto) or (iii)  otherwise has been  transferred and a new share of
Common Stock not subject to transfer  restrictions  under the Securities Act has
been delivered by or on behalf of the Company.

            (11)  "SECURITIES ACT" means the Securities Act of 1933, as amended,
and the rules and  regulations  of the  Commission  thereunder,  or any  similar
successor statute.

      2. Registration

            (A) PIGGYBACK RIGHTS. (i) If the Company proposes to register any of
its  warrants,  Common  Stock or any other shares of common stock of the Company
under the Securities  Act (other than a  registration  (A) on Form S-8 or S-4 or
any successor or similar forms, (B) relating to Common Stock or any other shares
of common stock of the Company  issuable upon exercise of employee share options
or in connection with any employee benefit or similar plan of the Company or (C)
in connection  with a direct or indirect  acquisition  by the Company of another
Person or any  transaction  with  respect  to which  Rule 145 (or any  successor
provision)  under the Securities  Act applies),  whether or not for sale for its
own account, it will each such time, give prompt written notice at least 20 days
prior to the anticipated  filing date of the registration  statement relating to
such  registration  to each Holder,  which notice shall set forth such  Holder's
rights under this Section  2(A) and shall offer such Holder the  opportunity  to
include in such registration  statement such number of Registrable Securities as
such Holder may request.  Upon the written  request of any Holder made within 10
days after the receipt of notice from the Company  (which  request shall specify
the number of Registrable Securities intended to be disposed of by such Holder),
the  Company  will use its best  efforts  to effect the  registration  under the
Securities  Act of all  Registrable  Securities  that  the  Company  has been so
requested  to register by each  Holder,  to the extent  requisite  to permit the
disposition  of  the  Registrable  Securities  so  to be  registered;  provided,
however, that (A) if such registration  involves a Public Offering,  each Holder
must sell its Registrable Securities to any underwriters selected by the Company
with the consent of such Holder on the same terms and conditions as apply to the
Company and (B) if, at any time after giving  written notice of its intention to
register any Registrable  Securities pursuant to this Section 2 and prior to the
effective  date of the  registration  statement  filed in  connection  with such
registration,  the Company  shall  determine for any reason not to register such
Registrable  Securities,  the Company  shall give written  notice to each Holder
and, thereupon,  shall be relieved of its obligation to register any Registrable
Securities in connection with such registration.

            (ii) If a  registration  pursuant to this  Section  2(A)  involves a
Public Offering and the managing  underwriter  thereof advises the Company that,
in its view,  the  number of shares of Common  Stock  that the  Company  and the
Holders  intend to include in such  registration  exceeds the largest  number of
shares of Common Stock that can be sold without having an adverse effect on such
Public Offering (the "Maximum Offering Size"),  the Company will include in such
registration  only such number of shares of Common  Stock as does not exceed the
Maximum  Offering  Size,  and the number of shares in the Maximum  Offering Size
shall be  allocated  among the  Company,  the Holders  and any other  sellers of
Common Stock in such Public  Offering  ("Third-Party  Sellers"),  first,  to the
Company until all the shares of Common Stock  originally  proposed to be offered
for sale by the  Company  have  been  allocated,  second,  if the  filing of the
Registration  Statement was made upon the demand of any Third Party Seller, then
pro rata among such Third Party Sellers,  and third,  pro rata among the Holders
and any other  Third-Party  Sellers,  in each case on the basis of the  relative
number of shares of Common  Stock  originally  proposed  to be offered  for sale
under such registration by each of the Holders and the Third-Party  Sellers,  as
the case may be.  If as a result of the  proration  provisions  of this  Section
2(A)(ii),  any Holder is not entitled to include all such Registrable Securities
in such  registration,  such Holder may elect to withdraw its request to include
any Registrable  Securities in such registration.  With respect to registrations
pursuant to this Section 2(A), the number of securities  required to satisfy any
underwriters'  over-allotment  option shall be allocated among the Company,  the
Holders and any Third Party Seller pro rata on the basis of the relative  number
of securities  offered for sale under such  registration by each of the Holders,
the  Company  and any such  Third  Party  Sellers  before the  exercise  of such
over-allotment option.

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      3. Obligations of the Company

      In connection with the  registration of the  Registrable  Securities,  the
Company shall:

      (A)  Promptly  (i) prepare and file with the  Commission  such  amendments
(including   post-effective   amendments)  to  the  Registration  Statement  and
supplements  to the  Prospectus  as may be  necessary  to keep the  Registration
Statement  continuously  effective and in compliance  with the provisions of the
Securities  Act applicable  thereto so as to permit the Prospectus  forming part
thereof to be current  and  useable by Holders  for  resales of the  Registrable
Securities for a period of one (1) year from the date on which the  Registration
Statement is first declared  effective by the Commission (the "Effective  Time")
or such shorter period that will terminate when all the  Registrable  Securities
covered  by the  Registration  Statement  have been  sold  pursuant  thereto  in
accordance with the plan of distribution provided in the Prospectus, transferred
pursuant to Rule 144 under the  Securities  Act or  otherwise  transferred  in a
manner that  results in the delivery of new  securities  not subject to transfer
restrictions under the Securities Act (the "Registration  Period") and (ii) take
all  lawful  action  such that each of (A) the  Registration  Statement  and any
amendment  thereto  does  not,  when it  becomes  effective,  contain  an untrue
statement  of a material  fact or omit to state a material  fact  required to be
stated therein or necessary to make the statements  therein,  not misleading and
(B) the Prospectus forming part of the Registration Statement, and any amendment
or  supplement  thereto,  does not at any time  during the  Registration  Period
include an untrue  statement of a material fact or omit to state a material fact
required to be stated  therein or necessary to make the statements  therein,  in
light of the circumstances under which they were made, not misleading;

      (B) During the  Registration  Period,  comply with the  provisions  of the
Securities Act with respect to the Registrable Securities of the Company covered
by the  Registration  Statement  until  such  time  as all of  such  Registrable
Securities  have been  disposed of in  accordance  with the intended  methods of
disposition  by the Holders as set forth in the  Prospectus  forming part of the
Registration Statement;

      (C) (i)  Prior to the  filing  with  the  Commission  of any  Registration
Statement (including any amendments thereto) and the distribution or delivery of
any Prospectus  (including any  supplements  thereto),  provide (A) draft copies
thereof to the Holders and reflect in such  documents  all such  comments as the
Holders (and their counsel) reasonably may propose and (B) to the Holders a copy
of the accountant's consent letter to be included in the filing and (ii) furnish
to each Holder whose  Registrable  Securities  are included in the  Registration
Statement and its legal counsel  identified to the Company,  (A) promptly  after
the same is prepared and publicly  distributed,  filed with the  Commission,  or
received  by  the  Company,  one  copy  of  the  Registration  Statement,   each
Prospectus,  and each  amendment  or  supplement  thereto and (B) such number of
copies of the Prospectus and all  amendments  and  supplements  thereto and such
other  documents,  as such Holder may reasonably  request in order to facilitate
the disposition of the Registrable Securities owned by such Holder;

      (D) (i)  Register or qualify  the  Registrable  Securities  covered by the
Registration  Statement  under  such  securities  or  "blue  sky"  laws  of such
jurisdictions as the Holders who hold a majority-in-interest  of the Registrable
Securities  being  offered  reasonably  request,  (ii)  prepare and file in such
jurisdictions  such  amendments   (including   post-effective   amendments)  and
supplements  to such  registrations  and  qualifications  as may be necessary to
maintain the effectiveness  thereof at all times during the Registration Period,
(iii) take all such other lawful  actions as may be  necessary to maintain  such
registrations and  qualifications in effect at all times during the Registration
Period and (iv) take all such  other  lawful  actions  reasonably  necessary  or
advisable to qualify the Registrable  Securities for sale in such jurisdictions;
provided,  however,  that  the  Company  shall  not be  required  in  connection
therewith  or as a  condition  thereto  to (A)  qualify  to do  business  in any
jurisdiction  where it would not  otherwise  be required to qualify but for this
Section 3(D), (B) subject itself to general taxation in any such jurisdiction or
(C) file a general consent to service of process in any such jurisdiction;

      (E) As promptly as practicable after becoming aware of such event,  notify
each Holder of the occurrence of any event,  as a result of which the Prospectus
included in the Registration  Statement,  as then in effect,  includes an untrue
statement of a material  fact or omits to state a material  fact  required to be
stated  therein or necessary  to make the  statements  therein,  in light of the
circumstances  under which they were made, not misleading,  and promptly prepare
an amendment to the  Registration  Statement and supplement to the Prospectus to
correct such untrue  statement  or  omission,  and deliver a number of copies of
such  supplement  and  amendment  to each Holder as such  Holder may  reasonably
request;

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      (F) As promptly as practicable after becoming aware of such event,  notify
each Holder who holds Registrable  Securities being sold (or, in the event of an
underwritten  offering,  the  managing  underwriters)  of  the  issuance  by the
Commission  of any stop order or other  suspension of the  effectiveness  of the
Registration  Statement at the earliest possible time and take all lawful action
to effect  the  withdrawal,  recession  or  removal  of such stop order or other
suspension;

      (G) Cause  all the  Registrable  Securities  covered  by the  Registration
Statement  to be listed  on the  principal  national  securities  exchange,  and
included in an inter-dealer quotation system of a registered national securities
association, on or in which securities of the same class or series issued by the
Company are then listed or included;

      (H) Maintain a transfer agent and registrar, which may be a single entity,
for  the  Registrable  Securities  not  later  than  the  effective  date of the
Registration Statement;

      (I)  Cooperate  with the Holders  who hold  Registrable  Securities  being
offered to facilitate the timely  preparation and delivery of  certificates  for
the Registrable  Securities to be offered pursuant to the registration statement
and  enable  such  certificates  for the  Registrable  Securities  to be in such
denominations  or  amounts,  as the case may be, as the Holders  reasonably  may
request and  registered  in such names as the Holder may  request;  and,  within
three  (3)  business  days  after  a  registration   statement   which  includes
Registrable  Securities  is declared  effective by the  Commission,  deliver and
cause legal counsel selected by the Company to deliver to the transfer agent for
the  Registrable  Securities  (with  copies  to the  Holders  whose  Registrable
Securities  are  included  in  such   registration   statement)  an  appropriate
instruction and, to the extent necessary, an opinion of such counsel;

      (J) Take all such other lawful  actions  reasonably  necessary to expedite
and facilitate the disposition by the Holders of their Registrable Securities in
accordance with the intended methods  therefor  provided in the Prospectus which
are customary under the circumstances;

      (K)  Make  generally   available  to  its  security  holders  as  soon  as
practicable,  but in any event not later  than  three (3)  months  after (i) the
effective  date (as  defined in Rule  158(c)  under the  Securities  Act) of the
Registration  Statement  and  (ii)  the  effective  date of each  post-effective
amendment  to the  Registration  Statement,  as the  case  may be,  an  earnings
statement of the Company and its  subsidiaries  complying with Section 11 (a) of
the  Securities Act and the rules and  regulations of the Commission  thereunder
(including, at the option of the Company, Rule 158);

      (L)  In  the  event  of an  underwritten  offering,  promptly  include  or
incorporate  in a  Prospectus  supplement  or  post-effective  amendment  to the
Registration  Statement such information as the managers reasonably agree should
be included therein and to which the Company does not reasonably object and make
all required filings of such Prospectus  supplement or post-effective  amendment
as soon as  practicable  after it is  notified  of the matters to be included or
incorporated in such Prospectus supplement or post-effective amendment;

      (M) (i) Make  reasonably  available  for  inspection  by the Holders,  any
underwriter  participating  in any  disposition  pursuant  to  the  Registration
Statement, and any attorney,  accountant or other agent retained by such Holders
or any such  underwriter  all relevant  financial and other  records,  pertinent
corporate documents and properties of the Company and its subsidiaries, and (ii)
cause the Company's officers,  directors and employees to supply all information
reasonably  requested  by  such  Holders  or  any  such  underwriter,  attorney,
accountant or agent in connection with the Registration Statement, in each case,
as is customary for similar due diligence examinations;  provided, however, that
all records,  information  and documents  that are  designated in writing by the
Company, in good faith, as confidential,  proprietary or containing any material
nonpublic  information  shall be kept  confidential  and  shall not be used as a
basis for any  market  transactions  in the  securities  of the  Company by such
Holders and any such underwriter,  attorney, accountant or agent (pursuant to an
appropriate  confidentiality agreement in the case of any such holder or agent),
unless  such  disclosure  is  made  pursuant  to  judicial  process  in a  court
proceeding  (after  first giving the Company an  opportunity  promptly to seek a
protective  order or otherwise limit the scope of the  information  sought to be
disclosed)  or is required by law, or such  records,  information  or  documents
become  available  to the  public  generally  or  through  a third  party not in
violation  of an  accompanying  obligation  of  confidentiality;  and  provided,
further,  that, if the foregoing  inspection  and  information  gathering  would
otherwise  disrupt the Company's  conduct of its business,  such  inspection and
information  gathering shall, to the maximum extent possible,  be coordinated on
behalf of the  Holders  and the other  parties  entitled  thereto by one firm of
counsel  designed  by and on behalf of the  majority  in interest of Holders and
other parties;

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      (N)  In   connection   with   any   underwritten   offering,   make   such
representations and warranties to the Holders participating in such underwritten
offering and to the managers,  in form,  substance and scope as are  customarily
made by the Company to underwriters in secondary underwritten offerings;

      (O) In  connection  with any  underwritten  offering,  obtain  opinions of
counsel  to the  Company  (which  counsel  and  opinions  (in  form,  scope  and
substance)  shall be reasonably  satisfactory to the managers)  addressed to the
underwriters,  covering  such  matters as are  customarily  covered in  opinions
requested in secondary  underwritten offerings (it being agreed that the matters
to be covered by such opinions shall include, without limitation, as of the date
of the opinion and as of the  Effective  Time of the  Registration  Statement or
most recent  post-effective  amendment thereto,  as the case may be, the absence
from the  Registration  Statement  and the  Prospectus,  including any documents
incorporated by reference therein,  of an untrue statement of a material fact or
the omission of a material  fact  required to be stated  therein or necessary to
make the  statements  therein  (in the case of the  Prospectus,  in light of the
circumstances  under which they were made) not misleading,  subject to customary
limitations);

      (P) In connection with any  underwritten  offering,  obtain "cold comfort"
letters and updates  thereof  from the  independent  public  accountants  of the
Company (and, if  necessary,  from the  independent  public  accountants  of any
subsidiary  of the Company or of any business  acquired by the Company,  in each
case for which  financial  statements and financial data are, or are required to
be,  included in the  Registration  Statement),  addressed  to each  underwriter
participating  in such  underwritten  offering (if such underwriter has provided
such letter,  representations  or documentation,  if any, required for such cold
comfort  letter to be so addressed),  in customary form and covering  matters of
the type  customarily  covered  in "cold  comfort"  letters in  connection  with
secondary underwritten offerings;

      (Q) In connection with any underwritten  offering,  deliver such documents
and certificates as may be reasonably required by the managers, if any, and

      (R) In the event that any broker-dealer  registered under the Exchange Act
shall  be an  "Affiliate"  (as  defined  in Rule  2729(b)(1)  of the  rules  and
regulations of the National  Association of Securities Dealers,  Inc. (the "NASD
Rules") (or any successor  provision thereto)) of the Company or has a "conflict
of interest" (as defined in Rule  2720(b)(7) of the NASD Rules (or any successor
provision  thereto)) and such broker-dealer  shall underwrite,  participate as a
member  of  an  underwriting  syndicate  or  selling  group  or  assist  in  the
distribution  of  any  Registrable   Securities   covered  by  the  Registration
Statement,  whether  as a  holder  of  such  Registrable  Securities  or  as  an
underwriter,  a  placement  or sales  agent or a broker  or  dealer  in  respect
thereof, or otherwise,  the Company shall assist such broker-dealer in complying
with the requirements of the NASD Rules, including,  without limitation,  by (A)
engaging a "qualified  independent  underwriter" (as defined in Rule 2720(b)(15)
of the NASD Rules (or any successor  provision  thereto)) to  participate in the
preparation  of  the  Registration   Statement   relating  to  such  Registrable
Securities,  to exercise usual standards of due diligence in respect thereof and
to recommend  the public  offering  price of such  Registrable  Securities,  (B)
indemnifying  such  qualified  independent  underwriter  to  the  extent  of the
indemnification  of underwriters  provided in Section 6 hereof and (C) providing
such  information  to such  broker-dealer  as may be  required in order for such
broker-dealer to comply with the requirements of the NASD Rules.

      4. Obligations of the Holders

In connection with the registration of the Registrable  Securities,  the Holders
shall have the following obligations:

      (A) It shall be a condition precedent to the obligations of the Company to
complete  the  registration  pursuant  to this  Agreement  with  respect  to the
Registrable  Securities of a particular Holder that such Holder shall furnish to
the Company such information  regarding itself, the Registrable  Securities held
by it and the intended method of disposition of the Registrable  Securities held
by it as shall  be  reasonably  required  to  effect  the  registration  of such
Registrable  Securities and shall execute such documents in connection with such
registration as the Company may reasonably request;

      (B) Each Holder by its acceptance of the Registrable  Securities agrees to
cooperate with the Company in connection  with the preparation and filing of the
Registration Statement hereunder, unless such Holder has notified the Company in
writing of its election to exclude all of its  Registrable  Securities  from the
Registration Statement; and

      (C) Each Holder  agrees that,  upon receipt of any notice from the Company
of the occurrence of any event of the kind described in Section 3(E) or 3(F), it
shall immediately discontinue its disposition of Registrable Securities pursuant
to the Registration  Statement  covering such Registrable  Securities until such
Holder's  receipt  of the  copies  of the  supplemented  or  amended  Prospectus
contemplated  by Section  3(E) and, if so directed by the  Company,  such Holder
shall  deliver to the Company (at the  expense of the  Company) or destroy  (and
deliver to the Company a certificate of destruction) all copies in such Holder's
possession,  of the Prospectus  covering such Registrable  Securities current at
the time of receipt of such notice.

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      (D) In the  case  of an  underwritten  public  offering  of the  Company's
securities,  at the  request of the  underwriter,  each Holder will agree not to
publicly  sell that  amount  of  Registrable  Securities  as  designated  by the
underwriter  for such period (not to exceed 180 days) as also designated by such
underwriter.

      5. Expenses of Registration

      All expenses, other than underwriting discounts and commissions,  incurred
in connection with registrations,  filings or qualifications pursuant to Section
3,  but  including,   without  limitation,   all  registration,   listing,   and
qualifications fees, printing and engraving fees,  accounting fees, and the fees
and  disbursements of counsel for the Company and Holder,  shall be borne by the
Company.

      6. Indemnification and Contribution

      (A) The Company  shall  indemnify  and hold  harmless each Holder and each
underwriter,   if  any,  which   facilitates   the  disposition  of  Registrable
Securities,  and each of their respective officers and directors and each person
who controls such Holder or underwriter  within the meaning of Section 15 of the
Securities  Act or  Section  20 of the  Exchange  Act (each  such  person  being
sometimes  hereinafter referred to as an "INDEMNIFIED  PERSON") from and against
any losses,  claims,  damages or  liabilities,  joint or several,  to which such
Indemnified  Person may become  subject under the  Securities  Act or otherwise,
insofar as such losses,  claims,  damages or liabilities  (or actions in respect
thereof)  arise out of or are based upon an untrue  statement or alleged  untrue
statement  of a material  fact  contained  in any  Registration  Statement or an
omission or alleged  omission to state  therein a material  fact  required to be
stated therein or necessary to make the statements therein,  not misleading,  or
arise out of or are based upon an untrue  statement or alleged untrue  statement
of a  material  fact  contained  in any  Prospectus  or an  omission  or alleged
omission  to state  therein a material  fact  required  to be stated  therein or
necessary  to make the  statements  therein,  in the light of the  circumstances
under which they were made,  not  misleading;  and the Company  hereby agrees to
reimburse such  Indemnified  Person for all reasonable  legal and other expenses
incurred by them in connection with  investigating  or defending any such action
or claim as and when such expenses are  incurred;  provided,  however,  that the
Company shall not be liable to any such  Indemnified  Person in any such case to
the extent that any such loss,  claim,  damage or liability  arises out of or is
based upon (i) an untrue  statement or alleged  untrue  statement made in, or an
omission or alleged omission from, such Registration  Statement or Prospectus in
reliance  upon and in  conformity  with  written  information  furnished  to the
Company by such Indemnified Person expressly for use therein or (ii) in the case
of the  occurrence of an event of the type specified in Section 3(E), the use by
the Indemnified Person of an outdated or defective  Prospectus after the Company
has provided to such  Indemnified  Person an updated  Prospectus  correcting the
untrue  statement or alleged  untrue  statement or omission or alleged  omission
giving rise to such loss, claim, damage or liability.

      (B)  INDEMNIFICATION BY THE HOLDERS AND UNDERWRITERS.  Each Holder agrees,
as a  consequence  of the  inclusion of any of its  Registrable  Securities in a
Registration  Statement,  and each  underwriter,  if any, which  facilitates the
disposition  of  Registrable   Securities  shall  agree,  as  a  consequence  of
facilitating  such  disposition  of  Registrable  Securities,  severally and not
jointly,  to  (i)  indemnify  and  hold  harmless  the  Company,  its  directors
(including any person who, with his or her consent, is named in the Registration
Statement  as a director  nominee of the  Company),  its  officers  who sign any
Registration  Statement and each person, if any, who controls the Company within
the  meaning  of either  Section 15 of the  Securities  Act or Section 20 of the
Exchange Act,  against any losses,  claims,  damages or liabilities to which the
Company or such other persons may become  subject,  under the  Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect  thereof) arise out of or are based upon an untrue  statement or alleged
untrue statement of a material fact contained in such Registration  Statement or
Prospectus or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the  statements  therein  (in light of the  circumstances  under which they were
made,  in the  case of the  Prospectus),  not  misleading,  in each  case to the
extent,  but only to the extent,  that such untrue  statement or alleged  untrue
statement  or omission  or alleged  omission  was made in  reliance  upon and in
conformity with written  information  furnished to the Company by such holder or
underwriter  expressly  for use therein;  provided,  however,  that no Holder or
underwriter  shall be liable under this Section 6(B) for any amount in excess of
the net proceeds paid to such Holder or underwriter in respect of shares sold by
it and (ii)  reimburse the Company for any legal or other  expenses  incurred by
the Company in  connection  with  investigating  or defending any such action or
claim as such expenses are incurred. The obligations pursuant to this subsection
shall survive the transfer of the Registrable Securities.

                                       6
<PAGE>

      (C) NOTICE OF  CLAIMS,  ETC.  Promptly  after  receipt by a party  seeking
indemnification  pursuant to this Section 6 (an "Indemnified  Party") of written
notice of any  investigation,  claim,  proceeding  or other action in respect of
which  indemnification is being sought (each, a "Claim"),  the Indemnified Party
promptly  shall notify the party against whom  indemnification  pursuant to this
Section  6 is  being  sought  (the  "Indemnifying  Party")  of the  commencement
thereof;  but the omission to so notify the Indemnifying Party shall not relieve
it from any  liability  that it  otherwise  may have to the  Indemnified  Party,
except to the extent that the  Indemnifying  Party is materially  prejudiced and
forfeits  substantive  rights  and  defenses  by  reason  of  such  failure.  In
connection  with any  Claim as to which  both  the  Indemnifying  Party  and the
Indemnified  Party are  parties,  the  Indemnifying  Party  shall be entitled to
assume the defense thereof. Notwithstanding the assumption of the defense of any
Claim by the Indemnifying  Party, the Indemnified  Party shall have the right to
employ  separate  legal counsel and to participate in the defense of such Claim,
and the Indemnifying Party shall bear the reasonable fees,  out-of-pocket  costs
and expenses of such  separate  legal counsel to the  Indemnified  Party if (and
only if): (x) the  Indemnifying  Party shall have agreed to pay such fees, costs
and  expenses,  (y) the  Indemnified  Party  and the  Indemnifying  Party  shall
reasonably have concluded that  representation  of the Indemnified  Party by the
Indemnifying  Party by the same legal  counsel would not be  appropriate  due to
actual or, as reasonably  determined by legal counsel to the Indemnified  Party,
potentially  differing  interests  between  such  parties in the  conduct of the
defense  of such  Claim,  or if there  may be legal  defenses  available  to the
Indemnified  Party that are in addition to or disparate from those  available to
the Indemnifying Party or (z) the Indemnifying Party shall have failed to employ
legal  counsel  reasonably  satisfactory  to  the  Indemnified  Party  within  a
reasonable period of time after notice of the commencement of such Claim. If the
Indemnified Party employs separate legal counsel in circumstances  other than as
described in clauses (x), (y) or (z) above, the fees, costs and expenses of such
legal counsel shall be born  exclusively  by the  Indemnified  Party.  Except as
provided above, the  Indemnifying  Party shall not, in connection with any Claim
in the same  jurisdiction,  be liable for the fees and expenses of more than one
firm of counsel for the  Indemnified  Party  (together  with  appropriate  local
counsel).  The Indemnified Party shall not, without the prior written consent of
the  Indemnifying  Party (which  consent  shall not  unreasonably  be withheld),
settle or compromise any Claim or consent to the entry of any judgment that does
not  include  an  unconditional  release  of the  Indemnifying  Party  from  all
liabilities with respect to such Claim or judgment.

      (D) CONTRIBUTION. If the indemnification provided for in this Section 6 is
unavailable  to or  insufficient  to hold harmless an  Indemnified  Person under
subsection  (A) or (B)  above in  respect  of any  losses,  claims,  damages  or
liabilities  (or actions in respect  thereof)  referred  to  therein,  then each
Indemnifying  Party  shall  contribute  to the  amount  paid or  payable by such
Indemnified Party as a result of such losses, claims, damages or liabilities (or
actions in respect  thereof) in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party and the Indemnified Party in connection
with the statements or omissions which resulted in such losses,  claims, damages
or liabilities  (or actions in respect  thereof),  as well as any other relevant
equitable  considerations.  The relative  fault of such  Indemnifying  Party and
Indemnified  Party shall be  determined  by reference  to,  among other  things,
whether the untrue or alleged untrue statement of a material fact or omission or
alleged  omission to state a material  fact relates to  information  supplied by
such Indemnifying  Party or by such Indemnified Party, and the parties' relative
intent,  knowledge,  access to information and opportunity to correct or prevent
such  statement or omission.  The parties hereto agree that it would not be just
and equitable if  contribution  pursuant to this Section 6(D) were determined by
pro rata allocation (even if the Holders or any underwriters were treated as one
entity for such  purpose) or by any other  method of  allocation  which does not
take account of the equitable  considerations  referred to in this Section 6(D).
The amount  paid or payable by an  Indemnified  Party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to above
shall be  deemed  to  include  any legal or other  fees or  expenses  reasonably
incurred by such Indemnified Party in connection with investigating or defending
any such  action or  claim.  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.  The obligations of the Holders and any  underwriters in this
Section 6(D) to contribute  shall be several in proportion to the  percentage of
Registrable  Securities registered or underwritten,  as the case may be, by them
and not joint.

      (E)  Notwithstanding  any other  provision  of this Section 6, in no event
shall any (i) Holder be required to undertake liability to any person under this
Section 6 for any amounts in excess of the dollar  amount of the  proceeds to be
received by such Holder from the sale of such  Holder's  Registrable  Securities
(after  deducting  any  fees,  discounts  and  commissions  applicable  thereto)
pursuant to any Registration  Statement under which such Registrable  Securities
are to be registered  under the Securities Act and (ii)  underwriter be required
to undertake  liability to any Person hereunder for any amounts in excess of the
aggregate discount, commission or other compensation payable to such underwriter
with respect to the  Registrable  Securities  underwritten by it and distributed
pursuant to the Registration Statement.

                                       7
<PAGE>

      (F) The  obligations  of the  Company  under  this  Section  6 shall be in
addition  to  any  liability  which  the  Company  may  otherwise  have  to  any
Indemnified  Person and the  obligations  of any  Indemnified  Person under this
Section 6 shall be in addition to any liability  which such  Indemnified  Person
may otherwise have to the Company.  The remedies  provided in this Section 6 are
not exclusive and shall not limit any rights or remedies  which may otherwise be
available to an indemnified party at law or in equity.

      7. RULE 144

      With a view to making  available  to the Holders the  benefits of Rule 144
under  the  Securities  Act or any  other  similar  rule  or  regulation  of the
Commission  that may at any time  permit the Holders to sell  securities  of the
Company to the public without  registration  ("Rule 144"), the Company agrees to
use its best efforts to:

      (1) comply with the provisions of paragraph (c) (1) of Rule 144 and

      (2) file with the  Commission  in a timely  manner all  reports  and other
documents  required to be filed by the  Company  pursuant to Section 13 or 15(d)
under the  Exchange  Act;  and,  if at any time it is not  required to file such
reports but in the past had been required to or did file such reports,  it will,
upon the request of any Holder, make available other information as required by,
and so long as necessary to permit sales of, its Registrable Securities pursuant
to Rule 144.

      8. Assignment

      The rights to have the Company register Registrable Securities pursuant to
this Agreement shall be  automatically  assigned by the Holders to any permitted
transferee of all or any portion of such Registrable  Securities only if (a) the
Holder agrees in writing with the  transferee or assignee to assign such rights,
and a copy of such  agreement is  furnished  to the Company  within a reasonable
time after such  assignment,  (b) the Company is, within a reasonable time after
such transfer or  assignment,  furnished with written notice of (i) the name and
address of such  transferee or assignee and (ii) the securities  with respect to
which  such  registration   rights  are  being  transferred  or  assigned,   (c)
immediately following such transfer or assignment, the securities so transferred
or assigned to the transferee or assignee constitute  Restricted  Securities and
(d) at or before the time the Company  received the written notice  contemplated
by clause (b) of this sentence the transferee or assignee agrees in writing with
the Company to be bound by all of the provisions contained herein.

      9. Amendment and Waiver

      Any provision of this Agreement may be amended and the observance  thereof
may  be  waived  (either  generally  or  in a  particular  instance  and  either
retroactively  or  prospectively),  only with the written consent of the Company
and Holders who hold a majority-in-interest of the Registrable  Securities.  Any
amendment or waiver  effected in accordance with this Section 9 shall be binding
upon each Holder and the Company.

      10. Changes in Common Stock

      If, and as often as,  there are any changes in the Common  Stock by way of
stock split, stock dividend, reverse split, combination or reclassification,  or
through merger,  consolidation,  reorganization or  recapitalization,  or by any
other means,  appropriate  adjustment shall be made in the provisions hereof, as
may be required, so that the rights and privileges granted hereby shall continue
with respect to the Common Stock as so changed.

      11. Miscellaneous

      (A) A person  or entity  shall be  deemed  to be a holder  of  Registrable
Securities  whenever  such  person or entity  owns of  record  such  Registrable
Securities.  If  the  Company  receives  conflicting  instructions,  notices  or
elections  from  two or more  persons  or  entities  with  respect  to the  same
Registrable  Securities,  the Company shall act upon the basis of  instructions,
notice  or  election  received  from the  registered  owner of such  Registrable
Securities.

                                       8
<PAGE>

      (B)  Except  as may be  otherwise  provided  herein,  any  notice or other
communication  or delivery  required or permitted  hereunder shall be in writing
and  shall  be  delivered  personally,  or sent by  telecopier  machine  or by a
nationally  recognized overnight courier service, and shall be deemed given when
so delivered  personally,  or by telecopier machine or overnight courier service
as follows:

          (1)     if to the Company, to:
                  Worldwater Corp.
                  Pennington Business Park
                  55 Route 31 South
                  Pennington, New Jersey
                  Attention:  President
                  Telecopier: 609-818-0720

            (2) if to any  Holder,  at such  address as such  Holder  shall have
provided in writing to the Company or as set forth on the  signature  page.  The
Company, or any Holder may change the foregoing address by notice given pursuant
to this Section 11(C).

      (C)  Failure  of any party to  exercise  any right or  remedy  under  this
Agreement or otherwise,  or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof.

      (D) This Agreement shall be governed by and interpreted in accordance with
the  laws of the  State  of  California.  Each of the  parties  consents  to the
jurisdiction  of the  federal  courts  or the  state  courts  of  the  State  of
California sitting in the City of Los Angeles, California in connection with any
dispute  arising under this Agreement and hereby  waives,  to the maximum extent
permitted by law,  any  objection  including  any  objection  based on forum non
conveniens, to the bringing of any such proceeding in such jurisdictions.

      (E)  The  remedies  provided  in this  Agreement  are  cumulative  and not
exclusive of any remedies provided by law. If any term,  provision,  covenant or
restriction of this Agreement is held by a court of competent jurisdiction 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, 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 is hereby stipulated and declared
to be the  intention of the parties that they would have  executed the remaining
terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable.

      (F) This  Agreement,  constitutes  the entire  agreement among the parties
hereto with respect to the subject  matter  hereof.  There are no  restrictions,
promises, warranties or undertakings,  other than those set forth or referred to
herein. This Agreement supersede all prior agreements and undertakings among the
parties hereto with respect to the subject matter hereof.

      (G) Subject to the requirements of Section 8 hereof,  this Agreement shall
inure to the benefit of and be binding upon the  successors  and assigns of each
of the parties hereto.

      (H) All  pronouns  and any  variations  thereof  refer  to the  masculine,
feminine or neuter, singular or plural, as the context may require.

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

      (J) This Agreement may be executed in two (2) counterparts,  each of which
shall be deemed an original but both of which shall  constitute one and the same
agreement.  A facsimile transmission of this signed Agreement shall be legal and
binding on the parties hereto.

      (K) The  Company  shall not grant to any other party  registration  rights
which  are  superior  to or on  parity  with  the  registration  rights  granted
hereunder.

                                       9
<PAGE>

IN WITNESS WHEREOF, the parties hereto have duly caused this Agreement to be
executed and delivered on the date first above written.

     Worldwater  Corp.,  a  Delaware  corporation

                       By: ______________________________
                       Name: ____________________________
                       Title: ___________________________

Address:

          SBI  Advisory  LLC

          By:  ______________________________
          Name:  ____________________________
          Title:  ___________________________

                                       10Table of Contents  

REGISTRATION RIGHTS
AGREEMENT  

    THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) dated as of February 17, 2004, between (i)
Brasil Telecom S.A. (the “Issuer”), a sociedade anônima organized under the laws of the Federative Republic of
Brazil (“Brazil”) and (ii) Citigroup Global Markets Inc. as the Initial Purchaser (as defined below) of U.S.$
200,000,000 of the Issuer's 9.375% Notes due 2014 (the “Notes”). Terms not otherwise defined herein are used as
defined in the Indenture (as defined below). 

WITNESSETH 

    
                 WHEREAS, the Issuer is today entering into an Indenture (the “Indenture”) dated as of February
17, 2004 with The Bank of New York, as Indenture Trustee (the “Trustee”), New York paying agent, Authentication
and Transfer Agent and Registrar and the Bank of Tokyo-Mitsubishi, London Branch acting as Principal Paying Agent
in Japan, pursuant to which it is today issuing U.S.$ 200,000,000 aggregate principal amount of its Notes;

    
                  WHEREAS, in order to provide additional liquidity to the holders of the Notes (the “Holders”),
the Issuer is willing to enter into this Registration Rights Agreement providing for the registration of the
Notes under the U.S. Securities Act of 1933, as amended;

    NOW, THEREFORE, the
parties hereto agree as follows: 

    
SECTION 1.                 Definitions.

    
                      As used in this Agreement, the following capitalized defined terms shall have the following
meanings:

    
                  “Affiliate” shall have the meaning set forth in Rule 405 of the Securities Act.

    
                  “Business Day” shall mean any date that is not a Saturday, Sunday or other day on which
         commercial banks in New York City are authorized or required by law to remain closed.

    
                  “Closing Date” shall mean the Closing Date as defined in the Purchase Agreement.

    
                  “Consummate” shall mean the occurrence of (a) the filing and effectiveness under the Securities
         Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the
         Exchange Offer, (b) the maintenance of such Exchange Offer Registration Statement continuously effective
         and the keeping of the Exchange Offer open for a period not less than the minimum period required
         pursuant to Section 2 hereof and (c) the delivery by the Issuer to the Trustee of Exchange Securities in
         the same aggregate principal amount as the aggregate principal amount of Notes tendered by Holders
         thereof pursuant to the Exchange Offer.

    “Exchange Act” shall
mean the U.S. Securities Exchange Act of 1934, as amended from time to time.  

    “Exchange Date” shall
have the meaning set forth in section 2(a)(ii) hereof.  

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

    “Exchange Offer
Registration” shall mean a registration under the Securities Act effected
pursuant to Section 2(a) hereof.  

    “Exchange Offer
Registration Statement” shall mean an exchange offer registration statement on
Form F-1, F-2, F-3 or F-4, as applicable, and all amendments and supplements to
such registration statement, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference therein.  

    “Exchange Securities” shall
mean securities issued by the Issuer containing terms identical in all material
respects to the Notes (except that the Exchange Securities will not bear legends
restricting their transfer or be subject to increases of the annual interest
rate payable thereunder for failure to comply with this Agreement) and to be
offered to Holders in exchange for Notes pursuant to the Exchange Offer.  

    “Holder” shall mean
each person or entity that holds the Notes or the Registrable Securities, and
each of their successors, assigns and direct and indirect transferees who become
registered owners of Registrable Securities under the Indenture; provided that,
for purposes of Sections 4 and 5 of this Agreement, the term “Holder” shall
include Participating Broker-Dealers (as defined in Section 4(a)).  

    “Indenture” shall mean
the Indenture relating to the Notes dated the Closing Date, among the Issuer and
The Bank of New York, as Indenture Trustee (the “Trustee”), New York paying agent,
Authentication and Transfer Agent and Registrar and the Bank of
Tokyo-Mitsubishi, London Branch acting as Principal Paying Agent in Japan, as
the same may be amended from time to time in accordance with the terms thereof.  

    “Initial Purchaser” shall
mean Citigroup Global Markets Inc.  

    “Majority Holders” shall
mean the Holders of a majority of the aggregate principal amount of outstanding
Registrable Securities; provided that, whenever the consent or approval of Holders of a
specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Issuer or any of its Affiliates (other than
the Initial Purchaser or subsequent Holders of Registrable Securities if such
subsequent holders are deemed to be such Affiliates solely by reason of their holding
of such Registrable Securities) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage or
amount.  

    “Person” means an
individual, partnership, corporation, limited liability company, business trust,
joint stock company, trust, unincorporated association, joint venture or any nation or
government, any state, province or other political subdivision thereof, any
central bank (or similar monetary or regulatory authority) thereof, and any
entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.  

    “Prospectus” shall
mean the prospectus included in a Registration Statement, including any
preliminary prospectus, and any such prospectus as amended or supplemented by
any prospectus supplement and by all other amendments and supplements to such
prospectus, and in each case including all material incorporated by reference
therein.  

    “Purchase Agreement” shall
mean the Purchase Agreement dated as of February 9, 2004 between the Issuer and
the Initial Purchaser relating to the purchase of the Notes by the Initial Purchaser.  

    “Registrable Securities” shall
mean the Notes; provided, however, that the Notes shall cease to be Registrable
Securities (i) when a Registration Statement with respect to such Notes shall have been
declared effective under the Securities Act and such Notes shall have been
disposed of pursuant to such Registration Statement, (ii) when such Notes have
been sold to the public pursuant to Rule 144(k) (or any similar provision then
in force, but not Rule 144A) under the Securities Act or (iii) when the Notes
shall have ceased to be Outstanding or (iv) the Exchange Offer is Consummated;
provided further, that the securities with respect to which the Issuer has
caused to be filed and declared effective an Exchange Offer Registration
Statement and have commenced an Exchange Offer, in each case pursuant to and in
accordance with Section 2(a) hereof, and which have not been tendered by the last
Exchange Date (as defined in Section 2(a)(ii) hereof) by the Holder thereof
shall be deemed not to be Registrable Securities.  

    “Registration Expenses” shall
mean any and all expenses incident to performance of or compliance by the Issuer
with this Agreement, including without limitation: (i) all SEC, stock exchange
or National Association of Securities Dealers, Inc. registration and filing
fees, (ii) all fees and expenses incurred in connection with compliance with
state securities or blue sky laws (including reasonable fees and disbursements
of counsel for any underwriters or Holders in connection with blue sky
qualification of any of the Exchange Securities or Registrable Securities), (iii) all
expenses of any Persons in preparing or assisting in preparing, word processing,
printing and distributing any Registration Statement, any Prospectus, any
amendments or supplements thereto, any underwriting agreements, securities sales
agreements and other documents relating to the performance of and compliance
with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating
to the qualification of the Indenture under applicable securities laws, (vi) the
reasonable fees and disbursements of the Trustee and its counsel, (vii) the
reasonable fees and disbursements of counsel for the Issuer and (viii) the
reasonable fees and disbursements of the independent public accountants of the
Issuer, including the expenses of any special audits or “cold comfort” letters
required by or incident to such performance and compliance, but excluding fees
and expenses of counsel to the underwriters (other than reasonable fees and
expenses set forth in clause (ii) above) or the Holders and underwriting
discounts and commissions and transfer taxes, if any, relating to the sale or
disposition of Registrable Securities by a Holder.  

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

    “SEC” shall mean the
United States Securities and Exchange Commission.  

    “Securities Act” shall
mean the U.S. Securities Act of 1933, as amended from time to time.  

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

    SECTION 2.
Registration Under the Securities Act.  

    (a) To the extent
not prohibited by any applicable law or applicable interpretation of the staff of the SEC
(the “Staff”), the Issuer shall use its reasonable best efforts to cause to be filed an
Exchange Offer Registration Statement covering the offer by the Issuer to the Holders to
exchange all of the Registrable Securities for Exchange Securities and to have such
Exchange Offer Registration Statement remain effective until the closing of the Exchange
Offer. The Issuer shall use its best efforts to cause such Exchange Offer Registration
Statement to be declared effective by the SEC by February 17, 2005. The Issuer shall
commence the Exchange Offer promptly after the Exchange Offer Registration Statement has
been declared effective by the SEC and use its reasonable best efforts to have the
Exchange Offer Consummated not later than 60 days after such effective date. The Issuer
shall commence the Exchange Offer by mailing the related exchange offer Prospectus and
accompanying documents to each Holder stating, in addition to such other disclosures as
are required by applicable law:  

    (i)      that the
Exchange Offer is being made pursuant to this Agreement and that all Registrable
Securities          validly tendered and not properly withdrawn will be accepted for
exchange; 

    (ii) the dates of
acceptance for exchange (which shall be a period of at least 20 Business Days from the
date such notice is mailed) (the “Exchange Dates”);  

    (iii)    that any
Registrable Security not tendered will remain outstanding and continue to accrue
interest, but          will not retain any rights under this Agreement; 

    (iv)     that Holders
electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be
         required to surrender such Registrable Security, together with the enclosed
letters of transmittal, to          the institutions and at the addresses (located in the
Borough of Manhattan, the City of New York)          specified in the notice prior to the
close of business on the last Exchange Date; and 

    (v)      that Holders
will be entitled to withdraw their election, not later than the close of business (New
York          time) on the last Exchange Date, by sending to the institutions and at the
addresses (located in the          Borough of Manhattan, the City of New York) specified
in the notice a telegram, telex, facsimile          transmission or letter setting forth
the name of such Holder, the principal amount of Registrable          Securities
delivered for exchange and a statement that such Holder is withdrawing his election to
have          such Notes exchanged. 

    (b)      As soon as
practicable after the last Exchange Date, the Issuer shall: 

    (i)      accept for
exchange Registrable Securities or portions thereof tendered and not          validly
withdrawn pursuant to the Exchange Offer; and 

    (ii)     deliver, or
cause to be delivered, to the Trustee for cancellation all Registrable
         Securities or portions thereof so accepted for exchange by the Issuer and issue,
and cause the Trustee          to promptly authenticate and mail to each Holder, an
Exchange Security equal in principal amount to the          principal amount of the
Registrable Securities surrendered by such Holder. 

    (c)      The Issuer
shall use its  reasonable  best efforts to complete  the Exchange  Offer as provided
 above and shall comply with the applicable  requirements  of the Securities  Act, the
Exchange Act and other  applicable laws and  regulations  in  connection  with  the
 Exchange  Offer.  The  Exchange  Offer  shall  not be  subject  to any conditions,
 other than that the Exchange Offer does not violate  applicable  law or any applicable
 interpretation of the Staff.  The Issuer  shall  inform the Initial  Purchaser  of the
names and  addresses of the Holders to whom the Exchange Offer is made, and the Initial
 Purchaser shall have the right,  subject to applicable law, to contact such Holders and
otherwise facilitate the tender of Registrable Securities in the Exchange Offer. 

    (d)      In the event
that the Issuer  determines  that the  Exchange  Offer  Registration  provided for in
Section 2(a) above is not available or may not be Consummated  as soon as practicable
 after the last Exchange Date because it would violate  applicable law or the applicable
 interpretations  of the Staff, or the Exchange Offer is not for any reason  Consummated
 by February 17, 2005,  then the Issuer may file any  Registration  Statement  with the
SEC that would  result in the  Holders of the Notes  being able to resell  their Notes in
such a manner that they cease to be Registrable  Securities,  and upon  effectiveness of
any such Registration  Statement,  the Issuer shall have satisfied its obligations
hereunder. 

    (e)      The Issuer
shall pay all Registration Expenses in connection with the registration pursuant to
Section 2(a). 

    (f)      An Exchange
Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have
become effective unless it has been declared effective by the SEC.  As provided for in
the Indenture, in the event the Exchange Offer is not Consummated or the Registration
Statement referred to in Section 2(d) above has not been declared effective on or prior
to February 17, 2005, the annual interest rate on the Notes will be increased to 9.875%
per annum (0.50% in excess of the then current Note Rate), until the Exchange Offer is
Consummated or the Exchange Offer Registration Statement is declared effective by the
SEC, whereupon the interest rate will decrease permanently to the original interest rate
on the Notes. 

    SECTION 3.
Registration Procedures. In connection with the obligations of the
Issuer with respect to the Registration Statements pursuant to Section 2(a) and Section 2(d)
hereof, the Issuer shall as expeditiously as possible:  

    (i)      prepare and
file with the SEC a Registration Statement on the appropriate form under the Securities
Act,          which form (x) shall be selected by the Issuer and (y) shall comply as to
form in all material respects          with the requirements of the applicable form and
include all financial statements required by the SEC to          be filed therewith, and
use its reasonable best efforts to cause such Registration Statement to become
         effective and remain effective in accordance with Section 2 hereof; 

    (ii)     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 effective for
the applicable period          and cause each Prospectus to be supplemented by any
required prospectus supplement and, as so          supplemented, to be filed pursuant to
Rule 424 under the Securities Act; to keep each Prospectus current          during the
period described under Section 4(3) and Rule 174 under the Securities Act that is
applicable          to transactions by brokers or dealers with respect to the Registrable
Securities or Exchange Securities; 

    (iii) to the extent
necessary or applicable, use its reasonable best efforts to register or qualify the
Registrable Securities under all applicable state securities or “blue sky” laws
of such jurisdictions as any Holder of Registrable Securities covered by a
Registration Statement shall reasonably request in writing by the time the
applicable Registration Statement is declared effective by the SEC, to cooperate
with such Holders in connection with any filings required to be made with the
National Association of Securities Dealers, Inc. and do any and all other acts
and things which may be reasonably necessary or advisable to enable such Holder
to consummate the disposition in each such jurisdiction of such Registrable
Securities owned by such Holder; provided, however, that the Issuer shall not be required
to (A) qualify as a foreign corporation or as a dealer in securities in any
jurisdiction where it would not otherwise be required to qualify but for this
Section 3(a)(iii), (B) file any general consent to service of process or (C) subject
itself to taxation in any such jurisdiction if it is not so subject;  

    (iv)     make every
reasonable effort to obtain the withdrawal of any order suspending the effectiveness of a
         Registration Statement at the earliest possible moment; 

    (v)      a reasonable
time prior to the filing of any Registration Statement, any Prospectus, any amendment to
a          Registration Statement or amendment or supplement to a Prospectus or any
document which is to be          incorporated by reference into a Registration Statement
or a Prospectus after the initial filing of a          Registration Statement, provide
copies of such document to the Initial Purchaser and its counsel and          make such
representatives of the Issuer as shall be reasonably requested by the Initial Purchaser
or its          counsel available for discussion of such document, and shall not at any
time file or make any amendment          to the Registration Statement, any Prospectus or
any amendment of or supplement to a Registration          Statement or a Prospectus or
any document which is to be incorporated by reference into a Registration
         Statement or a Prospectus, of which the Initial Purchaser and its counsel shall
not have previously been          advised and furnished a copy or to which the Initial
Purchaser or its counsel shall reasonably object; 

    (vi)     obtain a
CUSIP number for all Exchange Securities or Registrable Securities, as the case may be,
not          later than the effective date of a Registration Statement; 

    (vii) use its
reasonable best efforts to cause the Indenture to be qualified under the Trust Indenture
Act of 1939, as amended (the “TIA”), in connection with the registration of the
Exchange Securities or Registrable Securities, as the case may be, cooperate
with the Trustee and the Holders to effect such changes to the Indenture as may
be required for the Indenture to be so qualified in accordance with the terms of
the TIA and execute, and use its 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 to be so
qualified in a timely manner; and  

    (viii)   use its
reasonable best efforts to cause the Exchange Securities to continue to be rated by one
         nationally recognized statistical rating organization (as such term is defined
in Rule 436(g)(2) under          the Securities Act), if the Registrable Securities have
been rated. 

    SECTION 4.
Participation of Broker-Dealers in Exchange Offer.  

    (a) The parties
hereto acknowledge that the Staff has taken the position that any broker-dealer that
receives Exchange Securities for its own account in the Exchange Offer in exchange for
Notes that were acquired by such broker-dealer as a result of market-making or other
trading activities (a “Participating Broker-Dealer”), may be deemed to be an “underwriter” within
the meaning of the Securities Act and must deliver a prospectus meeting the requirements
of the Securities Act in connection with any resale of such Exchange Securities. The
Issuer understands that it is the Staff's position that if the Prospectus contained in
the Exchange Offer Registration Statement includes a plan of distribution containing a
statement to the above effect and the means by which Participating Broker-Dealers may
resell the Exchange Securities, without naming the Participating Broker-Dealers or
specifying the amount of Exchange Securities owned by them, such Prospectus may be
delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligation
under the Securities Act in connection with resales of Exchange Securities for their own
accounts, so long as the Prospectus otherwise meets the requirements of the Securities
Act.  

    (b)      In light of
the above, notwithstanding the other provisions of this Agreement, the Issuer agrees to
take all actions necessary to ensure the effectiveness of the Registration Statement
referred to in Section 2 as may be reasonably requested by the Initial Purchaser or by
one or more Participating Broker-Dealers, in each case as provided in clause (ii) below,
in order to expedite or facilitate the disposition of any Exchange Securities by
Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a)
above provided that: 

    (i)      The Issuer
shall not be required to amend or supplement the Prospectus contained in the Exchange
Offer          Registration Statement for a period exceeding 180 days after the last
Exchange Date (as such period may          be extended pursuant to this Agreement) and
Participating Broker-Dealers shall not be authorized by the          Issuer to deliver
and shall not deliver such Prospectus after such period in connection with the resales
         contemplated by this Section 4; and 

    (ii)     any
application of the procedures to an Exchange Offer Registration, to the extent not
required by the          positions of the Staff or the Securities Act and the rules and
regulations thereunder, will be in          conformity with the reasonable request to the
Issuer by the Initial Purchaser or with the reasonable          request in writing to the
Issuer by one or more broker-dealers who certify to the Initial Purchaser and
         the Issuer in writing that they anticipate that they will be Participating
Broker-Dealers; and provided          further that, in connection with such application
of any procedures to an Exchange Offer Registration,          the Issuer shall be
obligated (x) to deal only with one entity representing the Participating
         Broker-Dealers, which shall be the Initial Purchaser unless it elects not to act
as such representative,          (y) to pay the reasonable fees and expenses of only one
counsel representing the Participating          Broker-Dealers, which shall be counsel to
the Initial Purchaser unless such counsel elects not to so act          and (z) to cause
to be delivered only one, if any, “cold comfort” letter with respect to the Prospectus
         in the form existing on the last Exchange Date and with respect to each
subsequent amendment or          supplement, if any, effected in connection therewith. 

    (c)      The Initial
Purchaser shall have no liability to the Issuer or any Holder with respect to any request
that they may make pursuant to Section 4(b) above. 

    SECTION 5.
Indemnification and Contribution.  

    (a)      The Issuer
agrees to indemnify and hold harmless the Initial Purchaser and each Holder, their
respective affiliates, directors and officers and each Person, if any, who controls the
Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, from and against any and all losses, claims, damages and
liabilities (including, without limitation, legal fees and other reasonable and duly
documented expenses incurred in connection with any suit, action or proceeding or any
claim asserted, as such fees and expenses are incurred), joint or several, that arise out
of, or are based upon, any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement or any Prospectus or any omission or alleged
omission to state therein 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, except insofar as such losses, claims, damages or liabilities
arise out of, or are based upon, any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with any information
relating to the Initial Purchaser or any Holder furnished to the Issuer in writing
through the Initial Purchaser or any selling Holder expressly for use therein. 

    (b)      Each Holder
agrees, severally and not jointly, to indemnify and hold harmless the Issuer, the Initial
Purchaser and the other selling Holders, their respective affiliates, the directors of
the Issuer, each officer of the Issuer who signed the Registration Statement and each
Person, if any, who controls the Issuer, the Initial Purchaser and any other selling
Holder within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but
only with respect to any losses, claims, damages or liabilities that arise out of, or are
based upon, any untrue statement or omission or alleged untrue statement or omission made
in reliance upon and in conformity with any information relating to such Holder furnished
to the Issuer in writing by such Holder expressly for use in any Registration Statement
and any Prospectus. 

    (c) If any suit,
action, proceeding (including any governmental or regulatory investigation), claim or
demand shall be brought or asserted against any Person in respect of which
indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person
(the “Indemnified Person”) shall promptly notify the Person against whom such
indemnification may be sought (the “Indemnifying Person”) in writing; provided that the
failure to notify the Indemnifying Person shall not relieve it from any liability that it
may have under this Section 5 except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and provided,
further, that the failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have to an Indemnified Person otherwise than under this Section 5.
If any such proceeding shall be brought or asserted against an Indemnified Person and it
shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain
counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified
Person and any others entitled to indemnification pursuant to this Section 5 that the
Indemnifying Person may designate in such proceeding and shall pay the fees and
reasonable and duly documented expenses of such counsel related to such proceeding, as
incurred. In any such proceeding, any Indemnified Person shall have the right to retain
its own counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person
shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed
within a reasonable time to retain counsel reasonably satisfactory to the Indemnified
Person; (iii) the Indemnified Person shall have reasonably concluded that there may be
legal defenses available to it that are different from or in addition to those available
to the Indemnifying Person; or (iv) the named parties in any such proceeding (including
any impleaded parties) include both the Indemnifying Person and the Indemnified Person
and representation of both parties by the same counsel would be inappropriate due to
actual or potential differing interests between them. It is understood and agreed that
the Indemnifying Person shall not, in connection with any proceeding or related
proceeding in the same jurisdiction, be liable for the fees and reasonable and duly
documented expenses of more than one separate firm (in addition to any local counsel) for
all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they
are incurred. Any such separate firm (x) for the Initial Purchaser, its affiliates,
directors and officers and any control Persons of such Initial Purchaser shall be
designated in writing by the Initial Purchaser, (y) for any Holder, its affiliates,
directors and officers and any control Persons of such Holder shall be designated in
writing by the Majority Holders and (z) in all other cases shall be designated in writing
by the Issuer. The Indemnifying Person shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify
each Indemnified Person from and against any loss or liability by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time an
Indemnified Person shall have requested that an Indemnifying Person reimburse the
Indemnified Person for fees and expenses of counsel as contemplated by this paragraph,
the Indemnifying Person shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 45 days
after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person
shall not have reimbursed the Indemnified Person in accordance with such request prior to
the date of such settlement. No Indemnifying Person shall, without the written consent
of the Indemnified Person, effect any settlement of any pending or threatened proceeding
in respect of which any Indemnified Person is or could have been a party and
indemnification could have been sought hereunder by such Indemnified Person, unless such
settlement (A) includes an unconditional release of such Indemnified Person, in form and
substance reasonably satisfactory to such Indemnified Person, from all liability on
claims that are the subject matter of such proceeding and (B) does not include any
statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person.  

    (d)      If the
indemnification provided for in paragraphs (a) and (b) above is unavailable to an
Indemnified Person or insufficient in respect of any losses, claims, damages or
liabilities referred to therein, then each Indemnifying Person under such paragraph, in
lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount
paid or payable by such Indemnified Person as a result of such losses, claims, damages or
liabilities (i) in such proportion as is appropriate to reflect the relative benefits
received by the Issuer from the offering of the Securities and the Exchange Securities,
on the one hand, and by the Holders from receiving Securities or Exchange Securities
registered under the Securities Act, on the other hand, or (ii) if the allocation
provided by clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) but also
the relative fault of the Issuer on the one hand and the Holders on the other in
connection with the statements or omissions that resulted in such losses, claims, damages
or liabilities, as well as any other relevant equitable considerations.  The relative
fault of the Issuer on the one hand and the Holders on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Issuer or by the Holders and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or
omission. 

    (e)      The Issuer
and the Holders agree that it would not be just and equitable if contribution pursuant to
this Section 5 were determined by pro rata allocation (even if the Holders were treated
as one entity for such purpose) or by any other method of allocation that does not take
account of the equitable considerations referred to in paragraph (d) above.  The amount
paid or payable by an Indemnified Person as a result of the losses, claims, damages and
liabilities referred to in paragraph (d) above shall be deemed to include, subject to the
limitations set forth above, any reasonable and duly documented legal or other expenses
incurred by such Indemnified Person in connection with any such action or claim.
 Notwithstanding the provisions of this Section 5, in no event shall a Holder be required
to contribute any amount in excess of the amount by which the total price at which the
Securities or Exchange Securities sold by such Holder exceeds the amount of any damages
that such Holder 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. 

    (f)      The remedies
provided for in this Section 5 are not exclusive and shall not limit any rights or
remedies that may otherwise be available to any Indemnified Person at law or in equity. 

    (g)      The indemnity
and contribution provisions contained in this Section 5 shall remain operative and in
full force and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of the Initial Purchaser or any Holder, their
respective affiliates or any Person controlling the Initial Purchaser or any Holder, or
by or on behalf of the Issuer, its respective affiliates or the officers or directors of
or any Person controlling the Issuer, (iii) acceptance of any of the Exchange Securities
and (iv) any sale of Registrable Securities pursuant to any shelf or other Registration
Statement. 

    SECTION 6.
Miscellaneous.  

    (a) No
Inconsistent Agreements.  The Issuer has not entered into, and on or after the date of
this Agreement will not enter into, any agreement which is inconsistent with the rights
granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts
with the provisions hereof. The rights granted to the Holders hereunder do not in any
way conflict with and are not inconsistent with the rights granted to the holders of the
Issuer's other issued and outstanding securities under any such 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 Issuer has obtained the
written consent of Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification, supplement,
waiver or consent; provided, however, that no amendment, modification, supplement, waiver
or consent to any departure from the provisions of Section 5 hereof shall be effective as
against any Holder of Registrable Securities unless consented to in writing by such
Holder.  

    (c) Notices. All
notices and other communications provided for or permitted hereunder shall be made in
writing by hand-delivery, registered first-class mail, telex, telecopier, or any courier
guaranteeing overnight delivery (i) if to a Holder, at the most current address given by
such Holder to the Issuer by means of a notice given in accordance with the provisions of
this Section 6(c), which address initially is, with respect to the Initial Purchaser, the
address set forth in the Purchase Agreement; and (ii) if to the Issuer, initially at the
Issuer's address set forth in the Purchase Agreement and thereafter at such other
address, notice of which is given in accordance with the provisions of this Section 6(c).
All such notices and communications shall be deemed to have been duly given: at the
time delivered by hand, if personally delivered; five business days after being deposited
in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is
acknowledged, if telecopied; and on the next business day if timely delivered to an air
courier guaranteeing overnight delivery. Copies of all such notices, demands, or other
communications shall be concurrently delivered by the Person giving the same to the
Trustee, at the address specified in the Indenture.  

    (d) Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors, assigns and transferees of each of the parties, including, without limitation
and without the need for an express assignment, subsequent Holders; provided that nothing
herein shall be deemed to permit any assignment, transfer or other disposition of
Registrable Securities in violation of the terms of the Purchase Agreement. If any
transferee of any Holder shall acquire Registrable Securities, in any manner, whether by
operation of law or otherwise, such Registrable Securities shall be held subject to all
of the terms of this Agreement, and by taking and holding such Registrable Securities
such Person shall be conclusively deemed to have agreed to be bound by and to perform all
of the terms and provisions of this Agreement and such Person shall be entitled to
receive the benefits hereof. The Initial Purchaser (in its capacity as Initial
Purchaser) shall have no liability or obligation to the Issuer with respect to any
failure by a Holder to comply with, or any breach by any Holder of, any of the
obligations of such Holder under this Agreement.  

    (e) Purchases and
Sales of Securities. The Issuer shall have the right to purchase Registrable Securities
only as contemplated in the Indenture; provided, however, that, notwithstanding the
foregoing, the Issuer shall not and the Issuer shall use its reasonable best efforts to
cause its Affiliates not to, purchase and then resell or otherwise transfer any
Registrable Securities, if doing so adversely affects the rights of the Holders hereunder.  

    (f) Third Party
Beneficiary. The Holders shall be third party beneficiaries to the agreements made
hereunder between the Issuer, on the one hand, and the Initial Purchaser, on the other
hand, and the Initial Purchaser shall have the right to enforce such agreements directly
to the extent it deems such enforcement necessary or advisable to protect its rights or
the rights of Holders hereunder.  

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

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

    (i) Governing
Law. This Agreement shall be governed by the laws of the State of New York.  

    (j) Severability.
In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the validity,
legality and enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be affected or impaired thereby.  

    (k) Jurisdiction.  

    (i) The Issuer
agrees that any legal suit, action or proceeding arising out of or relating to this
Agreement or the transactions contemplated herein may be instituted in any U.S. federal
or New York State court in the Borough of Manhattan in the City of New York (each a “New
York court”) and the Issuer hereby waives any objection which it may now or hereafter
have to the laying of venue of any such proceeding, and irrevocably submits to the
jurisdiction of such courts, with respect to actions brought against it as defendant, in
any suit, action or proceeding.  

    (ii) The Issuer
(A) irrevocably appoints CT Corporation System, at its offices located at 111 Eighth
Avenue, New York, New York 10011 (together with any successor, the “Process Agent”), as
its authorized agent in the Borough of Manhattan in The City of New York upon which
process may be served in any such suit, action or proceeding, acknowledges that the
Process Agent has accepted such designation and agrees that service of process upon the
Process Agent, and written notice of such service to the Issuer, by the person serving
the same to the address set forth in the Purchase Agreement, shall be deemed in every
respect effective service of process upon the Issuer in any such suit, action or
proceeding and (B) agrees to take any and all action, including the execution and filing
of any and all such documents and instruments as may be necessary to continue such
designation and appointment of the Process Agent in full force and effect so long as any
of the Notes shall be outstanding.  

    (l) Waiver of
Immunity. To the extent that the Issuer has or hereafter may acquire any immunity
from jurisdiction of any court or from any legal process (whether through service of
notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) with respect to itself or its property, it hereby irrevocably waives such
immunity in respect of its obligations under this Agreement to the fullest extent
permitted by law.  

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

	 	 BRASIL TELECOM S.A.
	 
	 
	 	By:____________________________________
	 	      Name:
	 	      Title:
	 
	 	By:____________________________________
	 	      Name:
	 	      Title:

	 	WITNESSES:
	 
	 
	1. 	____________________________________
	 	Name:
	 
	2.  	____________________________________
	 	Name:

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

CITIGROUP GLOBAL
MARKETS INC.,
 as the Initial Purchaser 

	 	 
	 
	 
	 	By:____________________________________
	 	      Name:
	 	      Title:

	STATE OF NEW YORK	)	 
	 	)	ss:
	COUNTY OF NEW YORK	)	 

    On this 17th day of
February, 2004 before me, a notary public within and for said county,          personally
appeared ________________, to me personally known who being duly sworn, did say that
_____ is          a ________________ of Citigroup Global Markets, Inc., one of the
persons described in and which executed          the foregoing instrument, and
acknowledge said instrument to be the free act and deed of said          corporation. 

		
	 	____________________________________
	 	Notary Public
	 	COMMISSION EXPIRES

[Notarial Seal] 

 

REGISTRATION RIGHTS
AGREEMENT 

Dated February 17, 2004 

between 

BRASIL TELECOM S.A. 

as Issuer, 

and 

CITIGROUP GLOBAL
MARKETS INC. 

as the Initial Purchaser

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