Document:

<PAGE>

                                                                  EXHIBIT 10.22

                         FORM OF BROKER-DEALER AGREEMENT

                  ____________________________________________

                                     between

                              THE BANK OF NEW YORK

                                as Auction Agent

                                       and

                         [INSERT NAME OF BROKER-DEALER]

                                as Broker-Dealer

                  ____________________________________________

                            Dated as of ____________

                                   Relating to

                                   $_________

             COLLEGIATE FUNDING SERVICES EDUCATION LOAN TRUST 2003-_

                         STUDENT LOAN ASSET-BACKED NOTES

                                  consisting of

                                 Series 2003-_:
                          Class _-_ Auction Rate Notes

                                       1
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                           Page
<S>                                                                                                        <C>
1.    Definitions and Rules of Construction..........................................................        1
   1.1. Terms Defined by Reference to the Indenture..................................................        1
   1.2. Terms Defined Herein.........................................................................        1
   1.3. Rules of Construction........................................................................        2

2.    The Auction....................................................................................        2
   2.1  Purpose. Incorporation by Reference of Auction Procedures and Settlement Procedures..........        2
   2.2  Preparation for Each Auction.................................................................        3
   2.3  Auction Schedule: Method of Submission of Orders.............................................        3
   2.4. Notices......................................................................................        5
   2.5. Service Charge to Be Paid to BD..............................................................        5
   2.6  Settlement...................................................................................        6
   2.7. Duties and Responsibilities of BD............................................................        6

3.    The Auction Agent..............................................................................        7
   3.1. Duties and Responsibilities of Auction Agent.................................................        7
   3.2. Rights of the Auction Agent..................................................................        7
   3.3. The Auction Agent's Disclaimer...............................................................        9

4.    Miscellaneous..................................................................................        9
   4.1. Termination..................................................................................        9
   4.2. Participant in Clearing Agency...............................................................        9
   4.3. Communications...............................................................................        9
   4.4. Entire Agreement.............................................................................       10
   4.5. Benefits.....................................................................................       10
   4.6. Amendment: Waiver............................................................................       10
   4.7. Successors and Assigns.......................................................................       11
   4.8. Severability.................................................................................       11
   4.9. Execution in Counterparts ...................................................................       11
   4.10 Governing Law................................................................................       11
</TABLE>

Exhibit A Settlement Procedures                 A-1
Exhibit B Order Form                            B-1
Exhibit C Transfer Form                         C-1
Exhibit D Notice of a Failure to Deliver        D-1

                                       2
<PAGE>

      Broker-Dealer Agreement (this "Agreement"), dated as of ____________
between THE BANK OF NEW YORK (together with its successors and assigns, the
"Auction Agent"), a New York banking corporation appointed as such pursuant to
the provisions of the Indenture of Trust, dated as of ____________ (the "Trust
Indenture") by and between Collegiate Funding Services Education Loan Trust
2003-_, a Delaware statutory trust, (the "Issuer"), U.S. Bank National
Association, as indenture trustee and eligible lender trustee (the "Trustee"),
and the respective Auction Procedures attached thereto as Annex 1 (collectively
referred to herein as the "Indenture "), pursuant to authority granted to it in
the Auction Agent Agreement between the Trustee and the Auction Agent
hereinafter defined, and [INSERT NAME OF BROKER-DEALER] (together with its
successors and assigns hereinafter referred to as "BD").

      The Issuer proposes to issue certain of its Student Loan Asset-Backed
Notes as Auction Rate Notes (collectively, the "Notes") as follows: $________
aggregate principal amount of Class _-_ Senior Auction Rate Notes, pursuant to
the Indenture.

      The Indenture provides that the interest rate on the Notes for each
Interest Accrual Period after the Initial Interest Accrual Period shall, except
as otherwise provided in the Indenture, equal the Auction Rate that the Auction
Agent advises has resulted on the Auction Date from the implementation of the
Auction Procedures. Pursuant to Section 2.9(a) or (b) of the Auction Agent
Agreement, the Auction Agent has entered into this Agreement.

      The Auction Procedures require the participation of one or more
Broker-Dealers.

      Now, Therefore, in consideration of the mutual covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Auction Agent and BD agree as follows:

      1. DEFINITIONS AND RULES OF CONSTRUCTION

      1.1. TERMS DEFINED BY REFERENCE TO THE INDENTURE. Capitalized terms not
defined herein shall have the respective meanings specified in or pursuant to
the Indenture, including Annex 1thereto, and the Auction Agent Agreement.

      1.2. Terms Defined Herein. As used herein and in the Settlement Procedures
(as defined below), the following terms shall have the following meanings,
unless the context otherwise requires:

            (a) "Auction" shall have the meaning specified in Section 2.1
      hereof.

            (b) "Auction Agent Agreement" shall mean the Auction Agent
      Agreement, dated as of November 1, 2003, among the Issuer, the Trustee and
      the Auction Agent relating to the Notes.

            (c) "Auction Procedures" shall mean the Auction Procedures as
      defined in Annex 1 to the Indenture.

            (d) "Authorized Officer" shall mean, with respect to the Auction
      Agent, each Vice President, Assistant Vice President and Assistant
      Treasurer of the Auction Agent assigned to the Dealing and Trading Group
      or its Corporate Trust & Agency Division,

                                       1
<PAGE>

      and every other officer or employee of the Auction Agent designated as an
      "Authorized Officer" for purposes of this Agreement in a written
      communication to BD.

            (e) "BD Officer" shall mean each officer or employee of BD
      designated as a "BD Officer" for purposes of this Agreement in a
      communication to the Auction Agent.

            (f) "Settlement Procedures" shall mean the Settlement Procedures
      attached hereto as Exhibit A.

      1.3. Rules of Construction. Unless the context or use indicates another or
different meaning or intent, the following rules shall apply to the construction
of this Agreement:

            (a) Words importing the singular number shall include the plural
      number and vice versa.

            (b) The captions and headings herein are solely for convenience of
      reference and shall not constitute a part of this Agreement nor shall they
      affect its meaning, construction or effect.

            (c) The words "hereof," "herein, " "hereto, " and other words of
      similar import refer to this Agreement as a whole.

            (d) In case of any conflict between the provisions of this Agreement
      and the provisions of the Auction Procedure, the Auction Procedures shall
      control.

            (e) All references herein to a particular time of day shall be to
      New York City time.

      2. THE AUCTION

      2.1 Purpose. Incorporation by Reference of Auction Procedures and
Settlement Procedures.

            (a) On each Auction Date for a class of Notes, the provisions of the
      Auction Procedures will be followed by the Auction Agent for the purpose
      of determining the Auction Note Interest Rate for such class for the next
      Interest Accrual Period. Each periodic operation of such implementation is
      hereinafter referred to as an "Auction."

            (b) All of the provisions contained in the Auction Procedures and
      the Settlement Procedures are incorporated herein by reference in their
      entirety and shall be deemed to be a part of this Agreement to the same
      extent as if such provisions were fully set forth herein. With respect to
      the Auction Agent's duties hereunder, in the case of any conflict between
      the terms of any document incorporated herein by reference and the terms
      hereof, the Auction Agent is, subject to its obligations as set forth in
      Section 3, authorized to perform its duties according to the terms hereof,
      and shall have no liability for so doing.

                                       2
<PAGE>

            (c) BD agrees to act as, and assumes the obligations of and
      limitations and restrictions placed upon, a Broker-Dealer under this
      Agreement. BD understands that other persons meeting the requirements
      specified in the definition of "Broker-Dealer" contained in Annex 1 of the
      Indenture may execute Broker-Dealer Agreements and participate as
      Broker-Dealers in Auctions.

            (d) BD and other Broker-Dealers may participate in Auctions for
      their own accounts. However, the Issuer may, by notice to BD and all other
      Broker-Dealers given no later than 3:00 P.M. on the Business Day next
      preceding an Auction, prohibit all (but not less than all) Broker-Dealers
      from submitting Bids for their own account in such Auction and, if so
      specified in such notice, all future Auctions until such notice is
      withdrawn, but the Broker-Dealers may continue to submit Hold and Sell
      orders for their own accounts and Bids on behalf of customers. The Auction
      Agent shall have no duty or liability with respect to enforcement of this
      subsection.

      2.2 Preparation for Each Auction.

            (a) Not later than 9:30 A.M. on each Auction Date for a class of
      Notes, the Auction Agent shall advise BD by telephone of the Maximum Rate,
      the Net Loan Rate, the All Hold Rate, the Non-Payment Rate (if applicable)
      and the Applicable LIBOR Rate.

            (b) In the event that the Auction Date for any Auction for a class
      of Notes shall be changed after the Auction Agent has been given the
      notice referred to in Section 2.02(h) of the Auction Procedures, the
      Auction Agent, by such means as the Auction Agent deems practicable, shall
      give notice of such change to BD not later than the earlier of 9:15 A.M.
      on the new Auction Date and 9:15 A.M. on the old Auction Date. Thereafter,
      BD shall promptly notify customers of BD that BD believes are Existing
      Owners of such change in the Auction Date.

            (c) The Auction Agent from time to time may but shall not be
      obligated to request BD to provide it with a list of the respective
      customers BD believes are Existing Owners of the Notes and the aggregate
      principal amounts of Notes specifically owned by each such customer. BD
      shall comply with any such request, and the Auction Agent shall keep
      confidential any such information, including information received as to
      the identity of Bidders in any Auction, and shall not disclose any such
      information so provided to any person other than the Trustee, the Issuer
      and BD, provided that the Auction Agent reserves the right to disclose,
      any such information if it is advised by its counsel that such failure
      would be unlawful or would subject the Auction Agent to liability for
      which it has not received indemnity satisfactory to it; provided, however,
      that the Auction Agent reserves the right and is authorized to disclose
      any such information if (a) it is ordered to do so by a court of competent
      jurisdiction or a regulatory body, judicial or quasi-judicial agency or
      authority having the authority to compel such disclosure, (b) it is
      advised by its counsel that its failure to do so would be unlawful or (c)
      failure to do so would expose the Auction Agent to loss, liability, claim,
      damage or expense for which it has not received indemnity or security
      satisfactory to it.

      2.3 Auction Schedule: Method of Submission of Orders.

                                       3
<PAGE>

            (a) The Auction Agent shall conduct Auctions for the applicable
      class of Notes in accordance with the schedule set forth below. Such
      schedule may be changed at any time by the Auction Agent with consent of
      the Trustee, at the direction of the Issuer, which consent shall not be
      unreasonably withheld or delayed. The Auction Agent shall give written
      notice of any such change to BD. Such notice shall be received prior to
      the close of business on the Business Day next preceding the first Auction
      Date for that class of Notes on which any such change shall be effective.

<TABLE>
<CAPTION>
           Time                                         Event
----------------------------     -----------------------------------------------
<S>                              <C>
By 9:30 A.M.                     Auction Agent obtains the Maximum Rate, the All
                                 Hold Rate, the Applicable LIBOR Rate and the
                                 Net Loan Rate. Auction Agent notifies the
                                 Trustee and the Broker-Dealers of the Maximum
                                 Rate, the All Hold Rate, the Net Loan Rate and
                                 the Applicable LIBOR Rate

9:30 A.M.-1:00 P.M.              Auction Agent assembles information
                                 communicated to it by Broker-Dealers as
                                 provided in the Auction Procedures. Submission
                                 Deadline is 1:00 P.M.

Not earlier than 1:00            Auction Agent makes determinations pursuant to
P.M                              the Auction Procedures.

                                 Submitted Bids and Submitted Sell Orders are
                                 accepted and rejected in whole or in part and
                                 principal amounts of Notes are allocated as
                                 provided in the Auction Procedures. Auction
                                 Agent gives notice of Auction results as set
                                 forth in Section 2.4(a) hereof.

By approximately 3:30            Auction Agent advises the Trustee of the
P.M., but no later than          Auction Note Interest Rate for the next
the close of business            Interest Accrual Period and of results of the
                                 Auction as provided in the Auction Procedures.
</TABLE>

            (b) BD agrees to maintain a list of Potential Owners and to contact
      the Potential Owners on such list on or prior to each Auction Date for the
      purpose of participating in the Auction on such Auction Date.

            (c) BD shall submit Orders to the Auction Agent in writing in
      substantially the form attached hereto as Exhibit B.

            (d) BD shall deliver to the Auction Agent (i) a written notice,
      substantially in the form attached hereto as Exhibit C, of transfers of
      Notes, made through BD by an Existing Owner to another person other than
      pursuant to an Auction and (ii) a written notice, in substantially the
      form attached hereto as Exhibit D, of the failure of any Notes to be
      transferred to or by any person that purchased or sold Notes through BD
      pursuant to an Auction. The Auction Agent is not required to give effect
      to any notice with respect to an Auction unless it is received by the
      Auction Agent by 3:00 P.M. on the Business Day next preceding the
      applicable Auction Date.

                                       4
<PAGE>

            (e) BD agrees to handle its customers' Orders in accordance with its
      duties under applicable securities laws and rules.

            (f) Prior to or concurrently with the execution and delivery of the
      Auction Agent Agreement, BD shall provide the Auction Agent with a list of
      the Existing Owners of the Notes who have agreed to purchase such Notes
      through BD, if any. In order to verify the accuracy and authenticity of
      the lists of Existing Owners so provided, the Auction Agent may confirm
      those lists of the Existing Owners to the respective Broker-Dealers who
      provided the original lists within 10 Business Days of the Auction Agent's
      receipt thereof.

      2.4. Notices.

            (a) On each Auction Date for a class of Notes, the Auction Agent
      shall notify BD by telephone or other electronic communication acceptable
      to the parties of the results of the Auction as set forth in paragraph (a)
      of the Settlement Procedures. By approximately 10:30 A.M. on the Business
      Day next succeeding such Auction Date, the Auction Agent shall notify BD
      in writing, if previously so requested, of the disposition of all Orders
      submitted by BD in the Auction held on such Auction Date.

            (b) BD shall notify each Existing Owner or Potential Owner on whose
      behalf BD has submitted an Order as set forth in paragraph (b) of the
      Settlement Procedures and take such other action as is required of BD
      pursuant to the Settlement Procedures.

            (c) The Auction Agent shall deliver to BD after receipt all notices
      and certificates which the Auction Agent is required to deliver to BD
      pursuant to Section 2 of the Auction Agent Agreement at the times and in
      the manner set forth in the Auction Agent Agreement.

      2.5. Service Charge to Be Paid to BD.

            (a) On each Auction Rate Distribution Date for the Notes, for the
      term of this Agreement, the Issuer shall pay to the applicable
      Broker-Dealer as set forth in Section 5.03(c) of the Indenture an amount
      equal to the product of (i) a fraction, the numerator of which is the
      number of days in the related Interest Accrual Period (or in the case of
      the initial period, the actual number of days elapsed since the date of
      delivery of the Notes) and the denominator of which is 360 days times (ii)
      the Broker-Dealer Fee Rate times (iii) the sum of (A) the sum of the
      aggregate principal amount of the Notes placed by BD in all Auctions held
      since the last Auction Rate Distribution Date that were (1) the subject of
      Submitted Bids of Existing Owners submitted by BD and continued to be held
      as a result of such submission and (2) the subject of Submitted Bids of
      Potential Owners submitted by BD and purchased as a result of such
      submission and (B) the aggregate principal amount of the Notes subject to
      valid Hold Orders (determined in accordance with the Auction Procedures)
      submitted to the Auction Agent by BD and (C) the principal amount of the
      Notes deemed to be subject to Hold Orders by Existing Owners pursuant to
      the Auction Procedures that were acquired by such Existing Owners through
      BD, divided by (iv) the sum of the aggregate principal amount of the Notes

                                       5
<PAGE>

      auctioned since the last Auction Rate Distribution Date divided by the
      aggregate principal amount of Notes outstanding at the beginning of such
      period. For purposes of subclause (iii)(C) of the foregoing sentence, if
      any Existing Owner who acquired Notes through BD transfers those Notes to
      another person other than pursuant to an Auction, then the Broker-Dealer
      for the Notes so transferred shall continue to be BD; provided, however,
      that if the transfer was effected by, or if the transferee is, a
      Broker-Dealer other than BD, then such Broker-Dealer shall be the
      Broker-Dealer for such Notes. If for any reason an Auction is not held on
      an Auction Date, there shall be no Broker-Dealer Fee applicable with
      respect to such Auction Date.

            (b) The Broker-Dealer Fee Rate shall be 0.25% per annum.

      2.6 Settlement.

            (a) If any Existing Owner on whose behalf BD has submitted a Bid or
      Sell Order for Notes that was accepted in whole or in part fails to
      instruct its Participant to deliver the Notes subject to such Bid or Sell
      Order against payment therefor, BD shall instruct such Participant to
      deliver such Notes against payment therefor and BD may deliver to the
      Potential Owner on whose behalf BD submitted a Bid that was accepted in
      whole or in part a principal amount of the Notes that is less than the
      principal amount of the Notes specified in such Bid to be purchased by
      such Potential Owner. Notwithstanding the foregoing terms of this Section
      2.6(a), any delivery or non-delivery of Notes which represents any
      departure from the results of an Auction, as determined by the Auction
      Agent, shall be of no effect unless and until the Auction Agent shall have
      been notified of such delivery or non-delivery in accordance with the
      terms of Section 2.3(d) hereof. The Auction Agent shall have no duty or
      liability with respect to monitoring or enforcing requirements of this
      Section 2.6(a).

            (b) Neither the Auction Agent, the Trustee nor the Issuer shall have
      any responsibility or liability with respect to the failure of an Existing
      Owner, a Potential Owner or a Participant or any of them to deliver Notes
      or to pay for Notes sold or purchased pursuant to the Auction Procedures
      or otherwise. The Auction Agent shall have no responsibility for any
      adjustment to fees paid pursuant to Section 2.5 hereof as a result of any
      failure described in this Section 2.6(b).

      2. 7. Duties and Responsibilities of BD.

            (a) BD undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement, and no implied covenants or
      obligations shall be read into this Agreement, the Auction Agent
      Agreement, the Auction Procedures or the Settlement Procedures against BD.

            (b) In the absence of gross negligence or willful misconduct on its
      part, BD shall not be liable for any action taken, suffered or omitted or
      for any error of judgment made by it in the performance of its duties
      under this Agreement. BD shall not be liable for any error resulting from
      the use or reliance on a source of information used in good faith and
      without gross negligence to make any determination, calculation or
      declaration hereunder. BD shall not be liable for any error or judgment
      made in good faith unless BD

                                       6
<PAGE>

      shall have been grossly negligent in ascertaining or failing to ascertain
      the pertinent facts. In no event shall BD be liable for special, punitive,
      indirect or consequential loss or damage of any kind whatsoever (including
      but not limited to lost profits), even if BD has been advised of the
      likelihood of such loss or damage and regardless of the form of action.

            (c) BD shall not be: (i) required to, and does not, make any
      representations or have any responsibilities as to the validity, accuracy,
      value or genuineness of any signatures or endorsements, other than its
      own; (ii) obligated to take any legal action hereunder that might, in its
      judgment, involve any expense or liability, unless it has been furnished
      with indemnity satisfactory to DB; and (iii) responsible for or liable in
      any respect on account of the identity, trust or rights of any Person
      (other than itself and its agents and attorneys) executing or delivering
      or purporting to execute or deliver any document under this Agreement or
      any Broker-Dealer Agreement.

            (d) BD shall not be responsible or liable for failure or delay in
      the performance of its obligations under this Agreement arising out of or
      caused, directly or indirectly, by circumstances beyond its reasonable
      control, including, without limitation, acts of God; earthquakes, fires;
      floods; wars; civil or military disturbances; sabotage; epidemics; riots;
      interruptions, loss or malfunctions of utilities, internet or
      communication services; acts of civil or military authority; or
      governmental actions; it being understood that BD shall use reasonable
      efforts which are consistent with accepted practices in the banking
      industry to resume performance as soon as practicable under the
      circumstances.

      3. THE AUCTION AGENT

      3.1. Duties and Responsibilities of Auction Agent.

            (a) The Auction Agent is acting solely as a non-fiduciary agent for
      the Issuer hereunder and has no duties to any other person and owes no
      fiduciary duties to any person by reason of this Agreement.

            (b) The Auction Agent undertakes to perform such duties and only
      such duties as are specifically set forth in this Agreement, and no
      implied duties, covenants or obligations, fiduciary or otherwise, shall be
      read into this Agreement, the Auction Procedures or any Broker-Dealer
      Agreement against the Auction Agent.

            (c) In the absence of bad faith or negligence on its part, the
      Auction Agent shall not be liable for any action taken, suffered, or
      omitted or for any error of judgment made by it in the performance of its
      duties under this Agreement. The Auction Agent shall not be liable for any
      error of judgment made in good faith unless the Auction Agent shall have
      been negligent in ascertaining (or failing to ascertain) the pertinent
      facts.

      3.2. Rights of the Auction Agent.

                                       7
<PAGE>

            (a) The Auction Agent may conclusively rely, and shall be fully
      protected in acting or refraining from acting, upon any communication
      authorized by this Agreement and upon any written instruction, notice,
      request, direction, consent, report, certificate, share certificate or
      other instrument, paper or document believed by it to be genuine. The
      Auction Agent shall not be liable for acting upon any telephone
      communication authorized by or other electronic communication acceptable
      to the parties this Agreement which the Auction Agent reasonably believes
      to have been given by the Trustee or by a Broker-Dealer or by their
      designated agents or representatives. To the extent permitted by law, the
      Auction Agent may record telephone communications with the Broker-Dealers.

            (b) The Auction Agent may consult with counsel of its own choice,
      and the advice of such counsel shall be full and complete authorization
      and protection in respect of any action taken, suffered or omitted by it
      hereunder in good faith and in reliance thereon.

            (c) The Auction Agent shall not be required to advance, expend or
      risk its own funds or otherwise incur or become exposed to financial
      liability in the performance of its duties hereunder.

            (d) The Auction Agent may perform its duties and exercise its rights
      hereunder either directly or by or through agents or attorneys and shall
      not be responsible for the negligence and misconduct of any agents,
      attorneys, custodians or nominees appointed with due care hereunder.

            (e) The Auction Agent shall have no obligation or liability in
      respect of the registration or exemption therefrom of the Notes under
      federal or state securities laws or in respect of the sufficiency or the
      conformity of any transfer of Notes to the terms of this Agreement, any
      Auction Agent Agreement, the Indenture (including Annex 1 thereto), the
      Auction Procedures or any other document contemplated therein or thereby.

            (f) The Auction Agent shall: (i) not be required to and shall make
      no representations and have no responsibilities as to the validity,
      accuracy, value or genuineness of any signatures or endorsements, other
      than its own; (ii) not be obligated to take any legal action hereunder
      that might, in its judgment, involve any expense or liability, unless it
      has been furnished with indemnity satisfactory to it; and (iii) not be
      responsible for or liable in any respect on account of identity, authority
      or rights of any person executing or delivering or purporting to execute
      or deliver any document under this Agreement unless the Authorized Officer
      of the Auction Agent had actual knowledge that such person was not
      authorized or entitled to execute or deliver such document.

            (g) The Auction Agent shall not be responsible or liable for any
      failure or delay in the performance of its obligations under this
      agreement arising our of or caused, directly or indirectly, by
      circumstances beyond its reasonable control, including, without
      limitation, acts of God; earthquakes; fires; floods; wars; civil or
      military disturbances; sabotage; acts of terrorism; epidemics; riots;
      interruptions, loss or malfunctions or utilities; computer (hardware or
      software) or communications services; accidents; labor disputes; acts of
      civil or military authority or governmental actions; it being understood
      that the Auction Agent shall use reasonable efforts which are consistent
      with accepted practices in the banking industry to resume performance as
      soon as practicable under the circumstances.

                                       8
<PAGE>

            (h) In no event shall the Auction Agent be responsible or liable for
      special, indirect or consequential loss or damage of any kind whatsoever
      (including, but not limited to, loss of profit), even if the Auction Agent
      has been advised of the likelihood of such loss or damage and regardless
      of the form of action.

      3.3. The Auction Agent's Disclaimer. The Auction Agent makes no
representation as to the correctness of the recitals in, or the validity or
adequacy of, this Broker-Dealer Agreement, the Auction Agent Agreement, the
Notes, any offering document used to make offers or sales thereof or any other
agreement or instrument executed in connection with the transactions
contemplated therein.

      4. MISCELLANEOUS

      4.1. Termination. Broker-Dealer may terminate this Agreement at any time
upon thirty days prior notice to the other party. The Auction Agent shall
terminate this Agreement only upon receipt of written instructions from the
Broker-Dealer to do so. This Agreement shall automatically terminate upon the
delivery of notes representing the Notes pursuant to the Auction Procedures or
upon termination of the Auction Agent Agreement.

      4.2. Participant in Clearing Agency. Either (i) BD is, and shall remain
for the term of this Agreement, a member of, or Participant in, the Clearing
Agency, or (ii) BD may designate a Participant to act on BD's behalf for
purposes of this Agreement. If BD wishes to designate a different Participant to
act on its behalf, BD shall give the Auction Agent at least two Business Day's
prior notice thereof.

      4.3. Communications. Except for (i) communications authorized to be made
by telephone pursuant to this Agreement or the Auction Procedures and (ii)
communications in connection with the Auctions (other than those expressly
required to be in writing), all notices, requests and other communications to
any party hereunder shall be in writing (including facsimile or similar writing)
and shall be given to such party, addressed to it, at its address or facsimile
number set forth below:

If to BD, addressed:

         [NOTICE INFORMATION OF BD]

If to the Auction Agent, addressed:

         The Bank of New York
         100 Church Street, 8th Floor
         New York, NY 10286
         Attention: Corporate Trust Division - Dealing
                     and Trading Group - Auction Desk
         Telephone: (212) 437-6166
         Facsimile: (212) 437-6155

If to the Issuer, addressed:

         Collegiate Funding Services Education Loan Trust 2003-_
         c/o Wilmington Trust Company
         Rodney Square North

                                       9
<PAGE>

         1100 North Market Street
         Wilmington, Delaware 19890-0001
         Attention: Corporate Trust Administration
         Telephone: 302-636-6019
         Telecopy: 302-636-4140

With a copy to:

         Collegiate Funding Services L.L.C.
         100 Riverside Parkway, Suite 125
         Fredericksburg, Virginia 22406
         Attention: Kevin Landgraver
         Telephone: 540-374-1600
         Telecopy: 540-374-2021

or such other address or facsimile number as such party may hereafter specify
for such purpose by notice to the other party. Each such notice, request or
communication shall be effective when delivered at the address specified herein.
Communications shall be given on behalf of BD by a BD Officer and on behalf of
the Auction Agent by an Authorized Officer. BD may record telephone
communications with the Auction Agent.

      4.4. Entire Agreement. This Agreement contains the entire agreement
between the parties relating to the subject matter hereof, and there are no
other representations, endorsements, promises, agreements or understandings,
oral, written or inferred, between the parties relating to the subject matter
hereof.

      4.5. Benefits. Nothing in this Agreement, express or implied, shall give
to any person, other than the Trustee, the Auction Agent and BD and their
respective successors and assigns, any benefit of any legal or equitable right,
remedy or claim under this Agreement.

      4.6. Amendment: Waiver.

            (a) This Agreement shall not be deemed or construed to be modified,
      amended, rescinded, cancelled or waived, in whole or in part, except by a
      written instrument signed by a duly authorized representative of each
      party hereto. The provisions herein regarding Auction Procedures may be
      amended from time to time to conform to industry or market practices
      solely upon the written consent of the parties hereto and upon written
      notice of such amendment to the affected Note Owners of such Notes and no
      prior written consent of any such Note Owner shall be required in
      connection with such amendment.

            (b) Failure of either party to this Agreement to exercise any right
      or remedy hereunder in the event of a breach of this Agreement by the
      other party shall not constitute a waiver of any such right or remedy with
      respect to any subsequent breach.

      4. 7. Successors and Assigns. This Agreement shall be binding upon, inure
to the benefit of, and be enforceable by, the respective successors and
permitted assigns of each of BD and the Auction Agent. This Agreement may not be
assigned by either party hereto absent the prior written consent of the other
party; provided, however, that this Agreement may be assigned

                                       10
<PAGE>

by the Auction Agent to a successor Auction Agent selected by the Trustee at the
direction of the Issuer without the consent of BD.

      4.8. Severability. If any clause, provision or section of this Agreement
shall be ruled invalid or unenforceable by any court of competent jurisdiction,
the invalidity or unenforceability of such clause, provision or section shall
not affect any remaining clause, provision or section hereof.

      4.9. Execution in Counterparts. This Agreement may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

      4.10. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to conflicts
of laws principles thereof. Each party hereby consents to the jurisdiction of a
state or federal court situated in New York City, New York in connection with
any dispute arising hereunder. Each party hereby irrevocably waives, to the
fullest extent permitted by applicable law, any objection which it may now or
hereafter have to the laying of venue of any such proceeding brought in such a
court and any claim that such proceeding brought in such a court has been
brought in an inconvenient forum. Each party each hereby irrevocably waives any
and all rights to trial by jury in any legal proceeding arising out of or
relating to this Agreement.

                                       11
<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered by their proper and duly authorized officers as of the
date first above written.

                                THE BANK OF NEW YORK,
                                as Auction Agent

                                By: __________________________
                                    Name:_____________________
                                    Title:____________________

                                       12
<PAGE>

                     BROKER-DEALER AGREEMENT EXECUTION PAGE
                                FOR BROKER-DEALER

                                [NAME OF BROKER-DEALER],
                                as Broker Dealer

                                By: ____________________________
                                    Name:_______________________
                                    Title: _____________________

                                       13
<PAGE>

                      EXHIBIT A TO BROKER-DEALER AGREEMENT

                              Settlement Procedures

                          AUCTION RATE NOTE SETTLEMENT
                                   PROCEDURES

      Capitalized terms used herein shall have the respective meanings specified
in the Indenture, including Annex 1 thereto, and the Auction Procedures. These
settlement procedures apply to all Notes except as may otherwise be specified
with respect to a Series in the related Indenture.

            (a) Not later than 3:00 p.m. on each Auction Date for a class of
      Notes, the Auction Agent is required to notify by telephone the
      Broker-Dealers that participated in the Auction held on such Auction Date
      and submitted an Order on behalf of any Existing Note Owner or Potential
      Note Owner of:

                  (i) the Applicable Auction Rate fixed for the next Interest
            Accrual Period;

                  (ii) whether there were Sufficient Clearing Bids in such
            Auction;

                  (iii) if such Broker-Dealer (a "Seller's Broker-Dealer")
            submitted a Bid or a Sell Order on behalf of an Existing Note Owner,
            whether such Bid or Sell Order was accepted or rejected, in whole or
            in part, and the principal amount of Notes, if any, to be sold by
            such Existing Note Owner;

                  (iv) if such Broker-Dealer (a "Buyer's Broker-Dealer")
            submitted a Bid on behalf of a Potential Note Owner, whether such
            Bid was accepted or rejected, in whole or in part, and the principal
            amount of Notes, if any, to be purchased by such Potential Note
            Owner;

                  (v) if the aggregate principal amount of Notes to be sold by
            all Existing Note Owners on whose behalf such Broker-Dealer
            submitted Bids or Sell Orders is different from the aggregate
            principal amount of Notes to be purchased by all Potential Note
            Owners on whose behalf such Broker-Dealer submitted a Bid, the name
            or names of one or more other Buyer's Broker-Dealers (and the
            Participant, if any, of each such other Buyer's Broker-Dealer)
            acting for one or more purchasers of such excess principal amount of
            Notes and the principal amount of Notes to be purchased from one or
            more Existing Note Owners on whose behalf such Broker-Dealer acted
            by one or more Potential Note Owners on whose behalf each of such
            other Buyer's Broker-Dealers acted; and

                  (vi) if the principal amount of Notes to be purchased by all
            Potential Note Owners on whose behalf such Broker-Dealer submitted a
            Bid exceeds the amount of Notes to be sold by all Existing Note
            Owners on whose behalf such Broker-Dealer submitted a Bid or a Sell
            Order, the name or names of one or more Seller's Broker-Dealers (and
            the name of the agent member, if any, of each such Seller's
            Broker-Dealer) acting for one or more sellers of such excess
            principal amount of Notes and the principal amount of Notes to be
            sold to one or more Potential Note Owners on whose behalf such
            Broker-Dealer acted by one or more

                                       A-1
<PAGE>

            Existing Note Owners on whose behalf each of such Seller's
            Broker-Dealers acted;

                  (vii) unless previously provided, a list of all Auction Rates
            and related Interest Accrual Periods (or portions thereof) since the
            last Series Payment Date; and

                  (viii) the Auction Date for the next succeeding Auction.

            (b) On each Auction Date, each Broker-Dealer that submitted an Order
      on behalf of any Existing Note Owner or Potential Note Owner shall:

                  (i) advise each Existing Note Owner and Potential Note Owner
            on whose behalf such Broker-Dealer submitted a Bid or Sell Order in
            the Auction on such Auction Date whether such Bid or Sell Order was
            accepted or rejected, in whole or in part;

                  (ii) instruct each Potential Note Owner on whose behalf such
            Broker-Dealer submitted a Bid that was accepted, in whole or in
            part, to instruct such Bidder's Participant to pay to such
            Broker-Dealer (or its Participant) through the Clearing Agency the
            amount necessary to purchase the principal amount of Notes to be
            purchased pursuant to such Bid against receipt of such principal
            amount of Notes;

                  (iii) in the case of a Broker-Dealer that is a Seller's
            Broker-Dealer, instruct each Existing Note Owner on whose behalf
            such Broker-Dealer submitted a Sell Order that was accepted, in
            whole or in part, or a Bid that was accepted, in whole or in part,
            to instruct such Existing Note Owner's Participant to deliver to
            such Broker-Dealer (or its Participant) through the Clearing Agency
            the principal amount of Notes to be sold pursuant to such Bid or
            Sell Order against payment therefor;

                  (iv) advise each Existing Note Owner on whose behalf such
            Broker-Dealer submitted an Order and each Potential Note Owner on
            whose behalf such Broker-Dealer submitted a Bid of the Applicable
            Auction Rate for the next Interest Accrual Period;

                  (v) advise each Existing Note Owner on whose behalf such
            Broker-Dealer submitted a Bid that was accepted, in whole or in
            part, of the next Auction Date; and

                  (vi) advise each Potential Note Owner on whose behalf such
            Broker-Dealer submitted a Bid that was accepted, in whole or in
            part, of the next Auction Date.

            (c) On the basis of the information provided to it pursuant to
      paragraph (a) above, each Broker-Dealer that submitted a Bid or Sell Order
      in an Auction is required to allocate any funds received by it pursuant to
      paragraph (b)(ii) above, and any Notes received by it pursuant to
      paragraph (b)(iii) above, among the Potential Note Owners, if any, on
      whose behalf such Broker-Dealer submitted Bids, the Existing Note Owners,
      if any, on whose behalf such Broker-Dealer submitted Bids or Sell Orders
      in such Auction,

                                       A-2
<PAGE>

      and any Broker-Dealers identified to it by the Auction Agent following
      such Auction pursuant to paragraph (a)(v) or (a)(vi) above.

            (d) On each Auction Date for a class of Notes:

                  (i) each Potential Note Owner and Existing Note Owner with an
            Order in the Auction on such Auction Date shall instruct its
            Participant as provided in (b)(ii) or (b)(iii) above, as the case
            may be;

                  (ii) each Seller's Broker-Dealer that is not a Participant in
            the Clearing Agency shall instruct its Participant to (A) pay
            through the Clearing Agency to the Participant of the Existing Note
            Owner delivering Notes to such Broker-Dealer following such Auction
            pursuant to (b)(iii) above the amount necessary, including accrued
            interest, if any, to purchase such Notes against receipt of such
            Notes, and (B) deliver such Notes through the Clearing Agency to a
            Buyer' s Broker-Dealer (or its Participant) identified to such
            Seller's Broker-Dealer pursuant to (a)(v) above against payment
            therefor; and

                  (iii) each Buyer's Broker-Dealer that is not a Participant in
            the Clearing Agency shall instruct its Participant to (A) pay
            through the Clearing Agency to a Seller's Broker-Dealer (or its
            Participant) identified following such Auction pursuant to (a)(vi)
            above the amount necessary, including accrued interest, if any, to
            purchase the Notes to be purchased pursuant to (b)(ii) above against
            receipt of such Notes, and

            (e) deliver such Notes through the Clearing Agency to the
      Participant of the purchaser thereof against payment therefor.

            (f) On the first Business Day of the Interest Accrual Period next
      succeeding each Auction Date:

                  (i) each Participant for a Bidder in the Auction on such
            Auction Date referred to in (d)(i) above shall instruct the Clearing
            Agency to execute the transactions described under (b)(ii) or
            (b)(iii) above for such Auction, and the Clearing Agency shall
            execute such transactions;

                  (ii) each Seller's Broker-Dealer or its Participant shall
            instruct the Clearing Agency to execute the transactions described
            in (d)(ii) above for such Auction, and the Clearing Agency shall
            execute such transactions; and

                  (iii) each Buyer's Broker-Dealer or its Participant shall
            instruct the Clearing Agency to execute the transactions described
            in (d)(iii) above for such Auction, and the Clearing Agency shall
            execute such transactions.

            (g) If an Existing Note Owner selling Notes in an Auction fails to
      deliver such Notes (by authorized Book-Entry), a Broker-Dealer may deliver
      to the Potential Note Owner on behalf of which it submitted a Bid that was
      accepted a principal amount of Notes that is less than the principal
      amount of Notes that otherwise was to be purchased by such Potential Note
      Owner. In such event, the principal amount of Notes to be so delivered
      shall be determined solely by such Broker-Dealer. Delivery of such lesser
      principal amount of Notes shall constitute good delivery. Notwithstanding
      the foregoing

                                       A-3
<PAGE>

      terms of this paragraph (f), any delivery or nondelivery of Notes which
      shall represent any departure from the results of an Auction, as
      determined by the Auction Agent, shall be of no effect unless and until
      the Auction Agent shall have been notified of such delivery or nondelivery
      in accordance with the provisions of the Auction Agent and the
      Broker-Dealer Agreement.

                                       A-4
<PAGE>

                                       D-1<PAGE>
                                                                     EXHIBIT 4.3

                                  $155,000,000

                           FEDDERS NORTH AMERICA, INC.

                            9 7/8% SENIOR NOTES DUE 2014

                          REGISTRATION RIGHTS AGREEMENT

                                                                   March 8, 2004

Credit Suisse First Boston LLC
  Eleven Madison Avenue
    New York, New York 10010-3629

Dear Sirs:

         Fedders North America, Inc., a Delaware corporation (the "ISSUER"),
proposes to issue and sell to Credit Suisse First Boston LLC (the "INITIAL
PURCHASER"), upon the terms set forth in a purchase agreement, dated as of
February 26, 2004 (the "PURCHASE AGREEMENT"), $155,000,000 aggregate principal
amount of its 9 7/8% Senior Notes Due 2014 (the "INITIAL SECURITIES") to be
unconditionally guaranteed (the "GUARANTEES") on a senior basis, by Fedders
Corporation, a Delaware corporation (the "PARENT") each of the Issuer's
subsidiaries set forth on Schedule A to the Purchase Agreement (the "SUBSIDIARY
GUARANTORS" and, together with the Parent, the "GUARANTORS"). The Issuer and the
Guarantors shall herein be referred to collectively as the "COMPANY". The
Initial Securities will be issued pursuant to an Indenture, dated as of March 8,
2004, (the "INDENTURE") among the Issuer, the Guarantors named therein and U.S.
Bank, National Association (the "TRUSTEE"). As an inducement to the Initial
Purchaser, the Company agrees with the Initial Purchaser, for the benefit of the
holders of the Initial Securities (including, without limitation, the Initial
Purchaser), the Exchange Securities (as defined below) and the Private Exchange
Securities (as defined below) (collectively the "HOLDERS"), as follows:

         1. Registered Exchange Offer. The Company shall, at its own cost,
prepare and, not later than 90 days after (or if the 90th day is not a business
day, the first business day thereafter) the date of original issue of the
Initial Securities (the "ISSUE DATE"), file with the Securities and Exchange
Commission (the "COMMISSION") a registration statement (the "EXCHANGE OFFER
REGISTRATION STATEMENT") on an appropriate form under the Securities Act of
1933, as amended (the "SECURITIES ACT"), with respect to a proposed offer (the
"REGISTERED EXCHANGE Offer") to the Holders of Transfer Restricted Securities
(as defined in Section 6 hereof), who are not prohibited by any law or policy of
the Commission from participating in the Registered Exchange Offer, to issue and
deliver to such Holders, in exchange for the Initial Securities, a like
aggregate principal amount of debt securities (the "EXCHANGE SECURITIES") of the
Company issued under the Indenture and identical in all material respects to the
Initial Securities (except for the transfer restrictions relating to the Initial
Securities and the provisions relating to the matters described in Section 6
hereof) that would be registered under the Securities Act. The Company shall use
its reasonable best efforts to cause such Exchange Offer Registration Statement
to be declared effective under the Securities Act within 180 days (or if the
180th day is not a business day, the first business day thereafter) after the
Issue Date of the Initial Securities and shall keep the Exchange Offer
Registration Statement effective for not less than 30 days (or longer, if
required by applicable law) after the date notice

<PAGE>

of the Registered Exchange Offer is mailed to the Holders (such period being
called the "EXCHANGE OFFER REGISTRATION PERIOD").

         If the Company effects the Registered Exchange Offer, the Company will
be entitled to close the Registered Exchange Offer 30 days after the
commencement thereof provided that the Company has accepted all the Initial
Securities theretofore validly tendered in accordance with the terms of the
Registered Exchange Offer.

         Following the declaration of the effectiveness of the Exchange Offer
Registration Statement, the Company shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to
enable each Holder of Transfer Restricted Securities (as defined in Section 6
hereof) electing to exchange the Initial Securities for Exchange Securities
(assuming that such Holder is not an affiliate of the Company within the meaning
of the Securities Act, acquires the Exchange Securities in the ordinary course
of such Holder's business and has no arrangements with any person to participate
in the distribution of the Exchange Securities and is not prohibited by any law
or policy of the Commission from participating in the Registered Exchange Offer)
to trade such Exchange Securities from and after their receipt without any
limitations or restrictions under the Securities Act and without material
restrictions under the securities laws of the several states of the United
States.

         The Company acknowledges that, pursuant to current interpretations by
the Commission's staff of Section 5 of the Securities Act, in the absence of an
applicable exemption therefrom, (i) each Holder which is a broker-dealer
electing to exchange Initial Securities, acquired for its own account as a
result of market making activities or other trading activities, for Exchange
Securities (an "EXCHANGING DEALER"), is required to deliver a prospectus
containing the information set forth in (a) Annex A hereto on the cover, (b)
Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of
the Exchange Offer" section, and (c) Annex C hereto in the "Plan of
Distribution" section of such prospectus in connection with a sale of any such
Exchange Securities received by such Exchanging Dealer pursuant to the
Registered Exchange Offer and (ii) the Initial Purchaser if it elects to sell
Exchange Securities acquired in exchange for Initial Securities constituting any
portion of an unsold allotment is required to deliver a prospectus containing
the information required by Items 507 or 508 of Regulation S-K under the
Securities Act, as applicable, in connection with such sale.

         The Company shall use its reasonable best efforts to keep the Exchange
Offer Registration Statement effective and to amend and supplement the
prospectus contained therein, in order to permit such prospectus to be lawfully
delivered by all persons subject to the prospectus delivery requirements of the
Securities Act for such period of time as such persons must comply with such
requirements in order to resell the Exchange Securities; provided, however, that
(i) in the case where such prospectus and any amendment or supplement thereto
must be delivered by an Exchanging Dealer or the Initial Purchaser, such period
shall be the lesser of 180 days and the date on which all Exchanging Dealers and
the Initial Purchaser have sold all Exchange Securities held by them (unless
such period is extended pursuant to Section 3(j) below) and (ii) the Company
shall make such prospectus and any amendment or supplement thereto, available to
any broker-dealer for use in connection with any resale of any Exchange
Securities for a period of not less than 90 days after the consummation of the
Registered Exchange Offer.

         If, upon consummation of the Registered Exchange Offer, the Initial
Purchaser holds Initial Securities acquired by it as part of its initial
distribution, the Company, simultaneously with the delivery of the Exchange
Securities pursuant to the Registered Exchange Offer, shall issue and deliver to
the Initial Purchaser upon the written request of the Initial Purchaser, in
exchange (the "PRIVATE EXCHANGE") for the Initial Securities held by the Initial
Purchaser, a like principal amount of debt securities of the Company issued
under the Indenture and identical in all material respects (including the
existence of restrictions on transfer under the Securities Act and the
securities laws of the several states of the United States, but

                                       2

<PAGE>

excluding provisions relating to the matters described in Section 6 hereof) to
the Initial Securities (the "PRIVATE EXCHANGE SECURITIES"). The Initial
Securities, the Exchange Securities and the Private Exchange Securities are
herein collectively called the "Securities".

         In connection with the Registered Exchange Offer, the Company shall:

                  (a) mail to each Holder a copy of the prospectus forming part
         of the Exchange Offer Registration Statement, together with an
         appropriate letter of transmittal and related documents;

                  (b) keep the Registered Exchange Offer open for not less than
         30 days (or longer, if required by applicable law) after the date
         notice thereof is mailed to the Holders;

                  (c) utilize the services of a depositary for the Registered
         Exchange Offer with an address in the Borough of Manhattan, The City of
         New York, which may be the Trustee or an affiliate of the Trustee;

                  (d) permit Holders to withdraw tendered Securities at any time
         prior to the close of business, New York time, on the last business day
         on which the Registered Exchange Offer shall remain open; and

                  (e)  otherwise comply with all applicable laws.

         As soon as reasonably practicable after the close of the Registered
Exchange Offer or the Private Exchange, as the case may be, the Company shall:

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

                  (y) deliver to the Trustee for cancellation all the Initial
         Securities so accepted for exchange; and

                  (z) cause the Trustee to authenticate and deliver promptly to
         each Holder of the Initial Securities, Exchange Securities or Private
         Exchange Securities, as the case may be, equal in principal amount to
         the Initial Securities of such Holder so accepted for exchange.

         The Indenture will provide that the Exchange Securities will not be
subject to the transfer restrictions set forth in the Indenture and that all the
Securities will vote and consent together on all matters as one class and that
none of the Securities will have the right to vote or consent as a class
separate from one another on any matter.

         Interest on each Exchange Security and Private Exchange Security issued
pursuant to the Registered Exchange Offer and in the Private Exchange will
accrue from the last interest payment date on which interest was paid on the
Initial Securities surrendered in exchange therefor or, if no interest has been
paid on the Initial Securities, from the date of original issue of the Initial
Securities.

         Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of the
Registered Exchange Offer (i) any Exchange Securities received by such Holder
will be acquired in the ordinary course of business, (ii) such Holder will have
no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of
the Securities Act or the resale of the Securities or the

                                       3

<PAGE>

Exchange Securities in violation of the Securities Act, (iii) such Holder is not
an "affiliate," as defined in Rule 405 of the Securities Act, of the Company or
if it is an affiliate, such Holder will comply with the registration and
prospectus delivery requirements of the Securities Act to the extent applicable,
(iv) if such Holder is not a broker-dealer, that it is not engaged in, and does
not intend to engage in, the distribution of the Exchange Securities and (v) if
such Holder is a broker-dealer, that it will receive Exchange Securities for its
own account in exchange for Initial Securities that were acquired as a result of
market-making activities or other trading activities and that it will be
required to acknowledge that it will deliver a prospectus in connection with any
resale of such Exchange Securities.

         Notwithstanding any other provisions hereof, the Company will use its
reasonable best efforts to ensure that (i) any Exchange Offer Registration
Statement and any amendment thereto and any prospectus forming part thereof and
any supplement thereto complies in all material respects with the Securities Act
and the rules and regulations thereunder, (ii) any Exchange Offer Registration
Statement and any amendment thereto does not, when it becomes effective, contain
an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
and (iii) any prospectus forming part of any Exchange Offer Registration
Statement, and any supplement to such prospectus, does not include an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading.

         2. Shelf Registration. If, (i) because of any change in law or in
applicable interpretations thereof by the staff of the Commission, the Company
is not permitted to effect a Registered Exchange Offer, as contemplated by
Section 1 hereof, (ii) the Registered Exchange Offer is not consummated within
220 days of the Issue Date (or if the 220th day is not a business day, the first
business day thereafter), (iii) the Initial Purchaser so requests with respect
to the Initial Securities (or the Private Exchange Securities) not eligible by
law or SEC policy to be exchanged for Exchange Securities in the Registered
Exchange Offer and held by it following consummation of the Registered Exchange
Offer or (iv) any Holder (other than an Exchanging Dealer) is not eligible to
participate in the Registered Exchange Offer or, in the case of any Holder
(other than an Exchanging Dealer) that participates in the Registered Exchange
Offer, such Holder may not resell the Exchange Securities to the public without
delivery of a prospectus on the date of the exchange, the Company shall take the
following actions:

                  (a) The Company shall, at its cost, as promptly as practicable
         (but in no event more than 30 days after so required or requested
         pursuant to this Section 2) file with the Commission and thereafter
         shall use its reasonable best efforts to cause to be declared effective
         a registration statement (the "SHELF REGISTRATION STATEMENT" and,
         together with the Exchange Offer Registration Statement, a
         "REGISTRATION STATEMENT") on an appropriate form under the Securities
         Act relating to the offer and sale of the Transfer Restricted
         Securities (as defined in Section 6 hereof) by the Holders thereof from
         time to time in accordance with the methods of distribution set forth
         in the Shelf Registration Statement and Rule 415 under the Securities
         Act (hereinafter, the "SHELF REGISTRATION") with the Commission and (1)
         in the case of clause 2(i) above, use its reasonable best efforts to
         cause the Shelf Registration Statement to be declared effective under
         the Securities Act within 180 days (or if the 180th day is not a
         business day, the first business day thereafter) after the Issue Date
         of the Initial Securities or (2) in the case of clauses 2(ii), (iii)
         and (iv) above, use its reasonable best efforts to cause the Shelf
         Registration Statement to be declared effective under the Securities
         Act on or prior to the 60th day (or if the 60th day is not a business
         day, the first business day thereafter) after the date on which the
         Shelf Registration Statement is required to be filed; provided,
         however, that no Holder (other than the Initial Purchaser) shall be
         entitled to have the Securities held by it covered by such Shelf
         Registration Statement unless such Holder agrees in writing to be bound
         by all the provisions of this Agreement applicable to such Holder.

                                       4

<PAGE>

                  (b) The Company shall use its reasonable best efforts to keep
         the Shelf Registration Statement continuously effective in order to
         permit the prospectus included therein to be lawfully delivered by the
         Holders of the relevant Securities, for a period of two years (or for
         such longer period if extended pursuant to Section 3(j) below) from the
         date of its effectiveness or such shorter period that will terminate
         when all the Securities covered by the Shelf Registration Statement (i)
         have been sold pursuant thereto or (ii) are no longer restricted
         securities (as defined in Rule 144 under the Securities Act, or any
         successor rule thereof); provided, however, that the Company may notify
         the Holders of its suspension of any Shelf Registration Statement (and,
         upon receipt of such notice, the Holders shall not be authorized by the
         Company to resell and shall not resell Securities covered by the Shelf
         Registration Statement during such period of suspension) if the Board
         of Directors of the Company determines in good faith that there is a
         valid purpose for the suspension (all such periods of suspension may
         not exceed 60 days during any 365-day period), and such suspensions
         shall be disregarded when determining whether the holders have a right
         to receive additional interest. The Company shall be deemed not to have
         used its reasonable best efforts to keep the Shelf Registration
         Statement effective during the requisite period if it voluntarily takes
         any action that would result in Holders of Securities covered thereby
         not being able to offer and sell such Securities during that period,
         unless such action is required by applicable law.

                  (c) Notwithstanding any other provisions of this Agreement to
         the contrary, the Company shall cause the Shelf Registration Statement
         and the related prospectus and any amendment or supplement thereto, as
         of the effective date of the Shelf Registration Statement, amendment or
         supplement, (i) to comply in all material respects with the applicable
         requirements of the Securities Act and the rules and regulations of the
         Commission and (ii) not to contain any untrue statement of a material
         fact or omit to state a material fact required to be stated therein or
         necessary in order to make the statements therein, in light of the
         circumstances under which they were made, not misleading.

         3. Registration Procedures. In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered
Exchange Offer contemplated by Section 1 hereof, the following provisions shall
apply:

                  (a) The Company shall (i) furnish to the Initial Purchaser,
         prior to the filing thereof with the Commission, a copy of the
         Registration Statement and each amendment thereof and each supplement,
         if any, to the prospectus included therein and, in the event that the
         Initial Purchaser (with respect to any portion of an unsold allotment
         from the original offering) is participating in the Registered Exchange
         Offer or the Shelf Registration Statement, the Company shall use its
         reasonable best efforts to reflect in each such document, when so filed
         with the Commission, such comments as the Initial Purchaser reasonably
         may propose; (ii) include the information set forth in Annex A hereto
         on the cover, in Annex B hereto in the "Exchange Offer Procedures"
         section and the "Purpose of the Exchange Offer" section and in Annex C
         hereto in the "Plan of Distribution" section of the prospectus forming
         a part of the Exchange Offer Registration Statement and include the
         information set forth in Annex D hereto in the Letter of Transmittal
         delivered pursuant to the Registered Exchange Offer; (iii) if requested
         by the Initial Purchaser, include the information required by Item 507
         of Regulation S-K under the Securities Act, as applicable, in the
         prospectus forming a part of the Exchange Offer Registration Statement;
         (iv) include within the prospectus contained in the Exchange Offer
         Registration Statement a section entitled "Plan of Distribution,"
         reasonably acceptable to the Initial Purchaser, which shall contain a
         summary statement of the positions taken or policies made by the staff
         of the Commission with respect to the potential "underwriter" status of
         any broker-dealer that is the beneficial owner (as defined in Rule
         13d-3

                                       5

<PAGE>

         under the Securities Exchange Act of 1934, as amended (the "EXCHANGE
         ACT")) of Exchange Securities received by such broker-dealer in the
         Registered Exchange Offer (a "PARTICIPATING BROKER-DEALER"), whether
         such positions or policies have been publicly disseminated by the staff
         of the Commission or such positions or policies, in the reasonable
         judgment of the Initial Purchaser based upon advice of counsel (which
         may be in-house counsel), represent the prevailing views of the staff
         of the Commission; and (v) in the case of a Shelf Registration
         Statement, include the names of the Holders, who propose to sell
         Securities pursuant to the Shelf Registration Statement, as selling
         securityholders. In connection with the preparation and filing of a
         Shelf Registration Statement, the Company may require each Holder (1)
         to agree to keep confidential any material non-public information
         relating to the Company received by such Holders and not publicly
         disclose such information and (2) to abstain from trading any
         securities of the Company in violation of applicable securities laws on
         the basis of any such material non-public information, in each case
         until such information has been made generally available to the public.

                  (b) The Company shall give written notice to the Initial
         Purchaser, the Holders of the Securities and any Participating
         Broker-Dealer from whom the Company has received prior written notice
         that it will be a Participating Broker-Dealer in the Registered
         Exchange Offer (which notice pursuant to clauses (ii)-(v) hereof shall
         be accompanied by an instruction to suspend the use of the prospectus
         until the requisite changes have been made):

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

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

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

                           (iv) of the receipt by the Company or its legal
                  counsel of any notification with respect to the suspension of
                  the qualification of the Securities for sale in any
                  jurisdiction or the initiation or threatening of any
                  proceeding for such purpose; and

                           (v) of the happening of any event that requires the
                  Company to make changes in the Registration Statement or the
                  prospectus in order that the Registration Statement or the
                  prospectus do not contain an untrue statement of a material
                  fact nor omit to state a material fact required to be stated
                  therein or necessary to make the statements therein (in the
                  case of the prospectus, in light of the circumstances under
                  which they were made) not misleading.

                  (c) The Company shall make every reasonable effort to obtain
         the withdrawal at the earliest possible time, of any order suspending
         the effectiveness of the Registration Statement.

                  (d) The Company shall furnish to each Holder of Securities
         included within the coverage of the Shelf Registration, without charge,
         at least one copy of the Shelf Registration Statement and any
         post-effective amendment thereto, including financial statements and
         schedules, and, if the Holder so requests in writing, all exhibits
         thereto (including those, if any, incorporated by reference).

                                       6

<PAGE>

                  (e) The Company shall deliver to each Exchanging Dealer and
         the Initial Purchaser, and to any other Holder who so requests, without
         charge, at least one copy of the Exchange Offer Registration Statement
         and any post-effective amendment thereto, including financial
         statements and schedules, and, if the Initial Purchaser or any such
         Holder requests, all exhibits thereto (including those incorporated by
         reference).

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

                  (g) The Company shall deliver to the Initial Purchaser, any
         Exchanging Dealer, any Participating Broker-Dealer and such other
         persons required to deliver a prospectus following the Registered
         Exchange Offer, without charge, as many copies of the final prospectus
         included in the Exchange Offer Registration Statement and any amendment
         or supplement thereto as such persons may reasonably request. The
         Company consents, subject to the provisions of this Agreement, to the
         use of the prospectus or any amendment or supplement thereto by the
         Initial Purchaser, if necessary, any Participating Broker-Dealer and
         such other persons required to deliver a prospectus following the
         Registered Exchange Offer in connection with the offering and sale of
         the Exchange Securities covered by the prospectus, or any amendment or
         supplement thereto, included in such Exchange Offer Registration
         Statement.

                  (h) Prior to any public offering of the Securities, pursuant
         to any Registration Statement, the Company shall register or qualify or
         cooperate with the Holders of the Securities included therein and their
         respective counsel in connection with the registration or qualification
         of the Securities for offer and sale under the securities or "blue sky"
         laws of such states of the United States as any Holder of the
         Securities reasonably requests in writing and do any and all other acts
         or things necessary or advisable to enable the offer and sale in such
         jurisdictions of the Securities covered by such Registration Statement;
         provided, however, that the Company shall not be required to (i)
         qualify to do business in any jurisdiction where it is not then so
         qualified or (ii) take any action which would subject it to general
         service of process or to taxation in any jurisdiction where it is not
         then so subject.

                  (i) The Company shall cooperate with the Holders of the
         Securities to facilitate the timely preparation and delivery of
         certificates representing the Securities to be sold pursuant to any
         Registration Statement free of any restrictive legends and in such
         denominations and registered in such names as the Holders may request a
         reasonable period of time prior to sales of the Securities pursuant to
         such Registration Statement.

                  (j) Upon the occurrence of any event contemplated by
         paragraphs (ii) through (v) of Section 3(b) above during the period for
         which the Company is required to maintain an effective Registration
         Statement, the Company shall promptly prepare and file a post-effective
         amendment to the Registration Statement or a supplement to the related
         prospectus and any other required document so that, as thereafter
         delivered to Holders of the Securities or purchasers of Securities, the
         prospectus will not contain an untrue statement of a material fact or
         omit to state any material

                                       7

<PAGE>

         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. If the Company notifies the Initial Purchaser, the Holders
         of the Securities and any known Participating Broker-Dealer in
         accordance with paragraphs (ii) through (v) of Section 3(b) above to
         suspend the use of the prospectus until the requisite changes to the
         prospectus have been made, then the Initial Purchaser, the Holders of
         the Securities and any such Participating Broker-Dealers shall suspend
         use of such prospectus, and the period of effectiveness of the Shelf
         Registration Statement provided for in Section 2(b) above and the
         Exchange Offer Registration Statement provided for in Section 1 above
         shall each be extended by the number of days from and including the
         date of the giving of such notice to and including the date when the
         Initial Purchaser, the Holders of the Securities and any known
         Participating Broker-Dealer shall have received such amended or
         supplemented prospectus pursuant to this Section 3(j).

                  (k) Not later than the effective date of the applicable
         Registration Statement, the Company will provide a CUSIP number for the
         Initial Securities, the Exchange Securities or the Private Exchange
         Securities, as the case may be, and provide the applicable trustee with
         printed certificates for the Initial Securities, the Exchange
         Securities or the Private Exchange Securities, as the case may be, in a
         form eligible for deposit with The Depository Trust Company.

                  (l) The Company will comply in all material respects with all
         rules and regulations of the Commission to the extent and so long as
         they are applicable to the Registered Exchange Offer or the Shelf
         Registration and will make generally available to its security holders
         (or otherwise provide in accordance with Section 11(a) of the
         Securities Act) an earnings statement (which need not be audited)
         satisfying the provisions of Section 11(a) of the Securities Act, no
         later than 45 days after the end of a 12-month period (or 90 days, if
         such period is a fiscal year) beginning with the first month of the
         Company's first fiscal quarter commencing after the effective date of
         the Registration Statement, which statement shall cover such 12-month
         period.

                  (m) The Company shall cause the Indenture to be qualified
         under the Trust Indenture Act of 1939, as amended, in a timely manner
         and containing such changes, if any, as shall be necessary for such
         qualification. In the event that such qualification would require the
         appointment of a new trustee under the Indenture, the Company shall
         appoint a new trustee thereunder pursuant to the applicable provisions
         of the Indenture.

                  (n) The Company may require each Holder of Securities to be
         sold pursuant to the Shelf Registration Statement to furnish to the
         Company such information regarding the Holder and the distribution of
         the Securities as the Company may from time to time reasonably require
         for inclusion in the Shelf Registration Statement, including requiring
         the Holders of the Securities to properly complete and execute such
         selling security holders notices and questionnaires, and any amendments
         and supplements thereto, and the Company may exclude from such
         registration the Securities of any Holder that unreasonably fails to
         furnish such information within a reasonable time (but not more than
         ten business days) after receiving such request.

                  (o) The Company shall enter into such customary agreements
         (including, if requested, an underwriting agreement in customary form)
         and take all such other action, if any, as any Holder of the Securities
         shall reasonably request in order to facilitate the disposition of the
         Securities pursuant to any Shelf Registration.

                  (p) In the case of any Shelf Registration, the Company shall
         (i) make reasonably available for inspection by the Holders of the
         Securities named in the Shelf Registration Statement,

                                       8

<PAGE>

         any underwriter participating in any disposition pursuant to the Shelf
         Registration Statement and any attorney, accountant or other agent
         retained by the Holders of the Securities named in the Shelf
         Registration Statement or any such underwriter all relevant financial
         and other records, pertinent corporate documents and properties of the
         Company and (ii) cause the Company's officers, directors, employees,
         accountants and auditors to supply all relevant information reasonably
         requested by the Holders of the Securities named in the Shelf
         Registration Statement or any such underwriter, attorney, accountant or
         agent retained by the Holders of the Securities named in the Shelf
         Registration Statement in connection with the Shelf Registration
         Statement, in each case, as shall be reasonably necessary to enable
         such persons, to conduct a reasonable investigation within the meaning
         of Section 11 of the Securities Act; provided, however, that the
         foregoing inspection and information gathering shall be coordinated on
         behalf of the Initial Purchaser by you and on behalf of the other
         parties, by one counsel designated by and on behalf of such other
         parties as described in Section 4 hereof.

                  (q) In the case of the Registered Exchange Offer, if requested
         by the Initial Purchaser or any known Participating Broker-Dealer, or
         in the case of any Shelf Registration, if requested by any Holder of
         Securities covered thereby, the Company shall cause (i) its counsel to
         deliver to such Initial Purchaser or such Participating Broker-Dealer a
         signed opinion in the form set forth in Section 6(c)-(d) of the
         Purchase Agreement with such changes as are customary in connection
         with the preparation of a Registration Statement, (ii) its officers to
         execute and deliver a certificate confirming, as of the date thereof,
         the matters set forth in Section 6(f) of the Purchase Agreement with
         such changes as are customary in connection with the preparation of a
         Registration Statement and (iii) its independent public accountants to
         deliver to such Initial Purchaser or such Participating Broker-Dealer a
         comfort letter, in customary form, meeting the requirements as to the
         substance thereof as set forth in Section 6(a) of the Purchase
         Agreement, with appropriate date changes.

                  (s) If a Registered Exchange Offer or a Private Exchange is to
         be consummated, upon delivery of the Initial Securities by Holders to
         the Company (or to such other Person as directed by the Company) in
         exchange for the Exchange Securities or the Private Exchange
         Securities, as the case may be, the Company shall mark, or caused to be
         marked, on the Initial Securities so exchanged that such Initial
         Securities are being canceled in exchange for the Exchange Securities
         or the Private Exchange Securities, as the case may be; in no event
         shall the Initial Securities be marked as paid or otherwise satisfied.

                  (t) The Company will use its reasonable best efforts to
         confirm that the ratings of the Initial Securities will apply to the
         Securities covered by a Registration Statement.

                  (u) In the event that any broker-dealer registered under the
         Exchange Act shall underwrite any Securities or participate as a member
         of an underwriting syndicate or selling group or "assist in the
         distribution" (within the meaning of the Conduct Rules (the "Rules") of
         the National Association of Securities Dealers, Inc. ("NASD")) thereof,
         whether as a Holder of such Securities or as an underwriter, a
         placement or sales agent or a broker or dealer in respect thereof, or
         otherwise, the Company will assist such broker-dealer in complying with
         the requirements of such Rules, including, without limitation, by (i)
         if such Rules, including Rule 2720, shall so require, engaging a
         "qualified independent underwriter" (as defined in Rule 2720) to
         participate in the preparation of the Registration Statement relating
         to such Securities, to exercise usual standards of due diligence in
         respect thereto and, if any portion of the offering contemplated by
         such Registration Statement is an underwritten offering or is made
         through a placement or sales agent, to recommend the yield of such
         Securities, (ii) indemnifying any such qualified independent

                                       9

<PAGE>

         underwriter to the extent of the indemnification of underwriters
         provided in Section 5 hereof and (iii) providing such information to
         such broker-dealer as may be required in order for such broker-dealer
         to comply with the requirements of the Rules.

                  (v) The Company shall use its reasonable best efforts to take
         all other steps necessary to effect the registration of the Securities
         covered by a Registration Statement contemplated hereby.

         4. Registration Expenses. The Company shall bear all fees and expenses
incurred in connection with the performance of its obligations under Sections 1
through 3 hereof (including the reasonable fees and expenses, if any, of
Cravath, Swaine & Moore LLP, counsel for the Initial Purchaser, incurred in
connection with the Registered Exchange Offer, not to exceed $15,000), whether
or not the Registered Exchange Offer or a Shelf Registration is filed or becomes
effective, and, in the event of a Shelf Registration, shall bear or reimburse
the Holders of the Securities covered thereby for the reasonable fees and
disbursements of one firm of counsel designated by the Holders of a majority in
principal amount of the Initial Securities covered thereby to act as counsel for
the Holders of the Initial Securities in connection therewith.

         5. Indemnification. (a) The Company agrees to indemnify and hold
harmless each Holder of the Securities, any Participating Broker-Dealer and each
person, if any, who controls such Holder or such Participating Broker-Dealer
within the meaning of the Securities Act or the Exchange Act (each Holder, any
Participating Broker-Dealer and such controlling persons are referred to
collectively as the "INDEMNIFIED Parties") from and against any losses, claims,
damages or liabilities, joint or several, or any actions in respect thereof
(including, but not limited to, any losses, claims, damages, liabilities or
actions relating to purchases and sales of the Securities) to which each
Indemnified Party may become subject under the Securities Act, the Exchange Act
or otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in a Registration Statement or prospectus or in any
amendment or supplement thereto or in any preliminary prospectus relating to a
Shelf Registration, or arise out of, or are based upon, the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and shall reimburse, as
incurred, the Indemnified Parties for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action in respect thereof; provided, however, that
(i) the Company shall not be liable in any such case to the extent that such
loss, claim, damage or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to a Shelf Registration in reliance
upon and in conformity with written information pertaining to such Holder or its
distribution and furnished to the Company by or on behalf of such Holder
specifically for inclusion therein and (ii) with respect to any untrue statement
or omission or alleged untrue statement or omission made in any preliminary
prospectus relating to a Shelf Registration Statement, the indemnity agreement
contained in this subsection (a) shall not inure to the benefit of any Holder or
Participating Broker-Dealer from whom the person asserting any such losses,
claims, damages or liabilities purchased the Securities concerned, to the extent
that a prospectus relating to such Securities was required to be delivered by
such Holder or Participating Broker-Dealer under the Securities Act in
connection with such purchase and any such loss, claim, damage or liability of
such Holder or Participating Broker-Dealer results from the fact that there was
not sent or given to such person, at or prior to the written confirmation of the
sale of such Securities to such person, a copy of the final prospectus if the
Company had previously furnished copies thereof to such Holder or Participating
Broker-Dealer; provided further, however, that this indemnity agreement will be
in addition to any liability which the Company may otherwise have to such
Indemnified Party. The Company shall also indemnify underwriters, their officers
and directors and each person who controls such underwriters within the meaning
of the Securities Act or the Exchange Act to the same extent

                                       10

<PAGE>

as provided above with respect to the indemnification of the Holders of the
Securities if requested by such Holders.

         (b) Each Holder of the Securities, severally and not jointly, will
indemnify and hold harmless the Company and each person, if any, who controls
the Company within the meaning of the Securities Act or the Exchange Act from
and against any losses, claims, damages or liabilities or any actions in respect
thereof, to which the Company or any such controlling person may become subject
under the Securities Act, the Exchange Act or otherwise, insofar as such losses,
claims, damages, liabilities or actions arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to a Shelf Registration, or arise out
of or are based upon the omission or alleged omission to state therein a
material fact necessary to make the statements therein not misleading, but in
each case only to the extent that the untrue statement or omission or alleged
untrue statement or omission was made in reliance upon and in conformity with
written information pertaining to such Holder or its distribution and furnished
to the Company by or on behalf of such Holder specifically for inclusion
therein; and, subject to the limitation set forth immediately preceding this
clause, shall reimburse, as incurred, the Company for any legal or other
expenses reasonably incurred by the Company or any such controlling person in
connection with investigating or defending any loss, claim, damage, liability or
action in respect thereof. This indemnity agreement will be in addition to any
liability which such Holder may otherwise have to the Company or any of its
controlling persons.

         (c) Promptly after receipt by an indemnified party under this Section 5
of notice of the commencement of any action or proceeding (including a
governmental investigation), such indemnified party will, if a claim in respect
thereof is to be made against the indemnifying party under this Section 5,
notify the indemnifying party of the commencement thereof; but the failure to
notify the indemnifying party shall not relieve the indemnifying party from any
liability that it may have under subsection (a) or (b) above 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 party shall not relieve it from any liability
that it may have to an indemnified party otherwise than under subsection (a) or
(b) above. In case any such action is brought against any indemnified party, and
it notifies the indemnifying party of the commencement thereof, the indemnifying
party will be entitled to participate therein and, to the extent that it may
wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified
party (who shall not, except with the consent of the indemnified party, be
counsel to the indemnifying party), and after notice from the indemnifying party
to such indemnified party of its election so to assume the defense thereof the
indemnifying party will not be liable to such indemnified party under this
Section 5 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection
with the defense thereof. In no event shall an indemnifying party be liable for
fees and expenses of more than one counsel (in addition to any local counsel)
separate from their own counsel for all indemnified parties in connection with
any one action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances. No
indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened action in respect of
which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party unless such settlement (i)
includes an unconditional release of such indemnified party from all liability
on any claims that are the subject matter of such action, and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to
act by or on behalf of any indemnified party.

         (d) If the indemnification provided for in this Section 5 is
unavailable or insufficient to hold harmless an indemnified party under
subsections (a) or (b) above, then each indemnifying party shall

                                       11

<PAGE>

contribute to the amount paid or payable by such indemnified party as a result
of the losses, claims, damages or liabilities (or actions in respect thereof)
referred to in subsection (a) or (b) above (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party
or parties on the one hand and the indemnified party on the other from the
exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii)
if the allocation provided by the foregoing 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) above but also the relative fault of
the indemnifying party or parties on the one hand and the indemnified party on
the other in connection with the statements or omissions that 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 the
parties 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 Company
on the one hand or such Holder or such other indemnified party, as the case may
be, on the other, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The amount paid by an indemnified party as a result of the losses, claims,
damages or liabilities referred to in the first sentence of this subsection (d)
shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any action
or claim which is the subject of this subsection (d). Notwithstanding any other
provision of this Section 5(d), the Holders of the Securities shall not be
required to contribute any amount in excess of the amount by which the net
proceeds received by such Holders from the sale of the Securities pursuant to a
Registration Statement exceeds the amount of damages which such Holders have
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this paragraph (d), each person,
if any, who controls such indemnified party within the meaning of the Securities
Act or the Exchange Act shall have the same rights to contribution as such
indemnified party and each person, if any, who controls the Company within the
meaning of the Securities Act or the Exchange Act shall have the same rights to
contribution as the Company.

         (e) The agreements contained in this Section 5 shall survive the sale
of the Securities pursuant to a Registration Statement and shall remain in full
force and effect, regardless of any termination or cancellation of this
Agreement or any investigation made by or on behalf of any indemnified party.

         6. Additional Interest Under Certain Circumstances. (a) Additional
interest (the "ADDITIONAL Interest") with respect to the Initial Securities
shall be assessed as follows if any of the following events occur (each such
event in clauses (i) through (vi) below a "REGISTRATION DEFAULT":

         (i) the Company fails to file an Exchange Offer Registration Statement
with the Commission on or prior to the 90th day after the Issue Date;

         (ii) Exchange Offer Registration Statement is not declared effective by
the Commission on or prior to the 180th day after the Issue Date or, if
obligated to file a Shelf Registration Statement pursuant to Section 2(i), a
Shelf Registration Statement is not declared effective by the Commission on or
prior to the 180th day after the Issue Date;

         (iii) the Registered Exchange Offer is not consummated on or before the
40th day after the Exchange Offer Registration Statement is declared effective;

                                       12

<PAGE>

         (iv) if obligated to file a Shelf Registration Statement pursuant to
Section 2(ii), (iii) or (iv), the Company fails to file the Shelf Registration
Statement with the Commission on or prior to the 30th day (the "SHELF FILING
DATE") after the date on which the obligation to file a Shelf Registration
Statement arises;

         (v) if obligated to file a Shelf Registration Statement pursuant to
Section 2(ii), (iii) or (iv), the Shelf Registration Statement is not declared
effective on or prior to the 60th day after the Shelf Filing Date; or

         (vi) after the Exchange Offer Registration Statement or the Shelf
Registration Statement, as the case may be, is declared effective, (A) such
Registration Statement thereafter ceases to be effective; or (B) such
Registration Statement or the related prospectus ceases to be usable (except as
permitted in paragraph (b) below or in the case of a Shelf Registration
Statement, if the Shelf Registration Statement is suspended by the Board of
Directors acting in good faith pursuant to Section 2(b) of this Agreement) in
connection with resales of Transfer Restricted Securities during the periods
specified herein because either (1) any event occurs as a result of which the
related prospectus forming part of such Registration Statement would include any
untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein in light of the circumstances under which they
were made not misleading or (2) it shall be necessary to amend such Registration
Statement, or supplement the related prospectus, to comply with the Securities
Act or the Exchange Act or the respective rules thereunder.

         Additional Interest shall accrue on the Initial Securities over and
above the interest set forth in the title of the Securities from and including
the date on which any such Registration Default shall occur to but excluding the
date on which all such Registration Defaults have been cured, at a rate of 0.25%
per annum for the first 90-day period immediately following the occurrence of a
Registration Default, and such rate shall increase by an additional 0.25% per
annum with respect to each subsequent 90-day period until all Registration
Defaults have been cured, up to a maximum additional interest rate of 1.0% per
annum. Such Additional Interest shall be in addition to any other interest
payable from time to time with respect to the Initial Securities and the
Exchange Securities.

         (b) A Registration Default referred to in Section 6(a)(iii)(B) hereof
shall be deemed not to have occurred and be continuing in relation to a Shelf
Registration Statement or the related prospectus if (i) such Registration
Default has occurred solely as a result of (x) the filing of a post-effective
amendment to such Shelf Registration Statement to incorporate annual audited
financial information with respect to the Company where such post-effective
amendment is not yet effective and needs to be declared effective to permit
Holders to use the related prospectus or (y) other material events, with respect
to the Company that would need to be described in such Shelf Registration
Statement or the related prospectus and (ii) in the case of clause (y), the
Company is proceeding promptly and in good faith to amend or supplement such
Shelf Registration Statement and related prospectus to describe such events;
provided, however, that in any case if such Registration Default occurs for a
continuous period in excess of 30 days, Additional Interest shall be payable in
accordance with the above paragraph from the day such Registration Default
occurs until such Registration Default is cured.

         (c) Any amounts of Additional Interest due pursuant to clause (i), (ii)
or (iii) of Section 6(a) above will be payable in cash on the regular interest
payment dates with respect to the Initial Securities. The amount of Additional
Interest will be determined by multiplying the applicable Additional Interest
rate by the principal amount of the Initial Securities, multiplied by a
fraction, the numerator of which is the number of days such Additional Interest
rate was applicable during such period (determined on the basis of a 360-day
year comprised of twelve 30-day months), and the denominator of which is 360.

                                       13

<PAGE>

         (d) "TRANSFER RESTRICTED SECURITIES" means each Security until (i) the
date on which such Transfer Restricted Security has been exchanged by a person
other than a broker-dealer for a freely transferable Exchange Security in the
Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the
Registered Exchange Offer of a Initial Security for an Exchange Note, the date
on which such Exchange Note is sold to a purchaser who receives from such
broker-dealer on or prior to the date of such sale a copy of the prospectus
contained in the Exchange Offer Registration Statement, (iii) the date on which
such Initial Security has been effectively registered under the Securities Act
and disposed of in accordance with the Shelf Registration Statement or (iv) the
date on which such Initial Securities is distributed to the public pursuant to
Rule 144 under the Securities Act or is saleable pursuant to Rule 144(k) under
the Securities Act.

         7. Rules 144 and 144A. The Company shall use its reasonable best
efforts to file the reports required to be filed by it under the Securities Act
and the Exchange Act in a timely manner and, if at any time the Company is not
required to file such reports, it will, upon the request of any Holder of
Initial Securities, make publicly available other information so long as
necessary to permit sales of their securities pursuant to Rules 144 and 144A.
The Company covenants that it will take such further action as any Holder of
Initial Securities may reasonably request, all to the extent required from time
to time to enable such Holder to sell Initial Securities without registration
under the Securities Act within the limitation of the exemptions provided by
Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). The Company
will provide a copy of this Agreement to prospective purchasers of Initial
Securities identified to the Company by the Initial Purchaser upon request. Upon
the request of any Holder of Initial Securities, the Company shall deliver to
such Holder a written statement as to whether it has complied with such
requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be
deemed to require the Company to register any of its securities pursuant to the
Exchange Act.

         8. Underwritten Registrations. If any of the Transfer Restricted
Securities covered by any Shelf Registration are to be sold in an underwritten
offering, the investment banker or investment bankers and manager or managers
that will administer the offering ("MANAGING UNDERWRITERS") will be selected by
the Holders of a majority in aggregate principal amount of such Transfer
Restricted Securities to be included in such offering, with the consent of the
Company, which consent shall not be unreasonably withheld.

         No person may participate in any underwritten registration hereunder
unless such person (i) agrees to sell such person's Transfer Restricted
Securities on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and (ii)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms
of such underwriting arrangements.

         9.  Miscellaneous.

         (a) Amendments and Waivers. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, except by the Company and the written
consent of the Holders of a majority in principal amount of the Securities
affected by such amendment, modification, supplement, waiver or consents.

         (b) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, first-class mail,
facsimile transmission, or air courier which guarantees overnight delivery:

                  (1) if to a Holder of the Securities, at the most current
address given by such Holder to the Company.

                                       14

<PAGE>

                  (2)  if to the Initial Purchaser;

                           Credit Suisse First Boston LLC
                           Eleven Madison Avenue
                           New York, NY 10010-3629
                           Fax No.: (212) 325-8278
                           Attention: Transactions Advisory Group

         with a copy to:

                           Cravath, Swaine & Moore LLP
                           Worldwide Plaza
                           825 Eighth Avenue
                           New York, NY 10019-7475
                           Fax No.: (212) 474-3700
                           Attention: William J. Whelan, III

                  (3)      if to the Company, at its address as follows:

                           Fedders Corporation
                           Westgate Corporate Center
                           505 Martinsville Road
                           Liberty Corner, NJ 07938
                           Fax No.: (908) 604-9317
                           Attention: Michael Giordano

         with a copy to:

                           Skadden Arps Slate Meagher & Flom LLP
                           4 Times Square
                           New York, NY 10036
                           Fax No.: (917) 777-3330
                           Attention: Mark C. Smith

         All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; three business
days after being deposited in the mail, postage prepaid, if mailed; when receipt
is acknowledged by recipient's facsimile machine operator, if sent by facsimile
transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery.

         (c) No Inconsistent Agreements. The Company has not, as of the date
hereof, entered into, nor shall it, on or after the date hereof, enter into, any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders herein or otherwise conflicts with the provisions hereof.

         (d) Successors and Assigns. This Agreement shall be binding upon the
Company and its successors and assigns.

                                       15

<PAGE>

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

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

         (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAWS.

         (h) Severability. If 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.

         (i) Securities Held by the Company. Whenever the consent or approval of
Holders of a specified percentage of principal amount of Securities is required
hereunder, Securities held by the Company or its affiliates (other than
subsequent Holders of Securities if such subsequent Holders are deemed to be
affiliates solely by reason of their holdings of such Securities) shall not be
counted in determining whether such consent or approval was given by the Holders
of such required percentage.

                                       16

<PAGE>

If the foregoing is in accordance with your understanding of our agreement,
please sign and return to the Issuer a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among
the Initial Purchaser, the Issuer and the Guarantors in accordance with its
terms.

                                    Very truly yours,

                                    FEDDERS NORTH AMERICA, INC,

                                       By

                                           /s/ Kent E. Hansen
                                           ---------------------------------
                                           Name:  Kent E. Hansen
                                           Title: Executive Vice President

                                    FEDDERS CORPORATION,

                                       By

                                           /s/ Kent E. Hansen
                                           ---------------------------------
                                           Name:  Kent E. Hansen
                                           Title: Executive Vice President

                                    As for the Subsidiary Guarantors,
                                    TRION, INC.
                                    ENVIRCO CORPORATION
                                    MELCOR CORPORATION
                                    EUBANK MANUFACTURING
                                         ENTERPRISES, INC.
                                    EMERSON QUIET KOOL
                                          CORPORATION

                                    FEDDERS INC.
                                    COLUMBIA SPECIALTIES, INC.
                                    ROTOREX COMPANY, INC.
                                    FEDDERS OUTLET, INC.

                                       By

                                           /s/ Kent E. Hansen
                                           ---------------------------------
                                           Name:  Kent E. Hansen
                                           Title: Executive Vice President

<PAGE>

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

CREDIT SUISSE FIRST BOSTON LLC

    By: /s/ James Nappo
        ------------------
        Name:  James Nappo
        Title: Director

<PAGE>

                                                                         ANNEX A

         Each broker-dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. The Letter
of Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Securities received in exchange for Initial Securities
where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities. The Company has agreed
that, for a period of 180 days after the Expiration Date (as defined herein), it
will make this Prospectus available to any broker-dealer for use in connection
with any such resale. See "Plan of Distribution."

<PAGE>

                                                                         ANNEX B

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

<PAGE>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

         Each broker-dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired as a
result of market-making activities or other trading activities. The Company has
agreed that, for a period of 180 days after the Expiration Date, it will make
this prospectus, as amended or supplemented, available to any broker-dealer for
use in connection with any such resale. In addition, until _______________,
200_, all dealers effecting transactions in the Exchange Securities may be
required to deliver a prospectus.(1)

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

         For a period of 180 days after the Expiration Date the Company will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal. The Company has agreed to pay all expenses
incident to the Exchange Offer (including the expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers
or dealers and will indemnify the Holders of the Securities (including any
broker-dealers) against certain liabilities, including liabilities under the
Securities Act.

----------

         (1) In addition, the legend required by Item 502(e) of Regulation S-K
will appear on the back cover page of the Exchange Offer prospectus.

<PAGE>

                                                                         ANNEX D

|_| CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL
COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

                  Name:    ___________________________________________
                  Address: ___________________________________________
                           ___________________________________________

If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Initial Securities that were
acquired as a result of market-making activities or other trading activities, it
acknowledges that it will deliver a prospectus in connection with any resale of
such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]