Document:

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EXHIBIT 4.2

                                                                 EXECUTION COPY

               AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

         This Amended and Restated Registration Rights Agreement (the
"Agreement") is entered into as of April 26, 2000 by and among Orion Power
Holdings, Inc. (the "Company"), GS Capital Partners II, L.P. ("GSCP II," and
together with any Affiliate (as defined below) (including without limitation,
the Other GSCP Entities, as defined below) to which it assigns any rights and
obligations under the Agreement, "GSCP"), GS Capital Partners III, L.P. ("GSCP
III"), GS Capital Partners II Offshore, L.P. ("GSCP Offshore"), GS Capital
Partners III Offshore, L.P. ("GSCP III Offshore"), Goldman, Sachs & Co.
Verwaltungs GmbH, as nominee for GS Capital Partners II Germany C.L.P. ("GS
Germany") and as nominee for GS Capital Partners III Germany C.L.P. ("GS III
Germany"), Stone Street Fund 1998, L.P. ("Stone") Bridge Street Fund 1998, L.P.
("Bridge"), Stone Street Fund 2000, L.P. ("Stone 2000") and Bridge Street Fund
2000, L.P. ("Bridge 2000," and collectively with GSCP III, GSCP Offshore, GSCP
III Offshore, GS Germany, GS III Germany, Stone, Bridge and Stone 2000, the
"Other GS Entities"), Constellation Enterprises, Inc. ("Constellation"),
Constellation Operating Services, Inc. ("COSI"), Diamond Generating Corporation
("DGC"), Diamond Cayman, Inc. ("DCI"), Mitsubishi International Corporation
("MIC," and collectively with DGC and DCI, "Mitsubishi") and Tokyo Electric
Power Company International B.V. ("TEPCO International"). Each of GSCP,
Constellation, Mitsubishi, TEPCO International and COSI is referred to herein as
a "Holder," and GSCP, Constellation, Mitsubishi, TEPCO International and COSI
are referred to collectively herein as "Holders."

                                R E C I T A L S:

         WHEREAS, pursuant to the terms of that certain Subscription Agreement,
dated as of September 29, 1999, by and between the Company and Mitsubishi and
that certain Subscription Agreement, dated as of October 4, 1999, by and between
the Company and TEPCO International, the Company, GSCP, Constellation,
Mitsubishi Corporation and TEPCO International entered into a registration
rights agreement (the "Original Registration Rights Agreement"), dated as of
November 5, 1999.

         WHEREAS, pursuant to the terms of that certain Stock Purchase Agreement
(the "COSI Purchase Agreement"), dated as of April 26, 2000, by and between the
Company and COSI, the execution and delivery of this Agreement by the parties
hereto is a condition to the purchase by the Company of various assets from
COSI.

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                               A G R E E M E N T:

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

        1.      Certain Definitions. As used in this Agreement, the following
terms shall have the following respective meanings:

                "Affiliate" shall mean, with respect to any person, any other
person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified person; provided, however, that, for
purposes hereof, neither the Company nor any person controlled by the Company
shall be deemed to be an Affiliate of any Stockholder.

                "Approved Underwriter" shall have the meaning set forth in
Section 2.

                "Business Day" shall mean any day excluding Saturday, Sunday and
any day on which banks in the State of New York are authorized or required by
law or other governmental action to close.

                "COSI Shares" shall mean the 12,193.548 Shares acquired by COSI
pursuant to the COSI Purchase Agreement, including any Shares acquired upon any
stock split, stock dividend or recapitalization with respect to such Shares.

                "Damages" shall have the meaning set forth in Section 8.

                "Demanding Holder" shall have the meaning set forth in Section
2.

                "Demand Registration" shall have the meaning set forth in
Section 2.

                "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended from time to time, and the rules and regulations promulgated
thereunder.

                "Incidental Registration" shall have the meaning set forth in
Section 3.

                "Initial Public Offering" means an underwritten offering or
series of underwritten offerings pursuant to which the Shares becomes registered
under Section 12 of the Exchange Act (a) in which either (i) the Shares issued
constitute at least 20% of the Shares or (ii) the gross proceeds to the Company
and any selling stockholders, in the aggregate, is at least $75 million before
deducting underwriting discounts, commissions and offering expenses and (b)
which results in the Common Stock being held by at least 500 holders of record
within the meaning of Rule 12g5-1 under the Exchange Act.

                "Litigation" shall have the meaning set forth in Section 21.

                "Participating Holder" shall have the meaning set forth in
Section 3.

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                "Prospectus" shall mean the prospectus included in any
Registration Statement, as amended or supplemented by any prospectus supplement,
with respect to the terms of the offering of any portion of the Registrable
Securities covered by the Registration Statement and by all other amendments and
supplements to the prospectus, including post-effective amendments and all
material incorporated by reference in such Prospectus.

                "Register," "registered" and "registration" shall mean and refer
to a registration effected by preparing and filing a Registration Statement and
taking all other actions that are necessary or appropriate in connection
therewith, and the declaration or ordering of effectiveness of such Registration
Statement by the SEC.

                "Registration Expenses" shall have the meaning set forth in
Section 7.

                "Registrable Securities" shall mean all Shares held by the
Holders as of the date hereof or acquired after the date hereof (including,
without limitation, Shares acquired pursuant to preemptive rights and Shares
subsequently transferred to a permitted transferee under Section 12 hereof),
provided that such term shall not include any such Shares sold to the public by
the Holders pursuant to a Registration Statement under the Securities Act or
sold by the Holders in a private transaction in which the selling Holder's
rights hereunder were not assigned to the purchasers thereof or Shares which may
be sold without restriction under Rule 144(k) of the Securities Act or any
successor rule thereto.

                "Registration Statement" shall mean any registration statement
of the Company in compliance with Section 5 of the Securities Act and the rules
and regulations thereunder that covers Registrable Securities pursuant to the
provisions of this Agreement, including, without limitation, the Prospectus, all
amendments and supplements to such Registration Statement, including all
post-effective amendments, all exhibits and all material incorporated by
reference in such Registration Statement.

                "Rights Holder" shall have the meaning set forth in Section 6.

                "SEC" shall mean the Securities and Exchange Commission.

                "Securities Act" shall mean the Securities Act of 1933, as
amended from time to time, and the rules and regulations promulgated thereunder.

                "Shares" shall mean the outstanding common stock of the Company,
par value $.01 per Share.

                "Underwritten registration" or "underwritten offering" shall
mean a registration in which common equity securities of the Company are sold to
an underwriter or through an underwriter as agent for reoffering to the public.

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        2.      Demand Registration.

                (a)     Request for Demand Registration. At any time after the
Company's Initial Public Offering, each of the Holders shall be entitled to
request in writing that the Company effect the registration under the Securities
Act of Registrable Securities in accordance with this Section 2 (each, a "Demand
Registration"). Any such request for a Demand Registration by a Holder (the
"Demanding Holder") shall specify the amount of Registrable Securities proposed
to be sold and the intended method of disposition thereof. Upon receiving a
request for a Demand Registration, the Company will, as provided in this Section
2, use its reasonable best efforts to effect the registration under the
Securities Act of the Registrable Securities which the Company has been so
requested by the Demanding Holder to register. Notwithstanding anything in the
Section 2 to the contrary, the Company shall not be obligated to effect a
registration unless the anticipated aggregate gross offering price with respect
thereto would equal or exceed $35 million ($35,000,0000) (including the offering
price of Registrable Securities as to which other holders of Registrable
Securities are also seeking registration pursuant to such request). Any such
request for a Demand Registration may be a request for a shelf registration, if
the Company is eligible to use a shelf registration at the time of such request.

                (b)     Limitation on Demand Registrations. Notwithstanding
anything to the contrary set forth in Section 2(a) but subject to Sections 7 and
11, the Company shall not be obligated to file a Registration Statement with
respect to a Demand Registration upon a request by a Demanding Holder under
Section 2(a), (i) if two Demand Registrations initiated by the Demanding Holder
have become effective as specified in paragraph (c) below or (ii) if the Holder
requests a Demand Registration prior to six months following the date on which
any of the Company's common equity securities were first sold pursuant to any
Registration Statement declared effective by the SEC (or in the case of a shelf
registration, prior to six months following the date on which any Registration
Statement with respect to the Company's common equity securities is declared
effective).

                (c)     Effective Demand Registration. A registration shall not
constitute a Demand Registration until the Registration Statement has become
effective and remains continuously effective for the lesser of (i) the period
during which all Registrable Securities of the Demanding Holder registered in
the Demand Registration are sold and (ii) 90 days; provided, however, that a
registration shall not constitute a Demand Registration if (x) after such Demand
Registration has become effective, such registration or the related offer, sale
or distribution of Registrable Securities thereunder is interfered with by any
stop order, injunction or other order or requirement of the SEC or other
governmental agency or court for any reason not attributable to the Demanding
Holder and such interference is not thereafter eliminated or (y) the conditions
to closing specified in the underwriting agreement, if any, entered into in
connection with such Demand Registration are not satisfied or waived, other than
by reason of a failure by the Demanding Holder.

                (d)     Underwriting Procedures. If the Demanding Holder so
elects, the offering of Registrable Securities pursuant to a Demand Registration
shall be in the form of a firm commitment underwritten offering and the managing
underwriter or underwriters selected for such offering shall be the Approved
Underwriter (as hereinafter defined) selected

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in accordance with Section 2(e). With respect to any firm commitment
underwritten offering, the Company shall enter into a reasonable and customary
underwriting agreement with the Approved Underwriter. If the Approved
Underwriter advises the Company in writing that in its opinion the aggregate
amount of Shares requested to be included in such offering is sufficiently large
to have a material adverse effect on the success of such offering, then the
Company shall include in such registration only the aggregate amount of Shares
that in the opinion of the Approved Underwriter may be sold without any such
material adverse effect and shall allocate the amount of the Shares to be
included in such registration as follows: the Company, the Demanding Holder, the
Participating Holders (as defined herein) and any other stockholder exercising
piggyback registration rights shall be allowed to include such amount of
Registrable Securities in the aggregate as the managing underwriter(s) deems
appropriate prior to any Shares being included on behalf of any other person;
provided, however, that (i) if the request for a Demand Registration occurs on
or prior to the date which is the one year anniversary of the Company's Initial
Public Offering, prior to any reduction of the amount of Shares intended to be
included in the offering by the Company pursuant to the exercise of its rights
under Section 2(f) herein, the aggregate amount of Shares intended to be
included in the offering by the former Demanding Holder, the Participating
Holders and any other stockholder exercising piggyback registration rights shall
be reduced in its entirety (which Shares shall be cut back on a pro rata basis
in accordance with the number of Shares proposed to be registered by the
Demanding Holder, the Participating Holders and any other stockholder exercising
piggyback registration rights) and (ii) if the request for a Demand Registration
occurs after the one year anniversary of the Company's Initial Public Offering,
the amount of Shares intended to be included in the offering by the Company
shall be reduced in its entirety prior to any reduction of the aggregate amount
of Shares intended to be included in the offering by the Demanding Holder, the
Participating Holders and any other stockholder exercising piggyback
registration rights intended to be included in such offering (which Shares,
after the elimination of Company Shares, shall be cut back on a pro rata basis
in accordance with the number of Shares proposed to be registered by the
Demanding Holder, the Participating Holders and any other stockholder exercising
piggyback registration rights).

                (e)     Selection of Underwriters. If any Demand Registration is
in the form of an underwritten offering, the Demanding Holder shall select and
obtain one or more investment banking firms of national reputation to act as the
managing underwriters of the offering (collectively, the "Approved
Underwriter"); provided, however, that the Approved Underwriter shall, in any
case, be acceptable to the Company in its reasonable judgment.

                (f)     Company Participation. If, in the case of a Demand
Registration requested on or prior to the date which is the one year anniversary
of the Company's Initial Public Offering, the Company gives notice to the
Demanding Holder and the managing underwriter, if any, within 20 Business Days
of the Company's receipt of the request for a Demand Registration, that the
Company wishes to include shares in such registration, such registration shall
not be deemed a Demand Registration and the Demanding Holder shall be deemed a
Participating Holder.

                (g)     Demanding Holder Cutback. If, in the case of any Demand
Registration, the shares to be included by the Demanding Holder in such
registration are reduced by the Approved Underwriter by one-third (1/3) or more
of the amount of shares the

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Demanding Holder requested to include in such registration, such registration
shall not be deemed a Demand Registration.

        3.      Incidental Registration. At any time after the Company's Initial
Public Offering, if the Company shall determine to register any Shares, or any
securities convertible into or exchangeable or exercisable for Shares, for its
own account or for the account of any stockholder (other than a registration on
Forms S-4 or S-8 or any replacement or successor form thereof), the Holders
shall be entitled to include Registrable Securities in such registration (and
related underwritten offering, if any) (each, an "Incidental Registration") on
the terms and conditions set forth in this Section 3.

                (a)     The Company shall promptly give written notice of such
determination to the Holders, and each Holder shall have the right to request,
by written notice given to the Company within twelve (12) Business Days of the
receipt by such Holder of such notice of determination, that a specific number
of Registrable Securities held by such Holder be included in such Registration
Statement (such participating Holders are referred to herein as "Participating
Holders");

                (b)     If the proposed registration relates to an underwritten
offering, the notice called for by Section 3(a) shall specify the name of the
managing underwriter for such offering;

                (c)     If the proposed registration relates to an underwritten
offering, each Participating Holder must (i) sell all or a portion of its
Registrable Securities on the same basis provided in the underwriting
arrangements approved by the Company and (ii) complete and execute all
questionnaires, powers of attorney, underwriting agreements and other documents
on the same basis as other similarly situated selling stockholders (or, if there
are no other selling stockholders, as would be customary in a transaction of
this type) reasonably required under the terms of such underwriting arrangements
or by the SEC;

                (d)     If the managing underwriter for the underwritten
offering under the proposed registration to be made by the Company determines
that inclusion of all or any portion of the Registrable Securities in such
offering would adversely affect the ability of the underwriter for such offering
to sell all of the securities requested to be included for sale or the price per
share in such offering, the number of shares that may be included in such
registration in such offering shall be allocated as follows:

                        (i)     if the Company initiated the registration, the
                Company, all Participating Holders and any other stockholder
                exercising piggyback registration rights shall be allowed to
                include such amount of Registrable Securities as the managing
                underwriter(s) deems appropriate prior to any Shares being
                included on behalf of any other person; provided, however, that,
                prior to any reduction of the amount of Shares intended to be
                registered by the Company, the aggregate amount of Shares
                intended to be included in the offering by all Participating
                Holders and any other stockholder exercising piggyback
                registration rights shall be reduced in its entirety (which
                Shares shall be cut back on a pro rata basis in accordance with
                the number of Shares

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                proposed to be registered by the Participating Holders and any
                other stockholder exercising piggyback registration rights);

                        (ii)    if, on or prior to the date which is the one
                year anniversary of the Company's Initial Public Offering, a
                Demanding Holder requests a Demand Registration, the Demanding
                Holder, the Company, all Participating Holders and any other
                stockholder exercising piggyback registration rights shall be
                allowed to include such amount of Registrable Securities as the
                managing underwriter(s) deems appropriate prior to any Shares
                being included on behalf of any other person; provided, however,
                that, prior to any reduction of the amount of Shares intended to
                be registered by the Company pursuant to exercise of its rights
                under Section 3(e) herein, the aggregate amount of Shares
                intended to be included in such offering by the former Demanding
                Holder, all Participating Holders and any other stockholder
                exercising piggyback registration rights shall be reduced in its
                entirety (which Shares shall be cut back on a pro rata basis in
                accordance with the number of Shares proposed to be registered
                by the Demanding Holder, the Participating Holders and any other
                stockholder exercising piggyback registration rights);

                        (iii)   if, after the date which is the one year
                anniversary of the Company's Initial Public Offering, a
                Demanding Holder requests a Demand Registration, the Demanding
                Holder, the Company, all Participating Holders and any other
                stockholder exercising piggyback registration rights shall be
                allowed to include such amount of Registrable Securities as the
                managing underwriter(s) deems appropriate prior to any Shares
                being included on behalf of any other person; provided, however,
                that the amount of Shares intended to be registered by the
                Company shall be reduced in its entirety prior to any reduction
                of the aggregate amount of Shares intended to be included in
                such offering by the Demanding Holder, all Participating Holders
                and any other stockholder exercising piggyback registration
                rights (which Shares, after the elimination of Company Shares,
                shall be cut back on a pro rata basis in accordance with the
                number of Shares proposed to be registered by the Demanding
                Holder, the Participating Holders and any other stockholder
                exercising piggyback registration rights);

                (e)     If, in the case of a Demand Registration requested on or
prior to the date which is the one year anniversary of the Company's Initial
Public Offering, the Company gives notice to the Demanding Holder and the
managing underwriter, if any, within 20 Business Days of the Company's receipt
of the request for a Demand Registration, that the Company wishes to include
shares in such registration, such registration shall not be deemed a Demand
Registration and the Demanding Holder shall be deemed a Participating Holder;

                (f)     Each Participating Holder shall have the right to
withdraw its Registrable Securities from the Registration Statement at any time
prior to the effective date thereof, but if the same relates to an underwritten
offering and the initial filing thereof has been made, it may only withdraw its
Registrable Securities during the time period and on terms deemed appropriate by
the underwriters for such underwritten offering; and

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                (g)     The Company or any other stockholder exercising Demand
Registration rights shall have the right to terminate or withdraw any
registration statement filing under this Section 3 prior to the effective date
of such registration for any reason without liability to any Participating
Holder as a result thereof, whether or not such Participating Holder has elected
to include such securities in such registration. In such event, the Company or a
Participating Holder, as applicable, may elect to continue the registration;
provided, however, that, except as provided in Sections 2(f), 2(g) and 3(e)
hereof, if a Participating Holder makes such election, the election shall be
deemed a request for a Demand Registration and shall be subject to the limits on
Demand Registration requests set forth in this Agreement.

        3A.     Initial Public Offering Registration. At the Company's Initial
Public Offering, COSI shall be entitled to include the COSI shares in such
registration on the terms and conditions set forth in this Section 3A (the
"Special COSI Rights").

                (a)     The Company shall promptly give written notice of its
determination to effect an Initial Public Offering to COSI, and COSI shall have
the right to request, by written notice given to the Company within twelve (12)
Business Days of the receipt by such Holder of such notice of determination,
that a specific number of COSI Shares held by COSI, be included in such
Registration Statement ;

                (b)     The notice called for by Section 3A(a) shall specify the
name of the managing underwriter for the Initial Public Offering;

                (c)     COSI must (i) sell all or a portion of its COSI Shares
on the same basis provided in the underwriting arrangements approved by the
Company and (ii) complete and execute all questionnaires, powers of attorney,
underwriting agreements and other documents on the same basis as other similarly
situated selling stockholders (or, if there are no other selling stockholders,
as would be customary in a transaction of this type) reasonably required under
the terms of such underwriting arrangements or by the SEC;

                (d)     If the managing underwriter for the Initial Public
Offering determines that inclusion of all or any portion of the COSI Shares in
such offering would adversely affect the ability of the underwriter for such
offering to sell all of the securities requested to be included for sale or the
price per share in such offering, the number of shares that may be included in
such registration in such offering shall be allocated so that the Company and
COSI shall be allowed to include such amount of COSI Shares and Registrable
Securities as the managing underwriter(s) deems appropriate prior to any Shares
being included on behalf of any other person; provided, however, that, prior to
any reduction of the amount of Shares intended to be registered by the Company,
the aggregate amount of Shares intended to be included in the offering by COSI
shall be reduced in its entirety;

                (e)     COSI shall have the right to withdraw COSI Shares from
the Registration Statement at any time prior to the effective date thereof, but
if the initial filing of the Initial Public Offering has been made, COSI may
only withdraw the COSI Shares during the time period and on terms deemed
appropriate by the underwriters.

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        4.      Blockage Periods. Prior to and for the one hundred eighty (180)
day period following the date of the Company's Initial Public Offering, the
Company shall not be obligated to file any Registration Statement under Section
2. Notwithstanding any other provision of this Agreement, the Company shall not
be obligated to file any Registration Statement under Section 2 at any time that
(after having had discussions with the Demanding Holder) the Company's Board of
Directors determines in good faith, as certified to the Demanding Holder in
writing by the Company's President, Chief Executive Officer, Chief Financial
Officer, Chief Legal Officer or Chief Operating Officer that the filing of such
a Registration Statement would be seriously detrimental (including, without
limitation, if the filing of a Registration Statement would require disclosure
of a pending material transaction where such disclosure could impair the
Company's ability to complete such transaction) to the business of the Company.
The Company may decline to file any Registration Statement for this reason only
twice in any 12-month period and only for a maximum period of 90 days at any one
time. If the Company declines to file any Registration Statement pursuant to
this Section 4, it shall not file any Registration Statement (other than a Form
S-4 or Form S-8) without the prior written approval of the Demanding Holder,
which approval may be withheld at the Demanding Holder's sole discretion, unless
and until it files a Registration Statement including Registrable Securities
under Section 2 hereof.

        5.      Restrictions on Public Sale by Holders of Registrable
Securities. If Registrable Securities are included (in whole or in part) in a
Registration Statement filed by the Company under Section 2 for sale in an
underwritten offering, each Holder of Registrable Securities agrees, if
requested by the managing underwriter(s) of such offering, not to sell, make any
short sale of, loan, grant any option for the purchase of, dispose of or effect
any public sale or distribution of common equity securities of the same series
and class as (or securities exchangeable or exercisable for or convertible into
common equity securities of the same series and class as) its Registrable
Securities, including a sale pursuant to Rule 144 under the Securities Act
(except as part of such underwritten registration), during the five (5) day
period prior to, and during the one hundred eighty (180) day period in the case
of an Initial Public Offering for all Holders of Registrable Securities or,
solely with respect to Demanding Holders and Participating Holders, during the
ninety (90) day period in the case of all other registrations (or, in either
case, during the shorter period requested or consented by the managing
underwriter(s) with respect to the Company or any other holder of common stock
of the Company) beginning on the closing date of such underwritten offering, to
the extent timely notified in writing by the Company or the managing
underwriter(s).

        6.      Registration Procedures. In connection with the Company's
registration obligations pursuant to Sections 2, 3 and 3A hereof, the Company
will use its reasonable best efforts to effect such registration to permit the
sale of the Registrable Securities covered thereby in accordance with the
intended method or methods of disposition thereof, and pursuant thereto the
Company will as expeditiously as possible:

                (a)     with respect to registrations made pursuant to Section 2
only, prepare and file with the SEC a Registration Statement with respect to
such Registrable Securities and use its reasonable best efforts to cause such
Registration Statement to become effective as soon as practicable, and, upon the
request of any Holder of Registrable Securities to be sold under such
Registration Statement (a "Rights Holder"), keep such Registration Statement

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effective for up to ninety (90) days, provided that, before filing any
Registration Statement or Prospectus or any amendments or supplements thereto,
the Company will furnish to the Rights Holders and their counsel, copies of all
such documents proposed to be filed at least three (3) days prior thereto,
provided, further, that the Company will not name or otherwise provide any
information with respect to any Rights Holder in any Registration Statement or
Prospectus without the express written consent of such Rights Holder, which
consent shall not be unreasonably withheld, unless required to do so by the
Securities Act and the rules and regulations thereunder;

                (b)     prepare and file with the SEC such amendments,
post-effective amendments and supplements to the Registration Statement and the
Prospectus as may be necessary to comply with the provisions of the Securities
Act and the rules and regulations thereunder with respect to the disposition of
all securities covered by such Registration Statement;

                (c)     promptly notify the Rights Holders (i) when the
Prospectus or any Prospectus supplement or post-effective amendment has been
filed, and, with respect to the Registration Statement or any post-effective
amendment, when the same has become effective, (ii) of any request by the SEC
for amendments or supplements to the Registration Statement or the Prospectus or
for additional information, (iii) of the issuance by the SEC 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 of any
notification with respect to the suspension of the qualification of the
Registrable 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 which makes any statement made in the Registration Statement, the
Prospectus or any document incorporated therein by reference untrue or which
requires the making of any changes in the Registration Statement, the Prospectus
or any document incorporated therein by reference so that such documents will
not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading;

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

                (e)     if requested by the Approved Underwriter or Rights
Holder, (i) promptly incorporate in a Prospectus supplement or post-effective
amendment such information as the Approved Underwriter and such Rights Holder
agree should be included therein as required by applicable law and (ii) make all
required filings of such Prospectus supplement or such post-effective amendment
promptly after the Company has received notification of the matters to be
incorporated in such Prospectus supplement or such post-effective amendment;
provided, however, that the Company shall not be required to take any of the
actions of this Section 6(e) which it determines are not, on the advice of
counsel for the Company, required under applicable law;

                (f)     furnish to each Rights Holder, without charge, at least
one copy of the Registration Statement and any post-effective amendment thereto,
including financial

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statements and schedules, all documents incorporated therein by reference and
all exhibits (including those incorporated by reference);

                (g)     deliver to the Rights Holders, without charge, such
reasonable number of conformed copies of the Registration Statement (and any
post-effective amendment thereto) and such number of copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto
(and any documents incorporated by reference therein) as the Rights Holders may
reasonably request, all in full conformity with the Securities Act; the Company
consents to the use of the Prospectus or any amendment or supplement thereto by
the Rights Holders in connection with the offer and sale of the Registrable
Securities covered by the Prospectus or any amendment or supplement thereto;

                (h)     prior to any offering of Registrable Securities covered
by a Registration Statement, register or qualify or cooperate with the Rights
Holders in connection with the registration or qualification of such Registrable
Securities for offer and sale under the securities or blue sky laws of such
jurisdictions as any Rights Holder reasonably requests, and use its reasonable
best efforts to keep each such registration or qualification effective,
including through new filings, or amendments or renewals, during the period such
Registration Statement is required to be kept effective pursuant to the terms of
this Agreement; and do any and all other acts or things necessary or advisable
to enable the disposition in all such jurisdictions reasonably requested by such
Rights Holder, provided that under no circumstances shall the Company be
required in connection therewith or as a condition thereof to qualify to do
business, to become subject to taxation or to file a general consent to service
of process in any such states or jurisdictions;

                (i)     cooperate with the Rights Holders and the managing
underwriter or underwriters to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold, free of any and all
restrictive legends, such certificates to be in such denominations and
registered in such names as the managing underwriter or underwriters, if any, or
the Rights Holders may request;

                (j)     upon the occurrence of any event contemplated by Section
6(c)(v) above, prepare a supplement or post-effective amendment to the
Registration Statement or the Prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered
to the purchasers of the Registrable Securities, the Prospectus will not contain
an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein not misleading;

                (k)     make generally available to the holders of the Company's
outstanding securities earnings statements satisfying the provisions of Section
11(a) of the Securities Act, no later than forty-five (45) days after the end of
any twelve (12) month period (or ninety (90) days, if such period is a fiscal
year) (i) commencing at the end of any fiscal quarter in which Registrable
Securities are sold to underwriters in a firm or best efforts underwritten
offering, or, if not sold to underwriters in such an offering, (ii) beginning
with the first month of the Company's first fiscal quarter commencing after the
effective date of the Registration Statement, which statements shall cover said
twelve (12) month period;

                                      -11-
<PAGE>   12

                (l)     provide and cause to be maintained a transfer agent and
registrar for all Registrable Securities covered by each Registration Statement
from and after a date not later than the effective date of such Registration
Statement;

                (m)     use its reasonable best efforts to cause all Registrable
Securities covered by each Registration Statement to be listed, subject to
notice of issuance, prior to the date of the first sale of such Registrable
Securities pursuant to such Registration Statement, on each securities exchange
on which the Shares issued by the Company are then listed, and admitted to
trading on the Nasdaq Stock Market or other national exchange, if the Shares are
then admitted to trading on the Nasdaq Stock Market or such national exchange;

                (n)     enter into such agreements (including underwriting
agreements in customary form containing, among other things, reasonable and
customary indemnities) and take such other actions as the Rights Holders shall
reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities; and

                (o)     furnish, at the request of the Rights Holders, on the
date that Registrable Securities are delivered to an underwriter for sale in
connection with an underwritten registration, or, in connection with any other
registration, on the date that the Registration Statement with respect to such
registration becomes effective, (i) an opinion, dated such date, of the counsel
representing the Company for the purpose of such registration, in form and
substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters, if any, and to the Rights Holders, (ii)
a letter dated such date, from the independent certified public accountants of
the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering,
addressed to the underwriters, if any, and to the Rights Holders, subject to
such Rights Holders' provision of information reasonably requested by such
independent certified public accountants to comply with the rules governing
delivery of such letters, and (iii) cause the underwriting agreement to contain
indemnification provisions and procedures no less favorable than those set forth
in Section 8 hereof (or such other provisions and procedures acceptable to the
Rights Holders) with respect to all parties to be indemnified pursuant to such
Section.

                Each Rights Holder agrees that, upon receipt of any notice from
the Company of the happening of any event of the kind described in Section
6(c)(v) hereof, such Rights Holder will forthwith discontinue disposition of
Registrable Securities under the Prospectus related to the applicable
Registration Statement until such Rights Holder's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 6(j) hereof, or until
it is advised in writing by the Company that the use of the Prospectus may be
resumed. It shall be a condition precedent to the obligations of the Company to
take any action pursuant to this Section 6 with respect to the Registrable
Securities of a Rights Holder that such Rights Holder shall furnish to the
Company such information regarding itself and the Registrable Securities held by
it as shall be required by the Securities Act to effect the registration of the
Rights Holder's Registrable Securities and as typically provided by similarly
situated selling stockholders.

                                      -12-
<PAGE>   13

        7.      Registration Expenses. All expenses incident to any registration
to be effected hereunder (whether or not the Registration Statement is filed or
declared effective) and incident to the Company's performance of or compliance
with this Agreement, including, without limitation, all registration and filing
fees, fees and expenses of compliance with securities or blue sky laws, printing
expenses, messenger and delivery expenses, National Association of Securities
Dealers, Inc., stock exchange and qualification fees, fees and disbursements of
the Company's counsel and of independent certified public accountants of the
Company (including the expenses of any special audit required by or incident to
such performance), the fees of one counsel reasonably acceptable to the Company
representing the Rights Holders in such offering, expenses of the underwriters
that are customarily requested in similar circumstances by such underwriters
(excluding discounts, commissions or fees of underwriters, qualified independent
underwriters, selling brokers, dealer managers or similar securities industry
professionals relating to the distribution of the Registrable Securities), all
such expenses being herein called "Registration Expenses," will be borne by the
Company. The Company will also pay its internal expenses, the expense of any
annual audit and the fees and expenses of any person retained by the Company.
Notwithstanding the foregoing, the Company will not be obligated to pay
Registration Expenses for more than two Demand Registrations by the same
Demanding Holder effected pursuant to Section 2 of this Agreement. Registration
Expenses incurred in connection with Registration Statements requested under
Section 2 that are not filed or declared effective by the SEC will be paid by
the Company and will not count against such limit; provided, however, if such
Registration Statement not being filed or declared effective is the result of
the actions of the Demanding Holder, then the Demanding Holder will bear the
Registration Expenses of such Demand Registration in which case such
registration shall not be counted as a Demand Registration under Section 2.

        8.      Indemnification.

                (a)     Indemnification by the Company. The Company agrees to
indemnify and hold harmless each Rights Holder, its officers, directors,
partners, employees and agents and each person who controls such Rights Holder
(within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) and the officers, directors, partners, employees and agents of any
such controlling person from and against any and all losses, claims, damages and
liabilities (including any investigation, legal or other expenses reasonably
incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted) (collectively, "Damages") to which
such Rights Holder may become subject under the Securities Act, the Exchange Act
or other federal or state securities law or regulation, at common law or
otherwise, insofar as such Damages arise out of or are based upon (i) any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement, Prospectus or preliminary prospectus or any amendment or
supplement thereto, (ii) the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading and (iii) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act or any state securities or blue sky laws in
connection with the Registration Statement, Prospectus or preliminary prospectus
or any amendment or supplement thereto, provided that the Company will not be
liable to such Rights Holder to the extent that such Damages arise from or are
based upon any untrue statement or omission (x) based upon written information
furnished to

                                      -13-
<PAGE>   14

the Company by the Rights Holder expressly for the inclusion in such
Registration Statement, (y) made in any preliminary prospectus if the Rights
Holder failed to deliver a copy of the Prospectus with or prior to the delivery
of written confirmation of the sale by the Rights Holder to the party asserting
the claim underlying such Damages and such Prospectus would have corrected such
untrue statement or omission and (z) made in any Prospectus if such untrue
statement or omission was corrected in an amendment or supplement to such
Prospectus delivered to the Rights Holder prior to the sale of Registrable
Securities and the Rights Holder failed to deliver such amendment or supplement
prior to or concurrently with the sale of Registrable Securities to the party
asserting the claim underlying such Damages. The Company shall also indemnify
underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in the distribution customarily indemnified by
issuers in underwritten public offerings, their officers, directors, agents and
employees and each Person who controls such Persons (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same
extent as provided above with respect to the indemnification of the Rights
Holders.

                (b)     Indemnification by Rights Holder. If Registrable
Securities are sold under a Prospectus which is a part of a Registration
Statement, each Demanding Holder and Participating Holder agrees to indemnify
and hold harmless the Company, its directors and each officer who signed such
Registration Statement and each person who controls the Company (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
and the officers, directors, partners, employees and agents of any such
controlling person under the same circumstances as the foregoing indemnity from
the Company to such Demanding Holder or Participating Holder, as applicable, to
the extent that such losses, claims, damages, liabilities or actions arise out
of or are based upon any untrue statement of a material fact or omission of a
material fact that was made in the Prospectus, the Registration Statement, or
any amendment or supplement thereto, in reliance upon and in conformity with
information relating to the Demanding Holder or Participating Holder, as
applicable, furnished in writing to the Company by the Demanding Holder or
Participating Holder, as applicable, expressly for use therein, provided that in
no event shall the aggregate liability of the Demanding Holder or Participating
Holder, as applicable exceed the amount of the net proceeds received by such
Demanding Holder or Participating Holder, as applicable upon the sale of the
Registrable Securities giving rise to such indemnification obligation. Each
Demanding Holder and Participating Holder shall indemnify the underwriters under
terms customary to such underwritten offerings as reasonably requested by such
underwriters. The Company and Rights Holder shall be entitled to receive
indemnities from underwriters, selling brokers, dealer managers and similar
securities industry professionals participating in the distribution, to the same
extent as customarily furnished by such persons in similar circumstances.

                (c)     Conduct of Indemnification Proceedings. Any person
entitled to indemnification hereunder will (i) give prompt notice to the
indemnifying party of any claim with respect to which it seeks indemnification
and (ii) permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party, provided, however,
that any person entitled to indemnification hereunder shall have the right to
employ separate counsel and to participate in the defense of such claim, but the
fees and expenses of such counsel shall be at the expense of such person and not
of the

                                      -14-
<PAGE>   15

indemnifying party unless (A) the indemnifying party has agreed to pay such fees
or expenses, (B) the indemnifying party shall have failed to assume the defense
of such claim and employ counsel reasonably satisfactory to such person or (C)
in the reasonable judgment of such person and the indemnifying party, based upon
advice of their respective counsel, a conflict of interest may exist between
such person and the indemnifying party with respect to such claims (in which
case, if the person notifies the indemnifying party in writing that such person
elects to employ separate counsel at the expense of the indemnifying party, the
indemnifying party shall not have the right to assume the defense of such claim
on behalf of such person). No settlement in respect of any third party claim may
be effected by the indemnifying party without the indemnified party's prior
written consent (which consent shall not be unreasonably withheld) unless the
settlement involves only the payment of money by the indemnifying party,
provides for a full and unconditional release of the indemnified party and does
not include a statement as to, or any admission of, fault, culpability or a
failure to act by, or on behalf of, the indemnified party. Any indemnifying
party who is not entitled to, or elects not to, assume the defense of a claim
will not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim.
As used in this Section 8(c), the terms "indemnifying party," "indemnified
party" and other terms of similar import are intended to include only the
Company (and its officers, directors and control persons and the officers,
directors, partners, employees and agents of such control persons as set forth
above) on the one hand, and the Rights Holder (and its officers, directors,
partners, employees, agents and control persons and the officers, directors,
partners, employees and agents of such control persons as set forth above) on
the other hand, as applicable.

                                      -15-
<PAGE>   16

                (d)     Contribution. If for any reason the foregoing indemnity
is unavailable, then the indemnifying party shall contribute to the amount paid
or payable by the indemnified party as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party or indemnifying parties on the one hand
and the indemnified party on the other in connection with the statements or
omissions which resulted in such losses, claims, demands, liabilities or
expenses as well as any other relevant equitable considerations. With respect to
contribution required pursuant to this Section 8(d), the relative fault 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 indemnifying party or
indemnifying parties on the one hand or the indemnified party on the other, and
the parties' relative, intent, knowledge, access to information and opportunity
to correct or prevent such untrue statement or omission. Notwithstanding the
provisions of this Section 8(d), an indemnified holder of Registrable Securities
shall not be required to contribute any amount in excess of the amount by which
the net proceeds to such holder of Registrable Securities from the sale thereof
exceed the amount of damages which such indemnified holder has otherwise been
required to pay pursuant to Section 8(b) by reason of any untrue or alleged
untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11 of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

                (e)     Timing of Payments. An indemnifying party shall make
payments of all amounts required to be made pursuant to the foregoing provisions
of this Section 8 to or for the account of the indemnified party from time to
time promptly upon receipt of bills or invoices relating thereto or when
otherwise due or payable.

                (f)     Survival. The indemnity and contribution agreements
contained in this Section 8 shall remain in full force and effect, regardless of
any investigation made by or on behalf of any of the Holders, their respective
officers, directors, partners, attorneys, agents or any person, if any, who
controls any Holder as aforesaid, and shall survive the transfer of such
Registrable Securities by any Holder.

        9.      Preparation; Reasonable Investigation. In connection with the
preparation and filing of a Registration Statement pursuant to the terms of this
Agreement:

                (a)     the Company shall, with respect to a Registration
Statement filed by the Company, give the Rights Holders, the underwriters, if
any, and their respective counsel and accountants the opportunity to participate
in the preparation of such Registration Statement (other than reports and proxy
statements incorporated therein by reference and lawfully and properly filed
with the SEC) and each Prospectus included therein or filed with the SEC, and
each amendment thereof or supplement thereto; and

                (b)     the Company shall give the Rights Holders, the
underwriters, if any, and their respective counsel and accountants such
reasonable access to its books and records and such opportunities to discuss the
business of the Company with its officers and the independent public accountants
who have certified its financial statements as shall be necessary, in the
opinion of such Rights Holders, as the case may be, or such underwriters, to

                                      -16-
<PAGE>   17

conduct a reasonable investigation within the meaning of Section 11(b)(3) of the
Securities Act.

                10.     Rule 144 and Rule 144A. At all times during which the
Company is subject to the periodic reporting requirements of the Exchange Act,
the Company covenants that it will file, on a timely basis, the reports required
to be filed by it under the Securities Act and the Exchange Act and the rules
and regulations adopted by the SEC thereunder, and it will take such further
action as any Holder may reasonably request (including, without limitation,
compliance with the current public information requirements of Rule 144(c) and
Rule 144A under the Securities Act), all to the extent required from time to
time to enable the Holders to sell Registrable Securities without registration
under the Securities Act within the limitation of the conditions provided by (a)
Rule 144 under the Securities Act, as such Rule may be amended from time to
time, (b) Rule 144A under the Securities Act, as such Rule may be amended from
time to time, or (c) any similar rule or regulation hereafter adopted by the
SEC. Upon the request of a Holder, the Company will provide reasonable and
customary assistance to facilitate such Holder's sale of Registrable Securities
in block trades or other similar transactions. Notwithstanding the foregoing,
nothing in this Section 10 shall be deemed to require the Company to register
any of it securities pursuant to the Exchange Act.

                11.     No Inconsistent Agreements. The Company will not enter
into any agreement offering registration rights of the nature set forth herein
without the consent of the holders of a majority of the Registrable Securities,
which consent may be withheld, in their sole discretion. Notwithstanding
anything in this Agreement to the contrary, the Company shall be allowed to
grant demand registration rights and piggyback registration rights on terms
substantially similar to those provided in this Agreement to new stockholders of
the Company prior to an IPO.

                12.     Assignment of Rights. Except for the Special COSI
Rights, any Holder may assign its rights under the Agreement to (a) any
transferee of the Registrable Securities of such Holder, if such transferee has
executed this Agreement and agreed to be bound by the terms hereof (it being
understood, however, that such Holder shall retain all of such Holder's rights
hereunder with respect to all Registrable Securities not so transferred thereby)
or (b) any stockholder, subsidiary, partner, nominee or affiliate of such Holder
or any such transferee. The transferor shall, within twenty (20) days after such
transfer, furnish the Company with written notice of the name and address of
such transferee and the securities with respect to which such registration
rights are being assigned. No such transfer may increase the aggregate number of
rights to request a Demand Registration. The Special COSI Rights may not be
assigned to any party except Constellation and its Affiliates unless otherwise
agreed in writing by each of the Company, GSCP, Constellation, Mitsubishi and
TEPCO International.

                13.     Duration of Agreement. Subject to Section 12, the rights
and obligations of a Holder under this Agreement shall terminate at such time as
such Holder no longer is the beneficial owner of any Shares. All terms of this
Agreement shall survive until, by their respective terms, they are no longer
operative.

                14.     Amendment and Waiver. Except as otherwise provided
herein, no modification,

                                      -17-
<PAGE>   18

amendment or waiver of any provision of this Agreement shall be effective
against the Company or any Holder unless such modification, amendment or waiver
is approved in writing signed by the Company and holders of a majority of the
Registrable Securities.

                15.     Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any other jurisdiction, but this Agreement shall be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

                16.     Entire Agreement. This Agreement and the other writings
referred to herein or delivered pursuant hereto which form a part hereof contain
the entire agreement and understanding among the parties hereto with respect to
the subject matter hereof and supersedes and preempts any prior understandings,
agreements or representations by or among the parties, written or oral, which
may have related to the subject matter hereof in any way.

                17.     Successors and Assigns. Subject to Section 12, this
Agreement shall bind and inure to the benefit of and be enforceable by the
Holders and their respective successors, assigns, heirs and personal
representatives, such that the rights under this Agreement shall inure to the
benefit of and be binding upon subsequent holders of Registrable Securities.
This Agreement shall inure to the benefit of and be binding upon the Company and
any corporation resulting from the merger or consolidation of the Company with
or into such corporation (in which the Company is not the surviving corporation)
or any corporation whose securities are issued in exchange for Shares.

                18.     Counterparts. This Agreement may be executed in separate
counterparts each of which, when executed and delivered to the other parties,
shall be an original and all of which taken together shall constitute one and
the same agreement.

                19.     Remedies. Each party hereto shall be entitled to enforce
its rights under this Agreement specifically to recover damages by reason of any
breach of any provision of this Agreement and to exercise all other rights
existing in its favor. The parties hereto agree and acknowledge that money
damages may not be an adequate remedy for any breach of the provisions of this
Agreement and that each party may in its sole discretion apply to any court of
law or equity of competent jurisdiction for specific performance and/or
injunctive relief (without posting a bond or other security) in order to enforce
or prevent any violation of the provisions of this Agreement.

                20.     Notices. Any notice provided for in this Agreement shall
be in writing and shall be either personally delivered or sent by facsimile or
reputable overnight courier service (charges prepaid) to the Company, GSCP,
Constellation, COSI, Mitsubishi and TEPCO International at the addresses set
forth below and to any subsequent holder of Stock subject to this Agreement at
such address as the Company maintains on its books and records, or at such
address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party. Notices will be deemed
to have been given hereunder when delivered personally

                                      -18-
<PAGE>   19

or on receipt.
<TABLE>
<CAPTION>
<S>                                                         <C>
         The Company's address is:                            Orion Power Holdings, Inc.
                                                              7 East Redwood Street
                                                              10th Floor
                                                              Baltimore, Maryland  21202
                                                              Facsimile:  (410) 234-0994
                                                              Attention:  General Counsel

                                                              with a copy to:

                                                              Fried, Frank, Harris, Shriver & Jacobson
                                                              One New York Plaza
                                                              New York, New York  10004
                                                              Facsimile: (212) 859-4000
                                                              Attention: Paul M. Reinstein, Esq.

         GSCP's address is:                                   GS Capital Partners II, L.P.
                                                              85 Broad Street
                                                              New York, New York 10004
                                                              Facsimile: (212) 902-3000
                                                              Attention: Ben Adler, Esq.

         Constellation's address is:                          111 Market Place
                                                              Suite 500
                                                              Baltimore, Maryland 21202
                                                              Facsimile:  (410) 468-3499
                                                              Attention:   David M. Perlman, Esq.

         COSI's address is:                                   Constellation Operating Services, Inc.
                                                              111 Market Place, Suite 200
                                                              Baltimore, Maryland 21202
                                                              Facsimile:  (410) 230-4849
                                                              Attention:  Secretary

         DGC's address is:                                    Diamond Generating Corporation
                                                              333 S. Grand Avenue, Suite 3000
                                                              Los Angeles, California 90071
                                                              Facsimile:  213-620-1170
                                                              Attention:  President

                                                              with a copy to:

                                                              Mitsubishi Corporation
                                                              6-3, Marunouchi 2-chome, Chiyoda-ku
                                                              Tokyo 100-8086, Japan
                                                              Facsimile:  81-3-3210-4246
</TABLE>

                                      -19-
<PAGE>   20

<TABLE>
<CAPTION>
<S>                                                          <C>
                                                              Attention:  Power & Traffic Project
                                                                          Development Department

                                                              with a copy to:

                                                              Morgan, Lewis & Bockius LLP
                                                              300 S. Grand Avenue, 22nd Floor
                                                              Los Angeles, California 90071
                                                              Facsimile:  (213) 612-2554
                                                              Attention:  Richard A. Shortz, Esq.

         DCI's address is:                                    Diamond Cayman, Inc.
                                                              c/o Mitsubishi Corporation
                                                              6-3, Marunouchi 2-chome, Chiyoda-ku
                                                              Tokyo 100-8086, Japan
                                                              Facsimile:  81-3-3210-4246
                                                              Attention:  MC/TOK (MD-B)

                                                              with a copy to:

                                                              Morgan, Lewis & Bockius LLP
                                                              300 S. Grand Avenue, 22nd Floor
                                                              Los Angeles, California 90071
                                                              Facsimile:  (213) 612-2554
                                                              Attention:  Richard A. Shortz, Esq.

         MIC's address is:                                    Mitsubishi International Corporation
                                                              520 Madison Avenue
                                                              New York, New York
                                                              Attention:  Legal Department
                                                              Facsimile:  212-605-1771
</TABLE>

                                      -20-
<PAGE>   21
<TABLE>
<S>                                                         <C>
                                                              with a copy to:

                                                              Morgan, Lewis & Bockius LLP
                                                              300 S. Grand Avenue, 22nd Floor
                                                              Los Angeles, California 90071
                                                              Facsimile:  (213) 612-2554
                                                              Attention:  Richard A. Shortz, Esq.

         TEPCO International's address is:                    Tokyo Electric Power Company
                                                              International B.V.
                                                              Officia 1, De Boelelaan 7, 1083HJ
                                                              Amsterdam, The Netherlands
                                                              Facsimile:  31-20-642-7675
                                                              Attention:  BTM Trust (Holland) B.V.

         with a copy to:                                      The Tokyo Electric Power Co., Inc.
                                                              1-3 Uchisaiwai-cho 1-chome Chiyoda-ku
                                                              Tokyo 100-0011 Japan
                                                              Facsimile:  81-3-3596-8438
                                                              Attention:  Business Development Group International
                                                              Affairs Department

                                                              with a copy to:

                                                              Morgan, Lewis & Bockius LLP
                                                              300 S. Grand Avenue, 22nd Floor
                                                              Los Angeles, California 90071
                                                              Facsimile:  (213) 612-2554
                                                              Attention:  Richard A. Shortz, Esq.
</TABLE>

                21.     Governing Law; Submission to Jurisdiction; Waiver of
Jury Trial. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York without giving effect to the principles of
conflicts of law. Each of the parties hereto hereby irrevocably and
unconditionally consents to submit to the exclusive jurisdiction of the courts
of the State of New York and of the United States of America, in each case
located in the County of New York, for any action, proceeding or investigation
in any court or before any governmental authority ("Litigation") arising out of
or relating to this Agreement and the transactions contemplated hereby (and
agrees not to commence any Litigation relating thereto except in such courts),
and further agrees that service of any process, summons, notice or document by
U.S. registered mail to its respective address set forth in this Agreement shall
be effective service of process for any Litigation brought against it in any
such court. Each of the parties hereto hereby irrevocably and unconditionally
waives any objection to the laying of venue of any Litigation arising out of
this Agreement or the transactions contemplated hereby in the courts of the
State of New York or the United States of America, in each case located in the
County of New York, and hereby further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such Litigation
brought in any such court has been brought in an inconvenient forum. Each of the
parties irrevocably and unconditionally waives, to the fullest

                                      -21-
<PAGE>   22

extent permitted by applicable law, any and all rights to trial by jury in
connection with any Litigation arising out of or relating to this Agreement or
the transactions contemplated hereby.

                22.     Descriptive Headings. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

                23.     Construction. Where specific language is used to clarify
by example a general statement contained herein, such specific language shall
not be deemed to modify, limit or restrict in any manner the construction of the
general statement to which it relates. The language used in this Agreement shall
be deemed to be the language chosen by the parties hereto to express their
mutual intent, and no rule of strict construction shall be applied against any
party.

                                      -22-
<PAGE>   23

        IN WITNESS WHEREOF, the parties hereto have executed this Amended and
Restated Registration Rights Agreement on the day and year first above written.

             ORION POWER HOLDINGS, INC.

             By:
                  ----------------------------------------------------------
                  Name:
                  Title:

             GS CAPITAL PARTNERS II, L.P.

             By:  GS Advisors, L.P., its general partner
             By:  GS Advisors, Inc., its general partner

             By:
                  ----------------------------------------------------------

             CONSTELLATION ENTERPRISES, INC.

             By:
                  ---------------------------------------------------------
                  Name:
                  Title:

             CONSTELLATION OPERATING SERVICES, INC.

             By:
                  ---------------------------------------------------------
                  Name:
                  Title:

             OTHER GS ENTITIES

             GS CAPITAL PARTNERS III, L.P.

             By:  GS Advisors III, L.P., its general partner
             By:  GS Advisors III, Inc., its general partner

             By:
                  ---------------------------------------------------------

<PAGE>   24

             STONE STREET FUND 1998, L.P.

             By:   Stone Street Advantage Corp., its general partner

             By:
                  ----------------------------------------------------------
                  Name:
                  Title:

             BRIDGE STREET FUND 1998, L.P.

             By:   Stone Street Advantage Corp., its managing general partner

             By:
                  -------------------------------------------------------
                  Name:
                  Title:

             BRIDGE STREET FUND 2000, L.P.

             By:

             By:
                  -------------------------------------------------------
                   Name:
                   Title:

             STONE STREET FUND 2000, L.P.

             By:

             By:
                  -------------------------------------------------------
                  Name:
                  Title:

             GS CAPITAL PARTNERS II OFFSHORE, L.P.

             By:   GS Advisors II (Cayman), L.P., its general partner
             By:   GS Advisors II, Inc., its general partner

             By:
                   ------------------------------------------------------
                   Name:
                   Title:

<PAGE>   25

             GS CAPITAL PARTNERS III OFFSHORE, L.P.

             By:   GS Advisors III (Cayman), L.P., its general partner
             By:   GS Advisors III, Inc., its general partner

             By:
                   ------------------------------------------------------
                   Name:
                   Title:

             GOLDMAN, SACHS & CO. VERWALTUNGS GmbH
             (as nominee for GS Capital Partners II Germany C.L.P.)

             By:
                   ------------------------------------------------------
                   Name:
                   Title:

             and

             By:
                   ------------------------------------------------------
                   Name:
                   Title:

             GOLDMAN, SACHS & CO. VERWALTUNGS GmbH
             (as nominee for GS Capital Partners III Germany C.L.P.)

             By:
                   ------------------------------------------------------
                   Name:
                   Title:

             and

             By:
                   ------------------------------------------------------
                   Name:
                   Title:

             DIAMOND GENERATING CORPORATION

             By:
                   -----------------------------------------------------
                   Name:
                   Title:
<PAGE>   26

             DIAMOND CAYMAN, INC.

             By:
                   -----------------------------------------------------
                   Name:
                   Title:

             MITSUBISHI INTERNATIONAL CORPORATION

             By:
                   -----------------------------------------------------
                   Name:
                   Title:

             TOKYO ELECTRIC POWER COMPANY INTERNATIONAL B.V.

             By:
                   ------------------------------------------------------
                   Name:
                   Title:<PAGE>   1

EXHIBIT 4.4

                           ORION POWER HOLDINGS, INC.

                            12% SENIOR NOTES DUE 2010

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                                 April 27, 2000
Goldman, Sachs & Co.
Banc of America Securities LLC
Deutsche Bank Securities Inc.
Paribas Corporation
FleetBoston Robertson Stephens Inc.
   c/o  Goldman, Sachs & Co.
   85 Broad Street
   New York, New York 10004

Ladies and Gentlemen:

        Orion Power Holdings, Inc., a Delaware corporation (the "Company"),
proposes to issue and sell to the Purchasers (as defined herein) upon the terms
set forth in the Purchase Agreement (as defined herein) its 12% Senior Notes due
2010. As an inducement to the Purchasers to enter into the Purchase Agreement
and in satisfaction of a condition to the obligations of the Purchasers
thereunder, the Company agrees with the Purchasers for the benefit of holders
(as defined herein) from time to time of the Registrable Securities (as defined
herein) as follows:

        1.      Certain Definitions. For purposes of this Exchange and
Registration Rights Agreement, the following terms shall have the following
respective meanings:

        "Base Interest" shall mean the interest that would otherwise accrue on
     the Securities under the terms thereof and the Indenture, without giving
     effect to the provisions of this Agreement.

        The term "broker-dealer" shall mean any broker or dealer registered with
     the Exchange Act.

        "Closing Date" shall mean the date on which the Securities are initially
     issued.

        "Commission" shall mean the United States Securities and Exchange
     Commission, or any other federal agency at the time administering the
     Exchange Act or the Securities Act, whichever is the relevant statute for
     the particular purpose.

        "Conduct Rules" shall have the meaning assigned thereto in Section
     3(d)(xix) hereof.

                                       1
<PAGE>   2

        "Effective Time," in the case of (i) an Exchange Registration, shall
     mean the time and date as of which the Commission declares the Exchange
     Registration Statement effective or as of which the Exchange Registration
     Statement otherwise becomes effective; (ii) a Shelf Registration, shall
     mean the time and date as of which the Commission declares the Shelf
     Registration Statement effective or as of which the Shelf Registration
     Statement otherwise becomes effective; and (iii) a Market Making Shelf
     Registration, shall mean the time and date as of which the Commission
     declares the Market Making Shelf Registration Statement effective or as
     of which the Market Making Shelf Registration Statement otherwise becomes
     effective.

        "Electing Holder" shall mean any holder of Registrable Securities that
     has returned a completed and signed Notice and Questionnaire to the
     Company in accordance with Section 3(d)(ii) or 3(d)(iii) hereof.

        "Exchange Act" shall mean the Securities Exchange Act of 1934, or any
     successor thereto, as the same shall be amended from time to time.

        "Exchange Offer" shall have the meaning assigned thereto in Section 2(a)
     hereof.

        "Exchange Registration" shall have the meaning assigned thereto in
     Section 3(c) hereof.

        "Exchange Registration Statement" shall have the meaning assigned
     thereto in Section 2(a) hereof.

        "Exchange Securities" shall have the meaning assigned thereto in Section
     2(a) hereof.

        "Guarantor" shall have the meaning assigned thereto in the Indenture.

        The term "holder" shall mean each of the Purchasers and other persons
     who acquire Registrable Securities from time to time (including any
     successors or assigns), in each case for so long as such person owns any
     Registrable Securities.

        "Indenture" shall mean the Indenture, dated as of April 27, 2000,
     between the Company and Wilmington Trust Company, as Trustee, as the same
     shall be amended from time to time.

        "Market Making Shelf Registration" shall have the meaning assigned
     thereto in Section 2(c) hereof.

        "Market Making Shelf Registration Statement" shall have the meaning
     assigned thereto in Section 2(c) hereof.

        "NASD" shall have the meaning assigned thereto in Section 3(d)(xix)
     hereof.

        "Notice and Questionnaire" means a Notice of Registration Statement and
     Selling Securityholder Questionnaire substantially in the form of Exhibit
     A hereto.

        The term "person" shall mean a corporation, association, partnership,
     organization, business, individual, government or political subdivision
     thereof or governmental agency.

        "Purchase Agreement" shall mean the Purchase Agreement, dated as of
     April 20, 2000, between the Purchasers and the Company relating to the
     Securities.
                                       2
<PAGE>   3

        "Purchasers" shall mean the Purchasers named in Schedule I to the
     Purchase Agreement.

        "Registrable Securities" shall mean the Securities; provided, however,
     that a Security shall cease to be a Registrable Security when (i) in the
     circumstances contemplated by Section 2(a) hereof, the Security has been
     exchanged for an Exchange Security in an Exchange Offer as contemplated in
     Section 2(a) hereof (provided that any Exchange Security that, pursuant to
     the last two sentences of Section 2(a), is included in a prospectus for
     use in connection with resales by broker-dealers shall be deemed to be a
     Registrable Security with respect to Sections 5, 6 and 9 until resale of
     such Registrable Security has been effected within the period referred to
     in Section 2(a)); (ii) in the circumstances contemplated by Section 2(b)
     hereof, a Shelf Registration Statement registering such Security under the
     Securities Act has been declared or becomes effective and such Security
     has been sold or otherwise transferred by the holder thereof pursuant to
     and in a manner contemplated by such effective Shelf Registration
     Statement; (iii) such Security is sold pursuant to Rule 144 under
     circumstances in which any legend borne by such Security relating to
     restrictions on transferability thereof, under the Securities Act or
     otherwise, is removed by the Company or pursuant to the Indenture; (iv)
     such Security is eligible to be sold pursuant to paragraph (k) of Rule
     144; or (v) such Security shall cease to be outstanding.

        "Registration Default" shall have the meaning assigned thereto in
     Section 2(d) hereof.

        "Registration Default Period" shall have the meaning assigned thereto in
     Section 2(d) hereof.

        "Registration Expenses" shall have the meaning assigned thereto in
     Section 4 hereof.

        "Resale Period" shall have the meaning assigned thereto in Section 2(a)
     hereof.

        "Restricted Holder" shall mean (i) a holder that is an affiliate of the
     Company within the meaning of Rule 405, (ii) a holder who a cquires
     Exchange Securities outside the ordinary course of such holder's business,
     (iii) a  holder who has arrangements or understandings with any person to
     participate in the Exchange Offer for the purpose of distributing Exchange
     Securities and (iv) a holder that is a broker-dealer, but only with
     respect to Exchange Securities received by such broker-dealer pursuant to
     an Exchange Offer in exchange for Registrable Securities acquired by the
     broker-dealer directly from the Company.

        "Rule 144," "Rule 405" and "Rule 415" shall mean, in each case, such
     rule promulgated under the Securities Act (or any successor provision), as
     the same shall be amended from time to time.

        "Securities" shall mean, collectively, the 12% Senior Notes due 2010 of
     the Company to be issued and sold to the Purchasers, and securities issued
     in exchange therefor or in lieu thereof pursuant to the Indenture. Each
     Security is entitled to the benefit of any guarantee provided for in the
     Indenture (the "Guarantee") and, unless the context otherwise requires,
     any reference herein to a "Security," an "Exchange Security" or a
     "Registrable Security" shall include a reference to the related Guarantee.

        The term "Secondary Offer Registration Statement" shall mean (i) the
     Shelf Registration Statement required to be filed by the Company pursuant
     to Section 2(b) hereof and/or (ii) the Market Making Shelf Registration
     Statement required to be filed by the Company

                                       3
<PAGE>   4

     pursuant to Section 2(c) hereof, in each case, as applicable. As used
     herein, references to a Secondary Offer Registration Statement in the
     singular shall, if applicable, be deemed to be in the plural.

        "Securities Act" shall mean the Securities Act of 1933, or any successor
     thereto, as the same shall be amended from time to time.

        "Shelf Registration" shall have the meaning assigned thereto in Section
     2(b) hereof.

        "Shelf Registration Statement" shall have the meaning assigned thereto
     in Section 2(b) hereof.

        "Special Interest" shall have the meaning assigned thereto in Section
     2(d) hereof.

        "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, as
     amended, or any successor thereto, and the rules, regulations and forms
     promulgated thereunder, all as the same shall be amended from time to time.

                Unless the context otherwise requires, any reference herein to a
     "Section" or "clause" refers to a Section or clause, as the case may be,
     of this Exchange and Registration Rights Agreement, and the words
     "herein," "hereof" and "hereunder" and other words of similar import refer
     to this Exchange and Registration Rights Agreement as a whole and not to
     any particular Section or other subdivision.

          2.  Registration Under the Securities Act.

      (a) Except as set forth in Section 2(b) below, the Company agrees to file
     under the Securities Act no later than March 15, 2001 a registration
     statement relating to an offer to exchange (such registration statement,
     the "Exchange Registration Statement", and such offer, the "Exchange
     Offer") any and all of the Securities for a like aggregate principal
     amount of debt securities issued by the Company and guaranteed by the
     Guarantors, if any, which debt securities and guarantee, if any, are
     substantially identical to the Securities and the related Guarantee
     (if any), respectively (and are entitled to the benefits of a trust
     indenture which is substantially identical to the Indenture or is the
     Indenture and which has been qualified under the Trust Indenture Act),
     except that they have been registered pursuant to an effective
     registration statement under the Securities Act and do not contain
     provisions for the additional interest contemplated in Section 2(d) below
     (such new debt securities hereinafter called "Exchange Securities"). The
     Company agrees to use its best efforts to cause the Exchange Registration
     Statement to become effective under the Securities Act as soon as
     practicable thereafter, but no later than July 15, 2001. The Exchange
     Offer will be registered under the Securities Act on the appropriate form
     and will comply with all applicable tender offer rules and regulations
     under the Exchange Act. The Company further agrees to use its best efforts
     to commence and complete the Exchange Offer promptly, but no later than 30
     business days after such Exchange Offer Registration Statement has become
     effective, hold the Exchange Offer open for at least 30 days and issue
     Exchange Securities for all Registrable Securities that have been properly
     tendered and not withdrawn on or prior to the expiration of the Exchange
     Offer. The Exchange Offer will be deemed to have been "completed" only if
     the debt securities and related guarantee, if any, received by holders
     other than Restricted Holders in the Exchange Offer for Registrable
     Securities are, upon receipt, transferable by each such holder without
     restriction under the Securities Act and the Exchange Act and without
     material restrictions under the blue sky or securities laws of a
     substantial majority of the States of the United States of America. The
     Exchange Offer shall be deemed to have been completed upon the earlier to
     occur of (i) the Company

                                       4
<PAGE>   5

     having exchanged the Exchange Securities for all outstanding Registrable
     Securities pursuant to the Exchange Offer and (ii) the Company having
     exchanged, pursuant to the Exchange Offer, Exchange Securities for all
     Registrable Securities that have been properly tendered and not withdrawn
     before the expiration of the Exchange Offer, which shall be on a date that
     is at least 30 days following the commencement of the Exchange Offer. The
     Company agrees (x) to include in the Exchange Registration Statement a
     prospectus for use in any resales by any holder of Exchange Securities
     that is a broker-dealer and (y) to keep such Exchange Registration
     Statement effective for a period (the "Resale Period") beginning when
     Exchange Securities are first issued in the Exchange Offer and ending upon
     the earlier of the expiration of the 180th day after the Exchange Offer
     has been completed or such time as such broker-dealers no longer own any
     Registrable Securities. With respect to such Exchange Registration
     Statement, such holders shall have the benefit of the rights of
     indemnification and contribution set forth in Sections 6(a), (c), (d) and
     (e) hereof.

            (b) If (i) on or prior to the time the Exchange Offer is completed
     existing Commission interpretations are changed such that the debt
     securities or the related guarantee, if any, received by holders other
     than Restricted Holders in the Exchange Offer for Registrable Securities
     are not or would not be, upon receipt, transferable by each such holder
     without restriction under the Securities Act, (ii) the Exchange Offer has
     not been completed by July 15, 2001 or (iii) any holder of Securities
     notifies the Company prior to the 20th day following consummation of the
     Exchange Offer that, (A) based on the advice of counsel, it is prohibited
     by law or Commission policy from participating in the Exchange Offer, (B)
     based on the advice of counsel, it may not resell the Exchange Securities
     acquired by it in the Exchange Offer to the public without delivering a
     prospectus and the prospectus contained in the Exchange Offer Registration
     Statement is not appropriate or available for such resales or (C) that it
     is a broker-dealer and own Securities acquired directly from the Company
     or an affiliate of the Company, the Company shall, in lieu of (or, in the
     case of clause (iii), in addition to) conducting the Exchange Offer
     contemplated by Section 2(a), file under the Securities Act as soon as
     practicable, but no later than the later of 30 days after the time such
     obligation to file arises (or 60 days with respect to a notice pursuant
     to Section 3(b)(iii)(c)), a "shelf" registration statement providing for
     the registration of, and the sale on a continuous or delayed basis by
     the holders of, all of the Registrable Securities, pursuant to Rule 415
     or any similar rule that may be adopted by the Commission (such filing,
     the "Shelf Registration" and such registration statement, the "Shelf
     Registration Statement"). The Company agrees to use all commercially
     reasonable efforts (x) to cause the Shelf Registration Statement to
     become or be declared effective no later than 90 days (or 150 days with
     respect to a notice pursuant to Section 3(b)(iii) (c)) after the
     obligation to file such Shelf Registration Statement arises and to keep
     such Shelf Registration Statement continuously effective for a period
     ending on the earlier of the second anniversary of the Effective Time or
     such time as there are no longer any Registrable Securities outstanding,
     provided, however, that no holder shall be entitled to be named as a
     selling securityholder in the Shelf Registration Statement or to use the
     prospectus forming a part thereof for resales of Registrable Securities
     unless such holder is an Electing Holder, and (y) after the Effective
     Time of the Shelf Registration Statement, promptly upon the request of
     any holder of Registrable Securities that is not then an Electing
     Holder, to take any action reasonably necessary to enable such holder to
     use the prospectus forming a part thereof for resales of Registrable
     Securities, including, without limitation, any action necessary to
     identify such holder as a selling securityholder in the Shelf Registration
     Statement, provided, however, that nothing in this clause (y) shall
     relieve any such holder of the obligation to return a completed and signed
     Notice and Questionnaire to the Company in accordance with Section 3(d)
     (iii) hereof. The Company further agrees to supplement or make amendments

                                       5
<PAGE>   6

        to the Shelf Registration Statement, as and when required by the rules,
        regulations or instructions applicable to the registration form used by
        the Company for such Shelf Registration Statement or by the Securities
        Act or rules and regulations thereunder for shelf registration, and the
        Company agrees to furnish to each Electing Holder copies of any such
        supplement or amendment prior to its being used or promptly following
        its filing with the Commission.

                (c) The Company shall file under the Securities Act, on the date
        that the Exchange Registration Statement (or in lieu thereof, the Shelf
        Registration Statement) is filed with the Commission, a "shelf"
        registration statement (which may be the Exchange Registration Statement
        or the Shelf Registration Statement if permitted by the rules and
        regulations of the Commission) pursuant to Rule 415 under the Securities
        Act or any similar rule that may be adopted by the Commission providing
        for the registration of, and the sale on a continuous or delayed basis
        in secondary transactions by Goldman, Sachs & Co. of, Securities (in the
        event of a Shelf Registration) or Exchange Securities (in the event of
        an Exchange Offer) (such filing, the "Market Marking Shelf
        Registration", and such registration statement, the "Market Making Shelf
        Registration Statement"). The Company agrees to use its reasonable best
        efforts to cause the Market Making Shelf Registration Statement to
        become or be declared effective on or prior to (i) the date the Exchange
        Offer is completed pursuant to Section 2(a) above or (ii) the date the
        Shelf Registration becomes or is declared effective pursuant to Section
        2(b) above, and to keep such Market Making Shelf Registration Statement
        continuously effective for so long as Goldman, Sachs & Co. may be
        required to deliver a prospectus in connection with transactions in the
        Securities or the Exchange Securities, as the case may be. In the event
        that Goldman, Sachs & Co. holds Securities at the time an Exchange Offer
        is to be conducted under Section 2(a) above, the Company agrees that the
        Market Making Shelf Registration shall provide for the resale by
        Goldman, Sachs & Co. of such Securities and shall be kept continuously
        effective for so long as Goldman, Sachs & Co. may be required to deliver
        a prospectus in connection with the sale of such Securities. The Company
        further agrees to supplement or make amendments to the Market Making
        Shelf Registration Statement, as and when required by the rules,
        regulations or instructions applicable to the registration form used by
        the Company for such Market Making Shelf Registration Statement or by
        the Securities Act or rules and regulations thereunder for shelf
        registration, and the Company agrees to furnish to Goldman, Sachs & Co.
        copies of any such supplement or amendment prior to its being used or
        promptly following its filing with the Commission.

      Notwithstanding the foregoing, the Company may suspend the offering and
        sale under the Market Making Shelf Registration Statement for a period
        or periods the Board of Directors of the Company reasonably determines
        to be necessary, but in any event not to exceed 120 days in each year
        during which the Market Making Shelf Registration Statement is required
        to be effective and usable hereunder (measured from the Effective Time
        of the Market Making Shelf Registration Statement to successive
        anniversaries thereof) if (A)(i) the Board of Directors of the Company
        determines in good faith that such action is in the best interests of
        the Company, or (ii) the Market Making Shelf Registration Statement,
        prospectus or amendment or supplement thereto contains an untrue
        statement of a material fact or omits to state a material fact necessary
        in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading, and (B) the
        Company notifies Goldman, Sachs & Co. within five days after such Board
        of Directors makes the relevant determination set forth in clause (A).

                (d) In the event that (i) the Company has not filed the Exchange
        Registration Statement, Shelf Registration Statement or the Market
        Making Shelf Registration Statement on or

                                       6
<PAGE>   7

        before the date on which such registration statement is required to be
        filed pursuant to Section 2(a), 2(b) or 2(c) hereof, respectively, or
        (ii) such Exchange Registration Statement, Shelf Registration Statement
        or Market Making Shelf Registration Statement has not become effective
        or been declared effective by the Commission on or before the date on
        which such registration statement is required to become or be declared
        effective pursuant to Section 2(a), 2(b) or 2(c) hereof, respectively,
        or (iii) the Exchange Offer has not been completed within 30 business
        days after the initial effective date of the Exchange Registration
        Statement relating to the Exchange Offer (if the Exchange Offer is then
        required to be made) or (iv) any Exchange Registration Statement, Shelf
        Registration Statement or Market Making Shelf Registration Statement
        required by Section 2(a), 2(b) or 2(c) hereof is filed and declared
        effective but shall thereafter either be withdrawn by the Company or
        shall become subject to an effective stop order issued pursuant to
        Section 8(d) of the Securities Act suspending the effectiveness of such
        registration statement (except as specifically permitted herein) without
        being succeeded immediately by an additional registration statement
        filed and declared effective (each such event referred to in clauses (i)
        through (iv), a "Registration Default" and each period during which a
        Registration Default has occurred and is continuing, a "Registration
        Default Period"), then, as liquidated damages for such Registration
        Default, subject to the provisions of Section 9(b), special interest
        ("Special Interest"), in addition to the Base Interest, shall accrue in
        an amount equal to $.05 per week per $1,000 principal amount of
        Securities with respect to the first 90 days of the Registration Default
        Period. The amount of Special Interest will increase by an additional
        $.05 per week per $1,000 principal amount of Securities with respect to
        each additional 90-day period of the Registration Default Period until
        all the Registration Defaults have been cured, up to a maximum amount of
        Special Interest for all Registration Defaults of $.50 per week per
        $1,000 principal amount of Securities. Notwithstanding anything to the
        contrary set forth herein, (1) upon filing of the Exchange Registration
        Statement, the Shelf Registration Statement and/or the Market Making
        Shelf Registration Statement, in the case of (i) above, (2) upon the
        effectiveness of the Exchange Registration Statement, the Shelf
        Registration Statement and/or the Market Making Shelf Registration
        Statement, in the case of (ii) above, (3) upon completion of the
        Exchange Offer, in the case of (iii) above, or (4) upon the filing of a
        post-effective amendment or an additional registration statement that
        causes the Exchange Registration Statement, the Shelf Registration
        Statement and/or the Market Making Shelf Registration Statement to again
        be declared effective or made usable in the case of (iv) above, the
        Special Interest payable as a result of such clause (i), (ii), (iii) or
        (iv), as applicable, shall cease accruing and the interest rate shall
        return to the Base Interest.

                (e) The Company shall take, and shall cause the Guarantors, if
        any, to take all actions necessary or advisable to be taken by it to
        ensure that the transactions contemplated herein are effected as so
        contemplated, including all actions necessary or desirable to register
        the Guarantee, if any, under the registration statement contemplated in
        Section 2(a), 2(b) or 2(c) hereof, as applicable.

                (f) Any reference herein to a registration statement as of any
        time shall be deemed to include any document incorporated, or deemed to
        be incorporated, therein by reference as of such time and any reference
        herein to any post-effective amendment to a registration statement as of
        any time shall be deemed to include any document incorporated, or deemed
        to be incorporated, therein by reference as of such time.

                3.      Registration Procedures.

                                       7
<PAGE>   8

                If the Company files a registration statement pursuant to
        Section 2(a), Section 2(b) or Section 2(c), the following provisions
        shall apply:

        (a)     At or before the Effective Time of the Exchange Offer, the Shelf
Registration or the Market Making Shelf Registration, whichever may be first,
the Company shall qualify the Indenture under the Trust Indenture Act.

        (b)     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.

        (c)     In connection with the Company's obligations with respect to the
registration of Exchange Securities as contemplated by Section 2(a) (the
"Exchange Registration"), if applicable, the Company shall, as soon as
practicable (or as otherwise specified):

                (i)     prepare and file with the Commission no later than March
              15, 2001 an Exchange Registration Statement on any form which
              may be utilized by the Company and which shall permit the
              Exchange Offer and resales of Exchange Securities by
              broker-dealers during the Resale Period to be effected as
              contemplated by Section 2(a), and use its best efforts to cause
              such Exchange Registration Statement to become effective as soon
              as practicable thereafter, but no later than July 15, 2001;

                (ii)    as soon as practicable prepare and file with the
              Commission such amendments and supplements to such Exchange
              Registration Statement and the prospectus included therein as may
              be necessary to effect and maintain the effectiveness of such
              Exchange Registration Statement for the periods and purposes
              contemplated in Section 2(a) hereof and as may be required by the
              applicable rules and regulations of the Commission and the
              instructions applicable to the form of such Exchange Registration
              Statement, and promptly provide each broker-dealer holding
              Exchange Securities with such number of copies of the prospectus
              included therein (as then amended or supplemented), in conformity
              in all material respects with the requirements of the Securities
              Act and the Trust Indenture Act and the rules and regulations of
              the Commission thereunder, as such broker-dealer reasonably may
              request prior to the expiration of the Resale Period, for use in
              connection with resales of Exchange Securities;

                (iii)   promptly notify each broker-dealer that has requested or
              received copies of the prospectus included in such Exchange
              Registration Statement, and confirm such advice in writing, (A)
              when such Exchange Registration Statement or the prospectus
              included therein or any prospectus amendment or supplement or
              post-effective amendment has been filed, and, with respect to such
              Exchange Registration Statement or any post-effective amendment,
              when the same has become effective, (B) of any comments by the
              Commission and by the blue sky or securities commissioner or
              regulator of any state with respect thereto or any request by the
              Commission for amendments or supplements to such Exchange
              Registration Statement or prospectus or for additional
              information, (C) of the issuance by the Commission of any stop
              order suspending the effectiveness of such Exchange Registration
              Statement or the initiation or threatening of any proceedings for
              that purpose, (D) if at any time the representations and
              warranties of the Company contemplated by Section 5 cease to be
              true and correct in all material respects, (E) of the receipt by
              the Company of any notification with respect to the suspension of
              the qualification of the Exchange Securities for sale in any
              jurisdiction or the initiation

                                       8
<PAGE>   9

              or threatening of any proceeding for such purpose, or (F) at any
              time during the Resale Period when a prospectus is required to
              be delivered under the Securities Act, that such Exchange
              Registration Statement, prospectus, prospectus amendment or
              supplement or post-effective amendment does not conform in all
              material respects to the applicable requirements of the
              Securities Act and the Trust Indenture Act and the rules and
              regulations of the Commission thereunder or contains an untrue
              statement of a material fact or omits to state any material fact
              required to be stated therein or necessary to make the
              statements therein not misleading in light of the circumstances
              then existing;

                (iv)    in the event that the Company would be required,
              pursuant to Section 3(c)(iii)(F) above, to notify any
              broker-dealers holding Exchange Securities, without delay
              prepare and furnish to each such holder a reasonable number of
              copies of a prospectus supplemented or amended so that, as
              thereafter delivered to purchasers of such Exchange Securities
              during the Resale Period, such prospectus shall conform in all
              material respects to the applicable requirements of the
              Securities Act and the Trust Indenture Act and the rules and
              regulations of the Commission thereunder and shall not contain
              an untrue statement of a material fact or omit to state a
              material fact required to be stated therein or necessary to make
              the statements therein not misleading in light of the
              circumstances then existing;

                (v)     use its best efforts to obtain the withdrawal of any
              order suspending the effectiveness of such Exchange Registration
              Statement or any post-effective amendment thereto at the earliest
              practicable date;

                (vi)    use its best efforts to (A) register or qualify the
              Exchange Securities under the securities laws or blue sky laws of
              such jurisdictions as are contemplated by Section 2(a) no later
              than the commencement of the Exchange Offer, (B) keep such
              registrations or qualifications in effect and comply with such
              laws so as to permit the continuance of offers, sales and dealings
              therein in such jurisdictions until the expiration of the Resale
              Period and (C) take any and all other actions as may be reasonably
              necessary or advisable to enable each broker-dealer holding
              Exchange Securities to consummate the disposition thereof in such
              jurisdictions; provided, however, that neither the Company nor the
              Guarantors, if any, shall be required for any such purpose to (1)
              qualify as a foreign corporation in any jurisdiction wherein it
              would not otherwise be required to qualify but for the
              requirements of this Section 3(c)(vi), (2) consent to general
              service of process in any such jurisdiction or (3) make any
              changes to its certificate of incorporation or by-laws or any
              agreement between it and its stockholders;

                (vii)   use its best efforts to obtain the consent or approval
              of each governmental agency or authority, whether federal, state
              or local, which may be required to effect the Exchange
              Registration, the Exchange Offer and the offering and sale of
              Exchange Securities by broker-dealers during the Resale Period;

                (viii)  provide a CUSIP number for all Exchange Securities, not
              later than the Effective Time of the Exchange Registration
              Statement;

                (ix)    comply with all applicable rules and regulations of the
              Commission, and make generally available to its securityholders as
              soon as practicable but no later than eighteen months after the
              effective date of such Exchange Registration Statement, an
              earnings statement of the Company and its subsidiaries complying

                                       9
<PAGE>   10

              with Section 11(a) of the Securities Act (including, at the option
              of the Company, Rule 158 thereunder).

         (d) In connection with the Company's obligations with respect to the
Shelf Registration, and the Market Making Shelf Registration, as applicable, the
Company shall use its reasonable best efforts to cause the applicable Secondary
Offer Registration Statement to permit the disposition of Registrable Securities
by the holders thereof, in the case of the Shelf Registration, and of Securities
or Exchange Securities by Goldman, Sachs & Co., in the case of a Market Making
Shelf Registration (subject to the second paragraph of Section 2(c) hereof), in
accordance with the intended method or methods of disposition thereof provided
for in the applicable Secondary Offer Registration Statement. In connection
therewith, the Company shall, as soon as practicable (or as otherwise
specified):

                (i)     (A) prepare and file with the Commission within the time
              periods specified in Section 2(b) or Section 2(c) hereof, as
              applicable, a Secondary Offer Registration Statement on any form
              which may be utilized by the Company which shall (x) register all
              of the Registrable Securities, in the case of a Shelf
              Registration, and the Securities and Exchange Securities, in the
              case of a Market Making Shelf Registration, for resale by the
              holders thereof in accordance with such method or methods of
              disposition as may be specified by such of the holders as, from
              time to time, may be Electing Holders, in the case of a Shelf
              Registration, or Goldman, Sachs & Co., in the case of a Market
              Making Shelf Registration, and (y) be, in the case of a Market
              Making Shelf Registration, in the form approved by Goldman, Sachs
              & Co., and (B) use its best efforts to cause such Secondary Offer
              Registration Statement to become effective as soon as practicable
              after such filing, but in any case within the time periods
              specified in Section 2(b) or Section 2(c) hereof, as applicable;

                (ii)    not less than 30 calendar days prior to the Effective
              Time of the Shelf Registration Statement, mail the Notice and
              Questionnaire to the holders of Registrable Securities; no holder
              shall be entitled to be named as a selling securityholder in the
              Shelf Registration Statement as of the Effective Time, and no
              holder shall be entitled to use the prospectus forming a part
              thereof for resales of Registrable Securities at any time, unless
              such holder has returned a completed and signed Notice and
              Questionnaire to the Company by the deadline for response set
              forth therein; provided, however, holders of Registrable
              Securities shall have at least 28 calendar days from the date on
              which the Notice and Questionnaire is first mailed to such holders
              to return a completed and signed Notice and Questionnaire to the
              Company;

                (iii)   after the Effective Time of the Shelf Registration
              Statement, upon the request of any holder of Registrable
              Securities that is not then an Electing Holder, promptly send a
              Notice and Questionnaire to such holder; provided that the Company
              shall not be required to take any action to name such holder as a
              selling securityholder in the Shelf Registration Statement or to
              enable such holder to use the prospectus forming a part thereof
              for resales of Registrable Securities until such holder has
              returned a completed and signed Notice and Questionnaire to the
              Company;

                (iv)    as soon as practicable (A) prepare and file with the
              Commission such amendments and supplements to the Secondary Offer
              Registration Statement and the prospectus included therein as may
              be necessary to effect and maintain the effectiveness of such
              Secondary Offer Registration Statement for the period

                                       10
<PAGE>   11

              specified in Section 2(b) or Section 2(c) hereof, as applicable,
              and as may be required by the applicable rules and regulations
              of the Commission and the instructions applicable to the form of
              such Secondary Offer Registration Statement and, in the case of
              an amendment to or supplement of the Market Making Shelf
              Registration Statement, each in a form approved by Goldman,
              Sachs & Co., and (B) furnish to the Electing Holders, in the
              case of a Shelf Registration, and Goldman, Sachs & Co., in the
              case of a Market Making Shelf Registration, copies of any such
              supplement or amendment simultaneously with or prior to its
              being used or filed with the Commission;

                (v)     comply with the provisions of the Securities Act with
              respect to the disposition of all of the Registrable Securities,
              Securities or Exchange Securities, as applicable covered by such
              Secondary Offer Registration Statement in accordance with the
              intended methods of disposition provided for therein by the
              Electing Holders, in the case of a Shelf Registration, or Goldman,
              Sachs & Co., in the case of a Market Making Shelf Registration;

                (vi)    provide (A) with respect to a Shelf Registration, the
              Electing Holders; (B) with respect to a market making Shelf
              Registration, Goldman, Sachs & Co., and its counsel; and (c) in
              either case, the underwriters (which term, for purposes of this
              Exchange and Registration Rights Agreement, shall include a person
              deemed to be an underwriter within the meaning of Section 2(a)(11)
              of the Securities Act), if any, thereof, the sales or placement
              agent, if any, therefor, and one counsel (and any local counsel)
              for such underwriters or agent, the opportunity to participate in
              the preparation of such Secondary Offer Registration Statement,
              each prospectus included therein or filed with the Commission and
              each amendment or supplement thereto;

                (vii)   for a reasonable period prior to the filing of such
              Secondary Offer Registration Statement, and throughout the period
              specified in Section 2(b) or Section 2(c) hereof, as applicable,
              make available at reasonable times at the Company's principal
              place of business or such other reasonable place for inspection by
              the persons referred to in Section 3(d)(vi) who shall certify to
              the Company that they have a current intention to sell the
              Registrable Securities pursuant to the Shelf Registration, or the
              Securities or Exchange Securities pursuant to the Market Making
              Shelf Registration, as applicable, such financial and other
              information and books and records of the Company, and cause the
              officers, employees, counsel and independent certified public
              accountants of the Company to respond to such inquiries, as shall
              be reasonably necessary, in the judgment of the respective counsel
              referred to in such Section 3(d)(vi), to conduct a reasonable
              investigation within the meaning of Section 11 of the Securities
              Act; provided, however, that each such party shall be required to
              maintain in confidence and not to disclose to any other person any
              information or records reasonably designated by the Company as
              being confidential, until such time as (A) such information
              becomes a matter of public record (whether by virtue of its
              inclusion in such Secondary Offer Registration Statement or
              otherwise), or (B) such person shall be required so to disclose
              such information pursuant to a subpoena or order of any court or
              other governmental agency or body having jurisdiction over the
              matter (subject to the requirements of such order, and only after
              such person shall have given the Company prompt prior written
              notice of such requirement), or (C) such information is required
              to be set forth in such Secondary Offer Registration Statement or
              the prospectus included therein or in an amendment to such
              Secondary Offer Registration Statement or an amend-

                                       11
<PAGE>   12

              ment or supplement to such prospectus in order that such
              Secondary Offer Registration Statement, prospectus, amendment or
              supplement, as the case may be, complies with applicable
              requirements of the federal securities laws and the rules and
              regulations of the Commission and does not contain an untrue
              statement of a material fact or omit to state therein a material
              fact required to be stated therein or necessary to make the
              statements therein not misleading in light of the circumstances
              then existing;

                (viii)  promptly notify each of the Electing Holders or
              Goldman, Sachs & Co., as applicable, any sales or placement agent
              therefor and any underwriter thereof (which notification may be
              made through any managing underwriter that is a representative of
              such underwriter for such purpose) and confirm such advice in
              writing, (A) when such Secondary Offer Registration Statement or
              the prospectus included therein or any prospectus amendment or
              supplement or post-effective amendment has been filed, and, with
              respect to such Secondary Offer Registration Statement or any
              post-effective amendment, when the same has become effective, (B)
              of any comments by the Commission and by the blue sky or
              securities commissioner or regulator of any state with respect
              thereto or any request by the Commission for amendments or
              supplements to such Secondary Offer Registration Statement or
              prospectus or for additional information, (C) of the issuance by
              the Commission of any stop order suspending the effectiveness of
              such Secondary Offer Registration Statement or the initiation or
              threatening of any proceedings for that purpose, (D) if at any
              time the representations and warranties of the Company
              contemplated by Section 3(d)(xvii) or Section 5 cease to be true
              and correct in all material respects, (E) of the receipt by the
              Company of any notification with respect to the suspension of the
              qualification of the Registrable Securities or the Securities or
              Exchange Securities, as applicable, for sale in any jurisdiction
              or the initiation or threatening of any proceeding for such
              purpose, or (F) if at any time when a prospectus is required to be
              delivered under the Securities Act, that such Secondary Offer
              Registration Statement, prospectus, prospectus amendment or
              supplement or post-effective amendment does not conform in all
              material respects to the applicable requirements of the Securities
              Act and the Trust Indenture Act and the rules and regulations of
              the Commission thereunder or contains an untrue statement of a
              material fact or omits to state any material fact required to be
              stated therein or necessary to make the statements therein not
              misleading in light of the circumstances then existing;

                (ix)    use its reasonable best efforts to obtain the withdrawal
              of any order suspending the effectiveness of such Secondary Offer
              Registration Statement or any post-effective amendment thereto at
              the earliest practicable date;

                (x)     if requested by any managing underwriter or
              underwriters, any placement or sales agent, any Electing Holder
              or Goldman, Sachs & Co. promptly incorporate in a prospectus
              supplement or post-effective amendment such information as is
              required by the applicable rules and regulations of the
              Commission and as such managing underwriter or underwriters,
              such agent, such Electing Holder or Goldman, Sachs & Co.
              specifies should be included therein relating to the terms of
              the sale of such Registrable Securities or the Securities or
              Exchange Securities, as applicable, including information with
              respect to the principal amount thereof being sold by such
              Electing Holder, Goldman, Sachs & Co., or such agent or to any
              underwriters, the name and description of such Electing Holder,
              a description of Goldman, Sachs & Co., such agent or
              underwriter, the offering price of such

                                       12
<PAGE>   13
              Registrable Securities, Securities or Exchange Securities, as
              applicable, and any discount, commission or other compensation
              payable in respect thereof and the purchase price being paid
              therefor by such underwriters and with respect to any other terms
              of the offering of the Registrable Securities, Securities or
              Exchange Securities, as applicable, to be sold by such Electing
              Holder, Goldman, Sachs & Co. or such agent or to such
              underwriters, as applicable; and make all required filings of such
              prospectus supplement or post-effective amendment promptly after
              notification of the matters to be incorporated in such prospectus
              supplement or post-effective amendment;

                (xi)    furnish to Goldman, Sachs & Co. each Electing Holder,
              each placement or sales agent, if any, therefor, each underwriter,
              if any, thereof and the respective counsel referred to in Section
              3(d)(vi) an executed copy (or, in the case of an Electing Holder,
              a conformed copy) of such Secondary Offer Registration Statement,
              each such amendment and supplement thereto (in each case including
              all exhibits thereto (in the case of an Electing Holder of
              Registrable Securities, upon request) and documents incorporated
              by reference therein) and such number of copies of such Secondary
              Offer Registration Statement (excluding exhibits thereto and
              documents incorporated by reference therein unless specifically so
              requested by Goldman, Sachs & Co., such Electing Holder, agent or
              underwriter, as the case may be) and of the prospectus included in
              such Secondary Offer Registration Statement (including each
              preliminary prospectus and any summary prospectus), in conformity
              in all material respects with the applicable requirements of the
              Securities Act and the Trust Indenture Act and the rules and
              regulations of the Commission thereunder, and such other
              documents, as Goldman, Sachs & Co., such Electing Holder, agent,
              if any, and underwriter, if any, may reasonably request in order
              to facilitate the offering and disposition of the Registrable
              Securities owned by such Electing Holder, the Securities or
              Exchange Securities owned by Goldman, Sachs & Co., and the
              Registrable Securities, Securities, or Exchange Securities offered
              or sold by such agent or underwritten by such underwriter, as
              applicable, and to permit Goldman, Sachs & Co., such Electing
              Holder, agent and underwriter to satisfy the prospectus delivery
              requirements of the Securities Act; and the Company hereby
              consents to the use of such prospectus (including such preliminary
              and summary prospectus) and any amendment or supplement thereto by
              Goldman, Sachs & Co. (subject to the second paragraph of Section
              2(c) hereof), each such Electing Holder and by any such agent and
              underwriter, in each case in the form most recently provided to
              such person by the Company, in connection with the offering and
              sale of the Registrable Securities, Securities or Exchange
              Securities covered by the prospectus (including such preliminary
              and summary prospectus) or any supplement or amendment thereto;

                (xii)   use its best efforts to (A) register or qualify the
              Registrable Securities, Securities or Exchange Securities, as
              applicable, to be included in such Secondary Offer Registration
              Statement under such securities laws or blue sky laws of such
              jurisdictions as any Electing Holder, Goldman, Sachs & Co. and
              each placement or sales agent, if any, therefor and each
              underwriter, if any, thereof shall reasonably request, (B) keep
              such registrations or qualifications in effect and comply with
              such laws so as to permit the continuance of offers, sales and
              dealings therein in such jurisdictions during the period the Shelf
              Registration is required to remain effective under Section 2(b)
              above or the period the Market Making Shelf Registration is
              required to remain effective under Section 2(c) above, as
              applicable, and for so long as may be necessary to enable Goldman,
              Sachs & Co., any such Electing Holder,

                                       13
<PAGE>   14

              agent or underwriter to complete its distribution of Registrable
              Securities, Securities or Exchange Securities, as applicable,
              pursuant to such Secondary Offer Registration Statement and (C)
              take any and all other actions as may be reasonably necessary or
              advisable to enable each such Electing Holder, and Goldman,
              Sachs & Co., as applicable, such agent, if any, and underwriter,
              if any, to consummate the disposition in such jurisdictions of
              such Registrable Securities, Securities or Exchange Securities;
              provided, however, that neither the Company nor the Guarantors,
              if any, shall be required for any such purpose to (1) qualify as
              a foreign corporation in any jurisdiction wherein it would not
              otherwise be required to qualify but for the requirements of
              this Section 3(d)(xii), (2) consent to general service of
              process in any such jurisdiction or (3) make any changes to its
              certificate of incorporation or by-laws or any agreement between
              it and its stockholders;

                (xiii)  use its best efforts to obtain the consent or approval
              of each governmental agency or authority, whether federal, state
              or local, which may be required of the Company or, with respect to
              the Registrable Securities, Securities or Exchange Securities, as
              applicable, to effect the Shelf Registration or the Market Making
              Shelf Registration, or the offering or sale in connection
              therewith or to enable the selling holder or holders or Goldman,
              Sachs & Co. to offer, or to consummate the disposition of, their
              Registrable Securities, Securities or Exchange Securities, as
              applicable;

                (xiv)   cooperate with the Electing Holders or Goldman, Sachs &
              Co. and the managing underwriters, if any, to facilitate the
              timely preparation and delivery of certificates representing
              Registrable Securities, Securities or Exchange Securities, as
              applicable, to be sold, which certificates, if so required by any
              securities exchange upon which any Registrable Securities,
              Securities or Exchange Securities, as applicable, are listed,
              shall be printed, penned, lithographed or engraved, or otherwise
              produced by any combination of such methods, on steel engraved
              borders, and which certificates shall not bear any restrictive
              legends; and, in the case of an underwritten offering, enable such
              Registrable Securities, Securities or Exchange Securities, as
              applicable, to be in such denominations and registered in such
              names as the managing underwriters may request at least two
              business days prior to any sale of the Registrable Securities,
              Securities or Exchange Securities, as applicable;

                (xv)    provide a CUSIP number for all Registrable Securities,
              Securities or Exchange Securities, as applicable, not later than
              the applicable Effective Time;

                (xvi)   enter into one or more underwriting agreements,
              engagement letters, agency agreements, "best efforts" underwriting
              agreements or similar agreements, as appropriate, including
              customary provisions relating to indemnification and contribution,
              and take such other actions in connection therewith as, (A) in the
              case of a Shelf Registration, any Electing Holders aggregating at
              least 20% in aggregate principal amount of the Registrable
              Securities at the time outstanding or (B) in the case of a Market
              Making Shelf Registration, Goldman, Sachs & Co., shall request in
              order to expedite or facilitate the disposition of such
              Registrable Securities, Securities or Exchange Securities, as
              applicable; provided that the Company shall not be required to
              enter into any such agreement more than twice with respect to all
              of the Registrable Securities and may delay entering into any such
              agreement until the consummation of any underwritten public
              offering in which the Company shall be engaged provided that such
              delay is reasonable;

                                       14
<PAGE>   15

                (xvii)  whether or not an agreement of the type referred to in
              Section 3(d)(xvi) hereof is entered into and whether or not any
              portion of the offering contemplated by the Secondary Offer
              Registration is an underwritten offering or is made through a
              placement or sales agent or any other entity, (A) make such
              representations and warranties to the Electing Holders, Goldman,
              Sachs & Co. and the placement or sales agent, if any, therefor and
              the underwriters, if any, thereof in form, substance and scope as
              are customarily made in connection with an offering of debt
              securities and substantially in the form set forth in the Purchase
              Agreement pursuant to any appropriate agreement or to a
              registration statement filed on the form applicable to the Shelf
              Registration or the Market Making Shelf Registration, as
              applicable; (B) obtain an opinion of counsel to the Company in
              customary form and covering such matters, of the type customarily
              covered by such an opinion, as the managing underwriters, if any,
              and in the case of a Shelf Registration, as any Electing Holders
              of at least 20% in aggregate principal amount of the Registrable
              Securities at the time outstanding or, in the case of a Market
              Making Shelf Registration, as Goldman, Sachs & Co. may reasonably
              request, addressed to such Electing Holder or Electing Holders,
              Goldman, Sachs & Co. and the placement or sales agent, if any,
              therefor and the underwriters, if any, thereof and dated the
              effective date of such Secondary Offer Registration Statement (and
              if such Secondary Offer Registration Statement contemplates an
              underwritten offering of a part or all of the Registrable
              Securities, Securities or Exchange Securities, as applicable,
              dated the date of the closing under the underwriting agreement
              relating thereto) and the date of filing of an amendment or
              supplement to such Secondary Offer Registration Statement or any
              other document that is incorporated in such Secondary Offer
              Registration Statement by reference and includes financial data
              with respect to a fiscal quarter or year, as the case may be (it
              being agreed that the matters to be covered by such opinion shall
              include the due incorporation and good standing of the Company and
              good standing of its subsidiaries; the qualification of the
              Company and its subsidiaries to transact business as foreign
              corporations; the due authorization, execution and delivery of the
              relevant agreement of the type referred to in Section 3(d)(xvi)
              hereof; the due authorization, execution and issuance, and the
              validity and enforceability, of the Registrable Securities,
              Securities or Exchange Securities, as applicable; the absence of
              material legal or governmental proceedings involving the Company
              or any of its subsidiaries; the absence of governmental approvals
              required to be obtained in connection with the Shelf Registration
              or Market Making Shelf Registration, as applicable, the offering
              and sale of the Registrable Securities, Securities or Exchange
              Securities, as applicable, this Exchange and Registration Rights
              Agreement or any agreement of the type referred to in Section
              3(d)(xvi) hereof, except such approvals as may be required under
              state securities or blue sky laws; the material compliance as to
              form of such Secondary Offer Registration Statement and any
              documents incorporated by reference therein and of the Indenture
              with the requirements of the Securities Act and the Trust
              Indenture Act and the rules and regulations of the Commission
              thereunder, respectively; and, as of the date of the opinion and
              of the Secondary Offer Registration Statement or most recent
              post-effective amendment thereto, as the case may be, that no
              facts have come to such counsel's attention to cause them to
              believe that such Secondary Offer Registration Statement and the
              prospectus included therein, as then amended or supplemented, and
              the documents incorporated by reference, contain any untrue
              statement of a material fact or omitted to state a material fact
              necessary in order to make the statements therein, in light of the
              circumstances under which they were made, not misleading (in the
              case of such documents, in the light of the circumstances existing
              at the time that such documents were filed with the Commission

                                       15
<PAGE>   16

              under the Exchange Act)); (C) obtain a "cold comfort" letter or
              letters from the independent certified public accountants of the
              Company addressed to the selling Electing Holders, Goldman, Sachs
              & Co., the placement or sales agent, if any, therefor or the
              underwriters, if any, thereof, dated (i) the effective date of
              such Secondary Offer Registration Statement and (ii) the effective
              date of any prospectus supplement to the prospectus included in
              such Secondary Offer Registration Statement or amendment or
              supplement to such Secondary Offer Registration Statement which
              includes unaudited or audited financial statements as of a date or
              for a period subsequent to that of the latest such statements
              included in such prospectus (and, if such Secondary Offer
              Registration Statement contemplates an underwritten offering
              pursuant to any prospectus supplement to the prospectus included
              in such Secondary Offer Registration Statement or post-effective
              amendment to such Secondary Offer Registration Statement which
              includes unaudited or audited financial statements as of a date or
              for a period subsequent to that of the latest such statements
              included in such prospectus, dated the date of the closing under
              the underwriting agreement relating thereto), such letter or
              letters to be in customary form and covering such matters of the
              type customarily covered by letters of such type; (D) deliver such
              documents and certificates, including officers' certificates, as
              may be reasonably requested, in the case of a Shelf Registration,
              by any Electing Holders of at least 20% in aggregate principal
              amount of the Registrable Securities at the time outstanding or,
              in the case of a Market Making Shelf Registration, by Goldman,
              Sachs & Co., and, in either case, the placement or sales agent, if
              any, therefor and the managing underwriters, if any, thereof,
              dated the effective date of such Secondary Offer Registration
              Statement (and if such Secondary Offer Registration Statement
              contemplates an underwritten offering of a part or all of the
              Registrable Securities, Securities or Exchange Securities, as
              applicable, dated the date of the closing under the underwriting
              agreement relating thereto) and the date of filing of an amendment
              or supplement to such Secondary Offer Registration Statement or
              any other document that is incorporated in such Secondary Offer
              Registration Statement by reference and includes financial data
              with respect to a fiscal quarter or year, as the case may be, to
              evidence the accuracy of the representations and warranties made
              pursuant to clause (A) above or those contained in Section 5(a)
              hereof and the compliance with or satisfaction of any agreements
              or conditions contained in the underwriting agreement or other
              agreement entered into by the Company or the Guarantors, if any;
              and (E) undertake such obligations relating to expense
              reimbursement, indemnification and contribution as are provided in
              Section 6 hereof;

                (xviii) notify in writing each holder of Registrable
              Securities affected thereby and Goldman, Sachs & Co. of any
              proposal by the Company to amend or waive any provision of this
              Exchange and Registration Rights Agreement pursuant to Section
              9(h) hereof and of any amendment or waiver effected pursuant
              thereto, each of which notices shall contain the text of the
              amendment or waiver proposed or effected, as the case may be;

                (xix)   in the event that any broker-dealer registered under the
              Exchange Act shall underwrite any Registrable Securities,
              Securities or Exchange 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
              "Conduct Rules") of the National Association of Securities
              Dealers, Inc. ("NASD") or any successor thereto, as amended from
              time to time) thereof, whether as a holder of such Registrable
              Securities, Securities or Exchange Securities or as an
              underwriter, a

                                       16
<PAGE>   17

              placement or sales agent or a broker or dealer in respect
              thereof, or otherwise, assist such broker-dealer in complying
              with the requirements of such Conduct Rules, including by (A) if
              such Conduct Rules shall so require, engaging a "qualified
              independent underwriter" (as defined in such Conduct Rules) to
              participate in the preparation of the Secondary Offer
              Registration Statement relating to such Registrable Securities,
              Securities or Exchange Securities, as applicable, to exercise
              usual standards of due diligence in respect thereto and, if any
              portion of the offering contemplated by such Secondary Offer
              Registration Statement is an underwritten offering or is made
              through a placement or sales agent, to recommend the yield of
              such Registrable Securities, Securities or Exchange Securities,
              (B) indemnifying any such qualified independent underwriter to
              the extent of the indemnification of underwriters provided in
              Section 6 hereof (or to such other customary extent as may be
              requested by such underwriter), and (C) providing such
              information to such broker-dealer as may be required in order
              for such broker-dealer to comply with the requirements of the
              Conduct Rules;

                (xx)    comply with all applicable rules and regulations of the
              Commission, and make generally available to its securityholders as
              soon as practicable but in any event not later than eighteen
              months after the effective date of such Secondary Offer
              Registration Statement, an earnings statement of the Company and
              its subsidiaries complying with Section 11(a) of the Securities
              Act (including, at the option of the Company, Rule 158
              thereunder); and

                (xxi)   for so long as Goldman, Sachs & Co. may be required to
              deliver a prospectus in connection with the offer and sale of
              Securities or Exchange Securities in secondary transactions, to
              furnish to Goldman, Sachs & Co. copies of all reports or other
              communications (financial or other) furnished to stockholders of
              the Company, and deliver to Goldman, Sachs & Co. (i) as soon as
              they are available, copies of any reports and financial statements
              furnished to or filed with the Commission or any national
              securities exchange or interdealer automated quotation system on
              which the Securities or Exchange Securities or any other
              securities of the Company are listed or quoted and the documents
              specified in Section 4.03 of the Indenture, as in effect on the
              Closing; and (ii) such additional information concerning the
              business and financial condition of the Company and its
              subsidiaries as Goldman, Sachs & Co. may from time to time
              reasonably request (such financial statements to be on a
              consolidated basis to the extent the accounts of the Company are
              consolidated in reports furnished to its stockholders generally or
              to the Commission).

        (e)     In the event that the Company would be required, pursuant to
Section 3(d)(viii)(F) above, to notify the Electing Holders, Goldman, Sachs &
Co., the placement or sales agent, if any, therefor and the managing
underwriters, if any, thereof, the Company shall without delay prepare and
furnish to each such person a reasonable number of copies of a prospectus
supplemented or amended so that, as thereafter delivered to purchasers of
Registrable Securities, Securities or Exchange Securities, as applicable, such
prospectus shall conform in all material respects to the applicable requirements
of the Securities Act and the Trust Indenture Act and the rules and regulations
of the Commission thereunder and shall not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the
circumstances then existing. Each Electing Holder and Goldman, Sachs & Co.
agrees that upon receipt of any notice from the Company pursuant to Section
3(d)(viii)(F) hereof, such Electing Holder and Goldman, Sachs & Co. shall
forthwith discontinue the

                                       17
<PAGE>   18

        disposition of Registrable Securities, Securities or Exchange
        Securities, as applicable, pursuant to the Secondary Offer Registration
        Statement applicable to such Registrable Securities, Securities or
        Exchange Securities, as applicable, until such Electing Holder or
        Goldman Sachs & Co., as applicable, shall have received copies of such
        amended or supplemented prospectus, and if so directed by the Company,
        such Electing Holder or Goldman, Sachs & Co. shall deliver to the
        Company (at the Company's expense) all copies, other than permanent file
        copies, then in such Electing Holder's or Goldman, Sachs & Co.'s
        possession of the prospectus covering such Registrable Securities,
        Securities or Exchange Securities, as applicable, at the time of receipt
        of such notice.

                (f)     In addition to the information required to be provided
        in a Notice and Questionnaire by each Electing Holder as to which any
        Shelf Registration pursuant to Section 2(b) is being effected or to be
        provided by Goldman, Sachs & Co. in connection with the Market Making
        Shelf Registration pursuant to Section 2(c), the Company may require
        such Electing Holder or Goldman, Sachs & Co., as applicable, to furnish
        to the Company such additional information regarding such Electing
        Holder or Goldman, Sachs & Co., as applicable, and such Electing
        Holder's or Goldman, Sachs & Co.'s, as applicable, intended method of
        distribution of the applicable Registrable Securities, Securities or
        Exchange Securities, as the Company may from time to time reasonably
        request in writing, but only to the extent that such information is
        required or necessary in order to comply with the Securities Act. Each
        such Electing Holder and Goldman, Sachs & Co. agrees to notify the
        Company as promptly as practicable of any inaccuracy or change in
        information previously furnished by such Electing Holder or Goldman,
        Sachs & Co., as the case may be, to the Company or of the occurrence of
        any event in either case as a result of which any prospectus relating to
        such Shelf Registration or Market Making Shelf Registration, as
        applicable, contains or would contain an untrue statement of a material
        fact regarding such Electing Holder or Goldman, Sachs & Co. or such
        Electing Holder's or Goldman, Sachs & Co.'s intended method of
        disposition of the applicable Registrable Securities, Securities or
        Exchange Securities or omits to state any material fact regarding such
        Electing Holder or such Electing Holder's or Goldman, Sachs & Co.'s
        intended method of disposition of such Registrable Securities,
        Securities or Exchange Securities, required to be stated therein or
        necessary to make the statements therein not misleading in the light of
        the circumstances then existing, and promptly to furnish to the Company
        any additional information required to correct and update any previously
        furnished information or required so that such prospectus shall not
        contain, with respect to such Electing Holder or Goldman, Sachs & Co. or
        the disposition of such Registrable Securities, Securities or Exchange
        Securities, an untrue statement of a material fact or omit to state a
        material fact required to be stated therein or necessary to make the
        statements therein not misleading in light of the circumstances then
        existing.

        4.      Registration Expenses.

                The Company agrees to bear and to pay or cause to be paid
        promptly all expenses incident to the Company's performance of or
        compliance with this Exchange and Registration Rights Agreement,
        including (a) all Commission and any NASD registration, filing and
        review fees and expenses including fees and disbursements of counsel for
        the placement or sales agent or underwriters in connection with such
        registration, filing and review, (b) all fees and expenses in connection
        with the qualification of the Registrable Securities, Securities or
        Exchange Securities, as applicable, for offering and sale under the
        state securities and blue sky laws referred to in Section 3(d)(vi) and
        3(d)(xi) hereof and determination of their eligibility for investment
        under the laws of such jurisdictions as any managing underwriters or the
        Electing Holders or Goldman, Sachs & Co. may designate,

                                       18
<PAGE>   19

        including any fees and disbursements of counsel for the Electing Holders
        or Goldman, Sachs & Co. or underwriters in connection with such
        qualification and determination, (c) all expenses relating to the
        preparation, printing, production, distribution and reproduction of each
        registration statement required to be filed hereunder, each prospectus
        included therein or prepared for distribution pursuant hereto, each
        amendment or supplement to the foregoing, the expenses of preparing the
        Securities or Exchange Securities for delivery and the expenses of
        printing or producing any underwriting agreements, agreements among
        underwriters, selling agreements and blue sky or legal investment
        memoranda and all other documents in connection with the offering, sale
        or delivery of Securities or Exchange Securities to be disposed of
        (including certificates representing the Securities or Exchange
        Securities), (d) messenger, telephone and delivery expenses relating to
        the offering, sale or delivery of Securities or Exchange Securities and
        the preparation of documents referred in clause (c) above, (e) fees and
        expenses of the Trustee under the Indenture, any agent of the Trustee
        and any counsel for the Trustee and of any collateral agent or
        custodian, (f) internal expenses (including all salaries and expenses of
        the Company's officers and employees performing legal or accounting
        duties), (g) fees, disbursements and expenses of counsel and independent
        certified public accountants of the Company (including the expenses of
        any opinions or "cold comfort" letters required by or incident to such
        performance and compliance), (h) fees, disbursements and expenses of any
        "qualified independent underwriter" engaged pursuant to Section
        3(d)(xix) hereof, (i) fees, disbursements and expenses of one counsel
        for the Electing Holders retained in connection with a Shelf
        Registration, as selected by the Electing Holders of at least a majority
        in aggregate principal amount of the Registrable Securities held by such
        Electing Holders, and one counsel for Goldman, Sachs & Co. retained in
        connection with a Market Making Shelf Registration, as selected by
        Goldman, Sachs & Co, (j) any fees charged by securities rating services
        for rating the Securities or Exchange Securities, and (k) fees, expenses
        and disbursements of any other persons, including special experts,
        retained by the Company in connection with such registration
        (collectively, the "Registration Expenses"). To the extent that any
        Registration Expenses are incurred, assumed or paid by any holder of
        Registrable Securities, Goldman, Sachs & Co. or any placement or sales
        agent therefor or underwriter thereof, the Company shall reimburse such
        person for the full amount of the Registration Expenses so incurred,
        assumed or paid promptly after receipt of a request therefor.
        Notwithstanding the foregoing, the holders of the Registrable Securities
        being registered, or Goldman, Sachs & Co., as applicable, shall pay all
        agency fees and commissions and underwriting discounts and commissions
        attributable to the sale of the applicable Registrable Securities,
        Securities or Exchange Securities and the fees and disbursements of any
        counsel or other advisors or experts retained by such holders (severally
        or jointly), other than the counsel and experts specifically referred to
        above.

        5.      Representations and Warranties.

                The Company and the Guarantors, if any, represent and warrant
        to, and agree with, each Purchaser and each of the holders from time to
        time of Registrable Securities that:

                (a)     Each registration statement covering Registrable
        Securities, Securities or Exchange Securities and each prospectus
        (including any preliminary or summary prospectus) contained therein or
        furnished pursuant to Section 3(c) or Section 3(d) hereof and any
        further amendments or supplements to any such registration statement or
        prospectus, when it becomes effective or is filed with the Commission,
        as the case may be, and, in the case of an underwritten offering of
        Registrable Securities, Securities or Exchange Securities, at the time
        of the closing under the underwriting agreement relating

                                       19
<PAGE>   20

        thereto, will conform in all material respects to the requirements of
        the Securities Act and the Trust Indenture Act and the rules and
        regulations of the Commission thereunder and will not contain an untrue
        statement of a material fact or omit to state a material fact required
        to be stated therein or necessary to make the statements therein not
        misleading; and at all times subsequent to the applicable Effective Time
        when a prospectus would be required to be delivered under the Securities
        Act, other than (A) from (i) such time as a notice has been given to
        holders of Registrable Securities or Goldman, Sachs & Co., as
        applicable, pursuant to Section 3(d)(iii)(F) or Section 3(c)(viii)(F)
        hereof until (ii) such time as the Company furnishes an amended or
        supplemented prospectus pursuant to Section 3(c)(iv) or Section 3(e)
        hereof, or (B) during any suspension of offering and sale pursuant to
        the second paragraph of Section 2(c) hereof, each such registration
        statement, and each prospectus (including any summary prospectus)
        contained therein or furnished pursuant to Section 3(c) or Section 3(d)
        hereof, as then amended or supplemented, will conform in all material
        respects to the requirements of the Securities Act and the Trust
        Indenture Act and the rules and regulations of the Commission thereunder
        and will not contain an untrue statement of a material fact or omit to
        state a material fact required to be stated therein or necessary to make
        the statements therein not misleading in the light of the circumstances
        then existing; provided, however, that this representation and warranty
        shall not apply to any statements or omissions made in reliance upon and
        in conformity with information furnished in writing to the Company by a
        holder of Registrable Securities or Goldman, Sachs & Co., as applicable,
        expressly for use therein.

                (b)     Any documents incorporated by reference in any
        prospectus referred to in Section 5(a) hereof, when they become or
        became effective or are or were filed with the Commission, as the case
        may be, will conform or conformed in all material respects to the
        requirements of the Securities Act or the Exchange Act, as applicable,
        and none of such documents will contain or contained an untrue statement
        of a material fact or will omit or omitted to state a material fact
        required to be stated therein or necessary to make the statements
        therein not misleading; provided, however, that this representation and
        warranty shall not apply to any statements or omissions made in reliance
        upon and in conformity with information furnished in writing to the
        Company by a holder of Registrable Securities or Goldman, Sachs & Co.,
        as applicable, expressly for use therein.

                (c)     The compliance by the Company with all of the provisions
        of this Exchange and Registration Rights Agreement and the consummation
        of the transactions herein contemplated will not conflict with or result
        in a breach of any of the terms or provisions of, or constitute a
        default under, any indenture, mortgage, deed of trust, loan agreement or
        other agreement or instrument to which the Company or any subsidiary of
        the Company is a party or by which the Company or any subsidiary of the
        Company is bound or to which any of the property or assets of the
        Company or any subsidiary of the Company is subject, nor will such
        action result in any violation of the provisions of the certificate of
        incorporation, as amended, or the by-laws of the Company or the
        Guarantors, if any, or any statute or any order, rule or regulation of
        any court or governmental agency or body having jurisdiction over the
        Company or any subsidiary of the Company or any of their properties; and
        no consent, approval, authorization, order, registration or
        qualification of or with any such court or governmental agency or body
        is required for the consummation by the Company and the Guarantors, if
        any, of the transactions contemplated by this Exchange and Registration
        Rights Agreement, except in the connection with the registration under
        the Securities Act of the Registrable Securities, Securities or Exchange
        Securities, qualification of the Indenture under the Trust Indenture Act
        and such consents, approvals, authorizations, registrations or

                                       20
<PAGE>   21

        qualifications as may be required under state securities or blue sky
        laws in connection with the offering and distribution of the Registrable
        Securities, Securities or Exchange Securities.

                (d)     This Exchange and Registration Rights Agreement has been
        duly authorized, executed and delivered by the Company and the
        Guarantors, if any.

        6.      Indemnification.

                (a)     Indemnification by the Company and the Guarantors, if
        any. The Company and the Guarantors, if any, jointly and severally, will
        indemnify and hold harmless each of the holders of Registrable
        Securities included in an Exchange Registration Statement, each of the
        Electing Holders of Registrable Securities included in a Shelf
        Registration Statement and Goldman, Sachs & Co. as holder of Securities
        or Exchange Securities included in a Market Making Shelf Registration
        Statement and each person who participates as a placement or sales agent
        or as an underwriter in any offering or sale of such Registrable
        Securities, Securities or Exchange Securities against any losses,
        claims, damages or liabilities, joint or several, to which Goldman,
        Sachs & Co. or such holder, Electing Holder, agent or underwriter may
        become subject under the Securities Act or otherwise, insofar as such
        losses, claims, damages or liabilities (or actions in respect thereof)
        arise out of or are based upon an untrue statement or alleged untrue
        statement of a material fact contained in any Exchange Registration
        Statement or Secondary Offer Registration Statement, as the case may be,
        under which such Registrable Securities, Securities or Exchange
        Securities were registered under the Securities Act, or any preliminary,
        final or summary prospectus contained therein or furnished by the
        Company to Goldman, Sachs & Co., any such holder, Electing Holder, agent
        or underwriter, or any amendment or supplement thereto, or arise out of
        or are based upon the omission or alleged omission to state therein a
        material fact required to be stated therein or necessary to make the
        statements therein not misleading, and will reimburse Goldman, Sachs &
        Co., such holder, such Electing Holder, such agent and such underwriter
        for any legal or other expenses reasonably incurred by them in
        connection with investigating or defending any such action or claim as
        such expenses are incurred; provided, however, that neither the Company
        nor any Guarantor, if any, shall be liable to any such person in any
        such case to the extent that any such loss, claim, damage or liability
        arises out of or is based upon an untrue statement or alleged untrue
        statement or omission or alleged omission made in such registration
        statement, or preliminary, final or summary prospectus, or amendment or
        supplement thereto, in reliance upon and in conformity with written
        information furnished to the Company by such person expressly for use
        therein.

                (b)     Indemnification by the Holders and any Agents and
        Underwriters in connection with any Shelf Registration. The Company may
        require, as a condition to including any Registrable Securities in any
        Shelf Registration filed pursuant to Section 2(b) hereof and to entering
        into any underwriting agreement with respect thereto, that the Company
        shall have received an undertaking reasonably satisfactory to it from
        the Electing Holder of such Registrable Securities and from each
        underwriter named in any such underwriting agreement, severally and not
        jointly, to (i) indemnify and hold harmless the Company, the Guarantors,
        if any, and all other holders of Registrable Securities, against any
        losses, claims, damages or liabilities to which the Company, the
        Guarantors, if any, or such other holders of Registrable Securities may
        become subject, under the Securities Act or otherwise, insofar as such
        losses, claims, damages or liabilities (or actions in respect thereof)
        arise out of or are based upon an untrue statement or alleged untrue
        statement of a material fact contained in such registration statement,
        or any preliminary, final or summary prospectus contained therein or
        furnished by the Company to any such Electing Holder,

                                       21
<PAGE>   22

        agent or underwriter, or any amendment or supplement thereto, or arise
        out of or are based upon the omission or alleged omission to state
        therein a material fact required to be stated therein or necessary to
        make the statements therein not misleading, in each case to the extent,
        but only to the extent, that such untrue statement or alleged untrue
        statement or omission or alleged omission was made in reliance upon and
        in conformity with written information furnished to the Company by such
        Electing Holder or underwriter expressly for use therein, and (ii)
        reimburse the Company and the Guarantors, if any, for any legal or other
        expenses reasonably incurred by the Company and the Guarantors, if any,
        in connection with investigating or defending any such action or claim
        as such expenses are incurred; provided, however, that no such Electing
        Holder shall be required to undertake liability to any person under this
        Section 6(b) for any amounts in excess of the dollar amount of the
        proceeds to be received by such Electing Holder from the sale of such
        Electing Holder's Registrable Securities pursuant to such registration.

                (c)     Indemnification by Goldman, Sachs & Co. and any Agents
        and Underwriters in Connection with the Market Making Shelf
        Registration. The Company, may require, as a condition to including any
        Securities or Exchange Securities in the Market Making Shelf
        Registration Statement filed pursuant to Section 2(c) hereof and to
        entering into any underwriting agreement with respect thereto, that the
        Company shall have received an undertaking reasonably satisfactory to it
        from each underwriter named in any such underwriting agreement,
        severally and not jointly, to, and Goldman, Sachs & Co., shall and
        hereby agrees to, (i) indemnify and hold harmless the Company and the
        Guarantors, if any, against any losses, claims, damages or liabilities
        to which the Company or the Guarantors, if any, may become subject,
        under the Securities Act or otherwise, insofar as such losses, claims,
        damages or liabilities (or actions in respect thereof) arise out of or
        are based upon an untrue statement or alleged untrue statement of a
        material fact contained in the Market Making Shelf Registration
        Statement, or any preliminary, final or summary prospectus contained
        therein or furnished by the Company to Goldman, Sachs & Co. or to any
        such agent or underwriter, or any amendment or supplement thereto, or
        arise out of or are based upon the omission or alleged omission to state
        therein a material fact required to be stated therein or necessary to
        make the statements therein not misleading, in each case to the extent,
        but only to the extent, that such untrue statement or alleged untrue
        statement or omission or alleged omission was made in reliance upon and
        in conformity with written information furnished to the Company by
        Goldman, Sachs & Co. or such underwriter expressly for use therein, and
        (ii) reimburse the Company and the Guarantors, if any, for any legal or
        other expenses reasonably incurred by the Company and the Guarantors, if
        any, in connection with investigating or defending any such action or
        claim as such expenses are incurred; provided, however, that, in the
        case of Securities held by Goldman, Sachs & Co. at the time of the
        Exchange Offer, Goldman, Sachs & Co. shall not be required to undertake
        liability to any person under this Section 6(c) for any amounts in
        excess of the dollar amount of the proceeds to be received by Goldman,
        Sachs & Co. form the sale of such Securities by Goldman, Sachs & Co.
        pursuant to the Market Making Shelf Registration.

                (d)     Notices of Claims, Etc. Promptly after receipt by an
        indemnified party under subsection (a), (b) or (c) above of written
        notice of the commencement of any action, such indemnified party shall,
        if a claim in respect thereof is to be made against an indemnifying
        party pursuant to the indemnification provisions of or contemplated by
        this Section 6, notify such indemnifying party in writing of the
        commencement of such action; but the omission so to notify the
        indemnifying party shall not relieve it from any liability which it may
        have to any indemnified party otherwise than under the indemnification
        provisions of or contemplated by Section 6(a), 6(b) or 6(c) hereof. In
        case any such action shall be brought against any

                                       22
<PAGE>   23

        indemnified party and it shall notify an indemnifying party of the
        commencement thereof, such indemnifying party shall be entitled to
        participate therein and, to the extent that it shall 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, such indemnifying party shall not be liable
        to such indemnified party for any legal expenses of other counsel or any
        other expenses, in each case subsequently incurred by such indemnified
        party, in connection with the defense thereof other than reasonable
        costs of investigation. No indemnifying party shall, without the written
        consent of the indemnified party, effect the settlement or compromise
        of, or consent to the entry of any judgment with respect to, any pending
        or threatened action or claim in respect of which indemnification or
        contribution may be sought hereunder (whether or not the indemnified
        party is an actual or potential party to such action or claim) unless
        such settlement, compromise or judgment (i) includes an unconditional
        release of the indemnified party from all liability arising out of such
        action or claim and (ii) does not include a statement as to or an
        admission of fault, culpability or a failure to act by or on behalf of
        any indemnified party.

                (e)     Contribution. If for any reason the indemnification
        provisions contemplated by Section 6(a), 6(b) or 6(c) hereof are
        unavailable to or insufficient to hold harmless an indemnified party in
        respect of any losses, claims, damages or liabilities (or actions in
        respect thereof) referred to therein, then each indemnifying party shall
        contribute to the amount paid or payable by such indemnified party as a
        result of such losses, claims, damages or liabilities (or actions in
        respect thereof) in such proportion as is appropriate to reflect the
        relative fault of the indemnifying party and the indemnified party in
        connection with the statements or omissions which resulted in such
        losses, claims, damages or liabilities (or actions in respect thereof),
        as well as any other relevant equitable considerations. The relative
        fault of such indemnifying party and indemnified party shall be
        determined by reference to, among other things, whether the untrue or
        alleged untrue statement of a material fact or omission or alleged
        omission to state a material fact relates to information supplied by
        such indemnifying party or by such indemnified party, and the parties'
        relative intent, knowledge, access to information and opportunity to
        correct or prevent such statement or omission. The parties hereto agree
        that it would not be just and equitable if contributions pursuant to
        this Section 6(e) were determined by pro rata allocation (even if the
        holders or any agents or underwriters or all of them were treated as one
        entity for such purpose) or by any other method of allocation which does
        not take account of the equitable considerations referred to in this
        Section 6(e). The amount paid or payable by an indemnified party as a
        result of the losses, claims, damages, or liabilities (or actions in
        respect thereof) referred to above shall be deemed to include any legal
        or other fees or expenses reasonably incurred by such indemnified party
        in connection with investigating or defending any such action or claim.
        Notwithstanding the provisions of this Section 6(d), neither any holder
        nor, in the case of a Market Making Shelf Registration relating to the
        sale by Goldman, Sachs & Co. of Securities held by it at the time of the
        Exchange Offer, Goldman, Sachs & Co. shall be required to contribute any
        amount in excess of the amount by which the dollar amount of the
        proceeds received by such holder from the sale of any Registrable
        Securities or Goldman, Sachs & Co. from the sale of any such Securities
        (after deducting any fees, discounts and commissions applicable thereto)
        exceeds the amount of any damages which such holder or Goldman, Sachs &
        Co., as applicable, have otherwise been required to pay by reason of
        such untrue or alleged untrue statement or omission or alleged omission,
        and no underwriter shall be required to contribute any amount in excess
        of the amount by which the total price at which the

                                       23
<PAGE>   24
        Registrable Securities, Securities or Exchange Securities underwritten
        by it and distributed to the public were offered to the public exceeds
        the amount of any damages which such underwriter has otherwise been
        required to pay by reason of such untrue or alleged untrue statement or
        omission or alleged omission. No person guilty of fraudulent
        misrepresentation (within the meaning of Section 11(f) of the Securities
        Act) shall be entitled to contribution from any person who was not
        guilty of such fraudulent misrepresentation. The holders', Goldman,
        Sachs & Co.'s and any underwriters' obligations in this Section 6(e) to
        contribute shall be several and not joint.

                (f)     The obligations of the Company and the Guarantors, if
        any, under this Section 6 shall be in addition to any liability which
        the Company or the Guarantors, if any, may otherwise have and shall
        extend, upon the same terms and conditions, to each officer, director
        and partner of Goldman, Sachs & Co. each holder, agent and underwriter
        and each person, if any, who controls Goldman, Sachs & Co. any holder,
        agent or underwriter within the meaning of the Securities Act; and the
        obligations of Goldman, Sachs & Co. the holders and any agents or
        underwriters contemplated by this Section 6 shall be in addition to any
        liability which Goldman, Sachs & Co., the respective holder, agent or
        underwriter may otherwise have and shall extend, upon the same terms and
        conditions, to each officer and director of the Company or the
        Guarantors, if any, (including any person who, with his consent, is
        named in any registration statement as about to become a director of the
        Company or the Guarantors, if any,) and to each person, if any, who
        controls the Company or the Guarantors, if any, within the meaning of
        the Securities Act.

                7.      Underwritten Offerings.

                (a)     Selection of Underwriters. If any of the Registrable
        Securities covered by the Shelf Registration are to be sold pursuant to
        an underwritten offering, the managing underwriter or underwriters
        thereof shall be designated by Electing Holders holding at least a
        majority in aggregate principal amount of the Registrable Securities to
        be included in such offering, provided that such designated managing
        underwriter or underwriters is or are reasonably acceptable to the
        Company.

                (b)     Participation by Holders. Each holder of Registrable
        Securities hereby agrees with each other such holder that no such holder
        may participate in any underwritten offering hereunder unless such
        holder (i) agrees to sell such holder's Registrable Securities on the
        basis 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.

                8.      Rule 144.

                        The Company covenants to the holders of Registrable
        Securities and Goldman, Sachs & Co. that to the extent it shall be
        required to do so under the Exchange Act, the Company shall timely file
        the reports required to be filed by it under the Exchange Act or the
        Securities Act (including the reports under Sections 13 and 15(d) of the
        Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by
        the Commission under the Securities Act) and the rules and regulations
        adopted by the Commission thereunder, and shall take such further action
        as any holder of Registrable Securities or Goldman, Sachs & Co. may
        reasonably request, all to the extent required from time to time to
        enable such holder to sell Registrable Securities, or Goldman, Sachs &
        Co., to sell Securities or Exchange Securities without registration
        under the Securities Act within the limitations of the exemption
        provided by Rule 144 under the Securities Act, as such Rule may be

                                       24
<PAGE>   25

        amended from time to time, or any similar or successor rule or
        regulation hereafter adopted by the Commission. Upon the request of any
        holder of Registrable Securities or Goldman, Sachs & Co. in connection
        with that holder's or Goldman, Sachs & Co.'s sale pursuant to Rule 144,
        the Company shall deliver to such holder or Goldman, Sachs & Co. a
        written statement as to whether it has complied with such requirements.

                9.      Miscellaneous.

                (a)     No Inconsistent Agreements. The Company represents,
        warrants, covenants and agrees that it has not granted, and shall not
        grant, registration rights with respect to Registrable Securities,
        Securities or Exchange Securities or any other securities which would be
        inconsistent with the terms contained in this Exchange and Registration
        Rights Agreement.

                (b)     Specific Performance. The parties hereto acknowledge
        that there would be no adequate remedy at law if the Company fails to
        perform any of its obligations hereunder and that the Purchasers and the
        holders from time to time of the Registrable Securities may be
        irreparably harmed by any such failure, and accordingly agree that the
        Purchasers and such holders, in addition to any other remedy to which
        they may be entitled at law or in equity, shall be entitled to compel
        specific performance of the obligations of the Company under this
        Exchange and Registration Rights Agreement in accordance with the terms
        and conditions of this Exchange and Registration Rights Agreement, in
        any court of the United States or any State thereof having jurisdiction.

                (c)     Notices. All notices, requests, claims, demands, waivers
        and other communications hereunder shall be in writing and shall be
        deemed to have been duly given when delivered by hand, if delivered
        personally or by courier, or three days after being deposited in the
        mail (registered or certified mail, postage prepaid, return receipt
        requested) as follows: If to the Company, to it at 7 East Redwood
        Street, 10th Floor, Baltimore, Maryland 21202, and if to a holder, to
        the address of such holder set forth in the security register or other
        records of the Company, or to such other address as any party may have
        furnished to the other in writing in accordance herewith, except that
        notices of change of address shall be effective only upon receipt.

                (d)     Parties in Interest. All the terms and provisions of
        this Exchange and Registration Rights Agreement shall be binding upon,
        shall inure to the benefit of and shall be enforceable by the parties
        hereto and the holders from time to time of the Registrable Securities
        and the respective successors and assigns of the parties hereto and such
        holders. In the event that any transferee of any holder of Registrable
        Securities shall acquire Registrable Securities, in any manner, whether
        by gift, bequest, purchase, operation of law or otherwise, such
        transferee shall, without any further writing or action of any kind, be
        deemed a beneficiary hereof for all purposes and such Registrable
        Securities shall be held subject to all of the terms of this Exchange
        and Registration Rights Agreement, and by taking and holding such
        Registrable Securities such transferee shall be entitled to receive the
        benefits of, and be conclusively deemed to have agreed to be bound by
        all of the applicable terms and provisions of this Exchange and
        Registration Rights Agreement. If the Company shall so request, any such
        successor, assign or transferee shall agree in writing to acquire and
        hold the Registrable Securities subject to all of the applicable terms
        hereof.

                (e)     Survival. The respective indemnities, agreements,
        representations, warranties and each other provision set forth in this
        Exchange and Registration Rights Agreement or made pursuant hereto shall
        remain in full force and effect regardless of any investigation (or
        statement as to the results thereof) made by or on behalf of Goldman,
        Sachs & Co. or any

                                       25
<PAGE>   26

        holder of Registrable Securities, any director, officer or partner of
        Goldman, Sachs & Co. or such holder, any agent or underwriter or any
        director, officer or partner thereof, or any controlling person of any
        of the foregoing, and shall survive delivery of and payment for the
        Securities pursuant to the Purchase Agreement and the transfer and
        registration of Securities by such holder or Goldman, Sachs & Co. and
        the consummation of an Exchange Offer.

        Anything herein to the contrary notwithstanding, the indemnity agreement
of the Company and the Guarantors, if any, in Section 6(a) hereof, the
representations and warranties in Section 5(a) and Section 5(b) hereof and any
representation or warranty as to the accuracy of the Secondary Offer
Registration Statement (or any preliminary, final or summary prospectus
contained therein) contained in any certificate furnished by the Company
pursuant to Section 3(d)(xvii) hereof, insofar as they may constitute a basis
for indemnification for liabilities (other than payment by the Company and the
Guarantors, if any, of expenses incurred or paid in the successful defense of
any action, suit or proceeding) arising under the Securities Act, shall not
extend to the extent of any interest therein of a controlling person or partner
of Goldman, Sachs & Co. who is a director, officer or controlling person of the
Company when the Exchange Registration Statement or the Secondary Offer
Registration Statement has become effective, except in each case to the extent
that an interest of such character shall have been determined by a court of
appropriate jurisdiction as not against public policy as expressed in the
Securities Act. Unless in the opinion of counsel for the Company the matter has
been settled by controlling precedent, the Company will, if a claim for such
indemnification is asserted, submit to a court of appropriate jurisdiction the
question whether such interest is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue,

                (f)     GOVERNING LAW. THIS EXCHANGE AND REGISTRATION RIGHTS
        AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
        OF THE STATE OF NEW YORK.

                (g)     Headings. The descriptive headings of the several
        Sections and paragraphs of this Exchange and Registration Rights
        Agreement are inserted for convenience only, do not constitute a part of
        this Exchange and Registration Rights Agreement and shall not affect in
        any way the meaning or interpretation of this Exchange and Registration
        Rights Agreement.

                (h)     Entire Agreement; Amendments. This Exchange and
        Registration Rights Agreement and the other writings referred to herein
        (including the Indenture and the form of Securities) or delivered
        pursuant hereto which form a part hereof contain the entire
        understanding of the parties with respect to its subject matter. This
        Exchange and Registration Rights Agreement supersedes all prior
        agreements and understandings between the parties with respect to its
        subject matter. This Exchange and Registration Rights Agreement may be
        amended and the observance of any term of this Exchange and Registration
        Rights Agreement may be waived (either generally or in a particular
        instance and either retroactively or prospectively) only by a written
        instrument duly executed by the Company and the holders of at least a
        majority in aggregate principal amount of the Registrable Securities at
        the time outstanding and Goldman, Sachs & Co.; provided, however, that
        any such amendment or waiver affecting solely provisions of this
        Exchange and Registration Rights Agreement relating to the Market Making
        Registration may be effected by a written instrument duly executed
        solely by the Company and Goldman, Sachs & Co.. Each holder of any
        Registrable Securities at the time or thereafter outstanding shall be
        bound by any amendment or waiver effected pursuant to this Section 9(h),
        whether or not any notice, writing or marking indicating such amendment
        or waiver appears on such Registrable Securities or is delivered to such
        holder.

                                       26
<PAGE>   27

                (i)     Inspection. For so long as this Exchange and
        Registration Rights Agreement shall be in effect, this Exchange and
        Registration Rights Agreement and a complete list of the names and
        addresses of all the holders of Registrable Securities and the address
        of Goldman, Sachs & Co. shall be made available upon reasonable notice
        in writing for inspection and copying on any business day by Goldman,
        Sachs & Co. or any holder of Registrable Securities for proper purposes
        only (which shall include any purpose related to the rights of the
        holders of Registrable Securities under the Securities, the Indenture
        and this Exchange and Registration Rights Agreement) at the offices of
        the Company at the address thereof set forth in Section 9(c) above or at
        the office of the Trustee under the Indenture.

                (j)     Counterparts. This Exchange and Registration Rights
        Agreement may be executed by the parties in counterparts, each of which
        shall be deemed to be an original, but all such respective counterparts
        shall together constitute one and the same instrument.

                                       27
<PAGE>   28

                        If the foregoing is in accordance with your
understanding, please sign and return to us one for the Company, one for each of
the Purchasers and one for each counsel of such parties counterparts hereof, and
upon the acceptance hereof by you on behalf of each of the Purchasers, this
letter and such acceptance hereof shall constitute a binding agreement between
each of the Purchasers and the Company. It is understood that your acceptance of
this letter on behalf of each of the Purchasers is pursuant to the authority set
forth in a form of Agreement among Purchasers, the form of which shall be
submitted to the Company for examination upon request, but without warranty on
your part as to the authority of the signers thereof.

                                    Very truly yours,

                                    ORION POWER HOLDINGS, INC.

                                    By:
                                       ------------------------------
                                       Name:
                                       Title:

Accepted as of the date hereof:
Goldman, Sachs & Co.

By:
   --------------------------
        (Goldman, Sachs & Co.)

                                       28

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