Document:

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                                                                  Exhibit  10.45

                                  $15,000,000

                     CHIPPAC INTERNATIONAL COMPANY LIMITED

                  12 3/4% SENIOR SUBORDINATED NOTES DUE 2009

                         REGISTRATION RIGHTS AGREEMENT

                                                                   June 22, 2001

Citicorp Capital Investors, Limited
399 Park Avenue
New York, New York 10043

Dear Sirs:

          ChipPAC International Company Limited, a British Virgin Islands
corporation (the "Company"), proposes to issue and sell to Citicorp Capital
                  -------
Investors, Limited (the "Purchaser"), upon the terms set forth in a purchase
                         ---------
agreement, dated as of June 11, 2001 (the "Purchase Agreement"), $15,000,000
                                           ------------------
aggregate principal amount of its 12 3/4% Senior Subordinated Notes due 2009
(the "Notes").  The Notes will be issued pursuant to an Indenture, dated as of
      -----
June 29, 1999 (the "Indenture"), among ChipPAC International Limited, ChipPAC
                    ---------
Merger Corp. and Firstar Bank, N.A. as Trustee (the "Trustee"), as amended by
                                                     -------
the First Supplemental Indenture, dated as of August 5, 1999, among the Company,
ChipPAC, Inc., a Delaware corporation ("ChipPAC"), and the Trustee.
                                        -------

          As an inducement to the Purchaser to enter into the Purchase
Agreement, the Company agrees with the Purchaser, for the benefit of the
holder(s) of the Notes, from time to time, (including, without limitation, the
Purchaser) (collectively, the "Holders"), as follows:
                               -------

          1.   Resale Shelf Registration.
               -------------------------

               (a)  The Company shall, at its cost, use its commercially
     reasonable efforts to file as promptly as practicable (but in no event more
     than 90 days after the Closing Date (as defined in the Purchase Agreement))
     with the Securities and Exchange Commission (the "Commission") and
                                                       ----------
     thereafter shall use commercially reasonable efforts to cause to be
     declared effective a registration statement (the "Shelf Registration
                                                       ------------------
     Statement") on an appropriate form under the Securities Act of 1933, as
     ---------
     amended (the "Securities Act"), within 180 days of the Closing Date,
                   --------------
     relating to the offer and sale of the Transfer Restricted Notes (as defined
     in Section 8(d) hereof) by the Holders thereof from time to time in
     accordance with the methods of distribution set forth in the Shelf
     Registration Statement and Rule 415 under the Securities Act (hereinafter,
     the "Shelf Registration"); provided, however, that no Holder (other than
          ------------------    --------  -------
     the Purchaser) shall be entitled to have the
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                    Registration Rights Agreement - Page 2

     Notes held by it covered by such Shelf Registration Statement unless such
     Holder agrees in writing to be bound by all the provisions of this
     Agreement applicable to such Holder.

          (b) The Company shall use commercially reasonable efforts to keep the
     Shelf Registration Statement continuously effective in order to permit the
     prospectus included therein to be lawfully delivered by the Holders of the
     relevant Transfer Restricted Notes, for a period of two (2) years (or for
     such longer period if extended pursuant to Section 2(h) below or by the
     last sentence of this Section 1(b)) from the date of its effectiveness or
     such shorter period that will terminate when all the Transfer Restricted
     Notes covered by the Shelf Registration Statement (i) have been sold
     pursuant thereto or (ii) are no longer Transfer Restricted Notes as defined
     in Section 8(d) hereof (in any such case, such period being called the
     "Shelf Registration Period").  The Company shall be deemed not to have used
      -------------------------
     its commercially reasonable efforts to keep the Shelf Registration
     Statement effective during the requisite period if it voluntarily takes any
     action that would result in Holders of Notes covered thereby not being able
     to offer and sell such Transfer Restricted Notes during that period, unless
     (i) such action is required by applicable law or (ii) upon the occurrence
     of any event contemplated by Section 2(b)(v) below, such action is taken by
     the Company in good faith and for valid business reasons and the Company
     thereafter complies with the requirements of Section 2(h) hereof.

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

          (d) Each Holder agrees that if such Holder wishes to sell such
     Holder's Transfer Restricted Notes pursuant to a Shelf Registration
     Statement and related prospectus, it will do so in accordance with this
     Section 1(d).  Each Holder wishing to sell Transfer Restricted Notes
     pursuant to a Shelf Registration Statement and related prospectus agrees to
     deliver a Notice and Questionnaire (the form of which is attached as Annex
                                                                          -----
     A hereto) to the Company.  The Company will include in the Shelf
     -
     Registration Statement as a selling securityholder each Holder that
     delivers such properly completed Notice and Questionnaire as of or prior to
     the Closing Date.  The Company will use its commercially reasonable efforts
     to include in the Shelf Registration Statement any Holder which fails to
     provide such properly completed Notice and Questionnaire as of or prior to
     the Closing Date but otherwise provides such properly completed Notice and
     Questionnaire prior to the commencement of the Shelf Registration Period.
     Except as described above and below, the Company shall have no obligation
     to include in the Shelf Registration Statement a Holder which fails to
     provide the Company with such properly completed Notice and Questionnaire
     as of or prior to the Closing Date.  From and after the date the Shelf
     Registration Statement is declared effective, the Company shall, as
     promptly as is practicable after the date a properly completed Notice and
     Questionnaire is delivered, and in any event within thirty (30) days after
     such date, (i) if required by law,
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                    Registration Rights Agreement - Page 3

     file with the Commission a post-effective amendment to the Shelf
     Registration Statement or prepare and, if required by applicable law, file
     a supplement to the related prospectus or a supplement or amendment to any
     document incorporated therein by reference or file any other required
     document so that the Holder delivering such Notice and Questionnaire is
     named a selling securityholder in the Shelf Registration Statement and the
     related prospectus in such a manner as to permit such Holder to deliver
     such prospectus to purchasers of the Transfer Restricted Notes in
     accordance with applicable law and, if the Company shall file a post-
     effective amendment to the Shelf Registration Statement, use all
     commercially reasonable efforts to cause such post-effective amendment to
     be declared effective under the Securities Act as promptly as practical,
     but in any event by the date that is thirty (30) business days after the
     date such post-effective amendment is required by this clause to be filed;
     (ii) provide such Holder copies of any documents filed pursuant to Section
     1(d)(i); and (iii) notify such Holder as promptly as practicable after the
     effectiveness under the Securities Act of any post-effective amendment
     filed pursuant to Section 1(d)(i); provided, that if such Notice and
                                        --------  ----
     Questionnaire is delivered during a period in which the use of such
     prospectus is suspended pursuant to Section 2(h) hereof, the Company shall
     so inform the Holder delivering such Notice and Questionnaire and shall
     take the actions set forth in clauses (i), (ii) and (iii) above upon
     expiration of such suspension period. Notwithstanding anything contained
     herein to the contrary, the Company shall be under no obligation to name
     any Holder that has not supplied the requisite information as required by
     and in accordance with the procedures and time periods set forth in this
     Section 1(d) as a selling securityholder in any Shelf Registration
     Statement and related prospectus and any amendment or supplement thereto.

     2.   Shelf Registration Procedures.  In connection with any Shelf
          -----------------------------
Registration contemplated by Section 1 hereof, the following provisions shall
apply:

          (a) The Company shall (i) furnish to the Purchaser, prior to the
     filing thereof with the Commission, a copy of the Shelf Registration
     Statement and each amendment thereof and each supplement, if any, to the
     prospectus included therein and, the Company shall use its best efforts to
     reflect in each such document, when so filed with the Commission, such
     comments as the Purchaser reasonably may propose and (ii) include the names
     of the Holders, who propose to sell Transfer Restricted Notes pursuant to
     the Shelf Registration Statement, as selling securityholders; provided,
                                                                   ---------
     that the Purchaser and Holders have complied with Section 1(d).
     ----

          (b) The Company shall give written notice to the Purchaser and the
     Holders of the Transfer Restricted Notes included within the coverage of
     the Shelf Registration Statement (which notice pursuant to clauses (ii)-(v)
     hereof shall be accompanied by an instruction to suspend the use of the
     prospectus until the requisite changes have been made):

               (i) when the Shelf Registration Statement or any amendment
          thereto has been filed with the Commission and when the Shelf
          Registration Statement or any post-effective amendment thereto has
          become effective;
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                    Registration Rights Agreement - Page 4

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

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

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

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

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

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

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

          (f) Prior to any public offering of the Notes pursuant to the Shelf
     Registration Statement, the Company shall register or qualify or cooperate
     with the Holders of the Notes included therein and their respective counsel
     in connection with the registration or qualification of the Transfer
     Restricted Notes for offer and sale under the securities or "blue sky" laws
     of such states of the United States as any Holder of the Notes reasonably
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                    Registration Rights Agreement - Page 5

     requests in writing and do any and all other acts or things necessary or
     advisable to enable the offer and sale in such jurisdictions of the Notes
     covered by such Shelf Registration Statement; provided, however, that the
                                                   --------  -------
     Company shall not be required to (i) qualify generally to do business in
     any jurisdiction where it is not then so qualified or (ii) take any action
     which would subject it to general service of process or to taxation in any
     jurisdiction where it is not then so subject.

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

          (h)  Upon the occurrence of any event contemplated by paragraphs (ii)
     through (v) of Section 2(b) above during the period for which the Company
     is required to maintain an effective Shelf Registration Statement, the
     Company shall as required hereby prepare and file a post-effective
     amendment to such Shelf Registration Statement or a supplement to the
     related prospectus and any other required document so that, as thereafter
     delivered to Holders of the Notes or purchasers of Notes included within
     the coverage of such Shelf Registration Statement, the prospectus will not
     contain an untrue statement of a material fact or omit to state any
     material fact required to be stated therein or necessary to make the
     statements therein, in light of the circumstances under which they were
     made, not misleading; provided, however, that the Company may delay filing
                           --------  -------
     and distributing any such supplement or amendment (and continue the
     suspension of the use of the related prospectus) if the Company determines
     in good faith that such supplement or amendment would, in the reasonable
     judgement of the Company, (i) interfere with or affect the negotiation or
     completion of a transaction that is being contemplated by the Company or
     (ii) involve initial or continuing disclosure obligations that are not in
     the best interests of the Company's stockholders at such time; provided,
     further, that neither such delay nor such suspension shall extend for a
     period of more than 90 consecutive days or an aggregate of 180 days in any
     twelve-month period.  If the Company notifies the Purchaser and the Holders
     of the Notes in accordance with paragraphs (ii) through (v) of Section 2(b)
     above to suspend the use of such prospectus until the requisite changes to
     such prospectus have been made, then the Purchaser and the Holders of the
     Notes shall suspend use of such prospectus, and the period of effectiveness
     of such Shelf Registration Statement provided for in Section 1(b) above
     shall be extended by the number of days from and including the date of the
     giving of such notice to and including the date when the Purchaser and the
     Holders of the Notes shall have received such amended or supplemented
     prospectus pursuant to this Section 2(h).

          (i)  Not later than the effective date of the Shelf Registration
     Statement, the Company will provide CUSIP numbers for the Notes registered
     under the Shelf Registration Statement and provide the Trustee with a
     certificate for the Notes, in a form eligible for deposit with The
     Depository Trust Company.
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                    Registration Rights Agreement - Page 6

          (j) The Company will comply with all rules and regulations of the
     Commission to the extent and so long as they are applicable to the Shelf
     Registration to enable the Holders to resell their securities in accordance
     with this Agreement.

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

          (l) Each Holder agrees, by acquisition of the Notes, that no Holder of
     Notes shall be entitled to sell any of such Notes pursuant to any Shelf
     Registration Statement or to receive a prospectus relating thereto, unless
     such Holder has furnished the Company with a Notice and Questionnaire as
     required pursuant to and in accordance with Section 1(d) hereof and the
     information set forth in the next sentence.  Each Holder agrees promptly to
     furnish the Company all information required to be disclosed in order to
     make the information previously furnished to the Company by such Holder not
     misleading and any other information regarding such Holder and the
     distribution of such Notes as the Company may from time to time reasonably
     request.

          (m) In the event of any underwritten public offering, the Company
     shall enter into such customary agreements (including, if requested, an
     underwriting agreement in customary form) and take all such other action,
     if any, as any managing underwriter of such offering and Holder of the
     Notes shall reasonably request in order to facilitate the disposition of
     the Notes pursuant to any Shelf Registration; provided, however, that the
                                                   --------  -------
     Company shall not be required to facilitate an underwritten offering
     pursuant to a Shelf Registration Statement by any Holders unless the
     offering relates to at least $10,000,000 principal amount of the Notes.

          (n) The Company shall (i) make reasonably available for inspection by
     any underwriter participating in any disposition pursuant to the Shelf
     Registration Statement and any agent retained by any such underwriter all
     relevant financial and other records, pertinent corporate documents and
     properties of the Company and (ii) cause the Company's officers, directors,
     employees, accountants and auditors to supply all relevant information
     reasonably requested by any such underwriter or agent in connection with
     the Shelf Registration Statement, in each case, as shall be reasonably
     necessary to enable such persons, to conduct a reasonable investigation
     within the meaning of Section 11 of the Securities Act; provided, however,
                                                             --------  -------
     that the foregoing inspection and information gathering shall be
     coordinated on behalf of the Purchaser by you and the other parties, by one
     firm of counsel, which firm shall be designated as described in Section 6
     hereof.

          (o) In the event of an underwritten offering, the Company shall cause
     (i) its counsel to deliver an opinion and updates thereof relating to the
     Notes in customary form and substance addressed to the managing
     underwriters thereof and dated, in the case of the initial opinion, the
     effective date of such Shelf Registration Statement; (ii) its executive
     officers and directors to execute and deliver all customary documents and
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                    Registration Rights Agreement - Page 7

     certificates and updates thereof requested by any underwriters of the
     applicable Notes and (iii) the independent public accountants for which
     financial information is provided in the Shelf Registration Statement to
     provide to the selling Holders of the applicable Transfer Restricted Notes
     and any underwriter therefor a comfort letter in customary form, type and
     substance customarily covered in comfort letters in connection with primary
     underwritten offerings.

          (p) The Company shall use its commercially reasonable efforts to take
     all other steps necessary to effect the registration of the Notes covered
     by a Shelf Registration Statement contemplated hereby.

     3.   Demand Registration.
          -------------------

          (a) From and after the second anniversary of the Closing Date, Holders
     of at least 50% of the outstanding Transfer Restricted Notes, subject to
     Section 3(e) below, (the "Initiating Holders") may request, in writing,
                               ------------------
     registration under the Securities Act of all or part of their Transfer
     Restricted Notes.  Within 10 days after receipt of any such request, the
     Company will give notice of such request to all other Holders of Transfer
     Restricted Notes ("Other Holders").  Thereafter, the Company will use all
                        -------------
     commercially reasonable efforts to effect the registration on an
     appropriate form under the Securities Act and will include in such
     registration, subject to Section 3(e) below, all Transfer Restricted Notes
     held by the Initiating Holders and Other Holders with respect to which the
     Company has received written requests for inclusion therein within 15 days
     after the receipt of the Company's notice.  All registrations initiated by
     an Initiating Holder pursuant to this Section 3(a) are referred to herein
     as "Demand Registrations."  Notwithstanding anything herein to the
         --------------------
     contrary, the Company need not effect any requested Demand Registration
     unless the expected gross proceeds of such registration exceed $10,000,000.

          (b)  Notwithstanding anything in Section 3(a) above to the contrary,
     the Company shall not be obligated to take any action to effect any such
     registration pursuant to Section 3(a) above:

               (i)  In any particular jurisdiction in which the Company would be
          required to execute a general consent to service of process in
          effecting such registration, unless the Company is already subject to
          service in such jurisdiction and except as may be required by the
          Securities Act;

               (ii) During the period starting with the date sixty (60) days
          prior to the Company's estimated date of filing of, and ending on one
          hundred twenty (120) days immediately following the effective date of,
          any registration statement pertaining to securities of the Company
          (other than a registration of securities in a Rule 145 transaction or
          with respect to an employee benefit plan), provided that the Company
          is actively employing in good faith all reasonable effects to cause
          such registration statement to become effective;
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                    Registration Rights Agreement - Page 8

               (iii)  After the Company has effected one (1) such registration
          pursuant to Section 3(a), and such registrations have been declared or
          ordered effective;

               (iv)   If the Company shall furnish to such Holders a certificate
          signed by the Chief Executive Officer of the Company stating that in
          the good faith judgment of the Board of Directors it would be
          seriously detrimental to the Company or its stockholders for a
          registration statement to be filed in the near future, then the
          Company's obligation to use its commercially reasonable efforts to
          comply under Section 3(a) shall be deferred for a period not to exceed
          one hundred eighty (180) days from the date of receipt of written
          request from an Initiating Holder; provided that the Company may not
          exercise this deferral right more than once per twelve (12) month
          period.

          (c)  A registration requested pursuant to Section 3(a) shall not be
     deemed to have been effected (i) unless a registration statement with
     respect thereto has been declared effective by the Commission, (ii) if
     after it has become effective, such registration is interfered with by any
     stop order, injunction or the order or requirement of the Commission or
     other governmental agency or court for any reason, and, as a result
     thereof, the Transfer Restricted Notes covered thereby have not been sold
     or (iii) the registration statement does not remain effective for a period
     expiring the earlier of 90 days after the effective date thereof or the
     completion of the distribution of the Transfer Restricted Notes included in
     such registration statement.  The Holders of the Transfer Restricted Notes
     shall be permitted to withdraw all or any part of the Transfer Restricted
     Notes from a Demand Registration at any time prior to the effective date of
     such Demand Registration; provided that in the event of, and concurrently
     with such withdrawal, the Holders responsible for such Demand Registration
     shall either (i) pay or reimburse the Company for all fees and expenses
     (including counsel fees and expense) incurred by them and the Company prior
     to such withdrawal or (ii) agree to forfeit its Demand Registration rights
     hereunder.

          (d)  In the event that a registration pursuant to Section 3(a) is for
     a registered public offering involving an underwriting, the Company shall
     so advise the Holders as part of the notice given pursuant to Section 3(a).
     In such event, the right of any Holder to registration pursuant to Section
     3(a) shall be conditioned upon such Holder's participation in the
     underwriting arrangements required by this Section 3, and the inclusion of
     such Holder's Transfer Restricted Notes in the underwriting to the extent
     requested shall be limited to the extent provided herein. The Company shall
     (together with all Holders proposing to distribute their securities through
     such underwriting) enter into an underwriting agreement in customary form
     with the managing underwriter selected for such underwriting by the
     Initiating Holder, but subject to the Company's reasonable approval.

          (e)  If the Company includes in any underwritten Demand Registration
     any securities which are not Transfer Restricted Notes and the managing
     underwriters advise the Company in writing that in their opinion the number
     of Transfer Restricted Notes proposed to be included exceeds the number of
     Transfer Restricted Notes and other securities which can be sold in such
     offering, the Company will include in such
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                    Registration Rights Agreement - Page 9

     registration (i) first, the Transfer Restricted Notes requested to be
     included which, in the opinion of such underwriters, can be sold, by the
     Initiating Holders initiating the Demand Registration, (ii) second, the
     Transfer Restricted Notes proposed to be included in such registration by
     the Other Holders exercising their registration rights hereunder, pro rata
     based upon the total number of Transfer Restricted Notes which such Other
     Holders propose to include in such registration and (iii) third, the
     securities proposed to be included in such registration by any other
     holders as determined by the Company and the managing underwriters.

     4.   Piggyback Registration.
          ----------------------

          (a)  From and after the second anniversary of the Closing Date,
     whenever the Company proposes to register any securities substantially
     similar to the Transfer Restricted Notes under the Securities Act (other
     than on S-8 or any successor forms), and the form of registration statement
     to be used may be used for the registration of Transfer Restricted Notes (a
     "Piggyback Registration"), the Company will give notice to all Holders of
      ----------------------
     Transfer Restricted Notes of the intention to effect such a registration
     and will include in such registration, subject to Sections 4(c) and 4(d)
     below, all Transfer Restricted Notes with respect to which the Company has
     received written requests for inclusion therein.  Such requests for
     inclusion shall be in writing and delivered to the Company within 15 days
     after the Holders' receipt of such notice and shall specify the number of
     Transfer Restricted Notes intended to be disposed of and the intended
     method of distribution thereof.  Any Holder of Transfer Restricted Notes
     shall have the right to withdraw its request for inclusion of its Transfer
     Restricted Notes in any registration statement pursuant to this Section
     4(a) by giving written notice to the Company of its request to withdraw.
     The Company may withdraw a Piggyback Registration at any time prior to the
     time it becomes effective.

          (b)  If the registration of which the Company gives notice is for a
     registered public offering involving an underwriting, the Company shall so
     advise the Holders as a part of the written notice given pursuant to
     Section 4(a).  In such event the right of any Holder to registration
     pursuant to Section 4(a) shall be conditioned upon such Holder's
     participation in such underwriting and the inclusion of Transfer Restricted
     Notes in the underwriting to the extent provided herein.  All Holders
     proposing to distribute their securities through such underwriting shall
     (together with the Company and the other holders distributing their
     securities through such underwriting) enter into an underwriting agreement
     in customary form with the managing underwriter selected for such
     underwriting by the Company.

          (c)  If a Piggyback Registration is an underwritten primary
     registration on behalf of the Company, and the managing underwriters advise
     the Company that in their opinion the number of securities requested to be
     included in such registration exceeds the number which can be sold in such
     offering, the Company will include in such registration (i) first, the
     securities the Company proposes to sell, (ii) second, the securities
     proposed to be included in such registration by the holders (including
     Holders of Transfer Restricted Notes) of the same securities proposed to be
     sold by the Company and (iii) third, the securities proposed to be included
     in such registration by the holders
<PAGE>

                    Registration Rights Agreement - Page 10

     (including Holders of Transfer Restricted Notes) of substantially the same
     securities proposed to be sold by the Company, in each of clauses (ii) and
     (iii) pro rata among such holders exercising their respective piggyback
     registration rights thereof based upon the total number of securities which
     such holders beneficially own.

          (d)  If a Piggyback Registration is an underwritten secondary
     registration on behalf of holders (other than the Holders of the Transfer
     Restricted Notes) of the Company's securities, and the managing
     underwriters advise the Company that in their opinion the number of
     securities requested to be included in such registration exceeds the number
     which can be sold in such offering, the Company will include in such
     registration (i) first, the securities which such initiating holders
                      -----
     propose to sell; (ii) second, the securities the Company proposed to be
                           ------
     included in such registration;  (iii) third, the securities proposed to be
                                           -----
     included in such registration by the holders (including Holders of Transfer
     Restricted Notes) of the same securities proposed to be sold by such
     initiating holders and (iv) fourth, the securities proposed to be included
                                 ------
     in such registration by the holders (including Holders of Transfer
     Restricted Notes) of substantially the same securities proposed to be sold
     by such initiating holders, in each of clauses (iii) and (iv) pro rata
     among any such holders exercising their respective piggyback registration
     rights thereof based upon the total number of securities which such holders
     beneficially own.

     5.   Demand and Piggyback Registration Procedures.  In the case of each
          --------------------------------------------
registration effected by the Company pursuant to Sections 3 and 4, the Company
will keep each Holder advised in writing as to the initiation of each
registration and as to the completion thereof.  At its expense the Company will:

          (a)  With respect to Demand Registrations, the Company shall use its
     commercially reasonable efforts to file as promptly as practicable (but in
     no event more than 120 days after the date the Company is in receipt of
     written requests by the Other Holders for inclusion in such Demand
     Registration (the "Demand Initiation Date")) and thereafter shall use
                        ----------------------
     commercially reasonable efforts to cause to be declared effective a
     registration statement on an appropriate form under the Securities Act,
     within 180 days after the Demand Initiation Date, relating to the offer and
     sale of the Transfer Restricted Notes;

          (b)  Furnish to the Holders participating in such registration and to
     the underwriters of the securities being registered such reasonable number
     of copies of the Registration Statement, preliminary prospectus, final
     prospectus and such other documents as such underwriters may reasonably
     request in order to facilitate the public offering of such securities;

          (c)  Prepare and file with the Commission such amendments and
     supplements to such Registration Statement and the prospectus used in
     connection with such registration statements as may be necessary to comply
     with the provisions of the Securities Act with respect to the disposition
     of all Transfer Restricted Notes covered by such registration statement;
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                    Registration Rights Agreement - Page 11

          (d)  Use its commercially reasonable efforts to register and qualify
     the securities covered by such registration statement under such other
     securities or "blue sky" laws of such jurisdictions as shall be reasonably
     requested by the Holders, provided that the Company shall not be required
     in connection therewith or as a condition thereto to qualify to do business
     or to file a general consent to service of process in any such states or
     jurisdictions; and

          (e)  In the event of any underwritten public offering, enter into and
     perform its obligations under an underwriting agreement, in usual and
     customary form, with the managing underwriter of such offering.  Each
     Holder participating in such underwriting shall also enter into and perform
     its obligations under such an agreement.

     6.   Registration Expenses.  Except as set forth in clause (i) of Section
          ---------------------
3(c), the Company shall bear all fees and expenses incurred by it in connection
with the performance of its obligations under Sections 1, 3 and 4 hereof whether
or not a Registration Statement is filed or becomes effective. In connection
with any Registration Statement, the participating Holders shall be responsible
for the payment of any and all underwriters' and brokers' and dealers'
discounts, selling commissions, any applicable stock transfer taxes and, except
as set forth in clause (i) of Section 3(c) and as set forth below, all fees and
disbursements of counsel, accountants or other advisors for any Holder and any
other fees and expenses not covered by the preceding sentence. In connection
with the Shelf Registration Statement and the applicable Registration Statement
for one (1) Demand Registration, the Company shall bear or reimburse the Holders
of the Notes covered thereby for reasonable fees and disbursements of not more
than one (1) counsel chosen by the Holders of a majority in principal amount of
the Notes covered thereby to act as counsel for the Holders in connection
therewith. For purposes of this Agreement,"Registration Statement" shall mean
                                           ----------------------
the Shelf Registration Statement and any applicable registration statement in
connection with Demand and Piggyback Registrations.

     7.   Indemnification.
          ---------------

          (a) The Company agrees to indemnify and hold harmless each Holder of
     the Notes, each agent representative, employee, officer and director of any
     such Holder, and each person, if any, who controls such Holder within the
     meaning of the Securities Act or the Exchange Act (each Holder and such
     persons are referred to collectively as the "Indemnified Parties") from and
                                                  -------------------
     against any losses, claims, damages or liabilities, joint or several, or
     any actions in respect thereof (including, but not limited to, any losses,
     claims, damages, liabilities or actions relating to purchases and sales of
     the Notes) to which each Indemnified Party may become subject under the
     Securities Act, the Exchange Act or otherwise, insofar as such losses,
     claims, damages, liabilities or actions arise out of or are based upon any
     untrue statement or alleged untrue statement of a material fact contained
     in a Registration Statement or prospectus or in any amendment or supplement
     thereto or in any preliminary prospectus relating to a Registration
     Statement, or arise out of, or are based upon, the omission or alleged
     omission to state therein a material fact required to be stated therein or
     necessary to make the statements therein not misleading, and shall
     reimburse, as incurred, the Indemnified Parties for any legal or other
     expenses reasonably incurred by them in connection with investigating or
     defending any such loss, claim, damage, liability or action in respect
     thereof; provided, however, that (i) the Company
              --------  -------
<PAGE>

                    Registration Rights Agreement - Page 12

     shall not be liable in any such case to the extent that such loss, claim,
     damage or liability arises out of or is based upon any untrue statement or
     alleged untrue statement or omission or alleged omission made in a
     Registration Statement or prospectus or in any amendment or supplement
     thereto or in any preliminary prospectus relating to a Registration
     Statement in reliance upon and in conformity with written information
     pertaining to such Holder and furnished to the Company by or on behalf of
     such Holder specifically for inclusion therein and (ii) with respect to any
     untrue statement or omission or alleged untrue statement or omission made
     in any preliminary prospectus relating to a Registration Statement, the
     indemnity agreement contained in this subsection (a) shall not inure to the
     benefit of any Holder from whom the person asserting any such losses,
     claims, damages or liabilities purchased the Notes concerned, to the extent
     that a prospectus relating to such Notes was required to be delivered by
     such Holder under the Securities Act in connection with such purchase and
     any such loss, claim, damage or liability of such Holder results from the
     fact that there was not sent or given to such person, at or prior to the
     written confirmation of the sale of such Notes to such person, a copy of
     the final prospectus if the Company had previously furnished copies thereof
     to such Holder; provided further, however, that this indemnity agreement
                     -------- ------   -------
     will be in addition to any liability which the Company may otherwise have
     to such Indemnified Party. The Company shall also indemnify underwriters,
     their officers and directors and each person who controls such underwriters
     within the meaning of the Securities Act or the Exchange Act to the same
     extent as provided above with respect to the indemnification of the Holders
     of the Notes if requested by such Holders.

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

          (c)  Promptly after receipt by an indemnified party under this Section
     7 of notice of the commencement of any action or proceeding (including a
     governmental investigation), such indemnified party will, if a claim in
     respect thereof is to be made
<PAGE>

                    Registration Rights Agreement - Page 13

     against the indemnifying party under this Section 7, notify the
     indemnifying party of the commencement thereof; but the omission so to
     notify the indemnifying party will not, in any event, relieve the
     indemnifying party from any obligations to any indemnified party other than
     the indemnification obligation provided in paragraph (a) or (b) above. In
     case any such action is brought against any indemnified party, and it
     notifies the indemnifying party of the commencement thereof, the
     indemnifying party will be entitled to participate therein and, to the
     extent that it may wish, jointly with any other indemnifying party
     similarly notified, to assume the defense thereof, with counsel reasonably
     satisfactory to such indemnified party (who shall not, except with the
     consent of the indemnified party, be counsel to the indemnifying party),
     and after notice from the indemnifying party to such indemnified party of
     its election so to assume the defense thereof the indemnifying party will
     not be liable to such indemnified party under this Section 7 for any legal
     or other expenses, other than reasonable costs of investigation,
     subsequently incurred by such indemnified party in connection with the
     defense thereof. No indemnifying party shall, without the prior written
     consent of the indemnified party, effect any settlement of any pending or
     threatened action in respect of which any indemnified party is or could
     have been a party and indemnity could have been sought hereunder by such
     indemnified party unless such settlement includes an unconditional release
     of such indemnified party from all liability on any claims that are the
     subject matter of such action, and 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. No indemnified party shall effect any settlement of any
     pending or threatened action without the prior written consent of the
     indemnifying party, which such consent shall not be unreasonably withheld
     or delayed.

          (d)  If the indemnification provided for in this Section 7 is
     unavailable or insufficient to hold harmless an indemnified party under
     subsections (a) or (b) above, then each indemnifying party shall contribute
     to the amount paid or payable by such indemnified party as a result of the
     losses, claims, damages or liabilities (or actions in respect thereof)
     referred to in subsection (a) or (b) above (i) in such proportion as is
     appropriate to reflect the relative benefits received by the indemnifying
     party or parties on the one hand and the indemnified party on the other
     from the sale of the Notes, pursuant to the Registration Statement, or (ii)
     if the allocation provided by the foregoing clause (i) is not permitted by
     applicable law, in such proportion as is appropriate to reflect not only
     the relative benefits referred to in clause (i) above but also the relative
     fault of the indemnifying party or parties on the one hand and the
     indemnified party on the other in connection with the statements or
     omissions that resulted in such losses, claims, damages or liabilities (or
     actions in respect thereof) as well as any other relevant equitable
     considerations.  The relative fault of the parties shall be determined by
     reference to, among other things, whether the untrue or alleged untrue
     statement of a material fact or the omission or alleged omission to state a
     material fact relates to information supplied by the Company on the one
     hand or such Holder or such other indemnified party, as the case may be, on
     the other, and the parties' relative intent, knowledge, access to
     information and opportunity to correct or prevent such statement or
     omission.  The amount paid by an indemnified party as a result of the
     losses, claims, damages or liabilities referred to in the first sentence of
     this subsection (d) shall be deemed to include any legal or other expenses
     reasonably incurred by such indemnified party in connection with
     investigating or defending any action or claim which is the
<PAGE>

                    Registration Rights Agreement - Page 14

     subject of this subsection (d). Notwithstanding any other provision of this
     Section 7(d), the Holders shall not be required to contribute any amount in
     excess of the amount by which the net proceeds received by such Holders
     from the sale of the Notes pursuant to a Registration Statement exceeds the
     amount of damages which such Holders have otherwise been required to pay by
     reason of such untrue or alleged untrue statement or omission or alleged
     omission. No person guilty of fraudulent misrepresentation (within the
     meaning of Section 11(f) of the Securities Act) shall be entitled to
     contribution from any person who was not guilty of such fraudulent
     misrepresentation. For purposes of this paragraph (d), each person, if any,
     who controls such indemnified party within the meaning of the Securities
     Act or the Exchange Act shall have the same rights to contribution as such
     indemnified party and each person, if any, who controls the Company within
     the meaning of the Securities Act or the Exchange Act shall have the same
     rights to contribution as the Company.

          (e) The agreements contained in this Section 7 shall survive the sale
     of the Notes pursuant to a Registration Statement and shall remain in full
     force and effect, regardless of any termination or cancellation of this
     Agreement or any investigation made by or on behalf of any indemnified
     party.

     8.   Additional Interest Under Certain Circumstances.
          -----------------------------------------------

          (a) Additional interest (the "Additional Interest") with respect to
                                        -------------------
     the Notes (except with respect to (iii) below, which such Additional
     Interest shall only apply to the Notes held by the affected Holder(s))
     shall be assessed as follows if any of the following events occur (each
     such event in clauses (i) through (v) below being herein called a
     "Registration Default"):
     ---------------------

              (i)    If on or prior to the 90th day after the Closing Date (as
          defined in the Purchase Agreement), the Shelf Registration Statement
          has not been filed with the Commission;

              (ii)   If on or prior to the 180th day after the Closing Date (as
          defined in the Purchase Agreement), the Shelf Registration Statement
          has not been declared effective by the Commission;

              (iii)  The Company fails with respect to a Holder of Notes that
          supplies the Notice and Questionnaire described in Section 1(d) above
          to amend or supplement the Shelf Registration Statement in the manner
          set forth in Section 1(d) above;

              (iv)   If after the Shelf Registration Statement is declared
          effective, such Shelf Registration Statement or the related prospectus
          ceases to be usable in connection with resales of Transfer Restricted
          Notes during the periods specified herein because the Company suspends
          the effectiveness of such Shelf Registration Statement beyond the
          periods set forth in Section 2(h) above;

              (v)    If after the Shelf Registration Statement is declared
          effective, such Registration Statement or the related prospectus
          ceases to be usable in connection
<PAGE>

                    Registration Rights Agreement - Page 15

          with resales of Transfer Restricted Notes during the periods specified
          herein and the Company fails to cure the Shelf Registration Statement
          within fifteen (15) business days by filing a post-effective amendment
          or report pursuant to the Exchange Act;

               (vi)   If on or prior to the 120th day after the Demand
          Initiation Date, a registration statement relating to the applicable
          Demand Registration has not been filed with the Commission; or

               (vii)  If on or prior to the 180th day after the Demand
          Initiation Date, a registration statement relating to the applicable
          Demand Registration has not been declared effective by the Commission.

Each of the foregoing will constitute a Registration Default whatever the reason
for any such event and whether it is voluntary or involuntary or is beyond the
control of the Company or pursuant to operation of law or as a result of any
action or inaction by the Commission.

          Additional Interest shall accrue on the Notes that are Transfer
Restricted Notes over and above the interest set forth in the title of the Notes
from and including the date on which any such Registration Default shall occur
to but excluding the date on which all such Registration Defaults have been
cured, at a rate of 0.50% per annum (the "Additional Interest Rate").
                                          ------------------------

          (b) A Registration Default referred to in Section 8(a)(v) hereof shall
     be deemed not to have occurred and be continuing in relation to a Shelf
     Registration Statement or the related prospectus if (i) such Registration
     Default has occurred solely as a result of (x) the filing of a post-
     effective amendment to such Shelf Registration Statement to incorporate
     annual audited financial information with respect to the Company where such
     post-effective amendment is not yet effective and needs to be declared
     effective to permit Holders to use the related prospectus or (y) other
     material events with respect to the Company that would need to be described
     in such Shelf Registration Statement or the related prospectus and (ii) in
     the case of clause (y), the Company is proceeding promptly and in good
     faith to amend or supplement such Shelf Registration Statement and related
     prospectus to describe such events; provided, however, that in any case if
                                         --------  -------
     such Registration Default occurs for a continuous period in excess of 30
     days, Additional Interest shall be payable in accordance with the above
     paragraph from the day such Registration Default occurs until such
     Registration Default is cured.

          (c) Any amounts of Additional Interest due pursuant to Section 8(a)
     above will be payable in cash to the "Record Holder" (as defined in Section
                                           -------------
     8(d) below) on the "Damages Payment Dates" (as defined in Section 8(d)
                         ---------------------
     below) with respect to the Notes.  The amount of Additional Interest will
     be determined by (1) multiplying the applicable Additional Interest Rate by
     the "Applicable Principal Amount" (as defined in Section 8(d) below) and
          ---------------------------
     then (2) multiplying the product of the calculation set forth in (c)(1)
     above by a fraction, the numerator of which is the number of days such
     Additional
<PAGE>

                    Registration Rights Agreement - Page 16

     Interest Rate was applied during such period (determined on the basis of a
     360 day year comprised of twelve 30-day months), and the denominator of
     which is 360.

          (d) The following terms shall have the following meaning(s):

          The term "Applicable Principal Amount" with respect to each $1,000
                    ---------------------------
principal amount of maturity of Notes means the initial issue price of such Note
($1,000) through the next succeeding February 1 or August 1 following such
Registration Default in the case of such payment of Additional Interest with
respect to a Registration Default (and thereafter at the next succeeding
February 1 or August 1 until the cure of such Registration Default) or, if no
Notes are then outstanding, such sum calculated as if such Notes were then
outstanding.

          The term "Damages Payment Date" means each February 1 or August 1 in
                    --------------------
the case of the Notes.

          The term "Record Holder" means with respect to any Damages Payment
                    -------------
Date relating to any Note as to which any Additional Interest has accrued, the
registered holder of such Note, fifteen (15) days prior to the next succeeding
Damages Payment Date.

          The term "Transfer Restricted Notes" means each Note until the
                    -------------------------
earliest of (i) the date on which such Note has been effectively registered
under the Securities Act and disposed of in accordance with the Shelf
Registration Statement, (ii) to the extent such Note is held by a non-affiliate
of the Company or ChipPAC, the date on which such Note may be sold by the Holder
thereof to the public pursuant to Rule 144 under the Securities Act, (iii) to
the extent such Note is held by an affiliate of the Company or ChipPAC, the date
on which such Note is sold by the Holder thereof to the public pursuant to Rule
144 under the Securities Act or (iv) the date on which such Note is saleable by
the Holder thereof pursuant to Rule 144(k) under the Securities Act.
Notwithstanding anything herein to the contrary, the registration rights granted
hereunder shall terminate as to each Holder and with respect to such Notes upon
the date that such Notes are no longer Transfer Restricted Notes.

     9.   SEC Filings. The Company shall use its best efforts to file the
          -----------
reports required to be filed by it under the Securities Act and the Exchange Act
in a timely manner and, if at any time the Company is not required to file such
reports, it will, upon the request of any Holder of Notes, make publicly
available other information so long as necessary to permit sales of their
securities pursuant to Rule 144.  The Company covenants that it will take such
further action as any Holder of Notes may reasonably request, all to the extent
required from time to time to enable such Holder to sell Notes without
registration under the Securities Act within the limitation of the exemptions
provided by Rule 144.  The Company will provide an executed counterpart of this
Agreement to prospective purchasers of the Notes identified to the Company by
the Purchaser upon request.  Upon the request of any Holder of Notes, the
Company shall deliver to such Holder a written statement as to whether it has
complied with such requirements.  Notwithstanding the foregoing, nothing in this
Section 9 shall be deemed to require the Company to register any of its
securities pursuant to the Exchange Act.

     10.  Underwritten Registrations.  If any of the Transfer Restricted
          --------------------------
Notes covered by any Shelf Registration are to be sold in an underwritten
offering, the investment banker or
<PAGE>

                    Registration Rights Agreement - Page 17

investment bankers and manager or managers that will administer the offering
("Managing Underwriters") will be selected by the Holders of a majority in
  ---------------------
aggregate principal amount of such Transfer Restricted Notes to be included in
such offering and such selection shall be subject to the Company's consent,
which shall not be unreasonably withheld or delayed.

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

          11.  Miscellaneous.
               -------------

          (a)  No Inconsistent Agreements. The Company will not on or after the
     date of this Agreement enter into any agreement with respect to its
     securities that is inconsistent or conflicts with the legal rights granted
     to the Holders in this Agreement. The rights granted to the Holders
     hereunder do not in any way conflict with and are not inconsistent with the
     rights granted to the holders of the Company's securities under any
     agreement in effect on the date hereof. Notwithstanding anything herein to
     the contrary, the Company shall not be limited or in any way prevented from
     entering into any agreement granting any holder or prospective holder of
     any securities of the Company registration rights with respect to such
     securities that do not conflict with the registration rights of the Holders
     hereunder.

          (b)  Amendments and Waivers. The provisions of this Agreement,
     including the provisions of this sentence, may not be amended, modified or
     supplemented, and waivers or consents to departures from the provisions
     hereof may not be given, unless the Company has obtained the written
     consent of the Holders of a majority of the then outstanding Notes
     constituting Transfer Restricted Notes. Notwithstanding the foregoing, a
     waiver or consent to depart from the provisions hereof with respect to a
     matter that relates exclusively to the rights of Holders of Transfer
     Restricted Notes whose securities are being sold pursuant to a Shelf
     Registration Statement and that does not directly or indirectly affect the
     rights of other Holders of Transfer Restricted Notes may be given by
     Holders of at least a majority of the Transfer Restricted Notes being sold
     by such Holders pursuant to such Shelf Registration Statement; provided,
                                                                    --------
     however, that the provisions of this sentence may not be amended, modified
     -------
     or supplemented except in accordance with the provisions of the immediately
     preceding sentence; provided, further, without the consent of each Holder,
                         --------  -------
     no amendment, modification or supplement may alter the provisions relating
     to the payment of Additional Interest. Each Holder of Transfer Restricted
     Notes outstanding at the time of any such amendment, modification,
     supplement, waiver or consent or thereafter shall be bound by any such
     amendment, modification, supplement, waiver or consent effected pursuant to
     this Section 11, whether or not any notice, writing or marking indicating
     such amendment, modification, supplement, waiver or consent appears on the
     Transfer Restricted Notes or is delivered to such Holder. Each Holder may
     waive compliance with respect to any obligation of the Company under this
     Agreement as it may apply or be enforced by such particular Holder.
<PAGE>

                    Registration Rights Agreement - Page 18

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

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

               (2)  if to the Purchaser:

                    Citicorp Capital Investors, Limited
                    399 Park Avenue
                    New York, New York 10043
                    Facsimile No.: (212) 888-2940
                    Attention: Byron L. Knief
                               Richard Mayberry

          with a copy to:

                    Morgan, Lewis & Bockius LLP
                    101 Park Avenue
                    New York, New York 10178
                    Facsimile No.: (212) 309-6273
                    Attention: James Mercadante, Esq.
                               Zechariah Clifton Dameron IV, Esq.

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

                    ChipPAC, Inc.
                    47400 Kato Road
                    Fremont, California  94538
                    Facsimile No. (510) 979-8001
                    Attention: Robert Krakauer

          with a copy to:

                    Kirkland & Ellis
                    777 South Figueroa Street
                    34th Floor
                    Los Angeles, California 90017
                    Facsimile No. (213) 680-8500
                    Attention:  Eva Davis, Esq.
                                (for all notices other than Selling Security
                                Holder Notice and Questionnaire)
                                Charles Pak, Esq.
                                Kara Beal, Esq.
                                (for all Selling Securityholder Notice
                                and Questionnaire)
<PAGE>

                    Registration Rights Agreement - Page 19

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

          (d) Third Party Beneficiaries.  The Holders shall be third party
     beneficiaries to the agreements made hereunder between the Company, on the
     one hand, and the Purchaser, on the other hand, and shall have the right to
     enforce such agreements directly to the extent they may deem such
     enforcement necessary or advisable to protect their rights or the rights of
     Holders hereunder.

          (e) Successors and Assigns.  This Agreement shall inure to the benefit
     of and be binding upon the successors and assigns of each of the parties,
     including, without limitation and without the need for an express
     assignment, subsequent Holders; provided, however, that this Agreement
                                     --------  -------
     shall not inure to the benefit of or be binding upon a successor or assign
     of a Holder unless and to the extent such successor or assign acquired
     Transfer Restricted Notes from such Holder; and provided, further that
                                                     --------  -------
     nothing herein shall be deemed to permit any assignment, transfer or any
     disposition of Transfer Restricted Notes in violation of the terms of the
     Purchase Agreement.  If any transferee of any Holder shall acquire Transfer
     Restricted Notes, in any manner, whether by operation of law or otherwise,
     such Transfer Restricted Notes shall be held subject to all of the terms of
     this Agreement and by taking and holding such Transfer Restricted Notes
     such person shall be conclusively deemed to have agreed to be bound by and
     to perform all of the terms and provisions of this Agreement and such
     Person shall be entitled to receive the benefits hereof.

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

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

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

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

          (j) Notes Held by the Company.  Whenever the consent or approval of
     Holders of a specified percentage of principal amount of Notes is required
     hereunder, Notes held by the Company or its affiliates (other than the
     Purchaser and subsequent
<PAGE>

                    Registration Rights Agreement - Page 20

     Holders of Notes if such subsequent Holders are deemed to be affiliates
     solely by reason of their holdings of such Notes) shall not be counted in
     determining whether such consent or approval was given by the Holders of
     such required percentage.
<PAGE>

                Signature Page to Registration Rights Agreement

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

                                      Very truly yours,

                                      CHIPPAC INTERNATIONAL COMPANY LIMITED

                                      By:______________________________________
                                         Name:
                                         Title:

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

CITICORP CAPITAL INVESTORS, LIMITED

By:_________________________________
   Name:
   Title:
<PAGE>

                                                                         ANNEX A

                     CHIPPAC INTERNATIONAL COMPANY LIMITED

                 QUESTIONNAIRE FOR BENEFICIAL OWNERS REGARDING
           SECURITIES TO BE INCLUDED IN SHELF REGISTRATION STATEMENT

     The following questions (the "Questionnaire") elicit information to prepare
                                   -------------
(i) the Registration Statement on Form S-3 (the "Shelf Registration Statement")
                                                 ----------------------------
registering for resale the Company's 12 3/4% Senior Subordinated Notes due 2009
(the "Notes"), on behalf of the beneficial owners thereof, filed by ChipPAC
      -----
International Company Limited (the "Company") with the Securities Exchange
                                    -------
Commission in accordance with the rights granted to you and the other holders of
Notes (the "Selling Securityholders") pursuant to the Registration Rights
            -----------------------
Agreement, dated June 22, 2001, by and between the Company and the purchaser
party thereto (the "Registration Rights Agreement") and (ii) other securities
                    -----------------------------
documents which may be required in connection with the Shelf Registration
Statement.  By electing to sell the Securities pursuant to the Shelf
Registration Statement you agree to be bound by the terms of the Registration
Rights Agreement.

     Because the information provided in this Questionnaire will be used in
connection with the preparation of documents to be filed with state and federal
agencies, it should be accurate, complete and true, and not omit any material or
important information.

     By execution of this Questionnaire, you agree to notify the Company's legal
counsel as promptly as practicable of any inaccuracy or change in information
previously furnished by you to the Company or the occurrence of any event in
either case as a result of which any Prospectus included in such Shelf
Registration Statement contains or would contain an untrue statement of a
material fact regarding you or your intended method of distribution of such
Securities necessary to make the statements therein, in light of the
circumstances then existing, not misleading, and you agree promptly to furnish
to the Company's legal counsel any additional information required to correct
and update any previously furnished information or required so that such
Prospectus shall not contain, with respect to you or the distribution of
Securities held by you that are included in the Shelf Registration Statement, an
untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances then existing, not
misleading.

     Each beneficial owner of the Notes is being furnished with two copies of
this Questionnaire. Please complete and execute one copy and return it to the
Company's legal counsel, Kirkland & Ellis, 777 South Figueroa Street, 34/th/
Floor, Los Angeles, CA 90017, Attention: Charles Pak and Kara Beal, on or before
the date of the initial issuance of the Notes (the "Closing Date"). By
                                                    ------------
executing this Questionnaire, you hereby consent to being named in the Shelf
Registration Statement and to the presentation of all information furnished
herein which is required to be disclosed in the Shelf Registration Statement.

     PURSUANT TO THE TERMS OF THE REGISTRATION RIGHTS AGREEMENT, YOU ARE
OBLIGATED TO INDEMNIFY THE COMPANY IF THE INFORMATION YOU PROVIDE HEREIN IS
INACCURATE OR MISLEADING.

     NOTES WILL NOT BE INCLUDED IN THE SHELF REGISTRATION STATEMENT UNLESS YOU
COMPLETE THIS QUESTIONNAIRE, SIGN IT AND DELIVER A COPY TO THE COMPANY'S LEGAL
COUNSEL IN THE MANNER DESCRIBED HEREIN AND PROMPTLY NOTIFY THE COMPANY'S LEGAL
COUNSEL OF ANY CHANGES TO THE INFORMATION CONTAINED HEREIN.

                                      A-1
<PAGE>

                 INSTRUCTIONS FOR COMPLETION OF QUESTIONNAIRE:

     Please answer each question fully. Give the most exact and accurate answers
possible. If your response to any of the questions presented below is negative
or if any of the questions are not applicable, please so state in the space
provided. Please sign and date the Questionnaire. Certain terms used herein are
defined in Appendix A hereto, which should be referred to in completing this
Questionnaire.

1.   General

State your full name as it should appear in any filings made.__________________

NAME OF SELLING SECURITYHOLDER:________________________________________________

SOCIAL SECURITY NUMBER OR FEDERAL EMPLOYER I.D. NUMBER:________________________

BUSINESS ADDRESS:______________________________________________________________

RESIDENCE ADDRESS: ____________________________________________________________

TELEPHONE NUMBER: _____________________________________________________________

          Business: __________________________________

          Fax: _______________________________________

     If an entity, please indicate principal contact for questions:

          NAME: ______________________________________

          ADDRESS: ___________________________________

          TELEPHONE NUMBER: __________________________

          FAX NUMBER: ________________________________

2.   Please describe the nature of the business you or your organization
conducts.

3.   Please state your current position, office or other relationship with the
     Company (or its predecessors or affiliates) and any position, office or
     other relationship with the Company (or its predecessors or affiliates)
     during the past three years.

4.   If you hold any or all of the Notes on behalf of another person or entity,
     please state the full name(s) and address(es) of such person(s) or
     entity(ies) and the amount(s) so held.

5.   Check the box which represents the CUSIP Number of the Notes that you hold.

     [_] 144A Global Note; CUSIP Number:

                                      A-2
<PAGE>

     [_] _________________________________

6.   Please state the amount of Notes owned of record by you.

     Notes: ______________________________

7.   Please state the amount of Notes for which you are the beneficial owner and
     the record owner.

     Notes: ______________________________

8.   Please state the amount of Notes for which you are the beneficial owner,
     but not the record owner.

     Notes: ______________________________

Please include the name and address of the record owner and your relationship to
the record owner.

     Notes: ______________________________

9.   If any other person or entity shares voting or investment power with you
     with respect to the Notes listed in questions 6, 7 and 8 above, please

     a.  briefly identify the person or entity,

     b.  give the principal amount or number subject to shared voting power or
investment power and

     c.  summarize the arrangement.

10.  Are any of the Notes owned by you subject to any pledge or other
     contractual arrangement?
     No ___ Yes ___

     If yes, please explain such pledge or other contractual arrangement.

11.  Please describe any other rights to purchase Notes that you have.

12.  Please state the amount of Notes to be offered for your account in the
     Shelf Registration Statement.

     Notes: ______________________________

13.  Have you entered into any agreement, arrangement or understanding with a
     broker or dealer with respect to the offering of the Notes to be registered
     in the Shelf Registration Statement?

     No ___ Yes ___

     If yes, please set forth the terms of any such agreement, arrangement or
understanding (including without limitation volume limitations on sales, parties
to the agreement, arrangement or understanding and conditions under which the
agreement, arrangement or understanding may be terminated) below.

14.  Identify any broker(s) or dealer(s) participating in the offering of Notes
     to be offered for your account and state the amount of Notes to be offered
     by each such broker.

15.  Set forth below any discounts or commissions, if any, to be allowed or paid
     to dealers in connection with the sale of the Notes to be offered for your
     account.

                                      A-3
<PAGE>

16.  Identify any finder known to you to be involved with the distribution of
     the Notes to be offered for your account and, if applicable, the finder's
     relationship with the Company or its officers, directors, principal
     shareholders, finders or promoters.

17.  Attached as Appendix B hereto is a description of a plan of distribution
     that is intended to be used, in substantially the form of Appendix B, in
     the Shelf Registration Statement. Please indicate whether anything stated
     in Appendix B is inaccurate or misleading with respect to your plan to
     distribute the Notes owned by you or whether Appendix B omits to state any
     information about your plan of distribution.

     No ___ Yes ___

     If yes, describe below specifically in what manner Appendix B is inaccurate
or misleading, Please also describe below any additional information about your
plan to distribute the Notes that you own.

                                      A-4
<PAGE>

                                 CERTIFICATION

     The information set forth above is supplied by the undersigned in response
to the request of the Company and may be used in connection with the Shelf
Registration Statement. The undersigned hereby affirms that such information is
correct as of the date hereof. The undersigned will promptly notify the
Company's legal counsel of any changes in such information, whether such change
occurred subsequent hereto and prior to the filing or effectiveness of the Shelf
Registration Statement or after the Shelf Registration Statement is filed or
becomes effective. The undersigned understands and agrees that this
Questionnaire, as completed by him or her, and any further communications by him
or her regarding the matters contemplated herein, will be relied upon by the
Company, its legal counsel, and the representatives of any underwriters and
their counsel, in connection with filings related to the Shelf Registration
Statement.

     The undersigned understands that material misstatements or the omission of
material facts in the Shelf Registration Statement may give rise to civil and
criminal liabilities for the Company, each officer and director of the Company
signing the Shelf Registration Statement and other persons signing such
document.

     Signature of Holder/1/ ___________________________________________

     Please type or print name and title, if any:  ____________________

     Date: _______________

     RETURN COMPLETED QUESTIONNAIRE ON OR BEFORE THE CLOSING DATE TO:

                               Charles Pak, Esq.
                                Kara Beal, Esq.
                               Kirkland & Ellis
                           777 South Figueroa Street
                                 34/th/ Floor
                         Los Angeles, California 90017
                              Fax: (213) 680-8500

__________________
/1/  If this Questionnaire is being completed by or on behalf of a person other
than an individual, the entity on whose behalf the Questionnaire is being
completed should be stated.

                                      A-5

<PAGE>

                                   APPENDIX A

     1.   Arrangement.  Any plan, contract, arrangement or understanding,
whether or not set forth in a formal document.

     2.   Associate.  The term "associate" means:

          (a)  Any corporation or organization, except the Company and its
     majority-owned subsidiaries, of which you are an executive officer or
     partner or of which you, together with other officers or directors of the
     Company, are, directly or indirectly, the beneficial owner of 10% or more
     of any class of equity securities.

          (b)  Any trust or other estate in which you have a substantial
     beneficial interest or as to which you serve as trustee or in a similar
     fiduciary capacity.

          (c) Any relative, your spouse or any relative of your spouse who
     resides with you or who is a director or officer of the Company or its
     subsidiaries.

     3.   Beneficial Owner.  A "beneficial owner" of securities is any person
who, directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise has or shares:

          (a)  Voting power, which includes the power to vote, or to direct the
voting of, such security; and/or,

          (b)  Investment power, which includes the power to dispose or direct
the disposition of, such security.

     Furthermore, a "beneficial owner" of a security includes any person who has
the right to acquire beneficial ownership of such security at any time within
sixty (60) days. The right to acquire beneficial ownership could (but need not
necessarily) be through (i) the exercise of any option, warrant or right, (ii)
the conversion of a security, (iii) a power to revoke or automatic termination
of a trust, discretionary account, or similar arrangement, or (iv) otherwise.

     A "beneficial owner" also includes any person who, directly or indirectly,
creates or uses a trust, proxy, power of attorney, pooling arrangement or any
other contract, arrangement or device with the purpose or effect of divesting
such person of beneficial ownership of a security or preventing the vesting of
such beneficial ownership as part of a plan to evade the reporting requirements
of any federal or state securities act.

     Securities owned beneficially would include not only securities held by you
for your own benefit, whether in bearer form or registered in your own name or
otherwise, but would also include securities held by others for your benefit or
securities from which you obtain benefits substantially equivalent to those of
ownership (regardless of whether or how they are registered), such as, for
example, securities held for you by banks or other custodians, brokers (whether
in your name, their name or in "street name"), executors, administrators, or
trustees (including trusts in which you have only a remainder interest) and
securities held for your account by pledgees, and securities owned by a
partnership in which you are a member, and securities owned by any corporation
in which you and your associates own 10% or more of the stock. A person is
deemed to be the beneficial owner of securities beneficially owned by his
spouse, his minor children, or any relative sharing his home.

     "Indirectly," when used to refer to beneficial ownership of securities,
means ownership through another such as a controlled corporation, member of the
family, estate, trust, partnership or other entity.<PAGE>

                                                                  EXECUTION COPY

                                                                   Exhibit 10.46
                                  $50,000,000

                                 CHIPPAC, INC.

              8% CONVERTIBLE SUBORDINATED NOTES DUE JUNE 15, 2011

                         REGISTRATION RIGHTS AGREEMENT

                                                                   June 22, 2001

Citicorp Mezzanine III, L.P.
399 Park Avenue
New York, New York 10043

Dear Sirs:

     ChipPAC, Inc., a Delaware corporation (the "Company"), proposes to issue
                                                 -------
and sell to Citicorp Mezzanine III, L.P. (the "Purchaser"), upon the terms set
                                               ---------
forth in a purchase agreement, dated as of June 11, 2001 (the "Purchase
                                                               --------
Agreement"), $50,000,000 aggregate principal amount of its 8% Convertible
---------
Subordinated Notes due 2011 (the "Notes").  The Notes will be issued pursuant to
                                  -----
an Indenture, dated as of June 15, 2001 (the "Indenture"), between the Company
                                              ---------
and Firstar Bank, N.A. as Trustee  (the "Trustee").  Under the terms of the
                                         -------
Indenture, the Notes are convertible, in whole or in part, into shares of the
Company's Class A common stock, $.01 par value per share (the "Conversion
                                                               ----------
Shares"; the Notes and the Conversion Shares are collectively referred to as the
------
"Securities"), at the option of the holders thereof at any time following the
 ----------
date of original issuance thereof at the Conversion Price (as defined in the
Notes) set forth in the Notes, as adjusted from time to time pursuant to the
Indenture.

     As an inducement to the Purchaser to enter into the Purchase Agreement, the
Company agrees with the Purchaser, for the benefit of the holder(s) of the
Notes, from time to time, (including, without limitation, the Purchaser) and the
holder(s), from time to time, of the Conversion Shares (collectively, the
"Holders"), as follows:
 -------

     1.   Resale Shelf Registration.
          -------------------------

          (a)  The Company shall, at its cost, use its commercially reasonable
     efforts to file as promptly as practicable (but in no event more than 150
     days after the Closing Date (as defined in the Purchase Agreement)) with
     the Securities and Exchange Commission (the "Commission") and thereafter
                                                  ----------
     shall use commercially reasonable efforts to cause to be declared effective
     a registration statement (the "Shelf Registration Statement") on an
                                    ----------------------------
     appropriate form under the Securities Act of 1933, as amended (the
     "Securities Act"), within 220 days of the Closing Date, relating to the
      --------------
     offer and sale of the Transfer Restricted Securities (as defined in Section
     8(d) hereof) by the Holders thereof from time to time in accordance with
     the methods of distribution set forth in the Shelf Registration
<PAGE>

                    Registration Rights Agreement - Page 2

     Statement and Rule 415 under the Securities Act (hereinafter, the "Shelf
                                                                        -----
     Registration"); provided, however, that no Holder (other than the
     ------------    --------  -------
     Purchaser) shall be entitled to have the Securities held by it covered by
     such Shelf Registration Statement unless such Holder agrees in writing to
     be bound by all the provisions of this Agreement applicable to such Holder.

          (b)  The Company shall use commercially reasonable efforts to keep the
     Shelf Registration Statement continuously effective in order to permit the
     prospectus included therein to be lawfully delivered by the Holders of the
     relevant Transfer Restricted Securities, for a period of two (2) years (or
     for such longer period if extended pursuant to Section 2(h) below or by the
     last sentence of this Section 1(b)) from the date of its effectiveness or
     such shorter period that will terminate when all the Transfer Restricted
     Securities covered by the Shelf Registration Statement (i) have been sold
     pursuant thereto or (ii) are no longer Transfer Restricted Securities as
     defined in Section 8(d) hereof (in any such case, such period being called
     the "Shelf Registration Period").  The Company shall be deemed not to have
          -------------------------
     used its commercially reasonable efforts to keep the Shelf Registration
     Statement effective during the requisite period if it voluntarily takes any
     action that would result in Holders of Securities covered thereby not being
     able to offer and sell such Transfer Restricted Securities during that
     period, unless (i) such action is required by applicable law or (ii) upon
     the occurrence of any event contemplated by Section 2(b)(v) below, such
     action is taken by the Company in good faith and for valid business reasons
     and the Company thereafter complies with the requirements of Section 2(h)
     hereof.  Notwithstanding anything herein to the contrary, to the extent the
     Shelf Registration Statement is declared effective prior to the 180th day
     following the Closing Date, the period of effectiveness of such Shelf
     Registration Statement provided for in this Section 1(b) shall be extended
     by the number of days in the period from the effectiveness date of such
     Shelf Registration Statement to the 180th day following the Closing Date.

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

          (d)  Each Holder agrees that if such Holder wishes to sell such
     Holder's Transfer Restricted Securities pursuant to a Shelf Registration
     Statement and related prospectus, it will do so in accordance with this
     Section 1(d).  Each Holder wishing to sell Transfer Restricted Securities
     pursuant to a Shelf Registration Statement and related prospectus agrees to
     deliver a Notice and Questionnaire (the form of which is attached as Annex
                                                                          -----
     A hereto) to the Company.  The Company will include in the Shelf
     -
     Registration Statement as a selling securityholder each Holder that
     delivers such properly completed Notice and Questionnaire as of or prior to
     the Closing Date.  The Company will use its commercially reasonable efforts
     to include in the Shelf Registration Statement any Holder which fails to
     provide such properly completed Notice and Questionnaire as of or
<PAGE>

                    Registration Rights Agreement - Page 3

     prior to the Closing Date but otherwise provides such properly completed
     Notice and Questionnaire prior to the commencement of the Shelf
     Registration Period. Except as described above and below, the Company shall
     have no obligation to include in the Shelf Registration Statement a Holder
     which fails to provide the Company with such properly completed Notice and
     Questionnaire as of or prior to the Closing Date. From and after the date
     the Shelf Registration Statement is declared effective, the Company shall,
     as promptly as is practicable after the date a properly completed Notice
     and Questionnaire is delivered, and in any event within thirty (30) days
     after such date, (i) if required by law, file with the Commission a post-
     effective amendment to the Shelf Registration Statement or prepare and, if
     required by applicable law, file a supplement to the related prospectus or
     a supplement or amendment to any document incorporated therein by reference
     or file any other required document so that the Holder delivering such
     Notice and Questionnaire is named a selling securityholder in the Shelf
     Registration Statement and the related prospectus in such a manner as to
     permit such Holder to deliver such prospectus to purchasers of the Transfer
     Restricted Securities in accordance with applicable law and, if the Company
     shall file a post-effective amendment to the Shelf Registration Statement,
     use all commercially reasonable efforts to cause such post-effective
     amendment to be declared effective under the Securities Act as promptly as
     practical, but in any event by the date that is thirty (30) business days
     after the date such post-effective amendment is required by this clause to
     be filed; (ii) provide such Holder copies of any documents filed pursuant
     to Section 1(d)(i); and (iii) notify such Holder as promptly as practicable
     after the effectiveness under the Securities Act of any post-effective
     amendment filed pursuant to Section 1(d)(i); provided, that if such Notice
                                                  --------  ----
     and Questionnaire is delivered during a period in which the use of such
     prospectus is suspended pursuant to Section 2(h) hereof, the Company shall
     so inform the Holder delivering such Notice and Questionnaire and shall
     take the actions set forth in clauses (i), (ii) and (iii) above upon
     expiration of such suspension period.  Notwithstanding anything contained
     herein to the contrary, the Company shall be under no obligation to name
     any Holder that has not supplied the requisite information as required by
     and in accordance with the procedures and time periods set forth in this
     Section 1(d) as a selling securityholder in any Shelf Registration
     Statement and related prospectus and any amendment or supplement thereto.

     2.       Shelf Registration Procedures.  In connection with any Shelf
              -----------------------------
Registration contemplated by Section 1 hereof, the following provisions shall
apply:

              (a) The Company shall (i) furnish to the Purchaser, prior to the
     filing thereof with the Commission, a copy of the Shelf Registration
     Statement and each amendment thereof and each supplement, if any, to the
     prospectus included therein and, the Company shall use its best efforts to
     reflect in each such document, when so filed with the Commission, such
     comments as the Purchaser reasonably may propose and (ii) include the names
     of the Holders, who propose to sell Transfer Restricted Securities pursuant
     to the Shelf Registration Statement, as selling securityholders; provided,
                                                                      ---------
     that the Purchaser and Holders have complied with Section 1(d).
     ----

              (b) The Company shall give written notice to the Purchaser and the
     Holders of the Transfer Restricted Securities included within the coverage
     of the Shelf Registration Statement (which notice pursuant to clauses (ii)-
     (v) hereof shall be accompanied by an
<PAGE>

                    Registration Rights Agreement - Page 4

     instruction to suspend the use of the prospectus until the requisite
     changes have been made):

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

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

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

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

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

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

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

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

                    Registration Rights Agreement - Page 5

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

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

          (h) Upon the occurrence of any event contemplated by paragraphs (ii)
     through (v) of Section 2(b) above during the period for which the Company
     is required to maintain an effective Shelf Registration Statement, the
     Company shall as required hereby prepare and file a post-effective
     amendment to such Shelf Registration Statement or a supplement to the
     related prospectus and any other required document so that, as thereafter
     delivered to Holders of the Securities or purchasers of Securities included
     within the coverage of such Shelf Registration Statement, the prospectus
     will not contain an untrue statement of a material fact or omit to state
     any material fact required to be stated therein or necessary to make the
     statements therein, in light of the circumstances under which they were
     made, not misleading; provided, however, that the Company may delay filing
                           --------  -------
     and distributing any such supplement or amendment (and continue the
     suspension of the use of the related prospectus) if the Company determines
     in good faith that such supplement or amendment would, in the reasonable
     judgement of the Company, (i) interfere with or affect the negotiation or
     completion of a transaction that is being contemplated by the Company or
     (ii) involve initial or continuing disclosure obligations that are not in
     the best interests of the Company's stockholders at such time; provided,
     further, that neither such delay nor such suspension shall extend for a
     period of more than 90 consecutive days or an aggregate of 180 days in any
     twelve-month period. If the Company notifies the Purchaser and the Holders
     of the Securities in accordance with paragraphs (ii) through (v) of Section
     2(b) above to suspend the use of such prospectus until the requisite
     changes to such prospectus have been made, then the Purchaser and the
     Holders of the Securities shall suspend use of such prospectus, and the
     period of effectiveness of such Shelf Registration Statement provided for
     in Section 1(b) above shall be extended by the number of days from and
     including the date of the giving of such notice to and including the date
     when the Purchaser and the Holders of the Securities shall have received
     such amended or supplemented prospectus pursuant to this Section 2(h).
<PAGE>

                    Registration Rights Agreement - Page 6

          (i)  Not later than the effective date of the Shelf Registration
     Statement, the Company will provide CUSIP numbers for the Notes and the
     Conversion Shares registered under the Shelf Registration Statement and
     provide the Trustee with a certificate for the Notes, in a form eligible
     for deposit with The Depository Trust Company.

          (j)  The Company will comply with all rules and regulations of the
     Commission to the extent and so long as they are applicable to the Shelf
     Registration to enable the Holders to resell their securities in accordance
     with this Agreement.

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

          (l)  Each Holder agrees, by acquisition of the Securities, that no
     Holder of Securities shall be entitled to sell any of such Securities
     pursuant to any Shelf Registration Statement or to receive a prospectus
     relating thereto, unless such Holder has furnished the Company with a
     Notice and Questionnaire as required pursuant to and in accordance with
     Section 1(d) hereof and the information set forth in the next sentence.
     Each Holder agrees promptly to furnish the Company all information required
     to be disclosed in order to make the information previously furnished to
     the Company by such Holder not misleading and any other information
     regarding such Holder and the distribution of such Securities as the
     Company may from time to time reasonably request.

          (m)  In the event of any underwritten public offering, the Company
     shall enter into such customary agreements (including, if requested, an
     underwriting agreement in customary form) and take all such other action,
     if any, as any managing underwriter of such offering and Holder of the
     Securities shall reasonably request in order to facilitate the disposition
     of the Securities pursuant to any Shelf Registration; provided, however,
                                                           --------  -------
     that the Company shall not be required to facilitate an underwritten
     offering pursuant to a Shelf Registration Statement by any Holders unless
     the offering relates to at least $20,000,000 principal amount of the Notes
     or an equivalent number of Conversion Shares (as adjusted for any stock
     dividends, stock splits and capital changes).

          (n)  The Company shall (i) make reasonably available for inspection by
     any underwriter participating in any disposition pursuant to the Shelf
     Registration Statement and any agent retained by any such underwriter all
     relevant financial and other records, pertinent corporate documents and
     properties of the Company and (ii) cause the Company's officers, directors,
     employees, accountants and auditors to supply all relevant information
     reasonably requested by any such underwriter or agent in connection with
     the Shelf Registration Statement, in each case, as shall be reasonably
     necessary to enable such persons, to conduct a reasonable investigation
     within the meaning of Section 11 of the Securities Act; provided, however,
                                                             --------  -------
     that the foregoing inspection and information
<PAGE>

                    Registration Rights Agreement - Page 7

     gathering shall be coordinated on behalf of the Purchaser by you and the
     other parties, by one firm of counsel, which firm shall be designated as
     described in Section 6 hereof.

          (o)  In the event of an underwritten offering, the Company shall cause
     (i) its counsel to deliver an opinion and updates thereof relating to the
     Securities in customary form and substance addressed to the managing
     underwriters thereof and dated, in the case of the initial opinion, the
     effective date of such Shelf Registration Statement; (ii) its executive
     officers and directors to execute and deliver all customary documents and
     certificates and updates thereof requested by any underwriters of the
     applicable Securities and (iii) the independent public accountants for
     which financial information is provided in the Shelf Registration Statement
     to provide to the selling Holders of the applicable Transfer Restricted
     Securities and any underwriter therefor a comfort letter in customary form,
     type and substance customarily covered in comfort letters in connection
     with primary underwritten offerings.

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

     3.   Demand Registration.
          -------------------

          (a)  From and after the second anniversary of the Closing Date,
     Holders of at least 50% of the outstanding Transfer Restricted Securities,
     subject to Section 3(e) below, (the "Initiating Holders") may request, in
                                          ------------------
     writing, registration under the Securities Act of all or part of their
     Transfer Restricted Securities. Within 10 days after receipt of any such
     request, the Company will give notice of such request to all other Holders
     of Transfer Restricted Securities ("Other Holders"). Thereafter, the
                                         -------------
     Company will use all commercially reasonable efforts to effect the
     registration on an appropriate form under the Securities Act and will
     include in such registration, subject to Section 3(e) below, all Transfer
     Restricted Securities held by the Initiating Holders and Other Holders with
     respect to which the Company has received written requests for inclusion
     therein within 15 days after the receipt of the Company's notice. All
     registrations initiated by an Initiating Holder pursuant to this Section
     3(a) are referred to herein as "Demand Registrations."  Notwithstanding
                                     --------------------
     anything herein to the contrary, the Company need not effect any requested
     Demand Registration unless the expected gross proceeds of such registration
     exceed $15,000,000.

          (b)  Notwithstanding anything in Section 3(a) above to the contrary,
     the Company shall not be obligated to take any action to effect any such
     registration pursuant to Section 3(a) above:

               (i)  In any particular jurisdiction in which the Company would be
          required to execute a general consent to service of process in
          effecting such registration, unless the Company is already subject to
          service in such jurisdiction and except as may be required by the
          Securities Act;
<PAGE>

                    Registration Rights Agreement - Page 8

               (ii)   During the period starting with the date sixty (60) days
          prior to the Company's estimated date of filing of, and ending on one
          hundred twenty (120) days immediately following the effective date of,
          any registration statement pertaining to securities of the Company
          (other than a registration of securities in a Rule 145 transaction or
          with respect to an employee benefit plan), provided that the Company
          is actively employing in good faith all reasonable effects to cause
          such registration statement to become effective;

               (iii)  After the Company has effected two (2) such registrations
          pursuant to Section 3(a), and such registrations have been declared or
          ordered effective;

               (iv)   If the Company shall furnish to such Holders a certificate
          signed by the Chief Executive Officer of the Company stating that in
          the good faith judgment of the Board of Directors it would be
          seriously detrimental to the Company or its stockholders for a
          registration statement to be filed in the near future, then the
          Company's obligation to use its commercially reasonable efforts to
          comply under Section 3(a) shall be deferred for a period not to exceed
          one hundred eighty (180) days from the date of receipt of written
          request from an Initiating Holder; provided that the Company may not
          exercise this deferral right more than once per twelve (12) month
          period.

          (c)  A registration requested pursuant to Section 3(a) shall not be
     deemed to have been effected (i) unless a registration statement with
     respect thereto has been declared effective by the Commission, (ii) if
     after it has become effective, such registration is interfered with by any
     stop order, injunction or the order or requirement of the Commission or
     other governmental agency or court for any reason, and, as a result
     thereof, the Transfer Restricted Securities covered thereby have not been
     sold or (iii) the registration statement does not remain effective for a
     period expiring the earlier of 90 days after the effective date thereof or
     the completion of the distribution of the Transfer Restricted Securities
     included in such registration statement.  The Holders of the Transfer
     Restricted Securities shall be permitted to withdraw all or any part of the
     Transfer Restricted Securities from a Demand Registration at any time prior
     to the effective date of such Demand Registration; provided that in the
     event of, and concurrently with such withdrawal, the Holders responsible
     for such Demand Registration shall either (i) pay or reimburse the Company
     for all fees and expenses (including counsel fees and expense) incurred by
     them and the Company prior to such withdrawal or (ii) agree to forfeit one
     of its Demand Registration rights hereunder.

          (d)  In the event that a registration pursuant to Section 3(a) is for
     a registered public offering involving an underwriting, the Company shall
     so advise the Holders as part of the notice given pursuant to Section 3(a).
     In such event, the right of any Holder to registration pursuant to Section
     3(a) shall be conditioned upon such Holder's participation in the
     underwriting arrangements required by this Section 3, and the inclusion of
     such Holder's Transfer Restricted Securities in the underwriting to the
     extent requested shall be limited to the extent provided herein. The
     Company shall (together with all Holders proposing to distribute their
     securities through such underwriting) enter into an underwriting agreement
     in customary form with the managing underwriter
<PAGE>

                    Registration Rights Agreement - Page 9

     selected for such underwriting by the Initiating Holder, but subject to the
     Company's reasonable approval.

          (e)  If the Company includes in any underwritten Demand Registration
     any securities which are not Transfer Restricted Securities and the
     managing underwriters advise the Company in writing that in their opinion
     the number of Transfer Restricted Securities proposed to be included
     exceeds the number of Transfer Restricted Securities and other securities
     which can be sold in such offering, the Company will include in such
     registration (i) first, the Transfer Restricted Securities requested to be
     included which, in the opinion of such underwriters, can be sold, by the
     Initiating Holders initiating the Demand Registration, (ii) second, the
     Transfer Restricted Securities proposed to be included in such registration
     by the Other Holders exercising their registration rights hereunder, pro
     rata based upon the total number of Transfer Restricted Securities which
     such Other Holders propose to include in such registration and (iii) third,
     the securities proposed to be included in such registration by any other
     holders as determined by the Company and the managing underwriters.

     4.   Piggyback Registration.
          ----------------------

          (a)  From and after the second anniversary of the Closing Date,
     whenever the Company proposes to register any securities substantially
     similar to the Transfer Restricted Securities under the Securities Act
     (other than on S-8 or any successor forms), and the form of registration
     statement to be used may be used for the registration of Transfer
     Restricted Securities (a "Piggyback Registration"), the Company will give
                               ----------------------
     notice to all Holders of Transfer Restricted Securities of the intention to
     effect such a registration and will include in such registration, subject
     to Sections 4(c) and 4(d) below, all Transfer Restricted Securities with
     respect to which the Company has received written requests for inclusion
     therein.  Such requests for inclusion shall be in writing and delivered to
     the Company within 15 days after the Holders' receipt of such notice and
     shall specify the number of Transfer Restricted Securities intended to be
     disposed of and the intended method of distribution thereof.  Any Holder of
     Transfer Restricted Securities shall have the right to withdraw its request
     for inclusion of its Transfer Restricted Securities in any registration
     statement pursuant to this Section 4(a) by giving written notice to the
     Company of its request to withdraw.  The Company may withdraw a Piggyback
     Registration at any time prior to the time it becomes effective.

          (b)  If the registration of which the Company gives notice is for a
     registered public offering involving an underwriting, the Company shall so
     advise the Holders as a part of the written notice given pursuant to
     Section 4(a). In such event the right of any Holder to registration
     pursuant to Section 4(a) shall be conditioned upon such Holder's
     participation in such underwriting and the inclusion of Transfer Restricted
     Securities in the underwriting to the extent provided herein. All Holders
     proposing to distribute their securities through such underwriting shall
     (together with the Company and the other holders distributing their
     securities through such underwriting) enter into an underwriting agreement
     in customary form with the managing underwriter selected for such
     underwriting by the Company.
<PAGE>

                    Registration Rights Agreement - Page 10

          (c)  If a Piggyback Registration is an underwritten primary
     registration on behalf of the Company, and the managing underwriters advise
     the Company that in their opinion the number of securities requested to be
     included in such registration exceeds the number which can be sold in such
     offering, the Company will include in such registration (i) first, the
     securities the Company proposes to sell, (ii) second, the securities
     proposed to be included in such registration by the holders (including
     Holders of Transfer Restricted Securities) of the same securities proposed
     to be sold by the Company and (iii) third, the securities proposed to be
     included in such registration by the holders (including Holders of Transfer
     Restricted Securities) of substantially the same securities proposed to be
     sold by the Company, in each of clauses (ii) and (iii) pro rata among such
     holders exercising their respective piggyback registration rights thereof
     based upon the total number of securities which such holders beneficially
     own.

          (d)  If a Piggyback Registration is an underwritten secondary
     registration on behalf of holders (other than the Holders of the Transfer
     Restricted Securities) of the Company's securities, and the managing
     underwriters advise the Company that in their opinion the number of
     securities requested to be included in such registration exceeds the number
     which can be sold in such offering, the Company will include in such
     registration (i) first, the securities which such initiating holders
                      -----
     propose to sell; (ii) second, the securities the Company proposed to be
                           ------
     included in such registration;  (iii) third, the securities proposed to be
                                           -----
     included in such registration by the holders (including Holders of Transfer
     Restricted Securities) of the same securities proposed to be sold by such
     initiating holders and (iv) fourth, the securities proposed to be included
                                 ------
     in such registration by the holders (including Holders of Transfer
     Restricted Securities) of substantially the same securities proposed to be
     sold by such initiating holders, in each of clauses (iii) and (iv) pro rata
     among any such holders exercising their respective piggyback registration
     rights thereof based upon the total number of securities which such holders
     beneficially own.

     5.   Demand and Piggyback Registration Procedures.  In the case of each
          --------------------------------------------
registration effected by the Company pursuant to Sections 3 and 4, the Company
will keep each Holder advised in writing as to the initiation of each
registration and as to the completion thereof.  At its expense the Company will:

          (a)  With respect to Demand Registrations, the Company shall use its
     commercially reasonable efforts to file as promptly as practicable (but in
     no event more than 120 days after the date the Company is in receipt of
     written requests by the Other Holders for inclusion in such Demand
     Registration (the "Demand Initiation Date")) and thereafter shall use
                        ----------------------
     commercially reasonable efforts to cause to be declared effective a
     registration statement on an appropriate form under the Securities Act,
     within 180 days after the Demand Initiation Date, relating to the offer and
     sale of the Transfer Restricted Securities;

          (b)  Furnish to the Holders participating in such registration and to
     the underwriters of the securities being registered such reasonable number
     of copies of the Registration Statement, preliminary prospectus, final
     prospectus and such other
<PAGE>

                    Registration Rights Agreement - Page 11

     documents as such underwriters may reasonably request in order to
     facilitate the public offering of such securities;

          (c)  Prepare and file with the Commission such amendments and
     supplements to such Registration Statement and the prospectus used in
     connection with such registration statements as may be necessary to comply
     with the provisions of the Securities Act with respect to the disposition
     of all Transfer Restricted Securities covered by such registration
     statement;

          (d)  Use its commercially reasonable efforts to register and qualify
     the securities covered by such registration statement under such other
     securities or "blue sky" laws of such jurisdictions as shall be reasonably
     requested by the Holders, provided that the Company shall not be required
     in connection therewith or as a condition thereto to qualify to do business
     or to file a general consent to service of process in any such states or
     jurisdictions; and

          (e)  In the event of any underwritten public offering, enter into and
     perform its obligations under an underwriting agreement, in usual and
     customary form, with the managing underwriter of such offering.  Each
     Holder participating in such underwriting shall also enter into and perform
     its obligations under such an agreement.

     6.  Registration Expenses. Except as set forth in clause (i) of Section
         ---------------------
3(c), the Company shall bear all fees and expenses incurred by it in connection
with the performance of its obligations under Sections 1, 3 and 4 hereof whether
or not a Registration Statement is filed or becomes effective. In connection
with any Registration Statement, the participating Holders shall be responsible
for the payment of any and all underwriters' and brokers' and dealers'
discounts, selling commissions, any applicable stock transfer taxes and, except
as set forth in clause (i) of Section 3(c) and as set forth below, all fees and
disbursements of counsel, accountants or other advisors for any Holder and any
other fees and expenses not covered by the preceding sentence. In connection
with the Shelf Registration Statement and the applicable Registration Statement
for one (1) Demand Registration, the Company shall bear or reimburse the Holders
of the Securities covered thereby for reasonable fees and disbursements of not
more than one (1) counsel chosen by the Holders of a majority in principal
amount of the Securities covered thereby to act as counsel for the Holders in
connection therewith. For purposes of this Agreement, "Registration Statement"
                                                       ----------------------
shall mean the Shelf Registration Statement and any applicable registration
statement in connection with Demand and Piggyback Registrations.

     7.  Indemnification.
         ---------------

         (a)   The Company agrees to indemnify and hold harmless each Holder of
     the Securities, each agent representative, employee, officer and director
     of any such Holder, and each person, if any, who controls such Holder
     within the meaning of the Securities Act or the Exchange Act (each Holder
     and such persons are referred to collectively as the "Indemnified Parties")
                                                           -------------------
     from and against any losses, claims, damages or liabilities, joint or
     several, or any actions in respect thereof (including, but not limited to,
     any losses, claims, damages, liabilities or actions relating to purchases
     and sales of the Securities) to which each Indemnified Party may become
     subject under the Securities Act, the Exchange Act

<PAGE>

                    Registration Rights Agreement - Page 12

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

          (b)  Each Holder, severally and not jointly, will indemnify and hold
     harmless the Company, its officers, directors and each person, if any, who
     controls the Company within the meaning of the Securities Act or the
     Exchange Act from and against any losses, claims, damages or liabilities or
     any actions in respect thereof, to which the Company or any such
     controlling person may become subject under the Securities Act, the
     Exchange Act or otherwise, insofar as such losses, claims, damages,
     liabilities or actions arise out of or are based upon any untrue statement
     or alleged untrue statement of a material fact contained in a Registration
     Statement or prospectus or in any amendment or supplement thereto or in any
     preliminary prospectus relating to a Registration Statement, or arise out
     of or are based upon the omission or alleged omission to state therein a
     material fact necessary to make the statements therein not misleading, but
     in each case only to the extent that the untrue statement or omission or
     alleged untrue statement or omission was made in reliance upon and in
     conformity with written information pertaining to such Holder and furnished
     to the Company by or on behalf of such Holder specifically for inclusion
     therein; and, subject to the limitation set forth
<PAGE>

                    Registration Rights Agreement - Page 13

     immediately preceding this clause, shall reimburse, as incurred, the
     Company for any legal or other expenses reasonably incurred by the Company
     or any such controlling person in connection with investigating or
     defending any loss, claim, damage, liability or action in respect thereof.
     This indemnity agreement will be in addition to any liability which such
     Holder may otherwise have to the Company or any of its controlling persons.

          (c)  Promptly after receipt by an indemnified party under this Section
     7 of notice of the commencement of any action or proceeding (including a
     governmental investigation), such indemnified party will, if a claim in
     respect thereof is to be made against the indemnifying party under this
     Section 7, notify the indemnifying party of the commencement thereof; but
     the omission so to notify the indemnifying party will not, in any event,
     relieve the indemnifying party from any obligations to any indemnified
     party other than the indemnification obligation provided in paragraph (a)
     or (b) above. In case any such action is brought against any indemnified
     party, and it notifies the indemnifying party of the commencement thereof,
     the indemnifying party will be entitled to participate therein and, to the
     extent that it may wish, jointly with any other indemnifying party
     similarly notified, to assume the defense thereof, with counsel reasonably
     satisfactory to such indemnified party (who shall not, except with the
     consent of the indemnified party, be counsel to the indemnifying party),
     and after notice from the indemnifying party to such indemnified party of
     its election so to assume the defense thereof the indemnifying party will
     not be liable to such indemnified party under this Section 7 for any legal
     or other expenses, other than reasonable costs of investigation,
     subsequently incurred by such indemnified party in connection with the
     defense thereof. No indemnifying party shall, without the prior written
     consent of the indemnified party, effect any settlement of any pending or
     threatened action in respect of which any indemnified party is or could
     have been a party and indemnity could have been sought hereunder by such
     indemnified party unless such settlement includes an unconditional release
     of such indemnified party from all liability on any claims that are the
     subject matter of such action, and 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. No indemnified party shall effect any settlement of any
     pending or threatened action without the prior written consent of the
     indemnifying party, which such consent shall not be unreasonably withheld
     or delayed.

          (d)  If the indemnification provided for in this Section 7 is
     unavailable or insufficient to hold harmless an indemnified party under
     subsections (a) or (b) above, then each indemnifying party shall contribute
     to the amount paid or payable by such indemnified party as a result of the
     losses, claims, damages or liabilities (or actions in respect thereof)
     referred to in subsection (a) or (b) above (i) in such proportion as is
     appropriate to reflect the relative benefits received by the indemnifying
     party or parties on the one hand and the indemnified party on the other
     from the sale of the Securities, pursuant to the Registration Statement, or
     (ii) if the allocation provided by the foregoing clause (i) is not
     permitted by applicable law, in such proportion as is appropriate to
     reflect not only the relative benefits referred to in clause (i) above but
     also the relative fault of the indemnifying party or parties on the one
     hand and the indemnified party on the other in connection with the
     statements or omissions that resulted in such losses, claims, damages or
     liabilities (or actions in respect thereof) as well as any other relevant
     equitable considerations. The relative fault of the parties shall be
     determined by
<PAGE>

                    Registration Rights Agreement - Page 14

     reference to, among other things, whether the untrue or alleged untrue
     statement of a material fact or the omission or alleged omission to state a
     material fact relates to information supplied by the Company on the one
     hand or such Holder or such other indemnified party, as the case may be, on
     the other, and the parties' relative intent, knowledge, access to
     information and opportunity to correct or prevent such statement or
     omission. The amount paid by an indemnified party as a result of the
     losses, claims, damages or liabilities referred to in the first sentence of
     this subsection (d) shall be deemed to include any legal or other expenses
     reasonably incurred by such indemnified party in connection with
     investigating or defending any action or claim which is the subject of this
     subsection (d). Notwithstanding any other provision of this Section 7(d),
     the Holders shall not be required to contribute any amount in excess of the
     amount by which the net proceeds received by such Holders from the sale of
     the Securities pursuant to a Registration Statement exceeds the amount of
     damages which such Holders have otherwise been required to pay by reason of
     such untrue or alleged untrue statement or omission or alleged omission. No
     person guilty of fraudulent misrepresentation (within the meaning of
     Section 11(f) of the Securities Act) shall be entitled to contribution from
     any person who was not guilty of such fraudulent misrepresentation. For
     purposes of this paragraph (d), each person, if any, who controls such
     indemnified party within the meaning of the Securities Act or the Exchange
     Act shall have the same rights to contribution as such indemnified party
     and each person, if any, who controls the Company within the meaning of the
     Securities Act or the Exchange Act shall have the same rights to
     contribution as the Company.

          (e)  The agreements contained in this Section 7 shall survive the sale
     of the Securities pursuant to a Registration Statement and shall remain in
     full force and effect, regardless of any termination or cancellation of
     this Agreement or any investigation made by or on behalf of any indemnified
     party.

     8.   Additional Interest Under Certain Circumstances.
          ------------------------------------------------

          (a)  Additional interest (the "Additional Interest") with respect to
                                         -------------------
     the Securities (except with respect to (iii) below, which such Additional
     Interest shall only apply to the Securities held by the affected Holder(s))
     shall be assessed as follows if any of the following events occur (each
     such event in clauses (i) through (v) below being herein called a

     "Registration Default"):
      ---------------------

               (i)    If on or prior to the 150th day after the Closing Date (as
          defined in the Purchase Agreement), the Shelf Registration Statement
          has not been filed with the Commission;

               (ii)   If on or prior to the 220th day after the Closing Date (as
          defined in the Purchase Agreement), the Shelf Registration Statement
          has not been declared effective by the Commission;

               (iii)  The Company fails with respect to a Holder of Notes that
          supplies the Notice and Questionnaire described in Section 1(d) above
          to amend or
<PAGE>

                    Registration Rights Agreement - Page 15

          supplement the Shelf Registration Statement in the manner set forth in
          Section 1(d) above;

               (iv) If after the Shelf Registration Statement is declared
          effective, such Shelf Registration Statement or the related prospectus
          ceases to be usable in connection with resales of Transfer Restricted
          Securities during the periods specified herein because the Company
          suspends the effectiveness of such Shelf Registration Statement beyond
          the periods set forth in Section 2(h) above;

               (v) If after the Shelf Registration Statement is declared
          effective, such Registration Statement or the related prospectus
          ceases to be usable in connection with resales of Transfer Restricted
          Securities during the periods specified herein and the Company fails
          to cure the Shelf Registration Statement within fifteen (15) business
          days by filing a post-effective amendment or report pursuant to the
          Exchange Act;

               (vi) If on or prior to the 120th day after the Demand Initiation
          Date, a registration statement relating to the applicable Demand
          Registration has not been filed with the Commission; or

               (vii)  If on or prior to the 180th day after the Demand
          Initiation Date, a registration statement relating to the applicable
          Demand Registration has not been declared effective by the Commission.

Each of the foregoing will constitute a Registration Default whatever the reason
for any such event and whether it is voluntary or involuntary or is beyond the
control of the Company or pursuant to operation of law or as a result of any
action or inaction by the Commission.

          Additional Interest shall accrue on the Notes and Conversion Shares
that are Transfer Restricted Shares over and above the interest set forth in the
title of the Securities from and including the date on which any such
Registration Default shall occur to but excluding the date on which all such
Registration Defaults have been cured, at a rate of 0.50% per annum (the
"Additional Interest Rate").
-------------------------

          (b)  A Registration Default referred to in Section 8(a)(v) hereof
     shall be deemed not to have occurred and be continuing in relation to a
     Shelf Registration Statement or the related prospectus if (i) such
     Registration Default has occurred solely as a result of (x) the filing of a
     post-effective amendment to such Shelf Registration Statement to
     incorporate annual audited financial information with respect to the
     Company where such post-effective amendment is not yet effective and needs
     to be declared effective to permit Holders to use the related prospectus or
     (y) other material events with respect to the Company that would need to be
     described in such Shelf Registration Statement or the related prospectus
     and (ii) in the case of clause (y), the Company is proceeding promptly and
     in good faith to amend or supplement such Shelf Registration Statement and
     related prospectus to describe such events; provided, however, that in any
                                                 -----------------
     case if such Registration Default occurs for a continuous period in excess
     of 30 days, Additional Interest shall be payable in accordance with the
     above

<PAGE>

                    Registration Rights Agreement - Page 16

     paragraph from the day such Registration Default occurs until such
     Registration Default is cured.

          (c) Any amounts of Additional Interest due pursuant to Section 8(a)
     above will be payable in cash to the "Record Holder" (as defined in Section
                                           -------------
     8(d) below) on the "Damages Payment Dates" (as defined in Section 8(d)
                         ---------------------
     below) with respect to the Notes and the Conversion Shares.  The amount of
     Additional Interest will be determined by (1) multiplying the applicable
     Additional Interest Rate by (x) in the case of the Notes, the "Applicable
                                                                    ----------
     Principal Amount" (as defined in Section 8(d) below) or (y) in the case of
     ----------------
     the Conversion Shares, the "Applicable Conversion Price" (as defined in
                                 ---------------------------
     Section 8(d) below) and then (2) multiplying the product of the calculation
     set forth in (c)(1) above by a fraction, the numerator of which is the
     number of days such Additional Interest Rate was applied during such period
     (determined on the basis of a 360 day year comprised of twelve 30-day
     months), and the denominator of which is 360.

          (d) The following terms shall have the following meaning(s):

          The term "Applicable Conversion Price" means the Applicable Principal
                    ---------------------------
Amount divided by the Conversion Price set forth in the Notes, as adjusted from
time to time pursuant to the Indenture, in effect as of the next succeeding June
15 or December 15 following such Registration Default in the case of the first
such payment of Additional Interest with respect to a Registration Default (and
thereafter at the next succeeding June 15 or December 15 until the cure of such
Registration Default) or, if no Notes are then outstanding, the last Conversion
Price that was in effect when the Notes were last outstanding.

          The term "Applicable Principal Amount" with respect to each $1,000
                    ---------------------------
principal amount of maturity of Notes means the initial issue price of such Note
($1,000) through the next succeeding June 15 or December 15 following such
Registration Default in the case of such payment of Additional Interest with
respect to a Registration Default (and thereafter at the next succeeding June 15
or December 15 until the cure of such Registration Default) or, if no Notes are
then outstanding, such sum calculated as if such Notes were then outstanding.

          The term "Damages Payment Date" means each June 15 or December 15 in
                    --------------------
the case of the Notes and the Conversion Shares.

          The term "Record Holder" means with respect to any Damages Payment
                    -------------
Date relating to any Note or Conversion Shares as to which any Additional
Interest has accrued, the registered holder of such Note or Conversion Shares,
as the case may be, fifteen (15) days prior to the next succeeding Damages
Payment Date.

          The term "Transfer Restricted Securities" means each Security until
                    ------------------------------
the earliest of (i) the date on which such Security has been effectively
registered under the Securities Act and disposed of in accordance with the Shelf
Registration Statement, (ii) to the extent such Security is held by a non-
affiliate of the Company, the date on which such Security may be sold by the
Holder thereof to the public pursuant to Rule 144 under the Securities Act,
(iii) to the extent such Security is held by an affiliate of the Company, the
date on which such Security is sold by the Holder thereof to the public pursuant
to Rule 144 under the Securities Act or (iv) the date on
<PAGE>

                    Registration Rights Agreement - Page 17

which such Security is saleable by the Holder thereof pursuant to Rule 144(k)
under the Securities Act. Notwithstanding anything herein to the contrary, the
registration rights granted hereunder shall terminate as to each Holder and with
respect to such Securities upon the date that such Securities are no longer
Transfer Restricted Securities.

          9.   SEC Filings.  The Company shall use its best efforts to file the
               -----------
reports required to be filed by it under the Securities Act and the Exchange Act
in a timely manner and, if at any time the Company is not required to file such
reports, it will, upon the request of any Holder of Securities, make publicly
available other information so long as necessary to permit sales of their
securities pursuant to Rule 144.  The Company covenants that it will take such
further action as any Holder of Securities may reasonably request, all to the
extent required from time to time to enable such Holder to sell Securities
without registration under the Securities Act within the limitation of the
exemptions provided by Rule 144.  The Company will provide an executed
counterpart of this Agreement to prospective purchasers of the Notes identified
to the Company by the Purchaser upon request.  Upon the request of any Holder of
Notes, the Company shall deliver to such Holder a written statement as to
whether it has complied with such requirements.  Notwithstanding the foregoing,
nothing in this Section 9 shall be deemed to require the Company to register any
of its securities pursuant to the Exchange Act.

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

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

          11.  Miscellaneous.
               -------------

               (a)    No Inconsistent Agreements. The Company will not on or
          after the date of this Agreement enter into any agreement with respect
          to its securities that is inconsistent or conflicts with the legal
          rights granted to the Holders in this Agreement. The rights granted to
          the Holders hereunder do not in any way conflict with and are not
          inconsistent with the rights granted to the holders of the Company's
          securities under any agreement in effect on the date hereof.
          Notwithstanding anything herein to the contrary, the Company shall not
          be limited or in any way prevented from entering into any agreement
          granting any holder or prospective holder of any securities of the
          Company registration rights with respect to such securities that do
          not conflict with the registration rights of the Holders hereunder.
<PAGE>

                    Registration Rights Agreement - Page 18

               (b)    Amendments and Waivers. The provisions of this Agreement,
          including the provisions of this sentence, may not be amended,
          modified or supplemented, and waivers or consents to departures from
          the provisions hereof may not be given, unless the Company has
          obtained the written consent of the Holders of a majority of the then
          outstanding Conversion Shares constituting Transfer Restricted
          Securities (with Holders of Notes deemed to be the Holders, for
          purposes of this Section 11(b), of the number of outstanding shares of
          Conversion Shares into which such Notes are or would be convertible or
          exchangeable as of the date on which such consent is requested).
          Notwithstanding the foregoing, a waiver or consent to depart from the
          provisions hereof with respect to a matter that relates exclusively to
          the rights of Holders of Transfer Restricted Securities whose
          securities are being sold pursuant to a Shelf Registration Statement
          and that does not directly or indirectly affect the rights of other
          Holders of Transfer Restricted Securities may be given by Holders of
          at least a majority of the Transfer Restricted Securities being sold
          by such Holders pursuant to such Shelf Registration Statement;
          provided, however, that the provisions of this sentence may not be
          --------  -------
          amended, modified or supplemented except in accordance with the
          provisions of the immediately preceding sentence; provided, further,
                                                            --------  -------
          without the consent of each Holder, no amendment, modification or
          supplement may alter the provisions relating to the payment of
          Additional Interest. Each Holder of Transfer Restricted Securities
          outstanding at the time of any such amendment, modification,
          supplement, waiver or consent or thereafter shall be bound by any such
          amendment, modification, supplement, waiver or consent effected
          pursuant to this Section 11, whether or not any notice, writing or
          marking indicating such amendment, modification, supplement, waiver or
          consent appears on the Transfer Restricted Securities or is delivered
          to such Holder. Each Holder may waive compliance with respect to any
          obligation of the Company under this Agreement as it may apply or be
          enforced by such particular Holder.

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

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

                      (2) if to the Purchaser:

                          Citicorp Mezzanine III, L.P.
                          399 Park Avenue
                          New York, New York 10043
                          Facsimile No.:  (212) 888-2940
                          Attention:  General Partner
<PAGE>

                    Registration Rights Agreement - Page 19

          with a copy to:

                    Morgan, Lewis & Bockius LLP
                    101 Park Avenue
                    New York, New York 10178
                    Facsimile No.:  (212) 309-6273
                    Attention:  James Mercadante, Esq.
                                Zechariah Clifton Dameron IV, Esq.

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

                    ChipPAC, Inc.
                    47400 Kato Road
                    Fremont, California  94538
                    Facsimile No. (510) 979-8001
                    Attention:  Robert Krakauer

          with a copy to:

                    Kirkland & Ellis
                    777 South Figueroa Street
                    34th Floor
                    Los Angeles, California 90017
                    Facsimile No. (213) 680-8500
                    Attention: Eva Davis, Esq.
                                (for all notices other than Selling Security
                                Holder Notice and Questionnaire)
                                Charles Pak, Esq.
                                Kara Beal, Esq.
                                (for all Selling Securityholder Notice
                                and Questionnaire)

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

          (d) Third Party Beneficiaries.  The Holders shall be third party
     beneficiaries to the agreements made hereunder between the Company, on the
     one hand, and the Purchaser, on the other hand, and shall have the right to
     enforce such agreements directly to the extent they may deem such
     enforcement necessary or advisable to protect their rights or the rights of
     Holders hereunder.

          (e) Successors and Assigns.  This Agreement shall inure to the benefit
     of and be binding upon the successors and assigns of each of the parties,
     including, without limitation and without the need for an express
     assignment, subsequent Holders; provided,
                                     --------
<PAGE>

                    Registration Rights Agreement - Page 20

     however, that this Agreement shall not inure to the benefit of or be
     -------
     binding upon a successor or assign of a Holder unless and to the extent
     such successor or assign acquired Transfer Restricted Securities from such
     Holder; and provided, further that nothing herein shall be deemed to permit
                 --------  -------
     any assignment, transfer or any disposition of Transfer Restricted
     Securities in violation of the terms of the Purchase Agreement. If any
     transferee of any Holder shall acquire Transfer Restricted Securities, in
     any manner, whether by operation of law or otherwise, such Transfer
     Restricted Securities shall be held subject to all of the terms of this
     Agreement and by taking and holding such Transfer Restricted Securities
     such person shall be conclusively deemed to have agreed to be bound by and
     to perform all of the terms and provisions of this Agreement and such
     Person shall be entitled to receive the benefits hereof.

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

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

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

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

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

          (k) Standoff Agreement. In connection with the public offering of any
     of the Company's debt or equity securities, each Holder and its affiliates
     (so long as they beneficially own at least five percent (5%) of the capital
     stock of the Company) agrees, that upon request of the Company or the
     underwriters managing any underwritten offering of the Company's
     securities, not to sell, make any short sale of, loan, grant any  option
     for the purchase of, or otherwise dispose of any Securities without the
     prior written consent of the Company or such underwriters, as the case may
     be, for such period of time (not to exceed 120 days) from the effective
     date of such registration statement as may be requested by the
     underwriters; provided that the (i) executive officers and directors of the
     Company who own securities of the Company and (ii) holders of five percent
     (5%) or more of the capital stock of the Company also agree to such
     restrictions.
<PAGE>

                Signature Page to Registration Rights Agreement

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

                              Very truly yours,

                              CHIPPAC, INC.

                              By:_________________________________________
                              Name:  Dennis P. McKenna
                              Title:  Chairman of the Board, President and
                                      Chief Executive Officer

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

CITICORP MEZZANINE III, L.P.

By:  Citicorp Capital Investors, Limited, its general partner

By:_________________________________
   Name:
   Title:
<PAGE>

                                                                         ANNEX A

                                 CHIPPAC, INC.

                 QUESTIONNAIRE FOR BENEFICIAL OWNERS REGARDING
           SECURITIES TO BE INCLUDED IN SHELF REGISTRATION STATEMENT

     The following questions (the "Questionnaire") elicit information to prepare
                                   -------------
(i) the Registration Statement on Form S-3 (the "Shelf Registration Statement")
                                                 ----------------------------
registering for resale the Company's 8% Convertible Subordinated Notes due 2011
(the "Notes"), on behalf of the beneficial owners thereof, and the Class A
      -----
Common Stock, par value, $0.01 per share, of the Company (the "Common Stock")
                                                               ------------
issuable upon conversion of the Notes (the "Notes Stock") (collectively, the
                                            -----------
"Securities"), filed by ChipPAC, Inc. (the "Company") with the Securities
-----------                                 -------
Exchange Commission in accordance with the rights granted to you and the other
holders of Notes and/or Notes Stock (collectively, "Selling Securityholders")
                                                    -----------------------
pursuant to the Registration Rights Agreement, dated June 22, 2001, by and
between the Company and the purchaser party thereto (the "Registration Rights
                                                          -------------------
Agreement") and (ii) other securities documents which may be required in
---------
connection with the Shelf Registration Statement.  By electing to sell the
Securities pursuant to the Shelf Registration Statement you agree to be bound by
the terms of the Registration Rights Agreement.

     Because the information provided in this Questionnaire will be used in
connection with the preparation of documents to be filed with state and federal
agencies, it should be accurate, complete and true, and not omit any material or
important information.

     By execution of this Questionnaire, you agree to notify the Company's legal
counsel as promptly as practicable of any inaccuracy or change in information
previously furnished by you to the Company or the occurrence of any event in
either case as a result of which any Prospectus included in such Shelf
Registration Statement contains or would contain an untrue statement of a
material fact regarding you or your intended method of distribution of such
Securities necessary to make the statements therein, in light of the
circumstances then existing, not misleading, and you agree promptly to furnish
to the Company's legal counsel any additional information required to correct
and update any previously furnished information or required so that such
Prospectus shall not contain, with respect to you or the distribution of
Securities held by you that are included in the Shelf Registration Statement, an
untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances then existing, not
misleading.

     Each beneficial owner of the Notes is being furnished with two copies of
this Questionnaire.  Please complete and execute one copy and return it to the
Company's legal counsel, Kirkland & Ellis, 777 South Figueroa Street, 34/th/
Floor, Los Angeles, CA 90017, Attention: Charles Pak and Kara Beal, on or before
the date of the initial issuance of the Notes (the "Closing Date").  By
                                                    ------------
executing this Questionnaire, you hereby consent to being named in the Shelf
Registration Statement and to the presentation of all information furnished
herein which is required to be disclosed in the Shelf Registration Statement.

     PURSUANT TO THE TERMS OF THE REGISTRATION RIGHTS AGREEMENT, YOU ARE
OBLIGATED TO INDEMNIFY THE COMPANY IF THE INFORMATION YOU PROVIDE HEREIN IS
INACCURATE OR MISLEADING.

     SECURITIES WILL NOT BE INCLUDED IN THE SHELF REGISTRATION STATEMENT UNLESS
YOU COMPLETE THIS QUESTIONNAIRE, SIGN IT AND DELIVER A COPY TO THE COMPANY'S
LEGAL COUNSEL IN THE MANNER DESCRIBED HEREIN AND PROMPTLY NOTIFY THE COMPANY'S
LEGAL COUNSEL OF ANY CHANGES TO THE INFORMATION CONTAINED HEREIN.

                                      A-1
<PAGE>

                 INSTRUCTIONS FOR COMPLETION OF QUESTIONNAIRE:

     Please answer each question fully.  Give the most exact and accurate
answers possible.  If your response to any of the questions presented below is
negative or if any of the questions are not applicable, please so state in the
space provided.  Please sign and date the Questionnaire.  Certain terms used
herein are defined in Appendix A hereto, which should be referred to in
completing this Questionnaire.

1.   General

State your full name as it should appear in any filings made.

NAME OF SELLING SECURITYHOLDER:_________________________________________________

SOCIAL SECURITY NUMBER OR FEDERAL EMPLOYER I.D.NUMBER:__________________________

BUSINESS ADDRESS:_______________________________________________________________

RESIDENCE ADDRESS: _____________________________________________________________

TELEPHONE NUMBER: ______________________________________________________________

          Business: ___________________________________

          Fax: ________________________________________

     If an entity, please indicate principal contact for questions:

          NAME: ____________________________________

          ADDRESS: _________________________________

          TELEPHONE NUMBER: ________________________

          FAX NUMBER: ______________________________

2.   Please describe the nature of the business you or your organization
     conducts.

3.   Please state your current position, office or other relationship with the
     Company (or its predecessors or affiliates) and any position, office or
     other relationship with the Company (or its predecessors or affiliates)
     during the past three years.

4.   If you hold any or all of the Notes or Notes Stock on behalf of another
     person or entity, please state the full name(s) and address(es) of such
     person(s) or entity(ies) and the amount(s) so held.

5.   Check the box which represents the CUSIP Number of the Notes that you hold.

     [_]  144A Global Note; CUSIP Number:

                                      A-2
<PAGE>

     [_]  ___________________________________

6.   Please state the amount of Notes and/or Notes Stock owned of record by you.

     Notes:________________________________

     Notes Stock:__________________________

7.   Please state the amount of Notes and/or Notes Stock for which you are the
     beneficial owner and the record owner.

     Notes:________________________________

     Notes Stock:__________________________

8.   Please state the amount of Notes and Notes Stock for which you are the
     beneficial owner, but not the record owner.

     Notes:________________________________

     Notes Stock:__________________________

Please include the name and address of the record owner and your relationship to
the record owner.

     Notes:_________________________________

     Notes Stock:___________________________

9.   If any other person or entity shares voting or investment power with you
     with respect to the Notes or Notes Stock listed in questions 6, 7 and 8
     above, please

     a.  briefly identify the person or entity,

     b.  give the principal amount or number subject to shared voting power or
         investment power and

     c.  summarize the arrangement.

10.  Are any of the Notes or Notes Stock owned by you subject to any pledge or
     other contractual arrangement?
     No ____Yes ____

     If yes, please explain such pledge or other contractual arrangement.

11.  Please describe any other rights to purchase Notes or Notes Stock that you
     have.

12.  Please state the amount of Notes and Notes Stock to be offered for your
     account in the Shelf Registration Statement.

     Notes: ______________________________

     Notes Stock:  _________________________
13.  Have you entered into any agreement, arrangement or understanding with a
     broker or dealer with respect to the offering of the Notes or Notes Stock
     to be registered in the Shelf Registration Statement?

                                      A-3
<PAGE>

     No ____Yes ____

     If yes, please set forth the terms of any such agreement, arrangement or
understanding (including without limitation volume limitations on sales, parties
to the agreement, arrangement or understanding and conditions under which the
agreement, arrangement or understanding may be terminated) below.

14.  Identify any broker(s) or dealer(s) participating in the offering of Notes
     or Notes Stock to be offered for your account and state the amount of Notes
     and Notes Stock to be offered by each such broker.

15.  Set forth below any discounts or commissions, if any, to be allowed or paid
     to dealers in connection with the sale of the Notes or Notes Stock to be
     offered for your account.

16.  Identify any finder known to you to be involved with the distribution of
     the Notes or Notes Stock to be offered for your account and, if applicable,
     the finder's relationship with the Company or its officers, directors,
     principal shareholders, finders or promoters.

17.  Attached as Appendix B hereto is a description of a plan of distribution
     that is intended to be used, in substantially the form of Appendix B, in
     the Shelf Registration Statement.  Please indicate whether anything stated
     in Appendix B is inaccurate or misleading with respect to your plan to
     distribute the Notes and Note Stock owned by you or whether Appendix B
     omits to state any information about your plan of distribution.

     No ___Yes ____

     If yes, describe below specifically in what manner Appendix B is inaccurate
or misleading, Please also describe below any additional information about your
plan to distribute the Notes and Notes Stock that you own.

                                      A-4
<PAGE>

                                 CERTIFICATION

     The information set forth above is supplied by the undersigned in response
to the request of the Company and may be used in connection with the Shelf
Registration Statement.  The undersigned hereby affirms that such information is
correct as of the date hereof.  The undersigned will promptly notify the
Company's legal counsel of any changes in such information, whether such change
occurred subsequent hereto and prior to the filing or effectiveness of the Shelf
Registration Statement or after the Shelf Registration Statement is filed or
becomes effective.  The undersigned understands and agrees that this
Questionnaire, as completed by him or her, and any further communications by him
or her regarding the matters contemplated herein, will be relied upon by the
Company, its legal counsel, and the representatives of any underwriters and
their counsel, in connection with filings related to the Shelf Registration
Statement.

     The undersigned understands that material misstatements or the omission of
material facts in the Shelf Registration Statement may give rise to civil and
criminal liabilities for the Company, each officer and director of the Company
signing the Shelf Registration Statement and other persons signing such
document.

     Signature of Holder/1/ ________________________________________

     Please type or print name and title, if any:___________________

     Date: _______________

     RETURN COMPLETED QUESTIONNAIRE ON OR BEFORE THE CLOSING DATE TO:

                               Charles Pak, Esq.
                                Kara Beal, Esq.
                               Kirkland & Ellis
                           777 South Figueroa Street
                                 34/th/ Floor
                         Los Angeles, California 90017
                              Fax: (213) 680-8500

________________________________

/1/  If this Questionnaire is being completed by or on behalf of a person other
than an individual, the entity on whose behalf the Questionnaire is being
completed should be stated.

                                      A-5
<PAGE>

                                  APPENDIX A

     1.   Arrangement.  Any plan, contract, arrangement or understanding,
whether or not set forth in a formal document.

     2.   Associate.  The term "associate" means:

          (a)  Any corporation or organization, except the Company and its
     majority-owned subsidiaries, of which you are an executive officer or
     partner or of which you, together with other officers or directors of the
     Company, are, directly or indirectly, the beneficial owner of 10% or more
     of any class of equity securities.

          (b)  Any trust or other estate in which you have a substantial
     beneficial interest or as to which you serve as trustee or in a similar
     fiduciary capacity.

          (c)  Any relative, your spouse or any relative of your spouse who
     resides with you or who is a director or officer of the Company or its
     subsidiaries.

     3.   Beneficial Owner.  A "beneficial owner" of securities is any person
who, directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise has or shares:

          (a)  Voting power, which includes the power to vote, or to direct the
voting of, such security; and/or,

          (b)  Investment power, which includes the power to dispose or direct
the disposition of, such security.

     Furthermore, a "beneficial owner" of a security includes any person who has
the right to acquire beneficial ownership of such security at any time within
sixty (60) days.  The right to acquire beneficial ownership could (but need not
necessarily) be through (i) the exercise of any option, warrant or right, (ii)
the conversion of a security, (iii) a power to revoke or automatic termination
of a trust, discretionary account, or similar arrangement, or (iv) otherwise.

     A "beneficial owner" also includes any person who, directly or indirectly,
creates or uses a trust, proxy, power of attorney, pooling arrangement or any
other contract, arrangement or device with the purpose or effect of divesting
such person of beneficial ownership of a security or preventing the vesting of
such beneficial ownership as part of a plan to evade the reporting requirements
of any federal or state securities act.

     Securities owned beneficially would include not only securities held by you
for your own benefit, whether in bearer form or registered in your own name or
otherwise, but would also include securities held by others for your benefit or
securities from which you obtain benefits substantially equivalent to those of
ownership (regardless of whether or how they are registered), such as, for
example, securities held for you by banks or other custodians, brokers (whether
in your name, their name or in "street name"), executors, administrators, or
trustees (including trusts in which you have only a remainder interest) and
securities held for your account by pledgees, and securities owned by a
partnership in which you are a member, and securities owned by any corporation
in which you and your associates own 10% or more of the stock.  A person is
deemed to be the beneficial owner of securities beneficially owned by his
spouse, his minor children, or any relative sharing his home.

     "Indirectly," when used to refer to beneficial ownership of securities,
means ownership through another such as a controlled corporation, member of the
family, estate, trust, partnership or other entity.

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