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                                                                    Exhibit 4.42

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                          REGISTRATION RIGHTS AGREEMENT

                          DATED AS OF NOVEMBER 18, 2004
                                  BY AND AMONG

                               STATS CHIPPAC LTD.,

                        THE GUARANTOR SIGNATORIES HERETO

                                       AND

                       DEUTSCHE BANK AG, SINGAPORE BRANCH
                     LEHMAN BROTHERS INTERNATIONAL (EUROPE)

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      This Registration Rights Agreement (this "AGREEMENT") is made and entered
into as of November 18, 2004, by and among STATS ChipPac Ltd., a corporation
organized under the laws of the Republic of Singapore (the "COMPANY") and the
subsidiaries of the Company listed on the signature pages hereto (the
"GUARANTORS"), and Deutsche Bank AG, Singapore Branch and Lehman Brothers
International (Europe) (each an "INITIAL PURCHASER" and, together, the "INITIAL
PURCHASERS"), each of whom has agreed to purchase the Company's 6 -3/4% Series A
Senior Notes due 2011 (the "SERIES A NOTES") pursuant to the Purchase Agreement,
dated November 5, 2004, (the "PURCHASE AGREEMENT"), by and among the Company,
the Guarantors and the Initial Purchasers.

      In order to induce the Initial Purchasers to purchase the Series A Notes,
the Company has agreed to provide the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the
obligations of the Initial Purchasers set forth in Section 5 of the Purchase
Agreement. Capitalized terms used herein and not otherwise defined shall have
the meaning assigned to them the Indenture, dated November 18, 2004, between the
Company and U.S. Bank National Association, as Trustee, relating to the Series A
Notes and the Series B Notes (the "INDENTURE").

      The parties hereby agree as follows:

SECTION 1. DEFINITIONS

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

      ACT: The Securities Act of 1933, as amended, and the rules and regulations
of the Commission promulgated thereunder.

      AFFILIATE: As defined in Rule 144 of the Act.

      BROKER-DEALER: Any broker or dealer registered under the Exchange Act.

      CERTIFICATED SECURITIES: Definitive Notes, as defined in the Indenture.

      CLOSING DATE: The date hereof.

      COMMISSION: The Securities and Exchange Commission.

      CONSUMMATE: An Exchange Offer shall be deemed "Consummated" for purposes
of this Agreement upon the occurrence of (a) the effectiveness under the Act of
the Exchange Offer Registration Statement relating to the Series B Notes to be
issued in the Exchange Offer, (b) the maintenance of such Exchange Offer
Registration Statement continuously effective and the keeping of the Exchange
Offer open for a period not less than the period required pursuant to Section
3(b) hereof and (c) the delivery by the Company to the Registrar under the
Indenture of Series B Notes in the same aggregate principal amount as the
aggregate principal amount of Series A Notes validly tendered by Holders thereof
pursuant to the Exchange Offer.

      CONSUMMATION DEADLINE: As defined in Section 3(b) hereof.

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      EFFECTIVENESS DEADLINE: As defined in Section 3(a) and 4(a) hereof.

      EXCHANGE ACT: The Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Commission promulgated thereunder.

      EXCHANGE OFFER: The exchange and issuance by the Company of a principal
amount of Series B Notes (which shall be registered pursuant to the Exchange
Offer Registration Statement) equal to the outstanding principal amount of
Series A Notes that are validly tendered by such Holders in connection with such
exchange and issuance.

      EXCHANGE OFFER REGISTRATION STATEMENT: The Registration Statement relating
to the Exchange Offer, including the related Prospectus.

      EXEMPT RESALES: The transactions in which the Initial Purchasers propose
to sell the Series A Notes to certain "qualified institutional buyers," as such
term is defined in Rule 144A under the Act and pursuant to Regulation S under
the Act.

      FILING DEADLINE: As defined in Sections 3(a) and 4(a) hereof.

      HOLDERS: As defined in Section 2 hereof.

      NOTES: The Series A Notes and the Series B Notes.

      PROSPECTUS: The prospectus included in a Registration Statement at the
time such Registration Statement is declared effective (including, without
limitation, a prospectus that discloses information previously omitted from a
prospectus filed as part of an effective Registration Statement in reliance upon
Rule 430A under the Act), as amended or supplemented by any prospectus
supplement and by all other amendments thereto, including post-effective
amendments, and all material incorporated by reference into such Prospectus.

      RECOMMENCEMENT DATE: As defined in Section 6(d) hereof.

      REGISTRATION DEFAULT: As defined in Section 5 hereof.

      REGISTRATION STATEMENT: Any registration statement of the Company and the
Guarantors relating to (a) an offering of Series B Notes pursuant to an Exchange
Offer or (b) the registration for resale of Transfer Restricted Securities
pursuant to the Shelf Registration Statement, in each case, (i) that is filed
pursuant to the provisions of this Agreement and (ii) including the Prospectus
included therein, all amendments and supplements thereto (including
post-effective amendments) and all exhibits and material incorporated by
reference therein.

      REGULATION S: Regulation S promulgated under the Act.

      RULE 144: Rule 144 promulgated under the Act.

      SERIES B NOTES: The Company's 6 3/4% Series B Senior Notes due 2011 to be
issued pursuant to the Indenture: (i) in the Exchange Offer or (ii) as
contemplated by Section 6 hereof.

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      SHELF REGISTRATION STATEMENT: As defined in Section 4 hereof.

      SUSPENSION NOTICE: As defined in Section 6(d) hereof.

      TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as
in effect on the date of the Indenture.

      TRANSFER RESTRICTED SECURITIES: Shall mean each Note, until the earliest
to occur of (i) the date on which such Series A Note is exchanged in the
Exchange Offer by a Person other than a Broker-Dealer for a Series B Note which
is entitled to be resold to the public by the Holder thereof without complying
with the prospectus delivery requirements of the Act, (ii) following the
exchange by a Broker-Dealer in the Exchange Offer of a Series A Note for a
Series B Note, the date on which such Series B Note is sold to a purchaser who
receives from such Broker-Dealer on or prior to the date of such sale a copy of
the Prospectus contained in the Exchange Offer Registration Statement, (iii) the
date on which such Series A Note has been effectively registered under the Act
and disposed of in accordance with a Shelf Registration Statement (and the
purchasers thereof have been issued Series B Notes), or (iv) the date on which
such Series A Note is distributed to the public pursuant to Rule 144 under the
Act.

SECTION 2. HOLDERS

      A Person is deemed to be a holder of Transfer Restricted Securities (each,
a "HOLDER") whenever such Person owns Transfer Restricted Securities.

SECTION 3. REGISTERED EXCHANGE OFFER

      (a) Unless the Exchange Offer shall not be permitted by applicable federal
law or Commission policy (after the procedures set forth in Section 6(a)(i)
below have been complied with), the Company and the Guarantors shall (i) cause
the Exchange Offer Registration Statement to be filed with the Commission on or
prior to 120 days after the Closing Date (such 120th day being the "FILING
DEADLINE"), (ii) use all commercially reasonable efforts to cause such Exchange
Offer Registration Statement to be declared effective by the Commission on or
prior to 180 days after the Closing Date (such 180th day being the
"EFFECTIVENESS DEADLINE"), (iii) in connection with the foregoing, (A) file all
pre-effective amendments to such Exchange Offer Registration Statement as may be
necessary in order to cause it to become effective, (B) file, if applicable, a
post-effective amendment to such Exchange Offer Registration Statement pursuant
to Rule 430A under the Act and (C) cause all necessary filings, if any, in
connection with the registration and qualification of the Series B Notes to be
made under the Blue Sky laws of such jurisdictions as are necessary to permit
Consummation of the Exchange Offer, and (iv) commence and use all commercially
reasonable efforts to Consummate the Exchange Offer not later than 30 Business
Days, or longer, if required by the federal securities laws, after the Exchange
Offer Registration Statement is declared effective (such 30th day being the
"CONSUMMATION DEADLINE"). The Exchange Offer shall be on the appropriate form
permitting (i) registration of the Series B Notes to be offered in exchange for
the Series A Notes that are Transfer Restricted Securities and (ii) resales of
Series B Notes by Broker-Dealers that tendered into the Exchange Offer Series A
Notes that such Broker-Dealer acquired for its own account as a result of market
making activities or other trading activities (other than Series A Notes

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acquired directly from the Company or any of its Affiliates) as contemplated by
Section 3(c) below.

      (b) The Company and the Guarantors shall use commercially reasonable
efforts to cause the Exchange Offer Registration Statement to be effective
continuously, and shall keep the Exchange Offer open for a period of not less
than the minimum period required under applicable federal and state securities
laws to Consummate the Exchange Offer; provided, however, that in no event shall
such period be less than 20 Business Days. The Company and the Guarantors shall
cause the Exchange Offer to comply with all applicable federal and state
securities laws. No securities other than the Series B Notes shall be included
in the Exchange Offer Registration Statement.

      (c) The Company shall include a "Plan of Distribution" section in the
Prospectus contained in the Exchange Offer Registration Statement and indicate
therein that any Broker-Dealer who holds Transfer Restricted Securities that
were acquired for the account of such Broker-Dealer as a result of market-making
activities or other trading activities (other than Series A Notes acquired
directly from the Company or any Affiliate of the Company), may exchange such
Transfer Restricted Securities pursuant to the Exchange Offer. Such "Plan of
Distribution" section shall also contain all other information with respect to
such sales by such Broker-Dealers that the Commission may require in order to
permit such sales pursuant thereto, but such "Plan of Distribution" shall not
name any such Broker-Dealer or disclose the amount of Transfer Restricted
Securities held by any such Broker-Dealer, except to the extent required by the
Commission as a result of a change in policy, rules or regulations after the
date hereof.

      Because such Broker-Dealer may be deemed to be an "underwriter" within the
meaning of the Act and must, therefore, deliver a prospectus meeting the
requirements of the Act in connection with its initial sale of any Series B
Notes received by such Broker-Dealer in the Exchange Offer, the Company and
Guarantors shall permit the use of the Prospectus contained in the Exchange
Offer Registration Statement by such Broker-Dealer to satisfy such prospectus
delivery requirement. To the extent necessary to ensure that the Prospectus
contained in the Exchange Offer Registration Statement is available for sales of
Series B Notes by Broker-Dealers, the Company and the Guarantors agree to use
commercially reasonable efforts to keep the Exchange Offer Registration
Statement continuously effective, supplemented, amended and current as required
by and subject to the provisions of Section 6(a) and (c) hereof and in
conformity with the requirements of this Agreement, the Act and the policies,
rules and regulations of the Commission as announced from time to time, for a
period of 180 days from the Consummation Deadline or such shorter period as will
terminate when all Transfer Restricted Securities covered by such Registration
Statement have been sold pursuant thereto. The Company and the Guarantors shall
provide sufficient copies of the latest version of such Prospectus to such
Broker-Dealers, promptly upon request, and in no event later than one day after
such request, at any time during such period.

SECTION 4. SHELF REGISTRATION

      (a) Shelf Registration. If (i) the Company and the Guarantors are not (A)
required to file the Exchange Offer Registration Statement or (B) permitted to
Consummate the Exchange Offer because the Exchange Offer is not permitted by
applicable law or Commission policy

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(after the Company and the Guarantors have complied with the procedures set
forth in Section 6(a)(i) hereof) or (ii) if any Holder of Transfer Restricted
Securities shall notify the Company within 20 Business Days following the
Consummation Deadline that (A) such Holder was prohibited by law or Commission
policy from participating in the Exchange Offer or (B) such Holder may not
resell the Series B Notes acquired by it in the Exchange Offer to the public
without delivering a prospectus and the Prospectus contained in the Exchange
Offer Registration Statement is not appropriate or available for such resales by
such Holder or (C) such Holder is a Broker-Dealer and holds Series A Notes
acquired directly from the Company or any of its Affiliates, then the Company
and the Guarantors shall use all commercially reasonable efforts to:

      (x) cause to be filed, on or prior to 30 days after the earlier of (i) the
   date on which the Company determines that the Exchange Offer Registration
   Statement cannot be filed as a result of clause (a)(i) above and (ii) the
   date on which the Company receives the notice specified in clause (a)(ii)
   above, (such earlier date, the "FILING DEADLINE"), a shelf registration
   statement pursuant to Rule 415 under the Act (which may be an amendment to
   the Exchange Offer Registration Statement (the "SHELF REGISTRATION
   STATEMENT")), relating to all Transfer Restricted Securities, and

      (y) cause such Shelf Registration Statement to become effective on or
   prior to 90 days after the Filing Deadline for the Shelf Registration
   Statement (such 90th day the "EFFECTIVENESS DEADLINE").

      If, after the Company has filed an Exchange Offer Registration Statement
that satisfies the requirements of Section 3(a) above, the Company is required
to file and make effective a Shelf Registration Statement solely because the
Exchange Offer is not permitted under applicable federal law (i.e., clause
(a)(i) above), then the filing of the Exchange Offer Registration Statement
shall be deemed to satisfy the requirements of clause (x) above; provided that,
in such event, the Company shall remain obligated to meet the Effectiveness
Deadline set forth in clause (y).

      To the extent necessary to ensure that the Shelf Registration Statement is
available for sales of Transfer Restricted Securities by the Holders thereof
entitled to the benefit of this Section 4(a) and the other securities required
to be registered therein pursuant to Section 6(b)(ii) hereof, the Company and
the Guarantors shall use commercially reasonable efforts to keep any Shelf
Registration Statement required by this Section 4(a) continuously effective,
supplemented, amended and current as required by and subject to the provisions
of Sections 6(b) and (c) hereof and in conformity with the requirements of this
Agreement, the Act and the policies, rules and regulations of the Commission as
announced from time to time, for a period of at least two years (as may be
extended pursuant to Section 6(c)(i) hereof) following the Closing Date, or such
shorter period as will terminate when all Transfer Restricted Securities covered
by such Shelf Registration Statement have been sold pursuant thereto.

      The Company shall be deemed not to have used 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
Transfer Restricted Securities covered thereby not being able to publicly offer
and sell such Transfer Restricted Securities during that period, unless (i) such
action is required by applicable law or (ii) such action is taken by the Company
in good

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faith and for valid business reasons (not including avoidance of the Company's
obligations hereunder), including the acquisition or divestiture of assets, so
long as the Company promptly thereafter complies with the requirements of
Section 6 hereto, if applicable.

      (b) Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement. No Holder of Transfer Restricted Securities may
include any of its Transfer Restricted Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder furnishes to
the Company in writing, within 20 days after receipt of a request therefor, the
information specified in Item 507 or 508 of Regulation S-K, as applicable, of
the Act for use in connection with any Shelf Registration Statement or
Prospectus or preliminary Prospectus included therein and any other information
reasonably required by the Company in order to fulfill its obligations
hereunder. No Holder of Transfer Restricted Securities shall be entitled to
liquidated damages pursuant to Section 5 hereof unless and until such Holder
shall have provided all such information. Each selling Holder agrees to promptly
furnish additional information as requested by the Commission or as required to
be disclosed in order to make the information previously furnished to the
Company by such Holder not materially misleading.

SECTION 5. LIQUIDATED DAMAGES

      If (i) any Registration Statement required by this Agreement is not filed
with the Commission on or prior to the applicable Filing Deadline, (ii) any such
Registration Statement has not been declared effective by the Commission on or
prior to the applicable Effectiveness Deadline, (iii) the Exchange Offer has not
been Consummated on or prior to the Consummation Deadline or (iv) any
Registration Statement required by this Agreement is filed and declared
effective but shall thereafter cease to be effective or fail to be usable for
its intended purpose without being succeeded immediately by a post-effective
amendment to such Registration Statement or another Registration Statement that
cures such failure and that is itself declared effective immediately (each such
event referred to in clauses (i) through (iv), a "REGISTRATION DEFAULT"), then
the Company and the Guarantors hereby jointly and severally agree to pay to each
Holder of Transfer Restricted Securities affected thereby liquidated damages
that will accrue on the principal amount of Transfer Restricted Securities at
the rate of 0.50% per annum from and including the date on which any such
Registration Default shall occur to, but excluding, the date on which all
Registration Defaults have been cured; provided that the Company and the
Guarantors shall in no event be required to pay liquidated damages for more than
one Registration Default at any given time. Such interest is payable in addition
to any other interest payable from time to time with respect to the Transfer
Restricted Securities.

      All accrued liquidated damages shall be paid to the Holders entitled
thereto, in the manner provided for the payment of interest in the Indenture, on
each Interest Payment Date, as more fully set forth in the Indenture and the
Notes. Notwithstanding the fact that any securities for which liquidated damages
are due cease to be Transfer Restricted Securities, all obligations of the
Company and the Guarantors to pay liquidated damages for the period during which
such securities were Transfer Restricted Securities shall survive until such
time as such obligations with respect to such securities shall have been
satisfied in full.

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SECTION 6. REGISTRATION PROCEDURES

      (a) Exchange Offer Registration Statement. In connection with the Exchange
Offer, the Company and the Guarantors shall (x) comply with all applicable
provisions of Section 6(c) below, (y) use commercially reasonable efforts to
effect such exchange and to permit the resale of Series B Notes by
Broker-Dealers that tendered in the Exchange Offer Series A Notes that such
Broker-Dealer acquired for its own account as a result of its market making
activities or other trading activities (other than Series A Notes acquired
directly from the Company or any of its Affiliates) being sold in accordance
with the intended method or methods of distribution thereof, and (z) comply with
all of the following provisions:

            (i) If, following the date hereof there has been announced a change
      in Commission policy with respect to exchange offers such as the Exchange
      Offer, that in the reasonable opinion of counsel to the Company raises a
      substantial question as to whether the Exchange Offer is permitted by
      applicable federal law, the Company and the Guarantors hereby agree to
      seek a no-action letter or other favorable decision from the Commission
      allowing the Company and the Guarantors to Consummate an Exchange Offer
      for such Transfer Restricted Securities. The Company and the Guarantors
      hereby agree to pursue the issuance of such a decision to the Commission
      staff level. In connection with the foregoing, the Company and the
      Guarantors hereby agree to take all such other commercially reasonable
      actions as may be requested by the Commission or otherwise required in
      connection with the issuance of such decision, including without
      limitation (A) participating in telephonic conferences with the
      Commission, (B) delivering to the Commission staff an analysis prepared by
      counsel to the Company setting forth the legal bases, if any, upon which
      such counsel has concluded that such an Exchange Offer should be permitted
      and (C) diligently pursuing a resolution (which need not be favorable) by
      the Commission staff.

            (ii) As a condition to its participation in the Exchange Offer, each
      Holder of Transfer Restricted Securities (including, without limitation,
      any Holder who is a Broker Dealer) shall furnish, upon the request of the
      Company, prior to the Consummation of the Exchange Offer, a written
      representation to the Company and the Guarantors (which may be contained
      in the letter of transmittal contemplated by the Exchange Offer
      Registration Statement) to the effect that (A) it is not an Affiliate of
      the Company, (B) it is not engaged in, and does not intend to engage in,
      and has no arrangement or understanding with any person to participate in,
      a distribution of the Series B Notes to be issued in the Exchange Offer
      and (C) it is acquiring the Series B Notes in its ordinary course of
      business. As a condition to its participation in the Exchange Offer each
      Holder using the Exchange Offer to participate in a distribution of the
      Series B Notes shall acknowledge and agree that, if the resales are of
      Series B Notes obtained by such Holder in exchange for Series A Notes
      acquired directly from the Company or an Affiliate thereof, it (1) could
      not, under Commission policy as in effect on the date of this Agreement,
      rely on the position of the Commission enunciated in Morgan Stanley and
      Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation
      (available May 13, 1988), as interpreted in the Commission's letter to
      Shearman & Sterling dated July 2, 1993, and similar no-action letters
      (including, if applicable, any no-action letter obtained pursuant to
      clause (i) above), and (2) must comply with the registration and
      prospectus delivery

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      requirements of the Act in connection with a secondary resale transaction
      and that such a secondary resale transaction must be covered by an
      effective registration statement containing the selling security holder
      information required by Item 507 or 508, as applicable, of Regulation S-K.

            (iii) To the extent required by Commission policies and procedures,
      prior to effectiveness of the Exchange Offer Registration Statement, the
      Company and the Guarantors shall provide a supplemental letter to the
      Commission (A) stating that the Company and the Guarantors are registering
      the Exchange Offer in reliance on the position of the Commission
      enunciated in Exxon Capital Holdings Corporation (available May 13, 1988),
      Morgan Stanley and Co., Inc. (available June 5, 1991) as interpreted in
      the Commission's letter to Shearman & Sterling dated July 2, 1993, and, if
      applicable, any no-action letter obtained pursuant to clause (i) above,
      (B) including a representation that neither the Company nor any Guarantor
      has entered into any arrangement or understanding with any Person to
      distribute the Series B Notes to be received in the Exchange Offer and
      that, to the best of the Company's and each Guarantor's information and
      belief, each Holder participating in the Exchange Offer is acquiring the
      Series B Notes in its ordinary course of business and has no arrangement
      or understanding with any Person to participate in the distribution of the
      Series B Notes received in the Exchange Offer and (C) any other
      commercially reasonable undertaking or representation required by the
      Commission as set forth in any no-action letter obtained pursuant to
      clause (i) above, if applicable.

      (b) Shelf Registration Statement. In connection with the Shelf
Registration Statement, the Company and the Guarantors shall:

            (i) comply with all the provisions of Section 6(c) below and use
      commercially reasonable efforts to effect such registration to permit the
      sale of the Transfer Restricted Securities being sold in accordance with
      the intended method or methods of distribution thereof (as indicated in
      the information furnished to the Company pursuant to Section 4(b) hereof),
      and pursuant thereto the Company and the Guarantors will prepare and file
      with the Commission a Registration Statement relating to the registration
      on any appropriate form under the Act, which form shall be available for
      the sale of the Transfer Restricted Securities in accordance with the
      intended method or methods of distribution thereof within the time periods
      and otherwise in accordance with the provisions hereof, and

            (ii) issue, upon the request of any Holder or purchaser of Series A
      Notes covered by any Shelf Registration Statement contemplated by this
      Agreement, Series B Notes having an aggregate principal amount equal to
      the aggregate principal amount of Series A Notes sold pursuant to the
      Shelf Registration Statement and surrendered to the Company for
      cancellation; the Company shall register Series B Notes on the Shelf
      Registration Statement for this purpose and issue the Series B Notes to
      the purchaser(s) of securities subject to the Shelf Registration Statement
      in the names as such purchaser(s) shall designate.

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      (c) General Provisions. In connection with any Registration Statement and
any related Prospectus required by this Agreement, the Company and the
Guarantors shall:

            (i) use commercially reasonable efforts to keep such Registration
      Statement continuously effective and provide all requisite financial
      statements for the period specified in Section 3 or 4 of this Agreement,
      as applicable. Upon the occurrence of any event that would cause any such
      Registration Statement or the Prospectus contained therein (A) to contain
      an untrue statement of material fact or omit to state any material fact
      necessary to make the statements therein not misleading or (B) not to be
      effective and usable for resale of Transfer Restricted Securities during
      the period required by this Agreement, the Company and the Guarantors
      shall file promptly an appropriate amendment to such Registration
      Statement curing such defect, and, if Commission review is required, use
      commercially reasonable efforts to cause such amendment to be declared
      effective as soon as practicable. If at any time the Commission shall
      issue any stop order suspending the effectiveness of the Registration
      Statement, or any state securities commission or other regulatory
      authority shall issue an order suspending the qualification or exemption
      from qualification of the Transfer Restricted Securities under state
      securities or Blue Sky laws, the Company and the Guarantors shall use
      commercially reasonable efforts to obtain the withdrawal or lifting of
      such order at the earliest possible time;

            (ii) prepare and file with the Commission such amendments and
      post-effective amendments to the applicable Registration Statement as may
      be necessary to keep such Registration Statement effective for the
      applicable period set forth in Section 3 or 4 hereof, as the case may be;
      cause the Prospectus to be supplemented by any required Prospectus
      supplement, and as so supplemented to be filed pursuant to Rule 424 under
      the Act, and to comply fully with Rules 424, 430A and 462, as applicable,
      under the Act in a timely manner; and comply with the provisions of the
      Act with respect to the disposition of all securities covered by such
      Registration Statement during the applicable period in accordance with the
      intended method or methods of distribution by the sellers thereof set
      forth in such Registration Statement or supplement to the Prospectus;

            (iii) advise each Holder promptly and, if requested by such Holder,
      confirm such advice in writing, (A) when the Prospectus or any Prospectus
      supplement or post-effective amendment has been filed, and, with respect
      to any applicable Registration Statement or any post-effective amendment
      thereto, when the same has become effective, (B) of any request by the
      Commission for amendments to the Registration Statement or amendments or
      supplements to the Prospectus or for additional information relating
      thereto, (C) of the issuance by the Commission of any stop order
      suspending the effectiveness of the Registration Statement under the Act
      or of the suspension by any state securities commission of the
      qualification of the Transfer Restricted Securities for offering or sale
      in any jurisdiction, or the initiation of any proceeding for any of the
      preceding purposes, (D) of the existence of any fact or the happening of
      any event that makes any statement of a material fact made in the
      Registration Statement, the Prospectus, any amendment or supplement
      thereto or any document incorporated by reference therein untrue, or that

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      requires the making of any additions to or changes in the Registration
      Statement in order to make the statements therein not misleading, or that
      requires the making of any additions to or changes in the Prospectus in
      order to make the statements therein, in the light of the circumstances
      under which they were made, not misleading;

            (iv) subject to Section 6(c)(i), if any fact or event contemplated
      by Section 6(c)(iii)(D) above shall exist or have occurred, prepare a
      supplement or post-effective amendment to the Registration Statement or
      related Prospectus or any document incorporated therein by reference or
      file any other required document so that, as thereafter delivered to the
      purchasers of Transfer Restricted Securities, the Prospectus will not
      contain an untrue statement of a material fact or omit to state any
      material fact necessary to make the statements therein, in the light of
      the circumstances under which they were made, not misleading;
      notwithstanding the foregoing, the Company shall not be required to amend
      or supplement a Registration Statement, any related prospectus or any
      document incorporated by reference, for a period not to exceed an
      aggregate of 30 days in any calendar year, if (i) an event occurs and is
      continuing as a result of which the Registration Statement would, in the
      Company's good faith judgment, contain an untrue statement of a material
      fact or omit to state a material fact necessary in order to make the
      statements therein, in light of the circumstances in which they were made,
      not misleading and (ii) the board of directors of the Company determines
      in its good faith judgment that the disclosure of such event at such time
      would have a material adverse effect on the business or operations of the
      Company;

            (v) with respect to a Shelf Registration Statement, furnish to each
      Holder in connection with such exchange or sale, if any, before filing
      with the Commission, copies of any Registration Statement or any
      Prospectus included therein or any amendments or supplements to any such
      Registration Statement or Prospectus (including all documents incorporated
      by reference after the initial filing of such Registration Statement),
      which documents will be subject to the review and comment of such Holders
      in connection with such sale, if any, for a period of at least three
      Business Days, and the Company will not file any such Registration
      Statement or Prospectus or any amendment or supplement to any such
      Registration Statement or Prospectus (including all such documents
      incorporated by reference) to which such Holders shall reasonably object
      within three Business Days after the receipt thereof. A Holder shall be
      deemed to have reasonably objected to such filing if such Registration
      Statement, amendment, Prospectus or supplement, as applicable, as proposed
      to be filed, contains an untrue statement of a material fact or omit to
      state any material fact necessary to make the statements therein not
      misleading or fails to comply with the applicable requirements of the Act;

            (vi) promptly prior to the filing of any document that is to be
      incorporated by reference into a Registration Statement or Prospectus,
      provide copies of such document to the Initial Purchasers and each Holder
      in connection with such exchange or sale, if any, make the Company's and
      the Guarantors' representatives available for discussion of such document
      and other customary due diligence matters, and include such information in
      such document prior to the filing thereof as such Holders may reasonably
      request;

            (vii) make available for inspection by each such person who would be
      an "underwriter" as a result of either (i) the sale by such person of
      Series A Notes covered

                                       10

<PAGE>

      by such Shelf Registration Statement or (ii) the sale during the period
      referred to in Section 3(c) above by a Broker-Dealer of Series B Notes
      (provided that a Broker-Dealer shall not be deemed to be an underwriter
      solely as a result of it being required to deliver a prospectus in
      connection with any resale of Series B Notes) and any attorney, accountant
      or other agent retained by any such person (collectively, the
      "INSPECTORS"), at the offices where normally kept, during reasonable
      business hours, all financial and other records, pertinent corporate
      documents and properties of the Company and its subsidiaries
      (collectively, the "RECORDS") as shall be reasonably necessary to enable
      them to exercise any applicable due diligence responsibilities, and cause
      the officers, directors and employees of the Company and its subsidiaries
      to supply all information in each case reasonably requested by any such
      Inspector in connection with such Registration Statement. Records which
      the Company determines, in good faith, to be confidential and any Records
      which it notifies the Inspectors are confidential shall not be disclosed
      by the Inspectors unless (i) the disclosure of such Records is necessary
      to avoid or correct a material misstatement or omission in such
      Registration Statement, (ii) the release of such Records is ordered
      pursuant to a subpoena or other order from a court of competent
      jurisdiction or (iii) the information in such Records has been generally
      available to the public. Each selling Holder of such Transfer Restricted
      Securities and each such Broker-Dealer will be required to agree that
      information obtained by it as a result of such inspections shall be deemed
      confidential and shall not be used by it as the basis for any market
      transactions in the securities of the Company unless and until such is
      made generally available to the public. Each selling Holder of such
      Transfer Restricted Securities and each such Broker-Dealer will be
      required to further agree that it will, upon learning that disclosure of
      such Records is sought in a court of competent jurisdiction, give notice
      to the Company and allow the Company at its expense to undertake
      appropriate action to prevent disclosure of the Records deemed
      confidential;

            (viii) if requested by any Holders in connection with such exchange
      or sale, promptly include in any Registration Statement or Prospectus,
      pursuant to a supplement or post-effective amendment if necessary, such
      information as such Holders may reasonably request to have included
      therein concerning themselves, including, without limitation, information
      relating to the "Plan of Distribution" concerning their Transfer
      Restricted Securities; and make all required filings of such Prospectus
      supplement or post-effective amendment as soon as practicable after the
      Company is notified of the matters to be included in such Prospectus
      supplement or post-effective amendment;

            (ix) furnish to each Holder in connection with such exchange or sale
      without charge, at least one copy of the Registration Statement, as first
      filed with the Commission, and of each amendment thereto, including all
      documents incorporated by reference therein and all exhibits (including
      exhibits incorporated therein by reference);

            (x) deliver to each Holder without charge, as many copies of the
      Prospectus (including each preliminary prospectus) and any amendment or
      supplement thereto as such Persons reasonably may request; the Company and
      the Guarantors hereby consent to the use (in accordance with law) of the
      Prospectus and any amendment or supplement thereto by each selling Holder
      in connection with the offering and the sale of the Transfer Restricted
      Securities covered by the Prospectus or any amendment or supplement
      thereto;

                                       11

<PAGE>

            (xi) upon the request of any Holder, enter into such agreements
      (including underwriting agreements) and make such representations and
      warranties and take all such other actions in connection therewith in
      order to expedite or facilitate the disposition of the Transfer Restricted
      Securities pursuant to any applicable Registration Statement contemplated
      by this Agreement as may be reasonably requested by any Holder in
      connection with any sale or resale pursuant to any applicable Registration
      Statement. In such connection, the Company and the Guarantors shall:

                  (A) upon request of any Holder, furnish (or in the case of
            paragraphs (2) and (3), use commercially reasonable efforts to cause
            to be furnished) to each Holder, upon Consummation of the Exchange
            Offer or upon the effectiveness of the Shelf Registration Statement,
            as the case may be:

                      (1) a certificate, dated such date, signed on behalf of
                  the Company and each Guarantor by (x) the President or any
                  Vice President of the Company and such Guarantor and (y) a
                  principal financial or accounting officer of the Company and
                  such Guarantor, confirming, as of the date thereof, the
                  matters set forth in Section 1(a)(iv) 5 of the Purchase
                  Agreement and such other similar matters as such Holders may
                  reasonably request;

                      (2) an opinion, dated the date of Consummation of the
                  Exchange Offer or the date of effectiveness of the Shelf
                  Registration Statement, as the case may be, of counsel for the
                  Company and the Guarantors covering matters similar to those
                  set forth in paragraphs (a) through (d) of Section 5 of the
                  Purchase Agreement and such other matters as such Holder may
                  reasonably request, and in any event including a statement to
                  the effect that such counsel has participated in conferences
                  with officers and other representatives of the Company and the
                  Guarantors, representatives of the independent public
                  accountants for the Company and the Guarantors and have
                  considered the matters required to be stated therein and the
                  statements contained therein, although such counsel has not
                  independently verified the accuracy, completeness or fairness
                  of such statements; and that such counsel advises that, on the
                  basis of the foregoing (relying as to materiality to the
                  extent such counsel deems appropriate upon the statements of
                  officers and other representatives of the Company and the
                  Guarantors and without independent check or verification), no
                  facts came to such counsel's attention that caused such
                  counsel to believe that the applicable Registration Statement,
                  at the time such Registration Statement or any post-effective
                  amendment thereto became effective and, in the case of the
                  Exchange Offer Registration Statement, as of the date of
                  Consummation of the Exchange Offer, contained an untrue
                  statement of a material fact or omitted to state a material
                  fact required to be stated therein or necessary to make the
                  statements therein not misleading, or that the Prospectus
                  contained in such Registration Statement as of its date and,
                  in the case of the opinion dated the date of Consummation of
                  the Exchange Offer, as of

                                       12

<PAGE>

                  the date of Consummation, contained an untrue statement of a
                  material fact or omitted to state a material fact necessary in
                  order to make the statements therein, in the light of the
                  circumstances under which they were made, not misleading.
                  Without limiting the foregoing, such counsel may state further
                  that such counsel assumes no responsibility for, and has not
                  independently verified, the accuracy, completeness or fairness
                  of the financial statements, notes and schedules and other
                  financial data included in any Registration Statement
                  contemplated by this Agreement or the related Prospectus; and

                      (3) a customary comfort letter, dated the date of
                  Consummation of the Exchange Offer, or as of the date of
                  effectiveness of the Shelf Registration Statement, as the case
                  may be, from the Company's independent accountants, in the
                  customary form and covering matters of the type customarily
                  covered in comfort letters to underwriters in connection with
                  underwritten offerings, and affirming the matters set forth in
                  the comfort letters delivered pursuant to Sections 5(g) and
                  (h) of the Purchase Agreement; and

                  (B) deliver such other documents and certificates as may be
            reasonably requested by the selling Holders to evidence compliance
            with the matters covered in clause (A) above and with any customary
            conditions contained in any agreement entered into by the Company
            and the Guarantors pursuant to this clause (xi);

            (xii) prior to any public offering of Transfer Restricted
      Securities, cooperate with the selling Holders and their counsel in
      connection with the registration and qualification of the Transfer
      Restricted Securities under the securities or Blue Sky laws of such
      jurisdictions as the selling Holders may request and do any and all other
      commercially reasonable acts or things necessary to enable the disposition
      in such jurisdictions of the Transfer Restricted Securities covered by the
      applicable Registration Statement; provided, however, that neither the
      Company nor any Guarantor shall be required to register or qualify as a
      foreign corporation or broker dealer where it is not now so qualified or
      to take any action that would subject it to the service of process in
      suits, other than as to matters and transactions relating to the
      Registration Statement or to taxation, in any jurisdiction where it is not
      now so subject;

            (xiii) in connection with any sale of Transfer Restricted Securities
      that will result in such securities no longer being Transfer Restricted
      Securities, cooperate with the Holders to facilitate the timely
      preparation and delivery of certificates representing Transfer Restricted
      Securities to be sold and not bearing any restrictive legends; and to
      register, subject to compliance with the Indenture, such Transfer
      Restricted Securities in such denominations and such names as the selling
      Holders may request at least two Business Days prior to such sale of
      Transfer Restricted Securities;

            (xiv) use commercially reasonable efforts to cause the disposition
      of the Transfer Restricted Securities covered by the Registration
      Statement to be registered with

                                       13

<PAGE>

      or approved by such other governmental agencies or authorities as may be
      necessary to enable the seller or sellers thereof to consummate the
      disposition of such Transfer Restricted Securities, subject to the proviso
      contained in clause (xii) above;

            (xv) provide a CUSIP number for all Transfer Restricted Securities
      not later than the effective date of a Registration Statement covering
      such Transfer Restricted Securities and provide the Trustee under the
      Indenture with certificates for the Transfer Restricted Securities which
      are in a form eligible for deposit with the Depository Trust Company;

            (xvi) otherwise use commercially reasonable efforts to comply with
      all applicable rules and regulations of the Commission, and make generally
      available to its security holders with regard to any applicable
      Registration Statement, as soon as practicable, a consolidated earnings
      statement meeting the requirements of Rule 158 (which need not be audited)
      covering a twelve-month period beginning after the effective date of the
      Registration Statement (as such term is defined in paragraph (c) of Rule
      158 under the Act);

            (xvii) cause the Indenture to be qualified under the TIA not later
      than the effective date of the first Registration Statement required by
      this Agreement and, in connection therewith, cooperate with the Trustee
      and the Holders to effect such changes to the Indenture as may be required
      for such Indenture to be so qualified in accordance with the terms of the
      TIA; and execute and use commercially reasonable efforts to cause the
      Trustee to execute, all documents that may be required to effect such
      changes and all other forms and documents required to be filed with the
      Commission to enable such Indenture to be so qualified in a timely manner;
      in the event that such qualification would require the appointment of a
      new trustee under the Indenture, the Company shall appoint a new trustee
      pursuant to the applicable provisions of the Indenture, and

            (xviii) provide promptly to each Holder, upon request, each document
      filed with the Commission pursuant to the requirements of Section 13 or
      Section 15(d) of the Exchange Act.

      (d) Restrictions on Holders. Each Holder agrees by acquisition of a
Transfer Restricted Security that, upon receipt of the notice referred to in
Section 6(c)(iii)(B) or (C) or any notice from the Company of the existence of
any fact of the kind described in Section 6(c)(iii)(D) hereof (in each case, a
"SUSPENSION NOTICE"), such Holder will forthwith discontinue disposition of
Transfer Restricted Securities pursuant to the applicable Registration Statement
until (i) such Holder has received copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(iv) hereof, or (ii) such Holder is
advised in writing by the Company that the use of the Prospectus may be resumed,
and has received copies of any additional or supplemental filings that are
incorporated by reference in the Prospectus (in each case, the "RECOMMENCEMENT
DATE"). Each Holder receiving a Suspension Notice hereby agrees that it will
either (i) destroy any Prospectuses, other than permanent file copies, then in
such Holder's possession which have been replaced by the Company with more
recently dated Prospectuses or (ii) deliver to the Company (at the Company's
expense) all copies, other than permanent file copies, then in such Holder's
possession of the Prospectus covering such Transfer Restricted Securities that
was

                                       14

<PAGE>

current at the time of receipt of the Suspension Notice. The time period
regarding the effectiveness of such Registration Statement set forth in Section
3 or 4 hereof, as applicable, shall be extended by a number of days equal to the
number of days in the period from and including the date of delivery of the
Suspension Notice to the date of delivery of the Recommencement Date.

SECTION 7. REGISTRATION EXPENSES

      (a) All expenses incident to the Company's and the Guarantors' performance
of or compliance with this Agreement will be borne by the Company, regardless of
whether a Registration Statement becomes effective, including without
limitation: (i) all registration and filing fees and expenses; (ii) all fees and
expenses of compliance with federal securities and state Blue Sky or securities
laws; (iii) all expenses of printing (including printing certificates for the
Series B Notes to be issued in the Exchange Offer and printing of Prospectuses),
messenger and delivery services and telephone; (iv) all fees and disbursements
of counsel for the Company, the Guarantors and the Holders of the Transfer
Restricted Securities; (v) all application and filing fees in connection with
listing the Series B Notes on a national securities exchange or automated
quotation system pursuant to the requirements hereof; and (vi) all fees and
disbursements of independent certified public accountants of the Company and the
Guarantors (including the expenses of any special audit and comfort letters
required by or incident to such performance).

      The Company will, in any event, bear its and the Guarantors' internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expenses of
any annual audit and the fees and expenses of any Person, including special
experts, retained by the Company or the Guarantors.

      (b) In connection with any Registration Statement required by this
Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Company and the Guarantors
will reimburse the Initial Purchasers and the Holders of Transfer Restricted
Securities who are tendering Series A Notes in the Exchange Offer and/or selling
or reselling Series A Notes or Series B Notes pursuant to the "Plan of
Distribution" contained in the Exchange Offer Registration Statement or the
Shelf Registration Statement, as applicable, for the reasonable fees and
disbursements of not more than one counsel, who shall be Latham & Watkins LLP,
unless another firm shall be chosen by the Holders of a majority in principal
amount of the Transfer Restricted Securities for whose benefit such Registration
Statement is being prepared. Except as otherwise provided in this Section 7,
each Holder shall pay all expenses of its counsel, underwriting discounts and
commissions, and transfer taxes, if any, relating to the sale or disposition of
such Holder's Transfer Restricted Securities pursuant to any Registration
Statement.

SECTION 8. INDEMNIFICATION

      (a) The Company and the Guarantors agree, jointly and severally, to
indemnify and hold harmless each Holder, its directors, officers and each
Person, if any, who controls such Holder (within the meaning of Section 15 of
the Act or Section 20 of the Exchange Act), from and against any and all losses,
claims, damages, liabilities, judgments, (including without limitation, any
reasonable legal or other expenses incurred in connection with investigating or

                                       15

<PAGE>

defending any matter, including any action that could give rise to any such
losses, claims, damages, liabilities or judgments) caused by any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement, preliminary prospectus or Prospectus (or any amendment
or supplement thereto) provided by the Company to any Holder or any prospective
purchaser of Series B Notes or registered Series A Notes, or caused by any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading,
provided, however, that the foregoing indemnity agreement shall not inure to the
benefit of any Holder, its directors, officers and employees, and each person,
if any, who controls such Holder within the meaning of the Act and the Exchange
Act (i) who, in contravention of a requirement of applicable law, failed to
deliver, or otherwise convey the information contained in, any Prospectus (as
then amended or supplemented) to the person asserting any losses, claims,
damages, liabilities or judgments, caused by any untrue statement or alleged
untrue statement of a material fact contained in any preliminary Prospectus, or
caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, if such material misstatement or omission or alleged material
misstatement or omission was cured in the Prospectus (as then amended or
supplemented) and such Prospectus was required by law to be delivered at or
prior to the written confirmation of sale to such person and the Prospectus and
any amendment or supplement thereto was provided by the Company to the Holder in
the requisite quantity and on a timely basis to permit proper delivery on or
prior to the closing of such sale by such Holder; or (ii) if such losses,
claims, damages, liabilities or judgments are caused by an untrue statement or
omission or alleged untrue statement or omission that is based upon information
relating to any of the Holders furnished in writing to the Company by any such
Holders.

      (b) Each Holder of Transfer Restricted Securities agrees, severally and
not jointly, to indemnify and hold harmless the Company and the Guarantors, and
their respective directors and officers, and each person, if any, who controls
(within the meaning of Section 15 of the Act or Section 20 of the Exchange Act)
the Company, or the Guarantors to the same extent as the foregoing indemnity
from the Company and the Guarantors set forth in Section (a) above, but only
with reference to information relating to such Holder furnished in writing to
the Company by such Holder expressly for use in any Registration Statement. In
no event shall any Holder, its directors, officers or any Person who controls
such Holder be liable or responsible for any amount in excess of the amount by
which the total amount received by such Holder with respect to its sale of
Transfer Restricted Securities pursuant to a Registration Statement exceeds (i)
the amount paid by such Holder for such Transfer Restricted Securities and (ii)
the amount of any damages that such Holder, its directors, officers or any
Person who controls such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission.

      (c) In case any action shall be commenced involving any person in respect
of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the
"INDEMNIFIED PARTY"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "INDEMNIFYING PERSON") in writing
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all reasonable fees and expenses of such counsel, as incurred
(except that in the case of any action in respect of which indemnity may be
sought pursuant to both

                                       16

<PAGE>

Sections 8(a) and 8(b), a Holder shall not be required to assume the defense of
such action pursuant to this Section 8(c), but may employ separate counsel and
participate in the defense thereof, but the fees and expenses of such counsel,
except as provided below, shall be at the expense of the Holder). Any
indemnified party shall have the right to employ separate counsel in any such
action and participate in the defense thereof, but the fees and expenses of such
counsel shall be at the expense of the indemnified party unless (i) the
employment of such counsel shall have been specifically authorized in writing by
the indemnifying party, (ii) the indemnifying party shall have failed to assume
the defense of such action or employ counsel reasonably satisfactory to the
indemnified party or (iii) the named parties to any such action (including any
impleaded parties) include both the indemnified party and the indemnifying
party, and the indemnified party shall have been advised by such counsel that
there may be one or more legal defenses available to it which are different from
or additional to those available to the indemnifying party (in which case the
indemnifying party shall not have the right to assume the defense of such action
on behalf of the indemnified party). In any such case, the indemnifying party
shall not, in connection with any one action or separate but substantially
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances, be liable for the fees and expenses of
more than one separate firm of attorneys (in addition to any local counsel) for
all indemnified parties and all such fees and expenses shall be reimbursed as
they are incurred. Such firm shall be designated in writing by a majority of the
Holders, in the case of the parties indemnified pursuant to Section 8(a), and by
the Company and the Guarantors, in the case of parties indemnified pursuant to
Section 8(b). The indemnifying party shall indemnify and hold harmless the
indemnified party from and against any and all losses, claims, damages,
liabilities and judgments by reason of any settlement of any action (i) effected
with the indemnifying party's written consent or (ii) effected without the
indemnifying party's written consent if the settlement is entered into more than
30 Business Days after the indemnifying party shall have received a request from
the indemnified party for reimbursement for the fees and expenses of counsel (in
any case where such fees and expenses are at the expense of the indemnifying
party) and, prior to the date of such settlement, the indemnifying party shall
have failed to comply with such reimbursement request. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any
settlement or compromise of, or consent to the entry of judgment with respect
to, any pending or threatened action in respect of which the indemnified party
is or could have been a party and indemnity or contribution may be or could have
been sought hereunder by the indemnified party, unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified
party from all liability on claims that are or could have been the subject
matter of such action and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of the
indemnified party.

      (d) To the extent that the indemnification provided for in this Section 8
is unavailable to an indemnified party in respect of any losses, claims,
damages, liabilities or judgments referred to therein, then each indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
claims, damages, liabilities or judgments (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company and the
Guarantors, on the one hand, and the Holders, on the other hand, from their sale
of Transfer Restricted Securities or (ii) if the allocation provided by clause
8(d)(i) is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause 8(d)(i) above
but also the

                                       17

<PAGE>

relative fault of the Company and the Guarantors, on the one hand, and of the
Holder, on the other hand, in connection with the statements or omissions which
resulted in such losses, claims, damages, liabilities or judgments, as well as
any other relevant equitable considerations. The relative fault of the Company
and the Guarantors, on the one hand, and of the Holder, on the other hand, 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 or such
Guarantor, on the one hand, or by the Holder, on the other hand, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The amount paid or payable by a
party as a result of the losses, claims, damages, liabilities and judgments
referred to above shall be deemed to include, subject to the limitations set
forth in Section 8(a), any legal or other fees or expenses reasonably incurred
by such party in connection with investigating or defending any action or claim.

      The Company, the Guarantors and each Holder agree that it would not be
just and equitable if contribution pursuant to this Section 8(d) were determined
by pro rata allocation (even if the Holders were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an indemnified party as a result of the losses,
claims, damages, liabilities or judgments referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any matter, including any
action that could have given rise to such losses, claims, damages, liabilities
or judgments. Notwithstanding the provisions of this Section 8, no Holder, its
directors, its officers or any Person, if any, who controls such Holder shall be
required to contribute, in the aggregate, any amount in excess of the amount by
which the total received by such Holder with respect to the sale of Transfer
Restricted Securities pursuant to a Registration Statement exceeds (i) the
amount paid by such Holder for such Transfer Restricted Securities and (ii) the
amount of any damages which such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Holders'
obligations to contribute pursuant to this Section 8(c) are several in
proportion to the respective principal amount of Transfer Restricted Securities
held by each Holder hereunder and not joint.

SECTION 9. RULE 144A AND RULE 144

      The Company and each Guarantor agrees with each Holder, for so long as any
Transfer Restricted Securities remain outstanding and during any period in which
the Company and such Guarantor (i) is not subject to Section 13 or 15(d) of the
Exchange Act, to make available, upon request of any Holder, to such Holder or
beneficial owner of Transfer Restricted Securities in connection with any sale
thereof and any prospective purchaser of such Transfer Restricted Securities
designated by such Holder or beneficial owner, the information required by Rule
144A(d)(4) under the Act in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144A, and (ii) is subject to Section 13 or 15 (d) of
the Exchange Act, to make

                                       18

<PAGE>

all filings required thereby in a timely manner in order to permit resales of
such Transfer Restricted Securities pursuant to Rule 144.

SECTION 10. MISCELLANEOUS

      (a) Remedies. The Company and the Guarantors acknowledge and agree that
any failure by the Company and/or the Guarantors to comply with their respective
obligations under Sections 3 and 4 hereof may result in material irreparable
injury to the Initial Purchasers or the Holders for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, the Initial Purchasers or
any Holder may obtain such relief as may be required to specifically enforce the
Company's and the Guarantor's obligations under Sections 3 and 4 hereof. The
Company and the Guarantors further agree to waive the defense in any action for
specific performance that a remedy at law would be adequate.

      (b) No Inconsistent Agreements. Neither the Company nor any Guarantor
will, on or after the date of this Agreement, enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the
Holders in this Agreement or otherwise conflicts with the provisions hereof. The
Company and the Guarantors represent and warrant to the Holders that 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 and the
Guarantors' securities under any agreement in effect on the date hereof.

      (c) Amendments and Waivers. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to or departures from
the provisions hereof may not be given unless (i) in the case of Section 5
hereof and this Section 10(c)(i), the Company has obtained the written consent
of Holders of all outstanding Transfer Restricted Securities and (ii) in the
case of all other provisions hereof, the Company has obtained the written
consent of Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities (excluding Transfer Restricted Securities held by the
Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent
to departure from the provisions hereof that relates exclusively to the rights
of Holders whose Transfer Restricted Securities are being tendered pursuant to
the Exchange Offer, and that does not affect directly or indirectly the rights
of other Holders whose Transfer Restricted Securities are not being tendered
pursuant to such Exchange Offer, may be given by the Holders of a majority of
the outstanding principal amount of Transfer Restricted Securities subject to
such Exchange Offer.

      (d) Third Party Beneficiary. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company and the
Guarantors, on the one hand, and the Initial Purchasers, 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 the rights of Holders
hereunder.

      (e) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telex, telecopier, or air
courier guaranteeing overnight delivery:

                                       19

<PAGE>

            (i) if to a Holder, at the most current address given by such Holder
      to the Company in accordance with the provisions of this Section 10(e),
      which address initially is, with respect to each Holder, the address set
      forth on the records of the Registrar under the Indenture, with a copy to
      the Registrar under the Indenture; and

            (ii) if to the Company or the Guarantors:

                           STATS ChipPac Ltd.
                           5 Yishun Street 23
                           Singapore 768442
                           Facsimile No.: (65) 822-7822
                           Attention: Legal Department

                           With a copy to:

                           Kirkland & Ellis LLP
                           777 South Figueroa Street
                           Los Angeles, California 90017
                           Facsimile No.: (213) 680-8500
                           Attention: Eva Davis, Esq.

      All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and on the next Business Day, if timely delivered
to an air courier guaranteeing overnight delivery.

      The Company, by notice to the Registrar, may designate additional or
different addresses for subsequent notices or communications.

      Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

      The Company shall notify Deutsche Bank AG, Singapore Branch and Lehman
Brothers International (Europe), as representatives of the Initial Purchasers,
on the date of the Exchange Offer Registration Statement or a Shelf Registration
Statement, as the case may be, is filed with the Commission.

      (f) 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, that nothing herein shall be deemed to permit any assignment,
transfer or other disposition of Transfer Restricted Securities in violation of
the terms hereof or of the Purchase Agreement or the Indenture. 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, including any restrictions on resale set
forth in this

                                       20

<PAGE>

Agreement, the Purchase Agreement, and the Indenture, and such Person shall be
entitled to receive the benefits hereof.

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

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

      (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAW RULES THEREOF.

      (j) Jurisdiction. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
COMPANY AND EACH GUARANTOR IRREVOCABLY AGREES THAT ANY LEGAL SUIT, ACTION OR
PROCEEDING BROUGHT BY ANY INITIAL PURCHASER, ANY HOLDER OR BY ANY PERSON WHO
CONTROLS SUCH HOLDER OR THE TRUSTEE ON BEHALF OF SUCH HOLDER ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE
INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE BOROUGH OF MANHATTAN, THE CITY
OF NEW YORK, NEW YORK, AND IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM, AND IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.

      (k) Waiver of Immunity. To the extent that the Company or any of the
Guarantors has or hereafter may acquire any immunity (sovereign or otherwise)
from any legal action, suit or proceeding, from jurisdiction of any court or
from set-off or any legal process (whether service or notice, attachment in aid
or otherwise) with respect to itself or any of its property, the Company and
each of the Guarantors hereby irrevocably waives and agrees not to plead or
claim such immunity in respect of its obligations under this Agreement.

      (l) Process Agent. The Company and each Guarantor has appointed CT
Corporation System (the "PROCESS AGENT"), as its agent to receive on its behalf
service of copies of the summons and complaints and any other process which may
be served in any suit, action or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby brought in such New York State
or federal court sitting in The City of New York. The Company and each Guarantor
further agrees to take any and all action as may be necessary to maintain such
designation and appointment of such agent in full force and effect for a period
of five years from the date of this Agreement. Such service may be made by
delivering a copy of such process to the Company or any Guarantor in care of the
Process Agent at the address for the Process Agent and obtaining a receipt
therefor, and the Company and each Guarantor hereby

                                       21

<PAGE>

irrevocably authorizes and directs such Process Agent to accept such service on
its behalf. The Company and each Guarantor represents and warrants that the
Process Agent has agreed to act as said agent for service of process, and agrees
that service of process in such manner upon the Process Agent shall be deemed,
to the fullest extent permitted by applicable law, in every respect effective
service of process upon the Company and each Guarantor in any such suit, action
or proceeding.

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

      (n) Entire Agreement. This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted with respect to the Transfer
Restricted Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

                            [Signature Pages Follow]

                                       22

<PAGE>

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

                           STATS CHIPPAC LTD.

                           By /s/ Tan Lay Koon
                              ----------------
                           Name: Tan Lay Koon
                           Title: President and Chief Executive Officer

                           CHIPPAC, INC.

                           By /s/ Tan Lay Koon
                              ----------------
                           Name: Tan Lay Koon
                           Title: President and Chief Executive Officer

                           STATS CHIPPAC, INC.

                           By /s/ Tan Lay Koon
                              -----------------
                           Name: Tan Lay Koon
                           Title: Chief Executive Officer

                           STATS CHIPPAC TEST SERVICES, INC.

                           By /s/ Tan Lay Koon
                              ----------------
                           Name: Tan Lay Koon
                           Title: President

                           STATS HOLDINGS LIMITED

                           By /s/ Tan Lay Koon
                              ----------------
                           Name: Tan Lay Koon
                           Title: Chairman

                           STATS CHIPPAC (BARBADOS) LTD.

                           By /s/ Pearlyne Wang
                              -----------------
                           Name: Pearlyne Wang
                           Title: President, Chief Executive Officer and Chief
                           Financial Officer

                [Signature Page to Registration Rights Agreement]

<PAGE>

                           STATS CHIPPAC (BVI) LIMITED

                           By /s/ Pearlyne Wang
                              -----------------
                           Name: Pearlyne Wang
                           Title: President, Chief Executive Officer and Chief
                           Financial Officer

                           STATS CHIPPAC MALAYSIA SDN. BHD.

                           By /s/ Lew Jin Aun
                              ---------------
                           Name: Lew Jin Aun
                           Title: President

                           CHIPPAC INTERNATIONAL COMPANY LIMITED

                           By /s/ Pearlyne Wang
                              -----------------
                           Name: Pearlyne Wang
                           Title: President, Chief Executive Officer and Chief
                           Financial Officer

                           CHIPPAC LUXEMBOURG S.A.R.L.

                           By /s/ Tan Lay Koon
                              ----------------
                           Name: Tan Lay Koon
                           Title: Authorized Signatory

                           CHIPPAC LIQUIDITY MANAGEMENT HUNGARY
                           LIMITED LIABILITY COMPANY

                           By /s/ Michael G. Potter
                              ---------------------
                           Name: Michael G. Potter
                           Title: Managing Director

                [Signature Page to Registration Rights Agreement]

<PAGE>

                           STATS CHIPPAC KOREA LTD.

                           By /s/ Sohn Byeong Kyuck
                              ---------------------
                           Name: Sohn Byeong Kyuck
                           Title: Representative Director

                [Signature Page to Registration Rights Agreement]

<PAGE>

DEUTSCHE BANK AG, SINGAPORE BRANCH
LEHMAN BROTHERS INTERNATIONAL (EUROPE)

BY: DEUTSCHE BANK AG, SINGAPORE BRANCH

By: /s/ Jocelyn Court
    -----------------
    Name: Jocelyn Court
    Title: Director

By: /s/ Simon Man
    -------------
    Name: Simon Man
    Title: Director

BY: LEHMAN BROTHERS INTERNATIONAL (EUROPE)

By: /s/ Ken Siazon
    --------------
    Name: Ken Siazon
    Title: SVP, Investment Banking

                [Signature Page to Registration Rights Agreement]<PAGE>

                                                                    EXHIBIT 4.43
================================================================================

                         SUBSIDIARY GUARANTEE AGREEMENT

                               with respect to the

                          6 3/4% SENIOR NOTES DUE 2011

                                       of

                               STATS CHIPPAC LTD.
                              --------------------
                         Dated as of November 18, 2004
                              --------------------
                                   GUARANTORS

                               STATS CHIPPAC, INC.
                             STATS HOLDINGS LIMITED
                                  CHIPPAC, INC.
                        STATS CHIPPAC TEST SERVICES, INC.
                          STATS CHIPPAC (BARBADOS) LTD.
                      CHIPPAC INTERNATIONAL COMPANY LIMITED
                           STATS CHIPPAC (BVI) LIMITED
                           CHIPPAC LUXEMBOURG S.A.R.L.
         CHIPPAC LIQUIDITY MANAGEMENT HUNGARY LIMITED LIABILITY COMPANY
                            STATS CHIPPAC KOREA LTD.
                        STATS CHIPPAC MALAYSIA SDN. BHD.
                              --------------------

================================================================================
<PAGE>

      SUBSIDIARY GUARANTEE AGREEMENT dated as of November 18, 2004 (this
"Agreement") made by STATS ChipPAC, Inc., a Delaware corporation, STATS Holdings
Limited, a corporation organized under the laws of the British Virgin Islands,
ChipPAC, Inc., a Delaware corporation, STATS ChipPAC Test Services, Inc., a
Delaware corporation, STATS ChipPAC (Barbados) Ltd., a corporation organized
under the laws of Barbados, ChipPAC International Company Limited, a corporation
organized under the laws of the British Virgin Islands, STATS ChipPAC (BVI)
Limited, a corporation organized under the laws of the British Virgin Islands,
ChipPAC Luxembourg S.a.R.L., a corporation organized under the laws of
Luxembourg, ChipPAC Liquidity Management Hungary Limited Liability Company, a
corporation organized under the laws of Hungary, STATS ChipPAC Korea Ltd., a
corporation organized under the laws of Korea, and STATS ChipPAC Malaysia Sdn.
Bhd., a corporation organized under the laws of Malaysia (each, a "Guarantor"
and collectively, the "Guarantors"), in favor of the Holders of the Notes (as
defined below) and the Trustee (as defined below).

      Reference is made to the Indenture (as the same may be amended, restated,
supplemented or modified from time to time in accordance with its terms, the
"Indenture") dated as of the date hereof among STATS ChipPAC Ltd., a corporation
organized under the laws of the Republic of Singapore, as issuer (the
"Company"), and U.S. Bank National Association, as trustee (the "Trustee"),
providing for the issuance of 6 3/4% Senior Notes due 2011 of the Company (the
"Notes").

      WHEREAS, the Company owns directly or indirectly all of the capital stock
of each of the Guarantors; and

      WHEREAS, the Company agrees to cause the Guarantors to guarantee the Notes
pursuant to the terms of the Indenture and this Agreement;

      NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guarantors hereby agree with and for the equal and ratable benefit of the
Holders of the Notes and for the benefit of the Trustee as follows:

                                    ARTICLE 1
                                   DEFINITIONS

Section 1.01 Definitions. Capitalized terms used herein without definition shall
have the meanings assigned to them in the Indenture.

                                    ARTICLE 2
                                 NOTE GUARANTEES

Section 2.01 Guarantees.

      (a) Subject to this Article 2, each of the Guarantors hereby, jointly and
severally, unconditionally guarantees to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of the Indenture, this
Agreement, the Notes or the obligations of the Company thereunder, that:

                                        1
<PAGE>

            (1) the principal of, premium and Liquidated Damages, if any, and
      interest on, the Notes will be promptly paid in full when due, whether at
      maturity, by acceleration, redemption or otherwise, and interest on the
      overdue principal of and interest on the Notes, if any, if lawful, and all
      other obligations of the Company to the Holders or the Trustee hereunder
      or thereunder will be promptly paid in full or performed, all in
      accordance with the terms hereof and thereof; and

            (2) in case of any extension of time of payment or renewal of any
      Notes or any of such other obligations, that same will be promptly paid in
      full when due or performed in accordance with the terms of the extension
      or renewal, whether at stated maturity, by acceleration or otherwise.

      Failing payment of any amount so guaranteed or any performance so
guaranteed when due, in each case, for whatever reason, the Guarantors will be
jointly and severally obligated to pay the same immediately. Each Guarantor
agrees that this is a guarantee of payment and not a guarantee of collection.

      (b) The Guarantors hereby agree that their obligations hereunder are
unconditional, irrespective of the validity, regularity or enforceability of the
Notes, the Indenture or this Agreement, the absence of any action to enforce the
same, any waiver or consent by any Holder of the Notes with respect to any
provisions hereof or thereof, the recovery of any judgment against the Company,
any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor. Each
Guarantor hereby waives diligence, presentment, demand of payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest, notice and all
demands whatsoever and covenant that this Note Guarantee will not be discharged
except by complete performance of the obligations contained in the Notes, the
Indenture and this Agreement.

      (c) If any Holder or the Trustee is required by any court or otherwise to
return to the Company, the Guarantors or any custodian, trustee, liquidator or
other similar official acting in relation to either the Company or the
Guarantors, any amount paid by either to the Trustee or such Holder, this Note
Guarantee, to the extent theretofore discharged, will be reinstated in full
force and effect.

      (d) Each Guarantor agrees that it will not be entitled to any right of
subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby. Each
Guarantor further agrees that, as between it, on the one hand, and the Holders
and the Trustee, on the other hand, (1) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article 6 of the Indenture
for the purposes of this Note Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of
such obligations as provided in Article 6 of the Indenture, such obligations
(whether or not due and payable) will forthwith become due and payable by the
Guarantors for the purpose of this Note Guarantee. Each Guarantor that makes a
payment under this Note Guarantee will have the right to seek contribution from
any non-paying Guarantor in an amount equal to such non-paying Guarantor's
pro-rata portion of such payment based on the

                                        2
<PAGE>

respective net assets of all the Guarantors at the time of such payment
determined in accordance with GAAP so long as the exercise of such right does
not impair the rights of the Holders under this Note Guarantee.

Section 2.02 Limitation on Guarantor Liability.

      Each Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes
of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law to the extent applicable to any
Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders
and the Guarantors hereby irrevocably agree that the obligations of such
Guarantor will be limited to the maximum amount that will, after giving effect
to such maximum amount and all other contingent and fixed liabilities of such
Guarantor that are relevant under such laws, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on
behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Article 2, result in the obligations of such Guarantor
under its Note Guarantee not constituting a fraudulent transfer or conveyance.

Section 2.03 Execution and Delivery of Note Guarantee.

      To evidence its Note Guarantee set forth in Section 2.01 hereof, each
Guarantor hereby agrees that a notation of such Note Guarantee substantially in
the form attached as Exhibit A to this Agreement will be endorsed by an Officer
of such Guarantor on each Note authenticated and delivered by the Trustee and
that this Agreement will be executed on behalf of such Guarantor by one of its
Officers.

      Each Guarantor hereby agrees that its Note Guarantee set forth in Section
2.01 hereof will remain in full force and effect notwithstanding any failure to
endorse on each Note a notation of such Note Guarantee.

      If an Officer whose signature is on this Agreement or on the Note
Guarantee no longer holds that office at the time the Trustee authenticates the
Note on which a Note Guarantee is endorsed, the Note Guarantee will be valid
nevertheless.

      The delivery of any Note by the Trustee, after the authentication thereof
hereunder, will constitute due delivery of the Note Guarantee set forth in this
Agreement on behalf of the Guarantors.

      In the event that the Company or any of its Restricted Subsidiaries forms
or otherwise acquires, directly or indirectly, any Restricted Subsidiary after
the date hereof, if required by Section 4.20 of the Indenture, the Company will
cause such Restricted Subsidiary to guarantee the Notes and to comply with the
provisions of Section 4.20 of the Indenture and this Article 2, to the extent
applicable.

                                        3
<PAGE>

Section 2.04 Guarantors May Consolidate, etc., on Certain Terms.

      Except as otherwise provided in Section 2.05 hereof, no Guarantor may
consolidate with or merge with or into, or convey, transfer or lease, in one
transaction or a series of transactions, all or substantially all of its assets
to any Person, unless:

      (a) the resulting, surviving or transferee Person if not the Guarantor
shall be a Person organized and existing under the laws of the jurisdiction
under which the Guarantor was organized or under the laws of the United States
of America, or any State thereof or the District of Columbia, and the Person
shall expressly assume, by executing a supplemental indenture satisfactory to
the Trustee, all the obligations of the Guarantor under the Indenture, this
Agreement and the Registration Rights Agreement;

      (b) immediately after giving effect to the transaction or transactions on
a pro forma basis, and treating any Indebtedness which becomes an obligation of
the resulting, surviving or transferee Person as a result of the transaction as
having been issued by the Person at the time of the transaction, no Default
shall have occurred and be continuing; and

      (c) the Company shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that the consolidation,
merger or transfer and the supplemental indenture complies with the Indenture.

      The provisions of clauses (a) and (b) above shall not apply to any one or
more transactions involving a Guarantor which constitute an Asset Sale if such
transactions are made in compliance with the applicable provisions of Section
4.10 of the Indenture.

      In case of any such consolidation, merger, conveyance, transfer, lease, or
sale, and upon the assumption by the successor Person, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of the Indenture and this
Agreement to be performed by the Guarantor, such successor Person will succeed
to and be substituted for the Guarantor with the same effect as if it had been
named herein as a Guarantor. Such successor Person thereupon may cause to be
signed any or all of the Note Guarantees to be endorsed upon all of the Notes
issuable hereunder which theretofore shall not have been signed by the Company
and delivered to the Trustee. All the Note Guarantees so issued will in all
respects have the same legal rank and benefit under the Indenture and this
Agreement as the Note Guarantees theretofore and thereafter issued in accordance
with the terms of the Indenture and this Agreement as though all of such Note
Guarantees had been issued at the date of the execution hereof.

      Except as set forth in Articles 4 and 5 of the Indenture, and
notwithstanding clauses (a) and (c) of this section 2.04, nothing contained in
the Indenture, this Agreement or in any of the Notes will prevent any
consolidation or merger of a Guarantor with or into the Company or another
Guarantor, or will prevent any sale or conveyance of the property of a Guarantor
as an entirety or substantially as an entirety to the Company or another
Guarantor.

                                        4
<PAGE>

Section 2.05 Releases.

      The Note Guarantee of a Guarantor will be automatically released and such
Guarantor shall be deemed automatically released and relieved of any and all
obligations under its Note Guarantee without any further action required on the
part of the Trustee or any Holder:

      (a) in connection with any sale or other disposition of all or
substantially all of the assets of that Guarantor (including by way of merger or
consolidation) to a Person that is not (either before or after giving effect to
such transaction) the Company or a Restricted Subsidiary of the Company, in each
case so long as such sale or other disposition is made in accordance with
Section 5.01 and Section 4.10 of the Indenture;

      (b) in connection with any sale or other disposition of all of the Capital
Stock of that Guarantor to a Person that is not (either before or after giving
effect to such transaction) the Company or a Restricted Subsidiary of the
Company, in each case so long as such sale or disposition is made in accordance
with Section 5.01 and Section 4.10 of the Indenture

      (c) if the Company designates any Restricted Subsidiary that is a
Guarantor to be an Unrestricted Subsidiary in accordance with the applicable
provisions of the Indenture; or

      (d) upon legal defeasance or satisfaction and discharge of the Indenture
in accordance with Article 8 and Article 10 of the Indenture.

      In the case of clauses (a) and (b) above, upon delivery by the Company to
the Trustee of an Officers' Certificate to the effect that such sale or other
disposition was made by the Company in accordance with the provisions of this
Indenture, including without limitation Section 4.10 and 5.01 thereof, the
Trustee will execute any documents reasonably required in order to evidence the
release of any Guarantor from its obligations under its Note Guarantee.

      Any Guarantor not released from its obligations under its Note Guarantee
as provided in this Section 2.05 will remain liable for the full amount of
principal of and interest and premium and Liquidated Damages, if any, on the
Notes and for the other obligations of any Guarantor under the Indenture and as
provided in this Article 2.

Section 2.06 Withholding Taxes.

      All payments of, or in respect of, principal of, premium and interest on,
the Notes under the Note Guarantees will be made by the Guarantors without
withholding or deduction for, or on account of, any present or future taxes,
duties, assessments or governmental charges of whatever nature imposed or levied
by or on behalf of Singapore or any other jurisdiction in which any Guarantor is
organized or resident for tax purposes or from or through which payment is made,
(including, in each case, any political subdivision thereof) (the "Relevant
Jurisdiction") or any authority thereof or therein having power to tax unless
these taxes, duties, assessments or governmental charges are required to be
withheld or deducted. In that event, such Guarantor agrees to pay such
additional amounts as will result (after deduction of such taxes, duties,
assessments or governmental charges and any additional taxes, duties,
assessments or governmental charges of the Relevant Jurisdiction) in the payment
to each Holder of a Note of the amounts that would have been payable in respect
of such Notes or under the Note Guarantees

                                        5
<PAGE>

had no withholding or deduction been required (such amounts, "Additional
Amounts"), except that no Additional Amounts shall be payable for or on account
of:

      (a) any tax, duty, assessment or other governmental charge that would not
have been imposed but for the fact that such Holder:

            (1) has a present or former connection with the Relevant
      Jurisdiction other than the mere ownership of, or receipt of payment
      under, such Note or under the Note Guarantees; or

            (2) presented such Note more than 30 days after the date on which
      the payment in respect of such Note first became due and payable or
      provided for, whichever is later, except to the extent that the Holder
      would have been entitled to such Additional Amounts if it had presented
      such Note for payment on any day within such period of 30 days;

      (b) any estate, inheritance, gift, sale, transfer, personal property or
similar tax, assessment or other governmental charge;

      (c) any tax, duty, assessment or other governmental charge which is
payable otherwise than by deduction or withholding from payment of interest or
principal on the Notes or under the Note Guarantees;

      (d) any tax, duty, assessment or other governmental charge that is imposed
or withheld by reason of the failure to comply by the Holder or the Beneficial
Owner of a Note with a request by the Company or such Guarantor addressed to the
Holder (A) to provide information concerning the nationality, residence or
identity of the Holder or such Beneficial Owner or (B) to make any declaration
or other similar claim or satisfy any information or reporting requirement,
which, in the case of (A) and (B), is required or imposed by a statute, treaty,
regulation or administrative practice of the taxing jurisdiction as a
precondition to exemption from all or part of such tax, duty, assessment or
other governmental charge; or

      (e) any combination of the items listed above;

nor shall Additional Amounts be paid with respect to any payment of the
principal of or premium or interest on any Note to any Holder who is a fiduciary
or partnership or other than the sole Beneficial Owner of the payment to the
extent that, if the Beneficial Owner had held the note directly, such Beneficial
Owner would not have been entitled to the Additional Amounts.

            If any taxes are required to be deducted or withheld from payments
on the Notes under the Note Guarantees, such Guarantor shall promptly provide a
receipt of the payment of such taxes (or if such receipt is not available, any
other evidence of payment reasonably acceptable to the trustee).

            Any reference herein to the payment of the principal of or interest
on any Note shall be deemed to include the payment of Additional Amounts
provided for in the Indenture and this Agreement to the extent that, in such
context, Additional Amounts are, were or would be payable under the Indenture.

                                        6
<PAGE>

                                    ARTICLE 3
                                  MISCELLANEOUS

Section 3.01 Notices.

      Any notice or communication by the Company, any Guarantor or the Trustee
to the others is duly given if in writing and delivered in Person or by first
class mail (registered or certified, return receipt requested), facsimile
transmission or overnight air courier guaranteeing next day delivery, to the
others' address (a) if to the Company and/or any Guarantor, at the Company's
address set forth in the Indenture and (b) if to the Trustee, to the Trustee's
address set forth in the Indenture.

      All notices and communications (other than those sent to Holders) will be
deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and
the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery.

      Any notice or communication to a Holder will be mailed by first class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept
by the Registrar. Any notice or communication will also be so mailed to any
Person described in TIA Section 313(c), to the extent required by the TIA.
Failure to mail a notice or communication to a Holder or any defect in it will
not affect its sufficiency with respect to other Holders.

      If a notice or communication is mailed in the manner provided above within
the time prescribed, it is duly given, whether or not the addressee receives it.

      If the Company or a Guarantor mails a notice or communication to Holders,
it will mail a copy to the Trustee and each Agent at the same time.

Section 3.02 No Personal Liability of Directors, Officers, Employees and
Stockholders.

      No past, present or future director, officer, employee, incorporator or
stockholder of any Guarantor, as such, will have any liability for any
obligations of the Guarantors under the Notes, the Indenture, this Agreement or
for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder of Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for
issuance of the Notes. The waiver may not be effective to waive liabilities
under the federal securities laws.

Section 3.03 Governing Law.

      THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO
CONSTRUE THIS AGREEMENT AND THE NOTE GUARANTEE WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

                                        7
<PAGE>

Section 3.04 No Adverse Interpretation of Other Agreements.

      This Agreement may not be used to interpret any other indenture, loan,
guarantee or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret
this Agreement.

Section 3.05 Successors.

      All agreements of each Guarantor in this Agreement will bind its
successors, except as otherwise provided in Section 2.05 hereof. All agreements
of the Trustee in this Agreement will bind its successors.

Section 3.06 JURISDICTION.

      TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH GUARANTOR
IRREVOCABLY AGREES THAT ANY LEGAL SUIT, ACTION OR PROCEEDING BROUGHT BY ANY
HOLDER OR BY ANY PERSON WHO CONTROLS SUCH HOLDER or the trustee on behalf of
such holder ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE
BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, NEW YORK, AND IRREVOCABLY WAIVES ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY
SUCH SUIT, ACTION OR PROCEEDING AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT
IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, AND IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT,
ACTION OR PROCEEDING.

Section 3.07 Waiver of Immunity.

      To the extent that each Guarantor has or hereafter may acquire any
immunity (sovereign or otherwise) from any legal action, suit or proceeding,
from jurisdiction of any court or from set-off or any legal process (whether
service or notice, attachment in aid or otherwise) with respect to itself or any
of its property, each Guarantor hereby irrevocably waives and agrees not to
plead or claim such immunity in respect of its obligations under this Agreement.

Section 3.08 Process Agent.

      Each Guarantor has appointed CT Corporation System (the "PROCESS AGENT"),
as its agent to receive on its behalf service of copies of the summons and
complaints and any other process which may be served in any suit, action or
proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby brought in such New York State or federal court sitting in
The City of New York. Each Guarantor further agrees to take any and all action
as may be necessary to maintain such designation and appointment of such agent
in full force and effect for a period of five years from the date of this
Agreement. Such service may be made by delivering a copy of such process to any
Guarantor in care of the Process Agent at the address for the Process Agent and
obtaining a receipt therefor, and each Guarantor hereby irrevocably authorizes
and directs such Process Agent to accept such service on its behalf. Each
Guarantor

                                        8
<PAGE>

represents and warrants that the Process Agent has agreed to act as said agent
for service of process, and agrees that service of process in such manner upon
the Process Agent shall be deemed, to the fullest extent permitted by applicable
law, in every respect effective service of process upon each Guarantor in any
such suit, action or proceeding.

Section 3.09 Severability.

      In case any provision in this Agreement is invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.

Section 3.10 Currency Indemnity.

      The U.S. dollar is the sole currency of account and payment for all sums
payable by the Guarantors in connection with the Notes. Any amount received or
recovered in a currency other than the U.S. dollar in respect of the Notes
(whether as a result of, or for the enforcement of, a judgment or order of a
court of any jurisdiction, in the winding-up or dissolution of a Guarantor or
otherwise) by the Trustee or any Holder in respect of any sum expressed to be
due to it from the Guarantors will constitute a discharge of the Guarantors only
to the extent of the U.S. dollar amount which the recipient is able to purchase
with the amount so received or recovered in that other currency on the date of
that receipt or recovery (or, if it is not possible to make that purchase on
that date, on the first date on which it is possible to do so). If that U.S.
dollar amount is less than the U.S. dollar amount expressed to be due to the
recipient under any Note, the Guarantors will indemnify the recipient against
any loss sustained by it as a result. In any event the Guarantors will indemnify
the recipient against the cost of making any such purchase.

      For the purposes of this Section 3.10, it will be sufficient for a Holder
or the Trustee to certify that it would have suffered a loss had an actual
purchase of U.S. dollars been made with the amount so received in that other
currency on the date of receipt or recovery (or, if a purchase of U.S. dollars
on such date had not been practicable, on the first date on which it would have
been practicable). These indemnities constitute a separate and independent
obligation from the other obligations of the Guarantors, will give rise to a
separate and independent cause of action, will apply irrespective of any waiver
granted by any Holder or the Trustee and will continue in full force and effect
despite any other judgment, order, claim or proof for a liquidated amount in
respect of any sum due under any Note or any other judgment or order.

Section 3.11 Currency Calculation.

      Except as otherwise expressly set forth herein, for purposes of
determining compliance with any U.S. dollar-denominated restriction herein, the
U.S. dollar-equivalent amount for purposes hereof that is denominated in a
non-U.S. dollar currency shall be calculated based on the relevant currency
exchange rate in effect on the date such non-U.S. dollar amount is incurred or
made, as the case may be.

Section 3.12 Counterpart Originals.

      The parties may sign any number of copies of this Agreement. Each signed
copy will be an original, but all of them together represent the same agreement.

                                        9
<PAGE>

Section 3.13 Headings, etc.

      The Headings of the Articles and Sections of this Agreement have been
inserted for convenience of reference only, are not to be considered a part of
this Agreement and will in no way modify or restrict any of the terms or
provisions hereof.

                         [Signatures on following pages]

                                       10
<PAGE>

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

                                     GUARANTORS:

                                        CHIPPAC, INC.

                                        By /s/ Tan Lay Koon
                                          --------------------------------------
                                          Tan Lay Koon
                                          President and Chief Executive Officer

                                        STATS CHIPPAC, INC.

                                        By /s/ Tan Lay Koon
                                          --------------------------------------
                                          Tan Lay Koon
                                          Chief Executive Officer

                                        STATS CHIPPAC TEST SERVICES, INC.

                                        By /s/ Tan Lay Koon
                                          --------------------------------------
                                          Tan Lay Koon
                                          President

                                        STATS HOLDINGS LIMITED

                                        By /s/ Tan Lay Koon
                                          --------------------------------------
                                          Tan Lay Koon
                                          Chairman

                                        STATS CHIPPAC (BARBADOS) LTD.

                                        By /s/ Pearlyne Wang
                                          --------------------------------------
                                          Pearlyne Wang
                                          President, Chief Executive Officer and
                                          Chief Financial Officer

               [Signature Page to Subsidiary Guarantee Agreement]

<PAGE>

                                        STATS CHIPPAC (BVI) LIMITED

                                        By /s/ Pearlyne Wang
                                          --------------------------------------
                                          Pearlyne Wang
                                          President, Chief Executive Officer and
                                          Chief Financial Officer

                                        STATS CHIPPAC MALAYSIA SDN. BHD.

                                        By /s/ Lew Jin Aun
                                          --------------------------------------
                                          Lew Jin Aun
                                          President

                                        CHIPPAC INTERNATIONAL COMPANY LIMITED

                                        By /s/ Pearlyne Wang
                                          --------------------------------------
                                          Pearlyne Wang
                                          President, Chief Executive Officer and
                                          Chief Financial Officer

                                        CHIPPAC LUXEMBOURG S.A.R.L.

                                        By /s/ Tan Lay Koon
                                          --------------------------------------
                                          Tan Lay Koon
                                          Authorized Signatory

                                        CHIPPAC LIQUIDITY MANAGEMENT HUNGARY
                                        LIMITED LIABILITY COMPANY

                                        By /s/ Michael G. Potter
                                          --------------------------------------
                                          Michael G. Potter
                                          Managing Director

               [Signature Page to Subsidiary Guarantee Agreement]

<PAGE>

                                        STATS CHIPPAC KOREA LTD.

                                        By /s/ Sohn Byeong Kyuck
                                          --------------------------------------
                                          Sohn Byeong Kyuck
                                          Representative Director

               [Signature Page to Subsidiary Guarantee Agreement]
<PAGE>

                                    Trustee:

                                        U.S. BANK NATIONAL ASSOCIATION

                                        By: /s/ Lori Anne Rosenberg
                                        ----------------------------------------
                                          Name: Lori Anne Rosenberg
                                          Title: Assistant Vice President

                                     COMPANY:

                                        STATS CHIPPAC LTD.

                                        By /s/ Tan Lay Koon
                                          --------------------------------------
                                          Tan Lay Koon
                                          President and Chief Executive Officer

               [Signature Page to Subsidiary Guarantee Agreement]

<PAGE>

                                                                       EXHIBIT A

                          FORM OF NOTATION OF GUARANTEE

      For value received, each Guarantor (which term includes any successor
Person under the Subsidiary Guarantee Agreement) has, jointly and severally,
unconditionally guaranteed, to the extent set forth in the Subsidiary Guarantee
Agreement and subject to the provisions in the Subsidiary Guarantee Agreement
dated as of November 18, 2004 (the "Agreement") among STATS ChipPAC, Ltd. (the
"Company"), the Guarantors party thereto and U.S. Bank National Association, as
trustee (the "Trustee"), (a) the due and punctual payment of the principal of,
premium and Liquidated Damages, if any, and interest on, the Notes, whether at
maturity, by acceleration, redemption or otherwise, the due and punctual payment
of interest on overdue principal of and interest on the Notes, if any, if
lawful, and the due and punctual performance of all other obligations of the
Company to the Holders or the Trustee all in accordance with the terms of the
Indenture and the Agreement (b) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, that the same will be
promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at stated maturity, by acceleration or otherwise.
The obligations of the Guarantors to the Holders of Notes and to the Trustee
pursuant to the Note Guarantee, the Indenture and the Agreement are expressly
set forth in Article 2 of the Agreement and reference is hereby made to the
Agreement for the precise terms of the Note Guarantee.

      Capitalized terms used but not defined herein have the meanings given to
them in the Agreement.

                                        [NAME OF GUARANTOR(S)]

                                        By:_____________________________________
                                          Name:
                                          Title:

                                      A-1

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