Document:

EXHIBIT 10.2

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

Dated as of May 14, 2008

 

Among

 

DIRECTV HOLDINGS LLC,

DIRECTV FINANCING CO., INC.

 

and

 

THE GUARANTORS NAMED HEREIN,

 

as Issuers,

 

and

 

THE INITIAL PURCHASERS NAMED
HEREIN,

 

7 5/8% Senior Notes due 2016

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”)
is dated as of May 14, 2008, among DIRECTV HOLDINGS LLC, a Delaware
limited liability company (the “Company”), as issuer, DIRECTV FINANCING
CO., INC., a Delaware corporation (“Finance Co.”), as co-issuer, the
other entities listed on the signature pages hereto, as guarantors (the “Guarantors”
and, together with the Company and Finance Co., the “Issuers”), and J.P.
MORGAN SECURITIES INC., BANC OF AMERICA SECURITIES LLC, CREDIT SUISSE
SECURITIES (USA) LLC and MORGAN STANLEY & CO. INCORPORATED
(collectively, the “Initial Purchasers”).

 

This Agreement is entered into in connection
with the Purchase Agreement, dated as of May 8, 2008, among the Issuers
and the Initial Purchasers (the “Purchase Agreement”), which provides
for, among other things, the sale by the Company and Finance Co. to the Initial
Purchasers of up to $1,500,000,000 aggregate principal amount of the Company’s
and Finance Co.’s 7 5/8%  Senior
Notes due 2016 (the “Notes”), guaranteed by the Guarantors (the “Guarantees”)
on a senior basis.  The Notes and the
Guarantees are collectively referred to herein as the “Securities.”  In order to induce the Initial Purchasers to
enter into the Purchase Agreement, the Issuers have agreed to provide the
registration rights set forth in this Agreement for the benefit of the Initial
Purchasers and any subsequent holder or holders of the Securities.  The execution and delivery of this Agreement
is a condition to the Initial Purchasers’ obligation to purchase the Securities
under the Purchase Agreement.

 

The parties hereby agree as follows:

 

1.             Definitions

 

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

 

Additional
Interest:  See Section 4(a) hereof.

 

Advice:  See the last paragraph of Section 5
hereof.

 

Applicable
Period:  See Section 2(b) hereof.

 

Company:  See the introductory paragraphs hereto.

 

Effectiveness
Date:  The 220th
day after the Issue Date; provided, however, that with respect to
any Shelf Registration, if later than the 220th day after the Issue Date, the
Effectiveness Date shall be the 180th day after the delivery of a Shelf Notice
as required pursuant to Section 2(c) hereof; provided, further,
that in the event that

 

 

applicable law
or interpretations of the staff of the SEC do not permit the Issuers to file a
Registration Statement covering the exchange of the Securities or to complete
the Exchange Offer, the Effectiveness Date shall be extended by 30 days.

 

Effectiveness
Period:  See Section 3(a) hereof.

 

Event Date:  See Section 4 hereof.

 

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

 

Exchange Notes:  See Section 2(a) hereof.

 

Exchange Offer:  See Section 2(a) hereof.

 

Exchange Offer
Registration Statement:  See Section 2(a) hereof.

 

Finance Co.:  See the introductory paragraphs hereto.

 

FINRA:  See Section 5(r) hereof.

 

Guarantees:  See the introductory paragraphs hereto.

 

Guarantors:  See the introductory paragraphs hereto.

 

Holder:  As the context requires, means any holder of
a Registrable Note or Registrable Notes.

 

Indemnified
Person:  See Section 7(c) hereof.

 

Indemnifying
Person:  See Section 7(c) hereof.

 

Indenture:  The Indenture, dated as of May 14, 2008,
by and among the Issuers and The Bank of New York Trust Company, as trustee,
pursuant to which the Securities, the Exchange Notes and the Private Exchange
Notes, if any, are being issued, as the same may be amended or supplemented
from time to time in accordance with the terms thereof.

 

Initial
Purchasers:  See
the introductory paragraphs hereto.

 

Initial Shelf
Registration: 
See Section 3(a) hereof.

 

Inspectors:  See Section 5(m) hereof.

 

2

 

Issue Date:  May 14, 2008 the date of original
issuance of the Notes.

 

Issuers:  See the introductory paragraphs hereto.

 

Notes:  See the introductory paragraphs hereto.

 

Offering
Memorandum:  The
final offering memorandum of the Company and Finance Co., dated May 8,
2008 in respect of the offering of the Securities.

 

Participant:  See Section 7(a) hereof.

 

Participating
Broker-Dealer: 
See Section 2(b) hereof.

 

Person:  An individual, trustee, corporation,
partnership, limited liability company, joint stock company, trust,
unincorporated association, union, business association, firm or other legal
entity.

 

Private
Exchange:  See Section 2(b) hereof.

 

Private
Exchange Notes: 
See Section 2(b) hereof.

 

Prospectus:  The prospectus included in any Registration
Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a
prospectus filed as part of an effective registration statement in reliance
upon Rule 430A promulgated under the Securities Act and any term sheet
filed pursuant to Rule 434 under the Securities Act), as amended or
supplemented by any prospectus supplement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

 

Purchase
Agreement:  See
the introductory paragraphs hereto.

 

Records:  See Section 5(m) hereof.

 

Registrable
Notes:  Each
Security upon its original issuance and at all times subsequent thereto, each
Exchange Note (and the related Guarantee) as to which Section 2(c)(iv) hereof
is applicable upon original issuance and at all times subsequent thereto and
each Private Exchange Note (and the related Guarantee) upon original issuance
thereof and at all times subsequent thereto, until (i) a Registration
Statement (other than, with respect only to any Exchange Note as to which Section 2(c)(iv) hereof
is applicable, the Exchange Offer Registration Statement) covering such
Security, Exchange Note or Private Exchange Note has been declared effective by
the SEC and such Security, Exchange Note or such Private Exchange Note, as the
case 

 

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may be, has
been disposed of in accordance with such effective Registration Statement, (ii) such
Security has been exchanged pursuant to the Exchange Offer for an Exchange Note
or Exchange Notes that may be resold without restriction under state and
federal securities laws, (iii) such Security, Exchange Note or Private
Exchange Note has been disposed of by a broker-dealer pursuant to the “Plan of
Distribution” contemplated by a Registration Statement pursuant to which such
Security, Exchange Note or Private Exchange Note has been registered (including
delivery of the prospectus contained therein), (iv) such Security,
Exchange Note or Private Exchange Note, as the case may be, ceases to be
outstanding for purposes of the Indenture or (v) the second anniversary of
the later of (x) the Issue Date and (y) the last date on which such
Security was held by the Company or an Affiliate of the Company.

 

Registration
Statement:  Any
registration statement of the Issuers that covers any of the Notes, the
Exchange Notes or the Private Exchange Notes filed with the SEC under the
Securities Act, including the Prospectus, amendments and supplements to such
registration statement, including post-effective amendments, all exhibits, and
all material incorporated by reference or deemed to be incorporated by
reference in such registration statement.

 

Rule 144:  Rule 144 promulgated under the
Securities Act, as such Rule may be amended from time to time, or any
similar rule (other than Rule 144A) or regulation hereafter adopted
by the SEC providing for offers and sales of securities made in compliance
therewith resulting in offers and sales by subsequent holders that are not
affiliates of the issuer of such securities being free of the registration and
prospectus delivery requirements of the Securities Act.

 

Rule 144A:  Rule 144A promulgated under the
Securities Act, as such Rule may be amended from time to time, or any
similar rule (other than Rule 144) or regulation hereafter adopted by
the SEC.

 

Rule 415:  Rule 415 promulgated under the
Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC.

 

SEC:  The Securities and Exchange Commission.

 

Securities:  See the introductory paragraphs hereto.

 

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

 

Shelf Notice:  See Section 2(c) hereof.

 

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Shelf
Registration: 
See Section 3(b) hereof.

 

Subsequent
Shelf Registration: 
See Section 3(b) hereof.

 

TIA:  The Trust Indenture Act of 1939, as amended.

 

Trustee:  The trustee under the Indenture and the
trustee (if any) under any indenture governing the Exchange Notes and Private
Exchange Notes.

 

Underwritten
registration or underwritten offering:  A registration in which securities of one or
more of the Issuers are sold to an underwriter for reoffering to the public.

 

2.             Exchange Offer

 

(a)           To the extent not
prohibited by any applicable law or applicable interpretation of the staff of
the SEC, the Issuers shall use their reasonable best efforts to file with the
SEC a Registration Statement (the “Exchange Offer Registration Statement”)
on an appropriate registration form with respect to a registered offer (the “Exchange
Offer”) to exchange any and all of the Registrable Notes for a like
aggregate principal amount of notes of the Company and Finance Co., guaranteed
by the Guarantors, that are identical in all material respects to the
Securities (the “Exchange Notes”), except that (i) the Exchange
Notes shall contain no restrictive legend thereon and (ii) interest
thereon shall accrue (A) from the latter of (x) the last interest
payment date on which interest was paid on the Security surrendered in exchange
therefor, or (y) if the Security is surrendered for exchange on a date in
a period which includes the record date for an interest payment date to occur
on or after the date of such exchange and as to which interest will be paid,
the date of such interest payment date or (B) if no interest has been paid
on such Security, from the Issue Date, and which are entitled to the benefits
of the Indenture or a trust indenture which is identical in all material
respects to the Indenture (other than such changes to the Indenture or any such
trust indenture as are necessary to comply with the TIA) and which, in either
case, has been qualified under the TIA. 
The Exchange Offer shall comply with all applicable tender offer rules and
regulations under the Exchange Act and other applicable law.  The Issuers shall use their reasonable best
efforts to consummate the Exchange Offer on or prior to the 220th day
after the Issue Date.

 

Each Holder
that participates in the Exchange Offer will be required, as a condition to its
participation in the Exchange Offer, to represent to the Issuers in writing
(which may be contained in the applicable letter of transmittal) that:

 

(i)        any Exchange Notes to be received by it will be
acquired in the ordinary course of its business,

 

5

 

(ii)       at the time of the commencement of the Exchange
Offer such Holder has no arrangement or understanding with any Person to
participate in the distribution (within the meaning of the Securities Act) of
the Exchange Notes in violation of the Securities Act,

 

(iii)      such Holder is not an affiliate (as defined in Rule 405
promulgated under the Securities Act) of the Issuers,

 

(iv)      if such Holder is a broker-dealer, that it is not
engaged in, and does not intend to engage in, the distribution of Exchange Notes,

 

(v)       if such Holder is a Participating Broker-Dealer
(as defined below) that will receive Exchange Notes for its own account in
exchange for Securities that were acquired as a result of market-making or
other trading activities, that it will deliver a prospectus in connection with
any resale of such Exchange Notes and

 

(vi)      the Holder is not acting on behalf of any persons
or entities who could not truthfully make the foregoing representations.

 

Such Holder may also be
required to be named as a selling security holder in the related prospectus and
will be required to make such other representations as may be necessary under
applicable SEC rules, regulations or interpretations to render available the
use of Form S-4 or any other appropriate form under the Securities Act.

 

Upon
consummation of the Exchange Offer in accordance with this Section 2, the
provisions of this Agreement shall continue to apply solely with respect to
Registrable Notes that are Private Exchange Notes, Exchange Notes as to which Section 2(c)(iv) is
applicable and Exchange Notes held by Participating Broker-Dealers, and the
Issuers shall have no further obligation to register Registrable Notes (other
than Private Exchange Notes and other than in respect of any Exchange Notes as
to which clause 2(c)(iv) is applicable) pursuant to Section 3
hereof.

 

No securities
other than the Exchange Notes shall be included in the Exchange Offer
Registration Statement.

 

(b)       The Issuers shall include
within the Prospectus contained in the Exchange Offer Registration Statement a
section entitled “Plan of Distribution,” reasonably acceptable to the Initial
Purchasers, which shall contain a summary statement of the positions taken or
policies made by the staff of the SEC with respect to the potential “underwriter”
status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3
under the Exchange Act) of Exchange Notes received by such broker-dealer in the
Exchange Offer (a “Participating Broker-Dealer”), whether such positions
or policies have been publicly disseminated by the staff of the SEC or such
positions or policies represent the prevailing 

 

6

 

views of the staff of the
SEC.  Such “Plan of Distribution” section
shall also expressly permit, to the extent permitted by applicable policies and
regulations of the SEC, the use of the Prospectus by all Persons subject to the
prospectus delivery requirements of the Securities Act, including, to the
extent permitted by applicable policies and regulations of the SEC, all
Participating Broker-Dealers, and include a statement describing the means by
which Participating Broker-Dealers may resell the Exchange Notes in compliance
with the Securities Act.

 

The Issuers shall use their reasonable best
efforts to keep the Exchange Offer Registration Statement effective and to
amend and supplement the Prospectus contained therein in order to permit such
Prospectus to be lawfully delivered by all Persons subject to the prospectus
delivery requirements of the Securities Act for such period of time as is
necessary to comply with applicable law in connection with any resale of the
Exchange Notes covered thereby; provided, however, that such
period shall not be required to exceed 180 days, or such longer period if
extended pursuant to the last sentence of Section 5(s) (the “Applicable
Period”).

 

If, prior to consummation of the Exchange
Offer, the Initial Purchasers hold any Securities acquired by them that have
the status of an unsold allotment in the initial distribution, the Issuers upon
the request of the Initial Purchasers shall simultaneously with the delivery of
the Exchange Notes in the Exchange Offer, issue and deliver to the Initial
Purchasers, in exchange (the “Private Exchange”) for such Securities
held by the Initial Purchasers, a like principal amount of notes (the “Private
Exchange Notes”) of the Company and Finance Co., guaranteed by the
Guarantors, that are identical in all material respects to the Exchange Notes
except for the placement of a restrictive legend on such Private Exchange
Notes.  The Private Exchange Notes shall
be issued pursuant to the same indenture as the Exchange Notes and, if
permissible, bear the same CUSIP number as the Exchange Notes.

 

In connection with the Exchange Offer, the Issuers
shall:

 

(1)           mail, or cause to be
mailed, to each Holder of record entitled to participate in the Exchange Offer
a copy of the Prospectus forming part of the Exchange Offer Registration
Statement, together with an appropriate letter of transmittal and related
documents;

 

(2)           use their reasonable
best efforts to keep the Exchange Offer open for not less than 20 business days
after the date that notice of the Exchange Offer is mailed to Holders (or
longer if required by applicable law);

 

(3)           utilize the services of
a depositary for the Exchange Offer with an address in the Borough of
Manhattan, The City of New York;

 

7

 

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

 

(5)           otherwise comply in all
material respects with all applicable laws, rules and regulations.

 

As soon as practicable after the close of the
Exchange Offer and the Private Exchange, if any, the Issuers shall:

 

(1)           accept for exchange all
Registrable Notes validly tendered and not validly withdrawn pursuant to the
Exchange Offer and the Private Exchange, if any;

 

(2)           deliver to the Trustee
for cancellation all Registrable Notes so accepted for exchange; and

 

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

 

The Exchange Offer and the Private Exchange
shall not be subject to any conditions, other than that (i) the Exchange
Offer or the Private Exchange, as the case may be, does not violate applicable
law or any applicable interpretation of the staff of the SEC, (ii) no
action or proceeding shall have been instituted or threatened in any court or
by any governmental agency which might materially impair the ability of the
Issuers to proceed with the Exchange Offer or the Private Exchange, (iii) all
governmental approvals shall have been obtained, which approvals the Issuers
deem necessary for the consummation of the Exchange Offer or the Private
Exchange, (iv) there shall not have been any material change, or
development involving a prospective material change, in the business or
financial affairs of the Issuers which, in the reasonable judgment of the
Issuers, would materially impair the Issuers’ ability to consummate the
Exchange Offer or the Private Exchange, and (v) there shall not have been
proposed, adopted or enacted any law, statute, rule or regulation which,
in the reasonable judgment of the Issuers, would materially impair the Issuers’
ability to consummate the Exchange Offer or the Private Exchange or have a
material adverse effect on the Issuers if the Exchange Offer or the Private
Exchange was consummated.  In the event
that the Issuers are unable to consummate the Exchange Offer or the Private
Exchange due to any event listed in clauses (i) through (v) above,
the Issuers shall not be deemed to have breached any covenant under this Section 2.

 

The Exchange Notes and the Private Exchange
Notes shall be issued under the Indenture or under an indenture identical in
all material respects to the Indenture and which, in either case, has been
qualified under the TIA or is exempt from such qualification and shall provide
that the Exchange Notes shall not be subject to the transfer restrictions set
forth in the 

 

8

 

Indenture.  The Indenture or such other indenture shall
provide that the Exchange Notes, the Private Exchange Notes and the Securities
shall vote and consent together on all matters as one class and that none of
the Exchange Notes, the Private Exchange Notes or the Securities will have the
right to vote or consent as a separate class on any matter.

 

(c)           If (i) because of
any change in law or in currently prevailing interpretations of the staff of
the SEC, the Issuers are not permitted to effect the Exchange Offer, (ii) the
Exchange Offer is not consummated within 220 days of the Issue Date, (iii) a
Holder of Private Exchange Notes notifies the Company in writing within 60 days
following the consummation of the Exchange Offer that (A) such Holder is
prohibited by law or SEC policy from participating in the Exchange Offer or (B) such
Holder may not resell the Exchange 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 Participating
Broker-Dealer and holds Securities acquired directly from the Company or any of
its affiliates (as defined in Rule 405 promulgated under the Securities
Act), or (iv) in the case of any Holder that participates in the Exchange
Offer, such Holder does not receive 
Exchange Notes on the date of the exchange that may be sold without
restriction under state and federal securities laws (other than due solely to
the status of such Holder as an affiliate of one of the Issuers within the
meaning of the Securities Act), then in the case of each of clauses (i) to
and including (iv) of this sentence, the Issuers shall promptly deliver to
the Holders and the trustee written notice thereof (the “Shelf Notice”)
and shall use their reasonable best efforts to file a Shelf Registration
pursuant to Section 3 hereof.

 

3.             Shelf Registration

 

If at any time a Shelf Notice is delivered as
contemplated by Section 2(c) hereof, then:

 

(a)           Shelf Registration.  The Issuers shall use their reasonable best
efforts to file with the SEC a Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415 covering all of the
Registrable Notes not exchanged in the Exchange Offer, Private Exchange Notes
and Exchange Notes as to which Section 2(c)(iv) is applicable (the “Initial
Shelf Registration”).  The Initial Shelf
Registration shall be on Form S-3 or another appropriate form permitting
registration of such Registrable Notes for resale by Holders in the manner or
manners designated by them (including, without limitation, one or more
underwritten offerings).  The Issuers
shall not permit any securities other than the Registrable Notes to be included
in the Initial Shelf Registration or any Subsequent Shelf Registration (as
defined below).

 

The Issuers shall, subject to applicable law
or applicable interpretation of the staff of the SEC, use their reasonable best
efforts to cause the Initial Shelf Registration to be declared effective under
the Securities Act on or prior to the Effectiveness Date 

 

9

 

and to keep the Initial Shelf Registration
continuously effective under the Securities Act until the earlier of (x) the
date which is two years from the Issue Date or (y) the date on which no
Registrable Notes are outstanding (the “Effectiveness Period”), provided,
however, that the Effectiveness Period in respect of the Initial Shelf
Registration shall be extended to the extent required to permit dealers to
comply with the applicable prospectus delivery requirements of Rule 174
under the Securities Act and as otherwise provided herein.

 

No Holder of Registrable Notes may include
any of its Registrable Notes in any Shelf Registration pursuant to this
Agreement unless and until such Holder furnishes to the Company in writing,
within 15 business days after receipt of a request therefor, such information
concerning such Holder required to be included in any Shelf Registration or
Prospectus or preliminary prospectus included therein.  No holder of Registrable Notes shall be
entitled to Additional Interest pursuant to Section 4 hereof unless and
until such Holder shall have provided all such information, if so
requested.  Each Holder of Registrable
Notes as to which any Shelf Registration is being effected agrees to furnish
promptly to the Company all information required to be disclosed so that the
information previously furnished to the Company by such Holder not materially
misleading and does not omit to state a material fact required to be stated
therein or necessary in order to make the statements therein not misleading.

 

(b)           Subsequent Shelf
Registrations.  If the Initial Shelf
Registration or any Subsequent Shelf Registration ceases to be effective for
any reason at any time during the Effectiveness Period (other than because of
the sale of all of the securities registered thereunder), the Issuers shall use
their reasonable best efforts to obtain the prompt withdrawal of any order suspending
the effectiveness thereof, and in any event shall within 30 days of such
cessation of effectiveness amend the Initial Shelf Registration in a manner to
obtain the withdrawal of the order suspending the effectiveness thereof, or
file an additional “shelf” Registration Statement pursuant to Rule 415
covering all of the Registrable Notes covered by and not sold under the Initial
Shelf Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent
Shelf Registration”).  If a
Subsequent Shelf Registration is filed, the Issuers shall use their reasonable
best efforts to cause the Subsequent Shelf Registration to be declared
effective under the Securities Act as soon as practicable after such filing and
to keep such subsequent Shelf Registration continuously effective for a period
equal to the number of days in the Effectiveness Period less the aggregate
number of days during which the Initial Shelf Registration or any Subsequent
Shelf Registration was previously continuously effective.  As used herein the term “Shelf
Registration” means the Initial Shelf Registration and any Subsequent Shelf
Registration.

 

10

 

(c)           Supplements and Amendments.  The Issuers shall promptly supplement and
amend any Shelf Registration if required by the rules, regulations or
instructions applicable to the registration form used for such Shelf
Registration, if required by the Securities Act, or if reasonably requested by
the Holders of a majority in aggregate principal amount of the Registrable
Notes covered by such Registration Statement or by any managing underwriter of
such Registrable Notes, provided, however, that the Issuers shall
not be required to supplement or amend any Shelf Registration upon the request
of a Holder or any managing underwriter if such requested supplement or
amendment would, in the good faith judgment of the Company, violate the
Securities Act, the Exchange Act or the rules and regulations promulgated
thereunder.

 

4.             Additional Interest

 

(a)           The Issuers and the Initial
Purchasers agree that the Holders of Registerable Notes will suffer damages if
the Issuers fail to fulfill their obligations under Section 2 or Section 3
hereof and that it would not be feasible to ascertain the extent of such
damages with precision.  Accordingly, the
Issuers agree to pay, as liquidated damages, additional interest on the
Registrable Notes (“Additional Interest”) under the circumstances and to
the extent set forth below (each of which shall be given independent effect)
(it being understood that the Additional Interest provided for in this section
shall be the sole remedy at law for the matters set forth in clauses (i) through
(iii) below; provided, however, that nothing contained
herein shall prevent the Holders of a majority of Registrable Notes from
seeking specific performance of the Issuers’ obligations with respect to such
matters):

 

(i)        if the Issuers
are required to file a Shelf Registration and such Shelf Registration is not
declared effective by the SEC on or prior to the Effectiveness Date in respect
of such Shelf Registration, then, commencing on the day after such
Effectiveness Date, Additional Interest shall accrue on the principal amount of
the Securities at a rate of 0.25% per annum for the first 90 days immediately
following such Effectiveness Date, and such Additional Interest rate shall
increase by an additional 0.25% per annum at the beginning of each subsequent 90-day
period; or

 

(ii)       if (A) the Issuers have
not exchanged Exchange Notes for all Securities validly tendered in accordance
with the terms of the Exchange Offer on or prior to the 220th day after the
Issue Date and a Shelf Registration has not become effective for all such
Securities or (B) if applicable, a Shelf Registration has been declared
effective and such Shelf Registration ceases to be effective at any time prior
to the termination of the Issuers’ obligations to keep such Shelf Registration
effective pursuant to Section 3 above, then Additional Interest shall
accrue on the principal amount of the Securities at a rate of 0.25% per annum
for the first 90 days commencing on (x) the 221st day after the Issue
Date, in the case of (A) above, or (y) the day such Shelf
Registration ceases to be effective, in the case of (B) above, and such
Additional Interest rate shall increase by an additional 0.25% per annum at the
beginning of each such subsequent 90-day period;

 

11

 

provided, however,
that the Additional Interest rate on the Notes may not accrue under more than
one of the foregoing clauses (i) and (ii) at any one time and at no
time shall the aggregate amount of Additional Interest accruing exceed in the
aggregate 1.00% per annum; provided, further, however,
that (1) upon the effectiveness of the applicable Shelf Registration as
required hereunder (in the case of clause (a)(i) of this Section 4),
or (2) upon the exchange of the applicable Exchange Notes for all
Securities tendered or the effectiveness of a Shelf Registration covering all
such Securities (in the case of clause (a)(ii)(A) of this Section 4),
or upon the effectiveness of the applicable Shelf Registration which had ceased
to remain effective (in the case of clause(a)(ii)(B) of this Section 4),
Additional Interest on the Notes as a result of such clause (or the relevant
subclause thereof), as the case may be, shall cease to accrue; provided,
further, however, that notwithstanding the foregoing provisions
of this Section 4(a), Additional Interest shall not be payable if
effectiveness of a Shelf Registration ceased solely as a result of (i) the
filing of a post-effective amendment to such Shelf Registration to incorporate
annual audited financial information with respect to the Issuers required
pursuant to rules or regulations promulgated by the Commission where such
post-effective amendment is not yet effective and needs to be declared
effective to permit Holders to use the related prospectus or (ii) other
material events, with respect to the Issuers that would need to be described in
such Shelf Registration Statement or related prospectus and the Issuers are
proceeding promptly and in good faith to amend or supplement such Shelf
Registration or related prospectus to describe such events; provided,
that in any case if such a Shelf Registration is not declared effective on the
thirtieth day after effectiveness ceased, Additional Interest shall be payable
from the day following such 30-day period until the date on which such Shelf
Registration is declared effective.

 

(b)           The Issuers shall notify the
Trustee within three business days after each and every date on which an event
occurs in respect of which Additional Interest is required to be paid (an “Event
Date”).  Any amounts of Additional
Interest due pursuant to clauses (a)(i) or (a)(ii) of this Section 4
will be payable in cash semiannually on each May 15 and November 15
(to the holders of record on the May 1 and November 1 immediately
preceding such dates), commencing with the first such date occurring after any
such Additional Interest commences to accrue. 
The amount of Additional Interest will be determined on the basis of a
360-day year comprised of twelve 30-day months.

 

5.             Registration Procedures

 

In connection with the filing of any Registration
Statement pursuant to Sections 2 or 3 hereof, the Issuers shall effect
such registrations to permit the sale of the securities covered thereby in
accordance with the intended method or methods of disposition thereof, and
pursuant thereto and in connection with any Registration Statement filed by the
Issuers hereunder each of the Issuers shall:

 

12

 

(a)           Prepare and file with the
SEC, a Registration Statement or Registration Statements as prescribed by
Sections 2 or 3 hereof, and use their reasonable best efforts to cause
each such Registration Statement to become effective and remain effective as
provided herein; provided, however, that, if (1) such filing
is pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof
is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period
relating thereto, before filing any Registration Statement or Prospectus or any
amendments or supplements thereto, the Issuers shall furnish to and afford the
Holders of the Registrable Notes included in such Registration Statement or
each such Participating Broker-Dealer, as the case may be, their counsel and
the managing underwriters, if any, a reasonable opportunity to review copies of
all such documents (including copies of any documents to be incorporated by
reference therein and all exhibits thereto) proposed to be filed (in each case
at least five days prior to such filing, or such later date as is reasonable
under the circumstances).

 

(b)           Prepare and file with the
SEC such amendments and post-effective amendments to each Shelf Registration or
Exchange Offer Registration Statement, as the case may be, as may be necessary
to keep such Registration Statement continuously effective for the
Effectiveness Period or the Applicable Period, as the case may be; cause the
related Prospectus to be supplemented by any Prospectus supplement required by
applicable law, and as so supplemented to be filed pursuant to Rule 424
(or any similar provisions then in force) promulgated under the Securities Act;
and comply with the provisions of the Securities Act and the Exchange Act
applicable to each of them with respect to the disposition of all securities
covered by such Registration Statement as so amended or in such Prospectus as
so supplemented and with respect to the subsequent resale of any securities
being sold by a Participating Broker-Dealer covered by any such
Prospectus.  The Issuers shall be deemed
not to have used their reasonable best efforts to keep a Registration Statement
effective during the Effectiveness Period or the Applicable Period, as the case
may be, relating thereto if any Issuer voluntarily takes any action that would
result in selling Holders of the Registrable Notes covered thereby or
Participating Broker-Dealers seeking to sell Exchange Notes not being able to sell
such Registrable Notes or such Exchange Notes during that period unless such
action is required by applicable law or permitted by this Agreement.

 

(c)           If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period relating thereto from whom the Issuers have
received written notice that it will be a Participating Broker-Dealer in the
Exchange Offer, notify the selling Holders of Registrable Notes, or each such
Participating Broker-Dealer, as the case may be, and their counsel promptly
(but in any event within two business days), and confirm such notice in
writing, (i) when a Prospectus or any Prospectus supplement or
post-effective amendment has been filed, and, with respect to any applicable 

 

13

 

Registration Statement or any post-effective
amendment, when the same has become effective under the Securities Act
(including in such notice a written statement that any Holder may, upon request
in writing, obtain, at the sole expense of the Issuers, one conformed copy of
such Registration Statement or post-effective amendment including financial
statements and schedules, documents incorporated or deemed to be incorporated
by reference and exhibits), (ii) of the issuance by the SEC of any stop
order suspending the effectiveness of a Registration Statement or of any order
preventing or suspending the use of any preliminary prospectus or the
initiation of any proceedings for that purpose, (iii) if at any time when
a prospectus is required by the Securities Act to be delivered in connection
with sales of the Registrable Notes or resales of Exchange Notes by
Participating Broker-Dealers the representations and warranties of the Issuers
contained in any agreement (including any underwriting agreement) contemplated
by Section 5(l) hereof cease to be true and correct in all material
respects, (iv) of the receipt by any Issuer of any notification with
respect to the suspension of the qualification or exemption from qualification
of a Registration Statement or any of the Registrable Notes or the Exchange
Notes to be sold by any Participating Broker-Dealer for offer or sale in any
jurisdiction, or the initiation or threatening of any proceeding for such
purpose, (v) of the happening of any event, the existence of any condition
or any information becoming known that makes any statement made in such
Registration Statement or related Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in or amendments or supplements to
such Registration Statement, Prospectus or documents so that, in the case of
the Registration Statement, it will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, and that in the case
of the Prospectus, it will not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they
were made, not misleading, and (vi) of the Issuers’ determination that a
post-effective amendment to a Registration Statement would be appropriate.

 

(d)           If (1) a Shelf Registration
is filed pursuant to Section 3 hereof, or (2) a Prospectus contained
in the Exchange Offer Registration Statement filed pursuant to Section 2
hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, use their commercially reasonable efforts to prevent the
issuance of any order suspending the effectiveness of a Registration Statement
or of any order preventing or suspending the use of a Prospectus or suspending
the qualification (or exemption from qualification) of any of the Registrable
Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for
sale in any jurisdiction, and, if any such order is issued, to use their
commercially reasonable efforts to obtain the withdrawal of any such order at
the earliest possible moment.

 

14

 

(e)           If a Shelf Registration is
filed pursuant to Section 3 and if requested by the managing underwriter,
the Holders of a majority in aggregate principal amount of the Registrable
Notes being sold in connection with an underwritten offering or any
Participating Broker-Dealer, (i) as promptly as practicable incorporate in
a prospectus supplement or post-effective amendment such information as the
managing underwriter, such Holders, any Participating Broker-Dealer or counsel
for any of them reasonably request to be included therein, provided, however,
that the Issuers shall not be required to include any such information upon the
request of a Holder or any underwriter if the inclusion of such information
would, in the good faith judgment of the Company, violate the Securities Act,
the Exchange Act or the rules and regulations promulgated thereunder, (ii) make
all required filings of such prospectus supplement or such post-effective
amendment as soon as practicable after an Issuer has received notification of
the matters to be incorporated in such prospectus supplement or post-effective
amendment, and (iii) supplement or make amendments to such Registration
Statement.

 

(f)            If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, furnish to each selling Holder of
Registrable Notes, a single counsel to such Holders (chosen in accordance with Section 6(b))
and to each such Participating Broker-Dealer who so requests and to its counsel
at the sole expense of the Issuers, one conformed copy of the Registration
Statement or Registration Statements and each post-effective amendment thereto,
including financial statements and schedules, and, if requested in writing one
copy of any document incorporated or deemed to be incorporated therein by
reference and one copy of any exhibit.

 

(g)           If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2
hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, deliver to each selling Holder of Registrable Notes, a
single counsel to such Holders (chosen in accordance with Section 6(b)),
or each such Participating Broker-Dealer and its counsel, as the case may be,
at the sole expense of the Issuers, as many copies of the Prospectus or
Prospectuses (including each form of preliminary prospectus) and each amendment
or supplement thereto and if requested in writing, any documents incorporated
by reference therein as such Persons may reasonably request; and, subject to
the last paragraph of Section 5(s), the Issuers hereby consent to the use
of such Prospectus and each amendment or supplement thereto (provided the
manner of such use complies with any limitations resulting from any applicable
state securities “Blue Sky” laws as provided in writing to such Holders by the
Company and subject to the provisions of this Agreement) by each of the selling
Holders of Registrable Notes or each such Participating Broker-Dealer, as the
case may be, and the managing underwriters or agents, if any, and dealers (if
any), in connection with the offering and sale of the Registrable Notes covered
by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant
to, such Prospectus and any amendment or supplement thereto.

 

15

 

(h)           Prior to any public offering
of Registrable Notes or any delivery of a Prospectus contained in the Exchange
Offer Registration Statement by any Participating Broker-Dealer who seeks to
sell Exchange Notes during the Applicable Period, use their commercially
reasonable efforts to register or qualify, and to cooperate with the selling
Holders of Registrable Notes or each such Participating Broker-Dealer, as the
case may be, in connection with the registration or qualification (or exemption
from such registration or qualification) of such Registrable Notes for offer
and sale under the securities or Blue Sky laws of such jurisdictions within the
United States as any selling Holder or Participating Broker-Dealer, reasonably
request in writing; provided, however, that where Exchange Notes
held by Participating Broker-Dealers or Registrable Notes are offered other
than through an underwritten offering, the Issuers agree to cause their counsel
to perform Blue Sky investigations and file registrations and qualifications
required to be filed pursuant to this Section 5(h), keep each such
registration or qualification (or exemption therefrom) effective during the
period such Registration Statement is required to be kept effective and do any
and all other acts or things reasonably necessary or advisable to enable the
disposition in such jurisdictions of the Exchange Notes held by Participating
Broker-Dealers or the Registrable Notes covered by the applicable Registration
Statement; provided, however, that no Issuer shall be required to
(A) qualify generally to do business in any jurisdiction where it is not
then so qualified, (B) take any action that would subject it to general
service of process in any such jurisdiction where it is not then so subject or (C) subject
itself to taxation in any such jurisdiction where it is not then so subject.

 

(i)            If a Shelf Registration is
filed pursuant to Section 3 hereof, cooperate with the selling Holders of
Registrable Notes to facilitate the timely preparation and delivery of
certificates representing Registrable Notes to be sold, which certificates
shall not bear any restrictive legends and shall be in a form eligible for
deposit with The Depository Trust Company; and enable such Registrable Notes to
be in such denominations and registered in such names as the selling Holders
may reasonably request.

 

(j)            If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, upon the occurrence of any event
contemplated by Sections 5(c)(v) or 5(c)(vi) hereof, as promptly
as practicable prepare and (subject to Section 5(a) hereof) file with
the SEC, at the sole expense of the Issuers, a supplement or post-effective
amendment to the Registration Statement or a supplement to the related
Prospectus or any document incorporated or deemed to be incorporated therein by
reference, or file any other required document so that, as thereafter delivered
to the purchasers of the Registrable Notes being sold thereunder or to the
purchasers of the Exchange Notes to whom such Prospectus will be delivered by a
Participating Broker-Dealer, any such Prospectus will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the 

 

16

 

circumstances under which they were made, not
misleading.  Notwithstanding the
foregoing, the Issuers shall not be required to amend or supplement a
Registration Statement, any related Prospectus or any document incorporated
therein by reference, in the event that an event occurs and is continuing
as a result of which the Shelf Registration would, in the good faith judgment
of the Company, contain an untrue statement of a material fact or omit 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, or, for a
period not to exceed an aggregate of 90 days in any calendar year, (a) the
Company determines in its good faith judgment that the disclosure of such event
at such time would reasonably be expected to have a material adverse effect on
the business, operations or prospects of the Company or (b) the disclosure
otherwise relates to a pending material business transaction that has not yet
been publicly disclosed.

 

(k)           Prior to the effective date
of the first Registration Statement elating to the Registrable Notes, (i) provide
the Trustee with certificates for the Registrable Notes in a form eligible for
deposit with The Depository Trust Company and (ii) provide a CUSIP number
for the Registrable Notes.

 

(l)            In connection with any
underwritten offering of Registrable Notes pursuant to a Shelf Registration,
enter into an underwriting agreement as is customary in underwritten offerings
of debt securities similar to the Securities in form and substance reasonably
satisfactory to the Issuers and take all such other actions as are reasonably
requested by the managing underwriter in order to expedite or facilitate the
registration or the disposition of such Registrable Notes and, in such
connection, (i) make such representations and warranties to, and covenants
with, the underwriters with respect to the business of the Issuers and the
subsidiaries of the Issuers (including any acquired business, properties or
entity, if applicable) and the Registration Statement, Prospectus and
documents, if any, incorporated or deemed to be incorporated by reference
therein, in each case, as are customarily made by issuers to underwriters in
underwritten offerings of debt securities similar to the Securities, and
confirm the same in writing if and when requested in form and substance
reasonably satisfactory to the Issuers; (ii) upon the request of any
underwriter use all reasonable efforts to obtain the written opinions of
counsel to the Issuers and written updates thereof in form, scope and substance
reasonably satisfactory to the managing underwriter, addressed to the
underwriters covering the matters customarily covered in opinions reasonably
requested in underwritten offerings and such other matters as may be reasonably
requested by the managing underwriter; (iii) upon the request of any
managing underwriter use their commercially reasonable efforts to obtain “cold comfort”
letters and updates thereof in form, scope and substance reasonably
satisfactory to the managing underwriter from the independent public
accountants of the Issuers (and, if necessary, any other independent public
accountants of the Issuers, any subsidiary of the Issuers or of any business
acquired by the Issuers for which financial statements and financial data are,
or are required to be, included or incorporated by reference in the
Registration Statement), addressed 

 

17

 

to each of the underwriters, such letters to
be in customary form and covering matters of the type customarily covered in “cold
comfort” letters in connection with underwritten offerings of debt securities
similar to the Securities and such other matters as reasonably requested by the
managing underwriter as permitted by the Statement on Auditing Standards No. 72;
and (iv) if an underwriting agreement is entered into, cause the same to
contain indemnification provisions and procedures no less favorable to the
sellers and underwriters, if any, than those set forth in Section 7 hereof
(or such other provisions and procedures acceptable to Holders of a majority in
aggregate principal amount of Registrable Notes covered by such Registration
Statement and the managing underwriter or underwriters or agents, if any).  The above shall be done at each closing under
such underwriting agreement, or as and to the extent required thereunder.

 

(m)          If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, make available for inspection by any
selling Holder of such Registrable Notes being sold, or each such Participating
Broker-Dealer, as the case may be, any underwriter participating in any such
disposition of Registrable Notes, if any, and any attorney, accountant or other
agent retained by any such selling Holder or each such Participating
Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”),
at the offices where normally kept, during reasonable business hours, all
financial and other records, pertinent corporate documents and instruments of
the Issuers and subsidiaries of the Issuers (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 Issuers and any of their subsidiaries to supply all information reasonably
requested by any such Inspector in connection with such Registration Statement
and Prospectus.  The foregoing inspection
and information gathering shall be coordinated on behalf of the other parties
by one counsel designated by such parties as described in Section 6(b) hereof.  Each Inspector shall agree in writing that it
will keep the Records confidential and that it will not disclose any of the
Records that the Issuers determine, in good faith, to be confidential unless (i) the
release of such Records is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction, or (ii) the information in such Records
has been made generally available to the public other than through the acts of
such Inspector; provided, however, that prior notice shall be
provided as soon as practicable to the Issuers of the potential disclosure of
any information by such Inspector pursuant to clause (i) of this sentence
to permit the Issuers to obtain a protective order or take other appropriate
action to prevent the disclosure of such information at the Issuers’ sole
expense (or waive the provisions of this paragraph (m)) and that such Inspector
shall take such actions as are reasonably necessary to protect the
confidentiality of such information (if practicable) to the extent such action
is otherwise not inconsistent with, an impairment of or in derogation of the
rights and interests of the Holder or any Inspector.

 

18

 

(n)           Provide an indenture trustee
for the Registrable Notes or the Exchange Notes, as the case may be, and cause
the Indenture or the trust indenture provided for in Section 2(a) hereof,
as the case may be, to be qualified under the TIA not later than the effective
date of the first Registration Statement relating to the Registrable Notes; and
in connection therewith, cooperate with the trustee under any such indenture
and the Holders of the Registrable Notes to effect such changes to such
indenture as may be required for such indenture to be so qualified in
accordance with the terms of the TIA; and execute, and use their commercially
reasonable efforts to cause such trustee to execute, all documents as may be
required to effect such changes, and all other forms and documents required to
be filed with the SEC to enable such indenture to be so qualified in a timely
manner.

 

(o)           Comply with all applicable rules and
regulations of the SEC and make generally available to its securityholders with
regard to any applicable Registration Statement, a consolidated earnings
statement satisfying the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder (or any similar rule promulgated
under the Securities Act) no later than 60 days after the end of any fiscal
quarter (or 120 days after the end of any 12-month period if such period is a
fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable
Notes are sold to underwriters in a firm commitment or best efforts
underwritten offering and (ii) if not sold to underwriters in such an
offering, commencing on the first day of the first fiscal quarter of the
Company after the effective date of a Registration Statement, which statements
shall cover said 12-month periods.

 

(p)           Upon consummation of the
Exchange Offer or a Private Exchange, if requested by the Trustee in writing,
obtain an opinion of counsel to the Issuers, in a form customary for underwritten
transactions, addressed to the Trustee for the benefit of all Holders of
Registrable Notes participating in the Exchange Offer or the Private Exchange,
as the case may be, that the Exchange Notes or Private Exchange Notes, as the
case may be, the related guarantee and the related indenture constitute legal,
valid and binding obligations of the Issuers, enforceable against them in
accordance with their respective terms, subject to customary exceptions and
qualifications.

 

(q)           If the Exchange Offer or a
Private Exchange is to be consummated, upon delivery of the Registrable Notes
by Holders to the Issuers (or to such other Person as directed by the Issuers)
in exchange for the Exchange Notes or the Private Exchange Notes, as the case
may be, the Issuers shall mark, or cause to be marked, on such Registrable
Notes that such Registrable Notes are being canceled in exchange for the
Exchange Notes or the Private Exchange Notes, as the case may be; in no event
shall such Registrable Notes be marked as paid or otherwise satisfied, in
connection with any such exchange.

 

(r)            Cooperate with each seller
of Registrable Notes covered by any Registration Statement and each
underwriter, if any, participating in the disposition of such Registrable Notes
and their respective counsel in connection with any filings required to be made
with the Financial Industry Regulatory Authority (the “FINRA”).

 

19

 

(s)            Use their commercially
reasonable efforts to take all other steps reasonably necessary to effect the
registration of the Registrable Notes covered by a Registration Statement
contemplated hereby.

 

The Issuers may require each seller of Registrable
Notes as to which any registration is being effected to furnish to the Issuers
such information regarding such seller and the distribution of such Registrable
Notes as the Issuers may, from time to time, reasonably request.  The Issuers may exclude from such registration
the Registrable Notes of any seller so long as such seller fails to furnish
such information within a reasonable time after receiving such request.  Each seller as to which any Shelf
Registration is being effected agrees to furnish promptly to the Company all
information required to be disclosed so that the information previously
furnished to the Company by such seller is not materially misleading and does
not omit to state a material fact required to be stated therein or necessary in
order to make the statements therein not misleading in the light of the
circumstances under which they were made.

 

Each Holder of Registrable Notes and each
Participating Broker-Dealer agrees by its acquisition of such Registrable Notes
or Exchange Notes to be sold by such Participating Broker-Dealer, as the case
may be, that, upon actual receipt of any notice from the Issuers of the
happening of any event of the  kind
described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof,
such Holder will forthwith discontinue disposition of such Registrable Notes
covered by such Registration Statement or Prospectus or Exchange Notes to be
sold by such Holder or Participating Broker-Dealer, as the case may be, until
such Holder’s or Participating Broker-Dealer’s receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 5(j) hereof,
or until it is advised in writing (the “Advice”) by the Issuers that the
use of the applicable Prospectus may be resumed, and has received copies of any
amendments or supplements thereto.  In
the event that the Issuers shall give any such notice, the Applicable Period
shall be extended by the number of days during such periods from and including
the date of the giving of such notice to and including the date when each
seller of Registrable Notes covered by such Registration Statement or Exchange
Notes to be sold by such Participating Broker-Dealer, as the case may be, shall
have received (x) the copies of the supplemented or amended Prospectus
contemplated by Section 5(j) hereof or (y) the Advice.

 

6.             Registration Expenses

 

(a)           All fees and expenses
incident to the performance of or compliance with this Agreement by the Issuers
(other than any underwriting discounts or commissions which shall not be borne
by the Issuers) shall be borne by the Issuers including, without limitation, (i) all
registration and filing fees (including, without limitation, (A) fees with
respect to filings required to be made with the FINRA in connection with an
underwritten offering and (B)  fees and expenses of compliance with state
securities or Blue Sky laws (including, without limitation, reasonable fees and
disbursements of one counsel in 

 

20

 

connection with Blue Sky qualifications of
the Registrable Notes or Exchange Notes and determination of the eligibility of
the Registrable Notes or Exchange Notes for investment under the laws of such
jurisdictions (x) where the holders of Registrable Notes are located, in
the case of the Exchange Notes, or (y) as provided in Section 5(h) hereof,
in the case of Registrable Notes or Exchange Notes to be sold by a
Participating Broker-Dealer during the Applicable Period)), (ii) printing
expenses, including, without limitation, expenses of printing certificates for
Registrable Notes or Exchange Notes in a form eligible for deposit with The
Depository Trust Company and of printing prospectuses if the printing of
prospectuses is requested by the managing underwriter, if any, by the Holders
of a majority in aggregate principal amount of the Registrable Notes included
in  any Registration Statement or in
respect of Registrable Notes or Exchange Notes to be sold by any Participating
Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel
for the Issuers, (v) fees and disbursements of all independent certified
public accountants referred to in Section 5(l)(iii) hereof
(including, without limitation, the expenses of any special audit and “cold
comfort” letters required by or incident to such performance), (vi) Securities
Act liability insurance, if the Issuers desire such insurance, (vii) fees
and expenses of all other Persons retained by the Issuers, (viii) internal
expenses of the Issuers (including, without limitation, all salaries and
expenses of officers and employees of the Issuers performing legal or
accounting duties), (ix) the expense of any annual audit, (x) any
fees and expenses incurred in connection with the listing of the securities to
be registered on any securities exchange, and the obtaining of a rating of the
securities, in each case, if applicable, and (xi) the expenses relating to
printing, word processing and distributing all Registration Statements,
underwriting agreements, indentures and any other documents necessary in order
to comply with this Agreement.

 

(b)           The Issuers shall reimburse
the Initial Purchasers for the reasonable fees and expenses of one counsel in
connection with the Exchange Offer, which shall be Cahill Gordon &
Reindel or such other counsel as selected by a majority in interests of the
Holders, and shall not be required to pay any other legal expenses in
connection therewith.

 

7.             Indemnification

 

(a)           Each of the Issuers, jointly
and severally, agrees to indemnify and hold harmless each Holder of Registrable
Notes and each Participating Broker-Dealer selling Exchange Notes during the
Applicable Period, the affiliates, officers, directors, representatives,
employees and agents of each such Person, and each Person, if any, who controls
any such Person within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act (each, a “Participant”), from
and against any and all losses, claims, damages, judgments, liabilities and
expenses (including, without limitation, the reasonable legal fees and other
expenses actually incurred in connection with any suit, action or proceeding or
any claim asserted) caused by, arising out of or based upon any untrue statement
or alleged untrue statement of a material fact contained in any Registration 

 

21

 

Statement (or any amendment thereto) or
Prospectus (as amended or supplemented if the Issuers shall have furnished any
amendments or supplements thereto) or any preliminary prospectus, or caused by,
arising out of or based upon any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein, in the case of the Prospectus in light of the circumstances
under which they were made, not misleading, except insofar as such
losses, claims, judgments, damages, liabilities or expenses are caused by any
untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with information relating to any Participant
furnished to the Issuers in writing by such Participant expressly for use
therein and with respect to any preliminary Prospectus, or except to the extent
that any such loss, claim, damage or liability arises solely from the fact that
any Participant sold Notes to a person to whom there was not sent or given a
copy of the Prospectus (as amended or supplemented) at or prior to the written
confirmation of such sale if the Issuers shall have previously furnished copies
thereof to the Participant in accordance herewith and the Prospectus (as
amended or supplemented) would have corrected any such untrue statement or
omission.

 

(b)           Each Participant agrees,
severally and not jointly, to indemnify and hold harmless each Issuer, their
respective affiliates, officers, directors, representatives, employees and
agents of each Issuer and each Person who controls each Issuer within the
meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act to the same extent (but on a several, and not joint, basis) as the
foregoing indemnity from the Issuers to each Participant under paragraph (a) above,
but only with reference to information relating to such Participant furnished
to the Issuers in writing by such Participant expressly for use in any
Registration Statement or Prospectus, any amendment or supplement thereto, or
any preliminary prospectus.  The
liability of any Participant under this paragraph shall in no event exceed the
proceeds received by such Participant from sales of Registrable Notes or
Exchange Notes giving rise to such obligations.

 

(c)           If any suit, action,
proceeding (including any governmental or regulatory investigation), claim or
demand shall be brought or asserted against any Person in respect of which
indemnity may be sought pursuant to either of the two preceding paragraphs,
such Person (the “Indemnified Person”) shall promptly notify the Persons
against whom such indemnity may be sought (the “Indemnifying Persons”)
in writing, and the Indemnifying Persons, upon request of the Indemnified
Person, shall retain counsel reasonably satisfactory to the Indemnified Person
to represent the Indemnified Person and any others entitled to indemnification
pursuant to this Section 7 that the Indemnifying Person may reasonably
designate in such proceeding and shall pay the reasonable fees and expenses
actually incurred by such counsel related to such proceeding; provided, however,
that the failure to so notify the Indemnifying Persons will not relieve it from
any liability under paragraph (a) or (b) above unless and to the
extent such failure results in the forfeiture by the Indemnifying Person of
substantial rights and defenses and the Indemnifying Person was not otherwise
aware of such action or claim.  In any
such proceeding, any Indemnified Person shall have the right to retain 

 

22

 

its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i) the
Indemnifying Persons and the Indemnified Person shall have mutually agreed to
the contrary in writing, (ii) the Indemnifying Persons shall have failed
within a reasonable period of time to retain counsel reasonably satisfactory to
the Indemnified Person or (iii) the named parties in any such proceeding
(including any impleaded parties) include both any Indemnifying Person and the
Indemnified Person and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between
them.  It is understood that the
Indemnifying Persons shall not, in connection with such proceeding or separate
but substantially similar related proceeding in the same jurisdiction arising
out of the same general allegations, be liable for the fees and expenses of
more than one separate firm (in addition to any local counsel) for all
Indemnified Persons, and that all such fees and expenses shall be reimbursed
promptly as they are incurred.  Any such
separate firm for the Participants and such control Persons of Participants
shall be designated in writing by Participants who sold a majority in interest
of Registrable Notes and Exchange Notes sold by all such Participants and shall
be reasonably acceptable to the Issuers, and any such separate firm for the
Issuers, their affiliates, officers, directors, representatives, employees and
agents and such control Persons of such Issuer shall be designated in writing
by such Issuer and shall be reasonably acceptable to the Holders.

 

The Indemnifying Person shall not be liable for any
settlement of any proceeding effected without its prior written consent (which
consent shall not be unreasonably withheld or delayed), but if settled with
such consent or if there be a final non-appealable judgment for the plaintiff
for which the Indemnified Person is entitled to indemnification pursuant to
this Agreement, each Indemnifying Person agrees to indemnify and hold harmless
each Indemnified Person from and against any loss or liability by reason of
such settlement or judgment.  No
Indemnifying Person shall, without the prior written consent of the Indemnified
Person (which consent shall not be unreasonably withheld or delayed), effect
any settlement or compromise of any pending or threatened proceeding in respect
of which any Indemnified Person is or could have been a party, or indemnity
could have been sought hereunder by such Indemnified Person, unless such
settlement (A) includes an unconditional written release of such
Indemnified Person, in form and substance reasonably satisfactory to such
Indemnified Person, from all liability on claims that are the subject matter of
such proceeding and (B) does not include any statement as to an admission
of fault, culpability or failure to act by or on behalf of such Indemnified
Person.

 

(d)           If the indemnification
provided for in paragraphs (a) and (b) of this Section 7 is for
any reason unavailable to, or insufficient to hold harmless, an Indemnified
Person in respect of any losses, claims, damages or liabilities referred to
therein, then each Indemnifying Person under such paragraphs, in lieu of
indemnifying such Indemnified Person thereunder and in order to provide for
just and equitable contribution, shall contribute to the amount paid or payable
by such Indemnified Person as a result of such losses, claims, damages or
liabilities in such proportion as is appropriate to reflect the relative fault
of the 

 

23

 

Indemnifying Person or Persons on the one
hand and the Indemnified Person or Persons on the other in connection with the
statements or omissions or alleged statements or omissions that resulted in
such losses, claims, damages or liabilities (or actions in respect thereof) as
well as any other relevant equitable considerations.  The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Issuers on the one
hand or such Participant or such other Indemnified Person, as the case may be,
on the other, the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission, and any other
equitable considerations appropriate in the circumstances.

 

(e)           The parties agree that it
would not be just and equitable if contribution pursuant to this Section 7
were determined by pro rata allocation
(even if the Participants were treated as one entity for such purpose) or by
any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph.  The amount paid or payable by an Indemnified
Person as a result of the losses, claims, damages, judgments, liabilities and
expenses referred to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth above, any reasonable legal or
other expenses actually incurred by such Indemnified Person in connection with
investigating or defending any such action or claim.  Notwithstanding the provisions of this Section 7,
in no event shall a Participant be required to contribute any amount in excess
of the amount by which proceeds received by such Participant from sales of
Registrable Notes or Exchange Notes, as the case may be, exceeds the amount of
any damages that such Participant has otherwise been required to pay or has
paid by reason of such untrue or alleged untrue statement or omission or
alleged omission.  No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.

 

(f)            Any losses, claims, damages,
liabilities or expenses for which an indemnified party is entitled to
indemnification or contribution under this Section 7 shall be paid by the
Indemnifying Person to the Indemnified Person as such losses, claims, damages,
liabilities or expenses are incurred. 
The indemnity and contribution agreements contained in this Agreement
shall remain operative and in full force and effect, regardless of (i) any
investigation made by or on behalf of any Holder or any person who controls a
Holder, the Issuers, their directors, officers, employees or agents or any
person who controls an Issuer, and (ii) any termination of this Agreement.

 

(g)           The indemnity and
contribution agreements contained in this Section 7 will be in addition to
any liability which the Indemnifying Persons may otherwise have to the
Indemnified Persons referred to above.

 

24

 

8.             Rules 144 and 144A

 

Each of the Issuers covenants and agrees that it will
file the reports required to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations adopted by the SEC thereunder
in a timely manner in accordance with the requirements of the Securities Act
and the Exchange Act and, for so long as any Registrable Notes remain
outstanding, and if such Issuer is not required to file such reports, such
Issuer will, upon the request of any Holder or beneficial owner of Registrable
Notes, make available such information of the type specified in Sections 13 and
15(d) of the Exchange Act.  Each of
the Issuers further covenants and agrees, for so long as any Registrable Notes
remain outstanding, to make available to any Holder or beneficial owner of
Registrable Notes in connection with any sale thereof and any prospective
purchaser of such Registrable Notes from such Holder or beneficial owner the
information required by Rule 144A(d)(4) and 144(c) under the
Securities Act in order to permit resales of such Registrable Notes pursuant to
Rule 144A and Rule 144.

 

9.             Underwritten Registrations

 

If any of the Registrable Notes covered by any Shelf
Registration are to be sold in an underwritten offering, the investment banker
or investment bankers and manager or managers that will manage the offering will
be selected by the Holders of a majority in aggregate principal amount of such
Registrable Notes included in such offering and shall be reasonably acceptable
to the Issuers.

 

No Holder of Registrable Notes may participate in
any underwritten registration hereunder unless such Holder (a) agrees to
sell such Holder’s Registrable Notes on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such
arrangements and (b) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements.

 

10.          Miscellaneous

 

(a)           No Inconsistent Agreements.  The Issuers have not, as of the date hereof,
and the Issuers shall not, after the date of this Agreement, enter into any
agreement with respect to any of their securities that is inconsistent with the
rights granted to the Holders of Registrable Notes in this Agreement or
otherwise conflicts with the provisions hereof. 
The rights granted to the Holders hereunder do not in any way conflict
with and are not inconsistent with the rights granted to the holders of the
Issuers’ other issued and outstanding securities under any such
agreements.  The Issuers shall not, after
the date of this agreement, enter into any agreement with respect to any of
their securities which will grant to any Person piggy-back registration rights
with respect to any Registration Statement.

 

(b)           Adjustments Affecting
Registrable Notes.  The Issuers
shall not, directly or indirectly, take any action with respect to the
Registrable Notes as a class that would adversely affect the ability of the
Holders of Registrable Notes to include such Registrable Notes in a
registration undertaken pursuant to this Agreement.

 

25

 

(c)           Amendments and Waivers.  The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, otherwise than with the prior written
consent of (I) the Issuers and (II)(A) the Holders of not less than a
majority in aggregate principal amount of the then outstanding Registrable
Notes and (B) in circumstances that would adversely affect the Participating
Broker-Dealers holding not less than a majority in aggregate principal amount
of the Exchange Notes held by all Participating Broker-Dealers; provided,
however, that Section 7 and this Section 10(c) may not be
amended, modified or supplemented without the prior written consent of each
Holder and each Participating Broker-Dealer (including any person who was a
Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes,
as the case may be, disposed of pursuant to any Registration Statement)
affected by any such amendment, modification or supplement.  Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect to a matter that
relates exclusively to the rights of Holders of Registrable Notes whose
securities are being sold pursuant to a Registration Statement and that does
not directly or indirectly affect, impair, limit or compromise the rights of
other Holders of Registrable Notes may be given by Holders of at least a
majority in aggregate principal amount of the Registrable Notes being sold
pursuant to such Registration Statement.

 

(d)           Notices.  All notices and other communications
(including, without limitation, any notices or other communications to the
Trustee) provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, next-day air courier or facsimile:

 

(i)        if to a Holder
of the Registrable Notes or any Participating Broker-Dealer, at the most
current address of such Holder or Participating Broker-Dealer, as the case may
be, set forth on the records of the registrar under the Indenture.

 

(ii)       if to the Issuers, at the
address as follows:

 

DIRECTV Holdings LLC

2230 East Imperial Highway

El Segundo, California  90245

Attention: General Counsel

 

with a copy to:

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue 

New York, New York 10153

Attention:  Michael E. Lubowitz, Esq.

                  Erika Weinberg, Esq.

 

26

 

All such notices and communications shall be deemed
to have been duly given:  when delivered
by hand, if personally delivered; five business days after being deposited in
the mail, postage prepaid, if mailed; one business day after being timely
delivered to a next-day air courier; and when transmission is confirmed, if
sent by facsimile.

 

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 and in the manner specified in such Indenture.

 

(e)           Successors and Assigns.  This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties hereto,
the Holders and the Participating Broker-Dealers; provided, however,
that nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Registrable Notes in violation of the terms of the Purchase
Agreement or the Indenture.

 

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

 

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

 

(h)           Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT.

 

(i)            Severability.  If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and
the parties hereto shall use their commercially reasonable efforts to find and 

 

27

 

employ an alternative means to achieve the
same or substantially the same result as that contemplated by such term,
provision, covenant or restriction.  It
is hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions
without including any of such that may be hereafter declared invalid, illegal,
void or unenforceable.

 

(j)            Securities Held by the
Issuers or Their Affiliates.  Whenever the consent or approval of Holders
of a specified percentage of Registrable Notes is required hereunder,
Registrable Notes held by the Issuers or their affiliates (as such term is
defined in Rule 405 under the Securities Act) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage.

 

(k)           Third-Party Beneficiaries.  Holders of Registrable Notes and
Participating Broker-Dealers are intended third-party beneficiaries of this
Agreement, and this Agreement may be enforced by such Persons.

 

(l)            Entire Agreement.  This Agreement, together with the Purchase
Agreement and the Indenture, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and therein and any and all
prior oral or written agreements, representations, or warranties, contracts,
understandings, correspondence, conversations and memoranda between the Holders
on the one hand and the Issuers on the other, or between or among any agents,
representatives, parents, subsidiaries, affiliates, predecessors in interest or
successors in interest with respect to the subject matter hereof and thereof
are merged herein and replaced hereby.

 

28

 

WITNESS the due execution hereof by the respective
duly authorized officers of the undersigned as of the date first written above.

 

	
   

  	
  DIRECTV HOLDINGS LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV FINANCING CO., INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV, INC., as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV CUSTOMER SERVICES, INC.,

  
	
   

  	
   

  	
    as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV MERCHANDISING, INC.,

  
	
   

  	
   

  	
    as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  

 

 

	
   

  	
  DIRECTV ENTERPRISES, LLC,

  
	
   

  	
   

  	
    as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV OPERATIONS, LLC,

  
	
   

  	
   

  	
    as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasure

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LABC PRODUCTIONS, LLC,

  
	
   

  	
   

  	
    as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  

 

 

	
   

  	
  DIRECTV HOME SERVICES, LLC,

  
	
   

  	
   

  	
    as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV PROGRAMMING HOLDINGS I, LLC,

  
	
   

  	
   

  	
    as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV PROGRAMMING HOLDINGS II, LLC,

  
	
   

  	
   

  	
    as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  

 

 

The
foregoing Agreement is hereby 

confirmed and accepted by the Initial Purchasers 

as of the date first above written.

 

By: 
J.P. MORGAN SECURITIES INC., 

on its own behalf and on behalf of the Initial 

Purchasers named above:

 

J.P. MORGAN SECURITIES INC.

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:EXHIBIT 10.3

 

AMENDMENT NO. 1

 

THIS
AMENDMENT NO. 1, dated as of May 14, 2008 (this “Amendment”), of
that certain Credit Agreement referenced below is by and among DIRECTV Holdings
LLC, a Delaware limited liability company (the “Borrower”), the Guarantors and Lenders identified on the
signature pages hereto and Bank of America, N.A., as Administrative Agent.

 

W I T N E S S E T H

 

WHEREAS, pursuant to the terms and conditions of that
certain Credit Agreement, dated as of April 13, 2005 (as amended,
restated, increased, supplemented and otherwise modified from time to time, the
“Credit Agreement”) by and among the Borrower, the Guarantors identified
therein, the Lenders from time to time party thereto, and Bank of America,
N.A., as the Administrative Agent and Collateral Agent, the Lenders have
provided to the Borrower a $500 million revolving credit facility, a Tranche A
Term Loan in an initial aggregate principal amount of $500 million, a Tranche B
Term Loan in an initial aggregate principal amount of $1.5 billion and a
Tranche C Term Loan in an aggregate original principal amount of up to $1
billion.

 

WHEREAS,
the Borrower has requested certain modifications to the terms of the Credit
Agreement; and

 

WHEREAS,
the Lenders have agreed to the requested modifications on the terms and
conditions set forth herein;

 

NOW,
THEREFORE, in consideration of these premises and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:

 

1.             Definitions.  Capitalized terms used but not
otherwise defined herein shall have the meanings provided in the Credit
Agreement.

 

2.             Amendments to Credit Agreement.  The
Credit Agreement is amended in the following respects:

 

2.1          The following definitions are added to Section 1.01 or, if already
contained therein, amended to read as follows:

 

“Aggregate Commitments” means the
aggregate principal amount of the Revolving Commitments and Term Loan
Commitments.

 

“Amendment No. 1 Effectiveness Date” means the date on
which Amendment No. 1 shall become effective, being on or about May 14,
2008.

 

“Commitment Percentage” means the Revolving Commitment
Percentage, the Tranche A Term Loan Commitment Percentage, the Tranche B Term
Loan Commitment Percentage, the Tranche C Term Loan Commitment Percentage and
the commitment percentage for any other term loan established under the
Incremental Loan Facilities, as appropriate.

 

“Commitments” means the Revolving Commitments, the L/C
Commitment, the Swingline Commitment and the Term Loan Commitments.

 

 

“Controlled Person” has the meaning provided in the defined term
“Liberty Media Group”.

 

“Credit Documents” means this Credit Agreement, the Notes, the
Collateral Documents, the Fee Letter, the Issuer Documents, the Joinder
Agreements and any Incremental Loan Joinder Agreements.

 

“Incremental Loan Joinder Agreements” means any Revolving Lender
Joinder Agreement, Incremental Tranche A Term Loan Joinder Agreement, the
Incremental Tranche B Term Loan Joinder Agreement, the Incremental Tranche C Term
Loan Joinder Agreement and any other joinder agreement establishing an
Incremental Loan Facility.

 

“Liberty Media Group” means (a) Liberty
Media Corporation, a Delaware corporation, and any of its successors and
Affiliates, (b) Greenlady Corporation, a Delaware corporation, and
Greenlady II, LLC, a Delaware limited liability company, and their
respective subsidiaries, (c) John
Malone and any executor, administrator, guardian, conservator or similar legal
representative thereof, (b) any member of the immediate family of John
Malone, (d) any Person directly or indirectly controlled by one or more of
the members of the Malone family described above (a “Controlled Person”),
and (d) any Person acting as agent for any Person described in clauses (a) through
(d) hereof; provided that a trust and the trustees of such trust
shall be deemed to be controlled by any one or more members of the Malone
family if a majority of the trustees of such trust are members of the Malone
family or may be removed or replaced by any one or more of the members of the
Malone family and/or Controlled Persons.

 

“Outstanding Amount” means, on any
date, (a) with respect to Revolving Loans and Swingline Loans, the
aggregate outstanding principal amount thereof after giving effect to any Borrowings
and prepayments or repayments of Revolving Loans and Swingline Loans, as the
case may be, occurring on such date; (b) with respect to any L/C Obligations, the
Dollar Equivalent amount of the aggregate outstanding amount of such L/C
Obligations on such date after giving effect to any L/C Credit Extension
occurring on such date and any other changes in the aggregate amount of the L/C
Obligations as of such date, including as a result of any reimbursements by the
Borrower of Unreimbursed Amounts and (c) with respect to any Term
Loan, the aggregate outstanding principal amount thereof after giving effect to
any prepayments or repayments of such Term Loan as of such date.

 

“Permitted Holders” means each of (a) Liberty Media Group, (b) Parent
and (c) any other Person, directly or indirectly, controlled by any of the
foregoing.

 

“Term Loan” means, collectively or
individually, as context requires, the Tranche A Term Loan, the Tranche B Term
Loan, the Tranche C Term Loan and any other term loan established under an
Incremental Loan Facility.

 

“Term Loan Commitments” means the
Tranche A Term Loan Commitment, the Tranche B Term Loan Commitment,
the Tranche C Term Loan Commitment and the term loan commitments established
under any Incremental Loan Facilities, provided that in any case, at any time
after funding of the respective incremental term loan, determinations of “Required
Lenders” and “Required Tranche C Term Lenders” shall be based on the
Outstanding Amount of such incremental term loan.

 

2

 

“Term Loan Termination Date” means, (i) with
respect to the Tranche A Term Loan, April 13, 2011, (ii) with respect
to the Tranche B Term Loan, April 13, 2013, (iii) with respect to the
Tranche C Term Loan, April 13, 2013, and (iv) with respect to any
other incremental term loan established under the Incremental Loan Facilities,
the final maturity date therefor.

 

“Term Notes” means the Tranche A
Term Notes, the Tranche B Term Notes, Tranche C Term Notes and the
promissory note or notes, if any, given to evidence any incremental term loan
established under the Incremental Loan Facilities, in each case as amended,
restated, modified, supplemented, renewed or replaced.

 

“Tranche C Term Lenders” means,
collectively, (i) Lenders with Tranche C Term Loan Commitments, and (ii) for
purposes of determining “Required Tranche C Term Lenders”, Lenders with term
loan commitments established under other Incremental Loan Facilities after the
Amendment No. 1 Effectiveness Date, in each case, together with successors
and permitted assigns.

 

“Tranche C Term Loan” means (i) the
term loan established under Section Section 2.01(f), and (ii) any
other term loan established under other Incremental Loan Facilities after the
Amendment No. 1 Effectiveness Date.

 

“Tranche C Term Loan Commitment”
means, collectively, with respect to each Tranche C Term Loan Lender, the
commitment of such Lender to make (i) the Tranche C Term Loan, and (ii) for
purposes of determining “Required Tranche C Term Lenders”, any other
incremental term loan established under the Incremental Loan Facilities; provided
that, at any time after funding thereof, determinations of “Required Lenders”
and “Required Tranche C Term Lenders” shall be based on the outstanding
principal amount of such term loans.

 

“Tranche C Term Loan Commitment
Percentage” means, for each Tranche C Term Lender, a fraction
(expressed as a percentage carried to the ninth decimal place), the numerator
of which is the principal amount of such Lender’s Tranche C Term Loan, and
the denominator of which is the Outstanding Amount of the Tranche C Term
Loan.  The initial Tranche C Term
Loan Commitment Percentages will be set forth in the Tranche C Term Loan
Joinder Agreement.  The initial
commitment percentages for any other term loan established under the
Incremental Loan Facilities after the Amendment No. 1 Effectiveness Date
will be set out in the Incremental Loan Joinder Agreement therefor.

 

“Tranche C Term Loan Committed Amount”
means, with respect to each Tranche C Term Lender, the amount of such Lender’s
Tranche C Term Loan Commitment.  The
initial Tranche C Term Loan Committed Amounts will be set forth in the
Tranche C Term Loan Joinder Agreement.

 

“Tranche C Term Loan Joinder Agreement”
means a joinder agreement, substantially in the form of Exhibit 2.01(k),
executed and delivered to establish the Tranche C Term Loan or any other
incremental term loan under the Incremental Loan Facilities.

 

2.2          In Section 1.01, the next to last paragraph in the definition of “Applicable
Percentage” is amended to read as follows:

 

The Applicable Percentages for the Tranche C
Term Loan will be as provided in the Tranche C Term Loan Joinder Agreement.

 

3

 

2.3          In Section 1.01, the definition of “News Group” is deleted in its
entirety.

 

2.4          In Section 2.01, subsections (f) through (k) are amended
to read as follows:

 

(f)            Tranche C Term Loan.  On
or about May 14, 2008, the Lenders with Tranche C Term Loan Commitments
have agreed to make a term loan in an aggregate original principal amount of
ONE BILLION DOLLARS ($1,000,000,000) to the Borrower in a single advance
pursuant to the terms of the Tranche C Term Loan Joinder Agreement given in
connection therewith.  The Tranche C Term
Loan may consist of Base Rate Loans, Eurodollar Loans or a combination thereof,
as the Borrower may request.  Amounts
repaid on the Tranche C Term Loan may not be reborrowed.  The interest rate for and repayment of the
foregoing Tranche C Term Loan are as provided in the Tranche C Term Loan
Joinder Agreement therefor.

 

(g)           Incremental Loan Facilities.  Any
time after the Amendment No. 1 Effectiveness Date, the Borrower may, upon
written notice to the Administrative Agent, establish additional credit
facilities (collectively, the “Incremental Loan Facilities”) by
increasing the Aggregate Revolving Commitments, increasing existing Term Loans
hereunder or establishing or increasing new incremental term loans, or some
combination thereof; provided that:

 

(i)            the
aggregate principal amount of loans and commitments for all the Incremental
Loan Facilities established after the Amendment No. 1 Effectiveness Date
will not exceed $1.0 billion;

 

(ii)           no
Default or Event of Default shall have occurred and be continuing or shall result
after giving effect to any such Incremental Loan Facility;

 

(iii)          the
conditions to the making of a Credit Extension under Section 5.02
shall be satisfied;

 

(iv)          the
Borrower will provide supporting resolutions, legal opinions, promissory notes
and other items as may be reasonably required by the Administrative Agent and
the Lenders providing commitments for the Incremental Loan Facilities;

 

(v)           to
the extent reasonably requested by the Administrative Agent, amendments to the
Collateral Documents, if any, and related documents and agreements, in each
case in a manner reasonably satisfactory to the Administrative Agent; and

 

(vi)          the
parties acknowledge that pricing for any Incremental Loan Facilities that are
term loans established after the
Amendment No. 1 Effectiveness Date may be higher than pricing
currently applicable to the Tranche B Term Loan and the Tranche C Term Loan; provided, that if
the all-in-yield, after giving effect to any offering of such incremental term
loan at a discount from par or any fees paid to the lenders in connection
therewith, exceeds the all-in-yield (as reasonably determined by the
Administrative Agent) by more than twenty-five basis points (0.25%) with
respect to either the Tranche B Term Loan or the Tranche C Term Loan, then the
Applicable Percentage and/or fees payable by the Borrower with respect to the
Tranche B Term Loan and the Tranche C Term Loan shall be increased to the
extent necessary to cause the all-in-yield with respect thereto to be no more
than twenty-five basis points (0.25%) with respect to either of the Tranche B
Term Loan or the Tranche C Term Loan less than, in each case, the all-in-yield
with respect to such incremental term loan (with the amount and manner of such increase
to be determined by the Administrative Agent, in accordance with the foregoing,
as of the date of effectiveness of the applicable Incremental Loan Facility).

 

4

 

This Credit Agreement and the other Credit Documents may be amended
with the written consent of the Credit Parties and the Administrative Agent for
the purpose of including and establishing an Incremental Loan Facility
permitted hereunder.

 

In connection with the establishment of any Incremental Loan Facility, (A) neither
BAS nor any co-arranger, if any, hereunder, shall have any obligation to
arrange for or assist in arranging for any Incremental Loan Facility without
their prior written approval and shall be subject to such conditions, including
fee arrangements, as may be provided in connection therewith, (B) none of
the Lenders, including Bank of America, shall have any obligation to provide
commitments or loans for any Incremental Loan Facility without their prior
written approval and (C) Schedule 2.01 will be revised to reflect
the Lenders, Loans, Commitments, committed amounts and Commitment Percentages
after giving effect to the establishment of any Incremental Loan Facility.

 

(h)           Establishment of Incremental Revolving Loans. 
Subject to Section 2.01(g), the Borrower may establish
Incremental Revolving Loans by increasing the Aggregate Revolving Committed
Amount hereunder, provided that:

 

(i)            any
new lender providing commitments for the Incremental Revolving Loans must be
reasonably acceptable to the Administrative Agent;

 

(ii)           lenders
providing commitments for the Incremental Revolving Loans pursuant to this 

Section 2.01(h) will provide a Revolving Lender Joinder
Agreement or other agreement reasonably acceptable to the Administrative Agent;

 

(iii)          additional
commitments established for the Incremental Revolving Loans will be in a
minimum principal amount of $150 million and integral multiples of $50 million
in excess thereof; and

 

(iv)          if
any Revolving Loans are outstanding at the time of any such increase, the
Borrower will make such payments and adjustments on the Revolving Loans
(including payment of any break-funding amounts owing under Section 3.05)
as may be necessary to give effect to the revised commitment amounts and
percentages.

 

Any
Incremental Revolving Loan established hereunder shall have terms identical to
the Revolving Loans existing on the Closing Date, except for fees payable to
Lenders providing commitments for the Incremental Revolving Loan.

 

(i)            Establishment of Incremental Tranche A Term
Loan.  Subject to Section 2.01(g), the
Borrower may increase the size of the Tranche A Term Loan by establishing
additional Tranche A Term Loan Commitments (an “Incremental Tranche A Term
Loan”), provided that:

 

(i)            any
new lender providing commitments for the Incremental Tranche A Term Loan must
be reasonably acceptable to the Administrative Agent;

 

(ii)           lenders
providing commitments for the Incremental Tranche A Term Loan pursuant to this Section 2.01(i) will
provide an Incremental Tranche A Term Loan Joinder Agreement or other agreement
reasonably acceptable to the Administrative Agent;

 

5

 

(iii)          additional
commitments established for the Incremental Tranche A Term Loan will be in a
minimum principal amount of $150 million and integral multiples of $50 million
in excess thereof;

 

(iv)          the
Borrower will make such payments and adjustments on the Tranche A Term Loan
(including payment of any break-funding amounts owing under Section 3.05)
as may be necessary to give effect to the revised commitment amounts and
percentages; and

 

(v)           in
the case of an increase in the amount of the Tranche A Term Loan after the
first principal amortization payment date, adjustments will be made to
scheduled principal amortization payments provided hereunder, as appropriate,
to give effect thereto such that the interest of the Lenders in payments of
principal, interest and other amounts will be made on the same basis as for the
underlying Tranche A Term Loan, and provided that principal amortization payments
made to holders of the Tranche A Term Loan will be not less than that which
would have been payable prior to giving effect to any such Incremental Loan
Facility.

 

Any
Incremental Tranche A Term Loan established hereunder shall have terms
identical to the Tranche A Term Loan existing on the Closing Date, except for
upfront fees payable to  Lenders
providing commitments for the Incremental Tranche A Term Loan (or original
issue discount in respect thereof).

 

                (j)            Establishment
of the Incremental Tranche B Term Loan.  Subject to Section 2.01(g),
the Borrower may increase the size of the Tranche B Term Loan by establishing
additional Tranche B Term Loan Commitments (an “Incremental Tranche B Term
Loan”), provided that:

 

(i)            any
new lender providing commitments for the Incremental Tranche B Term Loan must
be reasonably acceptable to the Administrative Agent;

 

(ii)           lenders
providing commitments for the Incremental Tranche B Term Loan pursuant to this Section 2.01(j) will
provide an Incremental Tranche B Term Loan Joinder Agreement or other agreement
reasonably acceptable to the Administrative Agent;

 

(iii)          additional
commitments established for the Incremental Tranche B Term Loan will be in a
minimum principal amount of $150 million and integral multiples of $50 million
in excess thereof;

 

(iv)          the
Borrower will make such payments and adjustments on the Tranche B Term Loan
(including payment of any break-funding amounts owing under Section 3.05)
as may be necessary to give effect to the revised commitment amounts and
percentages; and

 

6

 

(v)           in
the case of an increase in the amount of the Tranche B Term Loan after the
first principal amortization payment date, adjustments will be made to
scheduled principal amortization payments provided hereunder, as appropriate,
to give effect thereto such that the interest of the Lenders in payments of
principal, interest and other amounts will be made on the same basis as for the
underlying Tranche B Term Loan, and provided that principal amortization
payments made to holders of the Tranche B Term Loan will be not less than that
which would have been payable prior to giving effect to any such Incremental
Loan Facility.

 

Any
Incremental Tranche B Term Loan established hereunder shall have terms
identical to the Tranche B Term Loan existing on the Closing Date, except for
upfront fees payable to Lenders providing commitments for the Incremental
Tranche B Term Loan (or original issue discount in respect thereof).

 

(k)           Establishment of an Incremental Tranche C
Term Loan or Other Incremental Term Loan.  Subject to Section 2.01(g),
the Borrower may increase the size of the Tranche C Term Loan or establish
another incremental term loan under the Incremental Loan Facilities
(collectively, the “Incremental Tranche C Term Loan”), provided
that:

 

(i)            lenders
providing commitments for the Incremental Tranche C Term Loan must be
reasonably acceptable to the Administrative Agent;

 

(ii)           lenders
providing commitments for the Incremental Tranche C Term Loan pursuant to this Section 2.01(k) will
provide a Incremental Tranche C Term Loan Joinder Agreement or other agreement
reasonably acceptable to the Administrative Agent;

 

(iii)          additional
commitments established for the Incremental Tranche C Term Loan will be in a
minimum principal amount of $150 million and integral multiples of $50 million
in excess thereof;

 

(iv)          the
Incremental Tranche C Term Loan will have a final maturity date that is
co-terminus with or later than the final maturity date for the Tranche B Term
Loan and an average-life-to-maturity from the date of issuance that is not
earlier than the average-life-to-maturity from the date of issuance of the
Tranche B Term Loan; and

 

(v)           in
the case of an increase in the amount of the Tranche C Term Loan or other
incremental term loan after the first principal amortization payment date,
adjustments will be made to scheduled principal amortization payments provided
hereunder, as appropriate, to give effect thereto such that the interest of the
Lenders in payments of principal, interest and other amounts will be made on
the same basis as for the underlying Tranche C Term Loan or incremental term
loan, as appropriate, and provided that principal amortization payments made to
holders of the Tranche C Term Loan or other incremental term loan, as
appropriate, will be not less than that which would have been payable prior to
giving effect to any such Incremental Loan Facility.

 

2.5          Section 2.02(e) is amended to read as follows:

 

(a)           After giving effect to
all Borrowings, all conversions of Revolving Loans from one Type to the other,
and all continuations of Revolving Loans as the same Type, there shall not be
more than ten (10) Interest Periods in effect with respect to the
Revolving Loans, five (5) Interest Periods with respect to the Tranche A
Term Loan, five (5) Interest Periods with respect 

 

7

 

to the Tranche B Term Loan, five (5) Interest Periods with respect
to the Tranche C Term Loan and the number of Interest Periods provided in the
Incremental Loan Joinder Agreement with respect to any other term loan
established under the Incremental Loan Facilities (or five (5) Interest
Periods, if none are provided therein).

 

3.             Conditions Precedent.  This
Amendment shall become effective upon prior or simultaneous satisfaction of the
following conditions:

 

(a)           receipt
by the Administrative Agent of executed copies of this Amendment from the
Required Lenders and the Administrative Agent;

 

(b)           receipt
by the Administrative Agent of executed copies of the signature pages to
this Amendment from the Credit Parties;

 

(c)           receipt
by the Administrative Agent of favorable opinions of Weil, Gotshal &
Manges LLP, legal counsel to the Credit Parties, addressed to the Administrative
Agent and each Lender, dated as of the date of this Amendment, and in form and
substance satisfactory to the Administrative Agent and the Required Lenders;

 

(d)           receipt
by the Administrative Agent of the following, each of which shall be originals
or facsimiles (followed promptly by originals), in form and substance
satisfactory to the Administrative Agent and its legal counsel:

 

(i)            copies of the Organization Documents of each
Credit Party certified to be true and complete as of a recent date by the appropriate
Governmental Authority of the state or other jurisdiction of its incorporation
or organization, where applicable, and certified by a secretary or assistant
secretary of such Credit Party to be true and correct as of the date of this
Amendment, unless a Responsible Officer of such Credit Party certifies in a
certificate that the Organization Documents previously delivered to the
Administrative Agent in connection with the Credit Agreement have not been
amended, supplemented or otherwise modified and remain in full force and effect
as of the date hereof;

 

(ii)           incumbency certificates identifying the Responsible Officers of the
Credit Parties who are authorized to execute this Amendment and related
documents and to act on the Credit Parties’ behalf in connection with this
Agreement and the Credit Documents, unless a Responsible Officer of such Credit
Party certifies in a certificate that the incumbency certificates previously
delivered to the Administrative Agent in connection with the Credit Agreement
have not been amended, supplemented or otherwise modified and remain in full
force and effect as of the date hereof.

 

(iii)          such certificates of resolutions or other action, incumbency
certificates and/or other certificates of Responsible Officers of each Credit
Party as the Administrative Agent may require evidencing the identity,
authority and capacity of each Responsible Officer thereof authorized to act as
a Responsible Officer in connection with this Amendment; and

 

(iv)          such documents and certifications as the Administrative Agent may
reasonably require to evidence that each Credit Party is duly organized or
formed, and is validly existing, and in good standing in its state of
organization or formation;

 

8

 

(e)           payment of an amendment fee, for the benefit
of each Lender consenting to this Amendment, in an amount equal to ten basis
points (0.10%) of the aggregate principal amount of each Lender’s Revolving
Commitment and the outstanding aggregate principal amount of its portion of the
Tranche A Term Loan and Tranche B Term Loan (but excluding the Tranche C Term Loan) and all other fees and
expenses (including all reasonable fees, expenses and disbursements of Moore &
Van Allen PLLC) due in connection herewith, which fees shall be deemed fully
earned and due and payable on the effective date of this Amendment.

 

4.             Effectiveness of Amendment.  Upon
satisfaction of the condition precedent set forth in Section 3
hereof, all references to the Credit Agreement in each of the Credit Documents
shall hereafter mean the Credit Agreement as amended by this Amendment.

 

5.             Representations and Warranties; Defaults.  Each
Credit Party affirms the following:

 

(a)           all necessary action by the Credit Parties to authorize the execution,
delivery and performance of this Amendment has been taken;

 

(b)           after giving effect to this Amendment, the representations and
warranties set forth in the Credit Agreement and the other Credit Documents are
true and correct in all material respects as of the date hereof (except those
which expressly relate to an earlier period); and

 

(c)           after giving effect to this Amendment, no Default
or Event of Default shall exist.

 

6.             Full Force and Effect. 
Except as modified hereby, all of the terms and provisions of the Credit
Agreement and the other Credit Documents (including schedules and exhibits
thereto) shall remain in full force and effect.

 

7.             Affirmation of Liens and Security Interests.  The
Credit Parties hereby affirm the liens and security interests created and
granted in the Credit Documents and agree that this Amendment is not intended
to, nor shall it, adversely affect or impair such liens and security interests
in any manner.

 

8.             Expenses.  The Credit Parties agree to
pay all reasonable costs and expenses of the Administrative Agent in connection
with the preparation, execution and delivery of this Amendment, including the
reasonable fees and expenses of Moore & Van Allen, PLLC.

 

9.             Counterparts.  This
Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original, and it shall not be
necessary in making proof of this Amendment to produce or account for more than
one such counterpart.

 

10.          Governing Law.  This
Amendment shall be governed by, and construed in accordance with, the laws of
the State of New York.

 

[Signatures on Following Pages]

 

9

 

IN WITNESS WHEREOF, each of the parties
hereto has caused a counterpart of this Amendment to be duly executed and
delivered as of the date first above written.

 

	
  BORROWER:

  	
  DIRECTV
  HOLDINGS LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GUARANTORS:

  	
  DIRECTV
  FINANCING CO., INC.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  ENTERPRISES, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  CUSTOMER SERVICES, INC.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  HOME SERVICES, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV,
  INC.,

  
	
   

  	
  a
  California corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

DIRECTV
HOLDINGS LLC

AMENDMENT
NO. 1

 

 

	
   

  	
  DIRECTV MERCHANDISING, INC.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  OPERATIONS, LLC,

  
	
   

  	
  a
  California limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  PROGRAMMING HOLDINGS I,

  INC.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  PROGRAMMING HOLDINGS

  II, INC.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LABC
  PRODUCTIONS, LLC,

  
	
   

  	
  a
  California limited liability corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
  ADMINISTRATIVE AGENT:

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as Administrative Agent and Collateral
  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
  LENDERS:

  	
  LENDERS’ SIGNATURE PAGES ON FILE

  
	
   

  	
  WITH THE ADMINISTRATIVE AGENT

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