Document:

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                                                                     EXHIBIT 4.3

                           TECHNICAL OLYMPIC USA, INC.

                                  $200,000,000

                            9% Senior Notes Due 2010

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                                   June 25, 2002

Salomon Smith Barney Inc.
Deutsche Bank Securities Inc.
Fleet Securities, Inc.
As Representatives of the Initial Purchasers
c/o Salomon Smith Barney Inc.
388 Greenwich Street
New York, New York 10013

Dear Sirs:

                  Technical Olympic USA, Inc., a corporation organized under the
laws of the State of Delaware (the "Company"), proposes to issue and sell to
certain purchasers (the "Initial Purchasers"), upon the terms set forth in a
purchase agreement, dated June 14, 2002 (the "Purchase Agreement"), $200,000,000
aggregate principal amount of its 9% Senior Notes Due 2010 (the "Notes")
relating to the initial placement of the Notes (the "Initial Placement"). The
Notes will be unconditionally guaranteed (the "Guarantees" and together with the
Notes, the "Securities") on a senior basis by each of the Company's direct and
indirect domestic subsidiaries set forth on the signature page hereto (the
"Guarantors"). To induce the Initial Purchasers to enter into the Purchase
Agreement and to satisfy a condition of your obligations thereunder, the Company
and the Guarantors agree with you for your benefit and the benefit of the
holders from time to time of the Securities (including the Initial Purchasers)
and the New Securities (as defined herein) (each a "Holder" and, together, the
"Holders"), as follows:

                  1. Definitions. Capitalized terms used herein without
definition shall have their respective meanings set forth in the Purchase
Agreement. As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

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

                  "Affiliate" of any specified Person shall mean any other
Person that, directly or indirectly, is in control of, is controlled by, or is
under common control with, such specified Person. For purposes of this
definition, control of a Person shall mean the power, direct or

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indirect, to direct or cause the direction of the management and policies of
such Person whether by contract or otherwise; and the terms "controlling" and
"controlled" shall have meanings correlative to the foregoing.

                  "Broker-Dealer" shall mean any broker or dealer registered as
such under the Exchange Act.

                  "Business Day" shall mean any day other than a Saturday, a
Sunday or a legal holiday or a day on which banking institutions or trust
companies are authorized or obligated by law to close in New York City.

                  "Commission" shall mean the Securities and Exchange
Commission.

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

                  "Exchange Offer Registration Period" shall mean the 180-day
period following the consummation of the Registered Exchange Offer, exclusive of
any period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement, or such shorter
period as will terminate when all New Securities held by Exchanging Dealers or
Initial Purchasers have been sold pursuant thereto.

                  "Exchange Offer Registration Statement" shall mean a
registration statement of the Company and the Guarantors on an appropriate form
under the Act with respect to the Registered Exchange Offer, all amendments and
supplements to such registration statement, including post-effective amendments
thereto, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein.

                  "Exchanging Dealer" shall mean any Holder (which may include
any Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company).

                  "Final Memorandum" shall have the meaning set forth in the
Purchase Agreement.

                  "Holder" shall have the meaning set forth in the preamble
hereto.

                  "Indenture" shall mean the Indenture relating to the
Securities, dated as of June, 2002, between the Company, the Guarantors and
Wells Fargo Bank Minnesota, National Association, as trustee, as the same may be
amended from time to time in accordance with the terms thereof.

                  "Initial Placement" shall have the meaning set forth in the
preamble hereto.

                  "Initial Purchasers" shall have the meaning set forth in the
preamble hereto.

                  "Losses" shall have the meaning set forth in Section 7(d)
hereof.

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                  "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of Securities and/or New Securities, as applicable,
registered under a Registration Statement.

                  "Managing Underwriters" shall mean the investment banker or
investment bankers and manager or managers that shall administer an underwritten
offering.

                  "New Notes" shall mean debt securities of the Company,
guaranteed by the Guarantors, identical in all material respects to the Notes
(except that the cash interest and interest rate step-up provisions and the
transfer restrictions shall be modified or eliminated, as appropriate) and to be
issued under the Indenture or the New Securities Indenture.

                  "New Securities" shall mean debt securities of the Company and
the related guarantees of the Guarantors, identical in all material respects to
the Securities (except that the cash interest and interest rate step-up
provisions and the transfer restrictions shall be modified or eliminated, as
appropriate) and to be issued under the Indenture or the New Securities
Indenture.

                  "New Securities Indenture" shall mean an indenture between the
Company, the Guarantors and the New Securities Trustee, identical in all
material respects to the Indenture (except that the cash interest and interest
rate step-up provisions will be modified or eliminated, as appropriate).

                  "New Securities Trustee" shall mean a bank or trust company
reasonably satisfactory to the Initial Purchasers, as trustee with respect to
the New Securities under the New Securities Indenture.

                  "Prospectus" shall mean the prospectus included in any
Registration Statement (including, without limitation, a prospectus that
discloses information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A under the Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Securities or the New Securities covered
by such Registration Statement, and all amendments and supplements thereto and
all material incorporated by reference therein.

                  "Purchase Agreement" shall have the meaning set forth in the
preamble hereto.

                  "Registered Exchange Offer" shall mean the proposed offer of
the Company to issue and deliver to the Holders of the Securities that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of the
New Notes and Related Guarantees.

                  "Registration Statement" shall mean any Exchange Offer
Registration Statement or Shelf Registration Statement that covers any of the
Securities or the New Securities pursuant to the provisions of this Agreement,
any amendments and supplements to such registration statement, including
post-effective amendments (in each case including the Prospectus contained
therein), all exhibits thereto and all material incorporated by reference
therein.

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                  "Related Guarantees" shall mean the guarantees of the
Guarantors to be issued under the Indenture or the New Securities Indenture in
respect of New Notes.

                  "Securities" shall have the meaning set forth in the preamble
hereto.

                  "Shelf Registration" shall mean a registration effected
pursuant to Section 3 hereof.

                  "Shelf Registration Period" has the meaning set forth in
Section 3(b) hereof.

                  "Shelf Registration Statement" shall mean a "shelf"
registration statement of the Company and the Guarantors pursuant to the
provisions of Section 3 hereof which covers some or all of the Securities and/or
New Securities, as applicable, on an appropriate form under Rule 415 under the
Act, or any similar rule that may be adopted by the Commission, amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

                  "Trustee" shall mean the trustee with respect to the
Securities and New Securities under the Indenture.

                  "Underwriter" shall mean any underwriter of Securities or New
Securities in connection with an offering thereof under a Registration
Statement.

                  2. Registered Exchange Offer.

                           (a) The Company and the Guarantors shall prepare, at
         their cost, and, not later than 90 days following the date of the
         original issuance of the Securities (or if such 90th day is not a
         Business Day, the next succeeding Business Day), shall file with the
         Commission the Exchange Offer Registration Statement with respect to
         the Registered Exchange Offer. The Company and the Guarantors shall use
         their best efforts to cause the Exchange Offer Registration Statement
         to become effective under the Act not later than 150 days following the
         date of the original issuance of the Securities (or if such 150th day
         is not a Business Day, the next succeeding Business Day).

                           (b) Upon the effectiveness of the Exchange Offer
         Registration Statement, the Company and the Guarantors shall promptly
         commence the Registered Exchange Offer, it being the objective of such
         Registered Exchange Offer to enable each Holder electing to exchange
         Securities for New Securities (assuming that such Holder is not an
         Affiliate of the Company, acquires the New Securities in the ordinary
         course of such Holder's business, has no arrangements with any Person
         to participate in the distribution of the New Securities and is not
         prohibited by any law or policy of the Commission from participating in
         the Registered Exchange Offer) and to trade such New Securities from
         and after their receipt without any limitations or restrictions under
         the Act and without material restrictions under the securities laws of
         a substantial proportion of the several states of the United States.

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                           (c) In connection with the Registered Exchange Offer,
         the Company and the Guarantors shall:

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

                                    (ii) keep the Registered Exchange Offer open
                  for not less than 30 days and not more than 45 days after the
                  date notice thereof is mailed to the Holders (or, in each
                  case, longer if required by applicable law);

                                    (iii) use their best efforts to keep the
                  Exchange Offer Registration Statement continuously effective
                  under the Act, supplemented and amended as required, under the
                  Act to ensure that it is available for sales of New Securities
                  by Exchanging Dealers or the Initial Purchasers during the
                  Exchange Offer Registration Period;

                                    (iv) utilize the services of a depositary
                  for the Registered Exchange Offer with an address in the
                  Borough of Manhattan in New York City, which may be the
                  Trustee, the New Securities Trustee or an Affiliate of either
                  of them;

                                    (v) permit Holders to withdraw tendered
                  Securities at any time prior to the close of business, New
                  York time, on the last Business Day on which the Registered
                  Exchange Offer is open;

                                    (vi) prior to effectiveness of the Exchange
                  Offer Registration Statement, provide a supplemental letter to
                  the Commission (A) stating that the Company and the Guarantors
                  are conducting the Registered Exchange Offer in reliance on
                  the position of the Commission in Exxon Capital Holdings
                  Corporation (pub. avail. May 13, 1988), Morgan Stanley and
                  Co., Inc. (pub. avail. June 5, 1991); and (B) including a
                  representation that the Company and the Guarantors have not
                  entered into any arrangement or understanding with any Person
                  to distribute the New Securities to be received in the
                  Registered Exchange Offer and that, to the best of their
                  information and belief, each Holder participating in the
                  Registered Exchange Offer is acquiring the New Securities in
                  the ordinary course of business and has no arrangement or
                  understanding with any Person to participate in the
                  distribution of the New Securities; and

                                    (vii) comply in all material respects with
                  all applicable laws.

                           (d) As soon as practicable after the close of the
         Registered Exchange Offer, the Company and the Guarantors shall:

                                    (i) accept for exchange all Notes tendered
                  and not validly withdrawn pursuant to the Registered Exchange
                  Offer;

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                                    (ii) deliver to the Trustee for cancellation
                  in accordance with Section 5(s) all Notes so accepted for
                  exchange; and

                                    (iii) cause the Trustee or New Securities
                  Trustee, as the case may be, promptly to authenticate and
                  deliver to each Holder of Securities a principal amount of New
                  Notes equal to the principal amount of the Notes of such
                  Holder so accepted for exchange.

                           (e) Each Holder hereby acknowledges and agrees that
         any Broker-Dealer and any such Holder using the Registered Exchange
         Offer to participate in a distribution of the New Securities (x) could
         not under Commission policy as in effect on the date of this Agreement
         rely on the position of the Commission in Morgan Stanley and Co., Inc.
         (pub. avail. June 5, 1991) and Exxon Capital Holdings Corporation (pub.
         avail. May 13, 1988), as interpreted in the Commission's letter to
         Shearman & Sterling dated July 2, 1993 and similar no-action letters;
         and (y) must comply with the registration and prospectus delivery
         requirements of the Act in connection with any secondary resale
         transaction which must be covered by an effective registration
         statement containing the selling security holder information required
         by Item 507 or 508, as applicable, of Regulation S-K under the Act if
         the resales are of New Securities obtained by such Holder in exchange
         for Securities acquired by such Holder directly from the Company or one
         of its Affiliates. Accordingly, each Holder participating in the
         Registered Exchange Offer shall be required to represent to the Company
         and the Guarantors that, at the time of the consummation of the
         Registered Exchange Offer:

                                    (i) any New Securities received by such
                  Holder will be acquired in the ordinary course of business;

                                    (ii) such Holder will have no arrangement or
                  understanding with any Person to participate in the
                  distribution of the Securities or the New Securities within
                  the meaning of the Act;

                                    (iii) such Holder is not an Affiliate of the
                  Company or any of the Guarantors or if it is an Affiliate,
                  such Holder will comply with the registration and prospectus
                  delivery requirements of the Act to the extent applicable;

                                    (iv) if such Holder is not a Broker-Dealer,
                  that it is not engaged in, and does not intend to engage in,
                  the distribution of the New Securities; and

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

                           (f) If any Initial Purchaser determines that it is
         not eligible to participate in the Registered Exchange Offer with
         respect to the exchange of Securities constituting any portion of an
         unsold allotment, at the request of such Initial Purchaser, the Company
         and the Guarantors shall issue and deliver to such Initial Purchaser or
         the

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         Person purchasing New Securities registered under a Shelf Registration
         Statement as contemplated by Section 3 hereof from such Initial
         Purchaser, in exchange for such Securities, a like principal amount of
         New Notes and Related Guarantees. The Company and the Guarantors shall
         use their reasonable efforts to cause the CUSIP Service Bureau to issue
         the same CUSIP number for such New Securities as for New Securities
         issued pursuant to the Registered Exchange Offer.

                  3. Shelf Registration.

                           (a) If (i) due to any change in law or applicable
         interpretations thereof by the Commission's staff, the Company
         determines upon advice of its outside counsel that it is not permitted
         to effect the Registered Exchange Offer as contemplated by Section 2
         hereof; (ii) for any other reason the Exchange Offer Registration
         Statement is not declared effective within 150 days following the date
         of the original issuance of the Securities or the Registered Exchange
         Offer is not consummated within 180 days following the date of the
         original issuance of the Securities; (iii) any Initial Purchaser so
         requests with respect to Securities that are not eligible to be
         exchanged for New Securities in the Registered Exchange Offer and that
         are held by it following consummation of the Registered Exchange Offer;
         (iv) any Holder (other than an Initial Purchaser) is not eligible to
         participate in the Registered Exchange Offer or does not receive freely
         tradeable New Securities in the Registered Exchange Offer other than by
         reason of such Holder being an Affiliate of the Company (it being
         understood that the requirement that a participating Broker-Dealer
         deliver the prospectus contained in the Exchange Offer Registration
         Statement in connection with sales of New Securities shall not result
         in such New Securities being not "freely tradeable"); or (v) in the
         case of any Initial Purchaser that participates in the Registered
         Exchange Offer or acquires New Securities pursuant to Section 2(f)
         hereof, such Initial Purchaser does not receive freely tradeable New
         Securities in exchange for Securities constituting any portion of an
         unsold allotment (it being understood that (x) the requirement that an
         Initial Purchaser deliver a Prospectus containing the information
         required by Item 507 or 508 of Regulation S-K under the Act in
         connection with sales of New Securities acquired in exchange for such
         Securities shall result in such New Securities being not "freely
         tradeable;" and (y) the requirement that an Exchanging Dealer deliver a
         Prospectus in connection with sales of New Securities acquired in the
         Registered Exchange Offer in exchange for Securities acquired as a
         result of market-making activities or other trading activities shall
         not result in such New Securities being not "freely tradeable") the
         Company and the Guarantors shall effect a Shelf Registration Statement
         in accordance with subsection (b) below.

                           (b) If required pursuant to subsection (a) above,

                                    (i) the Company and the Guarantors, at their
                  cost, shall as promptly as practicable, file with the
                  Commission and thereafter shall use their best efforts to
                  cause to be declared effective under the Act a Shelf
                  Registration Statement relating to the offer and sale of the
                  Securities or the New Securities, as applicable, by the
                  Holders thereof from time to time in accordance with the
                  methods of distribution elected by such Holders and set forth
                  in such Shelf Registration Statement; provided, however, that
                  no Holder (other than an Initial

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                  Purchaser) shall be entitled to have the Securities or New
                  Securities held by it covered by such Shelf Registration
                  Statement unless such Holder agrees in writing to be bound by
                  all of the provisions of this Agreement applicable to such
                  Holder; and provided further, that with respect to New
                  Securities received by an Initial Purchaser in exchange for
                  Securities constituting any portion of an unsold allotment,
                  the Company and the Guarantors may, if permitted by current
                  interpretations by the Commission's staff, file a
                  post-effective amendment to the Exchange Offer Registration
                  Statement containing the information required by Item 507 or
                  508 of Regulation S-K, as applicable, in satisfaction of their
                  obligations under this subsection with respect thereto, and
                  any such Exchange Offer Registration Statement, as so amended,
                  shall be referred to herein as, and governed by the provisions
                  herein applicable to, a Shelf Registration Statement.

                                    (ii) the Company and the Guarantors shall
                  use their best efforts to keep the Shelf Registration
                  Statement continuously effective, supplemented and amended as
                  required by the Act, in order to permit the Prospectus forming
                  part thereof to be usable by Holders for a period the earlier
                  of (A) the time when all of the Securities or New Securities,
                  as applicable, covered by the Shelf Registration Statement can
                  be sold pursuant to Rule 144 without limitation under clauses
                  (c), (e), (f) and (h) of Rule 144, (B) the date on which all
                  the Securities or New Securities, as applicable, covered by
                  the Shelf Registration Statement have been sold pursuant to
                  the Shelf Registration Statement, and (C) the date two years
                  from the date the Shelf Registration Statement is declared
                  effective by the Commission (in any such case, such period
                  being called the "Shelf Registration Period"). The Company and
                  the Guarantors shall be deemed not to have used their best
                  efforts to keep the Shelf Registration Statement effective
                  during the requisite period if they voluntarily take any
                  action that would result in Holders of Securities or New
                  Securities covered thereby not being able to offer and sell
                  such Securities or New Securities during that period, unless
                  (A) such action is required by applicable law; or (B) such
                  action is taken by the Company and the Guarantors in good
                  faith and for valid business reasons (not including avoidance
                  of the Company's and the Guarantors' obligations hereunder),
                  including the acquisition or divestiture of assets, so long as
                  the Company and the Guarantors promptly thereafter comply with
                  the requirements of Section 5(k) hereof, if applicable.

                                    (iii) the Company and the Guarantors shall
                  cause the Shelf Registration Statement and the related
                  Prospectus and any amendment or supplement thereto, as of the
                  effective date of the Shelf Registration Statement or such
                  amendment or supplement, (A) to comply in all material
                  respects with the applicable requirements of the Securities
                  Act and the rules and regulations of the Commission; and (B)
                  not to contain any untrue statement of a material fact or omit
                  to state a material fact required to be stated therein or
                  necessary in order to make the statements therein, in the
                  light of the circumstances under which they were made, not
                  misleading.

                  4. Special Interest. If (a) on or prior to the 90th day
following the original issue date of the Securities, neither the Exchange Offer
Registration Statement nor the Shelf

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Registration Statement has been filed with the Commission, (b) on or prior to
the 150th day following the original issue date of the Securities, neither the
Exchange Offer Registration Statement nor the Shelf Registration Statement has
been declared effective, (c) on or prior to the 180th day following the original
issue date of the Securities, neither the Registered Exchange Offer has been
consummated nor the Shelf Registration Statement has been declared effective, or
(d) after either the Exchange Offer Registration Statement or the Shelf
Registration Statement has been declared effective, such Registration Statement
thereafter ceases to be effective or usable in connection with resales of
Securities or New Securities in accordance with and during the periods specified
in this Agreement (each such event referred to in clauses (a) through (d), a
("Registration Default"), interest ("Special Interest") will accrue on the
principal amount of the Securities and the New Securities (in addition to the
stated interest on the Securities and New Securities) from and including the
date on which any such Registration Default shall occur to but excluding the
date on which all Registration Defaults have been cured. Special Interest will
accrue at a rate of 0.25% per annum during the 90-day period immediately
following the occurrence of such Registration Default and shall increase by
0.25% per annum at the end of each subsequent 90-day period, but in no event
shall such rate exceed 1.00% per annum.

                  All obligations of the Company and the Guarantors set forth in
the preceding paragraph that are outstanding with respect to any Security at the
time such Security is exchanged for a New Security shall survive until such time
as all such obligations with respect to such Security have been satisfied in
full.

                  5. Additional Registration Procedures. In connection with any
Shelf Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply.

                           (a) The Company and the Guarantors shall:

                                    (i) furnish to you, not less than five
                  Business Days prior to the filing thereof with the Commission,
                  a copy of any Exchange Offer Registration Statement and any
                  Shelf Registration Statement, and each amendment thereof and
                  each amendment or supplement, if any, to the Prospectus
                  included therein (including all documents incorporated by
                  reference therein after the initial filing) and shall use
                  their commercially reasonable best efforts to reflect in each
                  such document, when so filed with the Commission, such
                  comments as you reasonably propose;

                                    (ii) include the information set forth in
                  Annex A hereto on the facing page of the Exchange Offer
                  Registration Statement, in Annex B hereto in the forepart of
                  the Exchange Offer Registration Statement in a section setting
                  forth details of the Exchange Offer, in Annex C hereto in the
                  underwriting or plan of distribution section of the Prospectus
                  contained in the Exchange Offer Registration Statement, and in
                  Annex D hereto in the letter of transmittal delivered pursuant
                  to the Registered Exchange Offer;

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                                    (iii) if requested by an Initial Purchaser,
                  include the information required by Item 507 or 508 of
                  Regulation S-K, as applicable, in the Prospectus contained in
                  the Exchange Offer Registration Statement; and

                                    (iv) in the case of a Shelf Registration
                  Statement, include the names of the Holders that propose to
                  sell Securities or New Securities, as applicable, pursuant to
                  the Shelf Registration Statement as selling security holders.

                           (b) The Company and the Guarantors shall ensure that:

                                    (i) any Registration Statement and any
                  amendment thereto and any Prospectus forming part thereof and
                  any amendment or supplement thereto complies in all material
                  respects with the Act and the rules and regulations
                  thereunder; and

                                    (ii) any Registration Statement and any
                  amendment thereto does not, when it becomes effective, contain
                  an untrue statement of a material fact or omit to state a
                  material fact required to be stated therein or necessary to
                  make the statements therein not misleading.

                           (c) The Company and the Guarantors shall advise you,
         the Holders of Securities or New Securities covered by any Shelf
         Registration Statement and any Exchanging Dealer or Initial Purchaser
         under any Exchange Offer Registration Statement that has provided in
         writing to the Company and the Guarantors a telephone or facsimile
         number and address for notices, and, if requested by you or any such
         Holder, Exchanging Dealer or Initial Purchaser, shall confirm such
         advice in writing (which notice pursuant to clauses (ii)-(v) hereof
         shall be accompanied by an instruction to suspend the use of the
         Prospectus until the Company and the Guarantors shall have remedied the
         basis for such suspension):

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

                                    (ii) of any request by the Commission for
                  any amendment or supplement to the Registration Statement or
                  the Prospectus or for additional information;

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

                                    (iv) of the receipt by the Company and the
                  Guarantors of any notification with respect to the suspension
                  of the qualification of the Securities or New Securities
                  included therein for sale in any jurisdiction or the
                  initiation of any proceeding for such purpose; and

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                                    (v) of the happening of any event that
                  requires any change in the Registration Statement or the
                  Prospectus so that, as of such date, the statements therein
                  are not misleading and do not omit to state a material fact
                  required to be stated therein or necessary to make the
                  statements therein (in the case of the Prospectus, in the
                  light of the circumstances under which they were made) not
                  misleading.

                           (d) The Company and the Guarantors shall use their
         best efforts to obtain the withdrawal of any order suspending the
         effectiveness of any Registration Statement or the qualification of the
         Securities or New Securities therein for sale in any jurisdiction at
         the earliest possible time.

                           (e) The Company and the Guarantors shall furnish to
         each Holder of Securities or New Securities covered by any Shelf
         Registration Statement, without charge, at least one copy of such Shelf
         Registration Statement and any post-effective amendment thereto,
         including all material incorporated therein by reference, and, if the
         Holder so requests in writing, all exhibits thereto (including exhibits
         incorporated by reference therein).

                           (f) The Company and the Guarantors shall, during the
         Shelf Registration Period, deliver to each Holder of Securities or New
         Securities covered by any Shelf Registration Statement, without charge,
         as many copies of the Prospectus (including each preliminary
         Prospectus) included in such Shelf Registration Statement and any
         amendment or supplement thereto as such Holder may reasonably request.
         The Company and the Guarantors consent to the use of the Prospectus or
         any amendment or supplement thereto by each of the selling Holders of
         Securities or New Securities in connection with the offering and sale
         of the Securities or New Securities covered by the Prospectus, or any
         amendment or supplement thereto, included in the Shelf Registration
         Statement.

                           (g) The Company and the Guarantors shall furnish to
         each Exchanging Dealer or Initial Purchaser which so requests, without
         charge, at least one copy of the Exchange Offer Registration Statement
         and any post-effective amendment thereto, including all material
         incorporated by reference therein, and, if the Exchanging Dealer so
         requests in writing, all exhibits thereto (including exhibits
         incorporated by reference therein).

                           (h) The Company and the Guarantors shall promptly
         deliver to each Initial Purchaser, each Exchanging Dealer and each
         other Person required to deliver a Prospectus during the Exchange Offer
         Registration Period, without charge, as many copies of the Prospectus
         included in such Exchange Offer Registration Statement and any
         amendment or supplement thereto as any such Person may reasonably
         request. The Company and the Guarantors consent to the use of the
         Prospectus or any amendment or supplement thereto by any Initial
         Purchaser, any Exchanging Dealer and any such other Person that may be
         required to deliver a Prospectus following the Registered Exchange
         Offer in connection with the offering and sale of the New Securities
         covered by the

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         Prospectus, or any amendment or supplement thereto, included in the
         Exchange Offer Registration Statement.

                           (i) Prior to the Registered Exchange Offer or any
         other offering of Securities or New Securities pursuant to any
         Registration Statement, the Company and the Guarantors shall arrange,
         if necessary, for the qualification of the Securities or the New
         Securities for sale under the laws of such jurisdictions as any Holder
         shall reasonably request and will maintain such qualification in effect
         so long as required; provided that in no event shall the Company and
         the Guarantors be obligated to qualify to do business in any
         jurisdiction where they are not then so qualified or to take any action
         that would subject them to service of process in suits or taxation,
         other than those arising out of the Initial Placement, the Registered
         Exchange Offer or any offering pursuant to a Shelf Registration
         Statement, in any such jurisdiction where they are not then so subject.

                           (j) The Company and the Guarantors shall cooperate
         with the Holders of Securities and New Securities to facilitate the
         timely preparation and delivery of certificates representing New
         Securities or Securities to be issued or sold pursuant to any
         Registration Statement free of any restrictive legends and in such
         denominations and registered in such names as Holders may request.

                           (k) Upon the occurrence of any event contemplated by
         subsections (c)(ii) through (v) above, the Company and the Guarantors
         shall promptly prepare a post-effective amendment to the applicable
         Registration Statement or an amendment or supplement to the related
         Prospectus or file any other required document so that, as thereafter
         delivered to Initial Purchasers or Exchanging Dealers, the Prospectus
         will not include an untrue statement of a material fact or omit to
         state any material fact necessary to make the statements therein, in
         the light of the circumstances under which they were made, not
         misleading. In such circumstances, the period of effectiveness of the
         Exchange Offer Registration Statement provided for in Section 2 and the
         Shelf Registration Statement provided for in Section 3(b) shall each be
         extended by the number of days from and including the date of the
         giving of a notice of suspension pursuant to Section 5(c) to and
         including the date when the Initial Purchasers, the Holders of the
         Securities or New Securities and any known Exchanging Dealer shall have
         received such amended or supplemented Prospectus pursuant to this
         Section.

                           (l) Not later than the effective date of any
         Registration Statement, the Company and the Guarantors shall provide a
         CUSIP number for the Securities or the New Securities, as the case may
         be, registered under such Registration Statement and provide the
         Trustee with printed certificates for such Securities or New
         Securities, in a form eligible for deposit with The Depository Trust
         Company.

                           (m) The Company and the Guarantors shall comply with
         all applicable rules and regulations of the Commission and shall make
         generally available to their security holders as soon as practicable
         after the effective date of the applicable Registration Statement an
         earnings statement satisfying the provisions of Section 11(a) of the
         Act.

                                       12
<PAGE>

                           (n) The Company and the Guarantors shall cause the
         Indenture or the New Securities Indenture, as the case may be, to be
         qualified under the Trust Indenture Act in a timely manner.

                           (o) The Company and the Guarantors may require each
         Holder of Securities or New Securities to be sold pursuant to any Shelf
         Registration Statement to furnish to the Company and the Guarantors
         such information regarding the Holder and the distribution of such
         Securities as the Company and the Guarantors may from time to time
         reasonably require for inclusion in such Registration Statement. The
         Company and the Guarantors may exclude from such Shelf Registration
         Statement the Securities or New Securities of any Holder that fails to
         furnish such information within a reasonable time after receiving such
         request.

                           (p) In the case of any Shelf Registration Statement,
         the Company and the Guarantors shall enter into such agreements and
         take all other appropriate actions (including if requested an
         underwriting agreement in customary form) in order to expedite or
         facilitate the registration or the disposition of the Securities or New
         Securities, and in connection therewith, if an underwriting agreement
         is entered into, cause the same to contain indemnification provisions
         and procedures no less favorable than those set forth in Section 7 (or
         such other provisions and procedures acceptable to the Majority Holders
         and the Managing Underwriters, if any, with respect to all parties to
         be indemnified pursuant to Section 7).

                           (q) In the case of any Shelf Registration Statement,
         the Company and the Guarantors shall:

                                    (i) make reasonably available for inspection
                  by the Holders of Securities or New Securities to be
                  registered thereunder, any Underwriter participating in any
                  disposition pursuant to such Registration Statement, and any
                  attorney, accountant or other agent retained by the Holders or
                  any such Underwriter all relevant financial and other records,
                  pertinent corporate documents and properties of the Company
                  and its subsidiaries;

                                    (ii) cause the Company's officers, directors
                  and employees to supply all relevant information reasonably
                  requested by the Holders or any such Underwriter, attorney,
                  accountant or agent in connection with any such Registration
                  Statement as is customary for similar due diligence
                  examinations; provided, however, that any information that is
                  designated in writing by the Company, in good faith, as
                  confidential at the time of delivery of such information shall
                  be kept confidential by the Holders or any such Underwriter,
                  attorney, accountant or agent, unless such disclosure is made
                  in connection with a court proceeding or required by law, or
                  such information becomes available to the public generally or
                  through a third party without an accompanying obligation of
                  confidentiality;

                                    (iii) make such representations and
                  warranties to the Holders of Securities or New Securities
                  registered thereunder and the Underwriters, if any, in

                                       13
<PAGE>

                  form, substance and scope as are customarily made by issuers
                  to Underwriters in primary underwritten offerings and covering
                  matters including, but not limited to, those set forth in the
                  Purchase Agreement;

                                    (iv) obtain opinions of counsel to the
                  Company and the Guarantors and updates thereof (which counsel
                  and opinions (in form, scope and substance) shall be
                  reasonably satisfactory to the Managing Underwriters, if any)
                  addressed to each selling Holder and the Underwriters, if any,
                  covering such matters as are customarily covered in opinions
                  requested in underwritten offerings and such other matters as
                  may be reasonably requested by such Holders and Underwriters;

                                    (v) obtain "cold comfort" letters and
                  updates thereof from the independent certified public
                  accountants of the Company (and, if necessary, any other
                  independent certified public accountants of any subsidiary of
                  the Company or of any business acquired by the Company for
                  which financial statements and financial data are, or are
                  required to be, included in the Registration Statement),
                  addressed to each selling Holder of Securities or New
                  Securities registered thereunder and the Underwriters, if any,
                  in customary form and covering matters of the type customarily
                  covered in "cold comfort" letters in connection with primary
                  underwritten offerings; and

                                    (vi) deliver such documents and certificates
                  as may be reasonably requested by the Majority Holders and the
                  Managing Underwriters, if any, including those to evidence
                  compliance with Section 5(k) and with any customary conditions
                  contained in the underwriting agreement or other agreement
                  entered into by the Company and the Guarantors.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section shall
be performed at (A) the effectiveness of such Registration Statement and each
post-effective amendment thereto; and (B) each closing under any underwriting or
similar agreement as and to the extent required thereunder.

                           (r) In the case of any Exchange Offer Registration
         Statement, the Company and the Guarantors shall upon the request of an
         Exchanging Dealer:

                                    (i) make reasonably available for inspection
                  by such Initial Purchaser or Exchanging Dealer, and any
                  attorney, accountant or other agent retained by such Initial
                  Purchaser or Exchanging Dealer, all relevant financial and
                  other records, pertinent corporate documents and properties of
                  the Company and its subsidiaries;

                                    (ii) cause the Company's officers, directors
                  and employees to supply all relevant information reasonably
                  requested by such Initial Purchaser or Exchanging Dealer or
                  any such attorney, accountant or agent in connection with any
                  such Registration Statement as is customary for similar due
                  diligence examinations; provided, however, that any
                  information that is designated in

                                       14
<PAGE>

                  writing by the Company, in good faith, as confidential at the
                  time of delivery of such information shall be kept
                  confidential by such Initial Purchaser or Exchanging Dealer or
                  any such attorney, accountant or agent, unless such disclosure
                  is made in connection with a court proceeding or required by
                  law, or such information becomes available to the public
                  generally or through a third party without an accompanying
                  obligation of confidentiality;

                                    (iii) make such representations and
                  warranties to such Initial Purchaser or Exchanging Dealer, in
                  form, substance and scope as are customarily made by issuers
                  to Underwriters in primary underwritten offerings and covering
                  matters including, but not limited to, those set forth in the
                  Purchase Agreement;

                                    (iv) obtain opinions of counsel to the
                  Company and the Guarantors and updates thereof (which counsel
                  and opinions (in form, scope and substance) shall be
                  reasonably satisfactory to such Initial Purchaser or
                  Exchanging Dealer and their respective counsel, addressed to
                  such Initial Purchaser or Exchanging Dealer, covering such
                  matters as are customarily covered in opinions requested in
                  underwritten offerings and such other matters as may be
                  reasonably requested by such Initial Purchaser or Exchanging
                  Dealer or their respective counsel;

                                    (v) obtain "cold comfort" letters and
                  updates thereof from the independent certified public
                  accountants of the Company (and, if necessary, any other
                  independent certified public accountants of any subsidiary of
                  the Company or of any business acquired by the Company for
                  which financial statements and financial data are, or are
                  required to be, included in the Registration Statement),
                  addressed to such Initial Purchaser or Exchanging Dealer, in
                  customary form and covering matters of the type customarily
                  covered in "cold comfort" letters in connection with primary
                  underwritten offerings, or if requested by such Initial
                  Purchaser or Exchanging Dealer or their respective counsel in
                  lieu of a "cold comfort" letter, an agreed-upon procedures
                  letter under Statement on Auditing Standards No. 35, covering
                  matters requested by such Initial Purchaser or Exchanging
                  Dealer or their respective counsel; and

                                    (vi) deliver such documents and certificates
                  as may be reasonably requested by such Initial Purchaser or
                  Exchanging Dealer or their respective counsel, including those
                  to evidence compliance with Section 5(k) and with conditions
                  customarily contained in underwriting agreements.

The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this
Section if so requested shall be performed at close of the Registered Exchange
Offer and the effective date of any post-effective amendment to the Exchange
Offer Registration Statement.

                           (s) If a Registered Exchange Offer is to be
         consummated, upon delivery of the Securities by Holders to the Company
         (or to such other Person as directed by the Company) in exchange for
         the New Securities, the Company shall mark, or caused to be marked, on
         the Securities so exchanged that such Securities are being canceled in

                                       15
<PAGE>

         exchange for the New Securities. In no event shall the Securities be
         marked as paid or otherwise satisfied.

                           (t) The Company and the Guarantors will use their
         commercially reasonable best efforts to confirm the ratings of the
         Securities will apply to the Securities or the New Securities, as the
         case may be, covered by a Shelf Registration Statement.

                           (u) In the event that any Broker-Dealer shall
         underwrite any Securities or New Securities or participate as a member
         of an underwriting syndicate or selling group or "assist in the
         distribution" (within the meaning of the Rules of Fair Practice and the
         By-Laws of the National Association of Securities Dealers, Inc.)
         thereof, whether as a Holder of such Securities or New Securities or as
         an Underwriter, a placement or sales agent or a broker or dealer in
         respect thereof, or otherwise, assist such Broker-Dealer in complying
         with the requirements of such Rules and By-Laws, including, without
         limitation, by:

                                    (i) if such Rules or By-Laws shall so
                  require, engaging a "qualified independent underwriter" (as
                  defined in such Rules) to participate in the preparation of
                  the Registration Statement, to exercise usual standards of due
                  diligence with respect thereto and, if any portion of the
                  offering contemplated by such Registration Statement is an
                  underwritten offering or is made through a placement or sales
                  agent, to recommend the yield of such Securities or New
                  Securities;

                                    (ii) indemnifying any such qualified
                  independent underwriter to the extent of the indemnification
                  of Underwriters provided in Section 6 hereof; and

                                    (iii) providing such information to such
                  Broker-Dealer as may be required in order for such
                  Broker-Dealer to comply with the requirements of such Rules.

                           (v) The Company and the Guarantors shall use their
         commercially reasonable best efforts to take all other steps necessary
         to effect the registration of the Securities or the New Securities, as
         the case may be, covered by a Registration Statement.

                  6. Registration Expenses. The Company and the Guarantors shall
bear all expenses incurred in connection with the performance of their
obligations under Sections 2, 3 and 5 hereof and, in the event of any Shelf
Registration Statement, will reimburse the Holders for the reasonable fees and
disbursements of one firm or counsel designated by the Majority Holders to act
as counsel for the Holders in connection therewith, and, in the case of any
Exchange Offer Registration Statement, will reimburse the Initial Purchasers for
the reasonable fees and disbursements of counsel acting in connection therewith
if such Initial Purchaser shall resell Securities or New Securities pursuant to
the prospectus contained such Exchange Offer Registration Statement.

                                       16
<PAGE>

                  7. Indemnification and Contribution.

                           (a) The Company and the Guarantors, jointly and
         severally, agree to indemnify and hold harmless each Holder of
         Securities or New Securities, as the case may be, covered by any
         Registration Statement (including each Initial Purchaser and, with
         respect to any Prospectus delivery as contemplated in Section 5(h)
         hereof, each Exchanging Dealer), the directors, officers, employees and
         agents of each such Holder and each Person who controls any such Holder
         within the meaning of either the Act or the Exchange Act against any
         and all Losses, joint or several, to which they or any of them may
         become subject under the Act, the Exchange Act or other Federal or
         state statutory law or regulation, at common law or otherwise, insofar
         as such Losses arise out of or are based upon any untrue statement or
         alleged untrue statement of a material fact contained in the
         Registration Statement as originally filed or in any amendment thereof,
         or in any preliminary Prospectus or the Prospectus, or in any amendment
         thereof or supplement thereto, or arise out of or are based upon the
         omission or alleged omission to state therein a material fact required
         to be stated therein or necessary to make the statements therein not
         misleading, and agrees to reimburse each such indemnified party, as
         incurred, for any legal or other expenses reasonably incurred by them
         in connection with investigating or defending any such loss, claim,
         damage, liability or action; provided, however, that the Company and
         the Guarantors will not be liable in any case to the extent that any
         such loss, claim, damage or liability arises out of or is based upon
         any such untrue statement or alleged untrue statement or omission or
         alleged omission made therein in reliance upon and in conformity with
         written information furnished to the Company and the Guarantors by or
         on behalf of any such Holder specifically for inclusion therein. This
         indemnity agreement will be in addition to any liability which the
         Company and the Guarantors may otherwise have.

                  The Company and the Guarantors also, jointly and severally,
agree to indemnify or contribute as provided in Section 7(d) to Losses of any
Underwriter of Securities or New Securities, as the case may be, registered
under a Shelf Registration Statement, their directors, officers, employees or
agents and each Person who controls such Underwriter on substantially the same
basis as that of the indemnification of the Initial Purchasers and the selling
Holders provided in this Section 7(a) and shall, if requested by any Holder,
enter into an underwriting agreement reflecting such agreement, as provided in
Section 5(p) hereof.

                           (b) Each Holder of Securities or New Securities
         covered by a Registration Statement (including each Initial Purchaser
         and, with respect to any Prospectus delivery as contemplated in Section
         5(h) hereof, each Exchanging Dealer) severally agrees to indemnify and
         hold harmless the Company and the Guarantors, each of their directors,
         officers, employees and agents and each Person who controls the Company
         or any of the Guarantors within the meaning of either the Act or the
         Exchange Act, to the same extent as the foregoing indemnity from the
         Company and the Guarantors to each such Holder, but only with reference
         to written information relating to such Holder furnished to the Company
         and the Guarantors by or on behalf of such Holder specifically for
         inclusion in the documents referred to in the foregoing indemnity. This
         indemnity agreement will be in addition to any liability which any such
         Holder may otherwise have.

                                       17
<PAGE>

                           (c) Promptly after receipt by an indemnified party
         under this Section 7 of notice of the commencement of any action, such
         indemnified party will, if a claim in respect thereof is to be made
         against the indemnifying party under this Section, notify the
         indemnifying party in writing of the commencement thereof; but the
         failure so to notify the indemnifying party (i) will not relieve it
         from liability under paragraph (a) or (b) above unless and to the
         extent it did not otherwise learn of such action and such failure
         results in the forfeiture by the indemnifying party of substantial
         rights and defenses; and (ii) will not, in any event, relieve the
         indemnifying party from any obligations to any indemnified party other
         than the indemnification obligation provided in paragraph (a) or (b)
         above. The indemnifying party shall be entitled to appoint counsel of
         the indemnifying party's choice at the indemnifying party's expense to
         represent the indemnified party in any action for which indemnification
         is sought (in which case the indemnifying party shall not thereafter be
         responsible for the fees and expenses of any separate counsel retained
         by the indemnified party or parties except as set forth below);
         provided, however, that such counsel shall be satisfactory to the
         indemnified party. Notwithstanding the indemnifying party's election to
         appoint counsel to represent the indemnified party in an action, the
         indemnified party shall have the right to employ separate counsel
         (including local counsel), and the indemnifying party shall bear the
         reasonable fees, costs and expenses of such separate counsel if (i) the
         use of counsel chosen by the indemnifying party to represent the
         indemnified party would present such counsel with a conflict of
         interest; (ii) the actual or potential defendants in, or targets of,
         any such action include both the indemnified party and the indemnifying
         party and the indemnified party shall have reasonably concluded that
         there may be legal defenses available to it and/or other indemnified
         parties which are different from or additional to those available to
         the indemnifying party; (iii) the indemnifying party shall not have
         employed counsel satisfactory to the indemnified party to represent the
         indemnified party within a reasonable time after notice of the
         institution of such action; or (iv) the indemnifying party shall
         authorize the indemnified party to employ separate counsel at the
         expense of the indemnifying party. An indemnifying party will not,
         without the prior written consent of the indemnified parties, settle or
         compromise or consent to the entry of any judgment with respect to any
         pending or threatened claim, action, suit or proceeding in respect of
         which indemnification or contribution may be sought hereunder (whether
         or not the indemnified parties are actual or potential parties to such
         claim or action) unless such settlement, compromise or consent includes
         an unconditional release of each indemnified party from all liability
         arising out of such claim, action, suit or proceeding. An indemnifying
         party shall not be liable under this Section 7 to any indemnified party
         regarding any settlement or compromise or consent to the entry of any
         judgment with respect to any pending or threatened claim, action, suit
         or proceeding in respect of which indemnification or contribution may
         be sought hereunder (whether or not the indemnified parties are actual
         or potential parties to such claim or action) unless such settlement,
         compromise or consent is consented to by such indemnifying party, which
         consent shall not be unreasonably withheld.

                           (d) In the event that the indemnity provided in
         paragraph (a) or (b) of this Section is unavailable to or insufficient
         to hold harmless an indemnified party for any reason, then each
         applicable indemnifying party shall have a joint and several obligation
         to contribute to the aggregate losses, claims, damages and liabilities
         (including legal or

                                       18
<PAGE>

         other expenses reasonably incurred in connection with investigating or
         defending same) (collectively "Losses") to which such indemnified party
         may be subject in such proportion as is appropriate to reflect the
         relative benefits received by such indemnifying party, on the one hand,
         and such indemnified party, on the other hand, from the Initial
         Placement and the Registration Statement which resulted in such Losses;
         provided, however, that in no case shall any Initial Purchaser or any
         subsequent Holder of any Security or New Security be responsible, in
         the aggregate, for any amount in excess of the purchase discount or
         commission applicable to such Security, or in the case of a New
         Security, applicable to the Security that was exchangeable into such
         New Security, as set forth on the cover page of the Final Memorandum,
         nor shall any Underwriter be responsible for any amount in excess of
         the underwriting discount or commission applicable to the securities
         purchased by such Underwriter under the Registration Statement which
         resulted in such Losses. If the allocation provided by the immediately
         preceding sentence is unavailable for any reason, the indemnifying
         party and the indemnified party shall contribute in such proportion as
         is appropriate to reflect not only such relative benefits but also the
         relative fault of such indemnifying party, on the one hand, and such
         indemnified party, on the other hand, in connection with the statements
         or omissions which resulted in such Losses as well as any other
         relevant equitable considerations. Benefits received by the Company and
         the Guarantors shall be deemed to be equal to the sum of (x) the total
         net proceeds from the Initial Placement (before deducting expenses) as
         set forth on the cover page of the Final Memorandum and (y) the total
         amount of additional interest that the Company and the Guarantors were
         not required to pay as a result of registering the Securities or New
         Securities covered by the Registration Statement which resulted in such
         Losses. Benefits received by the Initial Purchasers shall be deemed to
         be equal to the total purchase discounts and commissions as set forth
         on the cover page of the Final Memorandum, and benefits received by any
         other Holders shall be deemed to be equal to the value of receiving
         Securities or New Securities, as applicable, registered under the Act.
         Benefits received by any Underwriter shall be deemed to be equal to the
         total underwriting discounts and commissions, as set forth on the cover
         page of the Prospectus forming a part of the Registration Statement
         which resulted in such Losses. Relative fault shall be determined by
         reference to, among other things, whether any alleged untrue statement
         or omission relates to information provided by the indemnifying party,
         on the one hand, or by the indemnified party, on the other hand, the
         intent of the parties and their relative knowledge, access to
         information and opportunity to correct or prevent such untrue statement
         or omission. The parties agree that it would not be just and equitable
         if contribution were determined by pro rata allocation (even if the
         Holders were treated as one entity for such purpose) or any other
         method of allocation which does not take account of the equitable
         considerations referred to above. Notwithstanding the provisions of
         this paragraph (d), no Person guilty of fraudulent misrepresentation
         (within the meaning of Section 11(f) of the Act) shall be entitled to
         contribution from any Person who was not guilty of such fraudulent
         misrepresentation. For purposes of this Section, each Person who
         controls a Holder within the meaning of either the Act or the Exchange
         Act and each director, officer, employee and agent of such Holder shall
         have the same rights to contribution as such Holder, and each Person
         who controls the Company or any of the Guarantors within the meaning of
         either the Act or the Exchange Act and each officer, employee, agent or

                                       19
<PAGE>

         director of the Company or any of the Guarantors who would be entitled
         to indemnity under this Agreement shall have the same rights to
         contribution as the Company, subject in each case to the applicable
         terms and conditions of this paragraph (d).

                           (e) The provisions of this Section will remain in
         full force and effect, regardless of any investigation made by or on
         behalf of any Holder or the Company and the Guarantors or any of the
         officers, directors or controlling Persons referred to in this Section
         hereof, and will survive the sale by a Holder of Securities or New
         Securities covered by a Registration Statement.

                  8. Underwritten Registrations.

                           (a) If any of the Securities or New Securities, as
         the case may be, covered by any Shelf Registration Statement are to be
         sold in an underwritten offering, the Managing Underwriters shall be
         selected by the Majority Holders.

                           (b) No Person may participate in any underwritten
         offering pursuant to any Shelf Registration Statement, unless such
         Person (i) agrees to sell such Person's Securities or New Securities,
         as the case may be, on the basis reasonably provided in any
         underwriting arrangements approved by the Persons entitled hereunder to
         approve such arrangements; and (ii) completes and executes all
         questionnaires, powers of attorney, indemnities, underwriting
         agreements and other documents reasonably required under the terms of
         such underwriting arrangements.

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

                  10. Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Company has obtained the written
consent of the Majority Holders (or, after the consummation of any Registered
Exchange Offer in accordance with Section 2 hereof, of New Securities); provided
that, with respect to any matter that directly or indirectly affects the rights
of any Initial Purchaser hereunder, the Company shall obtain the written consent
of each such Initial Purchaser against which such amendment, qualification,
supplement, waiver or consent is to be effective. Notwithstanding the foregoing
(except the foregoing proviso), a waiver or consent to departure from the
provisions hereof with respect to a matter that relates exclusively to the
rights of Holders whose Securities or New Securities, as the case may be, are
being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by the Majority
Holders, determined on the basis of Securities or New Securities, as the case
may be, being sold rather than registered under such Registration Statement.

                  11. Notices. All notices and other communications provided for
or permitted hereunder shall be made in writing by hand-delivery, first-class
mail, telex, telecopier or air courier guaranteeing overnight delivery:

                                       20
<PAGE>

                           (a) if to a Holder, at the most current address given
         by such holder to the Company in accordance with the provisions of this
         Section, which address initially is, with respect to each Holder, the
         address of such Holder maintained by the Registrar under the Indenture,
         with a copy in like manner to Salomon Smith Barney Inc;

                           (b) if to you, initially at the respective addresses
         set forth in the Purchase Agreement; and

                           (c) if to the Company or the Guarantors, initially at
         its or their address set forth in the Purchase Agreement.

                  All such notices and communications shall be deemed to have
been duly given when received.

                  The Initial Purchasers or the Company by notice to the other
parties may designate additional or different addresses for subsequent notices
or communications.

                  12. Successors. This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties,
including, without the need for an express assignment or any consent by the
Company thereto, subsequent Holders of Securities or New Securities. The Company
hereby agrees to extend the benefits of this Agreement to any Holder of
Securities and the New Securities, and any such Holder may specifically enforce
the provisions of this Agreement as if an original party hereto.

                  13. Counterparts. This Agreement may be in signed
counterparts, each of which shall an original and all of which together shall
constitute one and the same agreement.

                  14. Headings. The headings used herein are for convenience
only and shall not affect the construction hereof.

                  15. Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York.

                  16. Severability. In the event that any one of more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

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

                                       21
<PAGE>

                  18. Agent for Service; Submission to Jurisdiction; Waiver of
Immunities. By the execution and delivery of this Agreement, each of the Company
and the Guarantors (i) acknowledges that it has, by separate written instrument,
irrevocably designated and CT Corp. (and any successor entity), as its
authorized agent upon which process may be served in any suit or proceeding
arising out of or relating to this Agreement that may be instituted in any
federal or state court in the State of New York or brought under federal or
state securities laws, and acknowledges that CT Corp. has accepted such
designation, (ii) submits to the nonexclusive jurisdiction of any such court in
any such suit or proceeding, and (iii) agrees that service of process upon CT
Corp. and written notice of said service to the Company shall be deemed in every
respect effective service of process upon it in any such suit or proceeding. The
Company further agrees to take any and all action, including the execution and
filing of any and all such documents and instruments, as may be necessary to
continue such designation and appointment of CT Corp. in full force and effect
so long as any of the Securities shall be outstanding.

                                       22
<PAGE>

                  If the foregoing is in accordance with your understanding of
our agreement, please sign and return to us the enclosed duplicate hereof,
whereupon this Agreement and your acceptance shall represent a binding agreement
among the Company, the Guarantors and the several Initial Purchasers.

                                   Very truly yours,

                                   TECHNICAL OLYMPIC USA, INC.

                                   By: /s/ TOMMY L. McADEN
                                      ------------------------------------------
                                       Name:  Tommy L. McAden
                                       Title: Vice President - Finance and
                                              Administration and Chief Financial
                                              Officer

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

SALOMON SMITH BARNEY INC.
DEUTSCHE BANK SECURITIES INC.
FLEET SECURITIES, INC.

By: SALOMON SMITH BARNEY INC.

By: /s/ STEPHEN CUNNINGHAM
   -------------------------------
     Name: Stephen Cunningham
     Title: Director

For themselves and the other several Initial Purchasers named in Schedule I to
the foregoing Agreement.

                                       23
<PAGE>

                                  SUBSIDIARY GUARANTORS:

                                  ADLER REALTY CO.
                                  ADRO CONST., INC.
                                  BANYAN TRAILS, INC.
                                  ENGLE HOMES DELAWARE, INC.
                                  ENGLE HOMES FINANCING, INC.
                                  ENGLE HOMES REALTY, INC.
                                  ENGLE HOMES, INC.
                                  ENGLE HOMES/ARIZONA CONSTRUCTION, INC.
                                  ENGLE HOMES/ARIZONA, INC.
                                  ENGLE HOMES/ATLANTA, INC.
                                  ENGLE HOMES/BROWARD, INC.
                                  ENGLE HOMES/COLORADO, INC.
                                  ENGLE HOMES/GEORGIA, INC.
                                  ENGLE HOMES/GULF COAST, INC.
                                  ENGLE HOMES/JACKSONVILLE, INC.
                                  ENGLE HOMES/LAKE BERNADETTE, INC.
                                  ENGLE HOMES/NORTH CAROLINA, INC.
                                  ENGLE HOMES/ORLANDO, INC.
                                  ENGLE HOMES/PALM BEACH, INC.
                                  ENGLE HOMES/PEMBROKE, INC.
                                  ENGLE HOMES/SOUTHWEST FLORIDA, INC.
                                  ENGLE HOMES/TEXAS, INC.
                                  ENGLE HOMES/VIRGINIA, INC.
                                  GREENLEAF HOMES, INC.
                                  NEWMARK FINANCE AFFILIATE, LTD
                                  NEWMARK FINANCE CORPORATION
                                  NEWMARK HOME CORPORATION
                                  NEWMARK HOMES BUSINESS TRUST
                                  NEWMARK HOMES L.P.
                                  NEWMARK HOMES PURCHASING, L.P.
                                  NHC HOMES, INC.
                                  NMH INVESTMENTS, INC.
                                  PACIFIC UNITED DEVELOPMENT CORP.
                                  PACIFIC UNITED L.P.
                                  PEMBROKE FALLS REALTY, INC.
                                  PREFERRED BUILDERS REALTY, INC.
                                  PREFERRED HOME MORTGAGE COMPANY
                                  PRESTIGE ABSTRACT & TITLE, LLC
                                  PROFESSIONAL ADVANTAGE TITLE, LTD.
                                  PUDC, INC.
                                  SILVERLAKE INTERESTS, L.C.
                                  ST. TROPEZ AT BOCA GOLF, INC.
                                  TAP ACQUISITION CO.
                                  TECHNICAL MORTGAGE, L.P.
                                  THE ADLER COMPANIES, INC.
                                  TM INVESTMENTS, L.L.C.
                                  UNIVERSAL LAND TITLE, INC.
                                  UNIVERSAL LAND TITLE AGENCY, INC.
                                  UNIVERSAL LAND TITLE INVESTMENT #1, L.L.C.
                                  UNIVERSAL LAND TITLE INVESTMENT #2, L.L.C.
                                  UNIVERSAL LAND TITLE INVESTMENT #3, L.L.C.
                                  UNIVERSAL LAND TITLE INVESTMENT #4, L.L.C.
                                  UNIVERSAL LAND TITLE OF SOUTH FLORIDA, LTD.
                                  UNIVERSAL LAND TITLE OF TEXAS, INC.
                                  UNIVERSAL LAND TITLE OF THE PALM BEACHES, LTD.
                                  UNIVERSAL LAND TITLE OF VIRGINIA, INC.

                                  By: /s/ Tommy L. McAden
                                      ------------------------------------------
                                      Name:  Tommy L. McAden
                                      Title: Vice President - Finance and
                                             Administration

                                       24
<PAGE>

                                                                         ANNEX A

                  Each Broker-Dealer that receives New Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a Broker-Dealer in connection
with resales of New Securities received in exchange for Securities where such
Securities were acquired by such Broker-Dealer as a result of market-making
activities or other trading activities. The Company has agreed that, starting on
the Expiration Date (as defined herein) and ending on the close of business one
year after the Expiration Date, or such shorter period as will terminate when
all New Securities held by Exchanging Dealers or Initial Purchasers have been
sold pursuant hereto, it will make this Prospectus available to any
Broker-Dealer for use in connection with any such resale. See "Plan of
Distribution."

                                       25
<PAGE>

                                                                         ANNEX B

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

                                       26
<PAGE>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

                  Each Broker-Dealer that receives New Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a Broker-Dealer in connection with resales of New Securities received in
exchange for Securities where such Securities were acquired as a result of
market-making activities or other trading activities. The Company and the
Guarantors have agreed that, starting on the Expiration Date and ending on the
close of business one year after the Expiration Date or such shorter period as
will terminate when all New Securities held by Exchanging Dealers or Initial
Purchasers have been sold pursuant hereto, it will make this Prospectus, as
amended or supplemented, available to any Broker-Dealer for use in connection
with any such resale. In addition, until __________, 200__, all dealers
effecting transactions in the New Securities may be required to deliver a
prospectus.

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

                  For a period of one year after the Expiration Date or such
shorter period as will terminate when all New Securities held by Exchanging
Dealers or Initial Purchasers have been sold pursuant hereto, the Company and
the Guarantors will promptly send additional copies of this Prospectus and any
amendment or supplement to this Prospectus to any Broker-Dealer that requests
such documents in the Letter of Transmittal. The Company has agreed to pay all
expenses incident to the Exchange Offer (including the expenses of one counsel
for the holder of the Securities) other than commissions or concessions of any
brokers or dealers and will indemnify the holders of the Securities (including
any Broker-Dealers) against certain liabilities, including liabilities under the
Securities Act.

                  [If applicable, add information required by Regulation S-K
Items 507 and/or 508.]

                                       27
<PAGE>

                                                                         ANNEX D

Rider A

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

                  Name:
                           ---------------------------------
                  Address:
                           ---------------------------------

                           ---------------------------------

Rider B

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the New Securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of New Securities
and it has no arrangements or understandings with any Person to participate in a
distribution of the New Securities. If the undersigned is a Broker-Dealer that
will receive New Securities for its own account in exchange for Securities, it
represents that the Securities to be exchanged for New Securities were acquired
by it as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus in connection with any resale of
such New Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

                                       28<PAGE>
                                                                     EXHIBIT 4.4

                           TECHNICAL OLYMPIC USA, INC.

                                  $150,000,000

                          10 3/8% Senior Notes Due 2012

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                                   June 25, 2002

Salomon Smith Barney Inc.
Deutsche Bank Securities Inc.
Fleet Securities, Inc.
As Representatives of the Initial Purchasers
c/o Salomon Smith Barney Inc.
388 Greenwich Street
New York, New York 10013

Dear Sirs:

          Technical Olympic USA, Inc., a corporation organized under the laws of
the State of Delaware (the "Company"), proposes to issue and sell to certain
purchasers (the "Initial Purchasers"), upon the terms set forth in a purchase
agreement, dated June 14, 2002 (the "Purchase Agreement"), $150,000,000
aggregate principal amount of its 10 3/8% Senior Subordinated Notes Due 2012
(the "Notes") relating to the initial placement of the Notes (the "Initial
Placement"). The Notes will be unconditionally guaranteed (the "Guarantees" and
together with the Notes, the "Securities") on a senior subordinated basis by
each of the Company's direct and indirect domestic subsidiaries set forth on the
signature page hereto (the "Guarantors"). To induce the Initial Purchasers to
enter into the Purchase Agreement and to satisfy a condition of your obligations
thereunder, the Company and the Guarantors agree with you for your benefit and
the benefit of the holders from time to time of the Securities (including the
Initial Purchasers) and the New Securities (as defined herein) (each a "Holder"
and, together, the "Holders"), as follows:

          1. Definitions. Capitalized terms used herein without definition shall
have their respective meanings set forth in the Purchase Agreement. As used in
this Agreement, the following capitalized defined terms shall have the following
meanings:

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

          "Affiliate" of any specified Person shall mean any other Person that,
directly or indirectly, is in control of, is controlled by, or is under common
control with, such specified

<PAGE>

Person. For purposes of this definition, control of a Person shall mean the
power, direct or indirect, to direct or cause the direction of the management
and policies of such Person whether by contract or otherwise; and the terms
"controlling" and "controlled" shall have meanings correlative to the foregoing.

          "Broker-Dealer" shall mean any broker or dealer registered as such
under the Exchange Act.

          "Business Day" shall mean any day other than a Saturday, a Sunday or a
legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in New York City.

          "Commission" shall mean the Securities and Exchange Commission.

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

          "Exchange Offer Registration Period" shall mean the 180-day period
following the consummation of the Registered Exchange Offer, exclusive of any
period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement, or such shorter
period as will terminate when all New Securities held by Exchanging Dealers or
Initial Purchasers have been sold pursuant thereto.

          "Exchange Offer Registration Statement" shall mean a registration
statement of the Company and the Guarantors on an appropriate form under the Act
with respect to the Registered Exchange Offer, all amendments and supplements to
such registration statement, including post-effective amendments thereto, in
each case including the Prospectus contained therein, all exhibits thereto and
all material incorporated by reference therein.

          "Exchanging Dealer" shall mean any Holder (which may include any
Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company).

          "Final Memorandum" shall have the meaning set forth in the Purchase
Agreement.

          "Holder" shall have the meaning set forth in the preamble hereto.

          "Indenture" shall mean the Indenture relating to the Securities, dated
as of June 25, 2002, between the Company, the Guarantors and Wells Fargo Bank
Minnesota, National Association, as trustee, as the same may be amended from
time to time in accordance with the terms thereof.

          "Initial Placement" shall have the meaning set forth in the preamble
hereto.

          "Initial Purchasers" shall have the meaning set forth in the preamble
hereto.

                                       2
<PAGE>

          "Losses" shall have the meaning set forth in Section 7(d) hereof.

          "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of Securities and/or New Securities, as applicable,
registered under a Registration Statement.

          "Managing Underwriters" shall mean the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering.

          "New Notes" shall mean debt securities of the Company, guaranteed by
the Guarantors, identical in all material respects to the Notes (except that the
cash interest and interest rate step-up provisions and the transfer restrictions
shall be modified or eliminated, as appropriate) and to be issued under the
Indenture or the New Securities Indenture.

          "New Securities" shall mean debt securities of the Company and the
related guarantees of the Guarantors, identical in all material respects to the
Securities (except that the cash interest and interest rate step-up provisions
and the transfer restrictions shall be modified or eliminated, as appropriate)
and to be issued under the Indenture or the New Securities Indenture.

          "New Securities Indenture" shall mean an indenture between the
Company, the Guarantors and the New Securities Trustee, identical in all
material respects to the Indenture (except that the cash interest and interest
rate step-up provisions will be modified or eliminated, as appropriate).

          "New Securities Trustee" shall mean a bank or trust company reasonably
satisfactory to the Initial Purchasers, as trustee with respect to the New
Securities under the New Securities Indenture.

          "Prospectus" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Securities or the New Securities covered by such
Registration Statement, and all amendments and supplements thereto and all
material incorporated by reference therein.

          "Purchase Agreement" shall have the meaning set forth in the preamble
hereto.

          "Registered Exchange Offer" shall mean the proposed offer of the
Company to issue and deliver to the Holders of the Securities that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of the
New Notes and Related Guarantees.

          "Registration Statement" shall mean any Exchange Offer Registration
Statement or Shelf Registration Statement that covers any of the Securities or
the New Securities pursuant to the provisions of this Agreement, any amendments
and supplements to such registration statement, including post-effective
amendments (in each case including the Prospectus contained therein), all
exhibits thereto and all material incorporated by reference therein.

                                       3
<PAGE>

          "Related Guarantees" shall mean the guarantees of the Guarantors to be
issued under the Indenture or the New Securities Indenture in respect of New
Notes.

          "Securities" shall have the meaning set forth in the preamble hereto.

          "Shelf Registration" shall mean a registration effected pursuant to
Section 3 hereof.

          "Shelf Registration Period" has the meaning set forth in Section 3(b)
hereof.

          "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company and the Guarantors pursuant to the provisions of
Section 3 hereof which covers some or all of the Securities and/or New
Securities, as applicable, on an appropriate form under Rule 415 under the Act,
or any similar rule that may be adopted by the Commission, amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

          "Trustee" shall mean the trustee with respect to the Securities and
New Securities under the Indenture.

          "Underwriter" shall mean any underwriter of Securities or New
Securities in connection with an offering thereof under a Registration
Statement.

          2. Registered Exchange Offer.

               (a) The Company and the Guarantors shall prepare, at their cost,
     and, not later than 90 days following the date of the original issuance of
     the Securities (or if such 90th day is not a Business Day, the next
     succeeding Business Day), shall file with the Commission the Exchange Offer
     Registration Statement with respect to the Registered Exchange Offer. The
     Company and the Guarantors shall use their best efforts to cause the
     Exchange Offer Registration Statement to become effective under the Act not
     later than 150 days following the date of the original issuance of the
     Securities (or if such 150th day is not a Business Day, the next succeeding
     Business Day).

               (b) Upon the effectiveness of the Exchange Offer Registration
     Statement, the Company and the Guarantors shall promptly commence the
     Registered Exchange Offer, it being the objective of such Registered
     Exchange Offer to enable each Holder electing to exchange Securities for
     New Securities (assuming that such Holder is not an Affiliate of the
     Company, acquires the New Securities in the ordinary course of such
     Holder's business, has no arrangements with any Person to participate in
     the distribution of the New Securities and is not prohibited by any law or
     policy of the Commission from participating in the Registered Exchange
     Offer) and to trade such New Securities from and after their receipt
     without any limitations or restrictions under the Act and without material
     restrictions under the securities laws of a substantial proportion of the
     several states of the United States.

                                       4
<PAGE>

               (c) In connection with the Registered Exchange Offer, the Company
     and the Guarantors shall:

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

                    (ii) keep the Registered Exchange Offer open for not less
          than 30 days and not more than 45 days after the date notice thereof
          is mailed to the Holders (or, in each case, longer if required by
          applicable law);

                    (iii) use their best efforts to keep the Exchange Offer
          Registration Statement continuously effective under the Act,
          supplemented and amended as required, under the Act to ensure that it
          is available for sales of New Securities by Exchanging Dealers or the
          Initial Purchasers during the Exchange Offer Registration Period;

                    (iv) utilize the services of a depositary for the Registered
          Exchange Offer with an address in the Borough of Manhattan in New York
          City, which may be the Trustee, the New Securities Trustee or an
          Affiliate of either of them;

                    (v) permit Holders to withdraw tendered Securities at any
          time prior to the close of business, New York time, on the last
          Business Day on which the Registered Exchange Offer is open;

                    (vi) prior to effectiveness of the Exchange Offer
          Registration Statement, provide a supplemental letter to the
          Commission (A) stating that the Company and the Guarantors are
          conducting the Registered Exchange Offer in reliance on the position
          of the Commission in Exxon Capital Holdings Corporation (pub. avail.
          May 13, 1988), Morgan Stanley and Co., Inc. (pub. avail. June 5,
          1991); and (B) including a representation that the Company and the
          Guarantors have not entered into any arrangement or understanding with
          any Person to distribute the New Securities to be received in the
          Registered Exchange Offer and that, to the best of their information
          and belief, each Holder participating in the Registered Exchange Offer
          is acquiring the New Securities in the ordinary course of business and
          has no arrangement or understanding with any Person to participate in
          the distribution of the New Securities; and

                    (vii) comply in all material respects with all applicable
          laws.

               (d) As soon as practicable after the close of the Registered
     Exchange Offer, the Company and the Guarantors shall:

                    (i) accept for exchange all Notes tendered and not validly
          withdrawn pursuant to the Registered Exchange Offer;

                                       5
<PAGE>

                    (ii) deliver to the Trustee for cancellation in accordance
          with Section 5(s) all Notes so accepted for exchange; and

                    (iii) cause the Trustee or New Securities Trustee, as the
          case may be, promptly to authenticate and deliver to each Holder of
          Securities a principal amount of New Notes equal to the principal
          amount of the Notes of such Holder so accepted for exchange.

               (e) Each Holder hereby acknowledges and agrees that any
     Broker-Dealer and any such Holder using the Registered Exchange Offer to
     participate in a distribution of the New Securities (x) could not under
     Commission policy as in effect on the date of this Agreement rely on the
     position of the Commission in Morgan Stanley and Co., Inc. (pub. avail.
     June 5, 1991) and Exxon Capital Holdings Corporation (pub. avail. May 13,
     1988), as interpreted in the Commission's letter to Shearman & Sterling
     dated July 2, 1993 and similar no-action letters; and (y) must comply with
     the registration and prospectus delivery requirements of the Act in
     connection with any secondary resale transaction which must be covered by
     an effective registration statement containing the selling security holder
     information required by Item 507 or 508, as applicable, of Regulation S-K
     under the Act if the resales are of New Securities obtained by such Holder
     in exchange for Securities acquired by such Holder directly from the
     Company or one of its Affiliates. Accordingly, each Holder participating in
     the Registered Exchange Offer shall be required to represent to the Company
     and the Guarantors that, at the time of the consummation of the Registered
     Exchange Offer:

                    (i) any New Securities received by such Holder will be
          acquired in the ordinary course of business;

                    (ii) such Holder will have no arrangement or understanding
          with any Person to participate in the distribution of the Securities
          or the New Securities within the meaning of the Act;

                    (iii) such Holder is not an Affiliate of the Company or any
          of the Guarantors or if it is an Affiliate, such Holder will comply
          with the registration and prospectus delivery requirements of the Act
          to the extent applicable;

                    (iv) if such Holder is not a Broker-Dealer, that it is not
          engaged in, and does not intend to engage in, the distribution of the
          New Securities; and

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

               (f) If any Initial Purchaser determines that it is not eligible
     to participate in the Registered Exchange Offer with respect to the
     exchange of Securities constituting any portion of an unsold allotment, at
     the request of such Initial Purchaser, the Company and the Guarantors shall
     issue and deliver to such Initial Purchaser or the

                                       6
<PAGE>

     Person purchasing New Securities registered under a Shelf Registration
     Statement as contemplated by Section 3 hereof from such Initial Purchaser,
     in exchange for such Securities, a like principal amount of New Notes and
     Related Guarantees. The Company and the Guarantors shall use their
     reasonable efforts to cause the CUSIP Service Bureau to issue the same
     CUSIP number for such New Securities as for New Securities issued pursuant
     to the Registered Exchange Offer.

          3. Shelf Registration.

               (a) If (i) due to any change in law or applicable interpretations
     thereof by the Commission's staff, the Company determines upon advice of
     its outside counsel that it is not permitted to effect the Registered
     Exchange Offer as contemplated by Section 2 hereof; (ii) for any other
     reason the Exchange Offer Registration Statement is not declared effective
     within 150 days following the date of the original issuance of the
     Securities or the Registered Exchange Offer is not consummated within 180
     days following the date of the original issuance of the Securities; (iii)
     any Initial Purchaser so requests with respect to Securities that are not
     eligible to be exchanged for New Securities in the Registered Exchange
     Offer and that are held by it following consummation of the Registered
     Exchange Offer; (iv) any Holder (other than an Initial Purchaser) is not
     eligible to participate in the Registered Exchange Offer or does not
     receive freely tradeable New Securities in the Registered Exchange Offer
     other than by reason of such Holder being an Affiliate of the Company (it
     being understood that the requirement that a participating Broker-Dealer
     deliver the prospectus contained in the Exchange Offer Registration
     Statement in connection with sales of New Securities shall not result in
     such New Securities being not "freely tradeable"); or (v) in the case of
     any Initial Purchaser that participates in the Registered Exchange Offer or
     acquires New Securities pursuant to Section 2(f) hereof, such Initial
     Purchaser does not receive freely tradeable New Securities in exchange for
     Securities constituting any portion of an unsold allotment (it being
     understood that (x) the requirement that an Initial Purchaser deliver a
     Prospectus containing the information required by Item 507 or 508 of
     Regulation S-K under the Act in connection with sales of New Securities
     acquired in exchange for such Securities shall result in such New
     Securities being not "freely tradeable;" and (y) the requirement that an
     Exchanging Dealer deliver a Prospectus in connection with sales of New
     Securities acquired in the Registered Exchange Offer in exchange for
     Securities acquired as a result of market-making activities or other
     trading activities shall not result in such New Securities being not
     "freely tradeable") the Company and the Guarantors shall effect a Shelf
     Registration Statement in accordance with subsection (b) below.

               (b) If required pursuant to subsection (a) above,

                    (i) the Company and the Guarantors, at their cost, shall as
          promptly as practicable, file with the Commission and thereafter shall
          use their best efforts to cause to be declared effective under the Act
          a Shelf Registration Statement relating to the offer and sale of the
          Securities or the New Securities, as applicable, by the Holders
          thereof from time to time in accordance with the methods of
          distribution elected by such Holders and set forth in such Shelf
          Registration Statement; provided, however, that no Holder (other than
          an Initial

                                       7
<PAGE>

          Purchaser) shall be entitled to have the Securities or New Securities
          held by it covered by such Shelf Registration Statement unless such
          Holder agrees in writing to be bound by all of the provisions of this
          Agreement applicable to such Holder; and provided further, that with
          respect to New Securities received by an Initial Purchaser in exchange
          for Securities constituting any portion of an unsold allotment, the
          Company and the Guarantors may, if permitted by current
          interpretations by the Commission's staff, file a post-effective
          amendment to the Exchange Offer Registration Statement containing the
          information required by Item 507 or 508 of Regulation S-K, as
          applicable, in satisfaction of their obligations under this subsection
          with respect thereto, and any such Exchange Offer Registration
          Statement, as so amended, shall be referred to herein as, and governed
          by the provisions herein applicable to, a Shelf Registration
          Statement.

                    (ii) the Company and the Guarantors shall use their best
          efforts to keep the Shelf Registration Statement continuously
          effective, supplemented and amended as required by the Act, in order
          to permit the Prospectus forming part thereof to be usable by Holders
          for a period the earlier of (A) the time when all of the Securities or
          New Securities, as applicable, covered by the Shelf Registration
          Statement can be sold pursuant to Rule 144 without limitation under
          clauses (c), (e), (f) and (h) of Rule 144, (B) the date on which all
          the Securities or New Securities, as applicable, covered by the Shelf
          Registration Statement have been sold pursuant to the Shelf
          Registration Statement, and (C) the date two years from the date the
          Shelf Registration Statement is declared effective by the Commission
          (in any such case, such period being called the "Shelf Registration
          Period"). The Company and the Guarantors shall be deemed not to have
          used their best efforts to keep the Shelf Registration Statement
          effective during the requisite period if they voluntarily take any
          action that would result in Holders of Securities or New Securities
          covered thereby not being able to offer and sell such Securities or
          New Securities during that period, unless (A) such action is required
          by applicable law; or (B) such action is taken by the Company and the
          Guarantors in good faith and for valid business reasons (not including
          avoidance of the Company's and the Guarantors' obligations hereunder),
          including the acquisition or divestiture of assets, so long as the
          Company and the Guarantors promptly thereafter comply with the
          requirements of Section 5(k) hereof, if applicable.

                    (iii) the Company and the Guarantors shall cause the Shelf
          Registration Statement and the related Prospectus and any amendment or
          supplement thereto, as of the effective date of the Shelf Registration
          Statement or such amendment or supplement, (A) to comply in all
          material respects with the applicable requirements of the Securities
          Act and the rules and regulations of the Commission; and (B) not to
          contain any untrue statement of a material fact or omit to state a
          material fact required to be stated therein or necessary in order to
          make the statements therein, in the light of the circumstances under
          which they were made, not misleading.

          4. Special Interest. If (a) on or prior to the 90th day following the
original issue date of the Securities, neither the Exchange Offer Registration
Statement nor the Shelf

                                       8
<PAGE>

Registration Statement has been filed with the Commission, (b) on or prior to
the 150th day following the original issue date of the Securities, neither the
Exchange Offer Registration Statement nor the Shelf Registration Statement has
been declared effective, (c) on or prior to the 180th day following the original
issue date of the Securities, neither the Registered Exchange Offer has been
consummated nor the Shelf Registration Statement has been declared effective, or
(d) after either the Exchange Offer Registration Statement or the Shelf
Registration Statement has been declared effective, such Registration Statement
thereafter ceases to be effective or usable in connection with resales of
Securities or New Securities in accordance with and during the periods specified
in this Agreement (each such event referred to in clauses (a) through (d), a
("Registration Default"), interest ("Special Interest") will accrue on the
principal amount of the Securities and the New Securities (in addition to the
stated interest on the Securities and New Securities) from and including the
date on which any such Registration Default shall occur to but excluding the
date on which all Registration Defaults have been cured. Special Interest will
accrue at a rate of 0.25% per annum during the 90-day period immediately
following the occurrence of such Registration Default and shall increase by
0.25% per annum at the end of each subsequent 90-day period, but in no event
shall such rate exceed 1.00% per annum.

          All obligations of the Company and the Guarantors set forth in the
preceding paragraph that are outstanding with respect to any Security at the
time such Security is exchanged for a New Security shall survive until such time
as all such obligations with respect to such Security have been satisfied in
full.

          5. Additional Registration Procedures. In connection with any Shelf
Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply.

               (a) The Company and the Guarantors shall:

                    (i) furnish to you, not less than five Business Days prior
          to the filing thereof with the Commission, a copy of any Exchange
          Offer Registration Statement and any Shelf Registration Statement, and
          each amendment thereof and each amendment or supplement, if any, to
          the Prospectus included therein (including all documents incorporated
          by reference therein after the initial filing) and shall use their
          commercially reasonable best efforts to reflect in each such document,
          when so filed with the Commission, such comments as you reasonably
          propose;

                    (ii) include the information set forth in Annex A hereto on
          the facing page of the Exchange Offer Registration Statement, in Annex
          B hereto in the forepart of the Exchange Offer Registration Statement
          in a section setting forth details of the Exchange Offer, in Annex C
          hereto in the underwriting or plan of distribution section of the
          Prospectus contained in the Exchange Offer Registration Statement, and
          in Annex D hereto in the letter of transmittal delivered pursuant to
          the Registered Exchange Offer;

                                       9
<PAGE>

                    (iii) if requested by an Initial Purchaser, include the
          information required by Item 507 or 508 of Regulation S-K, as
          applicable, in the Prospectus contained in the Exchange Offer
          Registration Statement; and

                    (iv) in the case of a Shelf Registration Statement, include
          the names of the Holders that propose to sell Securities or New
          Securities, as applicable, pursuant to the Shelf Registration
          Statement as selling security holders.

               (b) The Company and the Guarantors shall ensure that:

                    (i) any Registration Statement and any amendment thereto and
          any Prospectus forming part thereof and any amendment or supplement
          thereto complies in all material respects with the Act and the rules
          and regulations thereunder; and

                    (ii) any Registration Statement and any amendment thereto
          does not, when it becomes effective, contain an untrue statement of a
          material fact or omit to state a material fact required to be stated
          therein or necessary to make the statements therein not misleading.

               (c) The Company and the Guarantors shall advise you, the Holders
     of Securities or New Securities covered by any Shelf Registration Statement
     and any Exchanging Dealer or Initial Purchaser under any Exchange Offer
     Registration Statement that has provided in writing to the Company and the
     Guarantors a telephone or facsimile number and address for notices, and, if
     requested by you or any such Holder, Exchanging Dealer or Initial
     Purchaser, shall confirm such advice in writing (which notice pursuant to
     clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend
     the use of the Prospectus until the Company and the Guarantors shall have
     remedied the basis for such suspension):

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

                    (ii) of any request by the Commission for any amendment or
          supplement to the Registration Statement or the Prospectus or for
          additional information;

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

                    (iv) of the receipt by the Company and the Guarantors of any
          notification with respect to the suspension of the qualification of
          the Securities or New Securities included therein for sale in any
          jurisdiction or the initiation of any proceeding for such purpose; and

                                       10
<PAGE>

                    (v) of the happening of any event that requires any change
          in the Registration Statement or the Prospectus so that, as of such
          date, the statements therein are not misleading and do not omit to
          state a material fact required to be stated therein or necessary to
          make the statements therein (in the case of the Prospectus, in the
          light of the circumstances under which they were made) not misleading.

               (d) The Company and the Guarantors shall use their best efforts
     to obtain the withdrawal of any order suspending the effectiveness of any
     Registration Statement or the qualification of the Securities or New
     Securities therein for sale in any jurisdiction at the earliest possible
     time.

               (e) The Company and the Guarantors shall furnish to each Holder
     of Securities or New Securities covered by any Shelf Registration
     Statement, without charge, at least one copy of such Shelf Registration
     Statement and any post-effective amendment thereto, including all material
     incorporated therein by reference, and, if the Holder so requests in
     writing, all exhibits thereto (including exhibits incorporated by reference
     therein).

               (f) The Company and the Guarantors shall, during the Shelf
     Registration Period, deliver to each Holder of Securities or New Securities
     covered by any Shelf Registration Statement, without charge, as many copies
     of the Prospectus (including each preliminary Prospectus) included in such
     Shelf Registration Statement and any amendment or supplement thereto as
     such Holder may reasonably request. The Company and the Guarantors consent
     to the use of the Prospectus or any amendment or supplement thereto by each
     of the selling Holders of Securities or New Securities in connection with
     the offering and sale of the Securities or New Securities covered by the
     Prospectus, or any amendment or supplement thereto, included in the Shelf
     Registration Statement.

               (g) The Company and the Guarantors shall furnish to each
     Exchanging Dealer or Initial Purchaser which so requests, without charge,
     at least one copy of the Exchange Offer Registration Statement and any
     post-effective amendment thereto, including all material incorporated by
     reference therein, and, if the Exchanging Dealer so requests in writing,
     all exhibits thereto (including exhibits incorporated by reference
     therein).

               (h) The Company and the Guarantors shall promptly deliver to each
     Initial Purchaser, each Exchanging Dealer and each other Person required to
     deliver a Prospectus during the Exchange Offer Registration Period, without
     charge, as many copies of the Prospectus included in such Exchange Offer
     Registration Statement and any amendment or supplement thereto as any such
     Person may reasonably request. The Company and the Guarantors consent to
     the use of the Prospectus or any amendment or supplement thereto by any
     Initial Purchaser, any Exchanging Dealer and any such other Person that may
     be required to deliver a Prospectus following the Registered Exchange Offer
     in connection with the offering and sale of the New Securities covered by
     the

                                       11
<PAGE>

     Prospectus, or any amendment or supplement thereto, included in the
     Exchange Offer Registration Statement.

               (i) Prior to the Registered Exchange Offer or any other offering
     of Securities or New Securities pursuant to any Registration Statement, the
     Company and the Guarantors shall arrange, if necessary, for the
     qualification of the Securities or the New Securities for sale under the
     laws of such jurisdictions as any Holder shall reasonably request and will
     maintain such qualification in effect so long as required; provided that in
     no event shall the Company and the Guarantors be obligated to qualify to do
     business in any jurisdiction where they are not then so qualified or to
     take any action that would subject them to service of process in suits or
     taxation, other than those arising out of the Initial Placement, the
     Registered Exchange Offer or any offering pursuant to a Shelf Registration
     Statement, in any such jurisdiction where they are not then so subject.

               (j) The Company and the Guarantors shall cooperate with the
     Holders of Securities and New Securities to facilitate the timely
     preparation and delivery of certificates representing New Securities or
     Securities to be issued or sold pursuant to any Registration Statement free
     of any restrictive legends and in such denominations and registered in such
     names as Holders may request.

               (k) Upon the occurrence of any event contemplated by subsections
     (c)(ii) through (v) above, the Company and the Guarantors shall promptly
     prepare a post-effective amendment to the applicable Registration Statement
     or an amendment or supplement to the related Prospectus or file any other
     required document so that, as thereafter delivered to Initial Purchasers or
     Exchanging Dealers, the Prospectus will not include an untrue statement of
     a material fact or omit to state any material fact necessary to make the
     statements therein, in the light of the circumstances under which they were
     made, not misleading. In such circumstances, the period of effectiveness of
     the Exchange Offer Registration Statement provided for in Section 2 and the
     Shelf Registration Statement provided for in Section 3(b) shall each be
     extended by the number of days from and including the date of the giving of
     a notice of suspension pursuant to Section 5(c) to and including the date
     when the Initial Purchasers, the Holders of the Securities or New
     Securities and any known Exchanging Dealer shall have received such amended
     or supplemented Prospectus pursuant to this Section.

               (l) Not later than the effective date of any Registration
     Statement, the Company and the Guarantors shall provide a CUSIP number for
     the Securities or the New Securities, as the case may be, registered under
     such Registration Statement and provide the Trustee with printed
     certificates for such Securities or New Securities, in a form eligible for
     deposit with The Depository Trust Company.

               (m) The Company and the Guarantors shall comply with all
     applicable rules and regulations of the Commission and shall make generally
     available to their security holders as soon as practicable after the
     effective date of the applicable Registration Statement an earnings
     statement satisfying the provisions of Section 11(a) of the Act.

                                       12
<PAGE>

               (n) The Company and the Guarantors shall cause the Indenture or
     the New Securities Indenture, as the case may be, to be qualified under the
     Trust Indenture Act in a timely manner.

               (o) The Company and the Guarantors may require each Holder of
     Securities or New Securities to be sold pursuant to any Shelf Registration
     Statement to furnish to the Company and the Guarantors such information
     regarding the Holder and the distribution of such Securities as the Company
     and the Guarantors may from time to time reasonably require for inclusion
     in such Registration Statement. The Company and the Guarantors may exclude
     from such Shelf Registration Statement the Securities or New Securities of
     any Holder that fails to furnish such information within a reasonable time
     after receiving such request.

               (p) In the case of any Shelf Registration Statement, the Company
     and the Guarantors shall enter into such agreements and take all other
     appropriate actions (including if requested an underwriting agreement in
     customary form) in order to expedite or facilitate the registration or the
     disposition of the Securities or New Securities, and in connection
     therewith, if an underwriting agreement is entered into, cause the same to
     contain indemnification provisions and procedures no less favorable than
     those set forth in Section 7 (or such other provisions and procedures
     acceptable to the Majority Holders and the Managing Underwriters, if any,
     with respect to all parties to be indemnified pursuant to Section 7).

               (q) In the case of any Shelf Registration Statement, the Company
     and the Guarantors shall:

                    (i) make reasonably available for inspection by the Holders
          of Securities or New Securities to be registered thereunder, any
          Underwriter participating in any disposition pursuant to such
          Registration Statement, and any attorney, accountant or other agent
          retained by the Holders or any such Underwriter all relevant financial
          and other records, pertinent corporate documents and properties of the
          Company and its subsidiaries;

                    (ii) cause the Company's officers, directors and employees
          to supply all relevant information reasonably requested by the Holders
          or any such Underwriter, attorney, accountant or agent in connection
          with any such Registration Statement as is customary for similar due
          diligence examinations; provided, however, that any information that
          is designated in writing by the Company, in good faith, as
          confidential at the time of delivery of such information shall be kept
          confidential by the Holders or any such Underwriter, attorney,
          accountant or agent, unless such disclosure is made in connection with
          a court proceeding or required by law, or such information becomes
          available to the public generally or through a third party without an
          accompanying obligation of confidentiality;

                    (iii) make such representations and warranties to the
          Holders of Securities or New Securities registered thereunder and the
          Underwriters, if any, in

                                       13
<PAGE>

          form, substance and scope as are customarily made by issuers to
          Underwriters in primary underwritten offerings and covering matters
          including, but not limited to, those set forth in the Purchase
          Agreement;

                    (iv) obtain opinions of counsel to the Company and the
          Guarantors and updates thereof (which counsel and opinions (in form,
          scope and substance) shall be reasonably satisfactory to the Managing
          Underwriters, if any) addressed to each selling Holder and the
          Underwriters, if any, covering such matters as are customarily covered
          in opinions requested in underwritten offerings and such other matters
          as may be reasonably requested by such Holders and Underwriters;

                    (v) obtain "cold comfort" letters and updates thereof from
          the independent certified public accountants of the Company (and, if
          necessary, any other independent certified public accountants of any
          subsidiary of the Company or of any business acquired by the Company
          for which financial statements and financial data are, or are required
          to be, included in the Registration Statement), addressed to each
          selling Holder of Securities or New Securities registered thereunder
          and the Underwriters, if any, in customary form and covering matters
          of the type customarily covered in "cold comfort" letters in
          connection with primary underwritten offerings; and

                    (vi) deliver such documents and certificates as may be
          reasonably requested by the Majority Holders and the Managing
          Underwriters, if any, including those to evidence compliance with
          Section 5(k) and with any customary conditions contained in the
          underwriting agreement or other agreement entered into by the Company
          and the Guarantors.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section shall
be performed at (A) the effectiveness of such Registration Statement and each
post-effective amendment thereto; and (B) each closing under any underwriting or
similar agreement as and to the extent required thereunder.

               (r) In the case of any Exchange Offer Registration Statement, the
     Company and the Guarantors shall upon the request of an Exchanging Dealer:

                    (i) make reasonably available for inspection by such Initial
          Purchaser or Exchanging Dealer, and any attorney, accountant or other
          agent retained by such Initial Purchaser or Exchanging Dealer, all
          relevant financial and other records, pertinent corporate documents
          and properties of the Company and its subsidiaries;

                    (ii) cause the Company's officers, directors and employees
          to supply all relevant information reasonably requested by such
          Initial Purchaser or Exchanging Dealer or any such attorney,
          accountant or agent in connection with any such Registration Statement
          as is customary for similar due diligence examinations; provided,
          however, that any information that is designated in

                                       14
<PAGE>

          writing by the Company, in good faith, as confidential at the time of
          delivery of such information shall be kept confidential by such
          Initial Purchaser or Exchanging Dealer or any such attorney,
          accountant or agent, unless such disclosure is made in connection with
          a court proceeding or required by law, or such information becomes
          available to the public generally or through a third party without an
          accompanying obligation of confidentiality;

                    (iii) make such representations and warranties to such
          Initial Purchaser or Exchanging Dealer, in form, substance and scope
          as are customarily made by issuers to Underwriters in primary
          underwritten offerings and covering matters including, but not limited
          to, those set forth in the Purchase Agreement;

                    (iv) obtain opinions of counsel to the Company and the
          Guarantors and updates thereof (which counsel and opinions (in form,
          scope and substance) shall be reasonably satisfactory to such Initial
          Purchaser or Exchanging Dealer and their respective counsel, addressed
          to such Initial Purchaser or Exchanging Dealer, covering such matters
          as are customarily covered in opinions requested in underwritten
          offerings and such other matters as may be reasonably requested by
          such Initial Purchaser or Exchanging Dealer or their respective
          counsel;

                    (v) obtain "cold comfort" letters and updates thereof from
          the independent certified public accountants of the Company (and, if
          necessary, any other independent certified public accountants of any
          subsidiary of the Company or of any business acquired by the Company
          for which financial statements and financial data are, or are required
          to be, included in the Registration Statement), addressed to such
          Initial Purchaser or Exchanging Dealer, in customary form and covering
          matters of the type customarily covered in "cold comfort" letters in
          connection with primary underwritten offerings, or if requested by
          such Initial Purchaser or Exchanging Dealer or their respective
          counsel in lieu of a "cold comfort" letter, an agreed-upon procedures
          letter under Statement on Auditing Standards No. 35, covering matters
          requested by such Initial Purchaser or Exchanging Dealer or their
          respective counsel; and

                    (vi) deliver such documents and certificates as may be
          reasonably requested by such Initial Purchaser or Exchanging Dealer or
          their respective counsel, including those to evidence compliance with
          Section 5(k) and with conditions customarily contained in underwriting
          agreements.

The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this
Section if so requested shall be performed at close of the Registered Exchange
Offer and the effective date of any post-effective amendment to the Exchange
Offer Registration Statement.

               (s) If a Registered Exchange Offer is to be consummated, upon
     delivery of the Securities by Holders to the Company (or to such other
     Person as directed by the Company) in exchange for the New Securities, the
     Company shall mark, or caused to be marked, on the Securities so exchanged
     that such Securities are being canceled in

                                       15
<PAGE>

     exchange for the New Securities. In no event shall the Securities be marked
     as paid or otherwise satisfied.

               (t) The Company and the Guarantors will use their commercially
     reasonable best efforts to confirm the ratings of the Securities will apply
     to the Securities or the New Securities, as the case may be, covered by a
     Shelf Registration Statement.

               (u) In the event that any Broker-Dealer shall underwrite any
     Securities or New Securities or participate as a member of an underwriting
     syndicate or selling group or "assist in the distribution" (within the
     meaning of the Rules of Fair Practice and the By-Laws of the National
     Association of Securities Dealers, Inc.) thereof, whether as a Holder of
     such Securities or New Securities or as an Underwriter, a placement or
     sales agent or a broker or dealer in respect thereof, or otherwise, assist
     such Broker-Dealer in complying with the requirements of such Rules and
     By-Laws, including, without limitation, by:

                    (i) if such Rules or By-Laws shall so require, engaging a
          "qualified independent underwriter" (as defined in such Rules) to
          participate in the preparation of the Registration Statement, to
          exercise usual standards of due diligence with respect thereto and, if
          any portion of the offering contemplated by such Registration
          Statement is an underwritten offering or is made through a placement
          or sales agent, to recommend the yield of such Securities or New
          Securities;

                    (ii) indemnifying any such qualified independent underwriter
          to the extent of the indemnification of Underwriters provided in
          Section 6 hereof; and

                    (iii) providing such information to such Broker-Dealer as
          may be required in order for such Broker-Dealer to comply with the
          requirements of such Rules.

               (v) The Company and the Guarantors shall use their commercially
     reasonable best efforts to take all other steps necessary to effect the
     registration of the Securities or the New Securities, as the case may be,
     covered by a Registration Statement.

          6. Registration Expenses. The Company and the Guarantors shall bear
all expenses incurred in connection with the performance of their obligations
under Sections 2, 3 and 5 hereof and, in the event of any Shelf Registration
Statement, will reimburse the Holders for the reasonable fees and disbursements
of one firm or counsel designated by the Majority Holders to act as counsel for
the Holders in connection therewith, and, in the case of any Exchange Offer
Registration Statement, will reimburse the Initial Purchasers for the reasonable
fees and disbursements of counsel acting in connection therewith if such Initial
Purchaser shall resell Securities or New Securities pursuant to the prospectus
contained such Exchange Offer Registration Statement.

                                       16
<PAGE>

          7. Indemnification and Contribution.

               (a) The Company and the Guarantors, jointly and severally, agree
     to indemnify and hold harmless each Holder of Securities or New Securities,
     as the case may be, covered by any Registration Statement (including each
     Initial Purchaser and, with respect to any Prospectus delivery as
     contemplated in Section 5(h) hereof, each Exchanging Dealer), the
     directors, officers, employees and agents of each such Holder and each
     Person who controls any such Holder within the meaning of either the Act or
     the Exchange Act against any and all Losses, joint or several, to which
     they or any of them may become subject under the Act, the Exchange Act or
     other Federal or state statutory law or regulation, at common law or
     otherwise, insofar as such Losses arise out of or are based upon any untrue
     statement or alleged untrue statement of a material fact contained in the
     Registration Statement as originally filed or in any amendment thereof, or
     in any preliminary Prospectus or the Prospectus, or in any amendment
     thereof or supplement thereto, or arise out of or are based upon the
     omission or alleged omission to state therein a material fact required to
     be stated therein or necessary to make the statements therein not
     misleading, and agrees to reimburse each such indemnified party, as
     incurred, for any legal or other expenses reasonably incurred by them in
     connection with investigating or defending any such loss, claim, damage,
     liability or action; provided, however, that the Company and the Guarantors
     will not be liable in any case to the extent that any such loss, claim,
     damage or liability arises out of or is based upon any such untrue
     statement or alleged untrue statement or omission or alleged omission made
     therein in reliance upon and in conformity with written information
     furnished to the Company and the Guarantors by or on behalf of any such
     Holder specifically for inclusion therein. This indemnity agreement will be
     in addition to any liability which the Company and the Guarantors may
     otherwise have.

          The Company and the Guarantors also, jointly and severally, agree to
indemnify or contribute as provided in Section 7(d) to Losses of any Underwriter
of Securities or New Securities, as the case may be, registered under a Shelf
Registration Statement, their directors, officers, employees or agents and each
Person who controls such Underwriter on substantially the same basis as that of
the indemnification of the Initial Purchasers and the selling Holders provided
in this Section 7(a) and shall, if requested by any Holder, enter into an
underwriting agreement reflecting such agreement, as provided in Section 5(p)
hereof.

               (b) Each Holder of Securities or New Securities covered by a
     Registration Statement (including each Initial Purchaser and, with respect
     to any Prospectus delivery as contemplated in Section 5(h) hereof, each
     Exchanging Dealer) severally agrees to indemnify and hold harmless the
     Company and the Guarantors, each of their directors, officers, employees
     and agents and each Person who controls the Company or any of the
     Guarantors within the meaning of either the Act or the Exchange Act, to the
     same extent as the foregoing indemnity from the Company and the Guarantors
     to each such Holder, but only with reference to written information
     relating to such Holder furnished to the Company and the Guarantors by or
     on behalf of such Holder specifically for inclusion in the documents
     referred to in the foregoing indemnity. This indemnity agreement will be in
     addition to any liability which any such Holder may otherwise have.

                                       17
<PAGE>

               (c) Promptly after receipt by an indemnified party under this
     Section 7 of notice of the commencement of any action, such indemnified
     party will, if a claim in respect thereof is to be made against the
     indemnifying party under this Section, notify the indemnifying party in
     writing of the commencement thereof; but the failure so to notify the
     indemnifying party (i) will not relieve it from liability under paragraph
     (a) or (b) above unless and to the extent it did not otherwise learn of
     such action and such failure results in the forfeiture by the indemnifying
     party of substantial rights and defenses; and (ii) will not, in any event,
     relieve the indemnifying party from any obligations to any indemnified
     party other than the indemnification obligation provided in paragraph (a)
     or (b) above. The indemnifying party shall be entitled to appoint counsel
     of the indemnifying party's choice at the indemnifying party's expense to
     represent the indemnified party in any action for which indemnification is
     sought (in which case the indemnifying party shall not thereafter be
     responsible for the fees and expenses of any separate counsel retained by
     the indemnified party or parties except as set forth below); provided,
     however, that such counsel shall be satisfactory to the indemnified party.
     Notwithstanding the indemnifying party's election to appoint counsel to
     represent the indemnified party in an action, the indemnified party shall
     have the right to employ separate counsel (including local counsel), and
     the indemnifying party shall bear the reasonable fees, costs and expenses
     of such separate counsel if (i) the use of counsel chosen by the
     indemnifying party to represent the indemnified party would present such
     counsel with a conflict of interest; (ii) the actual or potential
     defendants in, or targets of, any such action include both the indemnified
     party and the indemnifying party and the indemnified party shall have
     reasonably concluded that there may be legal defenses available to it
     and/or other indemnified parties which are different from or additional to
     those available to the indemnifying party; (iii) the indemnifying party
     shall not have employed counsel satisfactory to the indemnified party to
     represent the indemnified party within a reasonable time after notice of
     the institution of such action; or (iv) the indemnifying party shall
     authorize the indemnified party to employ separate counsel at the expense
     of the indemnifying party. An indemnifying party will not, without the
     prior written consent of the indemnified parties, settle or compromise or
     consent to the entry of any judgment with respect to any pending or
     threatened claim, action, suit or proceeding in respect of which
     indemnification or contribution may be sought hereunder (whether or not the
     indemnified parties are actual or potential parties to such claim or
     action) unless such settlement, compromise or consent includes an
     unconditional release of each indemnified party from all liability arising
     out of such claim, action, suit or proceeding. An indemnifying party shall
     not be liable under this Section 7 to any indemnified party regarding any
     settlement or compromise or consent to the entry of any judgment with
     respect to any pending or threatened claim, action, suit or proceeding in
     respect of which indemnification or contribution may be sought hereunder
     (whether or not the indemnified parties are actual or potential parties to
     such claim or action) unless such settlement, compromise or consent is
     consented to by such indemnifying party, which consent shall not be
     unreasonably withheld.

               (d) In the event that the indemnity provided in paragraph (a) or
     (b) of this Section is unavailable to or insufficient to hold harmless an
     indemnified party for any reason, then each applicable indemnifying party
     shall have a joint and several obligation to contribute to the aggregate
     losses, claims, damages and liabilities (including legal or

                                       18
<PAGE>

     other expenses reasonably incurred in connection with investigating or
     defending same) (collectively "Losses") to which such indemnified party may
     be subject in such proportion as is appropriate to reflect the relative
     benefits received by such indemnifying party, on the one hand, and such
     indemnified party, on the other hand, from the Initial Placement and the
     Registration Statement which resulted in such Losses; provided, however,
     that in no case shall any Initial Purchaser or any subsequent Holder of any
     Security or New Security be responsible, in the aggregate, for any amount
     in excess of the purchase discount or commission applicable to such
     Security, or in the case of a New Security, applicable to the Security that
     was exchangeable into such New Security, as set forth on the cover page of
     the Final Memorandum, nor shall any Underwriter be responsible for any
     amount in excess of the underwriting discount or commission applicable to
     the securities purchased by such Underwriter under the Registration
     Statement which resulted in such Losses. If the allocation provided by the
     immediately preceding sentence is unavailable for any reason, the
     indemnifying party and the indemnified party shall contribute in such
     proportion as is appropriate to reflect not only such relative benefits but
     also the relative fault of such indemnifying party, on the one hand, and
     such indemnified party, on the other hand, in connection with the
     statements or omissions which resulted in such Losses as well as any other
     relevant equitable considerations. Benefits received by the Company and the
     Guarantors shall be deemed to be equal to the sum of (x) the total net
     proceeds from the Initial Placement (before deducting expenses) as set
     forth on the cover page of the Final Memorandum and (y) the total amount of
     additional interest that the Company and the Guarantors were not required
     to pay as a result of registering the Securities or New Securities covered
     by the Registration Statement which resulted in such Losses. Benefits
     received by the Initial Purchasers shall be deemed to be equal to the total
     purchase discounts and commissions as set forth on the cover page of the
     Final Memorandum, and benefits received by any other Holders shall be
     deemed to be equal to the value of receiving Securities or New Securities,
     as applicable, registered under the Act. Benefits received by any
     Underwriter shall be deemed to be equal to the total underwriting discounts
     and commissions, as set forth on the cover page of the Prospectus forming a
     part of the Registration Statement which resulted in such Losses. Relative
     fault shall be determined by reference to, among other things, whether any
     alleged untrue statement or omission relates to information provided by the
     indemnifying party, on the one hand, or by the indemnified party, on the
     other hand, the intent of the parties and their relative knowledge, access
     to information and opportunity to correct or prevent such untrue statement
     or omission. The parties agree that it would not be just and equitable if
     contribution were determined by pro rata allocation (even if the Holders
     were treated as one entity for such purpose) or any other method of
     allocation which does not take account of the equitable considerations
     referred to above. Notwithstanding the provisions of this paragraph (d), no
     Person guilty of fraudulent misrepresentation (within the meaning of
     Section 11(f) of the Act) shall be entitled to contribution from any Person
     who was not guilty of such fraudulent misrepresentation. For purposes of
     this Section, each Person who controls a Holder within the meaning of
     either the Act or the Exchange Act and each director, officer, employee and
     agent of such Holder shall have the same rights to contribution as such
     Holder, and each Person who controls the Company or any of the Guarantors
     within the meaning of either the Act or the Exchange Act and each officer,
     employee, agent or

                                       19
<PAGE>

     director of the Company or any of the Guarantors who would be entitled to
     indemnity under this Agreement shall have the same rights to contribution
     as the Company, subject in each case to the applicable terms and conditions
     of this paragraph (d).

               (e) The provisions of this Section will remain in full force and
     effect, regardless of any investigation made by or on behalf of any Holder
     or the Company and the Guarantors or any of the officers, directors or
     controlling Persons referred to in this Section hereof, and will survive
     the sale by a Holder of Securities or New Securities covered by a
     Registration Statement.

          8. Underwritten Registrations.

               (a) If any of the Securities or New Securities, as the case may
     be, covered by any Shelf Registration Statement are to be sold in an
     underwritten offering, the Managing Underwriters shall be selected by the
     Majority Holders.

               (b) No Person may participate in any underwritten offering
     pursuant to any Shelf Registration Statement, unless such Person (i) agrees
     to sell such Person's Securities or New Securities, as the case may be, on
     the basis reasonably provided in any underwriting arrangements approved by
     the Persons entitled hereunder to approve such arrangements; and (ii)
     completes and executes all questionnaires, powers of attorney, indemnities,
     underwriting agreements and other documents reasonably required under the
     terms of such underwriting arrangements.

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

          10. Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Company has obtained the written
consent of the Majority Holders (or, after the consummation of any Registered
Exchange Offer in accordance with Section 2 hereof, of New Securities); provided
that, with respect to any matter that directly or indirectly affects the rights
of any Initial Purchaser hereunder, the Company shall obtain the written consent
of each such Initial Purchaser against which such amendment, qualification,
supplement, waiver or consent is to be effective. Notwithstanding the foregoing
(except the foregoing proviso), a waiver or consent to departure from the
provisions hereof with respect to a matter that relates exclusively to the
rights of Holders whose Securities or New Securities, as the case may be, are
being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by the Majority
Holders, determined on the basis of Securities or New Securities, as the case
may be, being sold rather than registered under such Registration Statement.

          11. Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier or air courier guaranteeing overnight delivery:

                                       20
<PAGE>

               (a) if to a Holder, at the most current address given by such
     holder to the Company in accordance with the provisions of this Section,
     which address initially is, with respect to each Holder, the address of
     such Holder maintained by the Registrar under the Indenture, with a copy in
     like manner to Salomon Smith Barney Inc;

               (b) if to you, initially at the respective addresses set forth in
     the Purchase Agreement; and

               (c) if to the Company or the Guarantors, initially at its or
     their address set forth in the Purchase Agreement.

          All such notices and communications shall be deemed to have been duly
given when received.

          The Initial Purchasers or the Company by notice to the other parties
may designate additional or different addresses for subsequent notices or
communications.

          12. Successors. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including,
without the need for an express assignment or any consent by the Company
thereto, subsequent Holders of Securities or New Securities. The Company hereby
agrees to extend the benefits of this Agreement to any Holder of Securities and
the New Securities, and any such Holder may specifically enforce the provisions
of this Agreement as if an original party hereto.

          13. Counterparts. This Agreement may be in signed counterparts, each
of which shall an original and all of which together shall constitute one and
the same agreement.

          14. Headings. The headings used herein are for convenience only and
shall not affect the construction hereof.

          15. Applicable Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York applicable to contracts
made and to be performed in the State of New York.

          16. Severability. In the event that any one of more of the provisions
contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions hereof shall not be in any way impaired or affected
thereby, it being intended that all of the rights and privileges of the parties
shall be enforceable to the fullest extent permitted by law.

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

                                       21
<PAGE>

          18. Agent for Service; Submission to Jurisdiction; Waiver of
Immunities. By the execution and delivery of this Agreement, each of the Company
and the Guarantors (i) acknowledges that it has, by separate written instrument,
irrevocably designated and appointed CT Corp. (and any successor entity), as its
authorized agent upon which process may be served in any suit or proceeding
arising out of or relating to this Agreement that may be instituted in any
federal or state court in the State of New York or brought under federal or
state securities laws, and acknowledges that CT Corp. has accepted such
designation, (ii) submits to the nonexclusive jurisdiction of any such court in
any such suit or proceeding, and (iii) agrees that service of process upon CT
Corp. and written notice of said service to the Company shall be deemed in every
respect effective service of process upon it in any such suit or proceeding. The
Company further agrees to take any and all action, including the execution and
filing of any and all such documents and instruments, as may be necessary to
continue such designation and appointment of CT Corp. in full force and effect
so long as any of the Securities shall be outstanding.

                                       22
<PAGE>

          If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this Agreement and your acceptance shall represent a binding agreement among the
Company, the Guarantors and the several Initial Purchasers.

                                   Very truly yours,

                                   TECHNICAL OLYMPIC USA, INC.

                                   By: /s/ TOMMY L. McADEN
                                       -----------------------------------------
                                       Name: Tommy L. McAden
                                       Title: Vice President - Finance and
                                              Administration and Chief Financial
                                              Officer

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

SALOMON SMITH BARNEY INC.
DEUTSCHE BANK SECURITIES INC.
FLEET SECURITIES, INC.

By: SALOMON SMITH BARNEY INC.

By: /s/ STEPHEN CUNNINGHAM
    -------------------------------
    Name: Stephen Cunningham
    Title: Director

For themselves and the other several Initial
Purchasers named in Schedule I to
the foregoing Agreement.

                                       23
<PAGE>

                                  SUBSIDIARY GUARANTORS:

                                  ADLER REALTY CO.
                                  ADRO CONST., INC.
                                  BANYAN TRAILS, INC.
                                  ENGLE HOMES DELAWARE, INC.
                                  ENGLE HOMES FINANCING, INC.
                                  ENGLE HOMES REALTY, INC.
                                  ENGLE HOMES, INC.
                                  ENGLE HOMES/ARIZONA CONSTRUCTION, INC.
                                  ENGLE HOMES/ARIZONA, INC.
                                  ENGLE HOMES/ATLANTA, INC.
                                  ENGLE HOMES/BROWARD, INC.
                                  ENGLE HOMES/COLORADO, INC.
                                  ENGLE HOMES/GEORGIA, INC.
                                  ENGLE HOMES/GULF COAST, INC.
                                  ENGLE HOMES/JACKSONVILLE, INC.
                                  ENGLE HOMES/LAKE BERNADETTE, INC.
                                  ENGLE HOMES/NORTH CAROLINA, INC.
                                  ENGLE HOMES/ORLANDO, INC.
                                  ENGLE HOMES/PALM BEACH, INC.
                                  ENGLE HOMES/PEMBROKE, INC.
                                  ENGLE HOMES/SOUTHWEST FLORIDA, INC.
                                  ENGLE HOMES/TEXAS, INC.
                                  ENGLE HOMES/VIRGINIA, INC.
                                  GREENLEAF HOMES, INC.
                                  NEWMARK FINANCE AFFILIATE, LTD
                                  NEWMARK FINANCE CORPORATION
                                  NEWMARK HOME CORPORATION
                                  NEWMARK HOMES BUSINESS TRUST
                                  NEWMARK HOMES L.P.
                                  NEWMARK HOMES PURCHASING, L.P.
                                  NHC HOMES, INC.
                                  NMH INVESTMENTS, INC.
                                  PACIFIC UNITED DEVELOPMENT CORP.
                                  PACIFIC UNITED L.P.
                                  PEMBROKE FALLS REALTY, INC.
                                  PREFERRED BUILDERS REALTY, INC.
                                  PREFERRED HOME MORTGAGE COMPANY
                                  PRESTIGE ABSTRACT & TITLE, LLC
                                  PROFESSIONAL ADVANTAGE TITLE, LTD.
                                  PUDC, INC.
                                  SILVERLAKE INTERESTS, L.C.
                                  ST. TROPEZ AT BOCA GOLF, INC.
                                  TAP ACQUISITION CO.
                                  TECHNICAL MORTGAGE, L.P.
                                  THE ADLER COMPANIES, INC.
                                  TM INVESTMENTS, L.L.C.
                                  UNIVERSAL LAND TITLE AGENCY, INC.
                                  UNIVERSAL LAND TITLE, INC.
                                  UNIVERSAL LAND TITLE INVESTMENT #1, L.L.C.
                                  UNIVERSAL LAND TITLE INVESTMENT #2, L.L.C.
                                  UNIVERSAL LAND TITLE INVESTMENT #3, L.L.C.
                                  UNIVERSAL LAND TITLE INVESTMENT #4, L.L.C.
                                  UNIVERSAL LAND TITLE OF SOUTH FLORIDA, LTD.
                                  UNIVERSAL LAND TITLE OF TEXAS, INC.
                                  UNIVERSAL LAND TITLE OF THE PALM BEACHES, LTD.
                                  UNIVERSAL LAND TITLE OF VIRGINIA, INC.

                                  By: /s/ Tommy L. McAden
                                      ------------------------------------------
                                      Name: Tommy L. McAden
                                      Title: Vice President - Finance and
                                             Administration

                                       24
<PAGE>

                                                                         ANNEX A

         Each Broker-Dealer that receives New Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a Broker-Dealer in connection
with resales of New Securities received in exchange for Securities where such
Securities were acquired by such Broker-Dealer as a result of market-making
activities or other trading activities. The Company has agreed that, starting on
the Expiration Date (as defined herein) and ending on the close of business one
year after the Expiration Date, or such shorter period as will terminate when
all New Securities held by Exchanging Dealers or Initial Purchasers have been
sold pursuant hereto, it will make this Prospectus available to any
Broker-Dealer for use in connection with any such resale. See "Plan of
Distribution."

                                       25
<PAGE>

                                                                         ANNEX B

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

                                       26
<PAGE>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

         Each Broker-Dealer that receives New Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a Broker-Dealer in connection with resales of New Securities received in
exchange for Securities where such Securities were acquired as a result of
market-making activities or other trading activities. The Company and the
Guarantors have agreed that, starting on the Expiration Date and ending on the
close of business one year after the Expiration Date or such shorter period as
will terminate when all New Securities held by Exchanging Dealers or Initial
Purchasers have been sold pursuant hereto, it will make this Prospectus, as
amended or supplemented, available to any Broker-Dealer for use in connection
with any such resale. In addition, until __________, 200__, all dealers
effecting transactions in the New Securities may be required to deliver a
prospectus.

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

         For a period of one year after the Expiration Date or such shorter
period as will terminate when all New Securities held by Exchanging Dealers or
Initial Purchasers have been sold pursuant hereto, the Company and the
Guarantors will promptly send additional copies of this Prospectus and any
amendment or supplement to this Prospectus to any Broker-Dealer that requests
such documents in the Letter of Transmittal. The Company has agreed to pay all
expenses incident to the Exchange Offer (including the expenses of one counsel
for the holder of the Securities) other than commissions or concessions of any
brokers or dealers and will indemnify the holders of the Securities (including
any Broker-Dealers) against certain liabilities, including liabilities under the
Securities Act.

         [If applicable, add information required by Regulation S-K Items 507
and/or 508.]

                                       27
<PAGE>

                                                                         ANNEX D

Rider A

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

                 Name:
                       ----------------------------------
                 Address:
                          -------------------------------

                          -------------------------------

Rider B

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the New Securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of New Securities
and it has no arrangements or understandings with any Person to participate in a
distribution of the New Securities. If the undersigned is a Broker-Dealer that
will receive New Securities for its own account in exchange for Securities, it
represents that the Securities to be exchanged for New Securities were acquired
by it as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus in connection with any resale of
such New Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

                                       28

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