Document:

Amendment No. 3 to Master Reimbursement Agreement

 Exhibit 10.20 
  
 AMENDMENT NO. 3 TO MASTER REIMBURSEMENT AGREEMENT 
  
 THIS AMENDMENT NO. 3 TO MASTER REIMBURSEMENT AGREEMENT (this “Amendment No. 3”) amends that certain Master
Reimbursement Agreement made and entered into as of June 1, 2001, by and among Fannie Mae, Mid-America Apartments, L.P. and Fairways-Columbia, L.P. (as amended, the “Master Reimbursement Agreement”) and is made and entered into as of March
2, 2004 by and among Fannie Mae, Mid-America Apartments, L.P. Mid-America Apartment Communities, Inc. and Mid-America Apartments of Texas, L.P. All capitalized terms not otherwise defined herein shall have the respective meanings set forth in the
Master Reimbursement Agreement. 
  
 RECITALS 
  
 WHEREAS, Fannie Mae, Mid-America Apartments, L.P. and Mid-America Apartment
Communities, Inc. are parties to the Master Reimbursement Agreement; 
  
 WHEREAS, Mid-America Apartments, L.P. and Mid-America Apartment Communities, Inc. have requested and Fannie Mae has agreed to add three Additional Mortgaged Properties to the Collateral Pool; 
  
 WHEREAS, Fannie Mae, Mid-America Apartments, L.P. and Mid-America Apartment
Communities, Inc. desire to amend the Master Reimbursement Agreement to add certain provisions and to add the following Additional Mortgaged Properties to the Collateral Pool: (a) Park at Hermitage Apartments in Davidson County, Tennessee, (b)
Travis Station Apartments Project in Austin, Travis County, Texas, and (c) Stassney Woods Apartments in Austin, Travis County, Texas (the “2004 Additional Mortgaged Properties”); 
  
 WHEREAS, Mid-America Apartments of Texas, L.P. owns the Mortgaged Properties
known as Stassney Woods Apartments and Travis Station Apartments; 
  
 WHEREAS, Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and Mid-America Apartments of Texas, L.P. (individually and collectively, “Borrower”) have each determined that being co-Borrowers under the Master
Reimbursement Agreement is in each of their economic interests and each has received reasonable consideration for cross-collateralizing and cross-defaulting the Mortgaged Properties which are part of the Collateral Pool; 
  
 WHEREAS, Mid-America Apartments, L.P. and Mid-America Apartment Communities,
Inc. have entered into a Contribution Agreement dated October 24, 2002, as amended, and the Borrower has entered into an amended and restated Contribution Agreement dated as of even date herewith; 
  

 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 WHEREAS, Prudential Multifamily Mortgage, Inc., a Delaware corporation (the “Lender”)
has agreed to make a loan in the amount of $11,720,000 to Borrower pursuant to that certain Master Credit Facility Agreement dated as of the date hereof (the “Credit Agreement”) between Borrower and Lender, and Borrower has secured
its obligations under the Credit Agreement and the other Loan Documents (as defined in the Credit Agreement) by, among other things, granting in favor of Lender an interest in the second priority Reimbursement Mortgages on each of the 2004
Additional Mortgaged Properties known as Travis Station and Stassney Woods and a third priority Conventional Mortgage on the Additional Mortgaged Property known as Park at Hermitage; 
  
 WHEREAS, simultaneously with the closing of the issuance of the Bonds for the benefit of the 2004 Additional Mortgaged
Properties, Fannie Mae has agreed to receive an assignment of Lender’s rights under the Credit Agreement and its interests under the related Reimbursement Mortgages, and to purchase a 100% participation interest in each loan made by Lender to
Borrower under the Credit Agreement; 
  
 WHEREAS, the obligations
of Borrower to Fannie Mae under the Credit Agreement and the related Loan Documents, the Master Reimbursement Agreement and the Reimbursement Security Documents shall be cross-defaulted and cross-collateralized; 
  
 WHEREAS, Fannie Mae and Borrower intend these Recitals to be a material part
of this Amendment No. 3. 
  
 NOW, THEREFORE, for and in
consideration of Ten Dollars ($10.00), the mutual covenants and agreements set forth herein, and other good and valuable consideration, all of which each party agrees constitutes sufficient consideration received at and before the execution hereof,
the parties agree as follows: 
  
 AGREEMENTS 
  
 1. Section 1.2 is hereby amended by adding the following defined terms:

  
 “Amortization Period” means
the period of 30 years. 
  
 “Conventional
Mortgage” means the third priority Security Instrument (including all riders thereto) executed by Mid-America Apartments, L.P. in favor of Lender on the Mortgaged Property known as The Park at Hermitage and any other third party Security
Instrument that may be executed in the future securing the obligations of the Borrower under the Credit Agreement and the Facility Note. 
  
 “Credit Agreement” means the Master Credit Facility Agreement dated as of March 2, 2004 between Borrower and Lender, as
the same may be amended, modified, supplemented or restated from time to time. 
  
 “DMBS Loan” means a “Loan” (as such term is defined in the Credit Agreement). 
  

 2 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 “Facility Debt Service” means, as of any specified date, the amount of
interest and principal amortization, during the 12 month period immediately succeeding the specified date, with respect to the DMBS Loans Outstanding on the specified date, except that, for these purposes, each DMBS Loan shall be deemed to require
level monthly payments of principal and interest (at the Coupon Rate for the DMBS Loan) in an amount necessary to fully amortize the original principal amount of the DMBS Loan over the Amortization Period, with such amortization deemed to commence
on the first day of the 12 month period; 
  
 “Facility Note” means the DMBS Discount Multifamily Note in the principal amount of $11,720,000 delivered by Borrower to Lender pursuant to the Credit Agreement. 
  
 “Lender” shall have the meaning given that
term in the Credit Agreement. 
  
 “Loan
Documents” shall have the meaning given that term in the Credit Agreement. 
  
 “2004 Additional Mortgaged Properties” means: (a) Park at Hermitage Apartments in Hermitage, Tennessee, (b) Travis
Station Apartments Project in Austin, Texas, and (c) Stassney Woods Apartments in Austin, Texas. 
  
 2. Section 1.2 is hereby amended by deleting the definition of “Aggregate Debt Service” in its entirety and replacing such definition with the
following definition: 
  
 “Aggregate Debt
Service” means, at any time, the sum of (i) the aggregate scheduled debt service for all the Loans for the applicable period, assuming that the scheduled debt service on each Loan is equal to interest at the applicable Underwriting Rate
plus principal payments required to be made to the applicable principal reserve fund relating to such Loan and (ii) the Facility Debt Service for all DMBS Loans for the applicable period; provided, however, if the interest rate on any Note
has been converted to a Fixed Rate, then the assumed scheduled debt service for such Loan shall be equal to interest at such actual Fixed Rate with respect to such Loan plus the Fee Component plus principal payments and all payments required to be
made to each of the principal reserve funds relating to such Loan. 
  
 3. Section 1.2 is hereby amended by deleting the definition of “Aggregate Loan to Value Ratio” in its entirety and replacing such definition with the following definition: 
  
 “Aggregate Loan to Value Ratio” means, for
any specified date, the ratio of (expressed as a percentage) (a) the sum of the Facility Amount and DMBS Loans outstanding on the specified date to (b) the aggregate of the Valuations most recently obtained prior to the specified date for all of the
Mortgaged Properties. 
  

 3 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 4. Section 1.2 is hereby amended by deleting the definition of “Allocable Facility Amount” in
its entirety and replacing such definition with the following definition: 
  
 “Allocable Facility Amount” means (i) during any period in which there is no Additional Collateral, in relation to each Mortgaged Property, an amount which equals (a) the sum of (x) the aggregate
Outstanding principal amount of Bonds issued to finance such Mortgaged Property and (y) the portion of the Outstanding DMBS Loans allocated by Lender to such Mortgaged Property minus (b) the amount on deposit in the Principal Reserve Fund (without
regard to earnings) relating to such Mortgaged Property or (ii) during any period in which Additional Collateral exists, in relation to each Mortgaged Property, an amount determined by Fannie Mae in its discretion.” 
  
 5. Section 1.2 is hereby amended by deleting the definition of “Borrower
Documents” in its entirety and replacing such definition with the following definition: 
  
 “Borrower Documents” means, collectively, the Bond Documents, the Mortgage Loan Documents, the Loan Documents and all
other agreements, instruments or documents in connection with the Bonds, the Loans, the DMBS Loans, the Security Instruments, this Agreement, the Credit Agreement or the transactions contemplated thereby or hereby.” 
  
 6. Section 1.2 is hereby amended by deleting the definition of
“Commitment” in its entirety and replacing such definition with the following definition: 
  
 “Commitment” means one hundred (100) million dollars minus the outstanding principal amount of DMBS Loans.”

  
 7. Section 1.2 is hereby amended by deleting the definition of
“Reimbursement Mortgages” in its entirety and replacing such definition with the following definition: 
  
 “Reimbursement Mortgages” means each second priority Security Instrument (including all riders thereto) executed by a
Borrower in favor of Fannie Mae or, in the case of the 2004 Additional Mortgaged Properties known as Stassney Woods and Travis Station, in favor of Fannie Mae and Lender on each of the Mortgaged Properties securing the obligations of the Borrower
under this Agreement, the Credit Agreement and the Facility Note, including, without limitation, the obligations under Article IV of this Agreement.” 
  
 8. Section 1.2 is hereby amended by deleting the definition of “Reimbursement Security Documents” in its entirety and replacing such definition
with the following definition: 
  
 “Reimbursement Security Documents” means, collectively, this Agreement, the Reimbursement Mortgages, the Hedge Documents, the Hedge Assignments, the Cash Management Agreement, the Ancillary Collateral Agreements, the
Assignment of Management Agreement, the Pledge Agreements, 

  

 4 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 
the Cash Collateral Agreement, the Letter of Credit, the Credit Agreement, the Facility Note, the Conventional Mortgage and any other documents executed by
Borrower from time to time to secure any of Borrower’s obligations under this Agreement or the Loan Documents, title policies, UCC Fixture Filings and Financing Statements, as each such document, agreement or instrument may be amended,
supplemented, modified or restated from time to time in accordance with its respective terms.” 
  
 9. Section 1.2 is hereby amended by deleting the definition of “Underwriting Rate” in its entirety and replacing such definition with the
following definition: 
  
 “Underwriting
Rate” means 6.9861% for the Mortgaged Property known as Fairways Apartments, 6.9861% for the Mortgaged Property known as Post House North Apartments, 6.9861% for the Mortgaged Property known as Reflection Pointe Apartments, 6.258% for each
of the Four Additional Mortgaged Properties, 6.22% for the Mortgaged Property known as Westbury Creek Apartment, 6.1746% for the Mortgaged Property known as Windridge Apartments, 6.13772% for the Mortgaged Property known as The Park at Hermitage,
6.29552% for the Mortgaged Property known as Travis Station Apartments and 6.26444% for the Mortgaged Property known as Stassney Woods Apartments. 
  
 10. Section 6.2(c) is hereby amended by deleting such provision in its entirety and replacing it with the following: 
  
 “(c) Release Price. The “Release
Price” for each Mortgaged Property means (i) during the period Section 3.13(1) of this Agreement is in effect, the amount, if any, required to pay the outstanding principal of, interest on and premium relating to the Bonds issued to finance
the Collateral Release Property and the portion of the Outstanding DMBS Loans allocated by Lender to such Collateral Release Property, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate
Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such release and (ii) at all times after Section 3.13(1) of this
Agreement is no longer in effect the greater of (1) 125% of the Allocable Facility Amount for the Mortgaged Property to be released and (2) the amount, if any, required to pay the outstanding principal of, interest on and premium relating to the
Bonds issued to finance the Collateral Release Property and the portion of the Outstanding DMBS Loans allocated by Lender to such Collateral Release Property, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and
neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to 

  

 5 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 
Value Ratio for the Trailing 12 Month Period will be increased as a result of such release. In addition to the Release Price, the Borrower shall pay to the
Lender all associated prepayment premiums, the Termination Fee, the Termination Fee (as such term is defined in the Credit Agreement) and other amounts due under the Notes, this Agreement and the Credit Agreement. Notwithstanding the above, in lieu
of paying all amounts owing on the Bonds issued to finance the Collateral Release Property (but not in lieu of paying the portion of the Outstanding DMBS Loans allocated by Lender to such Collateral Release Property), the Borrower may sell the
Collateral Release Property to a Person who is not directly or indirectly owned, controlled or in any way otherwise affiliated with any Borrower or the Key Principal, or any General Partner or any affiliate or subsidiary of any Borrower, the Key
Principal or any General Partner and replace Fannie Mae as credit enhancer and liquidity provider with a substitute entity or terminate Fannie Mae as the credit enhancer, if such enhancement is not necessary due to the rating of the purchaser so
long as in each case either the substitute entity or purchaser has a long-term credit rating which is “A” or better by S&P and “A” or better by Moody’s. Notwithstanding the above, although Fannie Mae has no obligation to
do so, it may, in its sole discretion, agree to provide credit enhancement and liquidity support for the Bonds relating to the Collateral Release Property on terms satisfactory to Fannie Mae in which case, in the event the Loan Servicer is the
servicer for the Collateral Release Property no Termination Fee shall be owing as a result of the release (but any Facility Termination Fee shall be due and owing).” 
  
 11. The additional provision added to Section 3.13(1) pursuant to Amendment No. 1 is hereby amended by deleting such
provision in its entirety and replacing it with the following: 
  
 “Notwithstanding that the obligations under each Note and Bond Mortgage relating to the Four Additional Mortgaged Properties, the Two Additional Properties and the 2004 Additional Mortgaged Properties are not
generally personal obligations of the Borrower and notwithstanding that Fannie Mae is a holder of such Notes, each Borrower agrees and acknowledges that the intent of the parties to this Agreement is that each Borrower is and shall remain, except as
provided in Section 3.13(2), jointly and severally personally liable to Fannie Mae for the payment and performance of all Obligations throughout the term of this Agreement. Consequently, in the event that Fannie Mae becomes the sole holder of such
Notes and Bond Mortgages, by its rights of subrogation or otherwise, any amounts owing to Fannie Mae under such Notes or Bond Mortgages shall be joint and several personal obligations of each Borrower. In addition, it is the intent of the parties
that the non-recourse liability of the Borrowers under such Notes shall not in any manner or under any circumstances be interpreted or understood to contradict, undermine, negate or nullify that each Borrower is and shall remain, except as provided
in Section 3.13(2), jointly and 

  

 6 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 
severally personally liable to Fannie Mae for the payment and performance of all Obligations throughout the term of this Agreement.” 
  
 12. Section 8.1 is hereby amended by adding a new paragraph (q) to read as
follows: 
  
 “(q) the occurrence of an
“Event of Default” under and as defined in the Credit Agreement, the Conventional Mortgage or any other Loan Document.” 
  
 13. Section 9.5(a) is hereby amended by deleting the notice address of Borrower in its entirety and replacing it with the following: 
  
 “As to the Borrower: 
  
 c/o Mid-America Apartment Communities, Inc. 
 6584 Polar Avenue 
 Suite 300 
 Memphis, Tennessee 38138 
 Attention: Simon
R.C. Wadsworth 
                   Chief Financial
Officer 
 Telecopy No.: (901) 682-6667 
  
 with a copy to: 
  
 Bass, Berry & Sims PLC 
 The Tower at
Peabody Place 
 100 Peabody Place 
 Suite 900 
 Memphis, Tennessee 38103-3672 
 Attention: John A. Stemmler, Esq. 
 Telecopy No.: (901) 543-5999” 
  
 14. Schedules 2, 3, 4, 5 and 9 are hereby amended and restated in their
entirety as set forth in Annex 1 attached hereto. 
  
 15. By
execution and delivery of this Amendment No. 3 by Fannie Mae, Fannie Mae hereby consents to the addition of the 2004 Additional Mortgaged Properties to the Fannie Mae Credit Facility as Additional Mortgaged Properties effective as of March 2, 2004
(the “Effective Date”). 
  
 16. In connection
with the addition of the 2004 Additional Mortgaged Properties to the Fannie Mae Credit Facility as Additional Mortgaged Properties, Borrower and Fannie Mae acknowledge and agree as follows in relation to such Additional Mortgaged Properties:

  
 (a) The Facility Fee shall be as follows:

  
 (i) Credit Enhancement Rate shall be 57 basis
points per annum. 
  

 7 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 (ii) Principal Reserve Fund Rate shall be 15 basis points per annum. 
  
 (iii) Loan Servicer’s Rate shall be 10 basis points.

  
 (iv) Liquidity Rate shall be 12.5 basis
points. 
  
 (v) Swap Credit Enhancement Rate
shall be 15 basis points for the initial five-year Swaps purchased in connection with the 2004 Additional Mortgaged Properties and otherwise to be determined at the time of the purchase of a Swap. 
  
 (b) Standby Fee shall be 15 basis points on any unused
capacity of the Fannie Mae Credit Facility and/or the Fannie Mae Credit Facility expansion capacity. 
  
 (c) Substitution Fee shall be 75 basis points. 
  

(d) Collateral Addition Fee shall be 75 basis points. 
  
 (e) Release Fee shall be $15,000 per Collateral Release Property. 
  
 (f) The Strike Rate shall be 6% for the Tax-Exempt Bonds.

  
 (g) The Hedge Rate shall be 6% for the
Tax-Exempt Bonds. 
  
 (h) The Underwriting Rate
shall be 6.13772% for the Mortgaged Property known as The Park at Hermitage, 6.29552% for the Mortgaged Property known as Travis Station Apartments and 6.26444% for the Mortgaged Property known as Stassney Woods Apartments. 
  
 17. Fannie Mae hereby waives the requirement of Section 17(a)(5) of the
Reimbursement Mortgage and the Conventional Mortgage relating to the Mortgaged Property known as The Park at Hermitage that Borrower enter into a written contract for management of such Mortgaged Property, provided however, that 
  
 (a) In the event that the Borrower should ever elect to
employ an affiliate or third party management company for the management of the Mortgaged Property, the Borrower agrees that (i) the management company and the management agreement to be executed therewith are subject to the prior written approval
of Fannie Mae, which approval may be granted or denied in Fannie Mae’s sole and absolute discretion and (ii) any such approved management company shall not receive a management fee greater than 4% of gross collected rents from the Mortgaged
Property; 
  
 (b) In the event that the Borrower
should ever elect to contract with an affiliate or third party management company for the management of the Mortgaged Property, the Borrower agrees to execute (and to cause any such management company to execute) in favor of Fannie Mae an
“Assignment of Management Agreement” on a form approved by Fannie Mae; and 
  
 (c) Borrower acknowledges that Fannie Mae reserves the right, under the Loan Documents, to require independent, professional third party
management of the Mortgaged Property if inadequate or at any time after the occurrence of an Event of Default. At any time after an Event of Default shall have occurred, Fannie Mae shall have the right either (i) to direct the Borrower to contract
with a third party management company approved by Fannie Mae for 

  

 8 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 
the management of the Mortgaged Property or (ii) to assume responsibility for the management of the Mortgaged Property, directly or through its designee.
Promptly upon Fannie’s written request after the occurrence of an Event of Default, Borrower shall turn over to Fannie Mae all books and records relating to the Mortgaged Property (copies of which may be retained by Borrower, at Borrower’s
expense), together with such authorizations and letters of direction addressed to tenants, suppliers, employees, banks and other parties as Fannie Mae may reasonably require. Borrower shall cooperate with Fannie Mae in the transfer of management
responsibilities to Fannie Mae or its designee. 
  
 18. The
Borrower covenants and agrees to protect, defend and save harmless Fannie Mae from all loss, costs and damages, including, without limitation, costs of demolition and restoration of the improvements located on the Mortgaged Property known as
Stassney Woods and reasonable attorney’s fees and expenses, that Fannie Mae may suffer, expend or incur arising out of or in connection with the City of Austin’s exercise of any of its rights under that certain Easement dated March 5,
1987, recorded in Volume 10311, page 491 of the Real Property Records of Travis County, Texas and encumbering such Mortgaged Property. 
  
 19. This Amendment No. 3 shall be construed, interpreted and enforced in accordance with, and the rights and remedies of the parties hereto shall be
governed pursuant to, the provisions of Section 9.3 of the Master Reimbursement Agreement (entitled “Governing Law; Choice of Law; Consent to Jurisdiction; Waivers of Jury Trial”), which provisions are hereby incorporated into this
Amendment No. 3 by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
  
 20. Except as herein expressly modified or amended, all terms and covenants, and provisions of the Master Reimbursement Agreement are hereby ratified and
confirmed by the Borrower and Fannie Mae and remain in full force and effect. 
  
 21. The Borrower represents and warrants to Fannie Mae as follows: 
  
 (a) All representations and warranties set forth in the Master Reimbursement Agreement are true and correct as of March 2, 2004.

  
 (b) There exists no Event of Default or
Potential Event of Default as of March 2, 2004. 
  
 22. This
Amendment No. 3 may be executed in any number of counterparts, each of which shall be effective only upon delivery and thereafter shall be deemed an original, and all of which shall be taken to be one and the same instrument, for the same effect as
if all parties hereto had signed the same signature page. 
  
 [The Remainder of This Page Has Been Intentionally Left Blank.] 
  

 9 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to be signed, sealed, and
delivered by their duly authorized representatives as of the date first above written. 
  

					
	 MID-AMERICA APARTMENTS, L.P., a Tennessee limited partnership

		
	By:	 	 Mid-America Apartment Communities, Inc., a Tennessee corporation, its sole General Partner

			
	 	 	 By:
	 	/s/    SIMON R.C. WADSWORTH
	 	 	 	 	

	 	 	 	 	 Simon R. C. Wadsworth
 Executive Vice President

	
	 MID-AMERICA APARTMENT COMMUNITIES, INC., a Tennessee corporation

		
	By:	 	/s/    SIMON R.C. WADSWORTH
	 	 	

	 	 	 Simon R. C. Wadsworth
 Executive Vice President

	
	MID-AMERICA APARTMENTS OF TEXAS, L.P., a Texas limited partnership
		
	By:	 	 MAC of Delaware, Inc., a Delaware corporation, its sole General Partner

			
	 	 	 By:
	 	/s/    JOHN A. GOOD
	 	 	 	 	

	 	 	 	 	 John A. Good
 Assistant Secretary

  

 S-1 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

			
	FANNIE MAE
		
	 By:
	 	/s/    illegible
	 	 	

	 	 	 Name: illegible

	 	 	 Title: illegible

  

 S-2 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 ANNEX 1 
  
 (See attached schedules) 
  

 A-1 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 2 
  

BONDS, ISSUERS AND MORTGAGED PROPERTIES 
  

					
	 Bonds

	  	 Issuer

	  	 Mortgaged Property

	$5,880,000 City of Flowood, Mississippi Variable Rate Multi-Family Housing Refunding Revenue Bonds, Series 2001 (Reflection Pointe Apartments Project)	  	City of Flowood, Mississippi	  	Reflection Pointe Apartments
			
	$7,735,000 South Carolina State Housing Finance and Development Authority Multifamily Rental Housing Revenue Refunding Bonds (Fairway Apartments Project), Series 2001 A	  	South Carolina State Housing Finance and Development Authority	  	Fairways Apartments
			
	$3,375,000 The Health, Educational and Housing Facility Board of the City of Jackson Multifamily Housing Revenue Refunding Bonds, Series 2001 (Post House North Apartments)	  	The Health, Educational and Housing Facility Board of the City of Jackson	  	Post House North Apartments
			
	$7,000,000 Housing Finance Authority of Volusia County, Florida Multifamily Housing Revenue Refunding Bonds, Series 2002 (The Anatole Apartments)	  	Housing Finance Authority of Volusia County, Florida	  	The Anatole Apartments
			
	$5,095,000 The Health, Educational and Housing Facility Board of the City of Jackson Multifamily Housing Revenue Refunding Bonds, Series 2002 (Post House Jackson Apartments)	  	The Health, Educational and Housing Facility Board of the City of Jackson	  	Post House Jackson Apartments
			
	$6,805,000 Housing Finance Authority of Marion County, Florida Multifamily Housing Revenue Refunding Bonds, Series 2002 (Paddock Park Apartments)	  	Housing Finance Authority of Marion County, Florida	  	Paddock Park Apartments I
			
	$10,800,000 Hampton Redevelopment and Housing Authority Variable Rate Demand Multifamily Housing Revenue Refunding Bonds (Township Apartments Project) Series 1998	  	Hampton Redevelopment and Housing Authority	  	Township Apartments

  

 Schedule 2-1 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

					
	$2,980,000 The Housing Authority of the City of Augusta, Georgia Variable Rate Demand Multifamily Housing Revenue Refunding Bonds, Series 2003A (Westbury Creek Apartments) and $500,000 Taxable
Variable Rate Demand Multifamily Housing Revenue Bonds, Series 2003B (Westbury Creek Apartments)	  	The Housing Authority of the City of Augusta, Georgia	  	Westbury Creek Apartments
			
	$4,965,000 The Health, Educational and Housing Facility Board of the City of Chattanooga, Tennessee Multifamily Housing Revenue Refunding Bonds, Series 2003A (Windridge Apartments) and $500,000
Taxable Multifamily Housing Revenue Refunding Bonds, Series 2003B (Windridge Apartments)	  	The Health, Educational and Housing Facility Board of the City of Chattanooga, Tennessee	  	Windridge Apartments
			
	$6,645,000 The Industrial Development Board of The Metropolitan Government of Nashville and Davidson County Multifamily Housing Revenue Refunding Bonds, Series 2004 (The Park at Hermitage
Project)	  	The Industrial Development Board of The Metropolitan Government of Nashville and Davidson County	  	The Park at Hermitage Apartments
			
	$4,050,000 Austin Housing Finance Corporation Multifamily Housing Revenue Refunding Bonds, Series 2004A (Stassney Woods Apartments)	  	Austin Housing Finance Corporation	  	Stassney Woods Apartments
			
	$3,585,000 Travis County Housing Finance Corporation Variable Rate Demand Multifamily Housing Revenue Refunding Bonds, Series 2004A (Travis Station Apartments)	  	Travis County Housing Finance Corporation	  	Travis Station Apartments

  

 Schedule 2-2 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 3 
  

FEE COMPONENT AND ONGOING FEES 
  

							
	 I. INITIAL MORTGAGED PROPERTIES
 (Fairways Apartments, Post House North Apartments, and Reflection Pointe Apartments)

	 TYPE OF FEE1

	  	 FEE

	  	 DOCUMENT
REFERENCE

	  	 TIMING

				
	 1.      ISSUER FEE
	  	 	  	 	  	 
				
	 (a)    South Carolina State Housing Finance and Development Authority (Fairways Apartments)
	  	(i) 0.25% of the principal amount of the Bonds Outstanding or (ii) $8,400	  	See definition of Issuer’s Fee in Indenture	  	Annually in monthly installments in advance
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House North
Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 (c)    City of Flowood, Mississippi (Reflection Pointe Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 2.      TRUSTEE FEE
	  	 	  	 	  	 
				
	 (a)    South Carolina State Housing Finance and Development Authority (Fairways Apartments)
	  	3.3 basis points	  	See Section 2.5 of the Financing Agreement	  	Annually

	1	With the exception of the Issuer Fee and Trustee Fee, all indicated fees are the same for each of the Four Additional Mortgaged Properties. 

 

 Schedule 3-1 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House North
Apartments)
	  	6.2 basis points	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 (c)    City of Flowood, Mississippi (Reflection Pointe Apartments)
	  	4.3 basis points	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 3.      REMARKETING AGENT FEE
	  	12.5 basis points	  	See Section 7 of the Remarketing Agreement	  	Annually, payable quarterly in arrears on each March 1, June 1, September 1 and December 1
				
	 4.      REBATE ANALYST FEE
	  	$500 per year	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 5.      FACILITY FEE
	  	 	  	See Section 3.3(1) of Master Reimbursement Agreement	  	 
				
	 (a)    Credit Enhancement Rate
	  	57 basis points	  	See Section 3.3(1)(a) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (b)    Principal Reserve Fund Rate
	  	15 basis points	  	See Section 3.3(1)(b) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (c)    Loan Servicer’s Rate
	  	10 basis points	  	See Section 3.3(1)(d) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-2 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
				
	 (d)    Liquidity Rate
	  	12.5 basis points	  	See Section 3.3(1)(d) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (e)    Swap Credit Enhancement Rate
	  	5 basis points for each initial Swap purchased in connection with the Initial Mortgaged Properties and otherwise to be determined at the time of the purchase of a
Swap	  	See Section 3.3(1)(e) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

							
	 II. ADDITIONAL MORTGAGED PROPERTIES
 (October 24, 2002 Closing)
 (The Anatole Apartments, Paddock Park Apartments I, Post
House Jackson
Apartments, and Township Apartments)

	 TYPE OF FEE2

	  	 FEE

	  	 DOCUMENT
REFERENCE

	  	 TIMING

				
	 1.      ISSUER FEE
	  	 	  	 	  	 
				
	 (a)    Housing Finance Authority of Volusia County, Florida (The Anatole Apartments)
	  	0.10% of the principal amount of the Bonds Outstanding	  	See definition of Issuer’s Fee in Indenture	  	Annually in arrears on each January 15, commencing January 15, 2003
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House Jackson
Apartments)
	  	None	  	Not applicable	  	Not applicable

	2	With the exception of the Issuer Fee and Trustee Fee, all indicated fees are the same for
each of the Two Additional Mortgaged Properties. 

  

 Schedule 3-3 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
				
	 (c)    Housing Finance Authority of Marion County, Florida (Paddock Park Apartments I)
	  	0.20% of the principal amount of the Bonds Outstanding	  	See definition of Issuer’s Fee in Indenture	  	Annually in arrears on each October 1 commencing October 1, 2003,
				
	 (d)    Hampton Redevelopment and Housing Authority (Township Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 2.      TRUSTEE FEE
	  	 	  	 	  	 
				
	 (a)    Housing Finance Authority of Volusia County, Florida (The Anatole Apartments)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House Jackson
Apartments)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 (c)    Housing Finance Authority of Marion County, Florida (Paddock Park Apartments I)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 (d)    Hampton Redevelopment and Housing Authority (Township Apartments)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 3.      REMARKETING AGENT FEE
	  	12.5 basis points	  	See Section 7 of the Remarketing Agreement	  	Annually, payable quarterly in arrears in each March 1, June 1, September 1 and December 1
				
	 4.      REBATE ANALYST FEE
	  	$500	  	See Section 2.5 of the Financing Agreement	  	Annually

  

 Schedule 3-4 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
				
	 5.      FACILITY FEE
	  	 	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	 
				
	 (a)    Credit Enhancement Rate
	  	57 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (b)    Principal Reserve Fund Rate
	  	15 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (c)    Loan Servicer’s Rate
	  	10 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (d)    Liquidity Rate
	  	12.5 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (e)    Swap Credit Enhancement Rate
	  	13 basis points for the five-year Swap purchased in connection with the Additional Mortgaged Property known as The Anatole Apartments and the five year Swap purchased in
connection with the Additional Mortgaged Property known as Township Apartments and otherwise to be determined at the time of the purchase of a Swap	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-5 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 III. ADDITIONAL MORTGAGED PROPERTIES
 (May 30, 2003 Closing)
 (Westbury Creek Apartments and Windridge)
  

	 TYPE OF FEE3

	  	 FEE

	  	 DOCUMENT
REFERENCE

	  	 TIMING

				
	 1.      ISSUER FEE
	  	 	  	 	  	 
				
	 (a)    The Housing Authority of the City of Augusta, Georgia (The Westbury Creek Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Chattanooga, Tennessee (Windridge
Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 2.      TRUSTEE FEE
	  	 	  	 	  	 
				
	 (a)    The Housing Authority of the City of Augusta, Georgia (The Westbury Creek Apartments)
	  	$4,000	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each May 15 and November 15

	3	With the exception of the Issuer Fee and Trustee Fee, all indicated fees are the same for each of the Two Additional Mortgaged Properties. 

 

 Schedule 3-6 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
				
	 (b)    The Health Educational and Housing Facility Board of the City of Chattanooga, Tennessee (Windridge
Apartments)
	  	$4,000	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each May 15 and November 15
				
	 3.      REMARKETING AGENT FEE
	  	12 basis points	  	See Section 7 of the Remarketing Agreement	  	Annually, payable quarterly in arrears in each March 1, June 1, September 1 and December 1
				
	 4.      REBATE ANALYST FEE
	  	$500	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 5.      FACILITY FEE
	  	 	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	 
				
	 (a)    Credit Enhancement Rate
	  	57 basis points	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (b)    Principal Reserve Fund Rate
	  	15 basis points	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (c)    Loan Servicer’s Rate
	  	10 basis points	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-7 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
				
	 (d)    Liquidity Rate
	  	12.5 basis points	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (e)    Swap Credit Enhancement Rate
	  	13 basis points for the five-year Swap purchased in connection with the Additional Mortgaged Property known as Windridge Apartments and the five year Swap purchased in connection with the
Additional Mortgaged Property known as Westbury Creek and otherwise to be determined at the time of the purchase of a Swap	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-8 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 IV. ADDITIONAL MORTGAGED PROPERTIES
 (March 2, 2004 Closing)
 (The Park at Hermitage Apartments, Stassney Woods Apartments and
Travis Station Apartments)
  

	 TYPE OF FEE4

	  	 FEE

	  	 DOCUMENT REFERENCE

	  	 TIMING

				
	 1.      ISSUER FEE
	  	 	  	 	  	 
				
	 (a)    The Industrial Development Board of The Metropolitan Government of Nashville and Davidson County (The Park at
Hermitage Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 (b)    Austin Housing Finance Corporation (Stassney Woods Apartments)
	  	The greater of (a) .0003 times the amount of Bonds Outstanding on January 1, (b) 12 times the number of units in the Project, or (c) $1,200 per year	  	Trust Indenture (definition of “Ordinary Issuer Monitoring Fees and Expenses”)	  	Annually, prorated and payable on each Interest Payment Date
				
	 (b)    Travis County Housing Finance Corporation (Travis Station Apartments)
	  	10 basis points	  	See definition of Issuer Fee in Indenture	  	Annually, prorated and payable on each Interest Payment Date
				
	 2.      TRUSTEE FEE
	  	 	  	 	  	 
				
	 (a)    The Industrial Development Board of The Metropolitan Government of Nashville and Davidson County (The Park at
Hermitage Apartments)
	  	$4,000	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each May 15 and November 15
				
	 (b)    Austin Housing Finance Corporation (Stassney Woods Apartments)
	  	$4,000	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each May 15 and November 15
				
	 (b)    Travis County Housing Finance Corporation (Travis Station Apartments)
	  	$4,000	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each May 15 and November 15

	4	With the exception of the Issuer Fee and Trustee Fee, all indicated fees are the same for
each of the 2004 Additional Mortgaged Properties. 

  

 Schedule 3-9 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
				
	 3.      REMARKETING AGENT FEE
	  	12.5 basis points	  	See Section 7 of the Remarketing Agreement	  	Annually, payable quarterly in arrears in each March 1, June 1, September 1 and December 1
				
	 4.      REBATE ANALYST FEE
	  	$500	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 5.      FACILITY FEE
	  	 	  	See Section 16 of Amendment No. 3 to Master Reimbursement Agreement	  	 
				
	 (a)    Credit Enhancement Rate
	  	57 basis points	  	See Section 16 of Amendment No. 3 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (b)    Principal Reserve Fund Rate
	  	15 basis points	  	See Section 16 of Amendment No. 3 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (c)    Loan Servicer’s Rate
	  	10 basis points	  	See Section 16 of Amendment No. 3 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (d)    Liquidity Rate
	  	12.5 basis points	  	See Section 16 of Amendment No. 3 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (e)    Swap Credit Enhancement Rate
	  	15 basis points for the five-year Swap purchased in connection with the 2004 Additional Mortgaged Properties known as The Park at Hermitage Apartments and Travis Station Apartments and otherwise
to be determined at the time of the purchase of a Swap	  	See Section 16 of Amendment No. 3 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-10 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 4 
  

MORTGAGED PROPERTIES 
  
 INITIAL MORTGAGED PROPERTIES: 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	Fairways Apartments	  	Columbia, South Carolina
	Post House North Apartments	  	Jackson, Tennessee
	Reflection Pointe Apartments	  	Flowood, Mississippi

  
 ADDITIONAL MORTGAGED PROPERTIES (October 24, 2002 Closing): 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	The Anatole Apartments	  	Daytona Beach, Florida
	Post House Jackson Apartments	  	Jackson, Tennessee
	Paddock Park Apartments I	  	Ocala, Florida
	Township Apartments	  	Hampton, Virginia

  
 ADDITIONAL MORTGAGED PROPERTIES (May 30, 2003 Closing): 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	Westbury Creek Apartments	  	Augusta, Georgia
	Windridge Apartments	  	Chattanooga, Tennessee

  
 ADDITIONAL Mortgaged Properties (March 2, 2004 Closing): 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	The Park at Hermitage Apartments	  	Hermitage, Tennessee
	Travis Station Apartments	  	Austin, Texas
	Stassney Woods Apartments	  	Austin, Texas

  
 SUBSTITUTED Mortgaged Properties: 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	None	  	 

  

 Schedule 4-1 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 5 
  

TERMINATION FEE 
  
 Any Termination Fee payable under Section 3.3(4) of the Master Reimbursement Agreement shall be equal to the following percentage of the unpaid principal
balance of each Loan being prepaid as indicated below, or, in the case of a substitution of an Alternate Credit Facility for the Credit Enhancement Instrument, the unpaid principal balance of each Loan: 
  

				
	 Fairways (Loan Originated June 15, 2001)
	  	 	 
	 First Loan Year
	  	5.904	%
	 Second Loan Year
	  	5.479	%
	 Third Loan Year
	  	5.024	%
	 Fourth Loan Year
	  	4.536	%
	 Fifth Loan Year
	  	4.014	%
	 Sixth Loan Year
	  	3.454	%
	 Seventh Loan Year
	  	2.855	%
	 Eighth Loan Year
	  	2.213	%
	 Ninth Loan Year
	  	1.525	%
	 Tenth Loan Year
	  	0.789	%
		
	 Post House North (Loan Originated June 15, 2001)
	  	 	 
	 First Loan Year
	  	5.965	%
	 Second Loan Year
	  	5.531	%
	 Third Loan Year
	  	5.067	%
	 Fourth Loan Year
	  	4.571	%
	 Fifth Loan Year
	  	4.041	%
	 Sixth Loan Year
	  	3.475	%
	 Seventh Loan Year
	  	2.869	%
	 Eighth Loan Year
	  	2.222	%
	 Ninth Loan Year
	  	1.530	%
	 Tenth Loan Year
	  	0.791	%
		
	 Reflection Pointe (Loan Originated June 15, 2001)
	  	 	 
	 First Loan Year
	  	5.970	%
	 Second Loan Year
	  	5.535	%
	 Third Loan Year
	  	5.071	%
	 Fourth Loan Year
	  	4.574	%
	 Fifth Loan Year
	  	4.044	%
	 Sixth Loan Year
	  	3.476	%
	 Seventh Loan Year
	  	2.870	%
	 Eighth Loan Year
	  	2.223	%
	 Ninth Loan Year
	  	1.530	%
	 Tenth Loan Year
	  	0.791	%

  

 Schedule 5-1 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

				
	 The Anatole (Loan Originated October 24, 2002)
	  	 	 
	 First Loan Year
	  	6.700	%
	 Second Loan Year
	  	6.200	%
	 Third Loan Year
	  	5.668	%
	 Fourth Loan Year
	  	5.102	%
	 Fifth Loan Year
	  	4.500	%
	 Sixth Loan Year
	  	3.861	%
	 Seventh Loan Year
	  	3.180	%
	 Eighth Loan Year
	  	2.457	%
	 Ninth Loan Year
	  	1.688	%
	 Tenth Loan Year
	  	0.870	%
		
	 Paddock Park (Loan Originated October 24, 2002)
	  	 	 
	 First Loan Year
	  	5.766	%
	 Second Loan Year
	  	5.335	%
	 Third Loan Year
	  	4.877	%
	 Fourth Loan Year
	  	4.389	%
	 Fifth Loan Year
	  	3.871	%
	 Sixth Loan Year
	  	3.321	%
	 Seventh Loan Year
	  	2.735	%
	 Eighth Loan Year
	  	2.113	%
	 Ninth Loan Year
	  	1.451	%
	 Tenth Loan Year
	  	0.748	%
		
	 Post House Jackson (Loan Originated October 24, 2002)
	  	 	 
	 First Loan Year
	  	5.815	%
	 Second Loan Year
	  	5.377	%
	 Third Loan Year
	  	4.911	%
	 Fourth Loan Year
	  	4.417	%
	 Fifth Loan Year
	  	3.893	%
	 Sixth Loan Year
	  	3.337	%
	 Seventh Loan Year
	  	2.747	%
	 Eighth Loan Year
	  	2.120	%
	 Ninth Loan Year
	  	1.455	%
	 Tenth Loan Year
	  	0.749	%
		
	 Township (Loan Originated October 24, 2002)
	  	 	 
	 First Loan Year
	  	6.734	%
	 Second Loan Year
	  	6.228	%
	 Third Loan Year
	  	5.691	%
	 Fourth Loan Year
	  	5.121	%
	 Fifth Loan Year
	  	4.515	%
	 Sixth Loan Year
	  	3.872	%
	 Seventh Loan Year
	  	3.188	%
	 Eighth Loan Year
	  	2.462	%
	 Ninth Loan Year
	  	1.690	%
	 Tenth Loan Year
	  	0.871	%

  

 Schedule 5-2 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

				
	 Westbury Creek (Loan Originated May 30, 2003)
	  	 	 
	 First Loan Year
	  	6.557	%
	 Second Loan Year
	  	6.068	%
	 Third Loan Year
	  	5.548	%
	 Fourth Loan Year
	  	4.994	%
	 Fifth Loan Year
	  	4.406	%
	 Sixth Loan Year
	  	3.780	%
	 Seventh Loan Year
	  	3.114	%
	 Eighth Loan Year
	  	2.406	%
	 Ninth Loan Year
	  	1.653	%
	 Tenth Loan Year
	  	0.852	%
		
	 Windridge (Loan Originated May 30, 2003)
	  	 	 
	 First Loan Year
	  	6.636	%
	 Second Loan Year
	  	6.139	%
	 Third Loan Year
	  	5.610	%
	 Fourth Loan Year
	  	5.049	%
	 Fifth Loan Year
	  	4.452	%
	 Sixth Loan Year
	  	3.818	%
	 Seventh Loan Year
	  	3.144	%
	 Eighth Loan Year
	  	2.429	%
	 Ninth Loan Year
	  	1.668	%
	 Tenth Loan Year
	  	0.859	%
		
	 The Park at Hermitage (Loan Originated March 2, 2004)
	  	 	 
	 First Loan Year
	  	6.910	%
	 Second Loan Year
	  	6.389	%
	 Third Loan Year
	  	5.836	%
	 Fourth Loan Year
	  	5.250	%
	 Fifth Loan Year
	  	4.627	%
	 Sixth Loan Year
	  	3.966	%
	 Seventh Loan Year
	  	3.264	%
	 Eighth Loan Year
	  	2.520	%
	 Ninth Loan Year
	  	1.729	%
	 Tenth Loan Year
	  	0.890	%

  

 Schedule 5-3 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

				
	 Stassney Woods Apartments (Loan Originated March 2, 2004)
	  	 	 
	 First Loan Year
	  	5.779	%
	 Second Loan Year
	  	5.346	%
	 Third Loan Year
	  	4.886	%
	 Fourth Loan Year
	  	4.397	%
	 Fifth Loan Year
	  	3.877	%
	 Sixth Loan Year
	  	3.325	%
	 Seventh Loan Year
	  	2.738	%
	 Eighth Loan Year
	  	2.115	%
	 Ninth Loan Year
	  	1.452	%
	 Tenth Loan Year
	  	0.748	%
		
	 Travis Station Apartments (Loan Originated March 2, 2004)
	  	 	 
	 First Loan Year
	  	6.859	%
	 Second Loan Year
	  	6.346	%
	 Third Loan Year
	  	5.800	%
	 Fourth Loan Year
	  	5.220	%
	 Fifth Loan Year
	  	4.604	%
	 Sixth Loan Year
	  	3.949	%
	 Seventh Loan Year
	  	3.252	%
	 Eighth Loan Year
	  	2.512	%
	 Ninth Loan Year
	  	1.725	%
	 Tenth Loan Year
	  	0.889	%

  
 SEE PARAGRAPH 11 OF THE NOTE FOR ALL
TERMS AND CONDITIONS APPLICABLE TO PREPAYMENT OF THE LOAN. The Borrower may not have the right to prepay the Loan during certain periods. The Borrower may be required to pay more than the principal amount being prepaid, accrued interest and the
Termination Fee. Special timing considerations may also apply. 
  
 Each Loan Year
is a 12 month period ending on the day before an anniversary date of the Loan. 
  

 Schedule 5-4 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 9 
  

SCHEDULE OF DEPOSITS TO EACH PRINCIPAL RESERVE FUND 
  
 See attached schedules. 
  

 Schedule 9-1 
 Amendment No. 3 to 
 Master Reimbursement Agreement 
 Mid-America Apartments<PAGE>

                                                                     EXHIBIT 4.8

                     TELESYSTEM INTERNATIONAL WIRELESS INC.

                                    AS ISSUER

                                       AND

                                   THE HOLDERS

                                IDENTIFIED WITHIN

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

                           SECOND AMENDED AND RESTATED

                          REGISTRATION RIGHTS AGREEMENT

                                 MARCH 17, 2004

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                               PAGE
                                                                               ----
<S>               <C>                                                          <C>
SECTION 1         AMENDMENT AND RESTATEMENT, DEFINITIONS                         1

SECTION 2         U.S. AND CANADIAN DEMAND REGISTRATION RIGHTS                   5

SECTION 3         PIGGYBACK REGISTRATION                                         7

SECTION 4         REGISTRATIONS ON FORM F-3 AND UNDER THE QUALIFYING
                  SHORT-FORM PROSPECTUS                                          9

SECTION 5         EXPENSES OF REGISTRATION                                      10

SECTION 6         REGISTRATION PROCEDURES                                       10

SECTION 7         INDEMNIFICATION                                               14

SECTION 8         INFORMATION BY THE HOLDERS                                    18

SECTION 9         RULE 144 REPORTING, ETC.                                      18

SECTION 10        NO CONFLICTS OF RIGHTS                                        19

SECTION 11        TERMINATION                                                   19

SECTION 12        SUCCESSORS AND ASSIGNS                                        19

SECTION 13        ASSIGNMENT                                                    19

SECTION 14        MERGERS, ETC.                                                 20

SECTION 15        NOTICES                                                       20

SECTION 16        ENTIRE AGREEMENT                                              22

SECTION 17        COUNTERPARTS; FACSIMILE SIGNATURES                            22

SECTION 18        HEADINGS                                                      22

SECTION 19        SEVERABILITY                                                  22

SECTION 20        GOVERNING LAW                                                 23

SECTION 21        LANGUAGE                                                      23
</TABLE>

<PAGE>
SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, dated as of March
17, 2004, among Telesystem International Wireless Inc. (the "ISSUER") and the
Holders (as defined below) (the "AGREEMENT")

WHEREAS certain shareholders of the Issuer and the Issuer are party to the
Amended and Restated Registration Rights Agreement, dated December 14, 2001 (the
"ORIGINAL REGISTRATION RIGHTS AGREEMENT");

WHEREAS one of those shareholders, Capital Communications CDPQ Inc., disposed of
all its shares in the Issuer on 25 September 2003;

WHEREAS pursuant to a Share Transfer Agreement by and among MobiFon Holdings
B.V, the Issuer and EEIF Melville B.V. dated 10 February 2004 and a Share Sale
and Purchase Agreement by and among the Issuer, Clearwave N.V., Emerging Europe
Infrastructure Fund C.V. and EEIF Czech N.V. dated 10 February 2004, EEIF
acquired, for valuable consideration, common shares of the Issuer;

WHEREAS, as a result of the foregoing transactions, the Issuer and the Holders
hereby desire to amend and restate the Original Registration Rights Agreement as
hereinafter set forth.

SECTION 1         AMENDMENT AND RESTATEMENT, DEFINITIONS

(a) With immediate effect, the Second Amended and Restated Registration Rights
Agreement is hereby amended and restated so that it will read and be construed
for all purposes as set out in this Agreement.

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

"AFFILIATE" means, with respect to any Person, any Person that, directly or
indirectly, controls, is controlled by or is under common control with such
first-named Person. For purposes of the definition of Affiliate, the term
"control" (including the terms "controls", "controlled by", and "under common
control with") means the possession, direct or indirect, of the power to direct
or cause the direction of the management and policies of an entity, whether
through the ownership of voting securities, by contract or otherwise.

"BOARD" has the meaning ascribed to it in Section 2.6.

"CANADIAN SECURITIES LAWS" means all applicable securities laws, the respective
regulations, rules and orders made thereunder, and all applicable policy
statements and blanket rulings and orders promulgated by the Securities
Commissions.

"EEIF" means EEIF Melville B.V., Emerging Europe Infrastructure Fund C.V., and
EEIF Czech N.V. and their respective Affiliates and successors, acting
collectively.

                                       1
<PAGE>

"FINAL PROSPECTUS" has the meaning ascribed to it in Section 7.5.

"HOLDERS" means, collectively, (i) the Persons listed on Schedule 1 attached to
this Agreement and (ii) any Affiliate of any Person listed on Schedule 1
attached hereto.

"INDEMNIFIED PARTY" has the meaning ascribed to it in Section 7.3.

"INDEMNIFYING PARTY" has the meaning ascribed to it in Section 7.3.

"INITIATING HOLDER" has the meaning ascribed to it in Section 3.1.

"INSPECTOR" has the meaning ascribed to it in Section 6.3(i).

"ISSUER" has the meaning assigned to it in the preamble.

"JP MORGAN" means J.P. Morgan Partners (BCHA), L.P., JPMP TIW EH, L.P., AOF
Investment N.V., CEA Investment N.V. and CAIP Investment N.V., and any of their
Affiliates or successors, acting collectively.

"NASD" has the meaning ascribed to it in the definition of Registration
Expenses.

"NASDAQ" means the The Nasdaq Stock Market, Inc. (National Market and/or
SmallCap Market).

"OSA" means the Securities Act (Ontario), as amended.

"OTHER SHAREHOLDERS" means shareholders other than the Holders entitled to
piggyback registration rights under any contractual agreement of the Issuer,
including, without limitation, any Qualified Purchaser.

"OTHER SHARES" means shares of the Issuer, other than Registrable Securities,
subject to piggyback registration rights under any contractual agreement of the
Issuer.

"PERSON" means a natural person, partnership, limited liability partnership,
corporation, limited liability company, joint stock corporation, trust,
unincorporated association, joint venture or other entity or Governmental
Entity, and pronouns referring to a "Person" have a similarly extended meaning.

"PRIMARY OFFERING" has the meaning ascribed to it in Section 3.1.

"PRIMARY SHARES" has the meaning ascribed to it in Section 3.2(i).

"QUALIFIED PURCHASER" means each and every permitted successor to, or assignee
or transferee of, at least US$25,000,000 of Registrable Securities of any
Holder.

                                       2
<PAGE>

"QUALIFYING PROVINCE" means each of the provinces in Canada in which the Issuer
is a reporting issuer (or the equivalent).

"QUALIFYING SHORT-FORM PROSPECTUS REGIME" shall mean the short-form prospectus
regime under Canadian Securities Laws pursuant to National Instrument 44-101,
which is available for use in all Qualifying Provinces for all Registrable
Securities.

"RECORDS" has the meaning ascribed to it in Section 6.3(i).

The terms "REGISTER", "REGISTERED" and "REGISTRATION" refer, subject to the next
sentence hereof, to a registration effected by preparing and filing a
registration statement in compliance with the Securities Act (and any
post-effective amendments filed or required to be filed) and the declaration or
ordering of effectiveness of such registration statement. In addition, for
purposes hereof, unless inconsistent with the context:

(i)      the term "REGISTRATION" and any references to the act of registering
         includes the qualification under Canadian Securities Laws of a
         prospectus for which a final receipt has been issued in respect of a
         distribution or distribution to the public, as the case may be, of
         Registrable Securities or Other Shares;

(ii)     the term "REGISTERED" as applied to any Registrable Securities or Other
         Shares includes a distribution or distribution to the public, as the
         case may be, of any Registrable Securities or Other Shares;

(iii)    the term "REGISTRATION STATEMENT" includes a prospectus filed under
         Canadian Securities Laws in any Qualifying Province;

(iv)     any references to a registration statement having become effective, or
         similar references, shall include a prospectus filed under Canadian
         Securities Laws in the Qualifying Provinces for which a final receipt
         has been obtained from the relevant Canadian securities regulatory
         authorities; and

(v)      the provisions of this Agreement shall be applied, mutatis mutandis, to
         any proposed distribution or distribution to the public, as the case
         may be, of Registrable Securities or Other Shares hereunder in the
         Qualifying Provinces or to which the prospectus requirements under any
         of the Canadian Securities Laws shall otherwise apply.

"REGISTRABLE SECURITIES" shall mean the common shares of the Issuer owned by a
Holder (including shares acquired by conversion of series A, non-voting
participating preferred shares) from time to time and any securities issued as a
dividend or other distribution with respect to, or in exchange for or in
replacement of, or in any recapitalization, consolidation or split of, any such
securities owned by such Holder from time to time, provided, however, that any
such common share or other security of the Issuer shall only be treated as a
Registrable Security if and for so long as:

                                       3
<PAGE>

(i)      it has not been (A) effectively registered for resale by such Holder
         under the Securities Act or equivalent applicable Canadian Securities
         Laws, (B) sold pursuant to Rule 144 under the Securities Act or
         equivalent applicable Canadian Securities Laws, (C) to the extent such
         Holder is not an Affiliate of the Issuer, saleable pursuant to Rule
         144(k) under the Securities Act or equivalent applicable Canadian
         Securities Laws, or (D) repurchased or otherwise acquired by the Issuer
         or an Affiliate of the Issuer (other than such Holder), and

(ii)     the sale would in the opinion of such Holder constitute a
         "distribution" or "distribution to the public" or the equivalent under
         applicable Canadian Securities Laws.

"REGISTRATION EXPENSES" shall mean all expenses incident to the Issuer's and the
Holder's performance of or compliance with its obligations under this Agreement,
including, without limitation, all SEC, National Association of Securities
Dealers ("NASD") and stock exchange, NASDAQ, Toronto Stock Exchange, the
Securities Commissions or other and applicable Canadian securities regulatory
authorities, in each case with respect to registration, listing and filing fees
and expenses, fees and expenses of compliance with applicable state securities
or "blue sky" laws or Canadian Securities Laws (including, without limitation,
all fees and disbursements of counsel for the underwriters in connection with
"blue sky" qualifications of Registrable Securities), printing expenses, escrow
fees, messenger and delivery expenses, fees and disbursements of counsel for the
Issuer and all independent certified public accountants or chartered accountants
(including where applicable the expenses of any annual audit and "cold comfort"
letters required by or incident to such performance and compliance), the
disbursements of underwriters customarily paid in connection with secondary
registered public sales of securities (including the fees and expenses of any
"qualified independent underwriter" required by the NASD), all fees of each
Holder's U.S. and Canadian Counsel, as the case may be (which fees of each
Holder's U.S. and Canadian Counsel shall not exceed US$ 20,000 in the aggregate
per registration), fees and expenses of any special experts retained by the
Issuer in connection with such registration, and fees and expenses of other
Persons retained by the Issuer (but not including any Selling Expenses).

"REGISTRATION STATEMENT" means any registration statement of the Issuer which
covers an offering of any of the Registrable Securities, and all amendments and
supplements to any 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.

"REPRESENTATIVE" has the meaning ascribed to it in Section 2.3.

"REQUESTING HOLDER" has the meaning ascribed to it in Section 2.1.

"SEC" means the United States Securities and Exchange Commission or any
successor entity.

"SECURITIES ACT" means the U.S. Securities Act of 1933, as amended.

"SECURITIES EXCHANGE ACT" means the U.S. Securities Exchange Act of 1934, as
amended.

                                       4
<PAGE>

"SECURITIES COMMISSIONS" means the Ontario Securities Commission, the Quebec
Autorite des marches financiers and all other applicable securities regulatory
authorities in the Qualifying Provinces.

"SELLING EXPENSES" shall mean all underwriting discounts and fees and selling
commissions and stock transfer taxes, if any, attributable to the sale of
Registrable Securities by the Holders or the Other Shareholders, as applicable.

"SUBSIDIARY" means a corporation controlled by the Issuer, as the term "control"
is defined in the Canada Business Corporations Act as in effect at the date
hereof and without reference to any amendments thereto after the date hereof,
but shall not include Dolphin Telecom plc and its Subsidiaries.

"TELESYSTEM" means Telesystem Ltd. and 9111-1369 Quebec Inc., and any of their
respective Affiliates or successors, acting collectively.

"TSE" means the Toronto Stock Exchange or any successor entity.

"UFI" means U.F. Investments (Barbados) Ltd. and any of its Affiliates or
successors.

SECTION 2     U.S. AND CANADIAN DEMAND REGISTRATION RIGHTS

1.       If, at any time the Issuer shall be requested by a Holder (in such
         capacity, the "REQUESTING HOLDER") either (i) to effect the
         registration under the Securities Act of an offering of Registrable
         Securities, or (ii) to effect the qualification under Canadian
         Securities Laws for any distribution of Registrable Securities, it
         shall promptly give written notice to the other Holders and the Other
         Shareholders of its requirement to so register or qualify such offering
         or such distribution of securities and, upon the written request, if
         any, delivered to the Issuer within 10 days after delivery of any such
         notice by the Issuer, of the other Holders or Other Shareholders to
         include in such registration or qualification Registrable Securities or
         Other Shares held by them, provided, that any such registration or
         qualification demanded by such Requesting Holder must relate to an
         amount of Registrable Securities having an aggregate anticipated gross
         sales price of at least US$25,000,000 or constitute all Registrable
         Securities then held by such Requesting Holder, the Issuer shall,
         subject to Section 2.6 below, promptly use its best efforts to effect
         such registration under the Securities Act or such qualification under
         Canadian Securities Laws of an offering and/or distribution of the
         Registrable Securities which the Issuer has been so requested to
         register or qualify. The Holders shall not be entitled to have
         Registrable Securities included in any registrations pursuant to this
         Section 2 if, and for so long as, the Issuer is qualified to use Form
         F-3 promulgated under the Securities Act, or any successor thereto, or
         use the Qualifying Short-Form Prospectus Regime.

2.       The Issuer shall not be obligated to (i) use its best efforts to file
         and cause to become effective, or obtain a final receipt in respect of,
         more than two Registration Statements per calendar year initiated by
         the Holders, or (ii) (A) effect a registration under the

                                       5
<PAGE>

         Securities Act if, at the time of such request, no equity securities of
         the Issuer are listed on NASDAQ or any other nationally recognized U.S.
         stock exchange or quotation system or (B) effect a registration under
         the Canadian Securities Laws if, at the time of such request, no equity
         securities of the Issuer are listed on the TSE or any other nationally
         recognized Canadian stock exchange or quotation system.

3.       The Requesting Holder, at its election, shall have the Registrable
         Securities covered by its request distributed by means of an
         underwritten public offering with a single or managing underwriter
         selected by the Requesting Holder and reasonably acceptable to the
         Issuer. The Requesting Holder and the Issuer shall (together with all
         other Holders and Other Shareholders proposing to distribute their
         securities through such underwriting) enter into an underwriting
         agreement in usual and customary form with the representative of the
         managing underwriter or underwriters selected for such underwriting
         (the "REPRESENTATIVE").

4.       With respect to any registration or qualification requested by a
         Requesting Holder, the Issuer shall give notice of such registration or
         qualification to the Holders who do not request registration or
         qualification hereunder and the Issuer may include in such registration
         or qualification any Registrable Securities or Other Shares; provided,
         however that if the Representative advises the Issuer in writing that
         marketing factors (including, without limitation, pricing of the
         underwritten offering) require a limitation on the number of shares to
         be underwritten, then the number of Registrable Securities and Other
         Shares to be included in such registration or qualification shall be
         included in the following order:

         (a)  first, the Registrable Securities requested to be registered or
              qualified by all of the Holders, pro rata based upon the number of
              Registrable Securities owned by each such Holder; and

         (b)  second, the Other Shares proposed to be registered or qualified
              for distribution.

5.       If the Representative has not limited the number of Registrable
         Securities or other securities to be underwritten, the Issuer may
         include its securities for its own account in such registration or
         qualification if the Representative so agrees and if the number of
         Registrable Securities which would otherwise have been included in such
         registration or qualification and underwriting will not thereby be
         limited.

6.       Notwithstanding the foregoing, if the Issuer shall furnish to the
         Holders and the participating Other Shareholders a certificate signed
         by the President or Chief Executive Officer of the Issuer stating that,
         in the good faith judgment of the Board of Directors of the Issuer (the
         "BOARD"), it would, for a bona fide business or securities law reason
         reasonably acceptable to the Requesting Holder, be materially
         prejudicial to the Issuer or its shareholders for a registration or
         qualification demanded by the Requesting Holder to be carried out, then
         the Issuer shall have the right to defer proceeding with such
         registration or qualification for a period of not more than 180 days
         after the delivery of such certificate, provided that the Holders shall
         not be required to accept such a deferral on more than one occasion.

                                       6
<PAGE>

7.       At any time before the Registration Statement covering such Registrable
         Securities becomes receipted or otherwise effective, the Requesting
         Holders holding two-thirds of the Registrable Securities may request
         the Issuer to withdraw or not to file the Registration Statement or to
         remove the Requesting Holder's shares from the registration. In that
         event, unless such request of withdrawal was caused by, or made in
         response to, (a) a material adverse effect or a similar event related
         to the business, properties, condition, or operations of the Issuer not
         known (without imputing the knowledge of any other Person to such
         Holders) by the Holders initiating such request at the time their
         request was made, or other material facts not known to such Holders at
         the time their request was made, or (b) a material adverse change in
         the financial markets, the Holders shall be deemed to have used one of
         their calendar year registration rights under Section 2.2 or Section 4;
         provided, however, that such withdrawn registration shall not count as
         a requested registration pursuant to Section 2.2 or Section 4 if the
         Issuer shall have been reimbursed (pro rata by the Requesting Holders
         holding two-thirds of the Registrable Securities requested to be
         registered or in such other proportion as the Requesting Holders may
         agree) for all out-of-pocket expenses incurred by the Issuer in
         connection with such withdrawn registration.

8.       A registration shall not count as a requested registration pursuant to
         Section 2.2 or Section 4 until it has become effective. If, after it
         has become effective, (a) such Registration Statement has not been kept
         continuously effective for a period of at least 270 days (or such
         shorter period which will terminate when all the Registrable Securities
         covered by such Registration Statement have been sold pursuant
         thereto), (b) such registration requested pursuant to Section 2.1 or
         Section 4 becomes subject to any stop order, injunction or other order
         or requirement of the SEC, Securities Commissions or other U.S. or
         Canadian governmental agency or court for any reason, or (c) the
         conditions to closing specified in the underwriting agreement entered
         into in connection with such registration are not satisfied or waived,
         other than by reason of some act or omission by the Requesting Holders,
         such registration shall not count as a requested registration pursuant
         to Section 2.2 or Section 4.

SECTION 3     PIGGYBACK REGISTRATION

1.       If at any time or from time to time the Issuer shall determine to
         register any of its equity securities (or securities convertible or
         exchangeable into equity securities) either for its own account (a
         "PRIMARY OFFERING") or for the account of any Holder (in such capacity,
         the "INITIATING HOLDER") (other than, in the case of such equity
         securities to be registered pursuant to a Registration Statement, a
         registration on Form S-8 (or similar or successor form) relating solely
         to stock option, stock purchase or other employee benefit plans, or a
         registration on Form F-4 (or similar or successor form), or a
         registration on any registration form which does not permit secondary
         sales or does not include substantially the same information as would
         be required to be included in a Registration Statement covering the
         sale of Registrable Securities, or in any case a registration pursuant
         Section 2 hereof), the Issuer will:

                                       7
<PAGE>

         (a)      promptly give to the Holders and the Other Shareholders a
                  written notice thereof (which shall include a list of the
                  jurisdictions in which the Issuer intends to attempt to
                  qualify such securities or the distribution thereof, as
                  applicable, under the applicable blue sky or other state
                  securities laws or Canadian Securities Laws, as applicable);
                  and

         (b)      subject to Section 3.2 below, include in such registration or
                  filing (and any related qualification under blue sky laws or
                  other compliance or Canadian Securities Laws or other
                  compliance, as applicable), and in any underwriting involved
                  therein, all the Registrable Securities or Other Shares, as
                  the case may be, specified in a written request or requests
                  made by the Holders or the Other Shareholders, as the case may
                  be, within ten (10) days after the date written notice as
                  described in Section 3.1(a) above is delivered by the Issuer.
                  Such written request may specify all or any part of the
                  Registrable Securities or Other Shares, as the case may be.

2.       If the registration or qualification for which the Issuer gives notice
         is for an underwritten public offering, the Issuer shall so advise the
         Holders and the Other Shareholders as a part of the written notice
         given pursuant to Section 3.1(a). In such event, the right of the
         Holders and the Other Shareholders to registration or qualification
         pursuant to this Section 3 shall be conditioned upon such Holder's or
         the Other Shareholder's participation, as the case may be, in such
         underwriting and the inclusion of such Holder's or Other Shareholder's
         securities, as the case may be, in the underwriting to the extent
         provided herein. If such registration or qualification is for a Primary
         Offering, the underwriter shall be chosen by the Issuer in its sole
         discretion. Any Holders that intend to include Registrable Securities
         in such registration or qualification, shall (together with the Issuer
         and any Other Shareholders distributing their securities through such
         underwriting) enter into an underwriting agreement in customary form
         with the Representative. Notwithstanding any other provision of this
         Section 3, if the Representative advises the participating Holders,
         Other Shareholders or the Issuer in writing that marketing factors
         require a limitation on the number of securities to be underwritten,
         then the number of securities to be included in such registration or
         qualification in the following order:

         (i)      first, if such offering is a Primary Offering, the Issuer's
                  securities for its own account (such securities ,collectively,
                  "THE PRIMARY SHARES"); and

         (ii)     second, the Registrable Securities requested to be included by
                  the Holders in such registration, pro rata, based upon the
                  number of Registrable Securities owned by such Holders; and

         (iii)    third, the Registrable Securities requested to be included by
                  the Other Shareholders in such registration, pro rata based on
                  the number of Registrable Securities owned by such Other
                  Shareholders; and

         (iv)     fourth, Other Shares proposed to be registered.

         If a participating Holder or Other Shareholder disapproves of the terms
         of any such underwriting, it may elect to withdraw its securities
         therefrom by written notice to the

                                       8
<PAGE>

         Issuer and the Representative, such notice to be given a reasonable
         period of time prior to the finalization of the underwriting
         arrangements. Any securities excluded or withdrawn from such
         underwriting shall not be included in such registration or
         qualification. If, at any time after giving written notice of its
         intention to register any securities and prior to the effective date of
         the Registration Statement or preliminary prospectus filed in
         connection with such registration, the Issuer (subject to Section 2.6
         if such offering is not a Primary Offering) shall determine for any
         reason either not to register or to delay registration of such
         securities, the Issuer may, at its election, give written notice of
         such determination to each holder of Registrable Securities and,
         thereupon (i) in the case of a determination not to register, shall be
         relieved of its obligation to register any Registrable Securities in
         connection with such registration or qualification (but not from its
         obligation to pay the expenses of such registration or qualification),
         without prejudice, however, to the rights of any Holder or Holders of
         Registrable Securities entitled to request that such registration be
         effected pursuant to Section 2.1 or Section 4 of this Agreement and
         (ii) in the case of a determination to delay registration or
         qualification, shall be permitted to delay registration or
         qualification any Registrable Securities, for the same period as the
         delay in the registration of such Primary Shares and/or Other Shares.

3.       The Holders shall be entitled to have Registrable Securities included
         in an unlimited number of registrations or qualification pursuant to
         this Section 3. The Issuer will pay all Registration Expenses in
         connection with each registration or qualification pursuant to this
         Section 3. No registration effected pursuant to this Section 3 shall
         relieve the Issuer of its obligation to effect any registration upon
         request under Section 2.1 or Section 4 hereof, nor shall any
         registration hereunder be deemed to have been effected pursuant to
         Section 2.1 or Section 4.

SECTION 4     REGISTRATIONS ON FORM F-3 AND UNDER THE QUALIFYING SHORT-FORM
              PROSPECTUS

Anything contained in Section 2 to the contrary notwithstanding, at such time
and for so long as the Issuer shall have qualified for the use of Form F-3
promulgated under the Securities Act, or any successor form thereto, or of the
Qualifying Short-Form Prospectus Regime, the Holders of Registrable Securities
shall have the right to request three registrations per calendar year of
Registrable Securities on Form F-3, or its successor form, or the comparable
form under the Qualifying Short-Form Prospectus Regime, which request or
requests shall (i) specify the number of Registrable Securities intended to be
sold or disposed of and the holders thereof, (ii) state whether the intended
method of disposition of such Registrable Securities is an underwritten offering
and (iii) relate to Registrable Securities having an aggregate offering price
(before underwriting discounts and commissions) of at least US$25,000,000. A
requested registration on Form F-3 (or its successor form) or on a comparable
form under the Qualifying Short-Form Prospectus Regime shall be carried out in
coordination with and among all Holders who may wish to sell or dispose of
Registrable Securities. A requested registration on Form F-3 (or its successor
form) or on the comparable form under the Qualifying Short-Form Prospectus
Regime in compliance with this Section 4 shall not count as a Registration
Statement initiated pursuant to Section 2.1 but shall otherwise be subject to
the first sentence of Section 2.1 and the provisions of Section 2.4 through
Section 2.8.

                                       9
<PAGE>

SECTION 5     EXPENSES OF REGISTRATION

The Issuer shall pay all Registration Expenses incurred by the Issuer and the
Holders in connection with complying with their obligations pursuant to this
Agreement, provided, that such expenses shall not include Selling Expenses,
which Registration Expenses shall be borne by the Holders and Other Shareholders
pro rata on the basis of the number of each Holder's and Other Shareholders', as
the case may be, securities so registered and sold.

SECTION 6     REGISTRATION PROCEDURES

In the case of each registration of, or filing in respect of a qualification of
a distribution of, Registrable Securities to be effected by the Issuer pursuant
to any provisions of this Agreement, the Issuer will keep the Holders advised in
writing as to the initiation of each registration or qualification and as to the
completion thereof. In connection with any offering of Registrable Securities
registered or qualified pursuant to any provisions of this Agreement, the Issuer
shall, at its expense:

1.       in respect of the registration of Registrable Securities pursuant to a
         Registration Statement in the United States:

         (a)      Prepare and file with the SEC, as promptly as practical after
                  receipt of a request for registration pursuant to any
                  provisions of this Agreement, which, shall not be more than 60
                  days from the receipt of request (unless, the Issuer, in the
                  good faith judgment of the Board, and subject to Section 2.6,
                  has a material bona fide business or securities law reason for
                  delaying the filing that is reasonably acceptable to the
                  Holders in which event it may delay such filing for such
                  further reasonable period of time as will permit such reason
                  for delay to be resolved), a Registration Statement on any
                  form for which the Issuer then qualifies, and which form shall
                  be available for the sale of the Registrable Securities in
                  accordance with the intended methods of distribution thereof,
                  and use its best efforts to cause such Registration Statement
                  to become and remain effective as provided herein; provided,
                  that before filing with the SEC a Registration Statement or
                  prospectus or any amendments or supplements thereto, the
                  Issuer will (A) furnish to the Holders copies of all such
                  documents proposed to be filed for review and comment and (B)
                  notify the participating Holders of any stop order issued or
                  threatened by the SEC and take all reasonable actions required
                  to prevent the entry of such stop order or to remove it if
                  entered; and

                                       10
<PAGE>

         (b)      Prepare and file with the SEC such amendments and supplements
                  to such Registration Statement and the prospectus used in
                  connection therewith as may be necessary to keep such
                  Registration Statement effective for 270 days after the date
                  of effectiveness; provided, however, that the Issuer shall not
                  be obligated to keep any such Registration Statement effective
                  if such Holders have completed the distributions described in
                  the Registration Statement relating thereto (but not before
                  the expiration of the time periods referred to in Section 4(3)
                  of the Securities Act and Rule 174 promulgated thereunder, or
                  any successor provisions), and to comply with the provisions
                  of the Securities Act with respect to the sale or other
                  disposition of such Registrable Securities. If any such
                  Registration Statement refers to any holder of Registrable
                  Securities by name or otherwise as the holder of any
                  securities of the Issuer, then such Holder shall have the
                  right to require (i) the insertion therein of language, in
                  form and substance satisfactory to such Holder, to the effect
                  that the holding by such Holder of such securities is not to
                  be construed as a recommendation by such Holder of the
                  investment quality of the Issuer's securities covered thereby
                  and that such holding does not imply that such Holder will
                  assist in meeting any future financial requirements of the
                  Issuer, or (ii) in the event that such reference to such
                  Holder by name or otherwise is not required by the Securities
                  Act or any similar federal statute then in force, the deletion
                  of the reference to such Holder;

2.       in respect of the qualification of Registrable Securities pursuant to a
         prospectus in accordance with Canadian Securities Laws:

         (a)      use its best efforts to resolve any regulatory comments and
                  satisfy any regulatory deficiencies in respect of the
                  preliminary prospectus and, as soon as reasonably practicable
                  after such comments or deficiencies have been resolved or
                  satisfied, will prepare and file, and use its best efforts to
                  obtain a receipt (or an equivalent document) in the Qualifying
                  Provinces for, and keep in effect for the statutory period,
                  the final prospectus, and will take all other steps and
                  proceedings necessary in order to qualify the distribution of
                  the Registrable Securities to the public as freely tradable
                  securities in the Qualifying Provinces;

         (b)      ensure that the prospectus contains the disclosure required
                  by, and conforms in all material respects to the requirements
                  of, all applicable provisions of Canadian Securities Laws and
                  furnish to the Holders copies of each of the preliminary
                  prospectus and Final Prospectus and such other documents as
                  they may reasonably request to facilitate the disposition of
                  Registrable Securities by them; and

         (c)      prepare and file with the Securities Commissions in the
                  Qualifying Provinces any amendments and supplements to the
                  prospectus that may be necessary to comply with Canadian
                  Securities Laws with respect to the distribution of all
                  securities qualified by such prospectus; and

3.       in both cases:

                                       11
<PAGE>

         (a)      notify in writing each Holder's counsel (i) of the receipt by
                  the Issuer of any notification with respect to any comments by
                  the SEC or the Securities Commissions with respect to such
                  Registration Statement or prospectus or any amendment or
                  supplement thereto or any request by the SEC or the Securities
                  Commissions for the amending or supplementing thereof or for
                  additional information with respect thereto, (ii) of the
                  receipt by the Issuer of any notification with respect to the
                  issuance by the SEC or the Securities Commissions of any stop
                  order or equivalent order suspending the effectiveness of such
                  Registration Statement or prospectus or any amendment or
                  supplement thereto or the initiation or threatening of any
                  proceeding for that purpose and (iii) of the receipt by the
                  Issuer of any notification with respect to the suspension of
                  the qualification of such Registrable Securities for sale in
                  any jurisdiction or the initiation or threatening of any
                  proceeding for such purposes;

         (b)      furnish to each underwriter, if any, and the participating
                  Holders such number of copies of (i) in the case of a
                  Registration Statement, such Registration Statement, each
                  amendment and supplement thereto (in each case including all
                  exhibits thereto), and the prospectus included in such
                  Registration Statement (including each preliminary prospectus)
                  in conformity with the requirements of the Securities Act, and
                  (ii) in the case of a Prospectus receipted in accordance with
                  Canadian Securities Laws, such final prospectus, each
                  amendment and supplement thereto (in each case including all
                  exhibits thereto), and each preliminary prospectus in
                  conformity with the requirements of Canadian Securities Laws,
                  and such other documents incident thereto as the participating
                  Holders may reasonably request from time to time in order to
                  facilitate the disposition of the Registrable Securities;

         (c)      use its best efforts to register or qualify the Registrable
                  Securities under (i) the state securities or "blue sky" laws
                  of such states, and (ii) the Canadian Securities Laws of such
                  Qualifying Provinces, as the participating Holders or the
                  Representative reasonably request and do any and all other
                  acts and things that may be reasonably necessary or advisable
                  to enable the participating Holders and the underwriters to
                  consummate the disposition in such jurisdictions of the
                  Registrable Securities; provided, however that the Issuer will
                  not be required as a result thereof to (A) qualify generally
                  to do business in any jurisdiction where it would not
                  otherwise be required to qualify but for this clause
                  6.3(c)(A), (B) subject itself to taxation or regulation of its
                  business in any such jurisdiction in which it would not
                  otherwise be so subject or (C) consent to general service of
                  process in any jurisdiction in which it would not otherwise be
                  subject to general service of process;

         (d)      use its best efforts to cause the Registrable Securities
                  covered by such Registration Statement to be registered with
                  or approved by such other governmental agencies or authorities
                  as may be necessary by virtue of the business and operations
                  of the Issuer to enable the consummation of the disposition of
                  such Registrable Securities;

         (e)      immediately notify the Holders, at any time when a prospectus
                  relating thereto is required to be delivered under the
                  Securities Act or pursuant to Canadian Securities

                                       12
<PAGE>

                  Laws, of the happening of any event that comes to the Issuer's
                  attention, if as a result of such event any such prospectus,
                  including such Registration Statement or prospectus, contains
                  an untrue statement of a material fact or omits to state any
                  material fact required to be stated therein or necessary to
                  make the statements therein not misleading in light of the
                  circumstances in which they were made; and the Issuer will
                  promptly prepare and furnish to the Holders a supplement or
                  amendment to such prospectus so that, as thereafter delivered
                  to the purchasers of such Registrable Securities, such
                  Registration Statement prospectus will not contain an untrue
                  statement of a material fact or omit to state any material
                  fact required to be stated therein or necessary to make the
                  statements therein not misleading in light of the
                  circumstances in which they were made;

         (f)      use its best efforts to cause all such Registrable Securities
                  to be listed (i) on a national securities exchange in the
                  United States or quoted on the NASDAQ and (ii) on the TSE and
                  listed or quoted on each securities exchange or automated
                  quotation system on which similar securities issued by the
                  Issuer may then be listed or quoted, and enter into such
                  customary agreements including a listing application and
                  indemnification agreement in customary form, and, subject to
                  applicable law, to provide a transfer agent and registrar for
                  such Registrable Securities covered by such Registration
                  Statement no later than the effective date of such
                  Registration Statement;

         (g)      enter into and perform its obligations under such usual and
                  customary agreements (including an underwriting agreement or
                  qualified independent underwriting agreement, in each case, in
                  usual and customary form) and take all such other actions as
                  the Holders or the underwriter reasonably requests in order to
                  expedite or facilitate the disposition of such Registrable
                  Securities, including customary representations, warranties,
                  covenants, indemnities and agreements;

         (h)      promptly issue to any underwriter to which the Holders holding
                  such Registrable Securities may sell securities in such
                  offering certificates evidencing such Registrable Securities;

         (i)      make available (after reasonable notice and execution of usual
                  and customary confidentiality agreements satisfactory to the
                  Issuer) for inspection, during business hours of the Issuer,
                  by a Holder or its Representatives (if it has requested
                  registration of Registrable Securities) and any underwriter
                  participating in any disposition pursuant to such Registration
                  Statement, to the extent provided in the applicable
                  underwriting agreement (collectively, the "INSPECTORS"), all
                  financial and other records, pertinent corporate documents and
                  properties of the Issuer and its Subsidiaries (collectively,
                  "RECORDS"), if any, as shall be reasonably necessary to enable
                  them to exercise their due diligence responsibility, and cause
                  the Issuer's officers, directors, employees, counsel and
                  financial and accounting advisers and those of the Issuer's
                  Affiliates, to supply all information and respond to all
                  inquiries reasonably requested by any such Inspector in
                  connection with such Registration Statement or prospectus;

                                       13
<PAGE>

         (j)      use its best efforts to obtain a "cold comfort" letter (or the
                  Canadian equivalent thereof) from the Issuer's appointed
                  auditors in customary form and covering such matters of the
                  type customarily covered by "cold comfort" letters (or the
                  Canadian equivalent thereof) as the Representative reasonably
                  requests;

         (k)      otherwise use its best efforts to comply with all applicable
                  rules and regulations of the SEC and the Securities
                  Commissions and all conditions imposed by relevant
                  governmental authorities or under applicable law including
                  Canadian Securities Laws, including, in the U.S. context,
                  making available to the Holders, as soon as reasonably
                  practicable, but not later than 18 months after the effective
                  date of the Registration Statement or prospectus, an earnings
                  statement covering a period of at least twelve months
                  beginning after the effective date of the Registration
                  Statement (as the term "effective date" is defined in Rule
                  158(c) under the Securities Act), which earnings statement
                  shall satisfy the provisions of Section 11(a) of the
                  Securities Act and Rule 158 thereunder; and

         (l)      cooperate and assist in any filings required to be made with
                  the NASD or the TSE and in the performance of any due
                  diligence investigation of the Holders (including any
                  "qualified independent underwriter" or the equivalent that is
                  required to be retained in accordance with the rules and
                  regulations of the NASD and applicable Canadian Securities
                  Laws and/or the rules of the TSE).

         The Holders agree that, upon receipt of any notice from the Issuer of
         the happening of any event of the kind described in Section 6.3(e)
         hereof, the Holders will forthwith discontinue disposition of
         Registrable Securities pursuant to any prospectus or Registration
         Statement until the Holders' receipt of the copies of the supplemented
         or amended prospectus contemplated by Section 6.3(e) hereof, and, if so
         directed by the Issuer (at the Issuer's expense), the Holders will
         deliver to the Issuer all copies (including, without limitation, any
         and all drafts), other than permanent file copies, then in the Holder's
         possession, of the prospectus covering such Registrable Securities
         current at the time of receipt of such notice.

SECTION 7     INDEMNIFICATION

1.       In the event of any registration or qualification of Registrable
         Securities pursuant to this Agreement, the Issuer will indemnify and
         hold harmless each Holder, its directors, officers and partners, each
         Person who participates as an underwriter in the offering or sale of
         such securities and each other Person, if any, who controls such Holder
         or any such underwriter within the meaning of the Securities Act and
         the OSA from and against any and all losses, claims, damages and
         liabilities (or actions in respect thereof), joint or several, and
         expenses (including any amounts paid in any settlement effected with
         the Issuer's consent, which consent will not be unreasonably withheld
         or delayed) to which such Holder, any such director or officer or any
         such underwriter or controlling Person may become subject under the
         Securities Act, the Securities Exchange Act, United States state
         securities or "blue sky" laws, Canadian Securities Laws or the common
         law or

                                       14
<PAGE>

         otherwise, insofar as such losses, claims, damages or liabilities (or
         actions or proceedings in respect thereof) or expenses arise out of or
         are based upon (A) any untrue statement (or alleged untrue statement)
         of any material fact contained in any Registration Statement,
         prospectus, offering circular or other similar document, or any
         amendment or supplement thereto incident to such registration,
         qualification or compliance under which such securities were registered
         under the Securities Act or in accordance with Canadian Securities
         Laws, any final or summary prospectus contained therein, or any
         amendment or supplement thereto, (B) any omission (or alleged omission)
         to state therein a material fact required to be stated therein or
         necessary to make the statements therein not misleading in light of the
         circumstances in which they were made, or (C) any violation (or alleged
         violation) by the Issuer of any United States federal, state or common
         law rule or regulation or any Canadian federal, provincial or common
         law rule or regulation, in each case applicable to the Issuer and
         relating to action required of or inaction by the Issuer in connection
         with any such registration, qualification or compliance. The Issuer
         will reimburse such Holder and each such director, officer, underwriter
         and controlling Person for any legal and any other expenses reasonably
         incurred in connection with investigating, preparing or defending any
         such claim, loss, damage, liability or action, as such expenses are
         incurred; provided, however that the Issuer shall not be liable in any
         such case to the extent that any such claim, loss, damage, liability
         (or action or proceeding in respect thereof) or expense arises out of
         or is based on any untrue statement (or alleged untrue statement) or
         omission (or alleged omission) made in such Registration Statement or
         amendment or supplement thereto or in any such preliminary, final or
         summary prospectus in reliance upon and in conformity with written
         information furnished to the Issuer by the Holders or any such
         director, officer, underwriter or controlling Person specifically
         stating that it is for use therein; provided, further, however, that
         the Issuer shall not be liable to any of the foregoing indemnities
         pursuant to this Section 7 with respect to any untrue statement or
         omission or alleged untrue statement or omission made in any
         preliminary prospectus or the final prospectus or the final prospectus
         as amended or supplemented, as the case may be, to the extent that any
         such loss, claim, damage or liability of such indemnitee results from
         the fact that such participating Holder or underwriter sold Registrable
         Securities to a Person to whom there was a legal obligation, but was
         not sent or given, at or prior to the written confirmation of such
         sale, a copy of the final prospectus or of the final prospectus as then
         amended or supplemented, whichever is most recent, if the Issuer has
         previously furnished copies thereof to such Holders or underwriter and
         such final prospectus, as then amended or supplemented, had corrected
         any such misstatement or omission or after receipt of a notice pursuant
         to Section 6.3(e) hereof (prior to the amendment or supplement
         thereunder having been furnished).

         The indemnity provided for herein shall remain in full force and effect
         regardless of any investigation made by or on behalf of the Holders or
         any such director, officer, underwriter or controlling Person and shall
         survive the transfer of such securities by the Holders or such
         underwriter.

                                       15
<PAGE>

2.       Each Holder whose Registrable Securities are included in the securities
         as to which any such registration, qualification or compliance is being
         effected in accordance with the provisions hereof shall (x) indemnify
         the Issuer, its directors, officers and controlling Persons, all other
         prospective sellers, each Person who participates as an underwriter,
         and their respective directors, officers and controlling Persons from
         and against all claims, losses, damages and liabilities (or actions in
         respect thereof) and expenses to which any such Person may become
         subject under the Securities Act, the Securities Exchange Act, United
         States state securities or "blue sky" laws, Canadian Securities Laws,
         the common law or otherwise, insofar as such losses, claims, damages or
         liabilities (or actions or proceedings in respect thereof) or expenses
         arise out of or are based upon (A) any untrue statement (or alleged
         untrue statement) of a material fact with respect to such Holder
         contained in any such Registration Statement (including any final or
         summary prospectus contained therein), or other prospectus or any
         amendment or supplement thereto, in reliance on and in conformity with
         written information furnished to the Issuer by such Holder specifically
         for use therein, or (B) any omission (or alleged omission) to state
         therein a material fact with respect to such Holder required to be
         stated therein or necessary to make the statements made by such Holder
         therein not misleading in light of the circumstances in which they were
         made and (y) reimburse the Issuer and its directors, officers,
         controlling Persons and all other prospective sellers, each Person who
         participates as an underwriter, and their respective directors,
         officers, and controlling Persons for any legal or any other expenses
         reasonably incurred in connection with investigating or defending any
         such claim, loss, damage, liability or action, in the case of both
         clause (x) and clause (y), to the extent, and only to the extent, that
         such untrue statement (or alleged untrue statement) or omission (or
         alleged omission) is made in such Registration Statement or any,
         preliminary, final or summary prospectus contained therein),
         prospectus, offering circular, or any amendment or supplement thereto
         in reliance upon and in conformity with written information furnished
         to the Issuer by such Holder with respect to such Holder specifically
         for use therein; provided, however that the obligations of each Holder
         hereunder shall be several and not joint and limited to an amount equal
         to the actual net proceeds to be received by such Holder from
         securities sold by such Holder pursuant to such Registration Statement
         or prospectus or offering circular.

         The indemnity provided for herein shall remain in full force and effect
         regardless of any investigation made by or on behalf of the Issuer or
         any Holder, the underwriters or any of their respective directors,
         officers, or controlling Persons and shall survive the transfer of such
         securities by the Holders and such underwriters.

                                       16
<PAGE>

3.       Each party entitled to indemnification under this Section 7 (an
         "INDEMNIFIED PARTY") shall give notice to the party required to provide
         indemnification (the "INDEMNIFYING PARTY") promptly after such
         Indemnified Party has actual knowledge of any claim as to which
         indemnity may be sought, and shall permit the Indemnifying Party to
         assume the defense of any such claim or any litigation resulting
         therefrom (it being understood that the Indemnifying Party shall not be
         responsible for more than one counsel for all Indemnified Parties in
         any single action or claim (or group of related actions or claims),
         unless the Holders shall have reasonably concluded that any Holder may
         have a conflict of interest with one or more other Indemnified Parties
         with respect to any actions or claims). Counsel for the Indemnifying
         Party, who shall conduct the defense of such claim or any litigation
         resulting therefrom, shall be approved by the Indemnified Party (whose
         approval shall not unreasonably be withheld or delayed). The
         Indemnified Party may participate in such defense at the Indemnified
         Party's expense (unless the Indemnified Party shall have reasonably
         concluded that there may be a conflict of interest between the
         Indemnifying Party and the Indemnified Party in such action, in which
         case the reasonable fees and expenses of the Indemnified Party's
         counsel shall be at the expense of the Indemnifying Party and shall be
         reimbursed as they are incurred). The failure of any Indemnified Party
         to give notice as provided herein shall not relieve the Indemnifying
         Party of its obligations under this Section 7 except to the extent the
         Indemnifying Party is actually materially prejudiced thereby. No
         Indemnifying Party, in the defense of any such claim or litigation,
         shall, except with the consent of each Indemnified Party, consent to
         entry of any judgment or enter into any settlement which does not
         include as a term thereof the giving by the claimant or plaintiff to
         such Indemnified Party of an unconditional release from all liability
         with respect to such claim or litigation. Each Indemnified Party shall
         promptly furnish such information regarding itself or the claim in
         question as an Indemnifying Party may reasonably request in writing and
         as shall be reasonably required in connection with the defense of such
         claim and litigation resulting therefrom.

4.       In order to provide for just and equitable contribution in
         circumstances in which the foregoing indemnities provided for in this
         Section 7 are for any reason held to be unenforceable although
         applicable in accordance with their terms, the Issuer and each Holder
         shall contribute to the aggregate losses, liabilities, claims, damages
         and expenses of the nature contemplated by such indemnities in such
         proportion as shall be appropriate to reflect (A) the relative benefits
         received by the Issuer, on the one hand, and such Holder, on the other
         hand, from the offering of the Registrable Securities and any other
         securities included in such offering, and (B) the relative fault of the
         Issuer, on the one hand, and of such Holder, on the other hand, with
         respect to the statements or omissions that resulted in such loss,
         liability, claim, damage or expense, or action in respect thereof, as
         well as any other relevant equitable considerations; provided, however
         that no Person guilty of fraudulent misrepresentation (within the
         meaning of Section 11(f) of the Securities Act) shall be entitled to a
         contribution from any Person who was not guilty of such fraudulent
         misrepresentation. The relative fault shall be determined by reference
         to, among other things, whether the untrue or alleged untrue statement
         of a material fact or omission or alleged omission to state a material
         fact relates to information supplied by the Issuer or such Holders, the
         intent of the parties and their relative knowledge, access to

                                       17
<PAGE>

         information and opportunity to correct or prevent such statement or
         omission. The parties agree that it would not be just and equitable if
         a contribution pursuant to this Section 7 were to be determined by pro
         rata allocation or by any other method of allocation that does not take
         into account the equitable considerations referred to herein.
         Notwithstanding anything to the contrary contained herein, the parties
         agree that any contribution required to be made by any Holder pursuant
         to this Section 7 shall not exceed the actual net proceeds from the
         offering of Registrable Securities received by such Holder with respect
         to such offering. For purposes of this Section 7, each Person, if any,
         who controls a Holder within the meaning of Section 15 of the
         Securities Act or Section 1(3) of the OSA shall have the same rights to
         contribution as such Holder, and each director of the Issuer, each
         officer of the Issuer who signed the Registration Statement, and each
         Person, if any, who controls the Issuer within the meaning of Section
         15 of the Securities Act or Section 1(3) of the OSA shall have the same
         rights to contribution as the Issuer.

5.       The foregoing indemnities of the Issuer and the Holders are subject to
         the condition that, insofar as they relate to any untrue statement (or
         alleged untrue statement) of a material fact contained in a preliminary
         prospectus, or any omission (or alleged omission) to state therein a
         material fact required to be stated therein or necessary to make the
         statements contained therein not misleading in light of the
         circumstances in which they were made, which was eliminated or remedied
         in the amended prospectus on file with the SEC or the Securities
         Commissions, as the case may be at the time the Registration Statement
         in question became effective or the amended prospectus filed with the
         SEC pursuant to Rule 424(b) under the Securities Act or applicable
         Canadian Securities Laws (the "FINAL PROSPECTUS"), such indemnities
         shall not inure to the benefit of any underwriter if a copy of the
         Final Prospectus was furnished to the underwriter and was not furnished
         to the Person asserting the loss, liability, claim or damage at or
         prior to the time such action is required by the Securities Act.

SECTION 8     INFORMATION BY THE HOLDERS

Each Holder shall furnish to the Issuer such information regarding such Holder
and the distribution proposed by such Holder as the Issuer may reasonably
request in writing in connection with any registration or qualification of
Registrable Securities and as shall be reasonably required in connection with
any registration, qualification or compliance referred to in this Agreement.
Compliance with this Section shall be a condition to the availability of the
rights granted to the Holders pursuant to Section 2 and Section 3 hereunder.

SECTION 9     RULE 144 REPORTING, ETC.

With a view to making available the benefits of certain rules and regulations of
the SEC and applicable Canadian Securities Laws which may permit the sale of the
restricted securities to the public without registration, the Issuer agrees to:

(a)      make and keep public information available as those terms are
         understood and defined in Rule 144 under the Securities Act;

                                       18
<PAGE>

(b)      use its best efforts to file with the SEC in a timely manner all
         reports and other documents required of the Issuer under the Securities
         Act and the Securities Exchange Act at any time when it is subject to
         such reporting requirements;

(c)      so long as the Holders own any Registrable Securities, furnish to the
         Holders upon request a written statement by the Issuer as to its
         compliance with the current information requirements of Rule 144 under
         the Securities Act, a copy of the most recent annual or quarterly
         report of the Issuer, and such other reports and documents filed with
         the SEC pursuant to the reporting requirements of the Securities
         Exchange Act as the Holders may reasonably request in availing itself
         of any rule or regulation of the SEC allowing the Holders to sell any
         such securities without registration; and

(d)      maintain its status as a "reporting issuer" not in default of the
         requirements under applicable Canadian Securities Laws.

SECTION 10    NO CONFLICTS OF RIGHTS

The Issuer represents and warrants to the Holders that the registration rights
granted to the Holders hereby do not conflict with any other registration rights
granted by the Issuer. The Issuer shall not, after the date hereof, grant any
registration rights which conflict with or impair, or have any priority over,
the registration rights granted hereby.

SECTION 11    TERMINATION

This Agreement shall terminate and be of no further force or effect when there
shall not be any Registrable Securities, provided, however that Section 5 and
Section 7 shall survive the termination of this Agreement. If the Second Amended
and Restated Investor Rights Agreement of even date herewith among the Issuer
and the Holders (the "IRA") shall terminate, either as a whole or in respect of
a particular Holder, this Agreement shall continue (i) with respect to
Registrable Securities held by each Holder on the earlier of (A) the date of
termination of the IRA as a whole, and (B) with respect to a Holder who has
ceased to be bound by the IRA prior to its termination as a whole, the date such
Holder ceased to be so bound, and (ii) only to the extent such Holder's shares
in the Issuer continue to be "Registrable Securities" for US securities law
purposes within the meaning of clause (i) of the definition of "Registrable
Securities".

SECTION 12    SUCCESSORS AND ASSIGNS

This Agreement shall bind and inure to the benefit of the Issuer and the Holders
and, subject to Section 13, their respective successors and permitted assigns.

SECTION 13    ASSIGNMENT

Each Holder may assign its rights hereunder to any Affiliate or Qualified
Purchaser of such Holder; provided, however, that such Affiliate or Qualified
Purchaser shall, as a condition to the effectiveness of such assignment, be
required to execute a counterpart to this Agreement agreeing to be treated as
(i) in the case of such Affiliate, a Holder and (ii) in the case of such
Qualified Purchaser, an Other Shareholder, whereupon such Affiliate or Qualified
Purchaser shall have the benefits of, and shall be subject to the restrictions
contained in, this Agreement as

                                       19
<PAGE>

a Holder or Other Shareholder, as the case may be.

SECTION 14    MERGERS, ETC.

The Issuer shall not, directly or indirectly, enter into any merger,
consolidation or reorganization in which the Issuer shall not be the surviving
corporation unless the surviving corporation shall, prior to such merger,
consolidation or reorganization, agree in writing to assume the obligations of
the Issuer under this Agreement insofar as the Holders continue after any such
transaction to hold Registrable Securities; and for that purpose references
hereunder to "Registrable Securities" shall be deemed to include the shares of
common stock or other securities, if any, which the Holders would be entitled to
receive in exchange for Registrable Securities under any such merger,
consolidation or reorganization, provided that, to the extent the Holders
receive securities that are by their terms convertible into shares of common
stock of the issuer thereof, then any such shares of common stock as are issued
or issuable upon conversion of said convertible securities shall be included
within the definition of "Registrable Securities".

SECTION 15    NOTICES

Any notice, direction or other communication to be given under this Agreement
shall be in writing and given by delivering it or sending it by telecopy or
other similar form of recorded communication addressed:

         (a)    if to the Issuer, to it at:

                1250 blvd. Rene-Levesque West
                38th Floor
                Montreal, Quebec, Canada H3G 4W8

                Attention:  The Vice President, Finance, and
                            the General Counsel and Secretary

                Telephone:  (514) 673-8497
                Telecopier: (514) 673-8470

         (b)    if to UFI, to it at:

                U.F. Investments (Barbados) Ltd.
                The Ernst & Young Building
                Bush Hill Bay Street
                Bridgetown, Barbados

                Attention:  The Managing Director

                Telephone:  (246) 430-3900
                Telecopier: (246) 426-9551

                with a copy to:

                Hutchison Whampoa Limited
                22nd Floor
                Hutchison House

                                       20
<PAGE>

                10 Harcourt Road
                Hong Kong

                Attention: Company Secretary

                Telephone:  (852) 2128-1733
                Telecopier: (852) 2128-1778

         (c)    if to JP Morgan, to it at:

                c/o JP Morgan Partners, LLC
                1221 Avenue of the Americas
                New York, NY 10020

                Attention:  Official Notices Clerk
                            (FBO: Michael R. Hannon)

                Telephone:  212 899-3400
                Telecopier: 212 899-3401

                with a copy to:

                O'Melveny & Myers LLP
                Times Square Tower
                7 Times Square
                New York, NY 10036

                Attention: Gregory A. Gilbert, Esq.

                Telephone:  212 408-2400
                Telecopier: 212 728-5950

         (d)    if to Telesystem, to it at:

                1250 Rene Levesques Blvd.
                38th Floor
                Montreal, Quebec, Canada

                H3B 4W8

                Attention: Chief Financial Officer, Daniel Cyr

                Telephone:  (514) 397-9797
                Telecopier: (514) 397-0089

         (e)    if to EEIF, to it at:

                Emerging Markets Partnership (Europe) Limited
                161, Brompton Road

                London SW3 1EX

                Tel:        +44 20 7886 3600
                Fax:        +44 20 7886 3639
                Attn:       Colin Hewett

                                       21
<PAGE>

               With a copy to:

               Gibson, Dunn & Crutcher LLP
               Telephone House
               2-4 Temple Avenue
               London EC4Y 0HB

               Tel:  +44 20 7071-4000
               Fax:  +44 20 7071-4244
               Attn: Wayne PJ McArdle, Esq.

Any such communication shall be deemed to have been validly and effectively
given (i) if personally delivered, on the date of such delivery if such date is
a Business Day and such delivery was made prior to 4:00 p.m. (local time in the
place of the recipient) and otherwise on the next Business Day, or (ii) if
transmitted by telecopy or similar means of recorded communication on the
Business Day following the date of transmission. Any party may change its
address for service from time to time by notice given in accordance with the
foregoing and any subsequent notice shall be sent to such party at its changed
address.

SECTION 16    ENTIRE AGREEMENT

This Agreement , including the exhibits, schedules, and other documents referred
to herein which form a part hereof, contains the entire understanding of the
parties hereto with respect to the subject matter contained herein. This
Agreement supersedes all prior agreements and understandings between the parties
with respect to such subject matter.

SECTION 17    COUNTERPARTS; FACSIMILE SIGNATURES

This Agreement may be executed in any number of original or facsimile
counterparts, and each such counterpart hereof shall be deemed to be an original
instrument, but all such counterparts together shall constitute but one
agreement.

SECTION 18    HEADINGS

The headings of the various sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed to be a part of this
Agreement.

SECTION 19    SEVERABILITY

It is the desire and intent of the parties that the provisions of this Agreement
be enforced to the fullest extent permissible under the law and public policies
applied in each jurisdiction in which enforcement is sought. Accordingly, if any
provision of this Agreement would be held in any jurisdiction to be invalid,
prohibited or unenforceable for any reason, such provision, as to such
jurisdiction, shall be ineffective, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction.

                                       22
<PAGE>

Notwithstanding the foregoing, if such provision could be more narrowly drawn so
as not to be invalid, prohibited or unenforceable in such jurisdiction, it
shall, as to such jurisdiction, be so narrowly drawn, without invalidating the
remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction.

SECTION 20    GOVERNING LAW

THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC
LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR
CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK, OR ANY OTHER
JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE
OF NEW YORK TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF
THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS
AGREEMENT, EVEN IF UNDER SUCH JURISDICTION'S CHOICE OF LAW OR CONFLICT OF LAW
ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.
ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY RELATED
DOCUMENT MAY BE BROUGHT EXCLUSIVELY IN EITHER THE COURTS OF THE STATE OF NEW
YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK OR IN THE
COURTS OF COMPETENT JURISDICTION OF THE PROVINCE OF QUEBEC AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO HEREBY IRREVOCABLY ACCEPTS FOR
ITSELF AND IN RESPECT OF ITS PROPERTY AND ASSETS, GENERALLY AND UNCONDITIONALLY
THE JURISDICTION OF THE AFORESAID COURTS.

SECTION 21    LANGUAGE

The Parties acknowledge and are satisfied that this Agreement be drawn up in the
English language. Les parties aux presentes reconnaissent et acceptant que cette
entente soit redigee en Anglais.

                                       23
<PAGE>

IN WITNESS WHEREOF the parties have caused this Second Amended and Restated
Registration Rights Agreement to be executed by their respective duly authorized
officers.

                                        TELESYSTEM INTERNATIONAL
                                        WIRELESS INC.

                                        By: ____________________________________
                                            Authorized Signing Officer

                                        By: ____________________________________
                                            Authorized Signing Officer

                                        U.F. INVESTMENTS (BARBADOS) LTD.

                                        By:  ___________________________________
                                             Authorized Signing Officer

                                        J.P. MORGAN PARTNERS (BHCA), L.P.

                                        By:  JPMP Master Fund Manager, L.P.
                                             its General Partner

                                        By:  JPMP  Capital Corp.
                                             its General Partner

                                        By:  ___________________________________
                                             Name:  Michael Hannon
                                             Title: Managing Director

                                       24

<PAGE>

                                        JPMP TIW EH, LP

                                        By:  JPMP TIW EH, GP, LLC
                                             its General Partner

                                        By:  J.P. Morgan Partners (BCHA), L.P.
                                             its Sole Member

                                        By:  JPMP Master Fund Manager, L.P.
                                             its General Partner

                                        By:  JPMP Capital Corp.
                                             its General Partner

                                        By:  ___________________________________
                                             Name:  Michael Hannon
                                             Title: Managing Director

                                        AOF INVESTMENT N.V.

                                        By:

                                        By:  ___________________________________
                                             Name:
                                             Title:

                                        CEA INVESTMENT N.V.

                                        By:

                                        By:  ___________________________________
                                             Name:
                                             Title:

                                        CAIP INVESTMENT N.V.

                                        By:

                                        By:  ___________________________________
                                             Name:
                                             Title:

                                       25

<PAGE>

                                        EEIF MELVILLE B.V.

                                        By:  ___________________________________
                                             Authorized Signing Officer

                                        EEIF CZECH N.V.

                                        By:  ___________________________________
                                             Authorized Signing Officer

                                        EMERGING EUROPE INFRASTRUCTURE FUND C.V.

                                        By:  ___________________________________
                                             Authorized Signing Officer

                                        TELESYSTEM LTD.

                                        By:  ___________________________________
                                             Authorized Signing Officer

                                        9111-1369 QUEBEC INC.

                                        By:  ___________________________________
                                             Authorized Signing Officer

                                       26

<PAGE>

                                   SCHEDULE 1

                                     HOLDERS

UFI

U.F. Investments (Barbados) Ltd.

JP MORGAN

J.P. Morgan Partners (BHCA), L.P.

JPMP TIW EH, L.P.

AOF Investment N.V.

CEA Investment N.V.

CAIP Investment N.V.

TELESYSTEM

Telesystem Ltd.

9111-1369 Quebec Inc.

EEIF

EEIF Melville B.V.

EEIF Czech N.V.

Emerging Europe Infrastructure Fund C.V.

                                       27

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]