Document:

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                                                                    EXHIBIT 4.11

                                                                  Execution Copy
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                   COMMON EQUITY REGISTRATION RIGHTS AGREEMENT
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     THIS COMMON EQUITY REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made
as of May 10, 2000, by JOSTENS, INC., a Minnesota corporation (the "Company")
for the benefit of the Holders (as defined below).

                                 R E C I T A L S

     A. The Company is a party to an Agreement and Plan of Merger dated as of
December 27, 1999 (as amended, the "Merger Agreement") by and between the
Company and Saturn Acquisition Corporation, a Minnesota corporation
("MergerCo"), pursuant to which MergerCo will, subject to the terms and
conditions of the Merger Agreement, be merged with and into the Company (the
"Merger").

     B. The Company is willing to grant the registration rights set forth below
to the shareholders of the Company as of the Effective Time (as defined in the
Merger Agreement).

                                A G R E E M E N T

     In consideration of the equity investment in the Company made by the
Initial Holders (as defined below) and for other good and valuable consideration
and intending to be legally bound hereby, the Company hereby agrees as follows:

     SECTION 1. Definitions. As used in this Agreement, the following terms
shall have the following meanings:

          "Affiliate" means (a) any Person which, directly or indirectly, is in
     control of, is controlled by, or is under common control with, such Person
     or (b) any Person who is a director or officer (i) of such Person, (ii) of
     any subsidiary of such Person or (iii) of any Person described in clause
     (a) above. For purposes of this definition, "control" of a Person means the
     power, directly or indirectly, (x) to vote 50% or more of the securities
     having ordinary voting power for the election of directors of such Person
     whether by ownership of securities, contract, proxy or otherwise, or (y) to
     direct or cause the direction of the management and policies of such Person
     whether by ownership of securities, contract, proxy or otherwise.

          "Agreement" is defined in the preamble.

          "Charter" means the Articles of Incorporation of the Company in effect
     immediately following the Effective Time, as such Charter thereafter from
     time to time be amended in accordance with applicable law and such Charter.

          "Commission" means the U.S. Securities and Exchange Commission and any
     successor federal agency having similar powers.

          "Company" is defined in the preamble.
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          "DB Investors" as of any date of determination, means all of the
     following who are then Holders: DB Capital Investors, L.P. and its
     Affiliates and any DB Transferee.

          "DB Transferee" means any Person who acquires from a DB Investor more
     than 10,000 shares (as adjusted, after the date hereof, to account for
     stock dividends, stock splits and similar events of the Company) of the
     common stock (including shares issued or issuable upon exercise of
     Warrants) of the Company acquired as of the Effective Time by DB Capital
     Investors, L.P.

          "Effective Time" shall have the meaning ascribed to that term in the
     Merger Agreement.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, or any
     successor law, as amended from time to time, including the various rules
     and regulations issued pursuant to that Act or any successor law.

          "Holders," as of any date of determination, means the holders of
     record of Registrable Securities other than any Persons to whom Registrable
     Securities have been transferred who are not Permitted Assignees under
     Section 3(b) hereof.

          "Initial Holders" means the shareholders set forth on Schedule I
     attached hereto.

          "Initial Public Offering" shall have the meaning ascribed to that term
     in the Charter.

          "Investcorp Investors," as of any date of determination, means all of
     the following who are then Holders: Investcorp Bank E.C. and its Affiliates
     and any other investor with whom Investcorp Bank E.C. or any Affiliate
     thereof has an administrative relationship.

          "Merger" is defined in Recital A.

          "Merger Agreement" is defined in Recital A.

          "MergerCo" is defined in Recital A.

          "Nonconvertible Preferred Shares" means shares of preferred stock of
     the Company which are not convertible into common stock of the Company.

          "Person" means an individual, limited or general partnership, joint
     venture, limited liability company, corporation, trust, unincorporated
     organization or other entity or a government or any department or agency
     thereof.

          "Registrable Securities," as of any date of determination, means (a)
     the shares of Class A Common Stock, Class B Common Stock, Class C Common
     Stock, Class D Common Stock and Class E Common Stock of the Company issued
     to the Initial Holders in the Merger as set forth on Exhibit A attached
     hereto, (b) any additional shares of capital stock of the Company acquired
     prior to the Initial Public Offering by an Initial Holder, other than
     Nonconvertible Preferred Shares, (c) the Warrants and the shares of Class E
     Common Stock issuable upon

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     exercise of the Warrants, (d) any shares of capital stock of the Company
     issued upon conversion of any of the foregoing pursuant to the Charter, (e)
     any shares of capital stock issued on account of any of the foregoing in
     connection with any stock split or stock dividend effected after the
     Effective Time and (f) equity securities of any other issuer issued in
     exchange for any of the foregoing in connection with any merger,
     consolidation, reorganization or recapitalization effected after the
     closing Effective Time (other than equity securities of another issuer
     which are issued pursuant to an effective registration statement under the
     Securities Act). Notwithstanding the foregoing, any particular Registrable
     Securities shall cease to be such when (i) a registration statement with
     respect to the sale of such securities shall have become effective under
     the Securities Act and such securities have been disposed of in accordance
     with such registration statement, or (ii) they shall have ceased to be
     outstanding.

          "Registration Expenses" means all expenses incident to the Company's
     performance of or compliance with its obligations hereunder including,
     without limitation, all Commission and any stock exchange registration,
     listing, filing or NASD fees, all fees and expenses of complying with
     securities or blue sky laws (including reasonable fees and disbursements of
     counsel for the underwriters in connection with blue sky qualifications),
     all messenger and delivery expenses, the fees and disbursements of counsel
     for the Company and of its independent public accountants, including the
     expenses of any special audits or "comfort" letters required by or incident
     to such performance and compliance, any fees and disbursements of
     underwriters customarily paid by issuers or sellers of securities and the
     reasonable fees and expenses of any special experts retained in connection
     with the requested registration and the fees and disbursements of one
     counsel for the Sellers (which counsel shall be selected by the holders of
     a majority in interest of the Registrable Securities included in such
     registration), but excluding underwriting discounts and commissions and
     fees and disbursements of any additional counsel employed by any Seller (as
     defined in Section 2(b) hereof) other than in-house counsel of the Company
     and outside counsel employed by the Company for purposes of the
     registration.

          "Securities Act" means the Securities Act of 1933, or any successor
     law, as amended from time to time, including the various rules and
     regulations issued pursuant to that Act or any successor law.

          "Seller" means any Holder whose Registrable Securities are included in
     any registration pursuant to Section 2(a) or 2(b) of this Agreement.

          "Warrants" means the Class E Stock Purchase Warrants to purchase
     531,325 shares of Class E Common Stock of the Company (as such shares may
     be adjusted from time to time) being issued by the Company in connection
     with the Merger.

     Certain other terms are defined elsewhere in this Agreement.

     SECTION 2. Registration Rights.

          (a) Demand Rights.

               (i) Commencing 90 days after the occurrence of the Initial Public
          Offering, Holders who are Investcorp Investors shall have the right,
          exercisable for up to a total of four (4) effective registration
          statements (any one or all of which may be a continuous or delayed
          "shelf"

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          registration pursuant to Rule 415 under the Securities Act), to
          require the Company to register under the Securities Act such number
          of Registrable Securities as such Holders shall designate for sale in
          a written request to the Company (the "Investcorp Demand
          Registration") provided, however, that the number of Registrable
          Securities designated for sale by the Investcorp Investors in any
          Investcorp Demand Registration may not represent less than 2% of the
          total number of shares of common stock of the Company then
          outstanding.

               (ii) Commencing 90 days after the occurrence of the Initial
          Public Offering, Holders who are DB Investors beneficially owning at
          least one-third of the total common Registrable Securities held by DB
          Investors (assuming for this purpose the exercise of the Warrants)
          shall have the right, exercisable for up to a total of two (2)
          effective registration statements (any one or both of which may be a
          continuous or delayed "shelf" registration pursuant to Rule 415 under
          the Securities Act), to require the Company to register under the
          Securities Act all or a portion of such number of Registrable
          Securities as such Holders shall designate for sale in a written
          request to the Company (the "DB Demand Registration") provided,
          however, that the Company shall have the right to delay any DB Demand
          Registration for any two periods not to exceed 90 days in the
          aggregate for both such periods in any 12 month period if, in the good
          faith determination of the Company, the sale of such Registrable
          Securities or the required disclosure of information in any related
          registration statement, prospectus or prospectus supplement would
          materially interfere with any material financing, acquisition or other
          material event or transaction which is then intended or the public
          disclosure of which at the time would be materially prejudicial to the
          Company; provided, further, that the Company shall not be required to
          effect more than one DB Demand Registration in any 12 month period.

               (iii) The Company will not, without the written consent of a
          majority in interest of the Investcorp Investors, include in any
          Investcorp Demand Registration securities for sale for the account of
          any Person (including the Company) other than Investcorp Investors,
          except that the Company shall include securities held by other Holders
          having the contractual right to be so included pursuant to (A) this
          Agreement, (B) the Warrant Registration Rights Agreement dated as of
          the date hereof among the Company, Deutsche Bank Securities Inc., UBS
          Warburg LLC and Goldman, Sachs & Co.(the "Warrant Registration Rights
          Agreement") or (C) the Management Shareholder Agreements dated as of
          the date hereof entered into with members of senior management of the
          Company or any Management Shareholder Agreements with substantially
          similar terms (the "Management Shareholder Agreements") (in each case
          subject to the applicable provisions of such Agreements).

               (iv) The Company will not, without the written consent of a
          majority in interest of the DB Investors, include in any DB Demand
          Registration securities for sale for the account of any Person
          (including the Company) other than DB Investors, except that the
          Company shall include securities held by other Holders having the
          contractual right to be so included pursuant to (A) this Agreement,
          (B) the Warrant Registration Rights Agreement or (C) any Management
          Shareholder Agreements (in each case subject to the applicable
          provisions of such Agreements).

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          (b) Piggyback Registration Rights.

          If the Company proposes to file a registration statement with respect
     to common equity securities of the Company in connection with or following
     the Initial Public Offering (including without limitation pursuant to an
     Investcorp Demand Registration or DB Demand Registration, but excluding any
     registration statement on Form S-8 or S-4 or comparable successor forms or
     a registration statement relating to a dividend reinvestment plan), which
     is available for use for the sale of Registrable Securities under the
     Securities Act, then the Company shall give written notice of such proposed
     filing to each Holder at least 10 business days before the anticipated
     filing date of such registration statement, and such notice shall offer
     each Holder the opportunity to include in such registration statement the
     Registrable Securities then owned by such Holder, as such Holder may
     request in writing within 5 days after receipt of the Company's notice
     (which request shall specify the number of Registrable Securities to be
     included in such registration statement and the intended method of
     disposition).

          (c) Registration Procedures. If and whenever the Company is required
     to effect the registration of any Registrable Securities under the
     Securities Act as provided in Section 2(a) or (b) hereof, the Company will
     as expeditiously as practicable:

               (i)(A) prepare and file with the Commission a registration
          statement on the appropriate form which includes such Registrable
          Securities, and furnish to each Seller at least 5 business days prior
          to the filing thereof a copy of such registration statement, and not
          file any such registration statement to which any Seller shall have
          reasonably objected on the grounds that such registration statement
          does not comply in all material respects with the requirements of the
          Act or of the rules or regulations thereunder, (B) promptly respond to
          all comments received with respect to such registration statement and
          make and file all necessary amendments thereto, and (C) thereafter use
          its reasonable best efforts to cause such registration statement to
          become effective at the earliest practicable date;

               (ii) prepare and file with the Commission such amendments and
          supplements to such registration statement and the prospectus used in
          connection therewith as may be necessary to keep such registration
          statement accurate and effective and to comply with the provisions of
          the Act with respect to the disposition of all Registrable Securities
          and other securities covered by such registration statement until the
          earlier of such time as all of such Registrable Securities have been
          disposed of by the Sellers thereof set forth in such registration
          statement or for the longer of (A) nine months or (B) if such
          registration is a continuous secondary offering pursuant to Rule 415
          under the Act, two years; and will furnish to each such Seller at
          least 2 business days prior to the filing thereof a copy of any
          amendment or supplement to such registration statement or prospectus
          and shall not file any such amendment or supplement to which any such
          Seller shall have reasonably objected on the grounds that such
          amendment or supplement does not comply in all material respects with
          the requirements of the Act or of the rules or regulations thereunder;

               (iii) furnish to each Seller of such Registrable Securities, upon
          their request, one signed copy of such registration statement and of
          each such amendment thereof and supplement thereto (in each case
          including all exhibits), such number of copies of the prospectus
          included in such registration statement (including each preliminary
          prospectus and any summary

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          prospectus), in conformity with the requirements of the Act, such
          documents, if any, incorporated by reference in such registration
          statement or prospectus, and such other documents as such Seller may
          reasonably request;

               (iv) notify each Seller of such Registrable Securities and, if
          requested, confirm such notice in writing, as soon as practicable
          after notice thereof is received by the Company, (A) when such
          registration statement or such amendment thereof or supplement thereto
          has been filed or becomes effective and when the prospectus or any
          amendment thereof or supplement thereto has been filed, (B) of any
          request by the Commission for any amendments or supplements to the
          registration statement or the prospectus or for additional
          information, (C) of the receipt by the Company of any notification
          with respect to the suspension of the qualification of the Registrable
          Securities for offering or sale in any jurisdiction or the initiation
          or threatening of any proceeding for such purpose and (D) of any stop
          order issued, or the receipt of notification by the Company that any
          such stop order is threatened to be issued, by the Commission, and use
          its reasonable best efforts to prevent the entry of such stop order or
          to remove it if entered;

               (v) use its reasonable best efforts to register or qualify all
          Registrable Securities covered by such registration statement under
          such other securities or blue sky laws of such jurisdictions as each
          Seller shall reasonably request, to keep such registration or
          qualification in effect for so long as such registration statement
          remains in effect, and do any and all other acts and things that may
          be necessary or advisable to enable such Seller to consummate the
          disposition in such jurisdictions of its Registrable Securities
          covered by such registration statement, except that the Company shall
          not for any such purpose be required to qualify generally to do
          business as a foreign corporation in any jurisdiction wherein it would
          not but for the requirements of this subdivision (v) be obligated to
          be so qualified, or to subject itself to taxation in any such
          jurisdiction, or to consent to general service of process in any such
          jurisdiction;

               (vi) if such registration statement relates to an underwritten
          offering, (A) obtain and furnish to each Seller a signed counterpart,
          addressed to such Seller, of the legal opinions and accountants'
          comfort letters which are to be delivered to the underwriters and (B)
          notify each Seller of such Registrable Securities (and, if requested,
          confirm such notice in writing) as soon as practicable after notice
          thereof is received by the Company, if at any time in which the
          underwriting agreement contemplated by Section 2(d) remains in effect
          any representation or warranty of the Company contained therein shall
          cease to be true and correct;

               (vii) promptly notify each Seller whose Registrable Securities
          are covered by such registration statement, at any time when a
          prospectus relating thereto is required to be delivered under the
          Securities Act, upon discovery that, or upon the happening of any
          event as a result of which, the prospectus included in such
          registration statement, as then in effect, includes 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 the light of the circumstances then
          existing, and the Company shall promptly prepare a supplement to or an
          amendment of such prospectus as may be necessary so that, as
          thereafter delivered to the purchasers of such Registrable Securities,
          such prospectus shall not include an untrue statement of a material
          fact or omit to state a material fact required to be stated therein or
          necessary to make the statements therein not misleading in the light
          of the circumstances then existing;

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               (viii) otherwise use its reasonable best efforts to comply with
          all applicable rules and regulations of the Commission, and make
          available to its securities holders, as soon as reasonably
          practicable, an earnings statement covering the period of at least
          twelve months, but not more than eighteen months, beginning with the
          first month of the first fiscal quarter after the effective date of
          such registration statement, which earnings statement shall satisfy
          the provisions of Section 11(a) of the Act and Rule 158 thereunder;

               (ix) promptly make available for inspection by any Seller or
          underwriter participating in any disposition pursuant to any
          registration statement, and by any attorney, accountant or other agent
          or representative retained by any Seller or underwriter, all financial
          and other records, pertinent corporate documents and properties of the
          Company, as shall be reasonably necessary to enable them to exercise
          their due diligence responsibility, and cause the Company's officers,
          directors and employees to supply all information reasonably requested
          by any such Seller or underwriter in connection with such registration
          statement;

               (x) if the Common Stock of the Company is listed on a national
          securities exchange or quoted on Nasdaq, use its best efforts to
          comply with the requirements of such exchange or Nasdaq to include
          shares of Registrable Securities covered by such registration
          statement for listing on each such securities exchange or for
          quotation on Nasdaq.

     The Company may require each Seller of Registrable Securities as to which
     any registration is being effected to furnish the Company such information
     regarding such Seller and the distribution of such securities as the
     Company may from time to time reasonably request in writing and as shall be
     required by law or by the Commission in connection with such registration.

          (d) Underwriting Agreement. If requested by the underwriters for any
     underwritten offering of Registrable Securities on behalf of Sellers
     pursuant to a registration covered by Section 2(a) or (b) hereof, the
     Company will enter into an underwriting agreement with such underwriters
     for such offering, such agreement to contain representations and warranties
     by the Company and other terms and provisions not inconsistent with this
     Section 2 as are customarily contained in underwriting agreements with
     respect to secondary distributions, including, without limitation,
     indemnities to the effect and to the extent provided in Section 2(g)
     hereof, and the Company will cooperate with such Sellers to the end that
     the conditions precedent to the obligations of such Sellers under such
     underwriting agreement shall not include conditions that are not customary
     in underwriting agreements with respect to secondary distributions and
     shall be otherwise satisfactory to such Sellers. Sellers on whose behalf
     shares are to be distributed by such underwriters shall be parties to any
     such underwriting agreement and the representations and warranties by, and
     the other agreements on the part of, the Company to and for the benefit of
     such underwriters, shall also be made to and for the benefit of such
     Sellers. Such Sellers shall not be required by the Company to make any
     representations or warranties to or agreements with the Company or the
     underwriters other than reasonable representations, warranties or
     agreements regarding such Sellers, such Sellers' Registrable Securities and
     such Sellers' intended method or methods of disposition and any other
     representation required by law.

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          (e) Lock-Up.

               (i) If and to the extent requested by the managing underwriter in
          connection with the Initial Public Offering, such Holder shall agree
          in writing that such Holder will not, without the consent of the
          managing underwriter and except for shares included in the Initial
          Public Offering, if any: (x) effect any public sale or distribution of
          any common equity securities of the Company, or any securities
          convertible into, or exercisable or exchangeable for, any such common
          equity securities for a period of 180 days following effectiveness of
          the registration statement relating to such Offering or (y) effect any
          other transfer of any of the foregoing during such 180 day period
          unless the transferee agrees in writing to be bound by the terms and
          conditions of this Section 2(e).

               (ii) If and to the extent requested by the managing underwriter
          in connection with any other underwritten offering of common equity
          securities of the Company (whether for the account of the Company,
          selling shareholders or both) which occurs within two (2) years
          following the effectiveness of the Initial Public Offering, such
          Holder shall agree in writing that such Holder will not, without the
          consent of the managing underwriter: (x) effect any public sale or
          distribution of any common equity securities of the Company, or any
          securities convertible into, or exercisable or exchangeable for, any
          such common equity securities for a period of 90 days following
          effectiveness of the registration statement relating to such Offering
          or (y) effect any other transfer of any of the foregoing during such
          90 day period unless the transferee agrees in writing to be bound by
          the terms and conditions of this Section 2(e).

          (f) Registration Expenses. The Company agrees to pay, in connection
     with each registration of Registrable Securities covered by Section 2(a) or
     2(b) hereof, all Registration Expenses. All other expenses not paid by the
     Company which are otherwise not attributable to a particular Seller will be
     the responsibility of and paid for by all of the Sellers on a pro rata
     basis.

          (g) Indemnification and Contribution.

               (i) Indemnification by Company. The Company agrees to indemnify,
          to the full extent permitted by law, each Seller, and any of their
          officers, directors, employees and partners, and each Person who
          controls such Seller within the meaning of Section 15 of the
          Securities Act and Section 20(a) of the Exchange Act (each a
          "Shareholder Indemnified Party") against any and all losses, claims,
          damages, liabilities or expenses, joint or several (collectively,
          "Damages") to which they or any of them may become subject: (i) under
          the Securities Act, the Exchange Act, or otherwise, insofar as such
          Damages (or actions in respect thereof) arise out of or are based upon
          any untrue or alleged untrue statement of a material fact contained in
          any registration statement, prospectus, preliminary prospectus or any
          amendment to any of the foregoing, or arise out of or are based upon
          any omission or alleged omission to state therein a material fact
          required to be stated therein or necessary to make the statements
          therein not misleading; or (ii) as a result of or in connection with
          any violation of applicable Federal, state or foreign laws or
          regulations (collectively, "Laws") by the Company (other than as a
          result of any act committed by or knowing omission of a Shareholder
          Indemnified Party without the Company's approval) or any of the
          Company's employees, officers or directors in connection with any such
          registration; provided, however, that the Company will not be liable
          if any such Damages arise out of or are based upon any such untrue
          statement or alleged untrue statement or

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          omission or alleged omission made therein in reliance upon and in
          conformity with information furnished in writing to the Company by or
          on behalf of such Shareholder Indemnified Party in a signed document
          stating that such information is specifically for use therein;
          provided, further, that the foregoing indemnity is subject to the
          condition that, insofar as it related to any untrue statement, alleged
          untrue statement, omission or alleged omission made in a preliminary
          prospectus but eliminated or remedied in the final prospectus (filed
          pursuant to Rule 424(b) under the Securities Act), such indemnity
          shall not inure to the benefit of the Sellers from whom the Person
          asserting any Damages purchased the Registrable Securities which are
          the subject thereof, if copies of such final prospectus were delivered
          to such Seller on a timely basis and such Seller did not deliver to
          such Person the final prospectus with or prior to the written
          confirmation for the sale of such Registrable Securities to such
          Person. In connection with an underwritten offering, the Company will
          indemnify the underwriters thereof to the same extent as provided
          above with respect to the indemnification of Shareholder Indemnified
          Parties and use its reasonable best efforts to obtain a reciprocal and
          mutual indemnity from the underwriters. Such indemnity shall remain in
          full force and effect regardless of any investigation made by or on
          behalf of such Shareholder Indemnified Party and shall survive any
          transfer by the same of the Registrable Securities of the Sellers.

               (ii) Indemnification by Sellers. Each Seller will furnish to the
          Company in writing such information and affidavits with respect to
          such Seller as the Company reasonably requests for use in connection
          with any registration statement or prospectus to be filed or used
          under this Agreement and each of them, upon executing and delivering
          an underwriting agreement or otherwise upon registration of the
          Registrable Securities pursuant to the terms of this Agreement, shall
          agree to indemnify and hold harmless to the fullest extent permitted
          by law, the Company, each person who signed the registration
          statement, any underwriter, and each Person who controls the Company
          within the meaning of Section 15 of the Securities Act or Section
          20(a) of the Exchange Act (each, a "Company Indemnified Party" and,
          collectively with Shareholder Indemnified Parties, the "Indemnified
          Parties") against joint or several Damages to which they or any of
          them may become subject: (i) under the Securities Act, the Exchange
          Act or otherwise, insofar as such Damages (or actions in respect
          thereof) arise out of or are based upon any untrue or alleged untrue
          statement of a material fact contained in any registration statement,
          prospectus, preliminary prospectus or any amendment thereof or
          supplement thereto, or arise out of or are based upon any omission or
          alleged omission to state therein a material fact required to be
          stated therein or necessary to make the statements therein not
          misleading, in each case to the extent, but only to the extent, that
          any Damages arise out of or are based upon any such untrue statement
          or alleged untrue statement or omission or alleged omission made
          therein in reliance upon and in conformity with information furnished
          in writing by such Seller or on such Seller's behalf to the Company in
          a signed document stating that such information is specifically for
          use therein; or (ii) as a result of or in connection with any
          violation of applicable Laws by such Seller or any general or limited
          partners, employees, officers or directors of such Seller in
          connection with any such registration; provided that, as to any
          underwriter or any person controlling any underwriter, the foregoing
          indemnity does not apply to any Damages based upon any untrue
          statement, alleged untrue statement, omission or alleged omission made
          in a preliminary prospectus but eliminated or remedied in the final
          prospectus (filed pursuant to Rule 424(b) under the Securities Act) if
          a copy of the final prospectus was not sent to or given by or on
          behalf of any underwriter to such person asserting such Damages at or
          prior to the written confirmation of the sale of the Registrable
          Securities as required by the Securities Act.

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          Notwithstanding the foregoing, the liability of a Seller, except for
          any liability resulting from the willful misconduct or intentional
          action of such Seller, shall not exceed an amount equal to the
          proceeds realized by such Seller of Registrable Securities sold as
          contemplated herein.

               (iii) Conduct of Indemnification Proceedings. Promptly after
          receipt by an Indemnified Party under subsection (a) or (b) above of
          notice of the commencement of any action, such Indemnified Party
          shall, if a claim in respect thereof is to be made against the
          indemnifying party under such subsection, notify each party against
          whom indemnification is to be sought in writing at the commencement
          thereof (but the failure so to notify an indemnifying party shall not
          relieve it from any liability which such party may have under this
          Section 2(g) except to the extent that the indemnifying party has been
          prejudiced in any material respect by such failure or from any
          liability which such party may have otherwise). In case any such
          action is brought against any Indemnified Party, and the Indemnified
          Party notifies an indemnifying party of the commencement thereof, the
          indemnifying party will be entitled to participate in and to assume
          the defense thereof, jointly with any other indemnifying party, if
          any, so notified, with counsel reasonably satisfactory to such
          Indemnified Party, and after notice from the indemnifying party to
          such Indemnified Party of its election so to assume the defense
          thereof, the indemnifying party shall not be liable to such
          Indemnified Party for any legal or other expenses subsequently
          incurred by the latter in connection with the defense thereof other
          than reasonable costs of investigation. Notwithstanding the foregoing,
          the Indemnified Party shall have the right to employ its counsel in
          any such case, but the fees and expenses of such counsel shall be at
          the expense of such Indemnified Party unless (i) the employment of
          such counsel shall have been authorized in writing by the indemnifying
          party in connection with the defense of such action, (ii) the
          indemnifying party shall not have employed counsel to take charge of
          the defense of such action within a reasonable time after notice of
          the commencement of the action, or (iii) the named parties to any such
          action or proceeding (including any impleaded parties) include both
          such Indemnified Party and the indemnifying party, and such
          Indemnified Party has been advised in good faith by counsel that there
          is a conflict of interest on the part of counsel employed by the
          indemnifying party to represent such Indemnified Party (in which case,
          if such Indemnified Party notifies the indemnifying party in writing
          that it elects to employ separate counsel at the expense of the
          indemnifying party, the indemnifying party will not have the right to
          assume the defense of such action or proceeding on behalf of such
          Indemnified Party; it being understood, however, that the indemnifying
          party will not, in connection with any one such action or proceeding
          or separate but substantially similar or related actions or
          proceedings in the same jurisdiction arising out of the same general
          allegations or circumstances, be liable for the fees and expenses of
          more than one separate firm of attorneys (together with appropriate
          local counsel) at any time for all such Indemnified Parties). Anything
          in this subsection to the contrary notwithstanding: (A) an
          indemnifying party shall not be liable for any settlement of any claim
          or action effected without its written consent; and (B) no
          indemnifying party shall, without the consent of the Indemnified
          Party, consent to entry of any judgment or enter into any settlement
          that does not include as an unconditional term thereof the giving by
          the claimant or plaintiff to such Indemnified Party of a release from
          all liability in respect to such claim or litigation.

               (iv) Contribution. In order to provide for contribution in
          circumstances in which the indemnification provided for in this
          Section 2(g) is for any reason held to be unavailable or is
          insufficient to hold harmless an Indemnified Party, then the
          indemnifying party and the Indemnified Party shall contribute to the
          aggregate Damages of the nature contemplated

                                       10
<PAGE>

          by such indemnification provision (including any investigation, legal
          and other expenses incurred in connection with, and any amount paid in
          settlement of, any action, suit or proceeding or any claims asserted,
          but after deducting from Damages suffered by the Indemnified Party any
          contribution received by the Indemnified Party from Persons, other
          than the indemnifying party, who may also be liable for contribution,
          including Persons who control the indemnifying party within the
          meaning of Section 15 of the Securities Act or Section 20(a) of the
          Exchange Act) to which the indemnifying party, on the one hand, and
          the Indemnified Party, on the other hand, may be subject, in such
          proportions as are appropriate to reflect the relative fault of the
          indemnifying party, on the one hand, and the Indemnified Party, on the
          other hand, in connection with the statements or omissions which
          resulted in Damages, as well as any other relevant equitable
          considerations.

               The relative fault of the parties shall be determined by
          reference to, among other things, whether the untrue or alleged untrue
          statement of a material fact or omission or alleged omission to state
          a material fact relates to information supplied by a party and the
          parties' relative intent, knowledge, access to information and
          opportunity to correct or prevent such statement or omission. The
          parties agree that it would not be just and equitable if contribution
          pursuant to this Section 2(g)(iv) was determined by pro rata
          allocation or by any other method of allocation which does not take
          into account the equitable considerations referred to above.
          Notwithstanding the foregoing, (i) any underwriting agreement entered
          into pursuant hereto may provide that in no case shall any underwriter
          (except as may be provided in any agreement among underwriters) be
          liable or responsible for any amount in excess of the underwriting
          discount applicable to the Registrable Securities purchased by such
          underwriters, and (ii) no Person guilty of fraudulent
          misrepresentation (within the meaning of Section 11(f) of the
          Securities Act) shall be entitled to contribution from any Person who
          was not guilty of such fraudulent misrepresentation. Any party
          entitled to contribution will, promptly after receipt of notice of
          commencement of any action, suit or proceeding against such party in
          respect of which a claim for contribution may be made against another
          party or parties under this Section 2(g)(iv), notify such party or
          parties from which contribution may be sought of any obligation it or
          they may have under this Section 2(g)(iv) or otherwise. No party shall
          be liable for contribution with respect to any action or claim settled
          without its consent, which consent may not be unreasonably withheld or
          delayed. Notwithstanding the foregoing, the liability of a Seller,
          except for any liability resulting from the willful misconduct or
          intentional action of such Seller, shall not exceed an amount equal to
          the proceeds realized by such Seller of the Registrable Securities
          sold as contemplated herein.

          (h) Rule 144 Sales.

               (i) Compliance. The Company covenants that, to the extent that it
          is subject to the reporting requirements of the Exchange Act, it will
          use its reasonable best efforts to file the reports required to be
          filed by it under the Exchange Act so as to enable any Holder to sell
          Registrable Securities without registration pursuant to Rule 144 under
          the Securities Act.

               (ii) Cooperation with Holders. In connection with any sale,
          transfer or other disposition by any Holder of any Registrable
          Securities pursuant to Rule 144 under the Securities Act, the Company
          shall, to the extent permissible under applicable law, cooperate with
          such Holder to facilitate the timely preparation and delivery of
          certificates representing Registrable

                                       11
<PAGE>

          Securities to be sold and not bearing any Securities Act legend, and
          enable certificates for such Registrable Securities to be issued at
          least two business days prior to any sale of such Registrable
          Securities for such number of shares and registered in such names as
          the Holder may reasonably request upon ten (10) business days prior
          notice. The Company's obligation set forth in the previous sentence
          shall be subject to the delivery, if reasonably requested by the
          Company or its transfer agent, by counsel to such Holder (which
          counsel shall be reasonably acceptable to the Company and its transfer
          agent), in form and substance reasonably satisfactory to the Company
          and its transfer agent, of an opinion that such Securities Act legend
          need not appear on such certificate.

          (i) Selection of Managing Underwriter. In the event that a Demand
     Registration is proposed to be effected through an underwritten offering,
     the Holders participating therein who are Investcorp Investors shall have
     the right to select the managing underwriter or underwriters. With respect
     to any other registration statement covered by Section 2(a) or (b) hereof,
     the Company shall select the managing underwriter or underwriters subject
     to the consent of a majority in interest of the Sellers, which consent will
     not be unreasonably withheld.

          (j) Underwriter Cutbacks. Notwithstanding anything in this Agreement
     to the contrary and in addition to any other limitations on rights to
     participate in a registration statement hereunder:

               (A) if (x) the registration statement relates to an underwritten
          offering which includes common shares to be offered and sold for the
          account of the Company and (y) the managing underwriter of any such
          offering advises the Company in writing (with a copy to the Holders
          and the Other Rights Holders) that the total number of common shares
          which the Company, the Holders, and other Persons whose contractual
          rights (now existing or hereafter granted) give them the right to be
          included in such registration (the "Other Rights Holders") intend to
          include in such offering is sufficiently large to affect adversely the
          ability of such underwriter to complete successfully an offering that
          does not significantly and adversely impact the market price of the
          common shares being offered, then the number of common shares to be
          included in such registration statement and offering for the account
          of the Holders and the Other Rights Holders shall be reduced pro rata
          so that the aggregate amount of common shares included in such
          registration statement and offering for the account of the Holders and
          the Other Rights Holders, together with the common shares to be sold
          for the account of the Company, does not exceed the amount that such
          managing underwriter determines in good faith can be sold in such
          offering without adversely affecting the ability of such managing
          underwriter to complete successfully such offering without
          significantly and adversely affecting the market price of the common
          shares being offered; and

               (B) if (x) the registration statement relates to an underwritten
          offering which does not include common shares to be sold for the
          account of the Company and (y) the managing underwriter advises (in
          writing) the Holders and the Other Rights Holders who have requested
          that common shares be included therein that the total number of common
          shares which the Holders and the Other Rights Holders intend to
          include in such offering is sufficiently large to affect adversely the
          ability of such underwriter to complete successfully an offering that
          does not significantly and adversely affect the market price of the
          common shares being offered, then the number of common shares to be
          included in such registration statement and offering for the

                                       12
<PAGE>

          accounts of the Holders and the Other Rights Holders shall be reduced
          pro rata so that the aggregate amount of common shares included in
          such registration statement and offering for the accounts of Holders
          and the Other Rights Holders in the aggregate does not exceed the
          amount that such managing underwriters determine in good faith can be
          sold in such offering without adversely affecting the ability of such
          managing underwriter to complete successfully such offering without
          significantly and adversely affecting the market price of the common
          shares being offered.

     SECTION 3. Miscellaneous.

          (a) Notices. Any notices in connection with this Agreement shall be in
     writing and may be given by (i) personal delivery, (ii) fax, (iii)
     certified mail, return receipt requested, postage prepaid, or (iv) a
     nationally recognized overnight courier as follows: (x) if to an Initial
     Holder, at the address of such Initial Holder set forth on Schedule I (or
     such other address as such Initial Holder shall furnish the Company in
     writing to receive notices hereunder); (y) if to any other Holder, at the
     address of record for such Holder on the shareholder records of the Company
     (or such other address as such Holder shall furnish the Company in writing
     to receive notices hereunder); and (z) if to the Company, to Jostens, Inc.,
     5501 Norman Center Drive, Minneapolis, Minnesota 55437, with a copy to
     Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, New York 10166,
     Attention: E. Michael Greaney.

     Notices shall be deemed to have been given (A) when actually delivered
     (including by fax with confirmation of transmission), (B) the next business
     day if sent by overnight courier (with proof of delivery), and (C) on the
     fifth day after mailing by certified mail.

          (b) Assignability. This Agreement may not be assigned by any Holder
     under any circumstances except in connection with a transfer of Registrable
     Securities to a Permitted Assignee. As used herein, "Permitted Assignee"
     means (i) a Person to whom record ownership of Registrable Securities is
     transferred by a Holder without violation or breach of the Charter or any
     agreement restricting such transfer or (ii) any Investcorp Investor. This
     Agreement shall be binding upon the Company and its successors and upon the
     successors and Permitted Assignees of the Holders. Any Holder wishing to
     transfer Registrable Securities to a Permitted Assignee shall give at least
     ten days' advance notice of such transfer to the Company; provided that the
     failure to give such notice shall not deprive any assignee of its status as
     a "Permitted Assignee" for all purposes of this Agreement.

          (c) Amendment and Waiver. The rights of the Holders and the
     obligations the Company hereunder are subject to amendment upon the written
     consent of the Company and a majority in interest of the Holders; provided,
     however, that any amendment which would have an adverse effect on the
     rights of the DB Investors and would not similarly effect the rights of all
     other Holders shall require the approval of DB Investors holding a majority
     in interest of Registrable Securities held at such time by DB Investors.
     Any noncompliance of any provision of this Agreement by the Company may be
     waived by written consent of a majority in interest of the Holders;
     provided, however, that any such waiver which would have an adverse effect
     on the rights of the DB Investors and would not similarly effect the rights
     of all other Holders shall require the approval of DB Investors holding a
     majority in interest of Registrable Securities held at such time by DB
     Investors. Any such amendment or waiver shall be binding upon all Holders.

                                       13
<PAGE>

          (d) Governing Law. This Agreement shall be construed both as to
     validity and performance in accordance with, and governed by, the laws of
     the State of New York without regard to principles of conflict of laws of
     such jurisdiction or any other jurisdiction.

          (e) Headings; Sections. All headings and captions in this Agreement
     are for purposes of reference only and shall not be construed to limit or
     affect the substance of this Agreement. All references to Section in this
     Agreement refer to Sections of this Agreement, unless the context otherwise
     expressly provides.

          (f) Entire Agreement. This Agreement contains, and is intended as, a
     complete statement of all the terms of the arrangements provided for
     herein, and supersedes any previous agreements and understandings with
     respect to such arrangements.

          (g) Specific Performance. The Company acknowledges and agrees that in
     the event of any breach of this Agreement by the Company, the Holders would
     be irreparably harmed and could not be made whole by monetary damages.
     Accordingly, the Company hereby agrees that in addition to any other remedy
     to which the Holders may be entitled at law or in equity, the Holders shall
     be entitled to compel specific performance of this Agreement in any action
     instituted in any court of the United States or any state thereof having
     subject matter jurisdiction for such action.

                                       14
<PAGE>

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

                                       JOSTENS, INC.,
                                            a Minnesota corporation

                                       By: /s/ Lee U. McGrath
                                           -------------------------------------
                                           Name:  Lee U. McGrath
                                           Title: Vice President and Treasurer

                                       15
<PAGE>

                                   Schedule I

                                 Initial Holders

<TABLE>
<CAPTION>

       Name                        Address                                      Shares
       ----                        -------                                      ------
<S>                         <C>                                        <C>
Ballet Limited              West Wind Building                         1,840 shares of Class D
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Denary Limited              West Wind Building                         1,840 shares of Class D
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Gleam Limited               West Wind Building                         1,840 shares of Class D
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Highlands Limited           West Wind Building                         1,840 shares of Class D
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Noble Limited               West Wind Building                         1,840 shares of Class D
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Outrigger Limited           West Wind Building                         1,840 shares of Class D
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

</TABLE>
<PAGE>

<TABLE>
<CAPTION>

<S>                         <C>                                        <C>
Quill Limited               West Wind Building                         1,840 shares of Class D
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Radial Limited              West Wind Building                         1,840 shares of Class D
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Shoreline Limited           West Wind Building                         1,840 shares of Class D
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Zinnia Limited              West Wind Building                         1,840 shares of Class D
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Investcorp Investments      West Wind Building                         1,600 shares of Class D
Equity Limited              P.O. Box 1111                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Averill Limited             West Wind Building                         1,325,000 shares of Class B
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Cloquet Limited             West Wind Building                         1,325,000 shares of Class B
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Fridley Limited             West Wind Building                         1,325,000 shares of Class B
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.
</TABLE>

                                       17
<PAGE>

<TABLE>
<CAPTION>

<S>                         <C>                                        <C>
Paynesville Limited         West Wind Building                         1,325,000 shares of Class B
                            P.O. Box 2197                              Common Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

Saturn Equity Limited       West Wind Building                         811,020 shares of Class C
                            P.O. Box 2197                              Comon Stock
                            George Town, Grand Cayman
                            Cayman Islands, B.W.I.

DB Capital Investors, L.P.  130 Liberty Street, 25th Floor             590,000 shares of Class A
                            New York, New York 10006                   Common Stock

                                                                       1,346,036 shares of Class E
                                                                       Common Stock

                                                                       Warrants to purchase 531,325 shares
                                                                       of Class E Common Stock

First Union Leveraged       One First Union Center, 5th Floor          198,019 shares of Class A
Capital, LLC                301 South College Street                   Common Stock
                            Charlotte, North Carolina 28288

</TABLE>

                                       18<PAGE>

                                                                    EXHIBIT 4.12

                                  JOSTENS, INC.

                           225,000 Units Consisting of
             $225,000,000 12 3/4% Senior Subordinated Notes due 2010
                     and Warrants to Purchase 425,060 Shares
                             of Class E Common Stock

                               PURCHASE AGREEMENT
                               ------------------

                                                                     May 5, 2000

DEUTSCHE BANK SECURITIES INC.
UBS WARBURG LLC
GOLDMAN, SACHS & CO.
c/o Deutsche Bank Securities Inc.
    130 Liberty Street
    New York, New York  10006

Ladies and Gentlemen:

     Jostens, Inc., a Minnesota corporation (the "Company"), and American
Yearbook Company, Inc., a Kansas corporation (the "Guarantor"), hereby confirm
their agreement with you (the "Initial Purchasers"), as set forth below.

     1. The Securities. The Company proposes to issue and sell to the Initial
Purchasers 225,000 Units (the "Units") consisting of $225,000,000 aggregate
principal amount of its 12 3/4% Senior Subordinated Notes due 2010 (the "Notes")
and Warrants (the "Warrants") to purchase 425,060 shares of the Company's Class
E Common Stock, par value $0.01 per share (the "Warrant Shares"), determined on
a fully diluted basis as of the Closing Date (as defined herein). The Notes will
be unconditionally guaranteed (the "Guarantee") on a senior subordinated basis
by the Guarantor. The Units, the Notes, the Guarantee and the Warrants are
collectively referred to herein as the "Initial Securities." The Initial
Securities and the Warrant Shares are collectively referred to herein as the
"Securities."
<PAGE>

                                      -2-

     The Notes and Guarantee are to be issued under an indenture (the
"Indenture") to be dated as of the Closing Date by and among the Company, the
Guarantor and The Bank of New York, as Trustee (the "Trustee"). The Warrants
will be issued pursuant to a warrant agreement (the "Warrant Agreement") to be
dated as of the Closing Date by and between the Company and The Bank of New
York, as warrant agent (the "Warrant Agent").

     The Units will be offered and sold to the Initial Purchasers without being
registered under the Securities Act of 1933, as amended (the "Act"), in reliance
on exemptions therefrom.

     In connection with the sale of the Units, the Company has prepared a
preliminary offering memorandum dated April 17, 2000 (the "Preliminary
Memorandum") and a final offering memorandum dated May 5, 2000 (the "Final
Memorandum"; the Preliminary Memorandum and the Final Memorandum each herein
being referred to as a "Memorandum") setting forth or including a description of
the terms of the Units, the terms of the offering of the Units, a description of
the Company and any material developments relating to the Company occurring
after the date of the most recent historical financial statements included
therein.

     The Initial Purchasers and their direct and indirect transferees of the
Notes and Guarantee will be entitled to the benefits of the Registration Rights
Agreement, substantially in the form attached hereto as Exhibit A (the
"Registration Rights Agreement"), pursuant to which the Company and the
Guarantor will agree, among other things, to file a registration statement (the
"Registration Statement") with the Securities and Exchange Commission (the
"Commission") registering the Notes and/or the Exchange Notes (as defined in the
Registration Rights Agreement) under the Act.

     Holders (including subsequent transferees) of Warrants and Warrant Shares
will have the registration rights with respect to the Warrants and Warrant
Shares set forth in a registration rights agreement (the "Warrant Registration
Rights Agreement") between the Company and the Initial Purchasers to be dated as
of the Closing Date, and in form and substance satisfactory to the Initial
Purchasers and conforming to the description thereof in the Final Memorandum.

     This Agreement, the Securities, the Exchange Notes, the Indenture, the
Registration Rights Agreement, the Warrant Agreement and the Warrant
Registration Rights Agreement are hereinafter sometimes referred to collectively
as the "Unit Documents."

     The Units are being sold in connection with (i) the consummation of a
merger (the "Merger") of Saturn Acquisition Corporation with and into the
Company, pursuant to an Agreement and Plan of Merger dated as of December 27,
1999 (the "Merger Agreement"), and (ii) the repayment of all of the Company's
existing debt (the "Debt Refinancing"). In addition, the Company will (i) enter
into a credit agreement (the "Credit Agreement") with
<PAGE>

                                      -3-

The Chase Manhattan Bank, as administrative agent, and certain lenders thereto
whereby the Company will borrow $485 million in term loans in connection with
the Merger and related transactions and have available a $150 million revolving
credit facility and (ii) issue and sell redeemable preferred stock and warrants
to purchase common stock of the Company, for aggregate gross proceeds of $60
million (the "Preferred Stock Investment").

     The offering of the Units, the Merger, the Debt Refinancing, the borrowings
under the Credit Agreement on the Closing Date (as defined below) and the
Preferred Stock Investment are collectively referred to as the
"Recapitalization."

     The Unit Documents, the Credit Agreement and the Credit Documents (as
defined in the Credit Agreement), the Merger Agreement and the certificate of
designation, warrant agreement, purchase agreement, preferred stock registration
rights agreement and common stock registration rights agreement relating to the
Preferred Stock Investment (the "Preferred Stock Investment Documents") are
collectively referred to herein as the "Recapitalization Documents."

     2. Representations and Warranties. The Company and the Guarantor, jointly
and severally, represent and warrant to and agree with each of the Initial
Purchasers that:

          (a) Neither the Preliminary Memorandum as of the date thereof nor the
     Final Memorandum nor any amendment or supplement thereto as of the date
     thereof and at all times subsequent thereto up to the Closing Date (as
     defined in Section 3 below) contained or contains any untrue statement of a
     material fact or omitted or omits to state a material fact necessary to
     make the statements therein, in the light of the circumstances under which
     they were made, not misleading, except that the representations and
     warranties set forth in this Section 2(a) do not apply to statements or
     omissions made in reliance upon and in conformity with information relating
     to any of the Initial Purchasers furnished to the Company and the Guarantor
     in writing by the Initial Purchasers expressly for use in the Preliminary
     Memorandum, the Final Memorandum or any amendment or supplement thereto, as
     the case may be.

          (b) The Company has prepared and filed with the Commission in
     accordance with the Securities Exchange Act of 1934, as amended (the
     "Exchange Act"), a proxy statement and form of proxy relating to a special
     meeting of the Company's stockholders (the "Stockholders Meeting") at which
     the Company's stockholders will be asked to approve the Merger Agreement.
     As used in this Agreement, the term "Proxy Statement" means the definitive
     proxy statement and form of proxy, including any annexes, financial
     statements and schedules, and any amendments or supplements thereto in the
     form filed with the Commission pursuant to Rule 14a-6(b) under the Exchange
     Act.
<PAGE>

                                      -4-

          (c) The Proxy Statement complied and will comply, on the date that the
     Proxy Statement was mailed to the Company's stockholders and on the date of
     the Stockholders Meeting, in all material respects with the provisions of
     the Exchange Act, and the Proxy Statement at such times and on the Closing
     Date did not and will not, as the case may be, contain any untrue statement
     of a material fact or omit to state a material fact necessary to make the
     statements therein, in light of the circumstances under which they were
     made, not misleading.

          (d) After giving effect to the Recapitalization, the Company will have
     the authorized, issued and outstanding capitalization set forth in the
     Final Memorandum under the heading "Capitalization" and "Description of
     Capital Stock"; all of the subsidiaries of the Company are listed in
     Schedule 2 attached hereto (each, a "Subsidiary" and collectively, the
     "Subsidiaries"); all of the outstanding shares of capital stock of the
     Company and the Subsidiaries have been, and as of the Closing Date will be,
     duly authorized and validly issued, are fully paid and nonassessable and
     were not issued in violation of any preemptive or similar rights; except as
     disclosed in the Final Memorandum, all of the outstanding shares of capital
     stock of each of the Subsidiaries are owned by the Company free and clear
     of all liens, encumbrances, equities and claims or restrictions on
     transferability (other than those imposed by the Act and the securities or
     "Blue Sky" laws of certain jurisdictions and the Credit Agreement) or
     voting; except as set forth in the Final Memorandum and except for certain
     warrants in favor of Investcorp S.A. or its affiliates that will be
     exercisable for Class B common stock of the Company to the extent an equal
     number of shares of such Class B common stock is being redeemed
     contemporaneously, there are no (i) options, warrants or other rights to
     purchase, (ii) agreements or other obligations to issue or (iii) other
     rights to convert any obligation into, or exchange any securities for,
     shares of capital stock of or ownership interests in the Company or any of
     the Subsidiaries outstanding. Except for the Subsidiaries or as disclosed
     in the Final Memorandum, the Company does not own, directly or indirectly,
     any shares of capital stock or any other equity or long-term debt
     securities or have any equity interest in any firm, partnership, joint
     venture or other entity.

          (e) Each of the Company and the Subsidiaries is duly incorporated,
     validly existing and in good standing under the laws of its respective
     jurisdiction of incorporation and has all requisite corporate power and
     authority to own its properties and conduct its business as now conducted
     and as described in the Final Memorandum; each of the Company and the
     Subsidiaries is duly qualified to do business as a foreign corporation in
     good standing in all other jurisdictions where the ownership or leasing of
     its properties or the conduct of its business requires such qualification,
     except where the failure to be so qualified would not, individually or in
     the aggregate, have (i) a material adverse effect on the business,
     financial condition or results of operations of the Company and the
     Subsidiaries, taken as a whole, or (ii) an
<PAGE>

                                      -5-

     adverse effect on the ability of the Company or any Subsidiary to perform
     any of its material obligations under any of the Recapitalization Documents
     to which it is or will be a party or to consummate the Recapitalization
     (any such event, a "Material Adverse Effect").

          (f) The Company has all requisite corporate power and authority to
     execute, deliver and perform each of its obligations under the Notes, the
     Exchange Notes and the Private Exchange Notes (as defined in the
     Registration Rights Agreement). The Notes, the Exchange Notes and the
     Private Exchange Notes, when issued, will be in the form contemplated by
     the Indenture. The Notes, the Exchange Notes and the Private Exchange Notes
     have each been duly and validly authorized by the Company and, when
     executed by the Company and authenticated by the Trustee in accordance with
     the provisions of the Indenture and, in the case of the Notes, when
     delivered to and paid for by the Initial Purchasers in accordance with the
     terms of this Agreement, will constitute valid and legally binding
     obligations of the Company, entitled to the benefits of the Indenture, and
     enforceable against the Company in accordance with their terms, except that
     the enforcement thereof may be subject to (i) bankruptcy, insolvency,
     reorganization, moratorium or other similar laws now or hereafter in effect
     relating to creditors' rights generally, and (ii) general principles of
     equity and the discretion of the court before which any proceeding therefor
     may be brought.

          (g) The Guarantor has all requisite corporate power and authority to
     execute, deliver and perform each of its obligations under the Guarantee
     and the guarantee of the Exchange Notes and Private Exchange Notes. The
     Guarantee and the guarantee of the Exchange Notes and the Private Exchange
     Notes, when issued, will be in the form contemplated by the Indenture. The
     Guarantee and the guarantee of the Exchange Notes and Private Exchange
     Notes have been duly and validly authorized by the Guarantor and, when
     executed by the Guarantor and delivered in accordance with the provisions
     of the Indenture, will constitute valid and legally binding obligations of
     the Guarantor, entitled to the benefits of the Indenture and enforceable
     against the Guarantor in accordance with their terms, except that the
     enforcement thereof may be subject to (i) bankruptcy, insolvency,
     reorganization, moratorium or other similar laws now or hereafter in effect
     relating to creditors' rights generally, and (ii) general principles of
     equity and the discretion of the court before which any proceeding therefor
     may be brought.

          (h) Each of the Company and the Guarantor has all requisite corporate
     power and authority to execute, deliver and perform its obligations under
     the Indenture. The Indenture meets the requirements for qualification under
     the Trust Indenture Act of 1939, as amended (the "TIA"). The Indenture has
     been duly and validly authorized by the Company and the Guarantor and, when
     executed and
<PAGE>

                                      -6-

     delivered by the Company and the Guarantor (assuming the due authorization,
     execution and delivery by the Trustee), will constitute a valid and legally
     binding agreement of the Company and the Guarantor, enforceable against the
     Company and the Guarantor in accordance with its terms, except that the
     enforcement thereof may be subject to (i) bankruptcy, insolvency,
     reorganization, moratorium or other similar laws now or hereafter in effect
     relating to creditors' rights generally and (ii) general principles of
     equity and the discretion of the court before which any proceeding therefor
     may be brought.

          (i) Each of the Company and the Guarantor has all requisite corporate
     power and authority to execute, deliver and perform its obligations under
     the Registration Rights Agreement. The Registration Rights Agreement has
     been duly and validly authorized by the Company and the Guarantor and, when
     executed and delivered by the Company and the Guarantor, will constitute a
     valid and legally binding agreement of the Company and the Guarantor
     enforceable against the Company and the Guarantor in accordance with its
     terms, except that (A) the enforcement thereof may be subject to (i)
     bankruptcy, insolvency, reorganization, moratorium or other similar laws
     now or hereafter in effect relating to creditors' rights generally and (ii)
     general principles of equity and the discretion of the court before which
     any proceeding therefor may be brought and (B) any rights to indemnity or
     contribution thereunder may be limited by federal and state securities laws
     and public policy considerations.

          (j) The Company has all requisite corporate power and authority to
     execute, deliver and perform its obligations under the Warrant Agreement.
     The Warrant Agreement has been duly and validly authorized by the Company
     and, when executed and delivered by the Company (assuming the due
     authorization, execution and delivery thereof by the Warrant Agent), will
     constitute a valid and legally binding agreement of the Company,
     enforceable against the Company in accordance with its terms, except that
     the enforcement thereof may be subject to (i) bankruptcy, insolvency,
     reorganization, moratorium or other similar laws now or hereafter in effect
     relating to creditors' rights generally and (ii) general principles of
     equity and the discretion of the court before which any proceedings
     therefor may be brought.

          (k) The Company has all requisite corporate power and authority to
     execute, deliver and perform its obligations under the Warrants and the
     Warrant Shares. The Warrants and the Warrant Shares have been duly and
     validly authorized for issuance and sale by the Company. The Warrants, when
     issued, authenticated and delivered by the Company against payment by the
     Initial Purchasers in accordance with the terms of this Agreement and the
     Warrant Agreement, will constitute valid and legally binding obligations of
     the Company, entitled to the benefits of the Warrant Agreement and
     enforceable against the Company in accordance with their terms,
<PAGE>

                                      -7-

     except that the enforcement thereof may be subject to (i) bankruptcy,
     insolvency, reorganization, moratorium or other similar laws now or
     hereafter in effect relating to creditors' rights generally and (ii)
     general principles of equity and the discretion of the court before which
     any proceedings therefor may be brought. When issued in accordance with the
     terms and conditions contained in the Warrant Agreement, upon exercise of
     the Warrants, the Warrant Shares will be duly authorized, validly issued,
     fully paid and nonassessable and will not be subject to any preemptive or
     similar rights. The Warrant Shares have been duly reserved for issuance in
     accordance with the terms of the Warrants and the Warrant Agreement.

          (l) The Company has all requisite corporate power and authority to
     execute, deliver and perform its obligations under the Warrant Registration
     Rights Agreement. The Warrant Registration Rights Agreement has been duly
     and validly authorized by the Company and, when duly executed and delivered
     by the Company, will constitute a valid and legally binding agreement of
     the Company, enforceable against the Company in accordance with its terms,
     except that (A) the enforceability thereof may be subject to (i)
     bankruptcy, insolvency, reorganization, moratorium or other similar laws
     now or hereafter in effect relating to creditors' rights generally and (ii)
     general principles of equity and the discretion of the court before which
     any proceedings therefor may be brought and (B) any rights to indemnity or
     contribution thereunder may be limited by federal and state securities laws
     and public policy considerations.

          (m) Each of the Company and the Guarantor has all requisite corporate
     power and authority to execute, deliver and perform its obligations under
     the Credit Agreement. The Credit Agreement has been duly and validly
     authorized by the Company and the Guarantor and, when executed and
     delivered by the Company and the Guarantor (assuming the due authorization,
     execution and delivery by the other parties thereto), will constitute a
     valid and legally binding agreement of the Company and the Guarantor,
     enforceable against the Company and the Guarantor in accordance with its
     terms, except that the enforcement thereof may be subject to (i)
     bankruptcy, insolvency, reorganization, moratorium or other similar laws
     now or hereafter in effect relating to creditors' rights generally and (ii)
     general principles of equity and the discretion of the court before which
     any proceeding therefor may be brought.

          (n) Each of the Company and the Guarantor has all requisite corporate
     power and authority to execute, deliver and perform its obligations under
     this Agreement and to consummate the Recapitalization. This Agreement and
     the consummation by the Company and the Guarantor of the Recapitalization
     have been duly and validly authorized by the Company and the Guarantor.
     This Agreement has been duly executed and delivered by the Company and the
     Guarantor.
<PAGE>

                                      -8-

          (o) Assuming the accuracy of the representations and warranties of the
     Initial Purchasers and compliance by the Initial Purchasers with the
     covenants set forth in Section 8 hereof, no consent, approval,
     authorization or order of any court or governmental agency or body, or
     third party is required for the issuance and sale by the Company and the
     Guarantor of the Initial Securities to the Initial Purchasers or the
     consummation by the Company and the Guarantor of the Recapitalization,
     except such as have been obtained and such as may be required under state
     securities or "Blue Sky" laws in connection with the purchase and resale of
     the Initial Securities by the Initial Purchasers and except for approval by
     the Company's stockholders of the Merger. None of the Company or the
     Subsidiaries is (i) in violation of its certificate of incorporation or
     bylaws (or similar organizational document), (ii) in breach or violation of
     any statute, judgment, decree, order, rule or regulation applicable to any
     of them or any of their respective properties or assets, except for any
     such breach or violation which would not, individually or in the aggregate,
     have a Material Adverse Effect, or (iii) in breach of or default under (nor
     has any event occurred which, with notice or passage of time or both, would
     constitute a default under) or in violation of any of the terms or
     provisions of any indenture, mortgage, deed of trust, loan agreement, note,
     merger agreement, lease, license, franchise agreement, permit, certificate,
     contract or other agreement or instrument to which any of them is a party
     or to which any of them or their respective properties or assets is subject
     (collectively, "Contracts"), except for any such breach, default, violation
     or event which would not, individually or in the aggregate, have a Material
     Adverse Effect.

          (p) The execution, delivery and performance by the Company and the
     Guarantor of the Recapitalization Documents and the consummation by the
     Company and the Guarantor of the transactions contemplated thereby
     (including, without limitation, the issuance and sale of the Initial
     Securities to the Initial Purchasers and the other components of the
     Recapitalization) will not constitute or result in a breach of or a default
     under (or an event which with notice or passage of time or both would
     constitute a default under) or violation of any of (i) the terms or
     provisions of any Contract, except for any such breach, violation, default
     or event which would not, individually or in the aggregate, have a Material
     Adverse Effect, (ii) the certificate of incorporation or bylaws (or similar
     organizational document) of the Company or any of the Subsidiaries, or
     (iii) (assuming compliance with all applicable state securities or "Blue
     Sky" laws and assuming the accuracy of the representations and warranties
     of the Initial Purchasers and compliance by the Initial Purchasers with the
     covenants set forth in Section 8 hereof) any statute, judgment, decree,
     order, rule or regulation applicable to the Company or any of the
     Subsidiaries or any of their respective properties or assets, except for
     any such breach or violation which would not, individually or in the
     aggregate, have a Material Adverse Effect.
<PAGE>

                                      -9-

          (q) The consolidated financial statements of the Company and the
     Subsidiaries included in the Final Memorandum present fairly in all
     material respects the financial position, results of operations and cash
     flows of the Company and the Subsidiaries at the dates and for the periods
     to which they relate and have been prepared in accordance with generally
     accepted accounting principles applied on a consistent basis, except as
     otherwise stated therein. The summary and selected financial and
     statistical data in the Final Memorandum present fairly in all material
     respects the information shown therein and have been prepared and compiled
     on a basis consistent with the consolidated financial statements included
     therein, except as otherwise stated therein. Ernst & Young LLP (the
     "Independent Accountants") is an independent public accounting firm within
     the meaning of the Act and the rules and regulations promulgated
     thereunder.

          (r) The pro forma financial statements (including the notes thereto)
     and the other pro forma financial information included in the Final
     Memorandum (i) comply as to form in all material respects with the
     applicable requirements of Regulation S-X promulgated under the Exchange
     Act, (ii) have been prepared in accordance with the Commission's rules and
     guidelines with respect to pro forma financial statements, and (iii) have
     been properly computed on the bases described therein; the assumptions used
     in the preparation of the pro forma financial data and other pro forma
     financial information included in the Final Memorandum are reasonable and
     the adjustments used therein are appropriate to give effect to the
     transactions or circumstances referred to therein.

          (s) Except as set forth in the Final Memorandum, there is not pending
     or, to the knowledge of the Company, threatened any action, suit,
     proceeding, inquiry or investigation to which the Company or any of the
     Subsidiaries is a party, or to which the property or assets of the Company
     or any of the Subsidiaries is subject, before or brought by any court,
     arbitrator or governmental agency or body which would reasonably be
     expected, individually or in the aggregate, to have a Material Adverse
     Effect or which seeks to restrain, enjoin, prevent the consummation of or
     otherwise challenge the issuance or sale of the Initial Securities to be
     sold hereunder or the consummation of any other component of the
     Recapitalization.

          (t) Each of the Company and the Subsidiaries possesses all licenses,
     permits, certificates, consents, orders, approvals and other authorizations
     from, and has made all declarations and filings with, all federal, state,
     local and other governmental authorities, all self-regulatory organizations
     and all courts and other tribunals, presently required or necessary to own
     or lease, as the case may be, and to operate its respective properties and
     to carry on its respective businesses as now or proposed to be conducted as
     set forth in the Final Memorandum ("Permits"), except where the failure to
     obtain such Permits would not, individually or in the aggregate,
<PAGE>

                                      -10-

     reasonably be expected to have a Material Adverse Effect. Each of the
     Company and the Subsidiaries has fulfilled and performed all of its
     obligations with respect to such Permits and no event has occurred which
     allows, or after notice or lapse of time would allow, revocation or
     termination thereof or results in any other material impairment of the
     rights of the holder of any such Permit, and none of the Company or the
     Subsidiaries has received any notice of any proceeding relating to
     revocation or modification of any such Permit, except, in each case, (i) as
     described in the Final Memorandum and (ii) where any nonfulfillment or
     nonperformance of such revocation or modification would not, individually
     or in the aggregate, have a Material Adverse Effect.

          (u) Since the date of the most recent financial statements appearing
     in the Final Memorandum, except as described therein, (i) none of the
     Company or the Subsidiaries has incurred any liabilities or obligations,
     direct or contingent, or entered into or agreed to enter into any
     transactions or contracts (written or oral) not in the ordinary course of
     business which liabilities, obligations, transactions or contracts would,
     individually or in the aggregate, be material to the business, financial
     condition or results of operations of the Company and its Subsidiaries,
     taken as a whole, (ii) none of the Company or the Subsidiaries has
     purchased any of its outstanding capital stock, nor declared, paid or
     otherwise made any dividend or distribution of any kind on its capital
     stock (other than (a) with respect to any of such Subsidiaries, the
     purchase of, or dividend or distribution on, capital stock owned by the
     Company and (b) the dividend paid on March 1, 2000) and (iii) there shall
     not have been any material change in the capital stock or long-term
     indebtedness of the Company and the Subsidiaries taken as a whole.

          (v) Each of the Company and the Subsidiaries has filed all necessary
     federal, state and foreign income and franchise tax returns, except where
     the failure to so file such returns would not, individually or in the
     aggregate, have a Material Adverse Effect, and has paid all taxes shown as
     due thereon; and other than tax deficiencies which the Company or any
     Subsidiary is contesting in good faith and for which the Company or such
     Subsidiary has provided adequate reserves, there is no tax deficiency that
     has been asserted against the Company or any of the Subsidiaries that would
     have, individually or in the aggregate, a Material Adverse Effect.

          (w) The statistical and market-related data included in the Final
     Memorandum are based on or derived from sources which the Company and the
     Subsidiaries believe to be reliable and accurate.

          (x) None of the Company, the Subsidiaries or any agent acting on their
     behalf has taken or will take any action that might cause this Agreement or
     the sale of the Units to violate Regulation T, U or X of the Board of
     Governors of the Federal
<PAGE>

                                      -11-

     Reserve System, in each case as in effect, or as the same may hereafter be
     in effect, on the Closing Date.

          (y) Each of the Company and the Subsidiaries has good and marketable
     title to all real property and good title to all personal property
     described in the Final Memorandum as being owned by it and good and
     marketable title to a leasehold estate in the real and personal property
     described in the Final Memorandum as being leased by it free and clear of
     all liens, charges, encumbrances or restrictions, except as described in
     the Final Memorandum or to the extent the failure to have such title or the
     existence of such liens, charges, encumbrances or restrictions would not,
     individually or in the aggregate, reasonably be expected to have a Material
     Adverse Effect. All leases, contracts and agreements to which the Company
     or any of the Subsidiaries is a party or by which any of them is bound are
     valid and enforceable against the Company or such Subsidiary, and are valid
     and enforceable against the other party or parties thereto and are in full
     force and effect with only such exceptions as would not, individually or in
     the aggregate, reasonably be expected to have a Material Adverse Effect.
     The Company and the Subsidiaries own or possess adequate licenses or other
     rights to use all patents, trademarks, service marks, trade names,
     copyrights and know-how necessary to conduct the businesses now or proposed
     to be operated by them as described in the Final Memorandum, except where
     the failure to so own or possess any of the foregoing would not,
     individually or in the aggregate, reasonably be expected to have a Material
     Adverse Effect and none of the Company or the Subsidiaries has received any
     notice of infringement of, or conflict with (or knows of any such
     infringement of or conflict with), asserted rights of others with respect
     to any patents, trademarks, service marks, trade names, copyrights or
     know-how which, if such assertion of infringement or conflict were
     sustained, would reasonably be expected to have a Material Adverse Effect.

          (z) There are no legal or governmental proceedings involving or
     affecting the Company or any Subsidiary or any of their respective
     properties or assets which would be required to be described in a
     prospectus pursuant to the Act that are not described in the Final
     Memorandum, nor are there any material contracts or other documents which
     would be required to be described in a prospectus pursuant to the Act that
     are not described in the Final Memorandum.

          (aa) Except as set forth in the Final Memorandum or except as would
     not, individually or in the aggregate, reasonably be expected to have a
     Material Adverse Effect (A) each of the Company and the Subsidiaries is in
     compliance with and not subject to liability under applicable Environmental
     Laws (as defined below), (B) each of the Company and the Subsidiaries has
     made all filings and provided all notices required under any applicable
     Environmental Law, and has and is in compliance with all Permits required
     under any applicable Environmental Laws and each of them is in
<PAGE>

                                      -12-

     full force and effect, (C) there is no civil, criminal or administrative
     action, suit, demand, claim, hearing, notice of violation, investigation,
     proceeding, notice or demand letter or request for information pending or,
     to the knowledge of the Company or any of the Subsidiaries, threatened
     against the Company or any of the Subsidiaries under any Environmental Law,
     (D) no lien, charge, encumbrance or restriction has been recorded under any
     Environmental Law with respect to any assets, facility or property owned,
     operated, leased or controlled by the Company or any of the Subsidiaries,
     (E) none of the Company or the Subsidiaries has received notice that it has
     been identified as a potentially responsible party under the Comprehensive
     Environmental Response, Compensation and Liability Act of 1980, as amended
     ("CERCLA"), or any comparable state law, (F) no property or facility of the
     Company or any of the Subsidiaries is (i) listed or proposed for listing on
     the National Priorities List under CERCLA or (ii) listed in the
     Comprehensive Environmental Response, Compensation, Liability Information
     System List promulgated pursuant to CERCLA, or on any comparable list
     maintained by any state or local governmental authority.

          For purposes of this Agreement, "Environmental Laws" means the common
     law and all applicable federal, state, local and foreign laws or
     regulations, codes, orders, decrees, judgments or injunctions issued,
     promulgated, approved or entered thereunder, relating to pollution or
     protection of the environment, including, without limitation, laws relating
     to (i) emissions, discharges, releases or threatened releases of hazardous
     materials into the environment (including, without limitation, ambient air,
     surface water, ground water, land surface or subsurface strata), (ii) the
     manufacture, processing, distribution, use, generation, treatment, storage,
     disposal, transport or handling of hazardous materials, and (iii)
     underground and aboveground storage tanks and related piping, and
     emissions, discharges, releases or threatened releases therefrom.

          (bb) There is no strike, labor dispute, slowdown or work stoppage with
     the employees of the Company or any of the Subsidiaries which is pending
     or, to the knowledge of the Company or any of the Subsidiaries, threatened.

          (cc) Each of the Company and the Subsidiaries carries insurance in
     such amounts and covering such risks as is consistent with industry
     practice to protect the Company and its Subsidiaries and their respective
     businesses.

          (dd) None of the Company or the Subsidiaries has any material
     liability for any prohibited transaction or funding deficiency or any
     complete or partial withdrawal liability with respect to any pension,
     profit sharing or other plan which is subject to the Employee Retirement
     Income Security Act of 1974, as amended ("ERISA"), to which the Company or
     any of the Subsidiaries makes (or within the preceding six years has made)
     a contribution and in which any employee of the Company or of any
     Subsidiary
<PAGE>

                                      -13-

     is or has ever been a participant. With respect to such plans, the Company
     and each Subsidiary is in compliance in all material respects with all
     applicable provisions of ERISA.

          (ee) Except as stated in the Final Memorandum, the Company knows of no
     outstanding claims for service in the nature of a finder's fee, financial
     advisory fee, origination fee or similar fee, with respect to the
     Recapitalization.

          (ff) As of the Closing Date, each of the representations and
     warranties of the Company and the Subsidiaries set forth in the Credit
     Agreement will be true and correct as if made at and as of such date (other
     than to the extent any such representation or warranty is expressly made as
     to only a certain other date).

          (gg) Each of the Company and the Subsidiaries (i) makes and keeps
     accurate books and records and (ii) maintains internal accounting controls
     which provide reasonable assurance that (A) transactions are executed in
     accordance with management's authorization, (B) transactions are recorded
     as necessary to permit preparation of its financial statements and to
     maintain accountability for its assets, (C) access to its assets is
     permitted only in accordance with management's authorization and (D) the
     reported accountability for its assets is compared with existing assets at
     reasonable intervals.

          (hh) None of the Company or the Subsidiaries is now, or after giving
     effect to the Recapitalization will be, an "investment company" as such
     term is defined in the Investment Company Act of 1940, as amended, and the
     rules and regulations thereunder.

          (ii) Each of the Recapitalization Documents conforms or will conform
     in all material respects to the description thereof in the Final
     Memorandum.

          (jj) No holder of securities of the Company or any Subsidiary will be
     entitled to have such securities registered under the registration
     statements required to be filed by the Company and the Guarantor pursuant
     to the Registration Rights Agreement or the Warrant Registration Rights
     Agreement other than as expressly permitted thereby.

          (kk) Immediately after the consummation of the Recapitalization, the
     fair value and present fair saleable value of the assets of each of the
     Company and the Guarantor (each on a consolidated basis) will exceed the
     sum of its stated liabilities and identified contingent liabilities; none
     of the Company or the Guarantor (each on a consolidated basis) is, nor will
     any of the Company or the Guarantor (each on a consolidated basis) be,
     after giving effect to the execution, delivery and performance of this
     Agreement, and the consummation of the transactions contemplated hereby,
<PAGE>

                                      -14-

     (a) left with unreasonably small capital with which to carry on its
     business as it is proposed to be conducted, (b) unable to pay its debts
     (contingent or otherwise) as they mature or (c) otherwise insolvent.

          (ll) None of the Company, the Subsidiaries or any of their respective
     Affiliates (as defined in Rule 501(b) of Regulation D under the Act) has
     directly, or through any agent, (i) sold, offered for sale, solicited
     offers to buy or otherwise negotiated in respect of any "security" (as
     defined in the Act) which is or could be integrated with the sale of the
     Initial Securities in a manner that would require the registration under
     the Act of any of the Initial Securities or (ii) engaged in any form of
     general solicitation or general advertising (as those terms are used in
     Regulation D under the Act) in connection with the offering of the Initial
     Securities or in any manner involving a public offering within the meaning
     of Section 4(2) of the Act. Assuming the accuracy of the representations
     and warranties of the Initial Purchasers and compliance by the Initial
     Purchasers with the covenants set forth in Section 8 hereof, it is not
     necessary in connection with the offer, sale and delivery of the Initial
     Securities to the Initial Purchasers in the manner contemplated by this
     Agreement to register any of the Initial Securities under the Act or to
     qualify the Indenture under the TIA.

          (mm) No securities of the Company or any Subsidiary are of the same
     class (within the meaning of Rule 144A under the Act) as any of the Initial
     Securities and listed on a national securities exchange registered under
     Section 6 of the Exchange Act, or quoted in a U.S. automated inter-dealer
     quotation system.

          (nn) None of the Company or the Subsidiaries has taken, nor will any
     of them take, directly or indirectly, any action designed to, or that might
     be reasonably expected to, cause or result in stabilization or manipulation
     of the price of any of the Initial Securities.

          (oo) None of the Company, the Subsidiaries, any of their respective
     Affiliates or any person acting on its or their behalf (other than the
     Initial Purchasers) has engaged in any directed selling efforts (as that
     term is defined in Regulation S under the Act ("Regulation S")) with
     respect to the Initial Securities; the Company, the Subsidiaries and their
     respective Affiliates and any person acting on its or their behalf (other
     than the Initial Purchasers) have complied with the offering restrictions
     requirement of Regulation S.

          (pp) As of the Closing Date, the Company will have delivered to the
     Initial Purchasers a true and correct copy of each of the Recapitalization
     Documents, together with all related agreements and all schedules and
     exhibits thereto, and there shall have been no material amendments,
     alterations, modifications and waivers as to which the Initial Purchasers
     have not been advised in writing; and there exists as of the Closing
<PAGE>

                                      -15-

     Date (after giving effect to the Recapitalization) no event or condition
     which would constitute a default or an event of default (in each case as
     defined in each of the Recapitalization Documents) under any of the
     Recapitalization Documents which, individually or in the aggregate, would
     reasonably be expected to have a Material Adverse Effect.

     Any certificate signed by any officer of the Company or any Subsidiary and
delivered to any Initial Purchaser or to counsel for the Initial Purchasers
shall be deemed a joint and several representation and warranty by the Company
and each of the Subsidiaries to each Initial Purchaser as to the matters covered
thereby.

     3. Purchase, Sale and Delivery of the Units. On the basis of the
representations, warranties, agreements and covenants herein contained, the
Company agrees to issue and sell to the Initial Purchasers and, on the basis of
the representations, warranties, agreements and covenants herein contained and
subject to the terms and conditions herein set forth, the Initial Purchasers,
acting severally and not jointly, agree to purchase the number of Units set
forth opposite such Initial Purchaser's name on Schedule 1 hereto from the
Company at a price of $930.6471 per Unit. One or more certificates in definitive
form for the Initial Securities that the Initial Purchasers have agreed to
purchase hereunder, and in such denomination or denominations and registered in
such name or names as the Initial Purchasers request upon notice to the Company
at least 36 hours prior to the Closing Date, shall be delivered by or on behalf
of the Company to the Initial Purchasers, against payment by or on behalf of the
Initial Purchasers of the purchase price therefor by wire transfer (same day
funds), to such account or accounts as the Company shall specify prior to the
Closing Date, or by such means as the parties hereto shall agree prior to the
Closing Date. Such delivery of and payment for the Units shall be made at the
offices of Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, New York at
10:00 A.M., New York time, on May 10, 2000, or at such other place, time or date
as the Initial Purchasers, on the one hand, and the Company, on the other hand,
may agree upon, such time and date of delivery against payment being herein
referred to as the "Closing Date." The Company will make such certificate or
certificates for the Initial Securities available for checking and packaging by
the Initial Purchasers at the offices of Deutsche Bank Securities Inc. in New
York, New York, or at such other place as Deutsche Bank Securities Inc. may
designate, at least 24 hours prior to the Closing Date.

     4. Offering by the Initial Purchasers. The Initial Purchasers propose to
make an offering of the Units at the price, upon the terms and in the manner set
forth in the Final Memorandum, as soon as practicable after this Agreement is
entered into and as in the judgment of the Initial Purchasers is advisable.

     5. Covenants of the Company and the Guarantor. The Company and the
Guarantor, jointly and severally, covenant and agree with each of the Initial
Purchasers that:
<PAGE>

                                      -16-

          (a) The Company and the Guarantor will not amend or supplement the
     Final Memorandum or any amendment or supplement thereto of which the
     Initial Purchasers shall not previously have been advised and furnished a
     copy for a reasonable period of time prior to the proposed amendment or
     supplement and as to which the Initial Purchasers shall not have given
     their consent. The Company and the Guarantor will promptly, upon the
     reasonable request of the Initial Purchasers or counsel for the Initial
     Purchasers, make any amendments or supplements to the Preliminary
     Memorandum or the Final Memorandum that may be necessary or advisable in
     connection with the resale of the Securities by the Initial Purchasers.

          (b) The Company and the Guarantor will cooperate with the Initial
     Purchasers in arranging for the qualification of the Initial Securities for
     offering and sale under the securities or "Blue Sky" laws of such
     jurisdictions as the Initial Purchasers may designate and will continue
     such qualifications in effect for as long as may be necessary to complete
     the resale of the Initial Securities; provided, however, that in connection
     therewith, neither the Company nor the Guarantor shall be required to
     qualify as a foreign corporation or to execute a general consent to service
     of process in any jurisdiction or subject itself to taxation in excess of a
     nominal dollar amount in any such jurisdiction where it is not now so
     subject.

          (c) If, at any time prior to the completion of the distribution by the
     Initial Purchasers of the Initial Securities or the Private Exchange Notes,
     any event occurs or information becomes known as a result of which the
     Final Memorandum as then amended or supplemented would include any untrue
     statement of a material fact, or omit to state a material fact necessary to
     make the statements therein, in the light of the circumstances under which
     they were made, not misleading, or if for any other reason it is necessary
     at any time to amend or supplement the Final Memorandum to comply with
     applicable law, the Company will promptly notify the Initial Purchasers
     thereof and will prepare, at the expense of the Company, an amendment or
     supplement to the Final Memorandum that corrects such statement or omission
     or effects such compliance.

          (d) The Company will, without charge, provide to the Initial
     Purchasers and to counsel for the Initial Purchasers as many copies of the
     Preliminary Memorandum and the Final Memorandum or any amendment or
     supplement thereto as the Initial Purchasers may reasonably request.

          (e) The Company will apply the net proceeds from the sale of the Units
     as set forth under "Use of Proceeds" in the Final Memorandum.

          (f) For so long as any of the Initial Securities or the Exchange Notes
     remain outstanding, the Company will furnish to the Initial Purchasers
     copies of all reports and other communications (financial or otherwise)
     furnished by the Company
<PAGE>

                                      -17-

     to the Trustee or the Warrant Agent or to the holders of any of the Initial
     Securities or the Exchange Notes and, as soon as available and upon the
     reasonable request in writing by any Initial Purchaser, copies of any
     reports or financial statements furnished to or filed by the Company with
     the Commission or any national securities exchange on which any class of
     securities of the Company may be listed.

          (g) Prior to the Closing Date, the Company will furnish to the Initial
     Purchasers, as soon as they have been prepared in the ordinary course by
     the Company, a copy of any unaudited interim financial statements of the
     Company for any period subsequent to the period covered by the most recent
     financial statements appearing in the Final Memorandum.

          (h) None of the Company or any of its Affiliates (as defined in the
     Act) will sell, offer for sale or solicit offers to buy or otherwise
     negotiate in respect of any "security" (as defined in the Act) which could
     be integrated with the sale of the Securities in a manner which would
     require the registration under the Act of the Securities.

          (i) The Company will not, and will not permit any of the Subsidiaries
     to, engage in any form of general solicitation or general advertising (as
     those terms are used in Regulation D under the Act) in connection with the
     offering of the Securities or in any manner involving a public offering
     within the meaning of Section 4(2) of the Act.

          (j) For so long as any of the Securities remain outstanding and are
     "restricted securities" within the meaning of Rule 144 under the Act, the
     Company will make available at its expense, upon request, to any holder of
     such Securities and any prospective purchasers thereof the information
     specified in Rule 144A(d)(4) under the Act, unless the Company is then
     subject to Section 13 or 15(d) of the Exchange Act.

          (k) The Company will use its reasonable best efforts to (i) permit the
     Units (and following separation of the Units, the Notes and the Warrants)
     to be designated as PORTAL-eligible securities in accordance with the rules
     and regulations adopted by the NASD relating to trading in the NASD's
     Portal Market (the "Portal Market") and (ii) permit the Units (and
     following separation of the Units, the Notes and the Warrants) to be
     eligible for clearance and settlement through The Depository Trust Company.

          (l) In connection with Securities offered and sold in an offshore
     transaction (as defined in Regulation S) the Company and the Guarantor will
     not register any transfer of such Securities not made in accordance with
     the provisions of
<PAGE>

                                      -18-

     Regulation S and will not, except in accordance with the provisions of
     Regulation S, if applicable, issue any such Securities in the form of
     definitive securities.

     6. Expenses. Each of the Company and the Guarantor, jointly and severally,
agrees to pay all costs and expenses incident to the performance of its
obligations under this Agreement, whether or not the transactions contemplated
herein are consummated or this Agreement is terminated pursuant to Section 11 or
12 hereof, including all costs and expenses incident to (i) the printing, word
processing or other production of documents with respect to the transactions
contemplated hereby, including any costs of printing the Preliminary Memorandum
and the Final Memorandum and any amendment or supplement thereto, and any "Blue
Sky" memoranda, (ii) all arrangements relating to the delivery to the Initial
Purchasers of copies of the foregoing documents, (iii) the fees and
disbursements of the counsel, the accountants and any other experts or advisors
retained by the Company or the Guarantor, (iv) preparation (including printing),
issuance and delivery to the Initial Purchasers of the Securities, (v) the
qualification of the Securities under state securities and "Blue Sky" laws,
including filing fees and fees and disbursements of counsel for the Initial
Purchasers relating thereto, (vi) expenses in connection with the "roadshow" and
any other meetings with prospective investors in the Units, (vii) fees and
expenses of the Trustee including fees and expenses of counsel, (viii) all
expenses and listing fees incurred in connection with the application for
quotation of the Initial Securities on the Portal Market and (ix) any fees
charged by investment rating agencies for the rating of the Notes; provided,
however, that except as expressly provided in this Section 6, the Initial
Purchasers shall pay their own costs and expenses, including the costs and
expenses of their counsel. If the sale of the Units provided for herein is not
consummated because any condition to the obligations of the Initial Purchasers
set forth in Section 7 hereof is not satisfied, because this Agreement is
terminated or because of any failure, refusal or inability on the part of the
Company or the Guarantor to perform all obligations and satisfy all conditions
on their part to be performed or satisfied hereunder (other than solely by
reason of a default by the Initial Purchasers of their obligations hereunder
after all conditions hereunder have been satisfied in accordance herewith), the
Company and the Guarantor, jointly and severally, agree to promptly reimburse
the Initial Purchasers upon demand for all out-of-pocket expenses (including
reasonable fees, disbursements and charges of Cahill Gordon & Reindel, counsel
for the Initial Purchasers) that shall have been incurred by the Initial
Purchasers in connection with the proposed purchase and sale of the Units.

     7. Conditions of the Initial Purchasers' Obligations. The obligation of the
Initial Purchasers to purchase and pay for the Units shall, in their sole
discretion, be subject to the satisfaction or waiver of the following conditions
on or prior to the Closing Date:

          (a) On the Closing Date, the Initial Purchasers shall have received
     the opinion, dated as of the Closing Date and addressed to the Initial
     Purchasers, of William J. George, Vice President, General Counsel and
     Corporate Secretary of the
<PAGE>

                                      -19-

     Company, in form and substance reasonably satisfactory to counsel for the
     Initial Purchasers, substantially to the effect that:

               (i) Each of the Company and the Guarantor is duly qualified to do
          business as a foreign corporation in good standing in all
          jurisdictions where the ownership or leasing of its properties or the
          conduct of its business requires such qualification, except where the
          failure to be so qualified would not, individually or in the
          aggregate, reasonably be expected to have a Material Adverse Effect.

               (ii) The Company has the authorized, issued and outstanding
          capitalization set forth in the Final Memorandum under the heading
          "Capitalization" and "Description of Capital Stock"; all of the
          outstanding shares of capital stock of the Company have been duly
          authorized and validly issued, are fully paid and nonassessable and to
          the knowledge of such counsel were not issued in violation of any
          preemptive or similar rights; all of the outstanding shares of capital
          stock of the Subsidiaries are owned, directly or indirectly, by the
          Company, free and clear of all perfected security interests and, to
          the knowledge of such counsel, free and clear of all other liens,
          encumbrances, equities and claims or restrictions on transferability
          (other than those imposed by the Act, the securities or "Blue Sky"
          laws of certain jurisdictions and the Credit Agreement) or voting;
          when issued in accordance with the terms and conditions contained in
          the Warrant Agreement, upon exercise of the Warrants, the Warrant
          Shares will be duly authorized, validly issued, fully paid and
          nonassessable and to the knowledge of such counsel will not be subject
          to any preemptive or similar rights.

               (iii) Except as set forth in the Final Memorandum and except for
          certain warrants in favor of Investcorp S.A. or its affiliates that
          will be exercisable for Class B common stock of the Company to the
          extent an equal number of shares of such Class B common stock is being
          redeemed contemporaneously, to the knowledge of such counsel (A) no
          options, warrants or other rights to purchase from the Company or any
          Subsidiary shares of capital stock or ownership interests in the
          Company or any Subsidiary are outstanding, (B) no agreements or other
          obligations to issue, or other rights to convert, any obligation into,
          or exchange any securities for, shares of capital stock or ownership
          interests in the Company or any Subsidiary are outstanding and (C) no
          holder of securities of the Company or any Subsidiary is entitled to
          have such securities registered under a registration statement filed
          by the Company pursuant to the Registration Rights Agreement or the
          Warrant Registration Rights Agreement.
<PAGE>

                                      -20-

               (iv) Except as set forth in the Final Memorandum, no legal or
          governmental proceedings are pending or, to the knowledge of such
          counsel, threatened to which any of the Company or the Subsidiaries is
          a party or to which the property or assets of the Company or any
          Subsidiary are subject which would reasonably be expected to result,
          individually or in the aggregate, in a Material Adverse Effect, or
          which seeks to restrain, enjoin, prevent the consummation of or
          otherwise challenge the issuance or sale of the Units to be sold
          hereunder or the consummation of the other transactions described in
          the Final Memorandum under the caption "Use of Proceeds."

               (v) The execution, delivery and performance of the
          Recapitalization Documents and the consummation of the transactions
          contemplated thereby (including, without limitation, the issuance and
          sale of the Initial Securities to the Initial Purchasers and the other
          components of the Recapitalization) will not constitute or result in a
          breach or a default under (or an event which with notice or passage of
          time or both would constitute a default under) or violation of any of
          the terms or provisions of any Contract known to such counsel
          (including in any event any of the foregoing which have been filed by
          the Company with the Commission), except for any such breach,
          violation, default or event which would not, individually or in the
          aggregate, reasonably be expected to have a Material Adverse Effect.

               (vi) Each of the Recapitalization Documents has been duly and
          validly executed and delivered by the Company and the Guarantor to the
          extent a party thereto.

               (vii) The Company and the Guarantor have obtained all Permits
          necessary to conduct the businesses now or proposed to be conducted by
          them as described in the Final Memorandum, the lack of which would,
          individually or in the aggregate, reasonably be expected to have a
          Material Adverse Effect; each of the Company and the Guarantor has
          fulfilled and performed all of its obligations with respect to such
          Permits and no event has occurred which allows, or after notice or
          lapse of time would allow, revocation or termination thereof or
          results in any other material impairment of the rights of the holder
          of any such Permit.

               (viii) To the knowledge of such counsel, the Company and the
          Guarantor own or possess adequate licenses or other rights to use all
          patents, trademarks, service marks, trade names, copyrights and
          know-how necessary to conduct the businesses now or proposed to be
          operated by them as described in the Final Memorandum, and neither the
          Company nor the Guarantor has received any notice of infringement of
          or conflict with asserted rights of others
<PAGE>

                                      -21-

          with respect to any patents, trademarks, service marks, trade names,
          copyrights or know-how which, if such assertion of infringement or
          conflict were sustained, would reasonably be expected to have a
          Material Adverse Effect.

               (ix) To the knowledge of such counsel, there are no legal or
          governmental proceedings involving or affecting the Company or the
          Subsidiaries or any of their respective properties or assets which
          would be required to be described in a prospectus pursuant to the Act
          that are not described in the Final Memorandum, nor are there any
          material contracts or other documents which would be required to be
          described in a prospectus pursuant to the Act that are not described
          in the Final Memorandum.

          At the time the foregoing opinion is delivered, William J. George
     shall additionally state that he has participated in conferences with
     officers and other representatives of the Company and the Guarantor,
     representatives of the independent public accountants for the Company,
     representatives of the Initial Purchasers and counsel for the Initial
     Purchasers, at which conferences the contents of the Final Memorandum and
     related matters were discussed, and, although he has not independently
     verified and is not passing upon and assumes no responsibility for the
     accuracy, completeness or fairness of the statements contained in the Final
     Memorandum, no facts have come to his attention which lead him to believe
     that the Final Memorandum, on the date thereof or at the Closing Date,
     contained an untrue statement of a material fact or omitted to state a
     material fact required to be stated therein or necessary to make the
     statements contained therein, in light of the circumstances under which
     they were made, not misleading (it being understood that he need express no
     opinion with respect to the financial statements and related notes thereto
     and the other financial, statistical and accounting data included in the
     Final Memorandum). The opinion of William J. George described in this
     Section shall be rendered to the Initial Purchasers at the request of the
     Company and shall so state therein.

          References to the Final Memorandum in this subsection (a) shall
     include any amendment or supplement thereto prepared in accordance with the
     provisions of this Agreement at the Closing Date.

          (b) On the Closing Date, the Initial Purchasers shall have received
     the opinion, dated as of the Closing Date and addressed to the Initial
     Purchasers, of Gibson Dunn & Crutcher LLP, counsel for the Company and the
     Guarantor, in form and substance reasonably satisfactory to counsel for the
     Initial Purchasers, substantially to the effect that:

               (i) The Indenture meets the requirements for qualification under
          the TIA. The Indenture (assuming the due authorization, execution and

<PAGE>

                                      -22-

          delivery thereof by the parties thereto) constitutes the valid and
          legally binding agreement of the Company and the Guarantor,
          enforceable against the Company and the Guarantor in accordance with
          its terms.

               (ii) The Warrant Agreement (assuming the due authorization,
          execution and delivery thereof by the parties thereto) constitutes the
          valid and legally binding agreement of the Company, enforceable
          against the Company in accordance with its terms.

               (iii) The Notes and the Guarantee are each in the form
          contemplated by the Indenture. The Notes and the Guarantee, when paid
          for by the Initial Purchasers in accordance with the terms of this
          Agreement (assuming the due authorization, execution and delivery of
          the Indenture, the Notes and the Guarantee by the parties thereto and
          due authentication and delivery of the Notes by the Trustee in
          accordance with the Indenture), will constitute the valid and legally
          binding obligations of the Company and the Guarantor, entitled to the
          benefits of the Indenture, and enforceable against the Company and the
          Guarantor in accordance with their terms.

               (iv) The Warrants are in the form contemplated by the Warrant
          Agreement. The Warrants, when paid for by the Initial Purchasers in
          accordance with the terms of this Agreement and the Warrant Agreement
          (assuming the due authorization, execution and delivery of the Warrant
          Agreement by the parties thereto) will constitute the valid and
          legally binding obligations of the Company, entitled to the benefits
          of the Warrant Agreement, and enforceable against the Company in
          accordance with their terms.

               (v) The Exchange Notes and the Private Exchange Notes and the
          guarantee thereof, when duly executed and delivered by the Company and
          the Guarantor, as applicable, in accordance with the terms of the
          Registration Rights Agreement and the Indenture (assuming the due
          authorization, execution and delivery of the Indenture by the parties
          thereto and due authentication and delivery of the Exchange Notes and
          the Private Exchange Notes by the parties thereto in accordance with
          the Indenture), will constitute the valid and legally binding
          obligations of the Company and the Guarantor, entitled to the benefits
          of the Indenture, and enforceable against the Company and the
          Guarantor in accordance with their terms.

               (vi) The Registration Rights Agreement (assuming due
          authorization, execution and delivery thereof by the parties thereto)
          constitutes the valid and legally binding agreement of the Company and
          the Guarantor, enforceable against the Company and the Guarantor in
          accordance with its terms.
<PAGE>

                                      -23-

               (vii) The Warrant Registration Rights Agreement (assuming due
          authorization, execution and delivery thereof by the parties thereto)
          constitutes the valid and legally binding agreement of the Company,
          enforceable against the Company in accordance with its terms.

               (viii) The Indenture, the Warrant Agreement, the Notes, the
          Guarantee, the Warrants, the Registration Rights Agreement, the
          Warrant Registration Rights Agreement, the Preferred Stock Investment
          Documents, the Merger Agreement and the Credit Agreement conform in
          all material respects to the descriptions thereof contained in the
          Final Memorandum.

               (ix) Except as set forth in the Final Memorandum, to the
          knowledge of such counsel, no legal or governmental proceedings are
          pending or threatened to which any of the Company or the Subsidiaries
          is a party or to which the property or assets of the Company or any
          Subsidiary is subject which seeks to restrain, enjoin, prevent the
          consummation of or otherwise challenge the issuance or sale of the
          Initial Securities to be sold hereunder or the consummation of the
          other transactions described in the Final Memorandum under the caption
          "Use of Proceeds."

               (x) The execution, delivery and performance of the
          Recapitalization Documents and the consummation of the transactions
          contemplated hereby and thereby (including, without limitation, the
          issuance and sale of the Initial Securities to the Initial Purchasers
          and the other components of the Recapitalization) will not constitute
          or result in a breach or a default under (or an event which with
          notice or passage of time or both would constitute a default under) or
          violation of any of (i) the terms or provisions of any
          Recapitalization Document, except for any such breach, violation,
          default or event which would not, individually or in the aggregate,
          reasonably be expected to have a Material Adverse Effect, or (ii)
          (assuming compliance with all applicable state securities or "Blue
          Sky" laws and assuming the accuracy of the representations and
          warranties of the Initial Purchasers and compliance by the Initial
          Purchasers with the covenants set forth in Section 8 hereof) any
          statute, judgment, decree, order, rule or regulation known to such
          counsel to be applicable to the Company or any of the Subsidiaries or
          any of their respective properties or assets, except for any such
          breach or violation which would not, individually or in the aggregate,
          have a Material Adverse Effect.

               (xi) No consent, approval, authorization or order of any
          governmental authority of the United States or the State of New York
          is required for the issuance and sale by the Company and the Guarantor
          of the Initial Securities to the Initial Purchasers or the
          consummation by the
<PAGE>

                                      -24-

          Company and the Guarantor of the Recapitalization, except such as may
          be required under Blue Sky laws, as to which such counsel need express
          no opinion, or the Act or the TIA (which are addressed in subparagraph
          (xiii) below) and those which have previously been obtained.

               (xii) Neither the Company nor the Guarantor is, or immediately
          after the sale of the Initial Securities to be sold hereunder and the
          application of the proceeds from such sale (as described in the Final
          Memorandum under the caption "Use of Proceeds") will be, an
          "investment company" as such term is defined in the Investment Company
          Act of 1940, as amended.

               (xiii) Assuming the accuracy of the representations and
          warranties by the Initial Purchasers under, and compliance by the
          Initial Purchasers with the provisions in, this Agreement, no
          registration under the Act of the Securities is required in connection
          with the sale of the Initial Securities to the Initial Purchasers as
          contemplated by this Agreement and the Final Memorandum or in
          connection with the initial resale of the Initial Securities by the
          Initial Purchasers in accordance with Section 8 of this Agreement, and
          prior to the effectiveness of the Exchange Registration Statement (as
          defined in the Registration Rights Agreement) or the effectiveness of
          the Shelf Registration Statement (as defined in the Registration
          Rights Agreement), the Indenture is not required to be qualified under
          the TIA, in each case assuming (i) (A) that the purchasers who buy
          such Initial Securities in the initial resale thereof are qualified
          institutional buyers as defined in Rule 144A promulgated under the Act
          ("QIBs") or (B) that the offer or sale of the Initial Securities is
          made in an offshore transaction as defined in Regulation S, (ii) the
          accuracy of the Initial Purchasers' representations in Section 8 and
          those of the Company and the Guarantor contained in this Agreement
          regarding the absence of a general solicitation in connection with the
          sale of such Initial Securities to the Initial Purchasers and the
          initial resale thereof and (iii) the due performance by the Initial
          Purchasers of the agreements set forth in Section 8 hereof.

               (xiv) Neither the consummation of the transactions contemplated
          by this Agreement nor the sale, issuance, execution or delivery of the
          Units will violate Regulation T, U or X of the Board of Governors of
          the Federal Reserve System.

               (xv) The statements set forth under the caption "Description of
          Capital Stock" and "Certain United States Federal Tax Consequences" in
          the Final Memorandum, insofar as such statements are summaries of
          matters of law or legal conclusions, are accurate summaries in all
          material respects and
<PAGE>

                                      -25-

          insofar as such statements purport to summarize provisions of legal
          documents or of statutes, laws, rules or regulations, fairly summarize
          such provisions.

          The foregoing opinions as to enforceability and the legal, valid and
     binding nature of obligations may be subject to (i) the effect of any
     bankruptcy, insolvency, reorganization, moratorium, arrangement or similar
     laws affecting the rights and remedies of creditors generally (including,
     without limitation, the effect of statutory or other laws regarding
     fraudulent transfers or preferential transfers) and (ii) general principles
     of equity, including without limitation concepts or materiality,
     reasonableness, good faith and fair dealing and the possible unavailability
     of specific performance, injunctive relief or other equitable remedies
     regardless of whether enforceability is considered in a proceeding in
     equity or at law. The opinion of Gibson Dunn & Crutcher LLP may be subject
     to other customary exceptions, assumptions and qualifications reasonably
     acceptable to the Initial Purchasers and substantially to the effect as
     previously delivered to the Initial Purchasers in draft form.

          At the time the foregoing opinion is delivered, Gibson Dunn & Crutcher
     LLP shall additionally state that it has participated in conferences with
     officers and other representatives of the Company and the Guarantor,
     representatives of the independent public accountants for the Company,
     representatives of the Initial Purchasers and counsel for the Initial
     Purchasers, at which conferences the contents of the Final Memorandum and
     related matters were discussed, and, although it has not independently
     verified and is not passing upon and assumes no responsibility for the
     accuracy, completeness or fairness of the statements contained in the Final
     Memorandum (except to the extent specified in subsections 7(b)(viii) and
     7(b)(xv), no facts have come to its attention which lead it to believe that
     the Final Memorandum, on the date thereof or at the Closing Date, contained
     an untrue statement of a material fact or omitted to state a material fact
     required to be stated therein or necessary to make the statements contained
     therein, in light of the circumstances under which they were made, not
     misleading (it being understood that such firm need express no opinion with
     respect to the financial statements and related notes thereto and the other
     financial, statistical and accounting data included in the Final
     Memorandum).

          The opinion of Gibson Dunn & Crutcher LLP described in this Section
     shall be rendered to the Initial Purchasers at the request of the Company
     and shall so state therein. In addition, such opinion shall also state that
     the Initial Purchasers are entitled to rely on such counsel's opinions
     delivered pursuant to the other Recapitalization Documents in the same
     manner as if each of such opinions were directly addressed to the Initial
     Purchasers.
<PAGE>

                                      -26-

          References to the Final Memorandum in this subsection (b) shall
     include any amendment or supplement thereto prepared in accordance with the
     provisions of this Agreement at the Closing Date.

          (c) On the Closing Date, the Initial Purchasers shall have received
     the opinion, dated as of the Closing Date and addressed to the Initial
     Purchasers, of Faegre & Benson LLP, counsel for the Company, in form and
     substance reasonably satisfactory to counsel for the Initial Purchasers,
     substantially to the effect that:

               (i) The Company is duly incorporated, validly existing and in
          good standing under the laws of the State of Minnesota and has all
          requisite corporate power and authority to own its properties and to
          conduct its business as described in the Final Memorandum.

               (ii) All of the outstanding shares of capital stock of the
          Company have been duly authorized and validly issued, are fully paid
          and nonassessable and were not issued in violation of any preemptive
          or similar rights expressly created by law or the articles of
          incorporation or bylaws (or similar organizational documents) of the
          Company. When issued in accordance with the terms and conditions
          contained in the Warrant Agreement, upon exercise of the Warrants, the
          Warrant Shares will be duly authorized, validly issued, fully paid and
          nonassessable and will not be subject to any preemptive or similar
          rights expressly created by law or the articles of incorporation or
          bylaws (or similar organizational documents) of the Company. The
          Warrant Shares have been duly reserved for issuance in accordance with
          the terms of the Warrants and the Warrant Agreement.

               (iii) The Company has all requisite corporate power and authority
          to execute, deliver and perform each of its obligations under the
          Recapitalization Documents and to consummate the Recapitalization;
          each of the Recapitalization Documents has been duly and validly
          authorized by the Company.

               (iv) The Exchange Notes and the Private Exchange Notes have been
          duly and validly authorized by the Company.

               (v) The execution, delivery and performance of the
          Recapitalization Documents and the consummation of the transactions
          contemplated thereby (including, without limitation, the issuance and
          sale of the Initial Securities to the Initial Purchasers and the other
          components of the Recapitalization) will not constitute or result in a
          breach or a default under (or an event which with notice or passage of
          time or both would constitute a default under) or violation of any of
          (i) the certificate of incorporation or bylaws (or similar
<PAGE>

                                     -27-

          organizational document) of the Company, or (ii) (assuming compliance
          with all applicable state securities or "Blue Sky" laws and assuming
          the accuracy of the representations and warranties of the Initial
          Purchasers and compliance by the Initial Purchasers with the covenants
          set forth in Section 8 hereof) any Minnesota statute, judgment,
          decree, order, rule or regulation known to such counsel to be
          applicable to the Company or the Guarantor or any of their respective
          properties or assets, except for any such breach or violation which
          would not, individually or in the aggregate, have a Material Adverse
          Effect.

               (vi) No consent, approval, authorization or order of any
          Minnesota governmental authority is required for the issuance and sale
          by the Company and the Guarantor of the Initial Securities to the
          Initial Purchasers or the consummation by the Company and the
          Guarantor of the Recapitalization, except such as may be required
          under Blue Sky laws, as to which such counsel need express no opinion,
          and those which have previously been obtained.

               (vii) The Certificate of Merger has been duly filed with the
          Secretary of State of the State of Minnesota and the Merger has become
          effective in accordance with Minnesota law.

          For the purposes of this opinion, the term "Recapitalization
     Documents" shall not include the Credit Agreement, the Credit Documents or
     the Preferred Stock Investment Documents. Such excluded documents shall be
     covered by the opinions referenced in the last sentence of this paragraph.
     The opinion of Faegre & Benson LLP described in this Section shall be
     rendered to the Initial Purchasers at the request of the Company and shall
     so state therein. In addition, such opinion shall also state that the
     Initial Purchasers are entitled to rely on such counsel's opinions
     delivered pursuant to the other Recapitalization Documents in the same
     manner as if each of such opinions were directly addressed to the Initial
     Purchasers.

          References to the Final Memorandum in this subsection (c) shall
     include any amendment or supplement thereto prepared in accordance with the
     provisions of this Agreement at the Closing Date.

          (d) On the Closing Date, the Initial Purchasers shall have received
     the opinion, dated as of the Closing Date and addressed to the Initial
     Purchasers, of Husch & Eppenberger, LLC, counsel for the Guarantor in form
     and substance reasonably satisfactory to counsel for the Initial
     Purchasers, substantially to the effect that:

               (i) The Guarantor is duly incorporated, validly existing and in
          good standing under the laws of the State of Kansas and has all
          requisite corporate power and authority to own its properties and to
          conduct its business as described in the Final Memorandum.
<PAGE>

                                      -28-

               (ii) All of the outstanding shares of capital stock of the
          Guarantor have been duly authorized and validly issued, are fully paid
          and nonassessable and were not issued in violation of any preemptive
          or similar rights expressly created by law or the certificate of
          incorporation or bylaws (or similar organizational document) of the
          Guarantor; all of the outstanding shares of capital stock of the
          Guarantor are owned, directly or indirectly, by the Company, free and
          clear of all perfected security interests and, to the knowledge of
          such counsel, free and clear of all other liens, encumbrances,
          equities and claims or restrictions on transferability (other than
          those imposed by the Act and the securities or "Blue Sky" laws of
          certain jurisdictions) or voting.

               (iii) The Guarantor has all requisite corporate power and
          authority to execute, deliver and perform each of its obligations
          under the Recapitalization Documents to which it is a party and to
          consummate the Recapitalization; each of the Recapitalization
          Documents to which the Guarantor is a party has been duly and validly
          authorized by the Guarantor.

               (iv) The guarantee of the Exchange Notes and the Private Exchange
          Notes have been duly and validly authorized by the Guarantor.

               (v) The execution, delivery and performance of the
          Recapitalization Documents and the consummation of the transactions
          contemplated thereby (including, without limitation, the issuance and
          sale of the Initial Securities to the Initial Purchasers and the other
          components of the Recapitalization) will not constitute or result in a
          breach or a default under (or an event which with notice or passage of
          time or both would constitute a default under) or violation of any of
          (i) the certificate of incorporation or bylaws (or similar
          organizational document) of the Guarantor, or (ii) (assuming
          compliance with all applicable state securities or "Blue Sky" laws and
          assuming the accuracy of the representations and warranties of the
          Initial Purchasers and compliance by the Initial Purchasers with the
          covenants set forth in Section 8 hereof) any Kansas statute, judgment,
          decree, order, rule or regulation known to such counsel to be
          applicable to the Company or the Guarantor or any of their respective
          properties or assets, except for any such breach or violation which
          would not, individually or in the aggregate, have a Material Adverse
          Effect.

               (vi) No consent, approval, authorization or order of any Kansas
          governmental authority is required for the issuance and sale by the
          Company and the Guarantor of the Initial Securities to the Initial
          Purchasers or the consummation by the Company and the Guarantor of the
          Recapitalization,
<PAGE>

                                     -29-

          except such as may be required under Blue Sky laws, as to which such
          counsel need express no opinion, and those which have previously been
          obtained.

          For the purposes of this opinion, the term "Recapitalization
     Documents" shall not include the Credit Agreement, the Credit Documents or
     the Preferred Stock Investment Documents. Such excluded documents shall be
     covered by the opinions referenced in the last sentence of this paragraph.
     The opinion of Husch & Eppenberger, LLC described in this Section shall be
     rendered to the Initial Purchasers at the request of the Company and shall
     so state therein. In addition, such opinion shall also state that the
     Initial Purchasers are entitled to rely on such counsel's opinions
     delivered pursuant to the other Recapitalization Documents in the same
     manner as if each of such opinions were directly addressed to the Initial
     Purchasers.

          References to the Final Memorandum in this subsection (d) shall
     include any amendment or supplement thereto prepared in accordance with the
     provisions of this Agreement at the Closing Date.

          (e) On the Closing Date, the Initial Purchasers shall have received
     the opinion, in form and substance satisfactory to the Initial Purchasers,
     dated as of the Closing Date and addressed to the Initial Purchasers, of
     Cahill Gordon & Reindel, counsel for the Initial Purchasers, with respect
     to certain legal matters relating to this Agreement and such other related
     matters as the Initial Purchasers may reasonably require. In rendering such
     opinion, Cahill Gordon & Reindel shall have received and may rely upon such
     certificates and other documents and information as it may reasonably
     request to pass upon such matters.

          (f) The Initial Purchasers shall have received from the Independent
     Accountants comfort letters dated the date hereof and the Closing Date, in
     form and substance reasonably satisfactory to counsel for the Initial
     Purchasers.

          (g) The representations and warranties of the Company and the
     Guarantor contained in this Agreement shall be true and correct on and as
     of the date hereof and on and as of the Closing Date as if made on and as
     of the Closing Date; the statements of the Company's and the Guarantor's
     officers made pursuant to any certificate delivered in accordance with the
     provisions hereof shall be true and correct in all material respects on and
     as of the date made and on and as of the Closing Date; the Company and the
     Guarantor shall have performed all covenants and agreements in all material
     respects and satisfied all conditions on their part to be performed or
     satisfied hereunder at or prior to the Closing Date; and, except as
     described in the Final Memorandum (exclusive of any amendment or supplement
     thereto after the date hereof), subsequent to the date of the most recent
     financial statements in such Final Memorandum, there shall have been no
     event or development, and no information
<PAGE>

                                      -30-

     shall have become known, that, individually or in the aggregate, has or
     would be reasonably likely to have a Material Adverse Effect.

          (h) Neither the sale of the Units hereunder nor any other component of
     the Recapitalization shall be enjoined (temporarily or permanently) on the
     Closing Date.

          (i) Subsequent to the date of the most recent financial statements in
     the Final Memorandum (exclusive of any amendment or supplement thereto
     after the date hereof), none of the Company or any of the Subsidiaries
     shall have sustained any loss or interference with respect to its business
     or properties from fire, flood, hurricane, accident or other calamity,
     whether or not covered by insurance, or from any strike, labor dispute,
     slow down or work stoppage or from any legal or governmental proceeding,
     order or decree, which loss or interference, individually or in the
     aggregate, has or would be reasonably likely to have a Material Adverse
     Effect.

          (j) The Initial Purchasers shall have received a certificate of the
     Company and the Guarantor, dated the Closing Date, signed on behalf of the
     Company and the Guarantor by its respective Chairman of the Board,
     President or any Senior Vice President and the Chief Financial Officer, to
     the effect that:

               (i) The representations and warranties of the Company and the
          Guarantor contained in this Agreement are true and correct on and as
          of the date hereof and on and as of the Closing Date, and each of the
          Company and the Guarantor has performed all covenants and agreements
          in all material respects and satisfied all conditions on its part to
          be performed or satisfied hereunder at or prior to the Closing Date;

               (ii) At the Closing Date, since the date hereof or since the date
          of the most recent financial statements in the Final Memorandum
          (exclusive of any amendment or supplement thereto after the date
          hereof), no event or development has occurred, and no information has
          become known, that, individually or in the aggregate, has or would be
          reasonably likely to have a Material Adverse Effect;

               (iii) Neither the sale of the Units hereunder nor any other
          component of the Recapitalization has been enjoined (temporarily or
          permanently);

               (iv) There have been no material amendments, alterations,
          modifications, or waivers of any provisions of any of the
          Recapitalization Documents since the date of the execution and
          delivery thereof by the parties thereto (other than amendments,
          alterations, modifications or waivers copies of which have previously
          been distributed to the Initial Purchasers prior to the date of this
          Agreement); and
<PAGE>

                                      -31-

               (v) The Company and the Subsidiaries, to the extent each is a
          party thereto, have complied in all material respects with all
          agreements and covenants in the Recapitalization Documents and
          performed in all material respects all conditions specified therein to
          be complied with or performed by them at or prior the Closing Date.

          (k) On the Closing Date, the Company and the Subsidiaries shall have,
     to the extent each is a party thereto, complied in all material respects
     with all agreements and covenants in the Recapitalization Documents and
     performed all conditions specified therein (other than agreements or
     covenants which have been waived but only if copies of such waivers have
     previously been distributed to the Initial Purchasers prior to the date of
     this Agreement) to be complied with or performed at or prior to the Closing
     Date, and each of the Recapitalization Documents shall be in full force and
     effect.

          (l) On the Closing Date, the Initial Purchasers shall have received
     the Registration Rights Agreement executed by the Company and the Guarantor
     and such agreement shall be in full force and effect at all times from and
     after the Closing Date.

          (m) On the Closing Date, the Initial Purchasers shall have received
     the Warrant Registration Rights Agreement executed by the Company and such
     agreement shall be in full force and effect at all times from and after the
     Closing Date.

          (n) All of the Recapitalization (other than the offering of the Units)
     shall have been consummated, or shall be consummated simultaneously with
     the offering of the Units, on the terms and conditions set forth in the
     Recapitalization Documents in the forms previously delivered to the Initial
     Purchasers and to which they shall not have reasonably objected.

          (o) On the Closing Date, the Certificate of Merger with respect to the
     Merger shall be in form and substance satisfactory to the Initial
     Purchasers and shall have been filed with the Secretary of State of the
     State of Minnesota.

     On or before the Closing Date, the Initial Purchasers and counsel for the
Initial Purchasers shall have received such further documents, opinions,
certificates, letters and schedules or instruments relating to the business,
corporate, legal and financial affairs of the Company and the Subsidiaries as
they shall have heretofore reasonably requested from the Company.

     All such documents, opinions, certificates, letters, schedules or
instruments delivered pursuant to this Agreement will comply with the provisions
hereof only if they are reasonably satisfactory in all material respects to the
Initial Purchasers and counsel for the Initial Purchasers. The Company and the
Guarantor shall furnish to the Initial Purchasers
<PAGE>

                                     -32-

such conformed copies of such documents, opinions, certificates, letters,
schedules and instruments in such quantities as the Initial Purchasers shall
reasonably request.

     8. Offering of Units; Restrictions on Transfer. (a) Each of the Initial
Purchasers agrees with the Company and the Guarantor (as to itself only) that
(i) it has not and will not solicit offers for, or offer or sell, the Initial
Securities by any form of general solicitation or general advertising (as those
terms are used in Regulation D under the Act) or in any manner involving a
public offering within the meaning of Section 4(2) of the Act and (ii) it has
and will solicit offers for the Initial Securities only from, and will offer the
Initial Securities only to (A) in the case of offers inside the United States,
persons whom the Initial Purchasers reasonably believe to be QIBs or, if any
such person is buying for one or more institutional accounts for which such
person is acting as fiduciary or agent, only when such person has represented to
the Initial Purchasers that each such account is a QIB, to whom notice has been
given that such sale or delivery is being made in reliance on Rule 144A, and, in
each case, in transactions under Rule 144A and (B) in the case of offers outside
the United States, to persons other than U.S. persons ("non-U.S. purchasers,"
which term shall include dealers or other professional fiduciaries in the United
States acting on a discretionary basis for non-U.S. beneficial owners (other
than an estate or trust)); provided, however, that, in the case of this clause
(B), in purchasing such Initial Securities such persons are deemed to have
represented and agreed as provided under the caption "Transfer Restrictions"
contained in the Final Memorandum (or, if the Final Memorandum is not in
existence, in the most recent Memorandum). Each of the Initial Purchasers
represents and warrants (as to itself only) that such Initial Purchaser is a
QIB.

          (b) Each of the Initial Purchasers represents and warrants (as to
     itself only) with respect to offers and sales outside the United States
     that (i) it has and will comply with all applicable laws and regulations in
     each jurisdiction in which it acquires, offers, sells or delivers Initial
     Securities or has in its possession or distributes any Memorandum or any
     such other material, in all cases at its own expense; (ii) the Initial
     Securities have not been and will not be offered or sold within the United
     States or to, or for the account or benefit of, U.S. persons except in
     accordance with Regulation S under the Act or pursuant to an exemption from
     the registration requirements of the Act; and (iii) it has offered the
     Initial Securities and will offer and sell the Initial Securities (A) as
     part of its distribution at any time and (B) otherwise during the relevant
     distribution compliance period, only in accordance with Rule 903 of
     Regulation S and, accordingly, neither it nor any persons acting on its
     behalf have engaged or will engage in any directed selling efforts (within
     the meaning of Regulation S) with respect to the Initial Securities, and
     any such persons have complied and will comply with the offering
     restrictions requirement of Regulation S.

     Terms used in this Section 8 and not defined in this Agreement have the
meanings given to them in Regulation S.
<PAGE>

                                      -33-

     9. Indemnification and Contribution. (a) Each of the Company and the
Guarantor, jointly and severally, agrees to indemnify and hold harmless each
Initial Purchaser and each person, if any, who controls any Initial Purchaser
within the meaning of Section 15 of the Act or Section 20 of the Exchange Act
against any losses, claims, damages or liabilities to which any Initial
Purchaser or such controlling person may become subject under the Act, the
Exchange Act or otherwise, insofar as any such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon:

          (i) any untrue statement or alleged untrue statement made by the
     Company or the Guarantor in Section 2 hereof;

          (ii) any untrue statement or alleged untrue statement of any material
     fact contained in any Memorandum or any amendment or supplement thereto; or

          (iii) the omission or alleged omission to state, in any Memorandum or
     any amendment or supplement thereto, a material fact required to be stated
     therein or necessary to make the statements therein not misleading,

and will reimburse, as incurred, the Initial Purchasers and each such
controlling person for any reasonable legal or other expenses incurred by the
Initial Purchasers or such controlling person in connection with investigating,
defending against or appearing as a third-party witness in connection with any
such loss, claim, damage, liability or action; provided, however, the Company
and the Guarantor will not be liable in any such case to the extent that any
such loss, claim, damage, or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in
any Memorandum or any amendment or supplement thereto in reliance upon and in
conformity with written information concerning the Initial Purchasers furnished
to the Company and the Guarantor by the Initial Purchasers through Deutsche Bank
Securities Inc. specifically for use therein. The indemnity provided for in this
Section 9 will be in addition to any liability that the Company and the
Guarantor may otherwise have to the indemnified parties. The Company and the
Guarantor shall not be liable under this Section 9 for any settlement of any
claim or action effected without its prior written consent, which shall not be
unreasonably withheld; provided further, however, that the Company and the
Guarantor will not be liable to any Initial Purchaser or any person controlling
such Initial Purchaser with respect to any such untrue statement or alleged
untrue statement or omission or alleged omission made in any Preliminary
Memorandum that is corrected in the Final Memorandum (or any amendment or
supplement thereto) if the person asserting any such loss, claim, damage or
liability purchased Initial Securities from such Initial Purchaser but was not
sent or given a copy of the Final Memorandum (as amended or supplemented) in any
case where such delivery of the Final Memorandum (as amended or supplemented)
was required by the Act, unless such failure to deliver the Final Memorandum (as
amended or supplemented) was a result of noncompliance by the Company or the
Guarantor with Section 5 hereof.
<PAGE>

                                      -34-

          (b) Each Initial Purchaser, severally and not jointly, agrees to
     indemnify and hold harmless each of the Company and the Guarantor, its
     directors, its officers and each person, if any, who controls the Company
     or the Guarantor within the meaning of Section 15 of the Act or Section 20
     of the Exchange Act against any losses, claims, damages or liabilities to
     which the Company or the Guarantor or any such director, officer or
     controlling person may become subject under the Act, the Exchange Act or
     otherwise, insofar as such losses, claims, damages or liabilities (or
     actions in respect thereof) arise out of or are based upon (i) any untrue
     statement or alleged untrue statement of any material fact contained in any
     Memorandum or any amendment or supplement thereto, or (ii) the omission or
     the alleged omission to state therein a material fact required to be stated
     in any Memorandum or any amendment or supplement thereto, or necessary to
     make the statements therein not misleading, in each case to the extent, but
     only to the extent, that such untrue statement or alleged untrue statement
     or omission or alleged omission was made in reliance upon and in conformity
     with written information concerning such Initial Purchaser, furnished to
     the Company and the Guarantor by the Initial Purchasers through Deutsche
     Bank Securities Inc. specifically for use therein; and subject to the
     limitation set forth immediately preceding this clause, will reimburse, as
     incurred, any legal or other expenses incurred by the Company or the
     Guarantor or any such director, officer or controlling person in connection
     with investigating or defending against or appearing as a third party
     witness in connection with any such loss, claim, damage, liability or
     action in respect thereof. The indemnity provided for in this Section 9
     will be in addition to any liability that the Initial Purchasers may
     otherwise have to the indemnified parties. The Initial Purchasers shall not
     be liable under this Section 9 for any settlement of any claim or action
     effected without their consent, which shall not be unreasonably withheld.
     The Company and the Guarantor shall not, without the prior written consent
     of the Initial Purchasers, effect any settlement or compromise of any
     pending or threatened proceeding in respect of which any Initial Purchaser
     is or could have been a party, or indemnity could have been sought
     hereunder by any Initial Purchaser, unless such settlement (A) includes an
     unconditional written release of the Initial Purchasers, in form and
     substance reasonably satisfactory to the Initial Purchasers, from all
     liability on claims that are the subject matter of such proceeding and (B)
     does not include any statement as to an admission of fault, culpability or
     failure to act by or on behalf of any Initial Purchaser.

          (c) Promptly after receipt by an indemnified party under this Section
     9 of notice of the commencement of any action for which such indemnified
     party is entitled to indemnification under this Section 9, such indemnified
     party will, if a claim in respect thereof is to be made against the
     indemnifying party under this Section 9, notify the indemnifying party of
     the commencement thereof in writing; but the omission to so notify the
     indemnifying party (i) will not relieve it from any liability under
     paragraph (a) or (b) above unless and to the extent such failure results in
     the forfeiture by the indemnifying party of substantial rights and defenses
     and (ii) will not, in any event, relieve the indemnifying party from any
     obligations to any indemnified party other than the indemnification
     obligation provided in paragraphs (a) and (b) above. In case any such
     action is brought against any indemnified
<PAGE>

                                      -35-

     party, and it notifies the indemnifying party of the commencement thereof,
     the indemnifying party will be entitled to participate therein and, to the
     extent that it may wish, jointly with any other indemnifying party
     similarly notified, to assume the defense thereof, with counsel reasonably
     satisfactory to such indemnified party; provided, however, that if (i) the
     use of counsel chosen by the indemnifying party to represent the
     indemnified party would present such counsel with a conflict of interest,
     (ii) the defendants in any such action include both the indemnified party
     and the indemnifying party and the indemnified party shall have been
     advised by counsel that there may be one or more legal defenses available
     to it and/or other indemnified parties that are different from or
     additional to those available to the indemnifying party, or (iii) the
     indemnifying party shall not have employed counsel reasonably satisfactory
     to the indemnified party to represent the indemnified party within a
     reasonable time after receipt by the indemnifying party of notice of the
     institution of such action, then, in each such case, the indemnifying party
     shall not have the right to direct the defense of such action on behalf of
     such indemnified party or parties and such indemnified party or parties
     shall have the right to select separate counsel to defend such action on
     behalf of such indemnified party or parties. After notice from the
     indemnifying party to such indemnified party of its election so to assume
     the defense thereof and approval by such indemnified party of counsel
     appointed to defend such action, the indemnifying party will not be liable
     to such indemnified party under this Section 9 for any legal or other
     expenses, other than reasonable costs of investigation, subsequently
     incurred by such indemnified party in connection with the defense thereof,
     unless (i) the indemnified party shall have employed separate counsel in
     accordance with the proviso to the immediately preceding sentence (it being
     understood, however, that in connection with such action the indemnifying
     party shall not be liable for the expenses of more than one separate
     counsel (in addition to local counsel) in any one action or separate but
     substantially similar actions in the same jurisdiction arising out of the
     same general allegations or circumstances, designated by the Initial
     Purchasers in the case of paragraph (a) of this Section 9 or by the Company
     and the Guarantor in the case of paragraph (b) of this Section 9,
     representing the indemnified parties under such paragraph (a) or paragraph
     (b), as the case may be, who are parties to such action or actions) or (ii)
     the indemnifying party has authorized in writing the employment of counsel
     for the indemnified party at the expense of the indemnifying party. All
     reasonable fees and expenses reimbursed pursuant to this paragraph (c)
     shall be reimbursed as they are incurred. After such notice from the
     indemnifying party to such indemnified party, the indemnifying party will
     not be liable for the costs and expenses of any settlement of such action
     effected by such indemnified party without the prior written consent of the
     indemnifying party (which consent shall not be unreasonably withheld),
     unless such indemnified party waived in writing its rights under this
     Section 9, in which case the indemnified party may effect such a settlement
     without such consent.

          (d) In circumstances in which the indemnity agreement provided for in
     the preceding paragraphs of this Section 9 is unavailable to, or
     insufficient to hold harmless, an indemnified party in respect of any
     losses, claims, damages or liabilities (or actions in respect
<PAGE>

                                      -36-

     thereof), each indemnifying party, in order to provide for just and
     equitable contribution, shall contribute to the amount paid or payable by
     such indemnified party as a result of such losses, claims, damages or
     liabilities (or actions in respect thereof) in such proportion as is
     appropriate to reflect (i) the relative benefits received by the
     indemnifying party or parties on the one hand and the indemnified party on
     the other from the offering of the Initial Securities or (ii) if the
     allocation provided by the foregoing clause (i) is not permitted by
     applicable law, not only such relative benefits but also the relative fault
     of the indemnifying party or parties on the one hand and the indemnified
     party on the other in connection with the statements or omissions or
     alleged statements or omissions that resulted in such losses, claims,
     damages or liabilities (or actions in respect thereof). The relative
     benefits received by the Company and the Guarantor on the one hand and any
     Initial Purchaser on the other shall be deemed to be in the same proportion
     as the total proceeds from the offering (before deducting expenses)
     received by the Company bear to the total discounts and commissions
     received by such Initial Purchaser. The relative fault of the parties shall
     be determined by reference to, among other things, whether the untrue or
     alleged untrue statement of a material fact or the omission or alleged
     omission to state a material fact relates to information supplied by the
     Company and the Guarantor on the one hand, or such Initial Purchaser on the
     other, the parties' relative intent, knowledge, access to information and
     opportunity to correct or prevent such statement or omission or alleged
     statement or omission, and any other equitable considerations appropriate
     in the circumstances. The Company, the Guarantor and the Initial Purchasers
     agree that it would not be equitable if the amount of such contribution
     were determined by pro rata or per capita allocation or by any other method
     of allocation that does not take into account the equitable considerations
     referred to in the first sentence of this paragraph (d). Notwithstanding
     any other provision of this paragraph (d), no Initial Purchaser shall be
     obligated to make contributions hereunder that in the aggregate exceed the
     total discounts, commissions and other compensation received by such
     Initial Purchaser under this Agreement, less the aggregate amount of any
     damages that such Initial Purchaser has otherwise been required to pay by
     reason of the untrue or alleged untrue statements or the omissions or
     alleged omissions to state a material fact, and no person guilty of
     fraudulent misrepresentation (within the meaning of Section 11(f) of the
     Act) shall be entitled to contribution from any person who was not guilty
     of such fraudulent misrepresentation. For purposes of this paragraph (d),
     each person, if any, who controls an Initial Purchaser within the meaning
     of Section 15 of the Act or Section 20 of the Exchange Act shall have the
     same rights to contribution as the Initial Purchasers, and each director of
     the Company or the Guarantor, each officer of the Company or the Guarantor
     and each person, if any, who controls the Company or the Guarantor within
     the meaning of Section 15 of the Act or Section 20 of the Exchange Act,
     shall have the same rights to contribution as the Company or such
     Guarantor, as applicable.

     10. Survival Clause. The respective representations, warranties,
agreements, covenants, indemnities and other statements of the Company, the
Guarantor, their respective officers and the Initial Purchasers set forth in
this Agreement or made by or on
<PAGE>

                                      -37-

behalf of them pursuant to this Agreement shall remain in full force and effect,
regardless of (i) any investigation made by or on behalf of the Company, the
Guarantor, any of their respective officers or directors, the Initial Purchasers
or any controlling person referred to in Section 9 hereof and (ii) delivery of
and payment for the Securities. The respective agreements, covenants,
indemnities and other statements set forth in Sections 6, 9 and 16 hereof shall
remain in full force and effect, regardless of any termination or cancellation
of this Agreement.

     11. Default by an Initial Purchaser. If any one or more Initial Purchasers
shall fail to purchase and pay for any of the Units agreed to be purchased by
such Initial Purchaser hereunder and such failure to purchase shall constitute a
default in the performance of its or their obligations under this Agreement, the
remaining Initial Purchasers shall be obligated severally to take up and pay for
(in the respective proportions which the number of Units set forth opposite
their names in Schedule 1 hereto bears to the total number of Units set forth
opposite the names of all the remaining Initial Purchasers) the Units which the
defaulting Initial Purchaser or Initial Purchasers agreed but failed to
purchase; provided, however, that in the event that the number of Units which
the defaulting Initial Purchaser or Initial Purchasers agreed but failed to
purchase shall exceed 10% of the total number of Units set forth in Schedule 1
hereto, the remaining Initial Purchasers shall have the right to purchase all,
but shall not be under any obligation to purchase any, of the Units, and if such
nondefaulting Initial Purchasers do not purchase all the Units, this Agreement
will terminate without liability to any nondefaulting Initial Purchaser or the
Company except as provided in Section 10 hereof. In the event of a default by
any Initial Purchaser as set forth in this Section 11, the Closing Date shall be
postponed for such period, not exceeding five business days, as the
nondefaulting Initial Purchasers shall determine in order that the required
changes in the Final Memorandum or in any other documents or arrangements may be
effected. Nothing contained in this Agreement shall relieve any defaulting
Initial Purchaser of its liability, if any, to the Company or any nondefaulting
Initial Purchaser for damages occasioned by its default hereunder.

     12. Termination. (a) This Agreement may be terminated in the sole
discretion of the Initial Purchasers by notice to the Company given prior to the
Closing Date in the event that the Company or the Guarantor shall have failed,
refused or been unable to perform all obligations and satisfy all conditions on
its part to be performed or satisfied hereunder at or prior thereto or, if at or
prior to the Closing Date:

               (i) any of the Company or the Subsidiaries shall have sustained
          any loss or interference with respect to its businesses or properties
          from fire, flood, hurricane, accident or other calamity, whether or
          not covered by insurance, or from any strike, labor dispute, slow down
          or work stoppage or any legal or governmental proceeding, which loss
          or interference, in the reasonable judgment of the Initial Purchasers,
          has had or has a Material Adverse Effect, or there shall have been, in
          the reasonable
<PAGE>

                                      -38-

          judgment of the Initial Purchasers, any event or development that,
          individually or in the aggregate, has or could be reasonably likely to
          have a Material Adverse Effect (including without limitation a change
          in control of the Company or the Subsidiaries), except in each case as
          described in the Final Memorandum (exclusive of any amendment or
          supplement thereto);

               (ii) trading in securities of the Company or in securities
          generally on the New York Stock Exchange, American Stock Exchange or
          the Nasdaq National Market shall have been suspended or materially
          limited or minimum or maximum prices shall have been established on
          any such exchange or market;

               (iii) a banking moratorium shall have been declared by New York
          or United States authorities;

               (iv) there shall have been (A) an outbreak or escalation of
          hostilities between the United States and any foreign power, or (B) an
          outbreak or escalation of any other insurrection or armed conflict
          involving the United States or any other national or international
          calamity or emergency, or (C) any material change in the financial
          markets of the United States which, in the case of (A), (B) or (C)
          above and in the sole judgment of the Initial Purchasers, makes it
          impracticable or inadvisable to proceed with the offering or the
          delivery of the Securities as contemplated by the Final Memorandum; or

               (v) any debt of the Company or the Guarantor shall have been
          downgraded or placed on any "watch list" for possible downgrading by
          any nationally recognized statistical rating organization.

          (b) Termination of this Agreement pursuant to Section 11 or this
     Section 12 shall be without liability of any party to any other party
     except as provided in Section 10 hereof.

     13. Information Supplied by the Initial Purchasers. The statements set
forth (i) in the last paragraph on the front cover page and (ii) in the third
paragraph, the third and fourth sentences of the fifth paragraph, the seventh
paragraph and, with respect to affiliations of the Initial Purchasers only, the
eighth paragraph, in each case, under the heading "Private Placement" in the
Final Memorandum (to the extent such statements relate to the Initial
Purchasers) constitute the only information furnished by the Initial Purchasers
to the Company and the Guarantor for the purposes of Sections 2(a) and 9 hereof.

     14. Notices. All communications hereunder shall be in writing and, if sent
to the Initial Purchasers, shall be mailed or delivered to (i) Deutsche Bank
Securities Inc., 130 Liberty Street, New York, New York 10006, Attention:
Corporate Finance Department, with a copy to Cahill Gordon & Reindel, 80 Pine
Street, New York, New York 10005, Attention:
<PAGE>

                                      -39-

William Hartnett, Esq.; if sent to the Company or the Guarantor, shall be mailed
or delivered to the Company at 5501 Norman Center Drive, Minneapolis, Minnesota
55437, Attention: General Counsel; with a copy to Gibson Dunn & Crutcher LLP,
200 Park Avenue, New York, New York 10166, Attention: Joerg H. Esdorn, Esq.

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

     15. Successors. This Agreement shall inure to the benefit of and be binding
upon the Initial Purchasers, the Company, the Guarantor and their respective
successors and legal representatives, and nothing expressed or mentioned in this
Agreement is intended or shall be construed to give any other person any legal
or equitable right, remedy or claim under or in respect of this Agreement, or
any provisions herein contained; this Agreement and all conditions and
provisions hereof being intended to be and being for the sole and exclusive
benefit of such persons and for the benefit of no other person except that (i)
the indemnities of the Company and the Guarantor contained in Section 9 of this
Agreement shall also be for the benefit of any person or persons who control the
Initial Purchasers within the meaning of Section 15 of the Act or Section 20 of
the Exchange Act and (ii) the indemnities of the Initial Purchasers contained in
Section 9 of this Agreement shall also be for the benefit of the directors of
the Company and the Guarantor, their officers and any person or persons who
control the Company or the Guarantor within the meaning of Section 15 of the Act
or Section 20 of the Exchange Act. No purchaser of Securities from the Initial
Purchasers will be deemed a successor because of such purchase.

     16. APPLICABLE LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND
THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE
AND TO BE PERFORMED WHOLLY THEREIN, WITHOUT GIVING EFFECT TO ANY PROVISIONS
THEREOF RELATING TO CONFLICTS OF LAW THAT WOULD REQUIRE THE APPLICATION OF ANY
OTHER LAW.

     17. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
<PAGE>

                                       S-1

     If the foregoing correctly sets forth our understanding, please indicate
your acceptance thereof in the space provided below for that purpose, whereupon
this letter shall constitute a binding agreement among the Company, the
Guarantor and the Initial Purchasers.

                                       Very truly yours,

                                       JOSTENS, INC.

                                       By: /s/ Robert C. Buhrmaster
                                           -------------------------------------
                                           Name:  Robert C. Buhrmaster
                                           Title: Chairman, President & CEO

                                       AMERICAN YEARBOOK COMPANY, INC.

                                       By: /s/ Robert C. Buhrmaster
                                           -------------------------------------
                                           Name:  Robert C. Buhrmaster
                                           Title: President
<PAGE>

                                      S-2

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

DEUTSCHE BANK SECURITIES INC.

By: /s/ Matthew Headington
    ------------------------------
    Name:  Matthew Headington
    Title: Vice President

UBS WARBURG LLC

By: /s/ Robert Parsons
    ------------------------------
    Name:  Robert Parsons
    Title: Managing Director
             Leveraged Finance

By: /s/ Arthur Penn
    ------------------------------
    Name:  Arthur Penn
    Title: Managing Director
             Leveraged Finance

GOLDMAN, SACHS & CO.

/s/ [Signature Illegible]
----------------------------------

<PAGE>

                                                                      SCHEDULE 1
                                                                      ----------

Initial Purchaser                                            Number of Units
-----------------                                            ---------------
Deutsche Bank Securities Inc. ...............................    105,750
UBS Warburg LLC..............................................     79,875
Goldman, Sachs & Co. ........................................     39,375
                                                                 -------
          Total..............................................    225,000

<PAGE>

                                                                      SCHEDULE 2
                                                                      ----------

                           Subsidiaries of the Company
                           ---------------------------

                                                             Jurisdiction of
Name                                                         Incorporation
----                                                         -------------
American Yearbook Company, Inc.                              Kansas
Jostens Canada, Ltd.                                         Canada
Balfirm Canada, Inc.                                         Canada
Jostens Can Investments B.V.                                 The Netherlands
Jostens International Holding B.V.                           The Netherlands
C.V. Jostens Global Trading                                  The Netherlands
JC Trading, Inc.                                             Puerto Rico
Conceptos Jostens, S.A. de C.V.                              Mexico
Reconocimientos E Incentivos, S.A. de C.V.                   Mexico
JostFer S.A. de C.V.                                         Mexico
Reconocimientos, S.A.                                        Colombia

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