Document:

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                                                                  Exhibit 4.1(b)

                                                                  EXECUTION COPY

                            PAHC HOLDINGS CORPORATION

                  $29,000,000 15% SENIOR SECURED NOTES DUE 2010

                          REGISTRATION RIGHTS AGREEMENT

                                                               February 10, 2005

JEFFERIES & COMPANY, INC.
520 Madison Avenue
12th Floor
New York, New York 10022

Ladies and Gentlemen:

     PAHC Holdings Corporation, a Delaware corporation (the "Issuer") is issuing
and selling to Jefferies & Company, Inc. (the "Initial Purchaser"), upon the
terms set forth in the Purchase Agreement, dated February 7, 2005, by and
between the Issuer and the Initial Purchaser (the "Purchase Agreement"),
$29,000,000 aggregate principal amount of its 15% Senior Secured Notes due 2010
(together with the PIK Notes, if any, the "Notes"). As an inducement to the
Initial Purchaser to enter into the Purchase Agreement, the Issuer agrees with
the Initial Purchaser, for the benefit of the Holders (as defined below) of the
Notes (including, without limitation, the Initial Purchaser), as follows:

1.   DEFINITIONS

     Capitalized terms that are used herein without definition and are defined
in the Purchase Agreement shall have the respective meanings ascribed to them in
the Purchase Agreement. As used in this Agreement, the following terms shall
have the following meanings:

     ADDITIONAL INTEREST: See Section 4(a).

     ADVICE: See Section 6(v).

     AGREEMENT: This Registration Rights Agreement, dated as of the Closing
Date, between the Issuer and the Initial Purchaser.

     APPLICABLE PERIOD: See Section 2(e).

     BUSINESS DAY: A day that is not a Saturday, a Sunday or a day on which
banking institutions in the City of New York are authorized or required by law
or executive order to be closed.

     CLOSING DATE: February 10, 2005.

     COLLATERAL AGREEMENTS: Shall have the meaning set forth in the Indenture.

     DAY: Unless otherwise expressly provided, a calendar day.
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     EFFECTIVENESS DATE: The 180th day after the Closing Date.

     EFFECTIVENESS PERIOD: See Section 3(a).

     EVENT DATE: See Section 4(b).

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

     EXCHANGE NOTES: The Senior Secured Notes due 2010 of the Issuer registered
under the Securities Act, identical in all material respects to the Notes,
except for restrictive legends and additional interest provisions.

     EXCHANGE OFFER: See Section 2(a).

     EXCHANGE REGISTRATION STATEMENT: See Section 2(a).

     FILING DATE: The 120th day after the Closing Date.

     HOLDER: Any registered holder of Registrable Notes.

     INDEMNIFIED PARTY: See Section 8(c).

     INDEMNIFYING PARTY: See Section 8(c).

     INDENTURE: The Indenture, dated as of February 10, 2005, between the Issuer
and HSBC Bank USA, National Association as trustee, pursuant to which the Notes
are being issued, as amended or supplemented from time to time in accordance
with the terms thereof.

     INITIAL PURCHASER: See the introductory paragraph to this Agreement.

     INITIAL SHELF REGISTRATION: See Section 3(a).

     INSPECTORS: See Section 6(o).

     ISSUER: See the introductory paragraph to this Agreement.

     LOSSES: See Section 8(a).

     NASD: National Association of Securities Dealers, Inc.

     NOTES: See the introductory paragraph to this Agreement.

     PARTICIPATING BROKER-DEALER: See Section 2(e).

     PERSON: An individual, trustee, corporation, partnership, limited liability
company, joint stock company, trust, unincorporated association, union, business
association, firm, government or agency or political subdivision thereof, or
other legal entity.

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     PIK NOTES: 15% Senior Secured Notes due 2010 of the Company issued in lieu
of the payment of interest in cash on any Note.

     PRIVATE EXCHANGE: See Section 2(f).

     PRIVATE EXCHANGE NOTES: See Section 2(f).

     PROSPECTUS: The prospectus included in any Registration Statement
(including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Notes covered by such
Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

     PURCHASE AGREEMENT: See the introductory paragraph to this Agreement.

     RECORDS: See Section 6(o).

     REGISTRABLE NOTES: (i) Notes, (ii) Private Exchange Notes and (iii)
Exchange Notes received in the Exchange Offer, in each case, that may not be
sold free of the registration and prospectus delivery requirements of the
Securities Act.

     REGISTRATION STATEMENT: Any registration statement of the Issuer filed with
the SEC under the Securities Act (including, but not limited to, the Exchange
Registration Statement, the Shelf Registration and any subsequent Shelf
Registration) that covers any of the Registrable Notes pursuant to the
provisions of this Agreement, including the Prospectus, amendments and
supplements to such registration statement, including post-effective amendments,
all exhibits and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement.

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

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

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

     RULE 430A: Rule 430A promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.

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     SEC: The Securities and Exchange Commission.

     SECURITIES: The Notes, the Exchange Notes and the Private Exchange Notes.

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

     SHELF NOTICE: See Section 2(j).

     SHELF REGISTRATION: See Section 3(b).

     SUBSEQUENT SHELF REGISTRATION: See Section 3(b).

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

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

     UNDERWRITTEN REGISTRATION OR UNDERWRITTEN OFFERING: A registration in which
securities of the Issuer are sold to an underwriter for reoffering to the
public.

2.   EXCHANGE OFFER

     (a)  Unless the Exchange Offer would not be permitted by applicable laws or
          a policy of the SEC, the Issuer shall (i) prepare and file with the
          SEC by the Filing Date, a registration statement (the "Exchange
          Registration Statement") on an appropriate form under the Securities
          Act with respect to an offer (the "Exchange Offer") to the Holders of
          Notes to issue and deliver to such Holders, in exchange for the Notes,
          a like number of Exchange Notes, (ii) use its reasonable best efforts
          to cause the Exchange Registration Statement to become effective by
          the Effectiveness Date, (iii) use its reasonable best efforts to keep
          the Exchange Registration Statement effective for not less than 20
          Business Days after the Exchange Registration Statement is declared
          effective, and (iv) use its reasonable best efforts to issue on or
          prior to 30 days after the date on which the Exchange Registration
          Statement is declared effective, Exchange Notes in exchange for all
          Notes tendered prior thereto in the Exchange Offer. The Exchange Offer
          shall not be subject to any conditions, other than that the Exchange
          Offer does not violate applicable law or any applicable interpretation
          of the staff of the SEC.

     (b)  The Exchange Notes shall be issued under, and entitled to the benefits
          of, (i) the Indenture or a trust indenture that is identical to the
          Indenture (other than such changes as are necessary to comply with any
          requirements of the SEC to effect or maintain the qualifications
          thereof under the TIA) and (ii) the Collateral Agreements.

     (c)  Interest on the Exchange Notes and Private Exchange Notes will accrue
          from the last interest payment date on which interest was paid on the
          Notes surrendered in exchange therefor or, if no interest has been
          paid on the Notes, from the date of

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          original issue of the Notes. Each Exchange Note and Private Exchange
          Note shall bear interest at the rate set forth thereon; provided, that
          interest with respect to the period prior to the issuance thereof
          shall accrue at the rate or rates borne by the Notes from time to time
          during such period.

     (d)  The Issuer may require each Holder as a condition to participation in
          the Exchange Offer to represent (i) that any Exchange Notes received
          by it will be acquired in the ordinary course of its business, (ii)
          that at the time of the commencement and consummation of the Exchange
          Offer such Holder has not entered into any arrangement or
          understanding with any Person to participate in the distribution
          (within the meaning of the Securities Act) of the Exchange Notes in
          violation of the provisions of the Securities Act, (iii) that if such
          Holder is an "affiliate" of the Issuer within the meaning of Rule 405
          of the Securities Act, it will comply with the registration and
          prospectus delivery requirements of the Securities Act to the extent
          applicable to it, (iv) if such Holder is not a broker-dealer, that it
          is not engaged in, and does not intend to engage in, the distribution
          of the Notes and (v) if such Holder is a Participating Broker-Dealer,
          that it will deliver a Prospectus in connection with any resale of the
          Exchange Notes.

     (e)  The Issuer shall include within the Prospectus contained in the
          Exchange Registration Statement a section entitled "Plan of
          Distribution" which shall contain a summary statement of the positions
          taken or policies made by the staff of the SEC with respect to the
          potential "underwriter" status of any broker-dealer that is the
          beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of
          Exchange Notes received by such broker-dealer in the Exchange Offer
          for its own account in exchange for Notes that were acquired by it as
          a result of market-making or other trading activity (a "Participating
          Broker-Dealer"), whether such positions or policies have been publicly
          disseminated by the staff of the SEC or such positions or policies, in
          the judgment of the Initial Purchaser, represent the prevailing views
          of the staff of the SEC. Such "Plan of Distribution" section shall
          also allow, to the extent permitted by applicable policies and
          regulations of the SEC, the use of the Prospectus by all Persons
          subject to the prospectus delivery requirements of the Securities Act,
          including, to the extent so permitted, all Participating
          Broker-Dealers, and include a statement describing the manner in which
          Participating Broker-Dealers may resell the Exchange Notes. The Issuer
          shall use its reasonable best efforts to keep the Exchange
          Registration Statement effective and to amend and supplement the
          Prospectus contained therein, in order to permit such Prospectus to be
          lawfully delivered by all Persons subject to the prospectus delivery
          requirements of the Securities Act for such period of time as such
          Persons must comply with such requirements in order to resell the
          Exchange Notes (the "Applicable Period").

     (f)  If, upon consummation of the Exchange Offer, the Initial Purchaser
          holds any Notes acquired by it and having the status of an unsold
          allotment in the initial distribution, the Issuer (upon the written
          request from the Initial Purchaser) shall, simultaneously with the
          delivery of the Exchange Notes in the Exchange Offer, issue and
          deliver to the Initial Purchaser, in exchange (the "Private Exchange")

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          for the Notes held by the Initial Purchaser, a like principal amount
          of Exchange Notes that are identical to the Notes, except for the
          existence of restrictions on transfer thereof under the Securities Act
          and securities laws of the several states of the United States (the
          "Private Exchange Notes") (and which are issued pursuant to the same
          indenture as the Exchange Notes). The Private Exchange Notes shall
          bear the same CUSIP number as the Exchange Notes.

     (g)  In connection with the Exchange Offer, the Issuer shall:

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

          (ii) keep the Exchange Offer open for not less than 20 Business Days
               after the date on which the Exchange Registration Statement is
               declared effective;

          (iii) utilize the services of a depository for the Exchange Offer with
               an address in the Borough of Manhattan, the City of New York,
               which may be the Trustee or an affiliate thereof;

          (iv) permit Holders to withdraw tendered Registrable Notes at any time
               prior to the close of business, New York time, on the last
               Business Day on which the Exchange Offer shall remain open; and

          (v)  otherwise comply in all material respects with all applicable
               laws.

     (h)  As soon as practicable after the close of the Exchange Offer or the
          Private Exchange, as the case may be, the Issuer shall:

          (i)  accept for exchange all Registrable Notes validly tendered
               pursuant to the Exchange Offer or the Private Exchange, as the
               case may be, and not validly withdrawn;

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

          (iii) cause the Trustee to authenticate and deliver promptly to each
               Holder tendering such Registrable Notes, Exchange Notes or
               Private Exchange Notes, as the case may be, equal in principal
               amount to the Notes of such Holder so accepted for exchange.

     (i)  The Exchange Notes and the Private Exchange Notes may be issued under
          (i) the Indenture or (ii) an indenture identical to the Indenture
          (other than such changes as are necessary to comply with any
          requirements of the SEC to effect or maintain the qualification
          thereof under the TIA), which in either event will provide that the
          Exchange Notes will not be subject to the transfer restrictions set
          forth in the Indenture, and that the Exchange Notes, the Private
          Exchange Notes and the

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          Notes, if any, will be deemed one class of security (subject to the
          provisions of the Indenture) and entitled to participate in all the
          respective security granted by the Issuer pursuant to the Collateral
          Agreements (as such term is defined in the Indenture) on an equal and
          ratable basis.

     (j)  If: (i) applicable interpretations of the staff of the SEC would not
          permit the consummation of the Exchange Offer; (ii) subsequent to the
          consummation of the Private Exchange, any Holder of Private Exchange
          Notes so requests; (iii) the Exchange Offer is not consummated by the
          210th day following the Closing Date; or (iv) (A) any Holder is
          prohibited by law or Commission policy form participating in the
          Exchange Offer, (B) if the Initial Purchaser so requests with respect
          to Notes not eligible to be exchanged for Exchange Notes in the
          Exchange Offer, (C) any Holder participating in the Exchange Offer
          receives Exchange Notes that may not be sold without restriction under
          state and federal securities laws (other than due solely to the status
          of such Holder as an affiliate of the Issuer within the meaning of the
          Securities Act) or (D) any broker-dealer holds Notes acquired directly
          from the Issuer or any of its affiliates and, in each such case
          contemplated by this clause (iv), such Holder notifies the Issuer
          within six months of consummation of the Exchange Offer, then the
          Issuer shall promptly (and in any event within five Business Days)
          deliver to the Holders (or in the case of an occurrence of any event
          described in clause (iv) of this Section 2(j), to any such Holder) and
          the Trustee written notice thereof (the "Shelf Notice") and shall
          promptly (but in no event later than the Shelf Filing Date) file an
          Initial Shelf Registration pursuant to Section 3.

3.   SHELF REGISTRATION

     If a Shelf Notice is delivered pursuant to Section 2(j), then this Section
3 shall apply to all Registrable Notes. Otherwise, upon consummation of the
Exchange Offer in accordance with Section 2, the provisions of this Section 3
shall apply solely with respect to (i) Notes held by any Holder thereof not
permitted to participate in the Exchange Offer, (ii) Notes held by any
broker-dealer that acquired such Notes directly from the Issuer or any of its
affiliates and (iii) Exchange Notes that are not freely tradeable as
contemplated by Section 2(j)(iv) hereof, provided in each case that the relevant
Holder has duly notified the Issuer within six months of the Exchange Offer as
required by Section 2(j)(iv).

     (a)  Initial Shelf Registration. The Issuer shall promptly file with the
          SEC a Registration Statement for an offering to be made on a
          continuous basis pursuant to Rule 415 covering all of the Registrable
          Notes (the "Initial Shelf Registration"). If the Issuer has not yet
          filed an Exchange Registration Statement, the Issuer shall file with
          the SEC the Initial Shelf Registration on or prior to the Filing Date
          and shall use its reasonable best efforts to cause such Initial Shelf
          Registration to be declared effective under the Securities Act on or
          prior to the Effectiveness Date. Otherwise, the Issuer shall use its
          reasonable best efforts to file with the SEC the Initial Shelf
          Registration within 30 days of the delivery of the Shelf Notice and
          shall use its reasonable best efforts to cause such Shelf Registration
          to be declared effective under the Securities Act as promptly as

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          practicable thereafter (but in no event more than 90 days after
          delivery of the Shelf Notice). The Initial Shelf Registration shall be
          on Form S-1 or another appropriate form permitting registration of
          such Registrable Notes for resale by Holders in the manner or manners
          reasonably designated by them (including, without limitation, one or
          more underwritten offerings). The Issuer shall not permit any
          securities other than the Registrable Notes to be included in any
          Shelf Registration. The Issuer shall use its reasonable best efforts
          to keep the Initial Shelf Registration continuously effective under
          the Securities Act until the date which is 24 months from the Closing
          Date (subject to extension pursuant to the last paragraph of Section
          6(v) (the "Effectiveness Period"), or such shorter period ending when
          (i) all Registrable Notes covered by the Initial Shelf Registration
          have been sold in the manner set forth and as contemplated in the
          Initial Shelf Registration, (ii) a Subsequent Shelf Registration
          covering all of the Registrable Notes covered by and not sold under
          the Initial Shelf Registration or an earlier Subsequent Shelf
          Registration has been declared effective under the Securities Act or
          (iii) there cease to be any outstanding Registrable Notes.

     (b)  Subsequent Shelf Registrations. If the Initial Shelf Registration or
          any Subsequent Shelf Registration (as defined below) ceases to be
          effective for any reason at any time during the Effectiveness Period
          (other than because of the sale of all of the securities registered
          thereunder), the Issuer shall use its reasonable best efforts to
          obtain the prompt withdrawal of any order suspending the effectiveness
          thereof, and in any event shall within 30 days of such cessation of
          effectiveness amend such Shelf Registration in a manner designed to
          obtain the withdrawal of the order suspending the effectiveness
          thereof, or file an additional "shelf" Registration Statement pursuant
          to Rule 415 covering all of the Registrable Notes (a "Subsequent Shelf
          Registration"). If a Subsequent Shelf Registration is filed, the
          Issuer shall use its reasonable best efforts to cause the Subsequent
          Shelf Registration to be declared effective as soon as practicable
          after such filing and to keep such Subsequent Shelf Registration
          continuously effective for a period equal to the number of days in the
          Effectiveness Period less the aggregate number of days during which
          the Initial Shelf Registration or any Subsequent Shelf Registration
          was previously effective. As used herein the term "Shelf Registration"
          means the Initial Shelf Registration and any Subsequent Shelf
          Registrations

     (c)  Supplements and Amendments. The Issuer shall promptly supplement and
          amend any Shelf Registration if required by the rules, regulations or
          instructions applicable to the registration form used for such Shelf
          Registration, if required by the Securities Act, or if requested in
          writing by the Holders of a majority in aggregate principal amount of
          the Registrable Notes covered by such Shelf Registration or if
          reasonably requested by any underwriter of such Registrable Notes.

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4.   ADDITIONAL INTEREST

     (a)  The Issuer acknowledges and agrees that the Holders of Registrable
          Notes will suffer damages if the Issuer fails to fulfill its material
          obligations under Section 2 or Section 3 hereof and that it would not
          be feasible to ascertain the extent of such damages with precision.
          Accordingly, the Issuer agrees to pay additional cash interest on the
          Notes ("Additional Interest") under the circumstances and to the
          extent set forth below (each of which shall be given independent
          effect):

          (i)  if neither the Exchange Registration Statement nor the Initial
               Shelf Registration has been filed on or prior to the Filing Date,
               Additional Interest shall accrue on the Notes over and above any
               stated interest at a rate of 0.25% per annum of the principal
               amount of such Notes for the first 90 days immediately following
               the Filing Date, such Additional Interest rate increasing by an
               additional 0.25% per annum at the beginning of each subsequent
               90-day period;

          (ii) if neither the Exchange Registration Statement nor the Initial
               Shelf Registration is declared effective on or prior to the
               Effectiveness Date, Additional Interest shall accrue on the Notes
               over and above any stated interest at a rate of 0.25% per annum
               of the principal amount of such Notes for the first 90 days
               immediately following the Effectiveness Date, such Additional
               Interest rate increasing by an additional 0.25% per annum at the
               beginning of each subsequent 90-day period;

          (iii) if (A) the Issuer has not exchanged Exchange Notes for all Notes
               validly tendered in accordance with the terms of the Exchange
               Offer on or prior to 30 days after the Effectiveness Date, (B)
               the Exchange Registration Statement ceases to be effective at any
               time prior to the expiration of 20 Business Days thereafter, (C)
               if applicable, a Shelf Registration has been declared effective
               and such Shelf Registration ceases to be effective at any time
               prior to the second anniversary of its effective date (other than
               such time as all Notes have been disposed of thereunder) and is
               not declared effective again within 30 days, or (D) pending the
               announcement of a material corporate transaction, the Issuer
               issues a written notice pursuant to Section 6(e)(v) or (vi) that
               a Shelf Registration Statement or Exchange Registration Statement
               is unusable and the aggregate number of days in any 365-day
               period for which all such notices issued or required to be
               issued, have been, or were required to be, in effect exceeds 120
               days in the aggregate or 30 days consecutively, in the case of a
               Shelf Registration statement, or 15 days in the aggregate in the
               case of an Exchange Registration Statement, then Additional
               Interest shall accrue on the Notes, over and above any stated
               interest, at a rate of 0.25% per annum of the principal amount of
               such Notes commencing on (w) the 31st day after the Effectiveness
               Date, in the case of clause (A) above, or (x) the date the
               Exchange Registration Statement ceases to be effective without
               being declared effective again within 30 days, in the case of
               clause (B) above, or

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               (y) the day such Shelf Registration ceases to be effective in the
               case of clause (C) above, or (z) the day the Exchange
               Registration Statement or Shelf Registration ceases to be usable
               in case of clause (D) above, such Additional Interest rate
               increasing by an additional 0.25% per annum at the beginning of
               each such subsequent 90-day period;

          provided, however, that the maximum Additional Interest rate on the
          Notes may not exceed at any one time in the aggregate 1.00% per annum;
          and provided further, that (1) upon the filing of the Exchange
          Registration Statement or Initial Shelf Registration (in the case of
          clause (i) above), (2) upon the effectiveness of the Exchange
          Registration Statement or Initial Shelf Registration (in the case of
          clause (ii) above), or (3) upon the exchange of Exchange Notes for all
          Notes tendered (in the case of clause (iii)(A) above), or upon the
          effectiveness of the Exchange Registration Statement that had ceased
          to remain effective (in the case of clause (iii)(B) above), or upon
          the effectiveness of a Shelf Registration which had ceased to remain
          effective (in the case of clause (iii)(C) above), Additional Interest
          on the Notes as a result of such clause (or the relevant subclause
          thereof) or upon the effectiveness of such Registration Statement or
          Exchange Registration Statement (in the case of clause (iii)(D)
          above), as the case may be, shall cease to accrue.

     (b)  The Issuer shall notify the Trustee within 5 Business Days after each
          and every date on which an event occurs in respect of which Additional
          Interest is required to be paid (an "Event Date"). Any amounts of
          Additional Interest due pursuant to clause (a)(i), (a)(ii) or (a)(iii)
          of this Section 4 will be payable in cash or in PIK Notes, on the
          dates and in the manner provided in the Indenture and whether or not
          any cash interest would then be payable on such date, commencing with
          the first such semi-annual date occurring after any such Additional
          Interest commences to accrue. The amount of Additional Interest will
          be determined by multiplying the applicable Additional Interest rate
          by the principal amount of the Notes, multiplied by a fraction, the
          numerator of which is the number of days such Additional Interest rate
          was applicable during such period (determined on the basis of a
          360-day year comprised of twelve 30-day months and, in the case of a
          partial month, the actual number of days elapsed), and the denominator
          of which is 360.

5.   HOLD-BACK AGREEMENTS

     The Issuer agrees that it will not effect any public or private sale or
distribution (including a sale pursuant to Regulation D under the Securities
Act) of any securities the same as or similar to those covered by a Registration
Statement filed pursuant to Section 2 or 3 hereof (other than Additional Notes
(as defined in the Indenture) issued under the Indenture), or any securities
convertible into or exchangeable or exercisable for such securities, during the
10 days prior to, and during the 90-day period beginning on, the effective date
of any Registration Statement filed pursuant to Sections 2 and 3 hereof unless
the Holders of a majority in the aggregate principal amount of the Registrable
Notes to be included in such Registration Statement consent, if the managing
underwriter thereof so requests in writing.

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6.   REGISTRATION PROCEDURES

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

     (a)  Prepare and file with the SEC on or prior to the Filing Date, the
          Exchange Registration Statement or if the Exchange Registration
          Statement is not filed because of the circumstances contemplated by
          Section 2(j), a Shelf Registration as prescribed by Section 3, and use
          its reasonable best efforts to cause each such Registration Statement
          to become effective and remain effective as provided herein; provided
          that, if (1) a Shelf Registration is filed pursuant to Section 3 or
          (2) a Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Notes during the Applicable Period relating thereto, before filing any
          Registration Statement or Prospectus or any amendments or supplements
          thereto the Issuer shall, if requested, furnish to and afford the
          Holders of the Registrable Notes to be registered pursuant to such
          Shelf Registration Statement, each Participating Broker-Dealer, the
          managing underwriters, if any, and each of their respective counsel, a
          reasonable opportunity to review copies of all such documents
          (including copies of any documents to be incorporated by reference
          therein and all exhibits thereto) proposed to be filed (in each case
          at least 5 Business Days prior to such filing). The Issuer shall not
          file any such Registration Statement or Prospectus or any amendments
          or supplements thereto in respect of which the Holders must provide
          information for the inclusion therein without the Holders being
          afforded an opportunity to review such documentation if the holders of
          a majority in aggregate principal amount of the Registrable Notes
          covered by such Registration Statement, or any such Participating
          Broker-Dealer, as the case may be, the managing underwriters, if any,
          or any of their respective counsel shall reasonably object in writing
          on a timely basis. A Holder shall be deemed to have reasonably
          objected to such filing if such Registration Statement, amendment,
          Prospectus or supplement, as applicable, as proposed to be filed,
          contains an untrue statement of a material fact or omits to state any
          material fact necessary to make the statements therein not misleading
          or fails to comply with the applicable requirements of the Securities
          Act.

     (b)  Provide an indenture trustee for the Registrable Notes, the Exchange
          Notes or the Private Exchange Notes, as the case may be, and cause the
          Indenture (or other indenture relating to the Registrable Notes) to be
          qualified under the TIA not later than the effective date of the first
          Registration Statement; and in connection therewith, to effect such
          changes to such indenture as may be required for such indenture to be
          so qualified in accordance with the terms of the TIA; and execute, and
          use its reasonable best efforts to cause such trustee to execute, all
          documents as may be required to effect such changes, and all other
          forms and documents

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          required to be filed with the SEC to enable such indenture to be so
          qualified in a timely manner.

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

     (d)  Furnish to such selling Holders and Participating Broker-Dealers who
          so request in writing (i) upon the Issuer's receipt, a copy of the
          order of the SEC declaring such Registration Statement and any
          post-effective amendment thereto effective, (ii) such reasonable
          number of copies of the Prospectus included in such Registration
          Statement (including each preliminary Prospectus) and each amendment
          and supplement thereto, and such reasonable number of copies of the
          final Prospectus as filed by the Issuer pursuant to Rule 424(b) under
          the Securities Act, in conformity with the requirements of the
          Securities Act and each amendment and supplement thereto, and (iii)
          such other documents (including any amendments required to be filed
          pursuant to clause (c) of this Section), as any such Person may
          reasonably request in writing. The Issuer hereby consents to the use
          of the Prospectus by each of the selling Holders of Registrable Notes
          or each such Participating Broker-Dealer, as the case may be, and the
          underwriters or agents, if any, and dealers, if any, in connection
          with the offering and sale of the Registrable Notes covered by, or the
          sale by Participating Broker-Dealers of the Exchange Notes pursuant
          to, such Prospectus and any amendment or supplement thereto.

     (e)  If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Notes during the Applicable Period relating thereto, the Issuer shall
          notify in writing the selling Holders of Registrable Notes, or each
          such Participating Broker-Dealer, as the case may be, the managing

                                       12
<PAGE>
          underwriters, if any, and each of their respective counsel promptly
          (but in any event within 2 Business Days) (i) when a Prospectus or any
          Prospectus supplement or post-effective amendment has been filed, and,
          with respect to a Registration Statement or any post-effective
          amendment, when the same has become effective, (ii) of the issuance by
          the SEC of any stop order suspending the effectiveness of a
          Registration Statement or of any order preventing or suspending the
          use of any Prospectus or the initiation of any proceedings for that
          purpose, (iii) if at any time when a Prospectus is required by the
          Securities Act to be delivered in connection with sales of the
          Registrable Notes the representations and warranties of the Issuer
          contained in any agreement (including any underwriting agreement)
          contemplated by Section 6(n) hereof cease to be true and correct in
          all material respects, (iv) of the receipt by the Issuer of any
          notification with respect to the suspension of the qualification or
          exemption from qualification of a Registration Statement or any of the
          Registrable Notes or the Exchange Notes to be sold by any
          Participating Broker-Dealer for offer or sale in any jurisdiction, or
          the initiation or threatening of any proceeding for such purpose, (v)
          of the happening of any event, the existence of any condition of any
          information becoming known that makes any statement made in such
          Registration Statement or related Prospectus or any document
          incorporated or deemed to be incorporated therein by reference untrue
          in any material respect or that requires the making of any changes in,
          or amendments or supplements to, such Registration Statement,
          Prospectus or documents so that, in the case of the Registration
          Statement and the Prospectus, it will not contain any untrue statement
          of a material fact or omit to state any material fact required to be
          stated therein or necessary to make the statements therein, in light
          of the circumstances under which they were made, not misleading, (vi)
          of any reasonable determination by the Issuer that a post-effective
          amendment to a Registration Statement would be appropriate and (vii)
          of any request by the SEC for amendments to the Registration Statement
          or supplements to the Prospectus or for additional information
          relating thereto.

     (f)  Use its reasonable best efforts to prevent the issuance of any order
          suspending the effectiveness of a Registration Statement or of any
          order preventing or suspending the use of a Prospectus or suspending
          the qualification (or exemption from qualification) of any of the
          Registrable Notes or the Exchange Notes to be sold by any
          Participating Broker-Dealer, for sale in any jurisdiction, and, if any
          such order is issued, to use its reasonable best efforts to obtain the
          withdrawal of any such order at the earliest possible date.

     (g)  If (A) a Shelf Registration is filed pursuant to Section 3, (B) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Notes during the Applicable Period or (C) reasonably requested in
          writing by the managing underwriters, if any, or the Holders of a
          majority in aggregate principal amount of the Registrable Notes being
          sold in connection with an underwritten offering, (i) promptly
          incorporate in a Prospectus supplement or post-effective amendment
          such information or revisions to information therein relating to such
          underwriters or selling Holders as

                                       13
<PAGE>
          the managing underwriters, if any, or such Holders or any of their
          respective counsel reasonably request in writing to be included or
          made therein, and reasonably acceptable to the Issuer and (ii) make
          all required filings of such Prospectus supplement or such
          post-effective amendment as soon as practicable after the Issuer has
          received notification of the matters to be incorporated in such
          Prospectus supplements or post-effective amendment.

     (h)  Prior to any public offering of Registrable Notes or any delivery of a
          Prospectus contained in the Exchange Registration Statement by any
          Participating Broker-Dealer who seeks to sell Exchange Notes during
          the Applicable Period, use its reasonable best efforts to register or
          qualify, and to cooperate with the selling Holders of Registrable
          Notes or each such Participating Broker-Dealer, as the case may be,
          the underwriters, if any, and their respective counsel in connection
          with the registration or qualification (or exemption from such
          registration or qualification) of such Registrable Notes or Exchange
          Notes, as the case may be, for offer and sale under the securities or
          Blue Sky laws of such jurisdictions within the United States as any
          selling Holder, Participating Broker-Dealer or any managing
          underwriter or underwriters, if any, reasonably request in writing;
          provided that where Exchange Notes held by Participating
          Broker-Dealers or Registrable Notes are offered other than through an
          underwritten offering, the Issuer agrees to cause its counsel to
          perform Blue Sky investigations and use its reasonable best efforts to
          file any registrations and qualifications required to be filed
          pursuant to this Section 6(h), use its reasonable best efforts to keep
          each such registration or qualification (or exemption therefrom)
          effective during the period such Registration Statement is required to
          be kept effective and use its reasonable best efforts to do any and
          all other acts or things reasonably necessary or advisable to enable
          the disposition in such jurisdictions of the Exchange Notes held by
          Participating Broker-Dealers or the Registrable Notes covered by the
          applicable Registration Statement; provided that the Issuer shall not
          be required to (A) qualify generally to do business in any
          jurisdiction where it is not then so qualified, (B) take any action
          that would subject it to general service of process in any such
          jurisdiction where it is not then so subject or (C) subject itself to
          taxation in any such jurisdiction where it is not then so subject.

     (i)  If (A) a Shelf Registration is filed pursuant to Section 3 or (B) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is requested to be delivered under the
          Securities Act by any Participating Broker-Dealer who seeks to sell
          Exchange Notes during the Applicable Period, cooperate in all
          reasonable respects with the selling Holders of Registrable Notes and
          the managing underwriter or underwriters, if any, to facilitate the
          timely preparation and delivery of certificates representing
          Registrable Notes to be sold, which certificates shall not bear any
          restrictive legends and shall be in a form eligible for deposit with
          The Depository Trust Company, and enable such Registrable Notes to be
          in such denominations and registered in such names as the managing
          underwriter or underwriters, if any, or Holders may reasonably
          request.

                                       14
<PAGE>
     (j)  Use its reasonable best efforts to cause the Registrable Notes covered
          by any Registration Statement to be registered with or approved by
          such governmental agencies or authorities as may be necessary to
          enable the seller or sellers thereof or the underwriter, if any, to
          consummate the disposition of such Registrable Notes, except as may be
          required solely as a consequence of the nature of such selling
          Holder's business, in which case the Issuer shall cooperate in all
          reasonable respects with the filing of such Registration Statement and
          the granting of such approvals; provided that the Issuer shall not be
          required to (A) qualify generally to do business in any jurisdiction
          where it is not then so qualified, (B) take any action that would
          subject it to general service of process in any jurisdiction where it
          is not then so subject or (C) subject itself to taxation in any such
          jurisdiction where it is not then so subject.

     (k)  If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Notes during the Applicable Period, upon the occurrence of any event
          contemplated by paragraph 6(e)(v) or 6(e)(vi) hereof, as promptly as
          practicable, prepare and file with the SEC, at the expense of the
          Issuer, a supplement or post-effective amendment to the Registration
          Statement or a supplement to the related Prospectus or any document
          incorporated or deemed to be incorporated therein by reference, or
          file any other required document so that, as thereafter delivered to
          the purchasers of the Registrable Notes being sold thereunder or to
          the purchasers of the Exchange Notes to whom such Prospectus will be
          delivered by a Participating Broker-Dealer, such Prospectus will not
          contain an untrue statement of a material fact or omit to state a
          material fact required to be stated therein or necessary to make the
          statements therein, in light of the circumstances under which they
          were made, not misleading, and, if SEC review is required, use its
          reasonable best efforts to cause such post-effective amendment to be
          declared effective as soon as possible.

     (l)  Use its reasonable best efforts to cause the Registrable Notes covered
          by a Registration Statement to be rated with such appropriate rating
          agencies, if so requested in writing by the Holders of a majority in
          aggregate principal amount of the Registrable Notes covered by such
          Registration Statement or the managing underwriter or underwriters, if
          any.

     (m)  Prior to the initial issuance of the Exchange Notes, (i) provide the
          Trustee with one or more certificates for the Registrable Notes in a
          form eligible for deposit with The Depository Trust Company and (ii)
          provide a CUSIP number for the Exchange Notes.

     (n)  If a Shelf Registration is filed pursuant to Section 3, enter into
          such agreements (including an underwriting agreement in form, scope
          and substance as is customary in underwritten offerings of debt
          securities similar to the Notes, as may be appropriate in the
          circumstances) and take all such other actions in connection therewith
          (including those reasonably requested in writing by the managing

                                       15
<PAGE>
          underwriters, if any, or the Holders of a majority in aggregate
          principal amount of the Registrable Notes being sold) in order to
          expedite or facilitate the registration or the disposition of such
          Registrable Notes, and in such connection, whether or not an
          underwriting agreement is entered into and whether or not the
          registration is an Underwritten Registration, (i) make such
          representations and warranties to the Holders and the underwriters, if
          any, with respect to the business of the Issuer and its subsidiaries
          as then conducted, and the Registration Statement, Prospectus and
          documents, if any, incorporated or deemed to be incorporated by
          reference therein, in each case, in form, substance and scope as are
          customarily made by issuers to underwriters in underwritten offerings
          of debt securities similar to the Notes, as may be appropriate and
          reasonable in the circumstances, and confirm the same if and when
          reasonably required; (ii) use reasonable best efforts to obtain an
          opinion of counsel to the Issuer and updates thereof (which counsel
          and opinions (in form, scope and substance) shall be reasonably
          satisfactory to the managing underwriters, if any, and the Holders of
          a majority in aggregate principal amount of the Registrable Notes
          being sold), addressed to each selling Holder and each of the
          underwriters, if any, covering the matters customarily covered in
          opinions of counsel to the Issuer requested in underwritten offerings
          of debt securities similar to the Notes, as may be appropriate in the
          circumstances; (iii) use reasonable best efforts to obtain "cold
          comfort" letters and updates thereof (which letters and updates (in
          form, scope and substance) shall be reasonably satisfactory to the
          managing underwriters) from the independent certified public
          accountants of the Issuer (and, if necessary, any other independent
          certified public accountants of any subsidiary of the Issuer or of any
          business acquired by the Issuer for which financial statements and
          financial data are, or are required to be, included in the
          Registration Statement), addressed to each of the underwriters, such
          letters to be in customary form and covering matters of the type
          customarily covered in "cold comfort" letters in connection with
          underwritten offerings of debt securities similar to the Notes, as may
          be appropriate in the circumstances, and such other matters as
          reasonably requested in writing by the underwriters; and (iv) deliver
          such documents and certificates as may be reasonably requested in
          writing by the Holders of a majority in aggregate principal amount of
          the Registrable Notes being sold and the managing underwriters, if
          any, to evidence the continued validity in all material respects of
          the representations and warranties of the Issuer and its subsidiaries
          made pursuant to clause (i) above and to evidence compliance in all
          material respects with any conditions contained in the underwriting
          agreement or other similar agreement entered into by the Issuer.

     (o)  If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Notes during the Applicable Period, make available for inspection by
          any selling Holder of such Registrable Notes being sold, or each such
          Participating Broker-Dealer, as the case may be, any underwriter
          participating in any such disposition of Registrable Notes, if any,
          and any attorney, accountant or other agent retained by any such
          selling Holder or

                                       16
<PAGE>
          each such Participating Broker-Dealer, as the case may be, or
          underwriter (collectively, the "Inspectors"), at the offices where
          normally kept, during reasonable business hours and in a manner so as
          not to be disruptive to the business or operations of the Issuer, all
          financial and other records and pertinent corporate documents of the
          Issuer and its subsidiaries (collectively, the "Records") as shall be
          reasonably necessary to enable them to exercise any applicable due
          diligence responsibilities, and cause the officers, directors and
          employees of the Issuer and its subsidiaries to supply all information
          reasonably requested in writing by any such Inspector in connection
          with such Registration Statement. Each Inspector shall agree in
          writing, in a form reasonably acceptable to the Issuer, that it will
          keep the Records confidential and not disclose any of the Records
          unless (i) the disclosure of such Records is necessary to avoid or
          correct a misstatement or omission in such Registration Statement,
          (ii) the release of such Records is ordered pursuant to a subpoena or
          other order from a court of competent jurisdiction, (iii) the
          information in such Records is public or has been made generally
          available to the public other than as a result of a disclosure or
          failure to safeguard by such Inspector or (iv) disclosure of such
          information is, in the reasonable written opinion of counsel for any
          Inspector, necessary or advisable in connection with any action,
          claim, suit or proceeding, directly or indirectly, involving or
          potentially involving such Inspector and arising out of, based upon,
          related to, or involving this Agreement, or any transaction
          contemplated hereby or arising hereunder. Each selling Holder of such
          Registrable Notes and each such Participating Broker-Dealer will be
          required to agree that information obtained by it as a result of such
          inspections shall be deemed confidential and shall not be used by it
          as the basis for any market transactions in the securities of the
          Issuer unless and until such is made generally available to the
          public. Each Inspector, each selling Holder of such Registrable Notes
          and each such Participating Broker-Dealer will be required to further
          agree that it will, upon learning that disclosure of such Records is
          sought in a court of competent jurisdiction, give notice to the Issuer
          and, to the extent practicable, use its best efforts to allow the
          Issuer, at its expense, to undertake appropriate action to prevent
          disclosure of the Records deemed confidential at its expense.

     (p)  Comply with all applicable rules and regulations of the SEC and make
          generally available to the security holders of the Issuer with regard
          to any Applicable Registration Statement earning statements satisfying
          the provisions of section 11(a) of the Securities Act and Rule 158
          thereunder (or any similar rule promulgated under the Securities Act)
          no later than 45 days after the end of any 12-month period (or 90 days
          after the end of any 12-month period if such period is a fiscal year)
          (i) commencing at the end of any fiscal quarter in which Registrable
          Notes are sold to underwriters in a firm commitment or best efforts
          underwritten offering and (ii) if not sold to underwriters in such an
          offering, commencing on the first day of the first fiscal quarter of
          the Issuer after the effective date of a Registration Statement, which
          statements shall cover said 12-month periods.

                                       17
<PAGE>
     (q)  Upon consummation of an Exchange Offer or Private Exchange, use
          reasonable best efforts to obtain an opinion of counsel to the Issuer
          (in form, scope and substance reasonably satisfactory to the Initial
          Purchaser), addressed to the Trustee for the benefit of all Holders
          participating in the Exchange Offer or Private Exchange, as the case
          may be, to the effect that (i) the Issuer has duly authorized,
          executed and delivered the Exchange Notes or the Private Exchange
          Notes, as the case may be, and the Indenture, (ii) the Exchange Notes
          or the Private Exchange Notes, as the case may be, and the Indenture
          constitute legal, valid and binding obligations of the Issuer,
          enforceable against the Issuer in accordance with their respective
          terms, except as such enforcement may be subject to customary United
          States and foreign exceptions and (iii) all obligations of the Issuer
          under the Exchange Notes or the Private Exchange Notes, as the case
          may be, and the Indenture are secured by Liens (as defined in the
          Indenture) on the assets securing the obligations of the Issuer under
          the Notes, Indenture and Collateral Agreements subject to customary
          assumptions, reliances, exceptions and exclusions.

     (r)  If the Exchange Offer or a Private Exchange is to be consummated, upon
          delivery of the Registrable Notes by the Holders to the Issuer (or to
          such other Person as directed by the Issuer) in exchange for the
          Exchange Notes or the Private Exchange Notes, as the case may be, the
          Issuer shall mark, or cause to be marked, on such Registrable Notes
          that the Exchange Notes or the Private Exchange Notes, as the case may
          be, are being issued as substitute evidence of the indebtedness
          originally evidenced by the Registrable Notes; provided that in no
          event shall such Registrable Notes be marked as paid or otherwise
          satisfied.

     (s)  Cooperate with each seller of Registrable Notes covered by any
          Registration Statement and each underwriter, if any, participating in
          the disposition of such Registrable Notes and their respective counsel
          in connection with any filings required to be made with the NASD.

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

     (u)  The Issuer may require each seller of Registrable Notes or
          Participating Broker-Dealer as to which any registration is being
          effected to furnish to the Issuer such information regarding such
          seller or Participating Broker-Dealer and the distribution of such
          Registrable Notes as the Issuer may, from time to time, reasonably
          request in writing. The Issuer may exclude from such registration the
          Registrable Notes of any seller who fails to furnish such information
          within a reasonable time (which time in no event shall exceed 15 days)
          after receiving such request. Each seller of Registrable Notes or
          Participating Broker-Dealer as to which any registration is being
          effected agrees to furnish promptly to the Issuer all information
          required to be disclosed in order to make the information previously
          furnished by such seller not materially misleading.

                                       18
<PAGE>
     (v)  Each Holder of Registrable Notes and each Participating Broker-Dealer
          agrees by acquisition of such Registrable Notes or Exchange Notes to
          be sold by such Participating Broker-Dealer, as the case may be, that,
          upon receipt of any notice from the Issuer of the happening of any
          event of the kind described in Section 6(e)(ii), 6(e)(iv), 6(e)(v), or
          6(e)(vi), such Holder will forthwith discontinue disposition of such
          Registrable Notes covered by a Registration Statement and such
          Participating Broker-Dealer will forthwith discontinue disposition of
          such Exchange Notes pursuant to any Prospectus and, in each case,
          forthwith discontinue dissemination of such Prospectus until such
          Holder's or Participating Broker-Dealer's receipt of the copies of the
          supplemented or amended Prospectus contemplated by Section 6(k), or
          until it is advised in writing (the "Advice") by the Issuer that the
          use of the applicable Prospectus may be resumed, and has received
          copies of any amendments or supplements thereto and, if so directed by
          the Issuer, such Holder or Participating Broker-Dealer, as the case
          may be, will deliver to the Issuer all copies, other than permanent
          file copies, then in such Holder's or Participating Broker-Dealer's
          possession, of the Prospectus covering such Registrable Notes current
          at the time of the receipt of such notice. In the event the Issuer
          shall give any such notice, the Applicable Period shall be extended by
          the number of days during such periods from and including the date of
          the giving of such notice to and including the date when each
          Participating Broker-Dealer shall have received (x) the copies of the
          supplemented or amended Prospectus contemplated by Section 6(k) or (y)
          the Advice.

7.   REGISTRATION EXPENSES

     (a)  All fees and expenses incident to the performance of or compliance
          with this Agreement by the Issuer shall be borne by the Issuer,
          whether or not the Exchange Offer or a Shelf Registration is filed or
          becomes effective, including, without limitation, (i) all registration
          and filing fees, including, without limitation, (A) fees with respect
          to filings required to be made with the NASD in connection with any
          underwritten offering and (B) fees and expenses of compliance with
          state securities or Blue Sky laws as provided in Section 6(h) hereof,
          (ii) printing expenses, including, without limitation, expenses of
          printing Prospectuses if the printing of Prospectuses is requested by
          the managing underwriter or underwriters, if any, or by the Holders of
          a majority in aggregate principal amount of the Registrable Notes
          included in any Registration Statement or by any Participating
          Broker-Dealer during the Applicable Period, as the case may be, (iii)
          messenger, telephone and delivery expenses incurred in connection with
          the performance of its obligations hereunder, (iv) fees and
          disbursements of counsel for the Issuer and, subject to Section 7(b),
          the Holders, (v) fees and disbursements of all independent certified
          public accountants referred to in Section 6 (including, without
          limitation, the expenses of any special audit and "cold comfort"
          letters required by or incident to such performance), (vi) rating
          agency fees and the fees and expenses incurred in connection with the
          listing of the Securities to be registered on any securities exchange,
          (vii) Securities Act liability insurance, if the Issuer desires such
          insurance, (viii) fees and expenses of all other Persons retained by
          the Issuer, (ix) fees and expenses of any "qualified independent

                                       19
<PAGE>
          underwriter" or other independent appraiser participating in an
          offering pursuant to Section 3 of Schedule E to the By-laws of the
          NASD, but only where the need for such a "qualified independent
          underwriter" arises due to a relationship with the Issuer, (x)
          internal expenses of the Issuer (including, without limitation, all
          salaries and expenses of officers and employees of the Issuer
          performing legal or accounting duties), (xi) the expense of any annual
          audit, (xii) the fees and expenses of the Trustee and the Exchange
          Agent and (xiii) the expenses relating to printing, word processing
          and distributing all Registration Statements, underwriting agreements,
          securities sales agreements, indentures and any other documents
          necessary in order to comply with this Agreement.

     (b)  The Issuer shall reimburse the Holders for the reasonable fees and
          disbursements of not more than one counsel chosen by the Holders of a
          majority in aggregate principal amount of the Registrable Notes to be
          included in any Registration Statement. The Issuer shall pay all
          documentary, stamp, transfer or other transactional taxes attributable
          to the issuance or delivery of the Exchange Notes or Private Exchange
          Notes in exchange for the Notes; provided that the Issuer shall not be
          required to pay taxes payable in respect of any transfer involved in
          the issuance or delivery of any Exchange Note or Private Exchange Note
          in a name other than that of the Holder of the Note in respect of
          which such Exchange Note or Private Exchange Note is being issued. The
          Issuer shall reimburse the Holders for fees and expenses (including
          reasonable fees and expenses of counsel to the Holders) relating to
          any enforcement of any rights of the Holders under this Agreement.

8.   INDEMNIFICATION

     (a)  Indemnification by the Issuer. The Issuer agrees to indemnify and hold
          harmless each Holder of Registrable Notes, Exchange Notes or Private
          Exchange Notes and each Participating Broker-Dealer selling Exchange
          Notes during the Applicable Period, each Person, if any, who controls
          each such Holder (within the meaning of Section 15 of the Securities
          Act or Section 20(a) of the Exchange Act) and the officers, directors
          and partners of each such Holder, Participating Broker-Dealer and
          controlling person, to the fullest extent lawful, from and against any
          and all losses, claims, damages, liabilities, costs (including,
          without limitation, reasonable costs of preparation and reasonable
          attorneys' fees as provided in this Section 8) and expenses
          (including, without limitation, reasonable costs and expenses incurred
          in connection with investigating, preparing, pursuing or defending
          against any of the foregoing) (collectively, "Losses"), as incurred,
          insofar as such Losses arise out of or are based upon any untrue or
          alleged untrue statement of a material fact contained in any
          Registration Statement, Prospectus or form of prospectus, or in any
          amendment or supplement thereto, or in any preliminary prospectus, or
          any omission or alleged omission to state therein a material fact
          required to be stated therein or necessary to make the statements
          therein, in light of the circumstances under which they were made, not
          misleading, except insofar as such Losses are solely based upon
          information relating to such Holder or Participating Broker-Dealer and
          furnished in writing to

                                       20
<PAGE>
          the Issuer (or reviewed and approved in writing) by such Holder or
          Participating Broker-Dealer or their counsel expressly for use
          therein; provided, however, that the Issuer will not be liable to any
          Indemnified Party (as defined below) under this Section 8 to the
          extent Losses were solely caused by an untrue statement or omission or
          alleged untrue statement or omission that was contained or made in any
          preliminary prospectus and corrected in the Prospectus or any
          amendment or supplement thereto if (i) the Prospectus does not contain
          any other untrue statement or omission or alleged untrue statement or
          omission of a material fact that was the subject matter of the related
          proceeding, (ii) any such Losses resulted from an action, claim or
          suit by any Person who purchased Registrable Notes or Exchange Notes
          which are the subject thereof from such Indemnified Party and (iii) it
          is established in the related proceeding that such Indemnified Party
          failed to deliver or provide a copy of the Prospectus (as amended or
          supplemented) to such Person with or prior to the confirmation of the
          sale of such Registrable Notes or Exchange Notes sold to such Person
          if required by applicable law, unless such failure to deliver or
          provide a copy of the Prospectus (as amended or supplemented) was a
          result of noncompliance by the Issuer with Section 6 of this
          Agreement. The Issuer also agrees to indemnify underwriters, selling
          brokers, dealer managers and similar securities industry professionals
          participating in the distribution, their officers, directors, agents
          and employees and each Person who controls such Persons (within the
          meaning of Section 5 of the Securities Act or Section 20(a) of the
          Exchange Act) to the same extent as provided above with respect to the
          indemnification of the Holders or the Participating Broker-Dealer.

     (b)  Indemnification by Holder. In connection with any Registration
          Statement, Prospectus or form of prospectus, any amendment or
          supplement thereto, or any preliminary prospectus in which a Holder is
          participating, such Holder shall furnish to the Issuer in writing such
          information as the Issuer reasonably requests for use in connection
          with any Registration Statement, Prospectus or form of prospectus, any
          amendment or supplement thereto, or any preliminary prospectus and
          shall indemnify and hold harmless the Issuer, its directors and each
          Person, if any, who controls the Issuer (within the meaning of Section
          15 of the Securities Act and Section 20(a) of the Exchange Act), and
          the directors, officers and partners of such controlling persons, to
          the fullest extent lawful, from and against all Losses insofar as such
          Losses arise out of or are based upon any untrue or alleged untrue
          statement of a material fact contained in any Registration Statement,
          Prospectus or form of prospectus or in any amendment or supplement
          thereto or in any preliminary prospectus, or any omission or alleged
          omission to state therein a material fact required to be stated
          therein or necessary to make the statements therein, in the light of
          the circumstances under which they were made, not misleading to the
          extent, but only to the extent, that such losses are finally
          judicially determined by a court of competent jurisdiction in a final,
          unappealable order to have resulted solely from an untrue statement or
          alleged untrue statement of a material fact or omission or alleged
          omission of a material fact contained in or omitted from any
          information so furnished in writing by such Holder to the Issuer
          expressly for use therein. Notwithstanding the foregoing, in no event
          shall

                                       21
<PAGE>
          the liability of any selling Holder be greater in amount than such
          Holder's Maximum Contribution Amount (as defined below).

     (c)  Conduct of Indemnification Proceedings. If any proceeding shall be
          brought or asserted against any Person entitled to indemnity hereunder
          (an "Indemnified Party"), such Indemnified Party shall promptly notify
          the party or parties from which such indemnity is sought (the
          "Indemnifying Party" or "Indemnifying Parties", as applicable) in
          writing; provided, that the failure to so notify the Indemnifying
          Parties shall not relieve the Indemnifying Parties from any obligation
          or liability except to the extent (but only to the extent) that it
          shall be finally determined by a court of competent jurisdiction
          (which determination is not subject to appeal) that the Indemnifying
          Parties have been prejudiced materially by such failure.

     The Indemnifying Party shall have the right, exercisable by giving written
notice to an Indemnified Party, within 20 Business Days after receipt of written
notice from such Indemnified Party of such proceeding, to assume, at its
expense, the defense of any such proceeding, provided, that an Indemnified Party
shall have the right to employ separate counsel in any such proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party or parties unless: (1) the
Indemnifying Party has agreed to pay such fees and expenses; or (2) the
Indemnifying Party shall have failed promptly to assume the defense of such
proceeding or shall have failed to employ counsel reasonably satisfactory to
such Indemnified Party; or (3) the named parties to any such proceeding
(including any impleaded parties) include both such Indemnified Party and the
Indemnifying Party or any of its affiliates or controlling persons, and such
Indemnified Party shall have been advised by counsel that there may be one or
more defenses available to such Indemnified Party that are in addition to, or in
conflict with, those defenses available to the Indemnifying Party or such
affiliate or controlling person (in which case, if such Indemnified Party
notifies the Indemnifying Parties in writing that it elects to employ separate
counsel at the expense of the Indemnifying Parties, the Indemnifying Parties
shall not have the right to assume the defense and the reasonable fees and
expenses of such counsel shall be at the expense of the Indemnifying Party; it
being understood, however, that, the Indemnifying Party shall not, in connection
with any one such proceeding or separate but substantially similar or related
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 such Indemnified Party).

     No Indemnifying Party shall be liable for any settlement of any such
proceeding effected without its written consent, which shall not be unreasonably
withheld, but if settled with its written consent, or if there be a final
judgment for the plaintiff in any such proceeding, each Indemnifying Party
jointly and severally agrees, subject to the exceptions and limitations set
forth above, to indemnify and hold harmless each Indemnified Party from and
against any and all Losses by reason of such settlement or judgment. The
Indemnifying Party shall not consent to the 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 each Indemnified Party of a release, in form and
substance reasonably satisfactory to the Indemnified Party, from all liability
in respect

                                       22
<PAGE>
of such proceeding for which such Indemnified Party would be entitled to
indemnification hereunder (whether or not any Indemnified Party is a party
thereto).

     (d)  Contribution. If the indemnification provided for in this Section 8 is
          unavailable to an Indemnified Party or is insufficient to hold such
          Indemnified Party harmless for any Losses in respect of which this
          Section 8 would otherwise apply by its terms (other than by reason of
          exceptions provided in this Section 8), then each applicable
          Indemnifying Party, in lieu of indemnifying such Indemnified Party,
          shall have a joint and several obligation to contribute to the amount
          paid or payable by such Indemnified Party as a result of such Losses,
          in such proportion as is appropriate to reflect the relative fault of
          the Indemnifying Party, on the one hand, and such Indemnified Party,
          on the other hand, in connection with the actions, statements or
          omissions that resulted in such Losses as well as any other relevant
          equitable considerations. The relative fault of such Indemnifying
          Party, on the one hand, and Indemnified Party, on the other hand,
          shall be determined by reference to, among other things, whether any
          untrue or alleged untrue statement of a material fact or omission or
          alleged omission to state a material fact relates to information
          supplied by such Indemnifying Party or Indemnified Party, and the
          parties' relative intent, knowledge, access to information and
          opportunity to correct or prevent any such statement or omission. The
          amount paid or payable by an Indemnified Party as a result of any
          Losses shall be deemed to include any legal or other fees or expenses
          incurred by such party in connection with any proceeding, to the
          extent such party would have been indemnified for such fees or
          expenses if the indemnification provided for in Section 8(a) or 8(b)
          was available to such party.

     The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 8(d) were determined by pro rata
allocation or by other method of allocation that does not take account of the
equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 8(d), a selling Holder shall not
be required to contribute, in the aggregate, any amount in excess of such
Holder's Maximum Contribution Amount. A selling Holder's "Maximum Contribution
Amount" shall equal the excess of (i) the aggregate proceeds received by such
Holder pursuant to the sale of such Registrable Notes or Exchange Notes over
(ii) the aggregate amount of damages that such Holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation. The Holders' obligations to contribute pursuant to this
Section 8(d) are several in proportion to the respective principal amount of the
Registrable Securities held by each Holder hereunder and not joint.

     The indemnity and contribution agreements contained in this Section 8 are
in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties.

                                       23
<PAGE>
9.   RULES 144 AND 144A

     The Issuer covenants that it shall (a) file the reports required to be
filed by it (if so required) under the Securities Act and the Exchange Act in a
timely manner and, if at any time the Issuer is not required to file such
reports, it will, upon the written request of any Holder of Registrable Notes,
make publicly available other information necessary to permit sales pursuant to
Rule 144 and 144A and (b) take such further action as any Holder may reasonably
request in writing, all to the extent required from time to time to enable such
Holder to sell Registrable Notes without registration under the Securities Act
pursuant to the exemptions provided by Rule 144 and Rule 144A. Upon the request
of any Holder, the Issuer shall deliver to such Holder a written statement as to
whether it has complied with such information and requirements.

10.  UNDERWRITTEN REGISTRATIONS OF REGISTRABLE NOTES

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

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

11.  MISCELLANEOUS

     (a)  Remedies. In the event of a breach by the Issuer of any of its
          obligations under this Agreement, each Holder, in addition to being
          entitled to exercise all rights provided herein, in the Indenture or,
          in the case of the Initial Purchaser, in the Purchase Agreement, or
          granted by law, including recovery of damages, will be entitled to
          specific performance of its rights under this Agreement. The Issuer
          agrees that monetary damages would not be adequate compensation for
          any loss incurred by reason of a breach by the Issuer of any of the
          provisions of this Agreement and hereby further agrees that, in the
          event of any action for specific performance in respect of such
          breach, the Issuer shall waive the defense that a remedy at law would
          be adequate.

     (b)  No Inconsistent Agreements. The Issuer has not entered, as of the date
          hereof, and the Issuer shall not enter, after the date of this
          Agreement, into any agreement with respect to any of its securities
          that is inconsistent with the rights granted to the Holders of
          Securities in this Agreement or otherwise conflicts with the
          provisions hereof. The Issuer has not entered and will not enter into
          any

                                       24
<PAGE>
          agreement with respect to any of its securities that will grant to any
          Person piggy-back rights with respect to a Registration Statement.

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

     (d)  Amendments and Waivers. The provisions of this Agreement may not be
          amended, modified or supplemented, and waivers or consents to
          departures from the provisions hereof may not be given, otherwise than
          with the prior written consent of the Holders of not less than a
          majority in aggregate principal amount of the then outstanding
          Registrable Notes in circumstances that would adversely affect any
          Holders of Registrable Notes; provided, however, that Section 8 and
          this Section 11(d) may not be amended, modified or supplemented
          without the prior written consent of each Holder. Notwithstanding the
          foregoing, a waiver or consent to depart from the provisions hereof
          with respect to a matter that relates exclusively to the rights of
          Holders of Registrable Notes whose securities are being tendered
          pursuant to the Exchange Offer or sold pursuant to a Registration
          Statement and that does not directly or indirectly affect, impair,
          limit or compromise the rights of other Holders of Registrable Notes
          may be given by Holders of at least a majority in aggregate principal
          amount of the Registrable Notes being tendered or being sold by such
          Holders pursuant to such Registration Statement.

     (e)  Notices. All notices and other communications provided for or
          permitted hereunder shall be made in writing by hand delivery,
          registered first-class mail, next-day air courier or telecopier:

          (i)  if to a Holder of Securities or to any Participating
               Broker-Dealer, at the most current address of such Holder or
               Participating Broker-Dealer, as the case may be, set forth on the
               records of the registrar of the Notes, with a copy in like manner
               to the Initial Purchaser as follows:

                    Jefferies & Company, Inc.
                    520 Madison Avenue, 12th Floor
                    New York, New York 10022
                    Facsimile No.: (310) 575-5165
                    Attention: Lloyd H. Feller, Esq.

               with a copy to:

                    Mayer, Brown, Rowe & Maw LLP
                    1675 Broadway
                    New York, New York 10019
                    Facsimile No.: (212) 262-1910
                    Attention: Ronald S. Brody, Esq.

                                       25
<PAGE>
          (ii) if to the Initial Purchaser, at the address specified in Section
               11(e)(i);

          (iii) if to the Issuer, as follows:

                    PAHC Holdings Corporation
                    c/o Phibro Animal Health Corporation
                    65 Challenger Road
                    Ridgefield Park, NJ 07660
                    Facsimile No.: (201) 329-7399
                    Attention: Corporate Legal Department

               with a copy to:

                    Golenbock Eiseman Assor Bell & Peskoe LLP
                    437 Madison Avenue
                    New York, NY 10022
                    Facsimile No.: (212) 754-0330
                    Attention: Lawrence M. Bell, 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 United States mail, postage prepaid, if mailed, one
business day after being deposited in the United States mail, postage prepaid,
if mailed; one business day after being timely delivered to a next-day air
courier guaranteeing overnight delivery; and when receipt is acknowledged by the
addressee, if telecopied.

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

     (f)  Successors and Assigns. This Agreement shall inure to the benefit of
          and be binding upon the successors and assigns of each of the parties
          hereto, including, without limitation and without the need for an
          express assignment, subsequent Holders of Securities.

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

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

     (i)  Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
          ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
          PRINCIPLES OF CONFLICT OF LAW. THE ISSUER HEREBY IRREVOCABLY SUBMITS
          TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE

                                       26
<PAGE>
          BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT
          SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT
          OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
          AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITS AND IN RESPECT OF ITS
          PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID
          COURTS. THE ISSUER IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY
          EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY
          OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF
          ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY
          CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
          COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE ISSUER
          IRREVOCABLY CONSENTS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO
          UNDER APPLICABLE LAW, TO THE SERVICE OF PROCESS OF ANY OF THE
          AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING
          OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO
          THE ISSUER AT ITS SAID ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE 30
          DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY
          HOLDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
          COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE ISSUER IN
          ANY OTHER JURISDICTION.

     (j)  Severability. If any term, provision, covenant or restriction of this
          Agreement is held by a court of competent jurisdiction to be invalid,
          illegal, void or unenforceable, the remainder of the terms,
          provisions, covenants and restrictions set forth herein shall remain
          in full force and effect and shall in no way be affected, impaired or
          invalidated, and the parties hereto shall use their best efforts to
          find and employ an alternative means to achieve the same or
          substantially the same result as that contemplated by such term,
          provision, covenant or restriction. It is hereby stipulated and
          declared to be the intention of the parties that they would have
          executed the remaining terms, provisions, covenants and restrictions
          without including any of such that may be hereafter declared invalid,
          illegal, void or unenforceable.

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

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

                                       27
<PAGE>
     (m)  Entire Agreement. This Agreement, together with the Purchase
          Agreement, the Indenture and the Collateral Agreements, is intended by
          the parties as a final and exclusive statement of the agreement and
          understanding of the parties hereto in respect of the subject matter
          contained herein and therein and any and all prior oral or written
          agreements, representations, or warranties, contracts, understanding,
          correspondence, conversations and memoranda between the Initial
          Purchaser on the one hand and the Issuer on the other, or between or
          among any agents, representatives, parents, subsidiaries, affiliates,
          predecessors in interest or successors in interest with respect to the
          subject matter hereof and thereof are merged herein and replaced
          hereby.

                                       28
<PAGE>
     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                                        PAHC HOLDINGS CORPORATION

                                        By: /s/ Jack C. Bendheim
                                            ------------------------------------
                                            Name: Jack C. Bendheim
                                            Title President

ACCEPTED AND AGREED TO:

JEFFERIES & COMPANY, INC.

By: /s/ M. Brent Stevens
    ---------------------------------
    Name: M. Brent Stevens
    Title: Executive Vice President

                                                   REGISTRATION RIGHTS AGREEMENT<PAGE>
                                                                  Exhibit 4.1(c)

                                                                  EXECUTION COPY

                                  $29,000,000

                      15% SENIOR SECURED NOTES DUE 2010 OF

                            PAHC HOLDINGS CORPORATION

                               PURCHASE AGREEMENT

                                                                February 7, 2005

JEFFERIES & COMPANY, INC.
520 Madison Avenue
12th Floor
New York, NY 10022

Ladies and Gentlemen:

     PAHC Holdings Corporation, a Delaware corporation (the "Company"), hereby
agrees (this "Agreement") with you as follows:

          1. ISSUANCE OF NOTES. Subject to the terms and conditions herein
contained, the Company proposes to issue and sell to Jefferies & Company, Inc.
(the "Initial Purchaser") $29,000,000 aggregate principal amount of its 15%
Senior Secured Notes due 2010 (each a "Note" and, collectively, the "Notes").
The Notes will be issued pursuant to an indenture (the "Indenture"), to be dated
as of February 10, 2005, by and between the Company and HSBC Bank USA, National
Association, as trustee (in such capacity, the "Trustee") and as collateral
agent (in such capacity, the "Collateral Agent"). Capitalized terms used but not
defined herein shall have the meanings set forth in the Indenture.

     The Notes will be offered and sold to the Initial Purchaser pursuant to an
exemption from the registration requirements under the Securities Act of 1933,
as amended (the "Act"). Upon original issuance thereof, and until such time as
the same is no longer required under the applicable requirements of the Act, the
Notes shall bear the legends set forth in the final offering circular, dated the
date hereof (the "Final Offering Circular"). The Company has prepared a
preliminary offering circular, dated February 2, 2005 (the "Preliminary Offering
Circular"), and the Final Offering Circular relating to the offer and sale of
the Notes (the "Offering"). "Offering Circular" means, as of any date or time
referred to in this Agreement, the most recent offering circular (whether the
Preliminary Offering Circular or the Final Offering Circular, and any amendment
or supplement to either such document), including, without limitation, exhibits
and schedules thereto.
<PAGE>
          2. TERMS OF OFFERING. The Initial Purchaser has advised the Company,
and the Company understands, that the Initial Purchaser will make offers to sell
(the "Exempt Resales") some or all of the Notes purchased by the Initial
Purchaser hereunder on the terms set forth in the Final Offering Circular, as
amended or supplemented, to persons (the "Subsequent Purchasers") whom the
Initial Purchaser (i) reasonably believes to be "qualified institutional buyers"
as defined in Rule 144A under the Act, as such Rule may be amended from time to
time ("QIBs"), (ii) reasonably believes (based upon written representations made
by such persons to the Initial Purchaser) to be institutional "accredited
investors" ("Accredited Investors") as defined in Rule 501(a)(1), (2), (3) or
(7) under the Act or (iii) reasonably believes to be non-U.S. persons in
reliance upon Regulation S under the Act.

          Pursuant to the terms of the Collateral Agreements, the Notes will be
secured by Liens in substantially all of the assets of the Company, including,
without limitation, a pledge of the Capital Stock of Phibro Animal Health
Corporation, a New York corporation ("Phibro Animal Health").

          Holders of the Notes (including, without limitation, Subsequent
Purchasers) will have the registration rights set forth in the registration
rights agreement applicable to the Notes (the "Registration Rights Agreement"),
to be executed on and dated as of the Closing Date, as such term is defined
below. Pursuant to the Registration Rights Agreement, the Company will agree,
among other things, to file with the Securities and Exchange Commission (the
"SEC") (a) a registration statement under the Act registering the offer and sale
of senior secured notes (the "Exchange Notes") which shall be identical to the
Notes (except that the Exchange Notes shall have been registered pursuant to
such registration statement, will not be subject to restrictions on transfer or
contain additional interest provisions) to be offered in exchange for the Notes
(such offer to exchange being referred to as the "Exchange Offer"), and/or (b)
under certain circumstances, a shelf registration statement pursuant to Rule 415
under the Act (the "Shelf Registration Statement") relating to the resale by
certain holders of the Notes. If required under the Registration Rights
Agreement, the Company will issue Exchange Notes to the Initial Purchaser (the
"Private Exchange Notes"). If the Company shall fail to satisfy its obligations
under the Registration Rights Agreement, it will be required to pay additional
interest to the holders of the Notes under certain circumstances, as set forth
in the Registration Rights Agreement.

          This Agreement, the Indenture, the Collateral Agreements, the
Registration Rights Agreement, the Notes, the Exchange Notes, the Private
Exchange Notes and the Escrow and Security Agreement, to be dated February 10,
2005 (the "Escrow Agreement"), between the Company and HSBC Bank USA, National
Association, as escrow agent and collateral agent, pursuant to which the Company
will deposit the gross proceeds from the Offering in an escrow account (the
"Escrow Account"), are referred to herein as the "Documents."

          3. PURCHASE, SALE AND DELIVERY. On the basis of the representations,
warranties, agreements and covenants herein contained and subject to the selling
restrictions, terms and conditions herein set forth, the Company agrees to issue
and sell to the Initial Purchaser, and the Initial Purchaser agrees to purchase
from the Company, the Notes at a purchase price of 100% of the principal amount
thereof. Delivery to the Initial Purchaser of and payment for the Notes shall be
made at a closing (the "Closing") to be held at 10:00 a.m., New York time, on
February 10, 2005 (the "Closing Date") at the New York offices of Mayer, Brown,
Rowe & Maw LLP.

          As consideration for the placement of the Notes and financial advisory
services rendered, the Company agrees to pay to the Initial Purchaser the
following fees:

     (i) $870,000, representing a commission on the placement of the Notes equal
to 3.0% of the gross proceeds; and

                                       2
<PAGE>
     (ii) a financial advisory fee of $580,000;

in each case due and payable on the Closing Date. The Initial Purchaser may net
the above fees against the purchase price of the Notes.

          The Company shall deliver to the Initial Purchaser one or more
certificates representing the Notes in definitive form, for your account
registered in such names and denominations as the Initial Purchaser may request
no later than 9:00 p.m. two days immediately preceding the Closing Date, against
payment by the Initial Purchaser of the purchase price therefor by immediately
available federal funds bank wire transfer to the Escrow Account. The
certificates representing the Notes in definitive form shall be made available
to the Initial Purchaser for inspection at the New York offices of Mayer, Brown,
Rowe & Maw LLP (or such other place as shall be reasonably acceptable to the
Initial Purchaser) not later than 10:00 a.m. one business day immediately
preceding the Closing Date. Notes to be represented by one or more definitive
global securities in book-entry form will be deposited on the Closing Date, by
or on behalf of the Company, with The Depository Trust Company ("DTC") or its
designated custodian, and registered in the name of Cede & Co.

          4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company
represents and warrants to the Initial Purchaser that, as of the date hereof and
as of the Closing Date:

(a)  The Preliminary Offering Circular as of its date did not, and the Final
     Offering Circular as of its date did not, and as of the Closing Date will
     not, and each supplement or amendment thereto as of its date will not,
     contain any untrue statement of a material fact or omit to state any
     material fact (except, in the case of the Preliminary Offering Circular,
     for pricing terms and other financial terms intentionally left blank)
     necessary in order to make the statements therein, in light of the
     circumstances under which they were made, not misleading; provided,
     however, that the Company does not make any representation or warranty as
     to information furnished in writing to it by the Initial Purchaser
     specifically for use therein. No injunction or order has been issued that
     either (i) asserts that any of the transactions contemplated by this
     Agreement or any other Document is subject to the registration requirements
     of the Act, or (ii) would prevent or suspend the issuance or sale of any of
     the Notes or the use of the Preliminary Offering Circular, the Final
     Offering Circular or any amendment or supplement thereto, in any
     jurisdiction. Each of the Preliminary Offering Circular and the Final
     Offering Circular, as of their respective dates contained, and the Final
     Offering Circular, as amended or supplemented, as of the Closing Date will
     contain, all the information specified in, and meet the requirements of,
     Rule 144A(d)(4) under the Act.

(b)  Each corporation, partnership, or other entity in which the Company,
     directly or indirectly through any of its subsidiaries, will own as of the
     Closing Date more than fifty percent (50%) of any class of Capital Stock is
     listed on Schedule I attached hereto (the "Subsidiaries"). The Capital
     Stock of each such Subsidiary that will be owned, directly or indirectly,
     by the Company as of the Closing Date, will be owned by the Company, as of
     the Closing Date, free and clear of all Liens other than Permitted Liens
     (and, in the case of Capital Stock of any Subsidiary held by any other
     Subsidiary, Permitted Liens (as defined in the 2007 Indenture)) and in the
     case of La Cornubia S.A, Liens in favor of its creditors (including The
     Republic of France) pursuant to bankruptcy proceedings filed with respect
     to La Cornubia S.A. in The Republic of France. Each such Subsidiary of the
     Company will be a Restricted Subsidiary.

(c)  The Company and its Subsidiaries (i) have been duly organized or formed, as
     the case may be, are validly existing and are in good standing (to the
     extent relevant in such jurisdiction) under the laws of their jurisdiction
     of organization or formation, as the case may be, (ii) have all requisite

                                       3
<PAGE>
     corporate or other power and corporate or other authority to carry on their
     business and to own, lease and operate their properties and assets, and
     (iii) are duly qualified or licensed to do business and are in good
     standing (to the extent relevant in such jurisdiction) as a foreign
     corporation, partnership or other entity as the case may be, authorized to
     do business in each jurisdiction in which the nature of such businesses or
     the ownership or leasing of such properties requires such qualification,
     except where the failure to be so qualified would not, individually or in
     the aggregate, have a material adverse effect on (A) the properties,
     business, prospects, operations, earnings, assets, liabilities or condition
     (financial or otherwise) of the Company and its Subsidiaries, taken as a
     whole, (B) the ability of the Company to perform its obligations in all
     material respects under any Document to which it is a party, (C) the
     enforceability of any Collateral Agreement or the attachment, perfection or
     priority of any of the Liens intended to be created thereby or (D) the
     validity of any of the Documents or the consummation of any of the
     transactions contemplated therein (each, a "Material Adverse Effect").

(d)  All of the issued and 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, and except as set forth
     in the Final Offering Circular are not subject to, any preemptive or
     similar rights. The column entitled "Actual" in the table under the caption
     "Capitalization" in the Final Offering Circular (including the footnotes
     thereto) sets forth, as of September 30, 2004, the capitalization of the
     Company and its Subsidiaries, taken as a whole. All of the outstanding
     shares of Capital Stock of each of the Subsidiaries are owned, directly or
     indirectly, by the Company, free and clear of all liens, security
     interests, mortgages, pledges, charges, equities, claims or restrictions on
     transferability or encumbrances of any kind (collectively, "Liens"), other
     than those imposed by the Act and the securities or "Blue Sky" laws of
     certain domestic or foreign jurisdictions, restrictions on the
     transferability of Voting Stock of Phibro Animal Health provided in that
     certain Stockholders Agreement, dated as of November 30, 2000, among, inter
     alia, Phibro Animal Health, Jack C. Bendheim and the Palladium Investors
     (the "Stockholders Agreement (Palladium)"), and Liens constituting
     Permitted Liens (and, in the case of Capital Stock of any Subsidiary held
     by any other Subsidiary, Permitted Liens (as defined in the 2007
     Indenture)) and in the case of La Cornubia S.A, Liens in favor of its
     creditors (including The Republic of France) pursuant to bankruptcy
     proceedings filed with respect to La Cornubia S.A. in The Republic of
     France. Except as set forth in the Final Offering Circular, there are no
     outstanding (A) options, warrants or other rights for third parties to
     purchase from the Company or any of its Subsidiaries, (B) agreements,
     contracts, arrangements or other obligations of the Company or any of its
     Subsidiaries to issue to third parties or (C) other rights of third parties
     to convert any obligation into or exchange any securities for, in the case
     of each of clauses (A) through (C), shares of Capital Stock in the Company
     or any of its Subsidiaries.

(e)  No holder of securities of the Company or any of its Subsidiaries will be
     entitled to have such securities registered under the registration
     statements required to be filed by the Company with respect to the Exchange
     Notes or the Private Exchange Notes pursuant to the Registration Rights
     Agreement.

(f)  The Company has all requisite corporate or other power and corporate or
     other authority to execute, deliver and perform its obligations under the
     Documents to which it is a party and to consummate the transactions
     contemplated thereby.

(g)  The execution, delivery and performance of each of this Agreement, the
     Indenture, the Escrow Agreement and the Collateral Agreements have been
     duly and validly authorized by the Company. Each of the Indenture, the
     Escrow Agreement and the Collateral Agreements, when executed and delivered
     by the Company, will constitute a legal, valid and binding obligation of

                                       4
<PAGE>
     the Company, enforceable against the Company in accordance with its terms,
     except that the enforcement thereof may be subject to (i) bankruptcy,
     insolvency, reorganization, receivership, moratorium, fraudulent conveyance
     or other similar laws now or hereafter in effect relating to creditors'
     rights generally and (ii) general principles of equity (whether applied by
     a court of law or equity) and the discretion of the court before which any
     proceeding therefor may be brought.

(h)  The execution, delivery and performance of the Registration Rights
     Agreement has been duly and validly authorized by the Company. The
     Registration Rights Agreement, when executed and delivered by the Company,
     will constitute a legal, valid and binding obligation of the Company,
     enforceable against the Company in accordance with its terms, except that
     (A) the enforcement thereof may be subject to (i) bankruptcy, insolvency,
     reorganization, receivership, moratorium, fraudulent conveyance or other
     similar laws now or hereafter in effect relating to creditors' rights
     generally and (ii) general principles of equity (whether applied by a court
     of law or 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.

(i)  The Notes, when issued, will be in the form contemplated by the Indenture.
     The Indenture meets the requirements for qualification under the Trust
     Indenture Act of 1939, as amended (the "TIA"). The execution, delivery and
     performance of each of the Notes, Exchange Notes and Private Exchange Notes
     have each been duly and validly authorized by the Company and, in the case
     of the Notes, when authenticated, delivered to and paid for by the Initial
     Purchaser in accordance with the terms of this Agreement and the Indenture,
     will have been duly executed, issued and delivered and will be legal, valid
     and binding obligations of the Company, entitled to the benefit of the
     Indenture, the Collateral Agreements, the Registration Rights Agreement,
     and enforceable against the Company in accordance with their terms, except
     that the enforcement thereof may be subject to (i) bankruptcy, insolvency,
     reorganization, receivership, moratorium, fraudulent conveyance or other
     similar laws now or hereafter in effect relating to creditors' rights
     generally and (ii) general principles of equity (whether applied by a court
     of law or equity) and the discretion of the court before which any
     proceeding therefor may be brought. Upon and following delivery to the
     Initial Purchaser, the Notes will rank at least pari passu in right of
     payment with all other Indebtedness of the Company that is outstanding on
     the Closing Date or that may be incurred thereafter and senior in right of
     payment to all Indebtedness of the Company that is outstanding on the
     Closing Date or that may be incurred thereafter and which by its terms is
     subordinated in right of payment to all other Indebtedness of the Company.

(j)  Neither the Company nor any of its Subsidiaries is in violation of its
     certificate of incorporation, by-laws, limited liability operating
     agreement or other organizational document (as applicable with respect to
     the Company or such Subsidiary, its "Charter Documents"). Neither the
     Company nor any of its Subsidiaries is (i) in violation of any federal,
     state, local or foreign statute, law (including, without limitation, common
     law) or ordinance, or any judgment, decree, rule, regulation or order,
     except for such violations that would not, individually or in the
     aggregate, result in a Material Adverse Effect (collectively, "Applicable
     Law") of any federal, state, local and other governmental authority,
     governmental or regulatory agency or body, court, arbitrator or
     self-regulatory organization, domestic or foreign having jurisdiction over
     the Company or any of its Subsidiaries or any of their respective assets,
     properties or operations (each, a "Governmental Authority") applicable to
     any of them or any of their respective properties, or (ii) in breach of or
     default under any bond, debenture, note or other evidence of Indebtedness,
     indenture, mortgage, deed of trust, lease or any other agreement or
     instrument to which any of them is a party or by which any of them or their
     respective property is bound (collectively, "Applicable Agreements"), other
     than as disclosed in the Final Offering Circular and except for any such
     breaches or defaults

                                       5
<PAGE>
     that would not, individually or in the aggregate, result in a Material
     Adverse Effect. There exists no condition that, with the passage of time or
     otherwise, would (a) constitute a violation of any such (i) Charter
     Document or (ii) Applicable Law, (b) constitute a breach of or default
     under any Applicable Agreement or (c) result in the imposition of any
     penalty or the acceleration of any Indebtedness and, in the case of clause
     (a)(ii), (b) or (c) above, could reasonably be expected to result in a
     Material Adverse Effect.

(k)  Neither the execution, delivery or performance of the Documents nor the
     consummation of any transactions contemplated therein will conflict with,
     violate, constitute a breach of or a default (with the passage of time or
     otherwise) under, require the consent of any person (other than consents
     already obtained and in full force and effect) under, result in the
     imposition of a Lien on any assets of the Company or any of its
     Subsidiaries (except for Liens created pursuant to the Documents), or
     result in an acceleration of Indebtedness under or pursuant to (i) the
     Charter Documents, (ii) any Applicable Agreement, or (iii) any Applicable
     Law, except for conflicts, violations, breaches, defaults, consents, Lien
     impositions or accelerations of Indebtedness that, in the case of clause
     (ii) or (iii) above, would not result in a Material Adverse Effect.
     Immediately after consummation of the Offering and the transactions
     contemplated in the Documents (including the application of the proceeds of
     the Notes as disclosed in the Final Offering Circular), no Default or Event
     of Default (each, as defined in the Indenture) will exist.

(l)  When executed and delivered, the Documents will conform in all material
     respects to the descriptions thereof in the Final Offering Circular.

(m)  No consent, approval, authorization or order of any Governmental Authority
     or third party is required for the issuance and sale by the Company of the
     Notes to the Initial Purchaser or the consummation by the Company of the
     other transactions contemplated hereby, except such as have been obtained
     (and are in full force and effect) and such as may be required under
     foreign securities laws or state securities or "Blue Sky" laws in
     connection with the purchase and resale of the Notes by the Initial
     Purchaser.

(n)  Except as disclosed in the Final Offering Circular, there is no action,
     claim, suit, demand, hearing, notice of violation or deficiency, or
     proceeding, domestic or foreign (collectively, "Proceedings"), pending or,
     to the knowledge of the Company, threatened, that either (i) seeks to
     restrain, enjoin, prevent the consummation of, or otherwise challenge any
     of the Documents or any of the transactions contemplated therein, or (ii)
     would, individually or in the aggregate, have a Material Adverse Effect.
     The Company is not subject to any judgment, order, decree, rule or
     regulation of any Governmental Authority that would, individually or in the
     aggregate, have a Material Adverse Effect. No injunction or order has been
     issued and no Proceeding is pending or, to the knowledge of the Company or
     any of its Subsidiaries, threatened that (i) asserts that the offer, sale
     and delivery of the Notes to the Initial Purchaser pursuant to this
     Agreement or the initial resale of the Notes by the Initial Purchaser in
     the manner contemplated by this Agreement is subject to the registration
     requirements of the Act, or (ii) would prevent or suspend the issuance or
     sale of the Notes, including the Exempt Resales, or the use of the
     Preliminary Offering Circular, the Final Offering Circular, or any
     amendment or supplement thereto, in any jurisdiction.

(o)  The Company and its Subsidiaries possess all licenses, permits,
     certificates, consents, orders, approvals and other authorizations from,
     and have made all declarations and filings with, all Governmental
     Authorities, presently required or necessary to own or lease, as the case
     may be, and to operate their respective properties and to carry on their
     respective businesses as now or proposed to be conducted as set forth in
     the Final Offering Circular ("Permits"), except where the

                                       6
<PAGE>
     failure to obtain such Permits would not, individually or in the aggregate,
     have a Material Adverse Effect; the Company and its Subsidiaries have
     fulfilled and performed all of their 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, except
     (i) as disclosed in the Final Offering Circular and (ii) where such failure
     to perform such obligations would not, individually or in the aggregate,
     result in a Material Adverse Effect; and neither the Company nor any of its
     Subsidiaries have received any notice of any proceeding relating to
     revocation or modification of any such Permit, except as described in the
     Final Offering Circular or except where such revocation or modification
     would not, individually or in the aggregate, have a Material Adverse
     Effect.

(p)  The Company and each of its Subsidiaries has good and marketable title to
     all real property owned by it and good title to all personal property owned
     by it and good and indefeasible title to all leasehold estates in real and
     personal property being leased by it (collectively, the "Property") and, as
     of the Closing Date, the Property will be free and clear of all Liens
     (other than restrictions on the transferability of Voting Stock of Phibro
     Animal Health provided in the Stockholders Agreement (Palladium), Permitted
     Liens (and, in the case of Property of each Subsidiary, Permitted Liens (as
     defined in the 2007 Indenture))). All Applicable Agreements to which the
     Company or any of its Subsidiaries is a party or by which any of them is
     bound are valid and enforceable against the Company or such Subsidiary, as
     applicable, 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, have a Material Adverse
     Effect. The assets of the Company and its Subsidiaries include all of the
     assets and properties necessary or required in, or otherwise material to,
     the conduct of the businesses of each of them as currently conducted and as
     proposed to be conducted (as described in the Final Offering Circular), and
     such assets are in good working condition, except where the failure of such
     assets to be in working condition would not, individually or in the
     aggregate, have a Material Adverse Effect. As of the date hereof, the
     Company does not own any assets, and the only assets of the Company on the
     Closing Date will be the Capital Stock of Phibro Animal Health and the
     proceeds of the Notes.

(q)  All Tax returns required to be filed by the Company and each of its
     Subsidiaries have been filed (taking into account all applicable
     extensions) and all such returns are true, complete and correct in all
     material respects. All material Taxes that are due from the Company and its
     Subsidiaries have been paid other than those (i) currently payable without
     penalty or interest or (ii) being contested in good faith and by
     appropriate proceedings and for which adequate reserves have been
     established in accordance with generally accepted accounting principles of
     the United States, consistently applied ("GAAP"). To the knowledge of the
     Company, after due inquiry, there are no actual or proposed Tax assessments
     against the Company or any of its Subsidiaries that would, individually or
     in the aggregate, have a Material Adverse Effect. The accruals and reserves
     on the books and records of the Company and its Subsidiaries in respect of
     any material Tax liability for any period not finally determined are
     adequate in all material respects to meet any assessments of Tax accrued
     through the date as of which they relate and for which the Company or any
     of its Subsidiaries may be liable. For purposes of this Agreement, the term
     "Tax" and "Taxes" shall mean all federal, state, local and foreign taxes,
     and other assessments of a similar nature (whether imposed directly or
     through withholding), including, without limitation, any interest,
     additions to tax, or penalties applicable thereto.

(r)  The Company and its Subsidiaries own, or are licensed under, and have the
     right to use, or can acquire on reasonable terms, adequate patents, patent
     rights, licenses, inventions, copyrights, know-how (including, without
     limitation, trade secrets and other unpatented and/or unpatentable

                                       7
<PAGE>
     proprietary or confidential information, systems or procedures),
     trademarks, service marks and trade names (collectively, "Intellectual
     Property") necessary for the conduct of their businesses and, as of the
     Closing Date, such Intellectual Property will be free and clear of all
     Liens, other than Permitted Liens (and, in the case of Intellectual
     Property of each Subsidiary, Permitted Liens (as defined in the 2007
     Indenture)), except where the failure to do so could reasonably be expected
     to have a Material Adverse Effect. To the Company's knowledge, no claims or
     notices of any potential claim have been asserted by any person challenging
     the use of any such Intellectual Property by the Company or any of its
     Subsidiaries or questioning the validity or effectiveness of the
     Intellectual Property or any license or agreement related thereto (other
     than any claims that, if successful, would not, individually or in the
     aggregate, have a Material Adverse Effect). To the Company's knowledge, the
     use of such Intellectual Property by the Company or any of its Subsidiaries
     will not infringe on the Intellectual Property rights of any other person.

(s)  The Company maintains a system of internal accounting controls sufficient
     to provide reasonable assurance that (i) material transactions are executed
     in accordance with management's general or specific authorization, (ii)
     material transactions are recorded as necessary to permit preparation of
     financial statements in conformity with GAAP, and to maintain asset
     accountability, (iii) access to assets is permitted only in accordance with
     management's general or specific authorization and (iv) the recorded
     accountability for assets is compared with the existing assets at
     reasonable intervals and appropriate action is taken with respect to any
     material differences.

(t)  The audited consolidated financial statements and related notes of the
     Company and its Subsidiaries contained in the Final Offering Circular (the
     "Financial Statements") present fairly in all material respects the
     financial position, results of operations and cash flows of the Company and
     its consolidated Subsidiaries, as of the respective dates and for the
     respective periods to which they apply and have been prepared in accordance
     with GAAP and except as disclosed in the Final Offering Circular, the
     requirements of Regulation S-X of the Act. The historical financial data
     set forth under "Summary Historical and Unaudited Consolidated Financial
     Data" and "Selected Consolidated Financial Data" included in the Final
     Offering Circular have been prepared on a basis consistent with that of the
     Financial Statements and present fairly in all material respects the
     financial position and results of operations of the Company and its
     consolidated Subsidiaries as of the respective dates and for the respective
     periods indicated. All other financial, statistical, and market and
     industry-related data included in the Final Offering Circular are fairly
     and accurately presented and are based on or derived from sources that the
     Company believes to be reliable and accurate in all material respects.
     PricewaterhouseCoopers LLP are independent public accountants with respect
     to the Company.

(u)  Subsequent to the respective dates as of which information is given in the
     Final Offering Circular, except as disclosed in the Final Offering
     Circular, (i) neither the Company nor any of its Subsidiaries has (x)
     incurred any liabilities, direct or contingent, that are material,
     individually or in the aggregate, to the Company and its Subsidiaries, or
     (y) entered into any transactions not in the ordinary course of business
     which are material with respect to the Company and its Subsidiaries
     considered as one enterprise, (ii) there has not been any material decrease
     in the Capital Stock or any material increase in long-term Indebtedness or
     any material increase in short-term Indebtedness of the Company and its
     Subsidiaries, or any payment of or declaration to pay any dividends or any
     other distribution with respect to the Company, and (iii) there has not
     been any material adverse change in the properties, business, prospects,
     operations, earnings, assets, liabilities or condition (financial or
     otherwise) of the Company and its Subsidiaries, taken as a whole, since
     June 30, 2004 (each of clauses (i), (ii) and (iii), a "Material Adverse
     Change"). To the knowledge of the Company after due inquiry, there is no
     event that is reasonably likely to

                                       8
<PAGE>
     occur, which if it were to occur, would, individually or in the aggregate,
     have a Material Adverse Effect, except such events that have been
     adequately disclosed in the Final Offering Circular.

(v)  No "nationally recognized statistical rating organization" (as such term is
     defined for purposes of Rule 436(g)(2) under the Act) (i) has imposed (or
     has informed the Company that it is considering imposing) any condition
     (financial or otherwise) on the Company retaining any rating assigned to
     the Company or any of its Subsidiaries or to any securities of the Company
     or any of its Subsidiaries, or (ii) has indicated to the Company that it is
     considering (A) the downgrading, suspension, or withdrawal of, or any
     review for a possible change that does not indicate the direction of the
     possible change in, any rating so assigned, or (B) any change in the
     outlook for any rating of the Company or any of its Subsidiaries or any
     securities of the Company or any of its Subsidiaries.

(w)  All Indebtedness represented by the Notes is being incurred for the
     purposes set forth in the Final Offering Circular under the heading "Use of
     Proceeds." On the Closing Date, the Company will be solvent. As used in
     this paragraph, "solvent" means, with respect to a particular date, that on
     such date the present fair market value (present fair saleable value) of
     the assets of the Company is not less than the total amount required to pay
     the probable liabilities of the Company on its total existing debts and
     liabilities (including, without limitation, contingent liabilities) as they
     become absolute and matured, the Company is able to realize upon its assets
     and pay its debts and other liabilities, contingent obligations and
     commitments as they mature and become due in the normal course of business,
     assuming the sale of the Notes as contemplated by this Agreement and the
     Final Offering Circular, the Company is not incurring debts or liabilities
     beyond its ability to pay as such debts and liabilities mature, and the
     Company is not engaged in any business or transaction, and is not about to
     engage in any business or transaction, for which its property would
     constitute unreasonably small capital after giving due consideration to the
     prevailing practice in the industry in which the Company is engaged. In
     computing the amount of such contingent liabilities at any time, it is
     intended that such liabilities will be computed at the amount that, in the
     light of all the facts and circumstances existing at such time, represents
     the amount that can reasonably be expected to become an actual or matured
     liability.

(x)  The Company has not and, to its knowledge, no one acting on its behalf has,
     (i) taken, directly or indirectly, any action designed to cause or to
     result in, or that has constituted or which might reasonably be expected to
     constitute, the stabilization or manipulation of the price of any security
     of the Company to facilitate the sale or resale of any of the Notes, (ii)
     sold, bid for, purchased, or paid anyone any compensation for soliciting
     purchases of, any of the Notes, or (iii) except as disclosed in the Final
     Offering Circular, paid or agreed to pay to any person any compensation for
     soliciting another to purchase any other securities of the Company.

(y)  Without limiting any provision herein, no registration under the Act and no
     qualification of the Indenture under the TIA is required for the sale of
     the Notes to the Initial Purchaser as contemplated hereby or for the Exempt
     Resales, assuming (i) that the purchasers in the Exempt Resales are QIBs or
     Accredited Investors or non-U.S. persons and (ii) the accuracy of the
     Initial Purchaser's representations contained herein.

(z)  When issued and delivered pursuant to this Agreement and the Indenture, the
     Notes will be eligible for resale pursuant to Rule 144A under the Act and
     no other securities of the Company are of the same class (within the
     meaning of Rule 144A under the Act) as the Notes and listed on a national
     securities exchange registered under Section 6 of the Securities Exchange
     Act of 1934, as amended (the "Exchange Act"), or quoted in a U.S. automated
     inter-dealer quotation system. No securities of the Company of the same
     class as the Notes have been offered, issued or sold by

                                       9
<PAGE>
     the Company or any of its Affiliates within the six-month period
     immediately prior to the date hereof.

(aa) Neither the Company nor any of its Affiliates or other person acting on
     behalf of the Company has offered or sold the Notes by means of any general
     solicitation or general advertising within the meaning of Rule 502(c) under
     the Act or, with respect to Notes sold outside the United States to
     non-U.S. persons (as defined in Rule 902 under the Act), by means of any
     directed selling efforts within the meaning of Rule 902 under the Act, and
     the Company, each Affiliate of the Company and each other person acting on
     behalf of the Company have complied with and will implement the "offering
     restrictions" within the meaning of such Rule 902; provided, that no
     representation is made in this subsection with respect to the actions of
     the Initial Purchaser.

(bb) Each of the Company, its Subsidiaries, and each ERISA Affiliate has
     fulfilled its obligations, if any, under the minimum funding standards of
     Section 302 of the United States Employee Retirement Income Security Act of
     1974, as amended ("ERISA") with respect to each "pension plan" (as defined
     in Section 3(2) of ERISA), subject to Section 302 of ERISA which the
     Company, its Subsidiaries, or any ERISA Affiliate sponsors or maintains, or
     with respect to which it has (or within the last three years had) any
     obligation to make contributions, except where the failure to do so would
     not lead to a liability to any such pension plan not reflected in all
     material respects in the Final Offering Circular, and each such plan is in
     compliance in all material respects with the presently applicable
     provisions of ERISA and the Code (as defined below). Neither the Company,
     its Subsidiaries, nor any ERISA Affiliate has incurred any unpaid liability
     to the Pension Benefit Guaranty Corporation (other than for the payment of
     premiums in the ordinary course) or to any such plan under Title IV of
     ERISA. "ERISA Affiliate" means a corporation, trade or business that is,
     along with the Company or any Subsidiary, a member of a controlled group of
     corporations or a controlled group of trades or businesses, as described in
     Section 414 of the Internal Revenue Code of 1986, as amended (the "Code")
     or Section 4001 of ERISA.

(cc) Except as disclosed in the Final Offering Circular, (i) neither the Company
     nor any of its Subsidiaries is a party to or bound by any collective
     bargaining agreement with any labor organization other than the collective
     bargaining agreements listed on Schedule III attached hereto; (ii) there is
     no union representation question existing with respect to the employees of
     the Company or any of its Subsidiaries, and, to the knowledge of the
     Company, no other union organizing activities are taking place; (iii) to
     the Company's knowledge, no union organizing or decertification efforts are
     underway or threatened against the Company or any of its Subsidiaries; (iv)
     no labor strike, work stoppage, slowdown, or other labor dispute is pending
     against the Company or any of its Subsidiaries, or, to the knowledge of the
     Company, threatened against the Company or any of its Subsidiaries, that
     could, individually or in the aggregate, reasonably be expected to result
     in a Material Adverse Effect; (v) there is no worker's compensation
     liability, experience or matter that could reasonably be expected to have,
     individually or in the aggregate, a Material Adverse Effect; (vi) to the
     knowledge of the Company, there is no threatened or pending liability
     against the Company or any of its Subsidiaries pursuant to the Worker
     Adjustment Retraining and Notification Act of 1988, as amended ("WARN"), or
     any similar state or local law; (vii) there is no employment-related
     charge, complaint, grievance, investigation, unfair labor practice claim,
     or inquiry of any kind, pending or, to the knowledge of the Company,
     threatened against the Company or any of its Subsidiaries that could
     reasonably be expected, individually or in the aggregate, to have a
     Material Adverse Effect; (viii) to the knowledge of the Company, no
     employee or agent of the Company or any of its Subsidiaries has committed
     any act or omission giving rise to liability for any violation identified
     in subsection (vi) and (vii) above, other than such acts or omissions that
     would not, individually or in the aggregate, have a Material
     Adverse

                                       10
<PAGE>
     Effect; and (ix) no term or condition of employment exists through
     arbitration awards, settlement agreements, or side agreements that is
     contrary to the express terms of any applicable collective bargaining
     agreement other than such term or condition that would not, individually or
     in the aggregate, have a Material Adverse Effect.

(dd) None of the transactions contemplated in the Documents or the application
     by the Company or any of its Subsidiaries of the proceeds of the Notes will
     violate or result in a violation of Section 7 of the Exchange Act
     (including, without limitation, Regulation T (12 C.F.R. Part 220),
     Regulation U (12 C.F.R. Part 221) or Regulation X (12 C.F.R. Part 224) of
     the Board of Governors of the Federal Reserve System).

(ee) Neither the Company nor any of its Subsidiaries is an open-end investment
     company, unit investment trust or face-amount certificate company that is
     or is required to be registered under Section 8 of the Investment Company
     Act of 1940, as amended (the "Investment Company Act"); and neither the
     Company nor any of its Subsidiaries is or, after giving effect to the
     Offering and sale of the Notes and the application of the proceeds thereof
     as described in the Final Offering Circular, will be an "investment
     company" as defined in the Investment Company Act.

(ff) The Company has not engaged any broker, finder, commission agent or other
     person (other than the Initial Purchaser) in connection with the Offering
     or any of the transactions contemplated in the Documents, and neither the
     Company nor any of its Subsidiaries is under any obligation to pay any
     broker's fee or commission in connection with such transactions (other than
     commissions or fees to the Initial Purchaser).

(gg) Except as disclosed in the Final Offering Circular, the Company and each of
     its Subsidiaries (i) is in compliance with all applicable foreign, federal,
     state and local laws and regulations relating to the protection of the
     environment or hazardous or toxic substances of wastes, pollutants or
     contaminants ("Environmental Laws"), (ii) has received and is in compliance
     with all permits, licenses or other approvals required of them under
     applicable Environmental Laws to conduct its businesses and (iii) has not
     received notice of any actual or potential liability for the investigation
     or remediation of any disposal or release of hazardous or toxic substances
     or wastes, pollutants or contaminants, in each case, except where such
     non-compliance with Environmental Laws, failure to receive and comply with
     required permits, licenses or other approvals, or liability would not,
     individually or in the aggregate, have a Material Adverse Effect, whether
     or not arising from transactions in the ordinary course of business. Except
     as disclosed in the Final Offering Circular, neither the Company nor any of
     the Subsidiaries has been named as a "potentially responsible party" under
     the Comprehensive Environmental Response, Compensation, and Liability Act
     of 1980, as amended.

     In the ordinary course of its business, the Company periodically reviews
     the effect of Environmental Laws on the business, operations and properties
     of the Company and its Subsidiaries, in the course of which it identifies
     and evaluates associated costs and liabilities (including, without
     limitation, any capital or operating expenditures required for clean-up,
     closure of properties or compliance with Environmental Laws, or any permit,
     license or approval, any related constraints on operating activities and
     any potential liabilities to third parties). On the basis of such review,
     the Company has reasonably concluded that such associated costs would not
     have a Material Adverse Effect.

(hh) Except as provided in the Credit Agreement, the 2007 Indenture or as
     described in the Final Offering Circular, as of the Closing Date, there
     will be no contractual encumbrances or restrictions on the ability of any
     Restricted Subsidiary of the Company (x) to pay dividends or

                                       11
<PAGE>
     make other distributions on such Restricted Subsidiary's Capital Stock or
     to pay any Indebtedness to the Company or any other Restricted Subsidiary
     of the Company, (y) to make loans or advances or pay any Indebtedness to,
     or investments in, the Company or any other Restricted Subsidiary of the
     Company or (z) to transfer any of its property or assets to the Company or
     any other Restricted Subsidiary of the Company.

(ii) (a)  Each Collateral Agreement will be effective under the Uniform
          Commercial Code as in effect in the State of New York (the "New York
          UCC") upon the execution and delivery thereof by the Company and the
          Collateral Agent to create in favor of the Collateral Agent for the
          benefit of the Secured Parties a valid security interest in all right,
          title and interest of the Company in and to all Collateral in which a
          security interest can be created under the New York UCC; and

          (i)  in the case of the Collateral comprised of certificated
               securities or instruments, upon the delivery of such Collateral
               to the Collateral Agent for the benefit of the Secured Parties in
               the State of New York accompanied by transfer instruments duly
               endorsed in blank, the Collateral Agent for the benefit of the
               Secured Parties will have "control" (as defined in Section 8-106
               of the New York UCC) over such certificated securities or
               instruments and subject to continued possession and assuming the
               Collateral Agent has no notice of any adverse claim to any of
               such collateral, the Collateral Agent will have the status of a
               "protected purchaser" with respect to such Collateral under (and
               as defined in) Section 8-303(a) of the New York UCC;

          (ii) in the case of Collateral comprised of any securities account,
               following the execution and delivery of a Control Agreement (as
               defined in the Security Agreement) by the Company, the Collateral
               Agent for the benefit of the Secured Parties and the securities
               intermediary at which such securities account is maintained and
               the crediting of any financial assets to such securities account,
               the Collateral Agent for the benefit of the Secured Parties will
               have "control" (as defined in Section 8-106 of the New York UCC)
               over such securities account;

          (iii) in the case of Collateral comprised of any deposit account with
               a depositary and cash, checks, drafts, notes, bills of exchange,
               money orders and other like instruments held therein, upon the
               execution and delivery of a Control Agreement (as defined in the
               Security Agreement) by the Company, the Collateral Agent and the
               depositary at which such deposit account is maintained, the
               Collateral Agent will for the benefit of the Secured Parties have
               "control" (as defined in Section 9-104(a) of the New York UCC)
               over such deposit account; and

          (iv) in the case of all other Collateral in which a security interest
               can be perfected by filing a Uniform Commercial Code financing
               statement under the Uniform Commercial Code as in effect in the
               State of Delaware (the "Delaware UCC"), upon the filing of an
               appropriately completed Uniform Commercial Code Form UCC-1
               financing statement (the "Financing Statement") naming the
               Company as a debtor and the Collateral Agent as the secured party
               in the filing office (the "Filing Office") identified in Schedule
               II attached hereto opposite the name of the Company, together
               with the payment of the requisite filing fee related thereto, the
               security interest of the Collateral Agent in such Collateral will
               be a valid and enforceable perfected security interest, which
               security interests will be superior

                                       12
<PAGE>
               to and prior to all Liens (other than all other Permitted Liens
               (other than Permitted Liens of the type described in clauses
               (ii), (v) and (vi) of the definition thereof (such Permitted
               Liens are referred to hereinafter as the "Specified Permitted
               Liens"))).

     (b)  The Escrow Agreement will be effective under the New York UCC upon the
          execution and delivery thereof by the Company, the Trustee and the
          Escrow Agent to create in favor of the Trustee for the benefit of the
          Holders a valid security interest in all right, title and interest of
          the Company in and to the Escrow Account and the other Escrow Property
          and the Trustee will for the benefit of the Holders have "control" (as
          defined in Section 9-106 of the New York UCC) over the Escrow Account
          and the other Escrow Property (as each such term is defined in the
          Escrow Agreement).

     (c)  As of the Closing Date, there will be no currently effective financing
          statement, security agreement, chattel mortgage, real estate mortgage
          or other document filed or recorded with any filing records, registry,
          or other public office, that purports to cover, affect or give notice
          of any present or possible future Lien on, or security interest in,
          any assets or property of the Company or any rights thereunder.

(jj) Each certificate signed by any officer of the Company, or any Subsidiary
     thereof, delivered to the Initial Purchaser shall be deemed a
     representation and warranty by the Company or any such Subsidiary thereof
     (and not individually by such officer) to the Initial Purchaser with
     respect to the matters covered thereby.

(kk) Each of the Company and each of its Subsidiaries is insured by insurers of
     recognized financial responsibility against such losses and risks and in
     such amounts as are prudent and customary in the businesses in which they
     are engaged. All policies of insurance insuring the Company or any of its
     Subsidiaries or their respective businesses, assets, employees, officers
     and directors are in full force and effect. The Company and its
     Subsidiaries are in compliance with the terms of such policies and
     instruments in all material respects, and there are no claims by the
     Company or any of its Subsidiaries under any such policy or instrument as
     to which any insurance company is denying liability or defending under a
     reservation of rights clause. Neither the Company nor any such Subsidiary
     has been refused any insurance coverage sought or applied for, and neither
     the Company nor any such Subsidiary has any reason to believe that it will
     not be able to renew its existing insurance coverage as and when such
     coverage expires or to obtain similar coverage from similar insurers as may
     be necessary to continue its business at a cost that would not,
     individually or in the aggregate, have a Material Adverse Effect.

          5. COVENANTS OF THE COMPANY. The Company hereby agrees:

(a)  To (i) advise the Initial Purchaser promptly after obtaining knowledge
     (and, if requested by the Initial Purchaser, confirm such advice in
     writing) of (A) the issuance by any state securities commission of any stop
     order suspending the qualification or exemption from qualification of any
     of the Notes for offer or sale in any jurisdiction, or the initiation of
     any proceeding for such purpose by any state securities commission or other
     regulatory authority, or (B) the happening of any event that makes any
     statement of a material fact made in the Final Offering Circular untrue or
     that requires the making of any additions to or changes in the Final
     Offering Circular in order to make the statements therein, in the light of
     the circumstances under which they were made, not misleading, (ii) use its
     commercially reasonable efforts to prevent the issuance of any stop order
     or order suspending the qualification or exemption from qualification of
     any of the Notes under any state securities or Blue Sky laws, and (iii) if
     at any time any state securities commission or

                                       13
<PAGE>
     other regulatory authority shall issue an order suspending the
     qualification or exemption from qualification of any of the Notes under any
     such laws, use its commercially reasonable efforts to obtain the withdrawal
     or lifting of such order at the earliest possible time.

(b)  To (i) furnish the Initial Purchaser, without charge, as many copies of the
     Final Offering Circular, and any amendments or supplements thereto, as the
     Initial Purchaser may reasonably request, and (ii) promptly prepare, upon
     the Initial Purchaser's reasonable request, any amendment or supplement to
     the Final Offering Circular that the Initial Purchaser, upon advice of
     legal counsel, determines may be necessary in connection with Exempt
     Resales (and the Company hereby consents to the use of the Preliminary
     Offering Circular and the Final Offering Circular, and any amendments and
     supplements thereto, by the Initial Purchaser in connection with Exempt
     Resales).

(c)  Not to amend or supplement the Final Offering Circular prior to the Closing
     Date or at any time prior to the completion of the resale by the Initial
     Purchaser of all of the Notes purchased by the Initial Purchaser, unless
     the Initial Purchaser shall previously have been advised thereof and shall
     have provided its written consent thereto (which consent shall not be
     unreasonably withheld or delayed).

(d)  At any time prior to the completion of the resale of the Notes by the
     Initial Purchaser, (i) if any event shall occur as a result of which, in
     the reasonable judgment of the Company or the Initial Purchaser, it becomes
     necessary or advisable to amend or supplement the Final Offering Circular
     in order to make the statements therein, in light of the circumstances
     under which they were made, not misleading, or if it is necessary to amend
     or supplement the Final Offering Circular to comply with Applicable Law, to
     notify the Initial Purchaser of any such event and to prepare, at the
     expense of the Company, an appropriate amendment or supplement to the Final
     Offering Circular (in form and substance reasonably satisfactory to the
     Initial Purchaser) so that (A) as so amended or supplemented, the Final
     Offering Circular will not include an untrue statement of material fact or
     omit to state a material fact necessary in order to make the statements
     therein, in the light of the circumstances under which they were made, not
     misleading, and (B) the Final Offering Circular will comply with Applicable
     Law and (ii) if in the reasonable judgment of the Company or the Initial
     Purchaser it becomes necessary or advisable to amend or supplement the
     Final Offering Circular so that the Final Offering Circular will contain
     all of the information specified in, and meet the requirements of, Rule
     144A(d)(4) of the Act, to prepare an appropriate amendment or supplement to
     the Final Offering Circular (in form and substance reasonably satisfactory
     to the Initial Purchaser) so that the Final Offering Circular, as so
     amended or supplemented, will contain the information specified in, and
     meet the requirements of, such Rule.

(e)  To cooperate with the Initial Purchaser and the Initial Purchaser's counsel
     in connection with the qualification of the Notes under the securities or
     Blue Sky laws of such jurisdictions as the Initial Purchaser may request
     and continue such qualification in effect so long as reasonably required
     for Exempt Resales; provided that the Company shall not be obligated to
     file any general consent to service of process or to qualify as a foreign
     corporation or as a dealer in securities (or otherwise subject itself to
     taxation) in any jurisdiction in which it is not otherwise so subject.

(f)  Whether or not any of the Offering or the transactions contemplated under
     the Documents are consummated or this Agreement is terminated, to pay (i)
     all costs, expenses, fees and taxes incidental to and in connection with:
     (A) the preparation, printing and distribution of the Preliminary Offering
     Circular and the Final Offering Circular and all amendments and supplements
     thereto (including, without limitation, financial statements and exhibits),
     and all other agreements, memoranda, correspondence and other documents
     prepared and delivered in

                                       14
<PAGE>
     connection herewith, (B) the negotiation, printing, processing and
     distribution (including, without limitation, word processing and
     duplication costs) and delivery of, each of the Documents, (C) the
     preparation, issuance and delivery of the Notes, (D) the qualification of
     the Notes for offer and sale under the securities or Blue Sky laws of the
     several states (including, without limitation, the reasonable fees and
     disbursements of the Initial Purchaser's counsel relating to such
     registration or qualification), (E) furnishing such copies of the
     Preliminary Offering Circular and the Final Offering Circular, and all
     amendments and supplements thereto, as may reasonably be requested for use
     by the Initial Purchaser and (F) the performance of the Company's
     obligations under the Registration Rights Agreement, including but not
     limited to the Exchange Offer, the Exchange Offer Registration Statement
     and any Shelf Registration Statement, (ii) all fees and expenses of the
     counsel, accountants and any other experts or advisors retained by the
     Company, (iii) all expenses and listing fees in connection with the
     application for quotation of the Notes and, if applicable, the Notes on the
     Private Offerings, Resales and Trading Automated Linkages ("PORTAL")
     market, (iv) all fees and expenses (including, without limitation, fees and
     expenses of counsel) of the Company in connection with approval of the
     Notes by DTC for "book-entry" transfer, (v) all fees charged by rating
     agencies in connection with the rating of the Notes, (vi) all fees and
     expenses (including, without limitation, reasonable fees and expenses of
     counsel) of the Trustee, the Collateral Agent and all sub-collateral
     agents, (vii) all fees and expenses incurred in connection with the
     creation and perfection of the security interests under each Collateral
     Agreement and the Escrow Agreement (including, without limitation, filing
     and recording fees, search fees, and taxes) and (viii) all fees,
     disbursements and out-of-pocket expenses incurred by the Initial Purchaser
     in connection with its services to be rendered hereunder including, without
     limitation, the fees and disbursements of Mayer, Brown, Rowe & Maw LLP,
     special New York counsel to the Initial Purchaser, travel and lodging
     expenses, word processing charges, messenger and duplicating services,
     facsimile expenses and other customary expenditures.

(g)  To use the proceeds of the Offering in the manner described in the Final
     Offering Circular under the caption "Use of Proceeds."

(h)  To do and perform all things required to be done or performed, both prior
     to and after the Closing Date, by the Company under the Documents to which
     it is a party.

(i)  Not to, and to ensure that no "affiliate" (as defined in Rule 501(b) of the
     Act) of the Company will, sell, offer for sale or solicit offers to buy or
     otherwise negotiate in respect of any "security" (as defined in the Act)
     that would be integrated with the sale of the Notes in a manner that would
     require the registration under the Act of the sale to the Initial Purchaser
     or to the Subsequent Purchasers of the Notes.

(j)  For so long as any of the Notes remain outstanding, during any period in
     which the Company is not subject to Section 13 or 15(d) of the Exchange
     Act, to make available, upon request and without cost, to any owner of the
     Notes in connection with any sale thereof and any prospective Subsequent
     Purchasers of such Notes from such owner, the information required by Rule
     144A(d)(4) under the Act.

(k)  To comply with the representation letter of the Company to DTC relating to
     the approval of the Notes by DTC for "book entry" transfer.

(l)  To use its reasonable best efforts to effect the inclusion of the Notes in
     PORTAL and to use its reasonable best efforts to maintain the listing of
     the Notes on PORTAL for so long as the Notes are outstanding.

                                       15
<PAGE>
(m)  For so long as any of the Notes remain outstanding, the Company will
     furnish to the Initial Purchaser copies of all reports and other
     communications (financial or otherwise) furnished by the Company to the
     Trustee or to the holders of the Notes and, as soon as available, copies of
     any reports or financial statements furnished to or filed by the Company
     with the SEC or any national securities exchange on which any class of
     securities of the Company may be listed.

(n)  Except in connection with the Exchange Offer or the filing of the Shelf
     Registration Statement, not to, and not to authorize or permit any person
     acting on its behalf to, (i) distribute any offering material in connection
     with the offer and sale of the Notes other than the Preliminary Offering
     Circular and the Final Offering Circular and any amendments and supplements
     to the Final Offering Circular prepared in compliance with this Agreement,
     or (ii) solicit any offer to buy or offer to sell the Notes by means of any
     form of general solicitation or general advertising (including, without
     limitation, as such 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.

(o)  During the two year period after the Closing Date (or such shorter period
     as may be provided for in Rule 144(k) under the Act, as the same may be in
     effect from time to time), to not, and to not permit any current or future
     Subsidiaries of the Company or any other "affiliates" (as defined in Rule
     144A under the Act) controlled by the Company to, resell any of the Notes
     which constitute "restricted securities" under Rule 144 that have been
     reacquired by the Company, any current or future Subsidiaries of the
     Company or any other "affiliates" (as defined in Rule 144A under the Act)
     controlled by the Company, except pursuant to an effective registration
     statement under the Act.

(p)  To pay all stamp, documentary and transfer taxes (other than federal, state
     and local income taxes of the Initial Purchaser) and other duties, if any,
     which may be imposed by the United States or any political subdivision
     thereof or taxing authority thereof or therein with respect to the issuance
     of the Notes or the sale thereof to the Initial Purchaser.

          6. REPRESENTATIONS AND WARRANTIES OF THE INITIAL PURCHASER. The
Initial Purchaser represents and warrants that:

(a)  It is a QIB and it will offer the Notes for resale only upon and subject to
     the selling restrictions, terms and conditions set forth in this Agreement
     and in the Final Offering Circular.

(b)  It is not acquiring the Notes with a view to any distribution thereof that
     would violate the Act or the securities laws of any state of the United
     States or any other applicable jurisdiction. In connection with the Exempt
     Resales, it will solicit offers to buy the Notes only from, and will offer
     and sell the Notes only to, (A) persons reasonably believed by the Initial
     Purchaser to be QIBs or (B) persons reasonably believed by the Initial
     Purchaser to be Accredited Investors or (C) non-U.S. persons reasonably
     believed by the Initial Purchaser to be a purchaser referred to in
     Regulation S under the Act; provided, however, that in purchasing such
     Notes, such persons are deemed to have represented and agreed as provided
     under the caption "Notice to Investors" contained in the Final Offering
     Circular.

(c)  No form of general solicitation or general advertising in violation of the
     Act has been or will be used nor will any offers in any manner involving a
     public offering within the meaning of Section 4(2) of the Act or, with
     respect to Notes to be sold in reliance on Regulation S, by means of any
     directed selling efforts, be made by the Initial Purchaser or any of its
     representatives in connection with the offer and sale of any of the Notes.

                                       16
<PAGE>
(d)  It will deliver to each Subsequent Purchaser of the Notes, in connection
     with its original distribution of the Notes, a copy of the Final Offering
     Circular, as amended and supplemented at the date of such delivery.

          7. CONDITIONS. The obligations of the Initial Purchaser to purchase
the Notes under this Agreement are subject to the satisfaction of each of the
following conditions or waiver thereof by the Initial Purchaser:

(a)  All the representations and warranties of the Company and its Subsidiaries
     contained in this Agreement and in each of the Documents and the Perfection
     Certificate, dated the date hereof, of the Company shall be true and
     correct as of the date hereof and at the Closing Date. On or prior to the
     Closing Date, the Company and each other party to the Documents (other than
     the Initial Purchaser) shall have performed or complied with all of the
     agreements and satisfied all conditions on their respective parts to be
     performed, complied with or satisfied pursuant to the Documents (other than
     conditions to be satisfied by such other parties, which the failure to so
     satisfy would not, individually or in the aggregate, have a Material
     Adverse Effect).

(b)  No injunction, restraining order or order of any nature by a Governmental
     Authority shall have been issued as of the Closing Date that would prevent
     or materially interfere with the consummation of the Offering or any of the
     transactions contemplated under the Documents; and no stop order suspending
     the qualification or exemption from qualification of any of the Notes in
     any jurisdiction shall have been issued and no Proceeding for that purpose
     shall have been commenced or, to the knowledge of the Company, be pending
     or contemplated as of the Closing Date.

(c)  No action shall have been taken and no Applicable Law shall have been
     enacted, adopted or issued that would, as of the Closing Date, prevent the
     consummation of the Offering or any of the transactions contemplated under
     the Documents. No Proceeding shall be pending or, to the knowledge of the
     Company, threatened other than Proceedings that (A) if adversely determined
     would not, individually or in the aggregate, adversely affect the issuance
     or marketability of the Notes, and (B) would not, individually or in the
     aggregate, have a Material Adverse Effect.

(d)  Subsequent to the respective dates as of which data and information is
     given in the Final Offering Circular, there shall not have been any
     Material Adverse Change.

(e)  The Notes shall have been designated PORTAL securities in accordance with
     the rules and regulations adopted by the National Association of Securities
     Dealers, Inc. relating to trading in the PORTAL market.

(f)  On or after the date hereof, (i) there shall not have occurred any
     downgrading, suspension or withdrawal of, nor shall any notice have been
     given of any potential or intended downgrading, suspension or withdrawal
     of, or of any review (or of any potential or intended review) for a
     possible change that does not indicate the direction of the possible change
     in, any rating of the Company or any securities of the Company (including,
     without limitation, the placing of any of the foregoing ratings on credit
     watch with negative or developing implications or under review with an
     uncertain direction) by any "nationally recognized statistical rating
     organization" as such term is defined for purposes of Rule 436(g)(2) under
     the Act, (ii) there shall not have occurred any change, nor shall any
     notice have been given of any potential or intended change, in the outlook
     for any rating of the Company or any securities of the Company by any such
     rating

                                       17
<PAGE>
     organization and (iii) no such rating organization shall have given notice
     that it has assigned (or is considering assigning) a lower rating to the
     Notes than that on which the Notes were marketed.

(g)  The Initial Purchaser shall have received on the Closing Date:

     (i)  certificates dated the Closing Date, signed on behalf of the Company
          by (1) the Chief Executive Officer and (2) the principal financial or
          accounting officer of the Company, on behalf of the Company, to the
          effect that (a) the representations and warranties set forth in
          Section 4 hereof are true and correct in all material respects with
          the same force and effect as though expressly made at and as of the
          Closing Date, (b) the Company has complied with all Documents and
          satisfied all conditions in all material respects on its part to be
          performed or satisfied at or prior to the Closing Date, (c) at the
          Closing Date, since the date hereof or since the date of the most
          recent financial statements in the Final Offering Circular (exclusive
          of any amendment or supplement thereto after the date hereof) no event
          or events have occurred, no information has become known to the
          Company nor does any condition exist that, individually or in the
          aggregate, would have a Material Adverse Effect, (d) since the date of
          the most recent financial statements in the Final Offering Circular
          (exclusive of any amendment or supplement thereto after the date
          hereof), other than as described in the Final Offering Circular or
          contemplated hereby or thereby, neither the Company nor any Subsidiary
          of the Company has incurred any liabilities or obligations, direct or
          contingent, not in the ordinary course of business, that are material
          to the Company and its Subsidiaries, taken as a whole, or entered into
          any transactions not in the ordinary course of business that are
          material to the business, condition (financial or otherwise) or
          results of operations or prospects of the Company and its
          Subsidiaries, taken as a whole, and there has not been any change in
          the Capital Stock or long-term Indebtedness of the Company or any
          Subsidiary of the Company that is material to the business, condition
          (financial or otherwise) or results of operations or prospects of the
          Company and its Subsidiaries, taken as a whole, and (e) the sale of
          the Notes has not been enjoined (temporarily or permanently);

     (ii) a certificate, dated the Closing Date, executed on behalf of the
          Company by the Secretary of the Company, certifying such matters as
          the Initial Purchaser may reasonably request;

     (iii) a certificate of solvency, dated the Closing Date, executed on behalf
          of the Company by the principal financial or accounting officer of the
          Company substantially in the form previously approved by the Initial
          Purchaser;

     (iv) the opinion of Golenbock Eiseman Assor Bell & Peskoe LLP, special New
          York counsel to the Company, dated the Closing Date, in form and
          substance reasonably satisfactory to the Initial Purchaser; and

     (v)  the opinion of Mayer, Brown, Rowe & Maw LLP, special New York counsel
          to the Initial Purchaser, dated the Closing Date, in form and
          substance reasonably satisfactory to the Initial Purchaser.

(h)  The Initial Purchaser shall have received from PricewaterhouseCoopers LLP,
     independent auditors, with respect to the Company, (A) a customary comfort
     letter, dated the date of the Final Offering Circular, in form and
     substance reasonably satisfactory to the Initial Purchaser, with respect to
     the financial statements and certain financial information contained in the
     Final Offering Circular, and (B) a customary "bring down" comfort letter,
     dated the Closing Date, in form and substance reasonably satisfactory to
     the Initial Purchaser, to the effect that

                                       18
<PAGE>
     PricewaterhouseCoopers LLP reaffirms the statements made in its letter
     furnished pursuant to clause (A) above.

(i)  Each of the Documents shall have been executed and delivered by all parties
     thereto, and the Initial Purchaser shall have received a fully executed
     original of each Document.

(j)  The Initial Purchaser shall have received copies in form and substance
     reasonably satisfactory to it of all opinions, certificates, letters and
     other documents delivered or required to be delivered under or in
     connection with the Offering or any transaction contemplated in the
     Documents.

(k)  The Initial Purchaser shall have received the Final Offering Circular, and
     the terms of each Document shall conform in all material respects to the
     description thereof in the Final Offering Circular.

(l)  None of the parties to any of the Documents shall be in breach or default
     of any of their respective obligations in any material respect.

(m)  On the Closing Date, the Company shall have paid or caused to have been
     paid in cash the fees and expenses of Mayer, Brown, Rowe & Maw LLP, special
     New York counsel to the Initial Purchaser.

(n)  The Collateral Agent shall have received for the benefit of the Secured
     Parties:

     (i)  certificates (in the case of Capital Securities (as defined in the
          Security Agreement)) evidencing all of the issued and outstanding
          Capital Securities of each direct Subsidiary of the Company, which
          certificates, in each case, shall be accompanied by undated
          instruments of transfer duly executed in blank, or, if any Capital
          Securities (in the case of Capital Securities that are securities (as
          defined in Section 8-102(a)(15) of the New York UCC)) are
          uncertificated Capital Securities, confirmation and evidence
          satisfactory to the Collateral Agent that the security interest
          therein has been transferred to and perfected by the Collateral Agent
          for the benefit of the Secured Parties in accordance with Articles 8
          and 9 of the New York UCC and all laws otherwise applicable to the
          perfection of the pledge of such Capital Securities;

     (ii) the Financing Statement naming the Company as debtor and the
          Collateral Agent as secured party in appropriate form for filing in
          the Filing Office opposite the name of the Company on Schedule II
          attached hereto;

     (iii) copies of proper Uniform Commercial Code Form UCC-3 termination
          statements, if any, necessary to release all Liens and other rights of
          any Person (other than Permitted Liens) in any collateral previously
          granted to any Person;

     (iv) certified copies of Uniform Commercial Code Requests for Information
          or Copies (Form UCC-11), or a similar search report certified by a
          party acceptable to the Collateral Agent, dated a date reasonably near
          to the Closing Date, listing all effective financing statements which
          name the Company (under its present name and any previous names) as
          the debtor, together with copies of such financing statements (none of
          which shall cover any assets of the Company (other than any Uniform
          Commercial Code financing statement evidencing a Permitted Lien)); and

                                       19
<PAGE>
     (v)  such other approvals, opinions, or documents as the Collateral Agent
          may reasonably request in form and substance reasonably satisfactory
          to the Collateral Agent.

(o)  The Initial Purchaser shall be satisfied that (i) the Lien granted to the
     Collateral Agent, for the benefit of the Secured Parties, in the Collateral
     is a valid and enforceable Lien (subject in priority only to Specified
     Permitted Liens); and (ii) no Lien exists on any of the Collateral other
     than the Lien created in favor of the Collateral Agent, for the benefit of
     the Secured Parties, pursuant to a Collateral Agreement, or Permitted
     Liens.

(p)  The Company shall have deposited into the Escrow Account sufficient cash
     which, together with the gross proceeds to be received from the Offering,
     would yield the Escrow Redemption Price, plus accrued but unpaid interest
     to, but excluding, the Escrow Redemption Date (both as defined in the
     Offering Circular) for all of the Notes and shall have provided to the
     Initial Purchaser evidence thereof reasonably satisfactory to the Initial
     Purchaser.

          8. INDEMNIFICATION AND CONTRIBUTION.

(a)  The Company agrees to indemnify and hold harmless the Initial Purchaser,
     and each person, if any, who controls the 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 of any kind to which the 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 of any material fact
          contained in any Offering Circular or any amendment or supplement
          thereto; or

     (ii) the omission or alleged omission to state, in any Offering Circular or
          any amendment or supplement thereto, a material fact required to be
          stated therein or necessary to make the statements therein, in light
          of the circumstances under which they were made, not misleading;

     and, subject to the provisions hereof, will reimburse promptly upon demand,
     the Initial Purchaser and each such controlling person for any legal or
     other expenses reasonably incurred by the Initial Purchaser 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 in respect thereof; provided, however, the
     Company will not be liable in any such case to the extent (but only to the
     extent) that any such loss, claim, damage or liability is finally
     judicially determined by a court of competent jurisdiction in a final,
     unappealable judgment, to have resulted solely from any untrue statement or
     alleged untrue statement or omission or alleged omission made in any
     Offering Circular or any amendment or supplement thereto in reliance upon
     and in conformity with written information concerning the Initial Purchaser
     furnished to the Company by the Initial Purchaser specifically for use
     therein. This indemnity agreement will be in addition to any liability that
     the Company may otherwise have to the indemnified parties. The Company
     shall not be liable under this Section 8 for any settlement of any claim or
     action effected without its prior written consent, which shall not be
     unreasonably withheld. This indemnity, as to the Preliminary Offering
     Circular, shall not inure to the benefit of the Initial Purchaser (or any
     person controlling such Initial Purchaser) on account of any loss, claim,
     damage or liability arising from the sale of Notes to any person by such
     Initial Purchaser if such Initial Purchaser failed to send or give a copy
     of the Final Offering Circular (as the same may be supplemented or amended)
     to such person at or prior to the written confirmation of the sale of the

                                       20
<PAGE>
     Notes to such person, and the untrue statement or alleged untrue statement
     or omission or alleged omission of a material fact in such Preliminary
     Offering Circular was corrected in the Final Offering Circular, unless such
     failure resulted from noncompliance by the Company with Section 5(b).

(b)  The Initial Purchaser agrees to indemnify and hold harmless the Company,
     its directors, officers and each person, if any, who controls the Company
     within the meaning of Section 15 of the Act or Section 20 of the Exchange
     Act against any losses, claims, damages or liabilities of any kind to which
     the Company 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) are
     finally judicially determined by a court of competent jurisdiction in a
     final, unappealable judgment, to have resulted solely from (i) any untrue
     statement or alleged untrue statement of any material fact contained in any
     Offering Circular or any amendment or supplement thereto or (ii) the
     omission or the alleged omission to state, in any Offering Circular or any
     amendment or supplement thereto, 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 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 or its agents by the Initial
     Purchaser specifically for use therein; and, subject to the limitation set
     forth immediately preceding this clause, will reimburse, promptly upon
     demand, any legal or other expenses incurred by the Company or any such
     director, officer or controlling person in connection with any such loss,
     claim, damage, liability or action in respect thereof. This indemnity
     agreement will be in addition to any liability that the Initial Purchaser
     may otherwise have to the indemnified parties.

(c)  As promptly as reasonably practical after receipt by an indemnified party
     under this Section 8 of notice of the commencement of any action for which
     such indemnified party is entitled to indemnification under this Section 8,
     such indemnified party will, if a claim in respect thereof is to be made
     against the indemnifying party under this Section 8, notify the
     indemnifying party of the commencement thereof in writing; but the omission
     to so notify the indemnifying party (i) will not relieve such indemnifying
     party from any liability under paragraph (a) or (b) above unless and only
     to the extent it is materially prejudiced as a result thereof 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 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 determine, 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 under applicable standards of
     professional responsibility, (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 in writing 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 at the expense of the indemnifying party. After notice from the
     indemnifying party to such indemnified

                                       21
<PAGE>
     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 8 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 Purchaser in the case of paragraph
     (a) of this Section 8 or the Company in the case of paragraph (b) of this
     Section 8, 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. 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 8, in which case the
     indemnified party may effect such a settlement without such consent.

(d)  No indemnifying party shall be liable under this Section 8 for any
     settlement of any claim or action (or threatened claim or action) effected
     without its written consent, which shall not be unreasonably withheld, but
     if a claim or action settled with its written consent, or if there be a
     final judgment for the plaintiff with respect to any such claim or action,
     each indemnifying party jointly and severally agrees, subject to the
     exceptions and limitations set forth above, to indemnify and hold harmless
     each indemnified party from and against any and all losses, claims, damages
     or liabilities (and reasonable legal and other expenses as set forth above)
     incurred by reason of such settlement or judgment. No indemnifying party
     shall, without the prior written consent of the indemnified party (which
     consent shall not be unreasonably withheld), effect any settlement or
     compromise of any pending or threatened proceeding in respect of which the
     indemnified party is or could have been a party, or indemnity could have
     been sought hereunder by the indemnified party, unless such settlement (A)
     includes an unconditional written release of the indemnified party, in form
     and substance satisfactory to the indemnified party, 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 the indemnified party.

(e)  In circumstances in which the indemnity agreement provided for in the
     preceding paragraphs of this Section 8 is unavailable to, or insufficient
     to hold harmless, an indemnified party in respect of any losses, claims,
     damages or liabilities (or actions in respect thereof), each indemnifying
     party, in order to provide for just and equitable contributions, 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 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, on the one hand, and the Initial
     Purchaser, on the other, shall be deemed to be in the same proportion as
     the total proceeds from the Offering (before deducting

                                       22
<PAGE>
     expenses) received by the Company bear to the total discounts and
     commissions received by the 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, on the one hand, or the 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 omissions, and any other equitable considerations appropriate
     in the circumstances.

(f)  The Company and the Initial Purchaser agree that it would not be equitable
     if the amount of such contribution determined pursuant to the immediately
     preceding paragraph (e) 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
     the immediately preceding paragraph (e). Notwithstanding any other
     provision of this Section 8, the Initial Purchaser shall not 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. 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 the immediately preceding
     paragraph (e), each person, if any, who controls the 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 Purchaser,
     and each director of the Company, each officer of the Company and each
     person, if any, who controls the Company 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..

          9. TERMINATION. The Initial Purchaser may terminate this Agreement at
any time prior to the Closing Date by written notice to the Company if any of
the following has occurred:

(a)  since the date hereof, any Material Adverse Effect or development involving
     or reasonably expected to result in a prospective Material Adverse Effect
     that could, in the Initial Purchaser's reasonable judgment, be expected to
     (i) make it impracticable or inadvisable to proceed with the offering or
     delivery of the Notes on the terms and in the manner contemplated in the
     Final Offering Circular, or (ii) materially impair the investment quality
     of any of the Notes;

(b)  the failure of the Company to satisfy the conditions contained in Section
     7(a) hereof on or prior to the Closing Date;

(c)  any outbreak or escalation of hostilities or other national or
     international calamity or crisis, including, without limitation, acts of
     terrorism, or material adverse change or disruption in economic conditions
     in, or in the financial markets of, the United States (it being understood
     that any such change or disruption shall be relative to such conditions and
     markets as in effect on the date hereof), if the effect of such outbreak,
     escalation, calamity, crisis, act or material adverse change in the
     economic conditions in, or in the financial markets of, the United States
     could be reasonably expected to make it, in the Initial Purchaser's sole
     judgment, impracticable or inadvisable to market or proceed with the
     offering or delivery of the Notes on the terms and in the manner
     contemplated in the Final Offering Circular or to enforce contracts for the
     sale of any of the Notes;

                                       23
<PAGE>
(d)  the suspension or limitation of trading generally in securities on the New
     York Stock Exchange, the American Stock Exchange or the NASDAQ National
     Market or any setting of limitations on prices for securities on any such
     exchange or NASDAQ National Market;

(e)  the enactment, publication, decree or other promulgation after the date
     hereof of any Applicable Law that in the Initial Purchaser's counsel's
     reasonable opinion materially and adversely affects, or could be reasonably
     expected to materially and adversely affect, the properties, business,
     prospects, operations, earnings, assets, liabilities or condition
     (financial or otherwise) of the Company and its Subsidiaries, taken as a
     whole;

(f)  any securities of the Company or any of its Subsidiaries shall have been
     downgraded or placed on any "watch list" for possible downgrading by any
     "nationally recognized statistical rating organization," as such term is
     defined for purposes of Rule 436(g)(2) under the Act; or

(g)  the declaration of a banking moratorium by any Governmental Authority; or
     the taking of any action by any Governmental Authority after the date
     hereof in respect of its monetary or fiscal affairs that in the Initial
     Purchaser's opinion could reasonably be expected to have a material adverse
     effect on the financial markets in the United States or elsewhere.

          10. SURVIVAL OF REPRESENTATIONS AND INDEMNITIES. The representations
and warranties, covenants, indemnities and contribution and expense
reimbursement provisions and other agreements, representations and warranties of
the Company set forth in or made pursuant to this Agreement shall remain
operative and in full force and effect, and will survive delivery of and payment
for the Notes, regardless of (i) any investigation, or statement as to the
results thereof, made by or on behalf of the Initial Purchaser, (ii) acceptance
of the Notes, and payment for them hereunder, and (iii) any termination of this
Agreement.

          11. DEFAULT BY THE INITIAL PURCHASER. If the Initial Purchaser shall
breach its obligations to purchase the Notes that it has agreed to purchase
hereunder on the Closing Date and arrangements satisfactory to the Company for
the purchase of such Notes are not made within 36 hours after such default, this
Agreement shall terminate with respect to such Initial Purchaser without
liability on the part of the Company. Nothing herein shall relieve the Initial
Purchaser from liability for its default.

          12. INFORMATION SUPPLIED BY THE INITIAL PURCHASER. The statements set
forth on the cover page with respect to price and in the first and second
sentences of the third paragraph, the fourth paragraph, the sixth paragraph and
the first and second sentences of the seventh paragraph under the heading "Plan
of Distribution" in the Offering Circular (to the extent such statements relate
to the Initial Purchaser) constitute the only information furnished by the
Initial Purchaser to the Company or its Subsidiaries for the purposes of
Sections 4(a) and 8 hereof.

          13. MISCELLANEOUS.

(a)  Notices given pursuant to any provision of this Agreement shall be
     addressed as follows: (i) if to the Company, to the Company c/o Phibro
     Animal Health Corporation, 65 Challenger Road, Ridgefield Park, NJ 07660,
     Attention: Corporate Legal Department with a copy to: Golenbock Eiseman
     Assor Bell & Peskoe LLP, 437 Madison Avenue, New York, NY 10022, Attention:
     Lawrence M. Bell, Esq.; and (ii) if to the Initial Purchaser, to Jefferies
     & Company, Inc., 520 Madison Avenue, 12th Floor, New York, New York 10022,
     Attention: Lloyd H. Feller, Esq. with a copy to: Mayer, Brown, Rowe & Maw
     LLP, 1675 Broadway, New York, New York 10019-

                                       24
<PAGE>
     5820, Attention: Ronald S. Brody, Esq. (or in any case to such other
     address as the person to be notified may have requested in writing).

(b)  This Agreement has been and is made solely for the benefit of and shall be
     binding upon the Company, the Initial Purchaser and, to the extent provided
     in Section 8 hereof, the controlling persons, officers, directors,
     partners, employees, representatives and agents referred to in Section 8,
     and their respective heirs, executors, administrators, successors and
     assigns, all as and to the extent provided in this Agreement, and no other
     person shall acquire or have any right under or by virtue of this
     Agreement. The term "successors and assigns" shall not include a purchaser
     of any of the Notes from the Initial Purchaser merely because of such
     purchase. Notwithstanding the foregoing, it is expressly understood and
     agreed that each purchaser who purchases Notes from the Initial Purchaser
     is intended to be a beneficiary of the Company's covenants contained in the
     Registration Rights Agreement to the same extent as if the Notes were sold
     and those covenants were made directly to such purchaser by the Company,
     and each such purchaser shall have the right to take action against the
     Company to enforce, and obtain damages for any breach of, those covenants.

(c)  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 REGARD TO PRINCIPLES OF
     CONFLICTS OF LAW.

(d)  THE COMPANY HEREBY EXPRESSLY AND IRREVOCABLY (I) SUBMITS TO THE
     NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS SITTING IN THE
     BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING
     ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
     CONTEMPLATED HEREBY; AND (II) WAIVES (A) ITS RIGHT TO A TRIAL BY JURY IN
     ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, THE TRANSACTIONS
     CONTEMPLATED HEREBY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
     STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE INITIAL PURCHASER
     AND FOR ANY COUNTERCLAIM RELATED TO ANY OF THE FOREGOING AND (B) ANY
     OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF
     ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY
     CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

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

(f)  If any term, provision, covenant or restriction of this Agreement is held
     by a court of competent jurisdiction to be invalid, illegal, void or
     unenforceable, the remainder of the terms, provisions, covenants and
     restrictions set forth herein shall remain in full force and effect and
     shall in no way be affected, impaired or invalidated, and the parties
     hereto shall use their best efforts to find and employ an alternative means
     to achieve the same or substantially the same result as that contemplated
     by such term, provision, covenant or restriction. It is hereby stipulated
     and declared to be the intention of the parties that they would have
     executed the remaining terms, provisions, covenants and restrictions
     without including any of such that may be hereafter declared invalid,
     illegal, void or unenforceable.

                                       25
<PAGE>
(g)  This Agreement may be amended, modified or supplemented, and waivers or
     consents to departures from the provisions hereof may be given, provided
     that the same are in writing and signed by all of the signatories hereto.

                                       26
<PAGE>
          Please confirm that the foregoing correctly sets forth the agreement
between the Company and the Initial Purchaser.

                                        Very truly yours,

                                        PAHC HOLDINGS CORPORATION

                                        By: /s/ Jack C. Bendheim
                                            ------------------------------------
                                            Name: Jack C. Bendheim
                                            Title President

Accepted and Agreed to:

JEFFERIES & COMPANY, INC.

By: /s/ M. Brent Stevens
    ---------------------------------
    Name: M. Brent Stevens
    Title: Executive Vice President

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