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Exhibit 10.27  

[Conformed
Copy] 

Qwest Communications International Inc.  

 Qwest Services Corporation

Qwest Capital Funding, Inc.  

$1,775,000,000 

71/4%
Senior Notes due 2011 

71/2%
Senior Notes due 2014 

Floating
Rate Senior Notes due 2009 

PURCHASE AGREEMENT  

dated January 30, 2004 

Banc of America Securities LLC

Credit Suisse First Boston LLC

Deutsche Bank Securities Inc.

Goldman, Sachs & Co.

J.P. Morgan Securities Inc.

Lehman Brothers Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley & Co. Incorporated

UBS Securities LLC

Wachovia Capital Markets, LLC  

 
 

Purchase Agreement    
    

January 30,
2004 

BANC
OF AMERICA SECURITIES LLC

CREDIT SUISSE FIRST BOSTON LLC

DEUTSCHE BANK SECURITIES INC.

GOLDMAN, SACHS & CO.

J.P. MORGAN SECURITIES INC.

LEHMAN BROTHERS INC.

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

MORGAN STANLEY & CO. INCORPORATED

UBS SECURITIES LLC

WACHOVIA CAPITAL MARKETS, LLC

    As Initial Purchasers

c/o Banc of America Securities LLC

9 West 57th Street

New York, New York 10019 

Ladies
and Gentlemen: 

        Introductory.    Qwest Communications International Inc., a Delaware corporation ("QCII" or the "Company"), proposes to
issue and sell (the "Offering") to the several Initial Purchasers named in Schedule A (the "Initial Purchasers"), acting severally and not jointly, the respective amounts set forth in such
Schedule A of an $525 million aggregate principal amount of the Company's 71/4% Senior Notes due 2011 (the "2011 Notes"), $500 million aggregate principal amount of
the Company's 71/2% Senior Notes due 2014 (the "2014 Notes") and $750 million aggregate principal amount of the Company's Floating Rate Senior Notes due 2009 (the "Floating Rate
Notes"). The 2011 Notes, the 2014 Notes and the Floating Rate Notes are sometimes hereinafter referred to as a "series" of Notes and collectively as the "Notes." Banc of America Securities LLC and the
initial purchasers listed on Schedule A have agreed to act as the several Initial Purchasers in connection with the offering and sale of the Notes. 

        The
Notes will be issued pursuant to an indenture, dated as of February 5, 2004 (the "Indenture"), between the Company and J.P. Morgan Trust Company, N.A., as trustee (the
"Trustee"). The Notes will be guaranteed by Qwest Services Corporation, a Colorado corporation ("QSC"), and Qwest Capital Funding, Inc., a Colorado corporation ("QCF" and, together with QSC the
"Guarantors" and together with QSC and QCII, the "Qwest Companies"). Notes will be issued initially only in book-entry form in the name of Cede & Co., as nominee of The Depository
Trust Company (the "Depositary") pursuant to a letter of representations, to be dated on or before the Closing Date (as defined in Section 2) (the "DTC Agreement"), among the Company, the
Trustee and the Depositary. 

        The
holders of the Notes will be entitled to the benefits of a registration rights agreement, to be dated as of February 5, 2004 (the "Registration Rights Agreement"), among the
Company, the Guarantors and the Initial Purchasers, pursuant to which the Company will agree to file a with the Commission, under the circumstances set forth therein, (i) a registration
statement under the Securities Act (as defined below) relating to another series of debt securities of the Company (including the related guarantees of the Guarantors) with terms substantially
identical to each respective series of the Notes (the "Exchange Notes") to be offered in exchange for each series of the Notes (the "Exchange Offer") and (ii) to the extent required by the
Registration Rights Agreement, a shelf registration statement pursuant to Rule 415 of the Securities Act relating to the resale by certain holders of the Notes. 

        The
Guarantors will guarantee, on a joint and several basis, the payment of principal of, premium and Liquidated Damages (as defined in the Indenture), if any, and interest on the Notes
and the Exchange Notes (the "Guarantees"), pursuant to and subject to the terms provided in the Indenture. The Guarantees will be on (i) a senior unsecured basis by QCF, and (ii) a
senior subordinated secured 

 

basis
by QSC. The Notes and the Guarantees attached thereto are herein collectively referred to as the "Securities"; and the Exchange Notes and the Guarantees attached thereto are herein collectively
referred to as the "Exchange Securities." The Guarantee by QSC will be secured by a second priority security interest in the same collateral of QSC (the "QSC Collateral") that secures the Existing
Senior Sub Notes Indenture (as defined below) pursuant to an amended and restated Security and Pledge Agreement (the "Pledge Agreement") among QSC, BNY Asset Solutions LLC, as collateral agent (the
"Collateral Agent") and other parties thereto, to be dated as of the Closing Date (as defined in Section 2(b) below and used hereafter with the same meaning). 

        The
Company understands that the Initial Purchasers propose to make an offering of the Securities on the terms and in the manner set forth herein and in the Offering Memorandum (as
defined below) and agrees that the Initial Purchasers may resell, subject to the conditions set forth herein, all or a portion of the Securities to purchasers (the "Subsequent Purchasers") at any time
after the date of this Agreement. The Securities are to be offered and sold to or through the Initial Purchasers without
being registered with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933 (as amended, the "Securities Act," which term, as used herein, includes the rules and
regulations of the Commission promulgated thereunder), in reliance upon exemptions therefrom. Pursuant to the terms of the Securities and the Indenture, investors that acquire Securities shall be
deemed to have agreed that Securities may only be resold or otherwise transferred, after the date hereof, if such Securities are registered for sale under the Securities Act or if an exemption from
the registration requirements of the Securities Act is available (including the exemptions afforded by Rule 144A ("Rule 144A") or Regulation S ("Regulation S") thereunder). 

        The
Company has prepared and delivered to each Initial Purchaser copies of a Preliminary Offering Memorandum, dated January 29, 2004 (the "Preliminary Offering Memorandum"), and
has prepared and will deliver to each Initial Purchaser, copies of the Offering Memorandum, dated January 30, 2004, describing the terms of the Securities, each for use by such Initial
Purchaser in connection with its solicitation of offers to purchase the Securities. As used herein, the "Offering Memorandum" shall mean, with respect to any date or time referred to in this
Agreement, the Company's Offering Memorandum, dated January 30, 2004, including amendments or supplements thereto, any exhibits thereto and any documents incorporated by reference therein, in
the most recent form that has been prepared and delivered by the Company to the Initial Purchasers in connection with their solicitation of offers to purchase Securities. 

        All
references in this Agreement to financial statements and schedules and other information which is "contained," "included" or "stated" in the Offering Memorandum (or other references
of like import) shall be deemed to mean and include all such financial statements and schedules and other information which are incorporated by reference in the Offering Memorandum; and all references
in this Agreement to amendments or supplements to the Offering Memorandum shall be deemed to mean and include the filing of any document under the Securities Exchange Act of 1934 (as amended, the
"Exchange Act," which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder) which is incorporated or deemed to be incorporated by reference in the Offering
Memorandum. 

        The
Company hereby confirms its agreements with the Initial Purchasers as follows: 

        Section 1.
Representations and Warranties. Each of the Company and the Guarantors hereby represents, warrants and covenants to each
Initial Purchaser as follows: 

        (a)   No Registration Required. Subject to compliance by the Initial Purchasers with the representations and warranties set
forth in Section 2 hereof and with the procedures set forth in Section 7 hereof, it is not necessary in connection with the offer, sale and delivery of the Securities to the Initial
Purchasers, or in connection with the initial resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement and the Offering Memorandum to register the 

2

 

Securities
under the Securities Act or, until such time as the Exchange Securities are issued pursuant to an effective registration statement, to qualify the Indenture under the Trust Indenture Act of
1939 (the "Trust Indenture Act," which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder). 

        (b)   No Integration of Offerings or General Solicitation. The Company has not, directly or indirectly, solicited any offer to
buy or offered to sell, and will not, directly or indirectly, solicit any offer to buy or offer to sell, in the United States or to any United States citizen or resident, any security which is or
would be integrated with the sale of the Securities in a manner that would require the Securities to be registered under the Securities Act. None of the Company, its affiliates (as such term is
defined in Rule 501 under the Securities Act (each, an "Affiliate")), or any person acting on its or any of their behalf (other than the Initial Purchasers, as to whom the Company makes no
representation or warranty) has engaged or will engage, in connection with the offering of the Securities, in any form of general solicitation or general advertising within the meaning of
Rule 502 under the Securities Act. With respect to those Securities sold in reliance upon Regulation S, (i) none of the Company, its Affiliates or any person acting on its or
their behalf (other than the Initial Purchasers, as to whom the Company makes no representation or warranty) has engaged or will engage in any directed selling efforts within the meaning of
Regulation S and (ii) each of the Company and its Affiliates and any person acting on its or their behalf (other than the Initial Purchasers, as to whom the Company makes no
representation or warranty) has complied and will comply with the offering restrictions set forth in Regulation S. 

        (c)   Eligibility for Resale under Rule 144A. The Securities are eligible for resale pursuant to Rule 144A and
will not be, at the Closing Date, of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in a U.S. automated
interdealer quotation system. 

        (d)   The Offering Memorandum. The Offering Memorandum does not, and at the Closing Date will not, include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that this
representation, warranty and agreement shall not apply to statements in or omissions from the Offering Memorandum made in reliance upon and in conformity with information furnished to the Company in
writing by any Initial Purchaser through Banc of America Securities LLC expressly for use in the Offering Memorandum. The Company has not distributed and will not distribute, prior to the later of the
Closing Date and the completion of the Initial Purchasers' distribution of the Securities, any offering material in connection with the offering and sale of the Securities other than a preliminary
Offering Memorandum or the Offering Memorandum (it being understood and agreed that the offer to purchase notes of QCF dated January 29, 2004 and accompanying letter of transmittal does not and
shall not be deemed in any way to constitute such offering material). The Offering Memorandum has been furnished to you or will be furnished to you no later than 5:00 p.m. on the date hereof. 

        (e)   The Notes and the Exchange Notes. The Notes and the Exchange Notes, when issued, will be in the form contemplated by the
Indenture and will conform in all material respects to the description thereof in the Offering Memorandum; the Notes and the Exchange Notes have each been duly authorized by QCII, and, when executed
by QCII and authenticated by the Trustee in accordance with the provisions of the Indenture and, in the case of the Exchange Notes, when delivered to the exchanging holders of Notes in connection with
the consummation of the Offering in accordance with the terms of the Offering Memorandum, will be duly executed, issued and delivered and will constitute valid and binding obligations of QCII,
enforceable against QCII in accordance with their terms, and will be entitled to the benefits of the Indenture, except as may be limited by (i) bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditors' rights generally, (ii) general principles of equity, including, without limitation, 

3

 

concepts
of materiality, reasonableness, good faith and fair dealing and the availability of specific performance or injunctive relief and the discretion of the court before which any proceeding
therefor may be brought (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (iii) public policy considerations. 

        (f)    The Guarantees. The Guarantee to be issued by each of the Guarantors and the guarantees to be issued by each of the
Guarantors in connection with the issuance of the Exchange Notes have been duly authorized by each Guarantor and, upon the execution, authentication and delivery of the Notes, will be duly executed
and delivered, will be entitled to the benefits of the Indenture, and will constitute valid and binding obligations of each of the Guarantors, enforceable against each of the Guarantors in accordance
with its terms, except as may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditor's
rights and remedies generally, (ii) general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the availability of
specific performance or injunctive relief and the discretion of the court before which any proceeding therefor may be brought (regardless of whether such enforcement is considered in a proceeding in
equity or at law) and (iii) public policy considerations. 

        (g)   The Indenture. The Indenture has been duly authorized by QCII and each of the Guarantors and, when executed and delivered
by QCII and each of the Guarantors (assuming the due authorization, execution and delivery by the Trustee), will have been duly executed and delivered, and on the Closing Date will constitute a valid
and binding obligation of QCII and each of the Guarantors, enforceable against QCII and each of the Guarantors in accordance with its terms, except as may be limited by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors' rights generally, (ii) general principles of equity,
including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the availability of specific performance or injunctive relief and the discretion of the court
before which any proceeding therefor may be brought (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (iii) public policy considerations. 

        (h)   The Registration Rights Agreement and DTC Agreement. The Registration Rights Agreement and the DTC Agreement have been
duly authorized by QCII and each of the Guarantors and, when executed and delivered by QCII and each of the Guarantors (assuming the due authorization, execution and delivery by the Trustee, on behalf
of the holders of the Notes and, in the case of the DTC Agreement, the Depositary), will have been duly executed and delivered and will constitute valid and binding obligations of QCII and each of the
Guarantors, enforceable against QCII and each of the Guarantors in accordance with their terms, except as may be limited by (1) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar laws now or hereafter in effect relating to creditors' rights generally, (2) general principles of equity, including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing and the availability of specific performance or injunctive relief and the discretion of the court before which any proceeding therefor may be brought
(regardless of whether such enforcement is considered in a proceeding in equity or at law) and (3) public policy considerations and (ii) any rights to indemnity or contribution
thereunder may be limited by federal and state securities laws and public policy considerations. 

        (i)    The Purchase Agreement. This Agreement has been duly authorized, executed and delivered by each of the Qwest Companies. 

        (j)    The Pledge Agreement. The Pledge Agreement has been duly authorized by QSC and, when executed and delivered by QSC
(assuming the due authorization, execution and delivery thereof by the other parties thereto and the Collateral Agent), will have been duly executed and delivered on the Closing Date, and the Pledge
Agreement will constitute a valid and binding obligation of QSC, enforceable against QSC in accordance with its terms and, upon delivery of the applicable documents 

4

 

to
the Collateral Agent in accordance with the provisions of the Pledge Agreement, a valid lien on the Collateral, on the Closing Date, securing obligations of QSC under the Indenture, which lien and
security interest will be superior to and prior to the liens of all third persons existing on the Closing Date including the liens granted for the benefit of the holders of notes under the Existing
QCII 2008 Indentures (as defined below) and the Existing Senior Sub Notes Indenture (as defined below), except for senior liens granted for the benefit of the lenders under the Existing QSC Credit
Facility and to be granted under the New QSC Credit Facility (each as defined below), except as may be limited by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
or other similar laws now or hereafter in effect relating to creditors' rights generally, (ii) general principles of equity, including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing and the availability of specific performance or injunctive relief and the discretion of the court before which any proceeding therefor may be brought
(regardless of whether such enforcement is considered in a proceeding in equity or at law), (iii) public policy considerations and (iv) the limitations described therein relating to
regulatory restrictions. 

        (k)   No Material Adverse Change. Except as otherwise disclosed in the Offering Memorandum, subsequent to the respective dates
as of which information is given in the Offering Memorandum: (i) there has been no material adverse change in the financial position, results of operations or prospects of the Company and its
Subsidiaries, taken as a whole (any such change is called a "Material Adverse Change"); and (ii) there has been no dividend or distribution of any kind declared, paid or made by the Company or,
except for dividends paid to the Company or other subsidiaries, any of its subsidiaries on any class of capital stock or repurchase or redemption by the Company or any of its subsidiaries of any class
of capital stock. 

        (l)    Independent Accountants. KPMG LLP, who have performed a review of or expressed their opinion with respect to the
financial statements (which term as used in this Agreement includes the related notes thereto) filed with the Commission included in the Offering Memorandum are independent public or certified public
accountants within the meaning of Regulation S-X under the Securities Act and the Exchange Act. Any non-audit services provided by such accountants have been approved by
the Audit Committee of the Company. 

        (m)  Preparation of the Financial Statements. The financial statements, together with the related schedules and notes,
included or incorporated by reference in the Offering Memorandum, present fairly the consolidated financial position of the Company and its subsidiaries as of and at the dates indicated and the
results of their operations and cash flows for the periods specified. Such financial statements have been prepared in conformity with generally accepted accounting principles applied on a consistent
basis throughout the periods involved, except as may be expressly stated in the related notes thereto. The financial data set forth in the Offering Memorandum under the captions "Offering Memorandum
Summary—Summary Selected Financial Data" and "Selected Financial Data" fairly present the information set forth therein on a basis consistent with that of the audited financial statements
contained in the Offering Memorandum. 

        (n)   Incorporation and Good Standing of the Company and Its Subsidiaries. QCII and each of QCII's subsidiaries (each such
subsidiary a "Subsidiary" and collectively, the "Subsidiaries"), that is a "significant subsidiary" of QCII (as such term is defined in Rule 1-02 of
Regulation S-X) and each other Subsidiary that is an obligor under the QSC Credit Agreement, or any material intercompany loan (each such Subsidiary a "Significant Subsidiary" and,
collectively, the "Significant Subsidiaries" and including, but not limited to, those Subsidiaries listed on Schedule 2), has been duly incorporated or formed, as the case may be, is validly
existing and is in good standing under the laws of its jurisdiction of incorporation or formation, with all requisite corporate or other power and authority to own or lease its properties and conduct
its businesses as now conducted as described in the Offering Memorandum, and is duly qualified to do business as a foreign corporation and is in good standing in all other jurisdictions where the
ownership or leasing of its properties or the conduct of its businesses 

5

 

requires
such qualification, except where the failure to be so qualified would not have a material adverse effect on the financial position, results of operations or prospects of QCII and its
Subsidiaries, taken as a whole (a "Material Adverse Effect"). 

        (o)   The Capital Stock. The outstanding shares of capital stock or other equity interests of each of QCII and each of the
Significant Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable, and were not issued in violation of any preemptive or similar rights; except as disclosed in
the Offering Memorandum, all of the outstanding shares of capital stock or other equity interests of each of the Significant Subsidiaries are owned, directly or indirectly by QCII, free and clear of
all liens, encumbrances, equities and claims (other than (i) liens to be released in connection with the payment of indebtedness outstanding under the Second Amended and Restated Credit
Agreement, dated as of August 30, 2002, as amended, among QCII, QSC, other Subsidiaries of QCII, Bank of America, N.A., as administrative agent, and the other lenders named therein (the
"Existing QSC Credit Facility"), (ii) liens to be created in connection with the execution of the Credit Agreement to be dated as of February 2004, among the Company, QSC, Bank of
America, N.A., as administrative agent, and the other lenders named therein (the "New QSC Credit Facility"), (iii) liens created on December 26, 2002 under (x) the indenture among
QSC, the guarantors named therein and Bank One Trust company, N.A. relating to the 13% Senior Subordinated Secured Notes due 2007, the 131/2% Senior Subordinated Secured Notes due 2010
and the 14% Senior Subordinated Secured Notes due 2014 (the "Existing Senior Sub Notes Indenture") and (y) the indentures dated as of November 4, 1998 and November 27, 1998,
respectively, between QCII and Bankers Trust Company relating to the 7.50% Senior Notes due 2008 of QCII and the 7.25% Senior Notes due 2008 of QCII (the "Existing QCII 2008 Indentures")) and
(iv) liens to be created on the Closing Date under the Indenture, or restrictions on transferability or voting (other than those imposed by the Securities Act, or the securities or "Blue Sky"
laws of certain jurisdictions). 

        (p)   Registration of Securities. No holder of securities of QCII or any Significant Subsidiary will be entitled to have such
securities registered under the registration statements required to be filed by the Qwest Companies pursuant to the Registration Rights Agreements. 

        (q)   Necessary Corporate Action. The Qwest Companies have taken all necessary corporate action to authorize the Offering. 

        (r)   No Violations. Neither QCII nor any Significant Subsidiary is (i) in violation of its certificate of incorporation
or bylaws (or similar organizational documents), (ii) except as set forth in the Offering Memorandum, in violation of any statute, judgment, decree, order, rule or regulation applicable to QCII
or any Significant Subsidiary or any of their respective properties or assets, except for such violations which would not, individually or in the aggregate, have a Material Adverse Effect, or
(iii) in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, note, lease,
license, franchise agreement, permit, certificate, contract or other agreement or instrument to which QCII or any Significant Subsidiary is a party or to which QCII or any Significant Subsidiary is
subject (each, a "Contract" and collectively, the "Contracts"), except for such defaults which would not, individually or in the aggregate, have a Material Adverse Effect. 

        (s)   All Necessary Consents and Approvals. Assuming compliance with the limitations and restrictions contained under the
heading "Notice to Investors" in the Offering Memorandum, no consent, approval, authorization or order of any court or governmental, legislative, judicial, administrative or regulatory agency,
authority or body is required for the making of the Offering, the exchange of the Notes for the Exchange Notes pursuant to the Exchange Offer, the execution, delivery and performance of any of this
Agreement, the Preliminary Offering Memorandum, the Offering Memorandum, the Pledge Agreement, the Notes, the Exchange Notes, the Indenture and the Registration Rights Agreement, collectively, the
"Transaction Documents" or the consummation of the 

6

 

other
transactions contemplated in this Agreement, except (i) such as have been obtained on or prior the Closing Date, (ii) such as may be required under the Securities Act, the Exchange
Act, state securities or "Blue Sky" laws in connection with the exchange of the New Securities for the Registered Exchange Notes, as applicable, (iii) such as may be required under the
Registration Rights Agreements, and (iv) such filings and recordings with governmental authorities as may be required to perfect liens under the Pledge Agreement. 

        (t)    No Liens or Encumbrances. The Offering, the exchange of the Notes for the Exchange Notes pursuant to the Registration
Rights Agreement, the execution, delivery and performance of any of the Transaction Documents and the consummation of the transactions contemplated in this Agreement will not conflict with or
constitute or result in a breach or violation of, or result in the creation or imposition of a lien, charge or encumbrance on any material property or assets of QCII or any Subsidiary (other than as
permitted under the Indentures) under, any of (i) the terms or provisions of, or constitute a default by QCII or any Subsidiary under, any Contract, (ii) the certificate of incorporation
or bylaws (or similar organizational documents) of QCII or any Subsidiary or (iii) any statute, judgment, decree, order, rule or regulation of any court or governmental, legislative, judicial,
administrative or regulatory agency, authority or body applicable to QCII or any Subsidiaries or any of their respective properties, except for such conflicts, breaches, violations or defaults, in the
case of clauses (i) and (iii), which would not, individually or in the aggregate, have a Material Adverse Effect. 

        (u)   Compliance with the Offering Memorandum. The statements in the Offering Memorandum under the headings "Description of the
Notes," "Description of Other Indebtedness" and "Certain United States Federal Income Tax Consequences" fairly summarize the matters described therein in all material respects. 

        (v)   The Transaction Documents. The Transaction Documents conform or will conform in all material respects to the descriptions
thereof in the Offering Memorandum. 

        (w)  No Litigation. Except as set forth in the Offering Memorandum, there is no action, suit or proceeding by or before any
court or governmental, legislative, judicial, administrative or regulatory agency, authority or body or any arbitrator involving QCII or any Subsidiary or property of QCII or any Subsidiary pending
or, to the best knowledge of the Qwest Companies, threatened, except for such actions, suits or proceedings which would not, individually or in the aggregate, reasonably be expected to have
(i) a material adverse effect on the performance by the Qwest Companies of any of the Transaction Documents, to the extent each will be a party thereto, the issuance of the Notes, or the
consummation of any of the transactions contemplated hereby or by the Transaction Documents or (ii) a Material Adverse Effect. 

        (x)   Intellectual Property. Except as set forth in the Offering Memorandum and except for licenses and other rights reasonably
expected to be obtained or developed in the ordinary course of business, each of QCII and each of the Significant Subsidiaries own or possess all licenses or other rights to use all material patents,
trademarks, service marks, trade names, copyrights and know-how necessary to conduct the businesses now operated by it as described in the Offering Memorandum, except where failure to
possess such licenses or other rights would not, individually or in the aggregate, have a Material Adverse Effect, and neither QCII nor any Significant Subsidiary has received any notice of
infringement of or conflict with (or knows of any such infringement of or conflict with) asserted rights of others with respect to any patents, trademarks, service marks, trade names, copyrights or
know-how, except for such infringement or conflict which would not, individually or in the aggregate, have a Material Adverse Effect. 

        (y)   Permits. Except as set forth in the Offering Memorandum and except for Permits (as defined below) reasonably expected to
be obtained in the ordinary course of business, each of QCII and each of the Subsidiaries possesses all material licenses, permits, franchises and other governmental authorizations, consents and
approvals necessary (collectively, the "Permits") to conduct the businesses 

7

 

and
own or lease its properties now or proposed to be operated by it as described in the Offering Memorandum and each of QCII and each of the Subsidiaries is in compliance with the terms of such
Permits, except where failure to possess such Permits or to so comply would not, individually or in the aggregate, have a Material Adverse Effect; all of the Permits are valid and in full force and
effect, except where failure to be in full force and effect would not, individually or in the aggregate, have a Material Adverse Effect; none of QCII or any Subsidiary has received any notice of any
proceeding relating to the revocation or modification of any such Permit, except where such revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect. 

        (z)   Conduct of Business. Subsequent to the respective dates as of which information is given in the Offering Memorandum and
except as described therein or contemplated thereby, neither QCII nor any Subsidiary has incurred any material liabilities or obligations, direct or contingent, or entered into any material
transactions, not in the ordinary course of business. 

        (aa) Environmental Compliance. The Qwest Companies and their Significant Subsidiaries (i) are in compliance with any
and all applicable federal, state, local and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (collectively, "Environmental Laws"); (ii) have received and are in compliance with all permits, licenses or other approvals required of them
under applicable Environmental Laws to conduct their respective businesses; and (iii) have 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, except in any such case for any such failure to comply, or failure to receive required permits, licenses or
approvals, or liability as would not, individually or in the aggregate, have a Material Adverse Effect. 

        (bb) Tax Law Compliance. United States Federal income tax returns of QCII and its Subsidiaries have been examined and closed
through the fiscal year ended December 31, 1992. QCII and its Subsidiaries have filed all United Stated Federal income tax returns and all other material tax returns which are required to be
filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by QCII or any Subsidiary, except for taxes the amounts, applicability or validity of which is
being contested in good faith by appropriate proceedings. The charges, accruals and reserves on the books of QCII and its Subsidiaries in respect of taxes or other government charges are, in the
opinion of QCII, adequate. 

        (cc) Title to Property. Each of QCII and each of the Subsidiaries has good and marketable title to all real property
described in the Offering Memorandum as being owned by it, and good and marketable title to a leasehold estate in the real property described in the Offering Memorandum as being leased by it (except
for those leases of real property in which QCII or any Subsidiary has good title and that would be marketable but for the requirement that the landlord consent to an assignment or sublease of the
lease) except in each case, to the extent the failure to have such title would not have a Material Adverse Effect. 

        (dd) No Labor Disputes. There is no strike, labor dispute, slowdown or work stoppage with the employees of QCII or any
of the Significant Subsidiaries which is pending or, to the best knowledge of the Qwest Companies, threatened in writing, except for such events that would not, individually or in the aggregate, have
a Material Adverse Effect. 

        (ee) Company not an "Investment Company." Neither QCII nor any Significant Subsidiary is now or, after giving effect to the
offering and issuance of the Exchange Notes, and the cancellation of the Notes accepted in the Exchange Offer and the consummation of the other transactions contemplated by the Offering Memorandum,
will be an "investment company" or a company "controlled by" an "investment company" within the meaning of the Investment Company Act of 1940, as amended. 

8

   
        (ff)  No Price Stabilization or Manipulation. Neither QCII nor any Subsidiary or, to the best knowledge of the Qwest
Companies, any of their directors, senior executive officers or controlling persons has taken, directly or indirectly, any action designed, or that might reasonably be expected, to cause or result,
under the Securities Act or otherwise, in, or that has constituted, stabilization or manipulation of the price of any security of any of the Qwest Companies to facilitate the sale or resale of the
Notes. 

        (gg) Statistical and Market Data. The statistical and market-related data included or incorporated by reference in the
Offering Memorandum are based on or derived from sources that the Qwest Companies believe to be reliable and accurate in all material respects. 

        (hh) Solvency. After giving effect the transactions contemplated by this Agreement and the Offering Memorandum,
(a) the fair value of the assets of each of the Qwest Companies, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise, (b) the present fair
saleable value of the properties of each of the Qwest Companies will exceed the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent
or otherwise, as such debts and liabilities become absolute and matured, (c) each of the Qwest Companies will be able to pay its debts and other liabilities, subordinated, contingent or
otherwise, as such debts and liabilities become absolute and matured, and (d) no Qwest Company will have unreasonably small capital with which to conduct the business in which it is engaged as
such business is now conducted and proposed to be conducted after the date hereof. 

        (ii)   Officer's Certificate. Any certificate signed by any officer of the Qwest Companies and delivered to the Initial
Purchasers or counsel for the Initial Purchasers in connection with the Offering shall be deemed a representation and warranty by the Qwest Companies as to matters covered thereby to the Initial
Purchasers. 

        (jj)   Insurance. Except as otherwise disclosed in the Offering Memorandum, each of the Company and its domestic subsidiaries
are insured by recognized, financially sound institutions with policies in such amounts and with such deductibles and covering such risks as are generally deemed adequate and customary for their
businesses. 

        (kk) ERISA Compliance. Except as would not, individually or in the aggregate, have a Material Adverse Effect and except as
otherwise disclosed in the Offering Memorandum, (i) the Company and its subsidiaries and any "employee benefit plan" (as defined under the Employee Retirement Income Security Act of 1974, as
amended, and the regulations and published interpretations thereunder (collectively, "ERISA")) established or maintained by the Company, its subsidiaries or their "ERISA Affiliates" (as defined below)
are in compliance in all material respects with ERISA; (ii) no "reportable event" (as defined under ERISA) has occurred with respect to any "employee benefit plan" established or maintained by
the Company, its subsidiaries or any of their ERISA Affiliates; (iii) no "employee benefit plan" established or maintained by the Company, its subsidiaries or any of their ERISA Affiliates has
any "accumulated funding deficiency" (as defined in ERISA); (iv) neither the Company, its subsidiaries nor any of their ERISA Affiliates has incurred any liability under
(a) Title IV of ERISA with respect to termination of, or withdrawal from, any "employee benefit plan" or (b) Sections 412, 4971, 4975 or 4980B of the Code and
(v) each "employee benefit plan" established or maintained by the Company, its subsidiaries or any of their ERISA Affiliates that is intended to be qualified under Section 401 of the
Code is so qualified and nothing has occurred, whether by action or failure to act, which would cause the loss of such qualification. "ERISA Affiliate" means, with respect to the Company or a
subsidiary, any member of any group of organizations described in Sections 414, or of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder
(the "Code") of which the Company or such subsidiary is a member. 

        (ll)   Compliance with Sarbanes-Oxley Act of 2002. The Company and, to the best of its knowledge, its officers and directors
are in compliance in all material respects with the applicable provisions of the 

9

 

Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated in connection therewith (the "Sarbanes-Oxley Act") that are effective. 

        Section 2.
Purchase, Sale and Delivery of the Securities. 

        (a)   The Securities. The Company agrees to issue and sell to the several Initial Purchasers, severally and not jointly, all of
the Securities upon the terms herein set forth. On the basis of the representations, warranties and agreements herein contained, and upon the terms but subject to the conditions herein set forth, the
Initial Purchasers agree, severally and not jointly, to purchase from the Company the aggregate principal amount of each series of Notes to the extent set forth opposite their names on
Schedule A, at the respective purchase price for each series of Securities, as set forth on Schedule A as a percentage of the principal amount thereof payable on the Closing Date. 

        (b)   The Closing Date. Delivery of certificates for each series of Notes in definitive form to be purchased by the Initial
Purchasers and payment therefor shall be made at the offices of Cahill Gordon & Reindel llp, 80 Pine Street, New York, New York 10005 (or such other place as may be agreed to by the Company and
the Initial Purchasers) at 9:00 a.m. New York City time, on the date specified on Schedule A for such series of Notes, or such other time and date as the Initial Purchasers shall
designate by notice to the Company (the time and date of such closing for each series of Notes is called the "Closing Date" with respect to that particular series). 

        (c)   Delivery of the Securities. The Company shall deliver, or cause to be delivered, to Banc of America Securities LLC for
the accounts of the several Initial Purchasers certificates for the Securities at the Closing Date against the irrevocable release of a wire transfer of immediately available funds for the amount of
the purchase price therefor. The certificates for the Securities shall be in such denominations and registered in the name of Cede & Co., as nominee of the Depositary, pursuant to the DTC
Agreement, and shall be made available for inspection on the business day preceding the Closing Date at a location in New York City, as the Initial Purchasers may designate. Time shall be of the
essence, and delivery at the time and place specified in this Agreement is a further condition to the obligations of the Initial Purchasers. 

        (d)   Initial Purchasers as Qualified Institutional Buyers. Each Initial Purchaser severally and not jointly represents and
warrants to, and agrees with, the Company that it is a "qualified institutional buyer" within the meaning of Rule 144A (a "Qualified Institutional Buyer") and an "accredited investor" within
the meaning of Rule 501 under the Securities Act (an "Accredited Investor"). 

        Section 3.
Additional Covenants. The Qwest Companies further covenant and agree with each Initial Purchaser as follows: 

        (a)   Initial Purchasers' Review of Proposed Amendments and Supplements. Until the later of the Closing Date and the resale of
all of the Notes by the Initial Purchasers to the Subsequent Purchasers, prior to amending or supplementing the Offering Memorandum (including any amendment or supplement through incorporation by
reference of any report filed under the Exchange Act), the Qwest Companies shall furnish to the Initial Purchasers for review a copy of each such proposed amendment or supplement, and the Qwest
Companies shall not use any such proposed amendment or supplement to which the Initial Purchasers reasonably object. 

        (b)   Amendments and Supplements to the Offering Memorandum and Other Securities Act Matters. If, prior to the completion of
the placement of the Securities by the Initial Purchasers with the Subsequent Purchasers, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the
Offering Memorandum in order to make the statements therein, in the light of the circumstances when the Offering Memorandum is delivered to a purchaser, not misleading, or if in the reasonable opinion
of the Initial Purchasers or counsel for the Initial Purchasers it is otherwise necessary to amend or supplement the Offering Memorandum to comply with law, the Company agrees to promptly prepare
(subject to Section 3(a) hereof), and furnish at its own expense to the Initial 

10

 

Purchasers,
amendments or supplements to the Offering Memorandum so that the statements in the Offering Memorandum as so amended or supplemented will not, in the light of the circumstances when the
Offering Memorandum is delivered to a purchaser, be misleading or so that the Offering Memorandum, as amended or supplemented, will comply with law. 

        The
Company hereby expressly acknowledges that the indemnification and contribution provisions of Sections 8 and 9 hereof are specifically applicable and relate to each offering
memorandum, amendment or supplement referred to in this Section 3. 

        (c)   Copies of the Offering Memorandum. The Company agrees to furnish the Initial Purchasers, without charge, as many copies
of the Offering Memorandum and any amendments and supplements thereto as they shall have reasonably requested. 

        (d)   Blue Sky Compliance. The Company shall cooperate with the Initial Purchasers and counsel for the Initial Purchasers to
qualify or register the Securities for sale under (or obtain exemptions from the application of) the Blue Sky or state securities laws of those jurisdictions designated by the Initial Purchasers,
shall comply with such laws and shall continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Securities. The Company shall not be required
to qualify as a foreign corporation or to take any action that would subject it to general service of process in any such jurisdiction where it is not presently qualified or where it would be subject
to taxation as a foreign corporation. The Company will advise the Initial Purchasers promptly of the suspension of the qualification or registration of (or any such exemption relating to) the
Securities for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such
qualification, registration or exemption, the Company shall use its reasonable best efforts to obtain the withdrawal thereof at the earliest possible moment. 

        (e)   Use of Proceeds. The Company shall apply the net proceeds from the sale of the Securities sold by it in the manner
described under the caption "Use of Proceeds" in the Offering Memorandum. 

        (f)    The Depositary. The Company will cooperate with the Initial Purchasers and use its best efforts to permit the Securities
to be eligible for clearance and settlement through the facilities of the Depositary. 

        (g)   Future Reports. For so long as any Securities or Exchange Securities remain outstanding, the Company will furnish to Banc
of America Securities LLC: (i) as soon as practicable after the end of each fiscal year, copies of the Annual Report of the Company containing the balance sheet of the Company as of the close
of such fiscal year and statements of income, stockholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants;
(ii) as soon as practicable after the filing thereof, copies of each proxy statement, Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current
Report on Form 8-K or other report filed by the Company with the Commission, the NASD or any securities exchange; and (iii) as soon as available, copies of any report or
communication of the Company mailed generally to holders of its capital stock or debt securities (including the holders of the Securities). The availability of any such report, proxy statement or
communication on the Commission's EDGAR system shall be sufficient to satisfy the Company's obligation to furnish such report, proxy statement or communication under this section. 

        (h)   No Integration. The Company agrees that it will not and will cause its Affiliates not to make any offer or sale of
securities of the Company of any class if, as a result of the doctrine of "integration" referred to in Rule 502 under the Securities Act, such offer or sale would render invalid (for the
purpose of (i) the sale of the Securities by the Company to the Initial Purchasers, (ii) the resale of the Securities by the Initial Purchasers to Subsequent Purchasers or
(iii) the resale of the Securities by such Subsequent Purchasers to others) the exemption from the registration requirements 

11

 

of
the Securities Act provided by Section 4(2) thereof or by Rule 144A or by Regulation S thereunder or otherwise. 

        (i)    Legended Securities. Each certificate for a Note will bear the legend contained in "Transfer Restrictions" in the
Offering Memorandum for the time period and upon the other terms stated in the Offering Memorandum. 

        (j)    PORTAL. The Company will use its reasonable best efforts to cause such Notes to be eligible for the National Association
of Securities Dealers, Inc. PORTAL market (the "PORTAL market"). 

        Banc
of America Securities LLC, on behalf of the several Initial Purchasers, may, in its sole discretion, waive in writing the performance by the Company of any one or more of the
foregoing covenants or extend the time for their performance. 

        Section 4.
Payment of Expenses. The Company agrees to pay all costs, fees and expenses incurred in connection with the performance
of its obligations hereunder and in connection with the transactions contemplated hereby, including without limitation, (i) all expenses incident to the issuance and delivery of the Securities
(including all printing and engraving costs), (ii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Securities to the Initial Purchasers,
(iii) all fees and expenses of the Company's and the Guarantors' counsel, independent public or certified public accountants and other advisors, (iv) all costs and expenses incurred in
connection with the preparation, printing, filing, shipping and distribution of each preliminary Offering Memorandum and the Offering Memorandum (including financial statements and exhibits), and all
amendments and supplements thereto, this Agreement, the Registration Rights Agreement, the Indenture, the DTC Agreement, and the Notes and the Guarantees, (v) all filing fees, attorneys' fees
and expenses incurred by the Company or the Initial Purchasers in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the
Securities for offer and sale under the Blue Sky laws and, if requested by the Initial Purchasers, preparing and printing a "Blue Sky Survey" or memorandum, and any supplements thereto, advising the
Initial Purchasers of such qualifications, registrations and exemptions, (vi) the fees and expenses of the Trustee, including the fees and disbursements of counsel for the Trustee in connection
with the Indenture, the Securities and the Exchange Securities, (vii) any fees payable in connection with the rating of the Securities or the Exchange Securities with the ratings agencies and
the listing of the Securities with the PORTAL market, (viii) any filing fees incident to, and any reasonable fees and disbursements of counsel to the Initial Purchasers in connection with the
review by the National Association of Securities Dealers, Inc., if any, of the terms of the sale of the Securities or the Exchange Securities, and (ix) all fees and expenses (including
reasonable fees and expenses of counsel) of the Company and the Guarantors in connection with approval of the Securities by DTC for "book-entry" transfer, and the performance by the
Company and the Guarantors of their respective other obligations under this Agreement. Except as provided in this Section 4, Section 6, Section 8 and Section 9 hereof, the
Initial Purchasers shall pay their own expenses, including the fees and disbursements of their counsel. 

        Section 5.
Conditions of the Obligations of the Initial Purchasers. The obligations of the several Initial Purchasers to purchase
and pay for the Securities as provided herein on the Closing Date shall be subject to the accuracy of the representations and warranties on the part of the Company set forth in Section 1 hereof
as of the date hereof and as of the Closing Date as though then made and to the timely performance by the Company of its covenants and other obligations hereunder, and to each of the following
additional conditions: 

        (a)   Accountants' Comfort Letter. On the date hereof, the Initial Purchasers shall have received from KPMG LLP, independent
public or certified public accountants for the Company, a letter dated the date hereof addressed to the Initial Purchasers, in form and substance satisfactory to the Initial Purchasers, containing
statements and information of the type ordinarily included in accountant's 

12

 

"comfort
letters" to Initial Purchasers, with respect to the audited and unaudited financial statements and certain financial information contained in the Offering Memorandum. 

        (b)   No Material Adverse Change or Ratings Agency Change. For the period from and after the date of this Agreement and prior
to the Closing Date: 

        (i)    in
the judgment of the Initial Purchasers there shall not have occurred any Material Adverse Change; and 

        (ii)   there
shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that
does not indicate the direction of the possible change, in the rating accorded any securities of the Company or any of its subsidiaries by any "nationally recognized statistical rating organization"
as such term is defined for purposes of Rule 436 under the Securities Act. 

        (c)   Opinion of Counsel for the Company. On the Closing Date the Initial Purchasers shall have received the favorable opinions
of in-house counsel of the Company and outside counsel for the Company, dated as of such Closing Date, the forms of which are attached as Exhibit A. 

        (d)   Opinion of Counsel for the Initial Purchasers. On the Closing Date the Initial Purchasers shall have received the
favorable opinion of Cahill Gordon & Reindel llp, counsel for the Initial Purchasers, dated as of such Closing Date, with respect to such matters as may be reasonably requested by the Initial
Purchasers. 

        (e)   Officers' Certificate. On the Closing Date the Initial Purchasers shall have received a written certificate executed by
an executive officer of the Company and the Chief Financial Officer of the Company, dated as of the Closing Date, to the effect set forth in subsection (b)(ii) of this Section 5, and
further to the effect that to the best knowledge of such officer: 

        (i)    for
the period from and after the date of this Agreement and prior to the Closing Date there has not occurred any Material Adverse Change; 

        (ii)   the
representations, warranties and covenants of the Company set forth in Section 1 of this Agreement are true and correct with the same force and effect as
though expressly made on and as of the Closing Date; and 

        (iii)  the
Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date. 

        (f)    Bring-down Comfort Letter. On the Closing Date the Initial Purchasers shall have received from KPMG LLP,
independent public or certified public accountants for the Company, a letter dated such date, in form and substance satisfactory to the Initial Purchasers, to the effect that they reaffirm the
statements made in the letter furnished by them pursuant to subsection of this Section 5, except that the specified date referred to therein for the carrying out of procedures shall be
no more than three business days prior to the Closing Date. 

        (g)   PORTAL Listing. At the Closing Date the Notes shall have been designated for trading on the PORTAL market. 

        (h)   Registration Rights Agreement. The Company shall have entered into the Registration Rights Agreement and the Initial
Purchasers shall have received executed counterparts thereof. 

        (i)    Additional Documents. On or before the Closing Date, the Initial Purchasers and counsel for the Initial Purchasers shall
have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Securities as contemplated herein, or
in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained. 

13

 

        If
any condition specified in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Initial Purchasers by notice to the
Company at any time on or prior to the Closing Date, which termination shall be without liability on the part of any party to any other party, except that Section 4, Section 6,
Section 8 and Section 9 shall at all times be effective and shall survive such termination. 

        Section 6.  Reimbursement of Initial Purchasers' Expenses. If this Agreement is terminated by the Initial Purchasers pursuant to
Section 5, or if the sale to the Initial Purchasers of the Securities on the Closing Date is not consummated because of any refusal, inability or failure on the part of the Company to perform
any agreement herein or to comply with any provision hereof, the Company agrees to reimburse the Initial Purchasers (or such Initial Purchasers as have terminated this Agreement with respect to
themselves), severally, upon demand for all out-of-pocket expenses that shall have been reasonably incurred by the Initial Purchasers in connection with the proposed purchase
and the offering and sale of the Securities, including but not limited to fees and disbursements of counsel, printing expenses, travel expenses, postage, facsimile and telephone charges. 

        Section 7.
Offer, Sale and Resale Procedures. Each of the Initial Purchasers, on the one hand, and the Company and each of the
Guarantors, on the other hand, hereby establish and agree to observe the following procedures in connection with the offer and sale of the Securities: 

        (A)  Offers
and sales of the Securities will be made only by the Initial Purchasers or Affiliates thereof qualified to do so in the jurisdictions in which such offers or
sales are made. Each such offer or sale shall only be made to persons whom the offeror or seller reasonably believes to be qualified institutional buyers (as defined in Rule 144A under the
Securities Act) or non-U.S. persons outside the United States to whom the offeror or seller reasonably believes offers and sales of the Securities may be made in reliance upon
Regulation S under the Securities Act, upon the terms and conditions set forth in Annex I hereto, which Annex I is hereby expressly made a part hereof. 

        (B)  The
Securities will be offered by approaching prospective Subsequent Purchasers on an individual basis. No general solicitation or general advertising (within the
meaning of Rule 502 under the Securities Act) will be used in the United States in connection with the offering of the Securities. 

        (C)  With
respect to offers and sales of Notes outside the United States, each Initial Purchaser understands that no action has been or will be taken in any jurisdiction by
the Qwest Companies that would permit a public offering of the Notes, or possession or distribution of either the Preliminary Offering Memorandum or the Final Offering Memorandum or any other offering
or publicity material relating to the Notes, in any country or jurisdiction where legal or regulatory action for that purpose is required. 

        (D)  Upon
original issuance by the Company, and until such time as the same is no longer required under the applicable requirements of the Securities Act, the Securities (and
all securities issued in exchange therefor or in substitution thereof, other than the Exchange Securities) shall bear the following legend: 

"THE
SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER
OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE 

14

 

PROVISIONS
OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY
MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES
ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND,
IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE
EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY." 

        Following
the sale of the Securities by the Initial Purchasers to Subsequent Purchasers pursuant to the terms hereof, the Initial Purchasers shall not be liable or responsible to the
Company for any losses, damages or liabilities suffered or incurred by the Company, including any losses, damages or liabilities under the Securities Act, arising from or relating to any resale or
transfer of any Security by any Persons other than the respective Initial Purchasers. 

        Section 8.  Indemnification. The Qwest Companies, jointly and severally, hereby agree to hold each Initial Purchaser harmless and to
indemnify each Initial Purchaser (including any of its affiliated companies and any director, officer, agent or employee of such Initial Purchaser or any such affiliated company) in its capacity as
Initial Purchaser and any director, officer or other person controlling (within the meaning of Section 20(a) of the Exchange Act) such Initial Purchaser (including any of such Initial
Purchaser's affiliated companies) (collectively, "Indemnified Persons") from and against any and all losses, claims, damages, liabilities or expenses (whether direct or indirect, in contract, tort or
otherwise) whatsoever, as incurred (including the cost of any investigation and preparation) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained
in the Offering Memorandum, or any omission or alleged omission to state in any the Offering Memorandum a material fact necessary in order to make the statements made therein, in the light of the
circumstances under which they were made, not misleading except for any such loss, claim, damage, liability or expense which arises out of or is based upon (x) any untrue statement or alleged
untrue statement of a material fact contained in the Offering Memorandum or (y) any omission or alleged omission to state in the Offering Memorandum a material fact necessary in order to make
the statements made therein, in the light of the circumstances under which they were made, not misleading, if in any such case such statement or omission relates to such Initial Purchaser and was made
in reliance upon and in conformity with information furnished in writing by such Initial Purchaser to the Qwest Companies expressly for use therein, it being understood and agreed that the only such 

15

 

information
furnished by or on behalf of each Initial Purchaser consists of the fifth, sixth and eighth paragraphs under the caption "Plan of Distribution" in the Offering Memorandum (the "Initial
Purchaser Information"). The foregoing indemnity shall be in addition to any liability which the Qwest Companies might otherwise have to such Initial Purchaser and such other Indemnified Persons. 

        Each
Initial Purchaser severally hereby agrees to hold the Qwest Companies harmless and to indemnify the Qwest Companies (including any of their respective affiliated companies and any
director, officer, agent or employee of the Qwest Companies or any such affiliated company) and any director, officer or other person controlling (within the meaning of Section 20(a) of
the Exchange Act) the Qwest Companies (including any of the Qwest Companies' affiliated companies) from and against any and all losses, claims, damages, liabilities or expenses (whether direct or
indirect, in contract, tort or otherwise) whatsoever, as incurred (including the cost of any investigation and preparation) arising out of or based upon any untrue statement or alleged untrue
statement of a material fact contained in the Initial Purchaser Information furnished by such Initial Purchaser for inclusion in the Offering Memorandum, or any omission or alleged omission to state
in such Initial Purchaser Information a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 

        If
a claim is made against any Indemnified Person as to which such Indemnified Person may seek indemnity under this Section 8, such Indemnified Person shall notify the Qwest
Companies promptly after any written assertion of such claim threatening to institute an action or proceeding with respect thereto and shall notify the Qwest Companies promptly of any action commenced
against such Indemnified Person within a reasonable time after such Indemnified Person shall have been served with a summons or other first legal process giving information as to the nature and basis
of the claim. Failure to so notify the Qwest Companies shall not, however, relieve the Qwest Companies from any liability which it may have on account of the indemnity under this Section 8,
except to the extent such
failure results in the forfeiture by the Qwest Companies of substantial rights and defenses. The Qwest Companies shall have the right to assume the defense of any such litigation or proceeding,
including the engagement of counsel reasonably satisfactory to such Initial Purchaser. In any such litigation or proceeding the defense of which the Qwest Companies shall have so assumed, any
Indemnified Person shall have the right to participate in such litigation or proceeding and to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Person unless (i) the Qwest Companies shall have failed promptly to assume the defense thereof and employ counsel as provided above, or (ii) counsel to the Indemnified Person
reasonably determines that representation of such Indemnified Person by the Qwest Companies' counsel would present the Qwest Companies' counsel with a conflict of interest. It is understood that the
Qwest Companies shall not, in connection with any litigation or proceeding or related litigation or proceeding in the same jurisdiction, be liable under this Agreement for the fees and expenses of
more than one separate firm (in addition to any local counsel) for all such Indemnified Persons and that all such fees and expenses shall be reimbursed as they are incurred. Such separate firm shall
be designated by the Initial Purchasers. 

        The
Qwest Companies agree to notify each Initial Purchaser promptly of the written assertion of any claim in connection with the Offering against it, any of its officers or directors or
any person who controls it within the meaning of Section 20(a) of the Exchange Act. The Qwest Companies will not settle, compromise or consent to entry of judgment with respect to any
litigation or proceeding in respect of which indemnity may be sought hereunder, whether or not an Initial Purchaser or its related Indemnified Persons is an actual or potential party to such
litigation or proceeding, without each Initial Purchaser's prior written consent (which consent shall not be unreasonably withheld or delayed), unless such settlement, compromise or consent
(i) includes an unconditional release of each such Initial Purchaser and its related Indemnified Persons from all liability in any way related to or arising out of such litigation or proceeding
and (ii) does not impose any actual or potential liability or any other obligation upon any such Initial Purchaser and its related Indemnified Persons and does not contain any factual or legal
admission of fault, culpability or a failure to act by or with respect to any such Initial Purchaser and its related Indemnified Persons. 

16

   
        Section 9. Contribution. If the indemnification provided for in Section 8 is for any reason held to be unavailable to or
otherwise insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to
the aggregate amount paid or payable by such indemnified party, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company in respect of one or more series of Securities in which the related Initial Purchasers participated as such, on the one hand, and
the Initial Purchasers, on the other hand, from the offering of the Securities of such series pursuant to this Agreement or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company, on the one hand, and the Initial Purchasers, on the other hand, in connection with the statements or omissions or inaccuracies in the representations and warranties herein which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Initial
Purchasers, on the other hand, in connection with the offering of the Securities pursuant to this Agreement in respect of one or more series of Securities in which the related Initial Purchaser
participated as such shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities of such series pursuant to this Agreement (before deducting
expenses) received by the Company, and the total discount received by the Initial Purchasers bear to the aggregate initial offering price of the Securities of such series. The relative fault of the
Company, on the one hand, and the Initial Purchasers, on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact or any such inaccurate or alleged inaccurate representation or warranty relates to information supplied by the Company, on the one hand, or the
Initial Purchasers, on the other hand, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

        The
amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set
forth in Section 8, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set forth in
Section 8 with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 9; provided, however, that no additional notice
shall be required with respect to any action for which notice has been given under Section 8 for purposes of indemnification. 

        The
Company and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation (even if the
Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 9. 

        Notwithstanding
the provisions of this Section 9, no Initial Purchaser shall be required to contribute any amount in excess of the discount received by such Initial Purchaser in
connection with the Securities distributed by it. No person guilty of fraudulent misrepresentation (within the meaning of Section 11 of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers' obligations to contribute pursuant to this Section 9 are several, and not joint, in proportion
to their respective commitments as set forth opposite their names in Schedule A. For purposes of this Section 9, each director, officer and employee of an Initial Purchaser and each
person, if any, who controls an Initial Purchaser within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as such Initial Purchaser, and each director
of the Company, and each person, if any, who controls the Company with the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as the Company. 

17

 

        Section 10.
Termination of this Agreement. Prior to the Closing Date, this Agreement may be terminated by Banc of America
Securities LLC, on behalf of the Initial Purchasers, by notice given to the Company if at any time: (i) trading or quotation in any of the Company's securities shall have been suspended or
limited by the Commission or by the New York Stock Exchange, or trading in securities generally on either the Nasdaq Stock Market or the New York Stock Exchange shall have been suspended or limited,
or minimum or maximum prices shall have been generally established on any of such stock exchanges by the Commission or the NASD; (ii) a general banking moratorium shall have been declared by
any of federal or New York authorities; (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any national or international crisis or calamity,
or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in the United States' or international
political, financial or economic conditions, as in the judgment of the Initial Purchasers is material and adverse and makes it impracticable to market the Securities in the manner and on the terms
described in the Offering Memorandum or to enforce contracts for the sale of securities; or (iv) since the date of the Offering Memorandum, there shall have occurred any Material Adverse Change
which in the judgment of the Initial Purchasers makes it impracticable to market the Securities in the manner and on the terms described in the Offering Memorandum. Any termination pursuant to this
Section 10 shall be without liability on the part of (i) the Company to any Initial Purchaser, except that the Company shall be obligated to reimburse the expenses of the Initial
Purchasers pursuant to Sections 4 and 6 hereof, (ii) any Initial Purchaser to the Company, or (iii) any party hereto to any other party except that the provisions of
Section 8 and Section 9 shall at all times be effective and shall survive such termination. 

        Section 11.
Representations and Indemnities to Survive Delivery. The respective indemnities, agreements, representations,
warranties and other statements of the Company, of its officers and of the several Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless
of any investigation made by or on behalf of any Initial Purchaser or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and will survive
delivery of and payment for the Securities sold hereunder and any termination of this Agreement. 

        Section 12.
Notices. All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and
confirmed to the parties hereto as follows: 

        If
to the Initial Purchasers: 

Banc
of America Securities LLC

9 West 57th Street

New York, NY 10019

Attention: Legal Department

Fax: (212) 583-8567 

        with
a copy to: 

Cahill
Gordon & Reindel LLP

80 Pine Street

New York, New York 10005

Attention: James J. Clark, Esq.

                  Jonathan A. Schaffzin, Esq.

Fax: (212) 269-5420 

18

 

        If
to the Qwest Companies: 

Qwest
Communications International Inc.

Qwest Services Corporation

Qwest Capital Funding, Inc.

1801 California Street

Denver, Colorado 80202

Attention: Chief Financial Officer

Fax: (303) 296-6920

General Counsel

Fax: (303) 296-5974 

        with
a copy to: 

Gibson,
Dunn & Crutcher LLP

1801 California Street, Suite 4200

Denver, Colorado 80202

Attention: Richard M. Russo, Esq.

Fax: (303) 313-2838 

        and
a copy to: 

O'Melveny &
Myers

400 South Hope Street

Los Angeles, California 90071

Attention: David J. Johnson, Jr., Esq.

Fax: (213) 430-6407 

        Any
party hereto may change the address for receipt of communications by giving written notice to the others. 

        Section 13.
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto, including any
substitute Initial Purchasers pursuant to Section 16 hereof, and to the benefit of the employees, officers and directors and controlling persons referred to in Section 8 and
Section 9, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term "successors" shall not include any purchaser of the Securities
as such from any of the Initial Purchasers merely by reason of such purchase. 

        Section 14.
Partial Unenforceability. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid
or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 

        Section 15.  Governing Law Provisions. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE. 

        Section 16.
Default of One or More of the Several Initial Purchasers. If any one or more of the several Initial Purchasers with
respect to a series of Notes shall fail or refuse to purchase Notes of such series that it or they have agreed to purchase hereunder on the Closing Date, and the aggregate principal amount of Notes of
such series which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase does not exceed 10% of the aggregate principal amount of the Notes of such series to
be purchased on such date, the other Initial Purchasers with respect to such series shall be obligated, severally, in the proportions that the principal amount of Notes of such series set forth
opposite their respective names on Schedule A bears to the aggregate principal amount of 

19

 

Notes
of such series set forth opposite the names of all such non-defaulting Initial Purchasers, or in such other proportions as may be specified by the Initial Purchasers with respect to
such series with the consent of the non-defaulting Initial Purchasers with respect to such series, to purchase the Notes of such series which such defaulting Initial Purchaser or Initial
Purchasers agreed but failed or refused to purchase on such date. If any one or more of the Initial Purchasers with respect to a series of Notes shall fail or refuse to purchase Notes of such series
and the aggregate principal amount of Notes of such series with respect to which such default occurs exceeds 10% of the aggregate principal amount of Notes of such series to be purchased on the
Closing Date, and arrangements satisfactory to the Initial Purchasers with respect to a series of Notes and the Company for the purchase of such Notes are not made within 48 hours after such
default, this Agreement shall terminate with respect to such series of Notes without liability of any party to any other party except that the provisions of Section 4, Section 6,
Section 8 and Section 9 shall at all times be effective and shall survive such termination. In any such case either the Initial Purchasers or the Company shall have the right to postpone
the Closing Date, as the case may be, but in no event for longer than seven days in order that the required changes, if any, to the Offering Memorandum or any other documents or arrangements
may be effected. 

        As
used in this Agreement, the term "Initial Purchaser" shall be deemed to include any person substituted for a defaulting Initial Purchaser under this Section 16. Any action
taken under this Section 16 shall not relieve any defaulting Initial Purchaser from liability in respect of any default of such Initial Purchaser under this Agreement. 

        Section 17.
General Provisions. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all
prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may be executed in two or more counterparts,
each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by
all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Table of Contents and the
section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement. 

20

 

        If
the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along with all
counterparts hereof, shall become a binding agreement in accordance with its terms. 

	

 	
 	

Very truly yours,
	

 	
 	

QWEST COMMUNICATIONS INTERNATIONAL INC.

QWEST SERVICES CORPORATION

QWEST CAPITAL FUNDING, INC.
	

 	
 	

By:	
 	

/s/  OREN SHAFFER      
 Name: Oren Shaffer

Title: Vice Chairman and Chief Financial Officer

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

BANC
OF AMERICA SECURITIES LLC

CREDIT SUISSE FIRST BOSTON LLC

DEUTSCHE BANK SECURITIES INC.

GOLDMAN, SACHS & CO.

J.P. MORGAN SECURITIES INC.

LEHMAN BROTHERS INC.

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

MORGAN STANLEY & CO. INCORPORATED

UBS SECURITIES LLC

WACHOVIA CAPITAL MARKETS, LLC 

	

By:	
 	

BANC OF AMERICA SECURITIES LLC	
 	

 
	

By:	
 	

/s/  LEE ANN GLIHA      
 Name: Lee Ann Gliha

Title: Vice President	
 	

 

21

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Exhibit 10.28  

 

[Conformed
Copy] 

REGISTRATION
RIGHTS AGREEMENT 

Dated
February 5, 2004 

among

QWEST
COMMUNICATIONS INTERNATIONAL INC. 

and

THE
GUARANTORS NAMED HEREIN,

as Issuers, 

and 

Banc
of America Securities LLC

Credit Suisse First Boston LLC

Deutsche Bank Securities Inc.

Goldman, Sachs & Co.

J.P. Morgan Securities Inc.

Lehman Brothers Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley & Co. Incorporated 

UBS Securities LLC 

Wachovia Capital Markets, LLC 

 

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        This Registration Rights "Agreement (this "Agreement") is dated as of February 5, 2004, among QWEST COMMUNICATIONS INTERNATIONAL, INC., a Delaware
corporation (the "Company"), QWEST SERVICES CORPORATION, a Colorado corporation ("QSC"), and QWEST
CAPITAL FUNDING INC., a Colorado corporation ("QCF", and, together with QSC, the "Guarantors"),
on the one hand, and the initial purchasers named on the Signature Pages hereto (each, an "Initial Purchaser" and collectively, the
"Initial Purchasers"), on the other hand, who have each agreed to purchase, severally and not jointly, pursuant to the Purchase Agreement (as defined
below) a specified amount of three series of newly issued senior notes: 71/4% Senior notes due 2011; 71/2% Senior Notes due 2014; and Floating Rate Senior Notes due 2009
(collectively with the guarantees endorsed thereon (the "Securities"). The Company and the Guarantors are hereinafter collectively referred to as the
"Issuers". 

        This
Agreement is made pursuant to the Purchase Agreement, dated as of January 30, 2004 (the "Purchase Agreement"), by and among
the Issuer, the Guarantors and the Initial Purchasers (i) for the benefit of the Issuer, the Guarantors and the Initial Purchasers and (ii) for the benefit of the holders form time to
time of the Securities (including the Initial Purchasers). In order to induce the Initial Purchasers to purchase the Securities, the Issuer and the Guarantors have agreed to provide the registration
rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 5 of the Purchase Agreement.
Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Indenture, dated February 5, 2004, between the Company, the Guarantors and J.P. Morgan
Trust Company, National Association, as Trustee (the "Indenture"). 

        In
consideration of the foregoing, the parties hereto agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Securities: 

1.     Definitions.  

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

        "1933 Act" shall mean the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect from time to time. 

        "1934 Act" shall mean the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of
the Commission thereunder, all as the same shall be in effect from time to time. 

        "Additional Interest" shall have the meaning set forth in Section 2(d) hereof. 

        "Affiliate" shall mean with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common
control with, such Person; for purposes of this definition, "control" shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting securities or otherwise. 

        "Application" shall have the meaning set forth in Section 5(a) hereof. 

        "Broker-Dealer Representative" means Banc of America Securities LLC, Credit Suisse First Boston LLC, Deutsche Bank Securities Inc.,
Goldman, Sachs & Co., J.P. Morgan Securities Inc., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, UBS
Securities LLC and Wachovia Capital Markets, LLC. 

        "Closing Date" shall have the meaning set forth in the Purchase Agreement. 

        "Company" shall have the meaning set forth in the preamble and shall also include the Company's successors and assigns. 

        "Effectiveness Target Date" shall have the meaning set forth in Section 2(a) hereof. 

 

        "Exchange Date" shall have the meaning set forth in Section 2(a)(ii) hereof. 

        "Exchange Offer" shall mean the exchange offer by the Issuers of Exchange Securities for Registrable Securities pursuant to  Section 2(a) hereof. 

        "Exchange Offer Registration" shall mean a registration under the 1933 Act effected pursuant to  Section 2(a) hereof. 

        "Exchange Offer Registration Statement" shall mean an exchange offer registration statement on Form S-4 (or, if
applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein. 

        "Exchange Period" shall have the meaning set forth in Section 2(a) hereof. 

        "Exchange Securities" shall mean securities, including guarantees attached thereto, issued by the Issuers under the Indenture containing
terms identical to the Securities (except that the Exchange Securities will not contain restrictions on transfer and Additional Interest) and to be offered to Holders of Securities in exchange for
Securities pursuant to the Exchange Offer. 

        "Guarantors" shall have the meaning set forth in the Preamble. 

        "Holder" shall mean a holder of Registrable Securities, for so long as such holder owns any Registrable Securities, and each of such
holder's successors, assigns and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture or who become beneficial owners of Registrable Securities,
so long as in the case of beneficial owners, such owners have so notified the Issuers in writing; provided that for purposes of  Sections 4 and
5 of this Agreement, the term "Holder" shall include Participating Broker-Dealers. 

        "Indenture" shall mean the Indenture relating to the Securities dated as of February 5, 2004 among the Company, the Guarantors and
the Trustee, pursuant to which the Securities are being issued, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 

        "Majority Holders" shall mean the Holders of a majority of the aggregate principal amount of outstanding Registrable Securities;  provided that whenever the consent or
approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable
Securities held by the Issuers or any of their Affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount. 

        "Participant" shall have the meaning set forth in Section 5(a) hereof. 

        "Participating Broker-Dealer" shall have the meaning set forth in Section 4(a)
hereof. 

        "Person" shall be construed broadly and shall include, without limitation, an individual, a partnership, a corporation, an association, a
joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

        "Prospectus" shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus
as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf
Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including all material incorporated by reference therein. 

        "Registrable Securities" shall mean the Securities; provided,  however, that the Securities shall cease to be Registrable
Securities (i) when, in the case of a Holder of such Securities who was entitled to
participate in the Exchange Offer, an Exchange Offer Registration Statement with respect to such 

2

 

Securities
shall have been declared effective under the 1933 Act and either (a) such Securities shall have been exchanged pursuant to the Exchange Offer for Exchange Securities or
(b) such Securities were not tendered by the Holder thereof in the Exchange Offer, (ii) when a Shelf Registration Statement with respect to such Securities shall have been declared
effective under the 1933 Act and such Securities shall have been disposed of pursuant to such Shelf Registration Statement, (iii) when such Securities have been sold to the public pursuant to
Rule 144(k) (or any similar provision then in force, but not Rule 144A) under the 1933 Act or are eligible to be sold without restriction thereunder or (iv) when such
Securities shall have ceased to be outstanding. 

        "Registration Default" shall have the meaning set forth in Section 2(g) hereof. 

        "Registration Expenses" shall mean any and all expenses incident to performance of or compliance by the Issuers with this Agreement,
including, without limitation: (i) all SEC, New York Stock Exchange or National Association of Securities Dealers, Inc. registration and filing fees, (ii) all fees and expenses
incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of one counsel for all underwriters or Holders as a group in connection with
blue sky qualification of any of the Exchange Securities or Registrable Securities) within the United States
(x) where the Holders are located, in the case of the Exchange Securities, or (y) as provided in Section 3(d) hereof, in the case
of Registrable Securities to be sold by a Holder pursuant to a Shelf Registration Statement, (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing
and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto and other documents relating to the performance of and compliance with this Agreement,
(iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the
Trustee and its counsel, (vii) the fees and disbursements of counsel for the Issuers and, in the case of a Shelf Registration Statement, the fees and disbursements of one counsel for the
Holders (which counsel shall be selected by the Majority Holders) and (viii) the fees and disbursements of the independent public accountants of the Issuers, including the expenses of any
special audits, agreed-upon procedures or "cold comfort" letters required by or incident to such performance and compliance, but excluding fees and expenses of counsel to the underwriters
(other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions and out-of-pocket expenses incurred by the
Holders and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

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

        "SEC" shall mean the Securities and Exchange Commission. 

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

        "Shelf Registration" shall mean a registration effected pursuant to Section 2(b)
hereof. 

        "Shelf Registration Statement" shall mean a "shelf" registration statement of the Issuers pursuant to the provisions of  Section 2(b) of this Agreement which covers
all of the Registrable Securities on an appropriate form under Rule 415 under the 1933 Act, or
any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 

        "TIA" shall have the meaning set forth in Section 3(l) hereof. 

3

 

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

        "Underwriters" shall have the meaning set forth in Section 3 hereof. 

        "Underwritten Offering" shall mean a registration in which Registrable Securities are sold to an Underwriter for reoffering to the public. 

2.     Registration Under the 1933 Act.  

        (a)   To
the extent not prohibited by any applicable law or applicable interpretation of the Staff of the SEC, the Issuers shall file an Exchange Offer Registration Statement
covering the offer by the Issuers to the Holders to exchange all of the Registrable Securities for Exchange Securities in a like aggregate principal amount and to use their commercially reasonable
efforts to cause the Exchange Offer Registration Statement to be declared effective by December 31, 2004 (the "Effectiveness Target Date") and to
have such Registration Statement remain effective until the closing of the Exchange Offer. The Issuers shall commence the Exchange Offer as promptly as practicable after the Exchange Offer
Registration Statement has been declared effective by the SEC and use their commercially reasonable efforts to have the Exchange Offer consummated not later than 45 days after the earlier of
the date on which the Exchange Offer Registration Statement is declared effective and the Effectiveness Target Date (such 45-day period being the "Exchange
Period"). 

        The
Issuers shall commence the Exchange Offer by mailing the related exchange offer Prospectus and accompanying documents to each Holder stating, in addition to such other disclosures as
are required by applicable law: 

        (i)    that
the Exchange Offer is being made pursuant to this Registration Rights Agreement and that all Registrable Securities validly tendered will be accepted for exchange; 

        (ii)   the
date of acceptance for exchange (which shall be a period of at least 20 business days (or longer if required by applicable law) from the date such notice is
mailed) (the "Exchange Date"); 

        (iii)  that
any Registrable Security not tendered by a Holder who was eligible to participate in the Exchange Offer will remain outstanding and continue to accrue interest,
but will not retain any rights under this Registration Rights Agreement; 

        (iv)  that
Holders electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to surrender such Registrable Security, together with the
enclosed letters of transmittal, to the institution and at the address (located in the Borough of Manhattan, The City of New York) specified in the notice prior to the close of business on the
Exchange Date; and 

        (v)   that
Holders will be entitled to withdraw their election, not later than the close of business, New York City time, on the Exchange Date, by sending to the institution
and at the address (located in the Borough of Manhattan, The City of New York) specified in the notice a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the
principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing his election to have such Securities exchanged. 

        As
soon as practicable after the Exchange Date, the Issuers shall: 

        (vi)  accept
for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and 

        (vii) deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Issuers and issue,
and cause the Trustee to promptly authenticate and mail to each Holder, an Exchange Security equal in principal amount to the principal amount of the Registrable Securities surrendered by such Holder;  provided that, in 

4

 

the
case of any Registrable Securities held in global form by a depositary, authentication and delivery to such depositary of one or more Exchange Securities in global form in an equivalent principal
amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery requirement. 

        Each
Holder (including, without limitation, each Participating Broker-Dealer (as defined)) who participates in the Exchange Offer will be required to represent to the Issuers, in writing
(which may be contained in the applicable letter of transmittal) that: (1) any Exchange Securities acquired in exchange for Registrable Securities tendered are being acquired in the ordinary
course of business of the Person receiving such Exchange Securities, whether or not such recipient is a Holder of Registrable Securities, (2) neither such Holder nor, to the actual knowledge of
such Holder, any other Person receiving Exchange Securities from such Holder has an arrangement or understanding with any Person
to participate in the distribution of the Exchange Securities in violation of the provisions of the 1933 Act, (3) the Holder is not an Affiliate of any Issuer or, if it is an Affiliate, it will
comply with the registration and prospectus delivery requirements of the 1933 Act to the extent applicable, (4) if such Holder is not a Participating Broker-Dealer, that it has not engaged in,
and does not intend to engage in, the distribution of Exchange Securities, (5) if such Holder is a Participating Broker-Dealer, such Holder acquired the Registrable Securities as a result of
market-making activities or other trading activities, it will deliver a prospectus in connection with any resale of the Exchange Securities and that it will comply with the applicable provisions of
the 1933 Act with respect to resale of any Exchange Securities and (6) such Holder has full power and authority to transfer the Registrable Securities in exchange for the Exchange Securities. 

        The
Issuers shall comply with the applicable requirements of the 1933 Act, the 1934 Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange
Offer shall not be subject to any conditions, other than (1) that the Exchange Offer does not violate applicable law or any applicable interpretation of the Staff of the SEC, (2) that no
action or proceeding shall have been instituted or threatened in any court or by any governmental agency with respect to the Exchange Offer and no material adverse development shall have occurred with
respect to any Issuer, (3) that all governmental approvals shall have been obtained that the Issuers deem necessary for the consummation of the Exchange Offer, (4) that the conditions
precedent to the Issuers' obligations under this Agreement shall have been fulfilled and (5) such other conditions as shall be deemed necessary or appropriate by the Issuers in their reasonable
judgment. 

        (b)   In
the event that (i) the Issuers determine that the Exchange Offer Registration provided for in Section 2(a)  above is not available or may not be consummated as soon as practicable after the
Exchange Date because it would violate applicable law or the applicable interpretations of the
Staff of the SEC, (ii) the Exchange Offer Registration Statement is not declared effective by the Effectiveness Target Date, (iii) any Holder of Securities notifies the Issuers after the
commencement of the Exchange Offer that due to a change in applicable law or SEC policy it is not entitled to participate in the Exchange Offer, or (iv) if any Holder that participates in the
Exchange Offer (and tenders its Registrable Securities prior to the expiration thereof), does not receive Exchange Securities on the date of the exchange that may be sold without restriction under
state and federal securities laws (other than due solely to the status of such Holder as an Affiliate of any of the Issuers), the Issuers shall cause to be filed as soon as practicable a Shelf
Registration Statement providing for the sale by the Holders of all of the Registrable Securities and shall use their commercially reasonable efforts to have such Shelf Registration Statement declared
effective by the SEC. In the event the Issuers are required to file a Shelf Registration Statement solely as a result of the matters referred to in clause (iii) of the preceding
sentence, the Issuers shall file and use their commercially reasonable efforts to have declared effective by the SEC both an Exchange Offer Registration Statement pursuant to  Section 2(a) with
respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with
the Exchange Offer Registration Statement) with respect to offers and sales of 

5

 

Registrable
Securities held by such other Holders after completion of the Exchange Offer. The Issuers agree to use their commercially reasonable efforts to keep the Shelf Registration Statement
continuously effective until the expiration of the period referred to in Rule 144(k) (or any successor rule that permits the Registrable Securities to be eligible for resale without
registration and without being subject to volume restrictions, but not Rule 144A) with respect to the Registrable Securities or such shorter period that will terminate when all of the
Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement. The Issuers further agree to supplement or amend the Shelf Registration
Statement if required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf Registration Statement or by the 1933 Act or by any other rules
and regulations thereunder for shelf registration or if reasonably requested by a Holder with respect to information relating to such Holder, and to use their commercially reasonable efforts to cause
any such amendment to become effective and such Shelf Registration Statement to become usable as soon as thereafter practicable. The Issuers agree to furnish to the Holders of Registrable Securities,
upon request, copies of any such supplement or amendment promptly after its being used or filed with the SEC. 

        (c)   The
Issuers shall pay all Registration Expenses in connection with the registration pursuant to Section 2(a) or  Section 2(b). Each Holder shall pay
all underwriting discounts and commissions and transfer taxes, if any, relating to the registration of such
Holder's Registrable Securities pursuant to the Exchange Offer Registration Statement or the Shelf Registration Statement. 

        (d)   An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement
pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC;  provided, however, that, if, after it has been declared effective, the offering of Registrable
Securities pursuant to a Shelf Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court, such
Registration Statement will be deemed not to have become effective during the period of such interference until the offering of Registrable Securities pursuant to such Registration Statement may
legally resume. As provided for in the Indenture, the annual interest rate on the Securities will be increased (the "Additional Interest") under the
following conditions: 

        (i)    subject
to Sections 2(f) and 2(g) if (A) the Issuers have
not exchanged Exchange Securities for all Securities validly tendered in accordance with the terms of the Exchange Offer on or prior to the end of the Exchange Period (and the Shelf Registration
Statement has not been declared effective), (B) the Exchange Offer Registration Statement or, if applicable, the Shelf Registration Statement has not been declared effective by the SEC on or
prior to the Effectiveness Target Date or (C) if applicable, the Shelf Registration Statement is filed and declared effective but shall thereafter cease to be effective or usable (as a result
of an order suspending the effectiveness of the Shelf Registration Statement or otherwise) (each such event referred to in clauses (A) through (C), a "Registration
Default"), then Additional Interest shall accrue on the principal amount of the Registrable Securities at a rate of 0.25% per annum for the first 90 days commencing
(x) at the end of the Exchange Period, in the case of (A) above, (y) on the Effectiveness Target Date in the case of (B) above, or (z) on the day such Shelf
Registration Statement ceases to be effective in the case of (C) above, and such Additional Interest rate shall increase, by an additional 0.25% per annum with respect to each subsequent
90-day period, up to a maximum amount of Additional Interest of 0.50% per annum, from and including the date on which any such Registration Default shall occur to, but excluding, the
earlier of (1) the date on which all Registration Defaults have been cured or (2) the date on which all the Securities and Exchange Securities otherwise become freely transferable by
Holders other than Affiliates of the Issuers without further registration under the 1933 Act (it being understood and agreed that, notwithstanding any provision to the contrary, so long as any
Securities not registered under an 

6

 

Exchange
Offer Registration Statement are then covered by an effective Shelf Registration Statement, no Additional Interest shall accrue on such Securities); 

provided, however, that upon the exchange of Exchange Securities for all Securities tendered (in the
case of clause (i)(A) above), upon the effectiveness of the Shelf Registration Statement (in the case of clause (i)(B) above) or upon the effectiveness of the Shelf Registration
Statement which had ceased to remain effective (in the case of clause (i)(C) above), Additional Interest on the Securities as a result of such clause (or the relevant subclause thereof),
as the case may be, shall cease to accrue; provided, further,  however, that in the case of clauses
(i)(B) and (i)(C) above, it is expressly understood that Additional Interest should be payable only
with respect to the Registrable Securities so requested to be registered pursuant to Section 2(b)(iii) hereof; and  provided, further, however, that if a Registration
Default under Section 2(d)(i)(C) hereof occurs because of the filing of a post-effective amendment to such Registration Statement to
incorporate annual audited financial information with respect to the Issuers where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders
to use the related Prospectus, it is expressly
understood that Additional Interest shall be payable only from and after the date such Registration Default continues for at least 30 days. 

Notwithstanding
the foregoing, (1) the amount of Additional Interest payable shall not increase because more than one Registration Default has occurred and is pending and (2) a Holder of
Registrable Securities or Exchange Securities who is not entitled to the benefits of the Shelf Registration Statement (i.e., such Holder has not elected
to include information) shall not be entitled to Additional Interest with respect to a Registration Default that pertains to the Shelf Registration Statement. 

        (e)   Without
limiting the remedies available to the Holders, the Issuers acknowledge that any failure by the Issuers to comply with their obligations under  Section 2(a) and Section 2
(b) hereof may result in material irreparable injury to the
Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any Holder may obtain such
relief as may be required to specifically enforce the Issuers' obligations under Section 2(a) and  Section 2(b) hereof. 

        (f)    No
Holder of Registrable Securities may include any of its Registrable Securities in any Shelf Registration unless and until such Holder furnishes to the Issuers, in
writing within 15 days after receipt of a request therefor, the information with respect to such Holder specified in Regulation S-K under the 1933 Act and any other
applicable rules, regulations or policies of the SEC for use in connection with any Shelf Registration or Prospectus included therein, on a form to be provided by the Issuers. Each selling Holder
agrees to furnish promptly to the Issuers additional information to be disclosed so that the information previously furnished to the Issuers by such Holder does not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. No Holder of Registrable Securities shall be entitled to
Additional Interest pursuant to Section 2(d) hereof unless and until such Holder shall have provided all such information. 

        (g)   The
Issuers may delay the filing or the effectiveness of an Exchange Offer Registration Statement or a Shelf Registration Statement for a period of up to 30 days
during any 90 day period if (i) such Registration Default occurs because of the occurrence of other material events or developments with respect to the Issuers that would need to be
described in such Registration Statement or the related Prospectus, and the effectiveness of such Registration Statement is reasonably required to be suspended while such Registration Statement and
related Prospectus are amended or supplemented to reflect such events or developments, (ii) such Registration Default results from the suspension of the effectiveness of such Registration
Statement because of the existence of material events or developments with respect to the Issuers or any of their Affiliates, the disclosure of which the Issuers determine in good faith would have a
material adverse effect on the business, operations or prospects of the Issuers, or (iii) such Registration Default results from the suspension of the 

7

 

effectiveness
of such Registration Statement because the Issuers do not wish to disclose publicly a pending material business transaction that has not yet been publicly disclosed;  provided, however, that any delay period with respect to Registration Defaults arising under this  Section 2(g) will not alter the obligations of the Issuers to pay
Additional Interest with respect to a Registration Default. 

        (h)   Additional
Interest due on the Securities pursuant to Section 2(d) hereof will be payable in cash semiannually in
arrears in the same interest payment dates as the Securities, commencing with the first interest payment date occurring after any such Additional Interest commences to accrue. 

3.     Registration Procedures.  

        In connection with the obligations of the Issuers with respect to the Registration Statements pursuant to  Section 2(a) and
Section 2(b) hereof, the Issuers shall: 

        (a)   prepare
and file with the SEC a Registration Statement on the appropriate form under the 1933 Act, which form (x) shall be selected by the Issuers and
(y) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the selling Holders thereof and (z) shall comply as to form in all material
respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith, and use their commercially reasonable efforts to cause such
Registration Statement to become effective and remain effective in accordance with Section 2 hereof; 

        (b)   prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration
Statement effective for the applicable period and, except for such periods as to which such action is not required pursuant to Section 2(g)
hereof, cause each Prospectus to be supplemented by any prospectus supplement required by applicable law and, as so supplemented, to be filed pursuant to Rule 424 under the 1933 Act; to keep
each Prospectus current during the period described under Section 4(3) and Rule 174 under the 1933 Act that is applicable to transactions by brokers or dealers with respect to the
Registrable Securities or Exchange Securities; 

        (c)   in
the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to counsel for the Holders and to each Underwriter of an Underwritten Offering of
Registrable Securities, if any, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such
Holder or Underwriter may reasonably request, in order to facilitate the public sale or other disposition of the Registrable Securities; and the Issuers consent to the use of such Prospectus and any
amendment or supplement thereto in accordance with applicable law by each of the selling Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the
Registrable Securities covered by and in the manner described in such Prospectus or any amendment or supplement thereto in accordance with applicable law; 

        (d)   use
their commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or "blue sky" laws of such
jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing by the time the applicable Registration Statement is declared effective by
the SEC, to cooperate with such Holders in connection with any filings required to be made with the New York Stock Exchange and the National Association of Securities Dealers, Inc. and do any
and all other acts and things which may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such
Holder; provided, however, that no Issuer shall be required to (i) qualify as a foreign
corporation or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d),
(ii) file any general consent to service of process or (iii) subject itself to taxation in any such jurisdiction if it is not so subject; 

8

  

        (e)   in
the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for the Holders promptly and, if requested by any such Holder or counsel,
confirm such advice in writing (i) when a Registration Statement has become effective and when any post-effective amendment thereto has been filed and becomes effective,
(ii) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement and Prospectus or for additional information after the Registration
Statement has become effective, (iii) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation
of any proceedings for that purpose, (iv) if, between the effective date of a Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations
and warranties of the Issuers contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to the offering cease to be true and correct in all
material respects or if the Issuers receive any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any
proceeding for such purpose, (v) of the happening of any event during the period a Shelf Registration Statement is effective which makes any statement made in such Registration Statement or the
related Prospectus untrue in any material respect or which requires the making of any changes in such Registration Statement or Prospectus in order to make the statements therein not misleading and
(vi) of any determination by the Issuers that a post-effective amendment to a Registration Statement (other than an amendment that does nothing more substantive than add one or more
Holders to the selling securityholder of such Registration Statement or to update any information set forth in such table) would be appropriate except, in the case of clauses (iv), (v) and
(vi), with respect to any event, development or transaction permitted to be kept confidential under Section 2(g) hereof, the Issuers shall not be
required to describe such event, development or transaction in the written notice provided; 

        (f)    make
commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement as promptly as practicable and
provide reasonably prompt notice to each Holder of the withdrawal of any such order; 

        (g)   in
the case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement and any
post-effective amendment thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 

        (h)   in
the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be in such denominations (consistent with the provisions of the
Indenture) and registered in such names as the selling Holders may reasonably request at least one business day prior to the closing of any sale of Registrable Securities; 

        (i)    in
the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(e)(v) hereof, as
promptly as practicable prepare and file with the SEC a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; the Issuers agree to notify the Holders to suspend
use of the Prospectus as promptly as practicable after the occurrence of such an event, and the Holders hereby agree to suspend use of the Prospectus until the Issuers have amended or supplemented the
Prospectus to correct such misstatement or omission and expressly agree to maintain the information contained in such notice 

9

 

confidential
(except that such information may be disclosed to its counsel) until it has been publicly disclosed by the Issuers; notwithstanding the foregoing, the Issuers shall not be required to
amend or supplement a Registration Statement, any related Prospectus or any document incorporated or deemed to be incorporated therein by reference if (i) an event occurs and is continuing as a
result of which the Shelf Registration, any related Prospectus or any document incorporated or deemed to be incorporated therein by reference, would, in the Issuers' good faith judgment, contain an
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading (with respect to such a Prospectus only, in the light of the
circumstances under which they were made), and (ii) (a) the Issuers determine in their good faith judgment that the disclosure of such event at such time would have a material adverse
effect on the business, operations or prospects of the Issuers, or (b) the disclosure otherwise relates to a pending material business transaction that has not yet been publicly disclosed; 

        (j)    in
the case of a Shelf Registration Statement, a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration
Statement or amendment or supplement to a Prospectus or any document which is to be incorporated by reference into a Registration Statement or a Prospectus after initial filing of a Registration
Statement, provide copies of such document to, the Holders and their counsel and make such of the representatives of the Issuers as shall be reasonably requested by the Holders or their counsel
available for discussion of such document, and shall not at any time file or make any amendment to the Registration Statement, any Prospectus or any amendment of or supplement to a Registration
Statement or a Prospectus or any document which is to be incorporated by reference into a Registration Statement or a Prospectus, of which the Holders and their counsel shall not have previously been
advised and furnished a copy or to which the Holders or their counsel shall reasonably object on a timely basis, except for any Registration Statement or amendment thereto or related Prospectus or
supplement thereto (a copy of which has been previously furnished as provided in the preceding sentence) which counsel to the Issuers has advised the Issuers in writing is required to be filed in
order to comply with applicable law; provided, however, that the foregoing procedures shall be coordinated on behalf of the Holders by a representative
designated by the majority in aggregate principal amount of the Holders selling Registrable Securities; 

        (k)   obtain
a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective date of a Registration Statement; 

        (l)    cause
the Indenture to be qualified under the Trust Indenture Act of 1939, as amended (the "TIA"), in connection with the
registration of the Exchange Securities or Registrable Securities, as the case may be, cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the
Indenture to be so qualified in accordance with the terms of the TIA and execute, and use their commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to
effect such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 

        (m)  in
the case of a Shelf Registration, make available for inspection upon written request by a representative of the Holders of the Registrable Securities, any Underwriter
participating in any disposition pursuant to such Shelf Registration Statement, and attorneys and accountants designated by the Holders, at reasonable times and in a reasonable manner, all pertinent
financial and other records, pertinent documents and properties of the Issuers as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the
respective officers, directors and employees of the Issuers to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with their due
diligence responsibilities under a Shelf Registration Statement; provided that each such 

10

 

representative,
Underwriter, attorney or accountant shall agree in writing that it will keep such information confidential and that it will not disclose any of the information that the Issuers
determine, in good faith, to be confidential and notifies them in writing are confidential unless (i) the disclosure of such information is necessary to avoid or correct a material misstatement
or material omission in an effective Registration Statement or Prospectus, (ii) the release of such information is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, or (iii) the information has been made generally available to the public other than by any of such persons or an Affiliate of any such persons; provided, however, that prior
notice shall be provided as soon as practicable to the Issuers of the potential disclosure of any information by such person pursuant to clause (i) or (ii) of this sentence in
order to permit the Issuers to obtain a protective order (or waive the provisions of this paragraph (m); 

        (n)   if
reasonably requested by any Holder of Registrable Securities covered by a Registration Statement, (i) promptly incorporate in a Prospectus supplement or
post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and (ii) make all required filings of such Prospectus
supplement or such post-effective amendment as soon as the Issuers have received notification of the matters to be incorporated in such filing; and 

        (o)   in
the case of an Underwritten Offering pursuant to a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith
(including those requested by the Holders of a majority of the Registrable Securities being sold) in order to expedite or facilitate the
disposition of such Registrable Securities and in such connection, (i) to the extent possible, make such representations and warranties to the Holders and any Underwriters of such Registrable
Securities with respect to the business of either of the Issuers and their subsidiaries, the Registration Statement, Prospectus and documents incorporated by reference or deemed incorporated by
reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same in writing if and when requested,
(ii) obtain opinions of counsel to the Issuers (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders and such Underwriters and their
respective counsel) addressed to each selling Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings,
(iii) obtain "cold comfort" letters from the independent certified public accountants of the Issuers (and, if necessary, any other certified public accountant of any subsidiary of the Issuers,
or of any business acquired by any of the Issuers for which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each selling Holder
and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in "cold comfort" letters in connection with underwritten
offerings, (iv) if an underwriting agreement is entered into, include in such underwriting agreement indemnification provisions and procedures no less favorable to the selling Holders and
underwriters, if any, than those set forth in Section 5 hereof (or such other provisions and procedures acceptable to Holders of a majority in
aggregate principal amount of Registrable Securities covered by such Registration Statement and the underwriters (if any), and (v) deliver such documents and certificates as may be reasonably
requested by the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Issuers made pursuant to
clause (i) above and to evidence compliance with any customary conditions contained in an underwriting agreement. 

        In
the case of a Shelf Registration Statement, the Issuers may require each Holder of Registrable Securities to furnish to the Issuers such information regarding the Holder and the
proposed distribution by such Holder of such Registrable Securities as the Issuers may from time to time reasonably request in writing. The Issuers may exclude from such registration the Registrable
Securities of any seller so 

11

 

long
as such seller fails to furnish such information within a reasonable time after receiving such request. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly
to the Issuers all information required to be disclosed in order to make the information previously furnished to the Issuers by such seller not materially misleading. 

        In
the case of a Shelf Registration Statement, each Holder agrees that, upon receipt of any notice from the Issuers of the happening of any event of the kind described in  Section 3(e)(v) hereof, such
Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement until
such Holder's receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(i) hereof, and, if so directed by the
Issuers, such Holder will deliver to the Issuers (at their expense) all copies in its possession, other than permanent file copies then in such Holder's possession, of the Prospectus covering such
Registrable Securities current at the time of receipt of such notice. If the Issuers shall give any such notice to suspend the disposition of Registrable Securities pursuant to a Registration
Statement, the Issuers shall extend the period during which the Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from
and including the date of the giving of such notice to and including the date when the Holders shall have received copies of the supplemented or amended Prospectus necessary to resume such
dispositions. 

        The
Holders of Registrable Securities covered by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such
Underwritten Offering, the investment banker or investment bankers and manager or managers (the "Underwriters") that will administer the offering will
be selected by the Majority Holders of the Registrable Securities included in such offering. 

4.     Participation of Broker-Dealers in Exchange Offer.  

        (a)   The
Staff of the SEC has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities
that were acquired by such broker-dealer as a result of market-making or other trading activities (a "Participating Broker-Dealer"), may be deemed to be
an "underwriter" within the meaning of the 1933 Act and must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities. 

        The
Issuers understand that it is the Staff's position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a
statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of
Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligation under the 1933 Act in connection with resales of
Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the 1933 Act. 

        (b)   In
light of the above, notwithstanding the other provisions of this Agreement, the Issuers agree that the provisions of this Agreement as they relate to a Shelf
Registration shall also apply to an Exchange Offer Registration to the extent, and with such reasonable modifications thereto as may be, reasonably requested by one or more Participating
Broker-Dealers as provided in clause (ii) below, in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the
positions of the Staff recited in Section 4(a) above; provided that: 

        (i)    the
Issuers shall not be required to keep the Exchange Offer Registration Statement effective, as would otherwise be contemplated by Section 2(b) for a
period exceeding 90 days after the date on which such Exchange Offer Registration Statement is declared effective (as such period may be extended pursuant to the penultimate paragraph of  Section 3 of this Agreement as applied to such Exchange Offer Registration Statement); 

12

 

        (ii)   the
Issuers shall not be required to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement, as would otherwise be contemplated by  Section 3(i), for a period
exceeding 90 days after the date on which such Exchange Offer Registration Statement is declared effective (as
such period may be extended pursuant to the penultimate paragraph of Section 3 of this Agreement as applied to such Exchange Offer Registration
Statement) and Participating Broker-Dealers shall not be authorized by the Issuers to deliver and shall not deliver such Prospectus after such period in connection with the resales contemplated by
this Section 4; and 

        (iii)  the
application of the Shelf Registration procedures set forth in Section 3of this Agreement to an Exchange
Offer Registration, to the extent not required by the positions of the Staff of the SEC or the 1933 Act and the rules and regulations thereunder, will be in conformity with the reasonable request in
writing to the Issuers by one or more broker-dealers who certify to the Issuers in writing that they anticipate that they will be Participating Broker-Dealers; and  provided, further, that, in connection with such application of the Shelf Registration procedures set
forth in Section 3 to an Exchange Offer Registration, the Issuers shall be obligated (x) to deal only with the Broker-Dealer
Representatives and (y) to pay the fees and expenses of only one counsel representing the Participating Broker-Dealers. 

5.     Indemnification and Contribution.  

        (a)   Each
of the Issuers, jointly and severally, hereby agree to indemnify and hold harmless each Holder of Registrable Securities and each Participating Broker-Dealer
selling Exchange Securities during the applicable period, and each Person, if any, who controls such Person or its affiliates within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act (each, a "Participant") from and against any and all losses, claims, damages, liabilities or expenses (whether direct
or indirect, in contract, tort or otherwise) whatsoever, as incurred (including the cost of any investigation or preparation) arising out of or based upon: 

        (i)    any
untrue statement or alleged untrue statement of a material fact made by any Issuer contained in any application or any other document or any amendment or supplement
thereto executed by any
Issuer based upon written information furnished by or on behalf of any Issuer filed in any jurisdiction in order to qualify the Securities under the securities or "Blue Sky" laws thereof or filed with
the SEC or any securities association or securities exchange (each, an "Application"); 

        (ii)   any
untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or
supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus; or 

        (iii)  the
omission or alleged omission to state, in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if any of the Issuers
shall have furnished any amendments or supplements thereto) or any preliminary prospectus or any Application or any other document or any amendment or supplement thereto, a material fact or necessary
to make the statements made therein, in the light of the circumstances under which they were made, not misleading; 

provided, however, the Issuers will not be liable in any such case to the extent that any such loss,
claim, damage, liability or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any Registration Statement (or any amendment
thereto) or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus or any amendment or supplement
thereto of a material fact necessary in order to make the statements made therein, in the light of the 

13

 

circumstances
under with they were made, not misleading, if in any case such statement or omission relates to such Participant and was made in reliance upon and in conformity with information
furnished in writing to the Issuers by such Participant expressly for use therein. The indemnity provided for in this Section 5 will be in addition to any liability that the Issuers may
otherwise have to the indemnified parties. No Issuer shall be liable under this Section 5 for any settlement of any claim or action effected without its prior written consent, which shall not
be unreasonably withheld. No Participant shall, without the prior written consent of an Issuer, effect any settlement or compromise of any pending or threatened proceeding in respect of which such
Issuer is or could have been a party, or indemnity could have been sought hereunder by such Issuer, unless such settlement (A) includes an unconditional release of such Issuer, from all
liability in any way related to or arising out of such litigation or proceeding and (B) does not impose any actual or potential liability or any other obligation upon any Issuer and does not
contain any factual or legal admission of fault, culpability or a failure to act by or with respect to any Issuer. 

        Each
Participant, severally and not jointly, agrees to hold the Issuers harmless and to indemnify the Issuers (including any of their respective affiliated companies and any director,
officer, agent or employee of the Issuers or any such affiliated company) and any director, officer, or other person controlling (within the meaning of Section 20(a) of the 1934 Act) the
Issuers (including any of the Issuers' affiliated companies) from and against any and all losses, claims, damages, liabilities or expenses (whether direct or indirect, in contract, tort or otherwise)
whatsoever, as incurred (including
the cost of any investigation and preparation) arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or
Prospectus, any amendment or supplement thereto, or any preliminary prospectus, or (ii) the omission or the alleged omission to state therein a material fact necessary to make the statements
made therein, in light of the circumstances under which they were made, 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 relates to such Participant and was made in reliance upon and in conformity with information furnished in writing by such Participant, expressly for use therein. The
indemnity provided for in this Section 5 will be in addition to any liability that the Participants may otherwise have to the indemnified parties. The Participants shall not be liable under
this Section 5 for any settlement of any claim or action effected without their consent, which shall not be unreasonably withheld. The Issuers shall not, without the prior written consent of
such Participant, effect any settlement or compromise of any pending or threatened proceeding in respect of which such Participant is or could have been a party, or indemnity could have been sought
hereunder by such Participant, unless such settlement (A) includes an unconditional release of such Participant, from all liability in any way related to or arising out of such litigation or
proceeding and (B) does not impose any actual or potential liability or any other obligation upon any such Participant and does not contain any factual or legal admission of fault, culpability
or a failure to act by or with respect to any such Participant. 

        If
a claim is made against any indemnified party as to which such indemnified party may seek indemnity under this Section 5, such indemnified person shall notify the indemnifying
party promptly after any written assertion of such claim threatening to institute an action or proceeding with respect thereto and shall notify the indemnifying party promptly of any action commenced
against such indemnified party within a reasonable time after such indemnified party shall have been served with a summons or other first legal process giving information as to the nature and basis of
the claim. Failure to so notify the indemnifying party shall not, however, relieve the indemnifying party from any liability which it may have on account of the indemnity under this Section 5,
except to the extent such failure results in the forfeiture by the indemnifying party of material rights and defenses. The indemnifying party shall have the right to assume the defense of any such
litigation or proceeding, including the engagement of counsel reasonably satisfactory to the indemnified party. In any such litigation or proceeding the defense of which the indemnifying party shall
have so assumed, any indemnified party shall have the right to participate in such litigation or proceeding and to retain its own counsel, but the 

14

 

fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party shall have failed promptly to assume the defense thereof and employ counsel
as provided above, or (ii) counsel to the indemnified party reasonably determines that representation of such indemnified party by the indemnifying party's counsel would present the
indemnifying party's counsel with a conflict of interest. It is understood that the indemnifying party shall not, in connection with any litigation or proceeding or related litigation or proceeding in
the same jurisdiction, be liable under this Agreement for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such
fees and expenses shall be reimbursed as they are incurred. Such separate firm shall be designated by the indemnified party. 

        To
the extent the indemnity provided for in the foregoing paragraphs of this Section 5 is for any reason held unenforceable although otherwise applicable in accordance with its
terms with respect to an
indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party agrees to contribute to the amount paid or payable by such
indemnified person as a result of such losses, claims, damages, liabilities or expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying
party, on the one hand, and by such indemnified party, on the other, from the offering of the Securities or (ii) if the allocation provided by the foregoing clause (i) is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing clause (i), but also the relative fault of the
indemnifying party, on the one hand, and of such indemnified party, on the other, in connection with the statements, actions or omissions which resulted in such losses, claims, damages, liabilities or
expenses, as well as any other relevant equitable considerations. The relative benefits received by the Issuers, on the one hand, and by such Participant, on the other, shall be deemed in the same
proportion as the total proceeds from the offering (before deducting expenses) of the Securities received by the Issuers bear to the total net profit received by such Participant in connection with
the sale of the Securities. Relative fault shall be determined by reference to, among other things, whether any alleged untrue statement or omission or any other alleged conduct relates to information
provided by the Issuers or other conduct by the Issuers (or their employees or other agents), on the one hand, or by such Participants, on the other hand. 

        The
parties agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of allocation that does
not take into account the equitable considerations referred to in the first sentence of the previous paragraph. Notwithstanding any other provision of the previous paragraph, no Participant shall be
obligated to make contributions hereunder that in the aggregate exceed the total net profit received by such Participant in connection with the sale of the Securities, less the aggregate amount of any
damages that such Participant has otherwise been required to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this paragraph (d), each person, if any, who controls a Participant within the meaning of Section 15 of 1933 Act or Section 20 of the 1934 Act
shall have the same rights to contribution as the Participants, and each director of any Issuer, each officer of any Issuer and each person, if any, who controls any Issuer within the meaning of
Section 15 of 1933 Act or Section 20 of the 1934 Act, shall have the same rights to contribution as the Issuers. 

15

   6.     Miscellaneous.  

        (a)   No Inconsistent Agreements. The Issuers have not entered into, and on or after the date of this Agreement will not enter
into, any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to
the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Issuers' other issued and outstanding securities under any such agreements. 

        (b)   Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Issuers have obtained the written consent of Holders of at least a majority in
aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided,  however, that no amendment, modification, supplement, waiver or consent to any departure from the provisions of  Section 5 hereof shall be effective as against any Holder of Registrable Securities
unless consented to in writing by such 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 Securities whose
securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Securities may be
given by Holders of at least a majority in aggregate principal amount of the Registrable Securities being sold pursuant to such Registration Statement. 

        (c)   Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to
the Issuers by means of a notice given in accordance with the provisions of this Section 6(c); (ii) if to the Issuers, initially at the
Issuers' address set forth in the Indenture and thereafter at such other address, notice of which is given in accordance with the provisions of this  Section 6(c); and (iii) if to the Trustee,
initially at the Trustee's address set forth in the Indenture and thereafter at such other
address, notice of which is given in accordance with the provisions of this Section 6(c). 

        All
such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five business days after being deposited in
the mail, postage prepaid, if
mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next business day if timely delivered to an air courier guaranteeing overnight delivery. 

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

        (d)   Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and
transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that
nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Indenture. If any transferee of any Holder shall
acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and
holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be
entitled to receive the benefits hereof. The Trustee (in its capacity as Trustee under the Indenture or acting on behalf of the Holders pursuant to this Agreement) shall have no liability or
obligation to either (i) the Issuers with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement or
(ii) any Holder with respect to any failure by the Issuers to comply with, or any breach by the Issuers of, any of the obligations of the Issuers under this Agreement. 

16

 

        (e)   Entire Agreement. This Agreement contains the entire agreement among the parties hereto with respect to the subject
matter hereof and supersedes and replaces all other prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof. 

        (f)    Third Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the
Issuers, on the one hand, and the Trustee, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its
rights or the rights of Holders hereunder. 

        (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. The internal laws of the State of New York shall govern the enforceability and validity of this Agreement,
the construction of its terms and the interpretation of the rights and duties of the parties hereto without giving effect to conflicts of laws, rules or principles. 

        (j)    Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby. 

17

 

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

	

 	
 	

QWEST COMMUNICATIONS INTERNATIONAL INC.
	

 	
 	

By:	
 	

/s/  JANET K. COOPER      
 Name: Janet K. Cooper

Title: Senior Vice President and Treasurer
	

 	
 	

QWEST SERVICES CORPORATION
	

 	
 	

By:	
 	

/s/  JANET K. COOPER      
 Name: Janet K. Cooper

Title: Senior Vice President and Treasurer
	

 	
 	

QWEST CAPITAL FUNDING, INC.
	

 	
 	

By:	
 	

/s/  JANET K. COOPER      
 Name: Janet K. Cooper

Title: Senior Vice President and Treasurer
	

 	
 	

BANC OF AMERICA SECURITIES LLC

CREDIT SUISSE FIRST BOSTON LLC

DEUTSCHE BANK SECURITIES INC.

GOLDMAN, SACHS & CO.

J.P. MORGAN SECURITIES INC.

LEHMAN BROTHERS INC.

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

MORGAN STANLEY & CO. INCORPORATED

UBS SECURITIES LLC

WACHOVIA CAPITAL MARKETS, LLC
	

 	
 	

By:	
 	

BANC OF AMERICA SECURITIES LLC
	

 	
 	

By:	
 	

/s/  LEE ANN GLIHA      
 Name: Lee Ann Gliha

Title: Vice President

18

QuickLinks

REGISTRATION RIGHTS AGREEMENT

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