Document:

Exhibit 4.2

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

Dated as of September 22, 2006

 

between

 

ISTAR FINANCIAL INC.

 

and

 

BARCLAYS CAPITAL INC.

 

BEAR STEARNS & CO. INC.

 

DEUTSCHE BANK SECURITIES INC.

 

AND

 

THE OTHER INITIAL PURCHASERS

REFERRED TO HEREIN

 

as the Initial Purchasers

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT (the “Agreement”)
dated as of September 22, 2006 between iStar Financial Inc., a Maryland
corporation (the “Company”), and Barclays Capital Inc., Bear Stearns & Co.
Inc., Deutsche Bank Securities Inc. and the other parties referred to in Annex
A hereto (each, an “Initial Purchaser” and collectively, the “Initial
Purchasers”).

 

This Agreement is made pursuant to the
Purchase Agreement, dated September 13, 2006, by and between the Company and
the Initial Purchasers (the “Purchase Agreement”), which provides for the sale
by the Company to the Initial Purchasers of $700,000,000 aggregate principal
amount of the Company’s 5.95% Senior Notes due 2013 (the “Securities”) and
other securities. In order to induce the Initial Purchasers to enter into the
Purchase Agreement and in satisfaction of a condition to the Initial Purchasers’
obligations thereunder, the Company has agreed to provide to the Initial
Purchasers and their respective direct and indirect transferees and assigns the
registration rights set forth in this Agreement. The execution and delivery of
this Agreement is a condition to the closing under the Purchase Agreement.

 

In consideration of the foregoing, the
parties hereto agree as follows:

 

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 from time to time, and the rules and regulations of the
SEC promulgated thereunder.

 

“1934 Act” shall mean the Securities
Exchange Act of 1934, as amended from time to time, and the rules and
regulations of the SEC promulgated thereunder.

 

“Additional Interest” shall have the
meaning set forth in Section 2(e) hereof.

 

“Closing Time” shall mean September 22,
2006.

 

“Depositary” shall mean The Depository
Trust Company, or any other depositary appointed by the Company, including any
agent thereof; provided, however, that any such depositary must at all times
have an address in the Borough of Manhattan, The City of New York.

 

“Exchange Offer” shall mean the
exchange offer by the Company 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) covering the Registrable Securities,
and all amendments and supplements to such registration statement, in each case
including the Prospectus contained therein, all exhibits thereto and all
material incorporated or deemed to be incorporated by reference therein.

 

 

“Exchange Securities” shall mean the
$700,000,000 aggregate principal amount 5.95% Senior Notes due 2013 issued by
the Company under the Indenture containing terms identical to the Notes (except
that (i) interest thereon shall accrue from the last date to which interest has
been paid or duly provided for on the Securities or, if no such interest has
been paid or duly provided for, from the Interest Accrual Date, (ii) provisions
relating to an increase in the stated rate of interest thereon upon the
occurrence of a Registration Default shall be eliminated, (iii) the transfer
restrictions, minimum purchase requirements and legends relating to
restrictions on ownership and transfer thereof as a result of the issuance of
the Securities without registration under the 1933 Act shall be eliminated and
(iv) such securities will be issuable in denominations of $1,000 and integral
multiples of $1,000 in excess thereof) to be offered to Holders of Registrable
Securities in exchange for Registrable Securities pursuant to the Exchange
Offer.

 

“Holders” shall mean (i) the Initial
Purchasers, for so long as they own any Registrable Securities, and each of
their respective successors, assigns and direct and indirect transferees who
become registered owners of Registrable Securities under the Indenture and (ii)
each Participating Broker-Dealer that holds Exchange Securities for so long as
such Participating Broker-Dealer is required to deliver a prospectus meeting
the requirements of the 1933 Act in connection with any resale of such Exchange
Securities.

 

“Indenture” shall mean the Indenture,
dated as of September 22, 2006, by and between the Company and U.S. Bank Trust
National Association, as trustee (the “Trustee”), as the same may be further
amended or supplemented from time to time in accordance with the terms thereof.

 

“Interest Accrual Date” means
September 22, 2006.

 

“Initial Purchasers” shall have the
meaning set forth in the preamble of this Agreement.

 

“Majority Holders” shall mean the
Holders of a majority of the aggregate principal amount of Registrable
Securities outstanding, excluding Exchange Securities referred to in clause
(ii) of the definition of “Holders” above; provided
that whenever the consent or approval of Holders of a specified percentage of
Registrable Securities or Exchange Securities is required hereunder,
Registrable Securities and Exchange Securities held by the Company or any of
its affiliates (as such term is defined in Rule 405 under the 1933 Act) shall
also be disregarded in determining whether such consent or approval was given
by the Holders of such required percentage.

 

“NASD” shall mean the National
Association of Securities Dealers, Inc.

 

“Notifying Broker-Dealer” shall have
the meaning set forth in Section 3(f).

 

“Participating Broker-Dealer” shall
have the meaning set forth in Section 3(f).

 

“Person” shall mean an individual,
partnership, joint venture, limited liability company, corporation, trust or
unincorporated organization, or a government or agency or political subdivision
thereof.

 

 

“Private Exchange Securities” shall
have the meaning set forth in Section 2(a) hereof.

 

“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 a prospectus,
including post-effective amendments, and in each case including all material
incorporated or deemed to be incorporated by reference therein.

 

“Purchase Agreement” shall have the
meaning set forth in the preamble to this Agreement.

 

“Registrable Securities” shall mean
the Securities; provided, however, that any Securities shall cease
to be Registrable Securities when (i) a 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 Registration Statement,
(ii) such Securities shall have been sold to the public pursuant to Rule 144
(or any similar provision then in force, but not Rule 144A) under the 1933 Act,
(iii) such Securities shall have ceased to be outstanding, (iv) such Securities
have been exchanged for Exchange Securities which have been registered pursuant
to the Exchange Offer Registration Statement upon consummation of the Exchange
Offer unless, in the case of any Exchange Securities referred to in this clause
(iv), such Exchange Securities are held by Participating Broker-Dealers or
otherwise are not freely tradable without any limitations or restrictions under
the 1933 Act (in which case such Exchange Securities will be deemed to be
Registrable Securities until such time as such Exchange Securities are sold to
a purchaser in whose hands such Exchange Securities are freely tradeable
without any limitations or restrictions under the 1933 Act) or (v) such
Securities have been exchanged for Private Exchange Securities under this
Agreement (in which case such Private Exchange Securities will be deemed to be
Registrable Securities until such time as such Private Exchange Securities are
sold to a purchaser in whose hands such Private Exchange Securities are freely
tradeable without any limitations or restrictions under the 1933 Act).

 

“Registration Default” shall have the
meaning set forth in Section 2(e).

 

“Registration Expenses” shall mean any
and all expenses incident to performance of or compliance by the Company with
this Agreement, including without limitation: 
(i) all SEC, stock exchange or NASD registration and filing fees, (ii)
all fees and expenses incurred in connection with compliance with state or
other securities or blue sky laws and compliance with the rules of the NASD
(including reasonable fees and disbursements of counsel for any underwriters or
Holders in connection with qualification of any of the Exchange Securities or
Registrable Securities under state or other securities or blue sky laws and any
filing with and review by the NASD), (iii) all expenses of any Persons in
preparing, printing and distributing any Registration Statement, any
Prospectus, any amendments or supplements thereto, any underwriting agreements,
securities sales agreements, certificates representing the Securities, Private
Exchange Securities (if any) or

 

 

Exchange
Securities and other documents relating to the performance of and compliance
with this Agreement, (iv) all rating agency fees, (v) all fees and expenses
incurred in connection with the listing, if any, of any of the Securities or
Exchange Securities on any securities exchange or exchanges or on any quotation
system, (vi) all fees and disbursements relating to the qualification of the
Indenture under applicable securities laws, (vii) the fees and disbursements of
counsel for the Company and the fees and expenses of independent public
accountants for the Company or for any other Person, business or assets whose
financial statements are included in any Registration Statement or Prospectus,
including the expenses of any special audits or “cold comfort” letters required
by or incident to such performance and compliance, (viii) the fees and expenses
of a “qualified independent underwriter” as defined by Conduct Rule 2720 of the
NASD (if required by the NASD rules) and the fees and disbursements of its
counsel, (ix) the fees and expenses of the Trustee, any registrar, any
depositary, any paying agent, any escrow agent or any custodian, in each case
including fees and disbursements of their respective counsel, (x) the
reasonable fees and expenses of the Initial Purchasers in connection with the
Exchange Offer, including the reasonable fees and expenses of counsel to the
Initial Purchasers in connection therewith, (xi) the reasonable fees and
disbursements, if any, of special counsel representing the Holders of
Registrable Securities and (xii) in the case of an underwritten offering, any
fees and disbursements of the underwriters customarily paid by issuers or
sellers of securities and the fees and expenses of any special experts retained
by the Company in connection with any Registration Statement but excluding
(except as otherwise provided herein) fees of counsel to the underwriters or
the Holders and underwriting discounts and commissions 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 the Company relating to any offering of the
Exchange Securities or Registrable Securities pursuant to the provisions of
this Agreement (including, without limitation, any Exchange Offer Registration
Statement and any Shelf Registration Statement), 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 or deemed to be incorporated by
reference therein.

 

“SEC” shall mean the Securities and
Exchange Commission or any successor thereto.

 

“Securities” shall have the meaning
set forth in the preamble to this Agreement.

 

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

 

“Shelf Registration Statement” shall
mean a “shelf” registration statement of the Company pursuant to the provisions
of Section 2(b) of this Agreement which covers all of the Registrable
Securities or Private Exchange Securities (if any), as the case may be, 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 or deemed to be incorporated by
reference therein.

 

“TIA” shall mean the Trust Indenture
Act of 1939, as amended from time to time, and the rules and regulations of the
SEC promulgated thereunder.

 

“Trustee” shall mean the trustee with
respect to the Securities, the Private Exchange Securities (if any) and the
Exchange Securities under the Indentures.

 

For purposes of this Agreement, (i) all
references in this Agreement to any Registration Statement, preliminary
prospectus or Prospectus or any amendment or supplement to any of the foregoing
shall be deemed to include the copy filed with the SEC pursuant to its
Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”); (ii) all
references in this Agreement to financial statements and schedules and other
information which is “contained”, “included” or “stated” in any Registration
Statement, preliminary prospectus or Prospectus (or other references of like
import) shall be deemed to mean and include all such financial statements and
schedules and other information which is incorporated or deemed to be
incorporated by reference in such Registration Statement, preliminary
prospectus or Prospectus, as the case may be; (iii) all references in this
Agreement to amendments or supplements to any Registration Statement,
preliminary prospectus or Prospectus shall be deemed to mean and include the
filing of any document under the 1934 Act which is incorporated or deemed to be
incorporated by reference in such Registration Statement, preliminary
prospectus or Prospectus, as the case may be; (iv) all references in this
Agreement to Rule 144, Rule 144A or Rule 405 under the 1933 Act, and all
references to any sections or subsections thereof or terms defined therein,
shall in each case include any successor provisions thereto; and (v) all
references in this Agreement to days (but not to business days) shall mean
calendar days.

 

2.                                       Registration
Under the 1933 Act.

 

(a)                                  Exchange Offer
Registration. The Company shall (A) file with the SEC on or prior to the
90th day after the Closing Time an Exchange Offer Registration Statement
covering the offer by the Company to the Holders to exchange all of the
Registrable Securities for a like aggregate principal amount of Exchange
Securities, (B) use its reasonable best efforts to cause such Exchange Offer
Registration Statement to be declared effective by the SEC no later than the
180th day after the Closing Time, (C) use its reasonable best efforts to cause
such Registration Statement to remain effective until the closing of the Exchange
Offer and (D) use its reasonable best efforts to consummate the Exchange Offer
no later than 210 days after the Closing Time. Upon the effectiveness of the
Exchange Offer Registration Statement, the Company shall promptly commence the
Exchange Offer, it being the objective of such Exchange Offer to enable each
Holder eligible and electing to exchange Registrable Securities for Exchange
Securities (assuming that such Holder is not an affiliate of the Company within
the meaning of Rule 405 under the 1933 Act, acquires the Exchange Securities in
the ordinary course of such Holder’s business and has no arrangements or
understandings with any Person to participate in the Exchange Offer for the
purpose of distributing such Exchange Securities) to trade such Exchange
Securities from and after their receipt without any limitations or restrictions
under the 1933 Act or under the securities or blue sky laws of the States of
the United States.

 

 

In connection with the Exchange Offer, the
Company shall:

 

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

 

(ii)                  keep
the Exchange Offer open for not less than 30 days (or longer, if required by
applicable law) after the date notice thereof is mailed to the Holders and,
during the Exchange Offer, offer to all Holders who are legally eligible to
participate in the Exchange Offer the opportunity to exchange their Registrable
Securities for Exchange Securities;

 

(iii)               use
the services of a depositary with an address in the Borough of Manhattan, The
City of New York for the Exchange Offer;

 

(iv)              permit
Holders to withdraw tendered Registrable Securities at any time prior to the
close of business, New York City time, on the last business day on which the
Exchange Offer shall remain open, by sending to the institution specified in
the Prospectus or the related letter of transmittal or related documents 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 its election to have
such Securities exchanged;

 

(v)                 notify
each Holder that any Registrable Security not tendered will remain outstanding
and continue to accrue interest, but will not retain any rights under this
Agreement (except in the case of the Initial Purchasers and Participating
Broker-Dealers as provided herein); and

 

(vi)              otherwise
comply in all material respects with all applicable laws relating to the
Exchange Offer.

 

If, at or prior to the consummation of the
Exchange Offer, any of the Initial Purchasers holds any Securities acquired by
it and having the status of an unsold allotment in the initial distribution,
the Company shall, upon the request of any such Initial Purchaser,
simultaneously with the delivery of the Exchange Securities in the Exchange
Offer, issue and deliver to such Initial Purchaser in exchange for such Securities
a like principal amount of debt securities of the Company that are identical
(except that such debt securities shall be subject to transfer restrictions,
minimum purchase requirements and shall bear a legend relating to restrictions
on ownership and transfer identical to those applicable to the Securities as a
result of the issuance thereof without registration under the 1933 Act and
shall provide for the payment of Additional Interest) to the Exchange
Securities (the “Private Exchange Securities”). The Company shall use its
reasonable best efforts to have the Private Exchange Securities bear the same
CUSIP number as the Exchange Securities and, if unable to do so, the Company
will, at such time as any Private Exchange Security ceases to be a “restricted
security” within the meaning of Rule 144 under the 1933 Act, permit any such
Private Exchange Security to be exchanged for a like principal amount of
Exchange Securities. The Company shall not have any liability under this
Agreement solely as a result of any such Private Exchange Securities not
bearing the same CUSIP number as the Exchange Securities.

 

 

The Exchange Securities and the Private
Exchange Securities (if any) shall be issued under the Indenture, which shall
be qualified under the TIA. The Indenture shall provide that the Exchange
Securities, the Private Exchange Securities (if any) and the Securities shall
vote and consent together on all matters as a single class and shall constitute
a single series of debt securities issued under the Indenture.

 

As soon as practicable after the close of the
Exchange Offer, the Company shall:

 

(i)                                     accept
for exchange all Registrable Securities duly tendered and not validly withdrawn
pursuant to the Exchange Offer in accordance with the terms of the Exchange Offer
Registration Statement and the letter of transmittal which is an exhibit
thereto;

 

(ii)                                  deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable
Securities so accepted for exchange by the Company; and

 

(iii)                               cause
the Trustee promptly to authenticate and deliver Exchange Securities to each
Holder of Registrable Securities so accepted for exchange equal in principal
amount to the principal amount of the Registrable Securities of such Holder so
accepted for exchange.

 

Interest on each Exchange Security and such
Private Exchange Security (if any) will accrue from the last date on which
interest was paid or duly provided for on the Securities surrendered in
exchange therefor or, if no interest has been paid or duly provided for on such
Securities, from the Interest Accrual Date. The Exchange Offer shall not be
subject to any conditions, other than (i) that the Exchange Offer, or the
making of any exchange by a Holder, does not violate any applicable law or any
applicable interpretation of the staff of the SEC, (ii) that no action or
proceeding shall have been instituted or threatened in any court or by or
before any governmental agency with respect to the Exchange Offer which, in the
Company’s judgment, would reasonably be expected to impair the ability of the
Company to proceed with the Exchange Offer, and (iii) that the Holders tender
the Registrable Securities to the Company in accordance with the Exchange Offer.
Each Holder of Registrable Securities (other than Participating Broker-Dealers)
who wishes to exchange such Registrable Securities for Exchange Securities in
the Exchange Offer will be required to represent that (i) it is not an
affiliate (as defined in Rule 405 under the 1933 Act) of the Company, (ii) any
Exchange Securities to be received by it will be acquired in the ordinary
course of business and (iii) it has no arrangement with any Person to
participate in the distribution (within the meaning of the 1933 Act) of the
Exchange Securities, and shall be required to make such other representations
as may be reasonably necessary under applicable SEC rules, regulations or
interpretations to render the use of Form S-4 or another appropriate form under
the 1933 Act available. To the extent permitted by law, the Company shall inform,
upon the Initial Purchasers’ request, the Initial Purchasers of the names and
addresses of the Holders of Securities to whom the Exchange Offer is made and,
to the extent such information is available to the Company, the names and
addresses of the beneficial owners of such Securities, and the Initial
Purchasers shall have the right to contact such Holders and beneficial owners
and otherwise facilitate the tender of Registrable Securities in the Exchange
Offer.

 

(b)                                 Shelf Registration.
(i) If, because of any change in law or applicable interpretations thereof by
the staff of the SEC, the Company is not permitted to effect the Exchange Offer
as

 

 

contemplated by Section 2(a) hereof, or (ii)
if for any other reason (A) the Exchange Offer Registration Statement is not
declared effective within 176 days following the  Closing Time or (B) the Exchange Offer is not
consummated within 206 days after the Closing Time (provided that if the
Exchange Offer Registration Statement shall be declared effective after such
176-day period or if the Exchange Offer shall be consummated after such 206-day
period, then the Company’s obligations under this clause (ii) arising from the
failure of the Exchange Offer Registration Statement to be declared effective
within such 176-day period or the failure of the Exchange Offer to be
consummated within such 206-day period, respectively, shall terminate), or
(iii) if any Holder (other than an Initial Purchaser holding Securities
acquired directly from the Company) elects to participate in the Exchange Offer
but does not receive Exchange Securities which are freely tradeable without any
limitations or restrictions under the 1933 Act or (iv) upon the request of any
of the Initial Purchasers within 30 days following the consummation of the
Exchange Offer (provided that, in the case of this clause (iv), such Initial
Purchaser shall hold Registrable Securities (including, without limitation,
Private Exchange Securities) that it acquired directly from the Company), the
Company shall, at its cost:

 

(A)                              as
promptly as practicable, but no later than (a) the 266th day after the Closing
Time or (b) the 30th day after any such filing obligation arises, whichever is
later, file with the SEC a Shelf Registration Statement relating to the offer
and sale of the Registrable Securities by the Holders from time to time in
accordance with the methods of distribution elected by the Majority Holders of
such Registrable Securities and set forth in such Shelf Registration Statement;

 

(B)                                use
its reasonable best efforts to cause such Shelf Registration Statement to be
declared effective by the SEC as promptly as practicable, but in no event later
than the 361th day after the Closing Time (or, in the case of a request by any
of the Initial Purchasers pursuant to clause (iv) above, within 120 days after
such request). In the event that the Company is required to file a Shelf
Registration Statement pursuant to clause (iii) or (iv) above, the Company
shall file and use its reasonable best 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 Registrable
Securities held by such Holder or such Initial Purchaser, as applicable;

 

(C)                                use
its reasonable best efforts to keep the Shelf Registration Statement
continuously effective, supplemented and amended as required, in order to
permit the Prospectus forming part thereof to be usable by Holders for a period
of two years after the latest date on which any Securities are originally
issued by the Company (subject to extension pursuant to the last paragraph of Section
3) or, if earlier, when all of the Registrable Securities covered by such Shelf
Registration Statement (i) have been sold pursuant to the Shelf Registration
Statement in accordance with the intended method of distribution thereunder,
(ii) become eligible for resale pursuant to Rule 144(k) under the 1933 Act or
(iii) cease to be Registrable Securities; and

 

(D)                               notwithstanding
any other provisions hereof, use its reasonable best efforts to ensure that (i)
any Shelf Registration Statement and any amendment thereto and any

 

 

Prospectus
forming a part thereof and any supplements thereto comply in all material
respects with the 1933 Act and the rules and regulations thereunder, (ii) any
Shelf Registration Statement and any amendment or supplement thereto does not,
when it becomes effective, contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading and (iii) any Prospectus forming
part of any Shelf Registration Statement and any amendment or supplement to
such Prospectus does 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.

 

The Company shall not permit any securities
other than Registrable Securities or other securities issued and sold pursuant
to the Purchase Agreement or pursuant to an offer by the Company to issue its
5.95% Senior Notes due 2013 for its 8.75% Senior Notes due 2008 to be included
in the Shelf Registration Statement without the prior written consent of
Barclays Capital Inc., Bear Stearns & Co. Inc. and Deutsche Bank Securities
Inc. The Company further agrees, if necessary, to supplement or amend the Shelf
Registration Statement if reasonably requested by the Majority Holders with
respect to information relating to the Holders and otherwise as required by
Section 3(b) below, to use its reasonable best efforts to cause any such
amendment to become effective and such Shelf Registration Statement to become
usable as soon as practicable thereafter and to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly
after its being used or filed with the SEC.

 

(c)                                  Expenses. The
Company shall pay all Registration Expenses in connection with the registration
pursuant to Section 2(a) and 2(b) and, in the case of any Shelf Registration
Statement, will reimburse the Holders or the Initial Purchasers for the
reasonable fees and disbursements of one counsel (in addition to any local
counsel) designated in writing by the Majority Holders (or, if a Shelf
Registration Statement is filed solely pursuant to clause (iv) of the first
paragraph of Section 2(b), designated by the Initial Purchasers) to act as
counsel for the Holders of the Registrable Securities in connection therewith. Each
Holder shall pay all fees and disbursements of its counsel other than as set
forth in the preceding sentence or in the definition of Registration Expenses
and all underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of such Holder’s Registrable Securities
pursuant to a Shelf Registration Statement.

 

(d)                                 Effective Registration
Statement.

 

(i)                     The
Company shall be deemed not to have used its reasonable best efforts to cause
the Exchange Offer Registration Statement or any Shelf Registration Statement,
as the case may be, to become, or to remain, effective during the requisite
periods set forth herein if the Company voluntarily takes any action that could
reasonably be expected to result in any such Registration Statement not being
declared effective or remaining effective or in the Holders of Registrable
Securities (including, under the circumstances contemplated by Section 3(f)
hereof, Exchange Securities) covered thereby not being able to exchange or
offer and sell such Registrable Securities during that period unless (A) such
action is required by applicable law or (B) such action is taken by the Company
in good faith and for valid business reasons (but not including avoidance of
the Company’s obligations hereunder), including the acquisition or divestiture
of assets or a material

 

 

corporate
transaction or event so long as the Company promptly complies with the
notification requirements of Section 3(k) hereof, if applicable. Nothing in
this paragraph shall prevent the accrual of Additional Interest on any
Securities or Exchange Securities.

 

(ii)                  An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a
Shelf Registration Statement pursuant to Section 2(b) hereof shall not be
deemed to have become effective unless it has been declared effective by the
SEC; provided, however, that if, after such Registration
Statement has been declared effective, the offering of Registrable Securities
pursuant to a 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 shall be deemed not to have been
effective during the period of such interference until the offering of
Registrable Securities pursuant to such Registration Statement may legally
resume.

 

(e)                                  Increase in
Interest Rate. In the event that:

 

(i)                     the
Exchange Offer Registration Statement is not filed with the SEC on or prior to
the 86th day following the Closing Time, or

 

(ii)                  the
Exchange Offer Registration Statement is not declared effective by the SEC on
or prior to the 176th day following the Closing Time, or

 

(iii)               the
Exchange Offer is not consummated on or prior to the 206th day
following the Closing Time, or

 

(iv)              if
required, a Shelf Registration Statement is not filed with the SEC on or prior
to (A) the 266th day following the Closing Time or (B) the 30th day after the
filing obligation arises, whichever is later, or

 

(v)                 if
required, a Shelf Registration Statement is not declared effective on or prior
to the 361th day following the Closing Time (or, if a Shelf Registration
Statement is required to be filed upon the request of any Initial Purchaser,
within 120 days after such request), or

 

(vi)              a
Shelf Registration Statement is declared effective by the SEC but such Shelf
Registration Statement ceases to be effective or such Shelf Registration
Statement or the Prospectus included therein ceases to be usable in connection
with resales of Registrable Securities for any reason and (A) the aggregate
number of days in any consecutive 365-day period for which the Shelf
Registration Statement or such Prospectus shall not be effective or usable
exceeds 120 days, (B) the Shelf Registration Statement or such Prospectus shall
not be effective or usable for more than two periods (regardless of duration)
in any consecutive 365-day period or (C) the Shelf Registration Statement or
such Prospectus shall not be effective or usable for a period of more than 90
consecutive days, or

 

(vii)           the
Exchange Offer Registration Statement is declared effective by the SEC but, if
the Exchange Offer Registration Statement is being used in connection with the
resale of Exchange Securities as contemplated by Section 3(f)(B) of this
Agreement, the

 

 

Exchange Offer
Registration Statement ceases to be effective or the Exchange Offer
Registration Statement or the Prospectus included therein ceases to be usable
in connection with resales of Exchange Securities for any reason during the
90-day period referred to in Section 3(f)(B) of this Agreement (as such period
may be extended pursuant to the last paragraph of Section 3 of this Agreement)
and (A) the aggregate number of days in any consecutive 365-day period for
which the Exchange Offer Registration Statement or such Prospectus shall not be
effective or usable exceeds 120 days, (B) the Exchange Offer Registration Statement
or such Prospectus shall not be effective or usable for more than two periods
(regardless of duration) in any consecutive 365-day period or (C) the Exchange
Offer Registration Statement or the Prospectus shall not be effective or usable
for a period of more than 90 consecutive days,

 

(each of the events referred to in clauses
(i) through (vii) above being hereinafter called a “Registration Default”), the
per annum interest rate borne by the Registrable Securities shall be increased
(“Additional Interest”) by one-quarter of one percent (0.25%) per annum
immediately following such 86-day period in the case of clause (i) above,
immediately following such 176-day period in the case of clause (ii) above,
immediately following such 206-day period in the case of clause (iii) above, immediately
following any such 266-day period or 30-day period, whichever ends later, in
the case of clause (iv) above, immediately following any such 361-day period or
120-day period, whichever ends first, in the case of clause (v) above,
immediately following the 120th day in any consecutive 365-day period, as of
the first day of the third period in any consecutive 365-day period or
immediately following the 90th consecutive day, whichever occurs first, that a
Shelf Registration Statement shall not be effective or a Shelf Registration
Statement or the Prospectus included therein shall not be usable as
contemplated by clause (vi) above, or immediately following the 120th day in
any consecutive 365-day period, as of the first day of the third period in any
consecutive 365-day period or immediately following the 90th consecutive day,
whichever occurs first, that the Exchange Offer Registration Statement shall
not be effective or the Exchange Offer Registration Statement or the Prospectus
included therein shall not be usable as contemplated by clause (vii) above,
which rate will be increased by an additional one-quarter of one percent
(0.25%) per annum immediately following each 90-day period that any Additional
Interest continues to accrue under any circumstances; provided that the
aggregate increase in such annual interest rate may in no event exceed one-half
of one percent (0.50%) per annum. Upon the filing of the Exchange Offer
Registration Statement after the 86-day period described in clause (i) above,
the effectiveness of the Exchange Offer Registration Statement after the 176-day
period described in clause (ii) above, the consummation of the Exchange Offer
after the 206-day period described in clause (iii) above, the filing of the Shelf
Registration Statement after the 266-day period or 30-day period day, as the
case may be, described in clause (iv) above, the effectiveness of a Shelf Registration
Statement after the 361-day period or 120-day period, as the case may be,
described in clause (v) above, or the Shelf Registration Statement once again
being effective or the Shelf Registration Statement and the Prospectus included
therein becoming usable in connection with resales of Registrable Securities,
as the case may be, in the case of clause (vi) above, or the Exchange Offer
Registration Statement once again becoming effective or the Exchange Offer
Registration Statement and the Prospectus included therein becoming usable in
connection with resales of Exchange Securities, as the case may be, in the case
of clause (vii) thereof, the interest rate borne by the Securities from the
date of such filing, effectiveness, consummation or resumption of effectiveness
or usability, as the case may be, shall be reduced to the original interest
rate so long as no other Registration Default shall have occurred and shall be
continuing at

 

 

such time and the Company is otherwise in
compliance with this paragraph; provided, however, that, if after any such
reduction in interest rate, one or more Registration Defaults shall again
occur, the interest rate shall again be increased pursuant to the foregoing
provisions.

 

The Company
shall notify the Trustee within three business days after each and every date
on which an event occurs in respect of which Additional Interest is required to
be paid (an “Event Date”). Additional Interest shall be paid by depositing with
the Trustee, in trust, for the benefit of the Holders of Registrable
Securities, on or before the applicable semiannual interest payment date, immediately
available funds in sums sufficient to pay the Additional Interest then due. The
Additional Interest due shall be payable on each interest payment date to the
record Holder of Securities entitled to receive the interest payment to be paid
on such date as set forth in the Indentures. Each obligation to pay Additional
Interest shall be deemed to accrue from and including the day following the
applicable Event Date.

 

Anything
herein to the contrary notwithstanding, any Holder who was, at the time the Exchange
Offer was pending and consummated, eligible to exchange, and did not validly
tender, its Securities for Exchange Securities in the Exchange Offer will not
be entitled to receive any Additional Interest. For purposes of clarity, it is
hereby acknowledged and agreed that, under current interpretations of law by
the SEC, Initial Purchasers holding unsold allotments of Securities acquired
from the Company are not eligible to participate in the Exchange Offer.

 

(f)                                    Specific
Enforcement. Without limiting the remedies available to the Initial
Purchasers and the Holders, the Company acknowledges that any failure by the
Company to comply with its obligations under Sections 2(a) through 2(d) hereof
may result in material irreparable injury to the Initial Purchasers, the
Holders or the Participating Broker-Dealers 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, the Initial
Purchasers, any Holder and any Participating Broker-Dealer may obtain such
relief as may be required to specifically enforce the Company’s obligations
under Sections 2(a) through 2(d) hereof.

 

3.                                       Registration
Procedures. In connection with the obligations of the Company with respect
to the Registration Statements pursuant to Sections 2(a) and 2(b) hereof, the
Company shall:

 

(a)                                  prepare
and file with the SEC a Registration Statement or, if required, Registration
Statements, within the time periods specified in Section 2, on the appropriate
form under the 1933 Act, which form (i) shall be selected by the Company, (ii)
shall, in the case of a Shelf Registration Statement, be available for the sale
of the Registrable Securities by the selling Holders thereof and (iii) shall
comply as to form in all material respects with the requirements of the
applicable form and include or incorporate by reference all financial
statements required by the SEC to be filed therewith, and use its reasonable
best 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 under applicable law to keep such
Registration Statement effective for the applicable period; cause each
Prospectus to be

 

 

supplemented
by any required prospectus supplement, and as so supplemented to be filed
pursuant to Rule 424 under the 1933 Act; and comply with the provisions of the
1933 Act and the 1934 Act with respect to the disposition of all Securities
covered by each Registration Statement during the applicable period in
accordance with the intended method or methods of distribution by the selling
Holders thereof;

 

(c)                                  in
the case of a Shelf Registration, (i) notify each Holder of Registrable
Securities, at least ten business days prior to filing, that a Shelf
Registration Statement with respect to the Registrable Securities is being
filed and advising such Holders that the distribution of Registrable Securities
will be made in accordance with the method elected by the Majority Holders;
(ii) furnish to each Holder of Registrable Securities, to counsel for the
Initial Purchasers, 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, counsel or
underwriter may reasonably request, including financial statements and
schedules and, if such Holder, counsel or underwriter so requests, all exhibits
(including those incorporated by reference) in order to facilitate the public
sale or other disposition of the Registrable Securities; and (iii) subject to
the penultimate paragraph of this Section 3, the Company hereby consents to the
use of the Prospectus, including each preliminary Prospectus, or any amendment
or supplement thereto by each of the Holders and underwriters of Registrable
Securities in connection with the offering and sale of the Registrable
Securities covered by any Prospectus or any amendment or supplement thereto;

 

(d)                                 use
its reasonable best 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 and
each underwriter of an underwritten offering of Registrable Securities shall
reasonably request, to cooperate with the Holders and the underwriters of any
Registrable Securities in connection with any filings required to be made with
the NASD, to keep each such registration or qualification effective during the
period such Registration Statement is required to be effective 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 the
Company shall not 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) or (ii) take any action which
would subject it to general service of process or taxation in any such
jurisdiction if it is not then so subject;

 

(e)                                  in
the case of a Shelf Registration, notify each Holder of Registrable Securities
and counsel for such Holders promptly and, if requested by such Holder or counsel,
confirm such advice in writing promptly (i) when a Registration Statement has
become effective and when any post-effective amendments and supplements thereto
become effective, (ii) of any request by the SEC or any state securities
authority for post-effective amendments or supplements to a Registration
Statement or Prospectus or for additional information after a 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 Company contained in any underwriting agreement, securities
sales agreement or other similar agreement, if any, relating to such offering
cease to be true and correct, (v) of the receipt by the Company of any
notification with respect to the suspension of the qualification of the
Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, (vi) of the happening of any
event or the discovery of any facts during the period a Shelf Registration
Statement is effective which is contemplated in Section 2(d)(i)(A) or
2(d)(i)(B) or which makes any statement made in such Shelf Registration
Statement or the related Prospectus untrue in any material respect or which
constitutes an omission to state a material fact in such Shelf Registration
Statement or Prospectus and (vii) of any determination by the Company that a
post-effective amendment to a Registration Statement would be appropriate. Without
limitation to any other provisions of this Agreement, the Company agrees that
this Section 3(e) shall also be applicable, mutatis
mutandis, with respect to the Exchange Offer Registration Statement
and the Prospectus included therein to the extent that such Prospectus is being
used by Participating Broker-Dealers as contemplated by Section 3(f);

 

(f)                                    (A)  in the case of an Exchange Offer, (i) include
in the Exchange Offer Registration Statement (x) a “Plan of Distribution”
section substantially in the form set forth in Annex B hereto or other such
form as is reasonably acceptable to Barclays Capital Inc., Bear Stearns &
Co. Inc. and Deutsche Bank Securities Inc. covering the use of the Prospectus
included in the Exchange Offer Registration Statement by broker-dealers who
have exchanged their Registrable Securities for Exchange Securities for the
resale of such Exchange Securities and (y) a statement to the effect that any
such broker-dealers who wish to use the related Prospectus in connection with
the resale of Exchange Securities acquired as a result of market-making or
other trading activities will be required to notify the Company to that effect,
together with instructions for giving such notice (which instructions shall
include a provision for giving such notice by checking a box or making another
appropriate notation on the related letter of transmittal) (each such
broker-dealer who gives notice to the Company as aforesaid being hereinafter
called a “Notifying Broker-Dealer”), (ii) furnish to each Notifying
Broker-Dealer who desires to participate in the Exchange Offer, without charge,
as many copies of each Prospectus included in the Exchange Offer Registration
Statement, including any preliminary prospectus, and any amendment or
supplement thereto, as such broker-dealer may reasonably request, (iii) include
in the Exchange Offer Registration Statement a statement that any broker-dealer
who holds Registrable Securities acquired for its own account as a result of
market-making activities or other trading activities (a “Participating
Broker-Dealer”), and who receives Exchange Securities for Registrable
Securities pursuant to the Exchange Offer, may be a statutory underwriter and
must deliver a prospectus meeting the requirements of the 1933 Act in
connection with any resale of such Exchange Securities, (iv) subject to the
penultimate paragraph of this Section 3, the Company hereby consents to the use
of the Prospectus forming part of the Exchange Offer Registration Statement or
any amendment or supplement thereto by any Notifying Broker-Dealer in connection
with the sale or transfer of Exchange Securities, and (v) include in the
transmittal letter or similar

 

 

documentation
to be executed by an exchange offeree in order to participate in the Exchange
Offer the following provision:

 

“If the undersigned is not a broker-dealer,
the undersigned represents that it is not engaged in, and does not intend to
engage in, a distribution of Exchange Securities. If the undersigned is a
broker-dealer that will receive Exchange Securities for its own account in exchange
for Registrable Securities, it represents that the Registrable Securities to be
exchanged for Exchange Securities were acquired by it as a result of
market-making activities or other trading activities and acknowledges that it
will deliver a prospectus meeting the requirements of the 1933 Act in
connection with any resale of such Exchange Securities pursuant to the Exchange
Offer; however, by so acknowledging and by delivering a prospectus, the
undersigned will not be deemed to admit that it is an “underwriter” within the
meaning of the 1933 Act;”

 

(B)                                to
the extent any Notifying Broker-Dealer participates in the Exchange Offer, (i)
the Company shall use its reasonable best efforts to maintain the effectiveness
of the Exchange Offer Registration Statement for a period of 90 days (subject
to extension pursuant to the last paragraph of this Section 3) following the
last date on which exchanges are accepted pursuant to the Exchange Offer, and
(ii) the Company will comply, insofar as relates to the Exchange Offer
Registration Statement, the Prospectus included therein and the offering and
sale of Exchange Securities pursuant thereto, with its obligations under
Section 2(b)(D), the last paragraph of Section 2(b), Section 3(c), 3(d), 3(e),
3(i), 3(j), 3(k), 3(o) and 3(p), and the last two paragraphs of this Section 3
as if all references therein to a Shelf Registration Statement, the Prospectus
included therein and the Holders of Registrable Securities referred, mutatis mutandis, to the Exchange Offer
Registration Statement, the Prospectus included therein and the applicable
Notifying Broker-Dealers and, for purposes of this Section 3(f), all references
in any such paragraphs or sections to the “Majority Holders” shall be deemed to
mean, solely insofar as relates to this Section 3(f), the Notifying
Broker-Dealers who are the Holders of the majority in aggregate principal
amount of the Exchange Securities which are Registrable Securities; and

 

(C)                                the
Company 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(b) or 3(k) hereof, or take any other action as a result of this
Section 3(f), for a period exceeding 90 days (subject to extension pursuant to
the last paragraph of this Section 3) after
the last date on which exchanges are accepted pursuant to the Exchange Offer
and Notifying Broker-Dealers shall not be authorized by the Company to, and
shall not, deliver such Prospectus after such period in connection with resales
contemplated by this Section 3;

 

(g)                                 (i)
in the case of an Exchange Offer, furnish counsel for the Initial Purchasers
and (ii) in the case of a Shelf Registration, furnish counsel for the Holders
of Registrable Securities and counsel for any underwriters of Registrable
Securities copies of any request by the SEC or any state securities authority
for amendments or supplements to a Registration Statement or Prospectus or for
additional information;

 

 

(h)                                 use
its reasonable best effort to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement as soon as practicable and provide
immediate notice to each Holder of the withdrawal of any such order;

 

(i)                                     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 amendments thereto (without documents
incorporated or deemed to be incorporated therein by reference or exhibits
thereto, unless requested), if such documents are not available via the SEC
EDGAR database;

 

(j)                                     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 cause such Registrable Securities to be in such
denominations (consistent with the provisions of the Indentures) and in a form
eligible for deposit with the Depositary and registered in such names as the
selling Holders or the underwriters, if any, may reasonably request in writing
at least one business day prior to the closing of any sale of Registrable
Securities;

 

(k)                                  in
the case of a Shelf Registration, upon the occurrence of any event or the
discovery of any facts as contemplated by Section 3(e)(vi) hereof, use its
reasonable best efforts to prepare a supplement or post-effective amendment to
a Registration Statement or the related Prospectus or any document incorporated
or deemed to be incorporated therein by reference or file any other required
document so that, as thereafter delivered to the purchasers of the Registrable
Securities, such Prospectus will not contain at the time of such delivery any
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in light of the circumstances under
which they were made, not misleading. The Company agrees to notify each Holder
to suspend use of the Prospectus as promptly as practicable after the
occurrence of such an event, and each Holder hereby agrees to suspend use of
the Prospectus until the Company has amended or supplemented the Prospectus to
correct such misstatement or omission. At such time as such public disclosure
is otherwise made or the Company determines that such disclosure is not
necessary, in each case to correct any misstatement of a material fact or to
include any omitted material fact, the Company agrees promptly to notify each
Holder of such determination and to furnish each Holder such number of copies
of the Prospectus, as amended or supplemented, as such Holder may reasonably
request;

 

(l)                                     obtain
CUSIP numbers for all Exchange Securities or Registrable Securities, as the
case may be, not later than the effective date of a Registration Statement, and
provide the Trustee with printed or word-processed certificates for the
Exchange Securities or Registrable Securities, as the case may be, in a form
eligible for deposit with the Depositary;

 

(m)                               cause
the Indenture to be qualified under the TIA in connection with the registration
of the Exchange Securities or Registrable Securities, as the case may be, (ii)
cooperate with the Trustee and the Holders to effect such changes, if any, to
the Indenture as may be required for the Indenture to be so qualified in
accordance with the terms of the

 

 

TIA and (iii)
execute, and use its best efforts to cause the Trustee to execute, all
documents as may be required to effect such changes, if any, 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;

 

(n)                                 in
the case of a Shelf Registration, the holders of a majority in principal amount
of the Registrable Securities registered pursuant to such Shelf Registration
Statement shall have the right to direct the Company to effect not more than
one underwritten registration and, in connection with such underwritten
registration, the Company shall enter into agreements (including underwriting
agreements or similar agreements) and take all other customary and appropriate
actions (including those reasonably requested by the holders of a majority in
principal amount of the Registrable Securities being sold) in order to expedite
or facilitate the disposition of such Registrable Securities and in such
connection, in a manner that is reasonable and customary:

 

(i)                     make
such representations and warranties to the Holders of such Registrable
Securities and the underwriters, in form, substance and scope as are customarily
made by issuers to underwriters in similar underwritten offerings as may be
reasonably requested by such Holders and underwriters;

 

(ii)                  obtain
opinions of counsel to the Company (which counsel and opinions (in form, scope
and substance) shall be reasonably satisfactory to the managing underwriters,
and the Holders of a majority in principal amount of the Registrable Securities
being sold) addressed to each selling Holder and the underwriters, covering the
matters customarily covered in opinions requested in sales of securities or
underwritten offerings and such other matters as may be reasonably requested by
such Holders and underwriters;

 

(iii)               obtain
“cold comfort” letters and updates thereof with respect to such Shelf
Registration Statement and the Prospectus included therein, all amendments and
supplements thereto and all documents incorporated or deemed to be incorporated
by reference therein from the Company’s independent certified public
accountants and from the independent certified public accountants for any other
Person or any business or assets whose financial statements are included or
incorporated by reference in the Shelf Registration Statement, each addressed
to the underwriters, and use reasonable best efforts to have such letters addressed
to the selling Holders of Registrable Securities, such letters to be in
customary form and covering matters of the type customarily covered in “cold
comfort” letters to underwriters in connection with similar underwritten
offerings and such letters to be delivered at the time of the pricing of such
underwritten registration with an update to such letter to be delivered at the
time of closing of such underwritten registration;

 

(iv)              if
an underwriting agreement or other similar agreement is entered into, cause the
same to set forth indemnification and contributions provisions and procedures
substantially equivalent to the indemnification and contributions provisions
and procedures set forth in Section 5 hereof with respect to the

 

 

underwriters
and all other parties to be indemnified pursuant to Section 5 hereof or such
other indemnification and contributions as shall be satisfactory to the
Company, the applicable underwriters and the Holders of the majority in
principal amount of the Registrable Securities being sold; and

 

(v)                 deliver
such other documents and certificates as may be reasonably requested and as are
customarily delivered in similar offerings.

 

The documents referred to in Sections
3(n)(ii) and 3(n)(v) shall be delivered at the closing under any underwriting
or similar agreement as and to the extent required thereunder. In the case of
any such underwritten offering, the Company shall provide written notice to the
Holders of all Registrable Securities of such underwritten offering at least 30
days prior to the filing of a prospectus supplement for such underwritten
offering. Such notice shall (x) offer each such Holder the right to participate
in such underwritten offering, (y) specify a date, which shall be no earlier
than 30 days following the date of such notice, by which such Holder must
inform the Company of its intent to participate in such underwritten offering
and (z) include the instructions such Holder must follow in order to
participate in such underwritten offering;

 

(o)                                 in
the case of a Shelf Registration, make available for inspection by
representatives of the Holders of the Registrable Securities and any
underwriters participating in any disposition pursuant to a Shelf Registration
Statement and any counsel or accountant retained by such Holders or
underwriters, all financial statements and other records, documents and
properties of the Company reasonably requested by any such Persons, and cause
the respective officers, directors, employees, and any other agents of the
Company to supply all information reasonably requested by any such Persons in
connection with a Shelf Registration Statement;

 

(p)                                 (i)
in the case of an Exchange Offer, a reasonable time prior to the filing of any
Exchange Offer Registration Statement, any Prospectus forming a part thereof,
any amendment to an Exchange Offer Registration Statement or amendment or
supplement to such Prospectus, provide copies of such documents to the Initial
Purchasers, and make such changes in any such documents prior to the filing thereof
as the Initial Purchasers or their counsel may reasonably request; (ii) in the
case of a Shelf Registration, a reasonable time prior to filing any Shelf
Registration Statement, any Prospectus forming a part thereof, any amendment to
such Shelf Registration Statement or amendment or supplement to such
Prospectus, provide copies of such document to the Holders of Registrable
Securities, to the Initial Purchasers, to the underwriter or underwriters, of
an underwritten offering of Registrable Securities, and to counsel for any such
Holders, Initial Purchasers or underwriters, and make such changes in any such
document prior to the filing thereof as the Holders of Registrable Securities,
the Initial Purchasers, any such underwriter or underwriters or any of their
respective counsel may reasonably request; and (iii) cause the representatives
of the Company to be available for discussion of such documents as shall be
reasonably requested by the Holders of Registrable Securities, the Initial
Purchasers on behalf of such Holders or any underwriter, and shall not at any
time make any filing of any such document of which such Holders, the Initial
Purchasers on behalf of such Holders, their counsel or any underwriter shall
not have previously been advised and furnished a

 

 

copy or to
which such Holders, the Initial Purchasers on behalf of such Holders, their
counsel or any underwriter shall reasonably object within a reasonable time
period;

 

(q)                                 in
the case of a Shelf Registration, use its reasonable best efforts to cause the
Registrable Securities to be rated with the appropriate rating agencies, if so
requested by the Majority Holders of Registrable Securities or by the
underwriter or underwriters of an underwritten offering, unless the Registrable
Securities are already so rated;

 

(r)                                    otherwise
use its reasonable best efforts to comply with all applicable rules and
regulations of the SEC and, with respect to each Registration Statement and
each post-effective amendment, if any, thereto and each filing by the Company
of an Annual Report on Form 10-K, make available to its security holders, as
soon as reasonably practicable, an earnings statement covering at least twelve
months which shall satisfy the provisions of Section 11(a) of the 1933 Act and
Rule 158 thereunder;

 

(s)                                  cooperate
and assist in any filings required to be made with the NASD and in the
performance of any due diligence investigation by any underwriter and its
counsel;

 

(t)                                    in
the case of a Shelf Registration, 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 Initial Purchasers on behalf of such Holders; and make
representatives of the Company as shall be reasonably requested by the Holders
of Registrable Securities, or the Initial Purchasers on behalf of such Holders,
available for discussion of such document; and

 

(u)                                 in
the case of a Shelf Registration, use its reasonable best efforts to cause all
Registrable Securities to be listed on any securities exchange on which similar
debt securities issued by the Company are then listed if requested by the
Majority Holders or by the underwriter or underwriters of an underwritten
offering of Registrable Securities, if any.

 

In the case of a Shelf Registration
Statement, the Company may (as a condition to such Holder’s participation in
the Shelf Registration) require each Holder of Registrable Securities to
furnish to the Company such information regarding such Holder and the proposed
distribution by such Holder of such Registrable Securities as the Company may
from time to time reasonably request in writing and require such Holder to
agree in writing to be bound by all provisions of this Agreement applicable to
such Holder.

 

In the case of a Shelf Registration
Statement, each Holder agrees and, in the event that any Participating
Broker-Dealer is using the Prospectus included in the Exchange Offer
Registration Statement in connection with the sale of Exchange Securities
pursuant to Section 3(f), each such Participating Broker-Dealer agrees that,
upon receipt of any notice from the Company of the happening of any event or
the discovery of any facts of the kind described in Section 3(e)(ii), 3(e)(iii)
or 3(e)(v) through 3(e)(vii) hereof, such Holder or Participating
Broker-Dealer, as the case may be, will forthwith discontinue disposition of
Registrable Securities pursuant to a Registration

 

 

Statement
until receipt by such Holder or Participating Broker-Dealer, as the case may
be, of (i) the copies of the supplemented or amended Prospectus contemplated by
Section 3(k) hereof or (ii) written notice from the Company that the Shelf
Registration Statement or the Exchange Offer Registration Statement,
respectively, are once again effective or that no supplement or amendment is
required. If so directed by the Company, such Holder or Participating
Broker-Dealer, as the case may be, will deliver to the Company (at the Company’s
expense) all copies in its possession, other than permanent file copies then in
its possession, of the Prospectus covering such Registrable Securities current
at the time of receipt of such notice. Nothing in this paragraph shall prevent
the accrual of Additional Interest on any Securities or Exchange Securities.

 

If the Company shall give any such notice to
suspend the disposition of Registrable Securities pursuant to the immediately
preceding paragraph, the Company shall be deemed to have used its reasonable
best efforts to keep the Shelf Registration Statement or, in the case of
Section 3(f), the Exchange Offer Registration Statement, as the case may be,
effective during such period of suspension; provided that (i) such period of
suspension shall not exceed the time periods provided in Section 2(e)(vii)
hereof and (ii) the Company shall use its reasonable best efforts to file and
have declared effective (if an amendment) as soon as practicable thereafter an
amendment or supplement to the Shelf Registration Statement or the Exchange
Offer Registration Statement or both, as the case may be, or the Prospectus
included therein and shall extend the period during which the Shelf
Registration Statement or the Exchange Offer Registration Statement or both, as
the case may be, shall be maintained effective pursuant to this Agreement (and,
if applicable, the period during which Participating Broker-Dealers may use the
Prospectus included in the Exchange Offer Registration Statement pursuant to
Section 3(f) hereof) by the number of days during the period from and including
the date of the giving of such notice to and including the earlier of the date
when the Holders or Participating Broker-Dealers, respectively, shall have
received copies of the supplemented or amended Prospectus necessary to resume
such dispositions and the effective date of written notice from the Company to
the Holders or Participating Broker-Dealers, respectively, that the Shelf
Registration Statement or the Exchange Offer Registration Statement,
respectively, are once again effective or that no supplement or amendment is
required.

 

4.                                       Underwritten
Registrations. In the event that the Company fails to effect the Exchange
Offer or file any Shelf Registration Statement and maintain the effectiveness
of any Shelf Registration Statement as provided herein, the Company shall not
file any Registration Statement with respect to any securities (within the
meaning of Section 2(l) of the 1933 Act) of the Company other than Registrable
Securities.

 

If any of the Registrable Securities covered
by any Shelf Registration are to be sold in an underwritten offering, the
investment banker or investment bankers and manager or managers that will
manage the offering will be selected by the Majority Holders of such
Registrable Securities included in such offering, subject to the consent of the
Company, which consent shall not be unreasonably withheld.

 

No Holder of Registrable Securities may
participate in any underwritten registration hereunder unless such Holder (a)
agrees to sell such Holder’s Registrable Securities on the basis provided in
any underwriting arrangements approved by the Persons entitled hereunder to
approve such arrangements and (b) completes and executes all questionnaires,
powers of attorney,

 

 

indemnities,
underwriting agreements and other documents required under the terms of such
underwriting arrangements.

 

5.                                       Indemnification
and Contribution.

 

(a)                                  The Company agrees to
indemnify and hold harmless each Initial Purchaser, each Holder, each
Participating Broker-Dealer, each underwriter who participates in an offering
of Registrable Securities (each, an “Underwriter”) and each Person, if any, who
controls any Initial Purchaser, Holder, Participating Broker-Dealer or
Underwriter within the meaning of either Section 15 of the 1933 Act or Section
20 of the 1934 Act, as follows:

 

(i)                     against
any and all loss, liability, claim, damage and expense whatsoever, as incurred,
arising out of any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement (or any amendment thereto)
pursuant to which Exchange Securities or Registrable Securities were registered
under the 1933 Act, including all documents incorporated therein by reference,
or any omission or alleged omission therefrom of a material fact required to be
stated therein or necessary to make the statements therein not misleading, or
arising out of any untrue statement or alleged untrue statement of a material
fact contained in any Prospectus (or any amendment or supplement thereto) or
any omission or alleged omission therefrom of a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading;

 

(ii)                  against
any and all loss, liability, claim, damage and expense whatsoever, as incurred,
to the extent of the aggregate amount paid in settlement of any litigation, or
any investigation or proceeding by any governmental agency or body, commenced
or threatened, or of any claim whatsoever based upon any such untrue statement
or omission, or any such alleged untrue statement or omission; provided that
(subject to Section 5(d) below) any such settlement is effected with the
written consent of the Company; and

 

(iii)               against
any and all expense whatsoever, as incurred (including the fees and
disbursements of counsel chosen by any indemnified party), reasonably incurred
in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission, to the extent that
any such expense is not paid under subparagraph (i) or (ii) above;

 

provided, however,
that this indemnity agreement shall not apply to any loss, liability, claim,
damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity
with written information furnished to the Company by any Initial Purchaser,
Holder, Participating Broker-Dealer or Underwriter with respect to such Initial
Purchaser, Holder, Participating Broker-Dealer or Underwriter, as the case may
be, expressly for use in the Registration Statement (or any amendment thereto)
or the Prospectus (or any amendment or supplement thereto) or made in reliance
upon the Statements of Eligibility and Qualification of Trustees (Form T-1)
under the 1939 Act filed as exhibits to the Registration Statement.

 

 

(b)                                 Each Holder, each
Initial Purchaser, each Participating Broker-Dealer and each Underwriter,
severally but not jointly, agrees to indemnify and hold harmless the Company,
each director of the Company, each officer of the Company, each other Initial
Purchaser, each other Participating Broker-Dealer, each other Underwriter and
each other selling Holder and each Person, if any, who controls the Company,
any Initial Purchaser, any Underwriter, any Participating Broker-Dealer or any
other selling Holder within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act against any and all loss, liability, claim, damage
and expense described in the indemnity contained in Section 5(a) hereof, as
incurred, but only with respect to untrue statements or omissions, or alleged
untrue statements or omissions, made in the Shelf Registration Statement (or
any amendment thereto) or any Prospectus included therein (or any amendment or
supplement thereto) in reliance upon and in conformity with written information
with respect to such Holder, Initial Purchaser, Underwriter or Participating
Broker-Dealer furnished to the Company by such Holder, Initial Purchaser,
Underwriter or Participating Broker-Dealer respectively, expressly for use in
the Shelf Registration Statement (or any amendment thereto) or such Prospectus
(or any amendment or supplement thereto); provided, however, that no such Holder,
Initial Purchaser, Underwriter or Participating Broker-Dealer shall be liable
for any claims hereunder in excess of the amount of net proceeds received by
such Holder from the sale of Registrable Securities pursuant to such Shelf
Registration Statement.

 

(c)                                  Each indemnified
party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which
indemnity may be sought hereunder, but failure so to notify an indemnifying
party shall not relieve such indemnifying party from any liability which it may
have otherwise than on account of this indemnity agreement. An indemnifying
party may participate at its own expense in the defense of such action;
provided, however, that counsel to the indemnifying party shall not (except
with the consent of the indemnified party) also be counsel to the indemnified
party. In no event shall the indemnifying parties be liable for the fees and
expenses of more than one counsel (in addition to any local counsel) separate
from their own counsel for all indemnified parties in connection with any one
action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. No indemnifying
party shall, without the prior written consent of the indemnified parties,
settle or compromise or consent to the entry of any judgment with respect to
any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 5 (whether
or not the indemnified parties are actual or potential parties thereto), unless
such settlement, compromise or consent (i) includes an unconditional release of
each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of
any indemnified party.

 

(d)                                 If at any time an
indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel, such indemnifying party
agrees that it shall be liable for any settlement of the nature contemplated by
Section 5(a)(ii) effected without its written consent if (i) such settlement is
entered into more than 45 days after receipt by such indemnifying party of the
aforesaid request, (ii) such indemnifying party shall have received notice of the
terms of such settlement at least 30 days prior to such settlement being
entered into and (iii) such indemnifying party shall not have reimbursed such
indemnified party in accordance with such request prior to the date of such
settlement.

 

 

(e)                                  In order to provide
for just and equitable contribution in circumstances in which the indemnity
agreement provided for in this Section 5 is for any reason unavailable to or
insufficient to hold harmless an indemnified party in respect of any losses,
liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses,
liabilities, claims, damages and expenses incurred by such indemnified party,
as incurred, in such proportion as is appropriate to reflect the relative fault
of the indemnifying party or parties on the one hand and of the indemnified
party or parties on the other hand in connection with the statements or
omissions that resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations. The relative
fault of such indemnifying party or parties on the one hand and the indemnified
party or parties on the other hand shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact relates to information
supplied by such indemnifying party or parties or such indemnified party or
parties, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.

 

(f)                                    The Company, the
Holders, and the Initial Purchasers agree that it would not be just or
equitable if contribution pursuant to this Section 5 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 that does not take account
of the equitable considerations referred to in paragraph (e) above. The
aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an indemnified party and referred to above in this Section 5 shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged
untrue statement or omission or alleged omission.

 

Notwithstanding the provisions of this
Section 5, no Initial Purchaser or Holder, Participating Broker-Dealer or
Underwriter shall be required to contribute any amount in excess of the amount
by which the total price at which Registrable Securities sold by it were
offered exceeds the amount of any damages that such Initial Purchaser, Holder,
Participating Broker-Dealer or Underwriter has otherwise been required to pay
by reason of any such untrue or alleged untrue statement or omission or alleged
omission.

 

No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall
be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

 

For purposes of this Section 5, each Person,
if any, who controls an Initial Purchaser, Holder, Participating Broker-Dealer
or Underwriter within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act shall have the same rights to contribution as such Initial
Purchaser, Holder, Participating Broker-Dealer or Underwriter, as the case may
be, and each director of the Company, each officer of the Company who signed
the Registration Statement and each Person, if any, who controls the Company
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
shall have the same rights to contribution as the Company. The respective
obligations of the Initial Purchasers, Holders, Participating Broker-Dealers
and

 

 

Underwriters
to contribute pursuant to this Section 5 are several in proportion to the
principal amount of Securities purchased by them and not joint.

 

The indemnity and contribution provisions
contained in this Section 5 shall remain operative and in full force and effect
regardless of (i) any termination of this Agreement, (ii) any investigation
made by or on behalf of any Initial Purchaser, Holder, Participating
Broker-Dealer or Underwriter or any Person controlling any Initial Purchaser,
Holder, Participating Broker-Dealer or Underwriter, or by or on behalf of the
Company, its officers or directors or any Person controlling the Company, (iii)
acceptance of any of the Exchange Securities and (iv) any sale of Registrable
Securities or Exchange Securities pursuant to a Shelf Registration Statement.

 

6.                                       Miscellaneous.

 

(a)                                  Rule 144 and Rule
144A. For so long as the Company is subject to the reporting requirements
of Section 13 or 15 of the 1934 Act, the Company covenants that it will file
all reports required to be filed by it under Section 13(a) or 15(d) of the 1934
Act and the rules and regulations adopted by the SEC thereunder, that if it
ceases to be so required to file such reports, it will upon the request of any
Holder or beneficial owner of Registrable Securities (i) make publicly
available such information (including, without limitation, the information
specified in Rule 144(c)(2) under the 1933 Act) as is necessary to permit sales
pursuant to Rule 144 under the 1933 Act, (ii) deliver or cause to be delivered,
promptly following a request by any Holder or beneficial owner of Registrable
Securities or any prospective purchaser or transferee designated by such Holder
or beneficial owner, such information (including, without limitation, the
information specified in Rule 144A(d)(4) under the 1933 Act) as is necessary to
permit sales pursuant to Rule 144A under the 1933 Act, and (iii) take such
further action that is reasonable in the circumstances, in each case to the
extent required from time to time to enable such Holder to sell its Registrable
Securities without registration under the 1933 Act within the limitation of the
exemptions provided by (x) Rule 144 under the 1933 Act, as such Rule may be
amended from time to time, (y) Rule 144A under the 1933 Act, as such Rule may
be amended from time to time, or (z) any similar rules or regulations hereafter
adopted by the SEC. Upon the request of any Holder or beneficial owner of
Registrable Securities, the Company will deliver to such Holder a written
statement as to whether it has complied with such requirements.

 

(b)                                 No Inconsistent
Agreements. The Company has not entered into nor will the Company on or
after the date of this Agreement 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 and will not in any way conflict with and are
not and will not be inconsistent with the rights granted to the holders of any
of the Company’s other issued and outstanding securities under any other
agreements entered into by the Company or any of its subsidiaries.

 

(c)                               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 Company
has 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 departure.

 

 

(d)                                 Notices. All
notices and other communications provided for or permitted hereunder shall be
made in writing by hand-delivery, registered first-class mail, telecopier, or
any courier guaranteeing overnight delivery (i) if to a Holder or Participating
Broker-Dealer (other than an Initial Purchaser), at the most current address
set forth on the records of the registrar under the Indentures, (ii) if to an
Initial Purchaser, at the most current address given by such Initial Purchaser
to the Company by means of a notice given in accordance with the provisions of
this Section 6(d), which address initially is the address set forth in the
Purchase Agreement; (iii) if to the Company, initially at the address set forth
in the Purchase Agreement and thereafter at such other address, notice of which
is given in accordance with the provisions of this Section 6(d) and (iv) if to
any Underwriter, at the most current address given by such Underwriter to the
Company by means of a notice given in accordance with the provisions of this
Section 6(d), which address initially shall be the address set forth in the
applicable underwriting agreement.

 

All such notices and communications shall be
deemed to have been duly given:  at the
time delivered by hand, if personally delivered; 7 business days after being
deposited in the mail, first class, postage prepaid, if mailed; when receipt is
acknowledged, if telecopied; and on the first 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 Indentures.

 

(e)                                  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 hereof or of the Purchase Agreement or the Indentures. 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, including the restrictions on resale set forth in this Agreement
and, if applicable, the Purchase Agreement, and such Person shall be entitled
to receive the benefits hereof.

 

(f)                                    Third Party
Beneficiary. Each Holder and Participating Broker-Dealer shall be a third
party beneficiary of the agreements made hereunder between the Company, on the
one hand, and the Initial Purchasers, 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 other
Holders hereunder. Each Holder, by its acquisition of Securities, shall be
deemed to have agreed to the provisions of Section 5(b) hereof.

 

(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)                                     Restriction on
Resales. If the Company or any of its subsidiaries or affiliates (as
defined in Rule 144 under the 1933 Act) shall redeem, purchase or otherwise
acquire any Registrable Security or any Exchange Security which is a “restricted
security” within the meaning of Rule 144 under the 1933 Act, the Company will
deliver or cause to be delivered such Registrable Security or Exchange
Security, as the case may be, to the Trustee for cancellation and neither the
Company nor any of its subsidiaries or affiliates will hold or resell such
Registrable Security or Exchange Security or issue any new Security or Exchange
Security to replace the same.

 

(j)                                     GOVERNING LAW.
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK.

 

(k)                                  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.

 

[SIGNATURE PAGE FOLLOWS]

 

 

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

 

	
   

  	
  iSTAR FINANCIAL INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Confirmed and accepted

as of the date first above written:

BARCLAYS CAPITAL INC.

BEAR STEARNS & CO. INC.

DEUTSCHE BANK SECURITIES INC.

 

 

	
  BARCLAYS CAPITAL INC.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  BEAR STEARNS & CO. INC.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  DEUTSCHE BANK SECURITIES INC.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  

 

For itself and on behalf of the other Initial Purchasers

 

 

ANNEX A

 

INITIAL PURCHASERS

 

Deutsche Bank Securities Inc.

 

Barclays Capital Inc.

 

Bear, Stearns & Co. Inc.

 

HSBC Securities (USA) Inc.

 

RBC Capital Markets Corporation

 

Scotia Capital (USA) Inc.

 

 

ANNEX B

 

PLAN OF DISTRIBUTION

 

Each broker-dealer that receives new notes for its own account under
the exchange offer must acknowledge that it will deliver a prospectus in
connection with any resale of those notes. This prospectus, as it may be
amended or supplemented from time to time, may be used by a broker-dealer for
resales of new notes received in exchange for original notes that had been
acquired as a result of market-making or other trading activities. We have
agreed that, for a period of 90 days after the expiration date of the exchange
offer, we will make this prospectus, as it may be amended or supplemented,
available to any broker-dealer for use in connection with any such resale. Any
broker-dealers required to use this prospectus and any amendments or
supplements to this prospectus for resales of the new notes must notify us of
this fact by checking the box on the letter of transmittal requesting
additional copies of these documents.

 

Notwithstanding the foregoing, we are entitled under the registration
rights agreements to suspend the use of this prospectus by broker-dealers under
specified circumstances. For example, we may suspend the use of this prospectus
if:

 

•                  the SEC or any
state securities authority requests an amendment or supplement to this
prospectus or the related registration statement or additional information;

 

•                  the SEC or any
state securities authority issues any stop order suspending the effectiveness
of the registration statement or initiates proceedings for that purpose;

 

•                  we receive
notification of the suspension of the qualification of the new notes for sale
in any jurisdiction or the initiation or threatening of any proceeding for that
purpose;

 

•                  the suspension
is required by law; or

 

•                  an event occurs
which makes any statement in this prospectus untrue in any material respect or
which constitutes an omission to state a material fact in this prospectus.

 

If we suspend the use of this prospectus, the 90-day period referred to
above will be extended by a number of days equal to the period of the
suspension.

 

We will not receive any proceeds from any sale of new notes by
broker-dealers. New notes received by broker-dealers for their own account
under the exchange offer may be sold from time to time in one or more
transactions in the over-the-counter market, in negotiated transactions,
through the writing of options on those notes or a combination of those
methods, at market prices prevailing at the time of resale, at prices related to
prevailing market prices or at negotiated prices. Any resales may be made
directly to purchasers or to or through brokers or dealers who may receive
compensation in the form of commissions or concessions from the selling
broker-dealer or the purchasers of the new notes. Any broker-dealer that
resells new notes received by it for its own account under the exchange offer
and any broker or dealer that participates in a distribution of the new notes
may be deemed to be an “underwriter” within the meaning of the Securities Act
and any

 

 

profit on any resale of new notes and any commissions or concessions
received by these persons may be deemed to be underwriting compensation under
the Securities Act. The letter of transmittal states that, by acknowledging that
it will deliver and by delivering a prospectus, a broker- dealer will not be
deemed to admit that it is an “underwriter” within the meaning of the
Securities Act.

 

We have agreed to pay all expenses incidental to the exchange offer
other than commissions and concessions of any broker or dealer and will
indemnify holders of the notes, including any broker-dealers, against certain
liabilities, including liabilities under the Securities Act.Exhibit
4.4

 

 

REGISTRATION
RIGHTS AGREEMENT

 

Dated
as of September 18, 2006

 

between

 

ISTAR
FINANCIAL INC.

 

and

 

BARCLAYS
CAPITAL INC.

 

BEAR
STEARNS & CO. INC.

 

DEUTSCHE
BANK SECURITIES INC.

 

AND

 

THE
OTHER INITIAL PURCHASERS

REFERRED TO HEREIN

 

as the
Initial Purchasers

 

 

 

REGISTRATION
RIGHTS AGREEMENT

 

REGISTRATION
RIGHTS AGREEMENT (the “Agreement”) dated as of September 18, 2006 between iStar
Financial Inc., a Maryland corporation (the “Company”), and Barclays Capital
Inc., Bear Stearns & Co. Inc., Deutsche Bank Securities Inc. and the other
parties referred to in Annex A hereto (each, an “Initial Purchaser” and
collectively, the “Initial Purchasers”).

 

This
Agreement is made pursuant to the Purchase Agreement, dated September 13, 2006,
by and between the Company and the Initial Purchasers (the “Purchase Agreement”),
which provides for the sale by the Company to the Initial Purchasers of $500,000,000
aggregate principal amount of the Company’s Senior Floating Rate Notes due 2009
(the “Securities”) and other securities. In order to induce the Initial
Purchasers to enter into the Purchase Agreement and in satisfaction of a
condition to the Initial Purchasers’ obligations thereunder, the Company has
agreed to provide to the Initial Purchasers and their respective direct and
indirect transferees and assigns the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the
closing under the Purchase Agreement.

 

In
consideration of the foregoing, the parties hereto agree as follows:

 

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 from time to time,
and the rules and regulations of the SEC promulgated thereunder.

 

“1934
Act” shall mean the Securities Exchange Act of 1934, as amended from time
to time, and the rules and regulations of the SEC promulgated thereunder.

 

“Additional
Interest” shall have the meaning set forth in Section 2(e) hereof.

 

“Closing
Time” shall mean September 18, 2006.

 

“Depositary”
shall mean The Depository Trust Company, or any other depositary appointed by
the Company, including any agent thereof; provided, however, that any such
depositary must at all times have an address in the Borough of Manhattan, The
City of New York.

 

“Exchange
Offer” shall mean the exchange offer by the Company 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) covering
the Registrable Securities, and all amendments and supplements to such
registration statement, in each case including the Prospectus contained
therein, all

 

 

exhibits thereto and all material incorporated or
deemed to be incorporated by reference therein.

 

“Exchange
Securities” shall mean the $500,000,000 aggregate principal amount Senior
Floating Rate Notes due 2009 issued by the Company under the Indenture
containing terms identical to the Notes (except that (i) interest thereon shall
accrue from the last date to which interest has been paid or duly provided for
on the Securities or, if no such interest has been paid or duly provided for,
from the Interest Accrual Date, (ii) provisions relating to an increase in the
stated rate of interest thereon upon the occurrence of a Registration Default
shall be eliminated, (iii) the transfer restrictions, minimum purchase
requirements and legends relating to restrictions on ownership and transfer
thereof as a result of the issuance of the Securities without registration
under the 1933 Act shall be eliminated and (iv) such securities will be
issuable in denominations of $1,000 and integral multiples of $1,000 in excess
thereof) to be offered to Holders of Registrable Securities in exchange for
Registrable Securities pursuant to the Exchange Offer.

 

 “Holders” shall mean (i) the Initial
Purchasers, for so long as they own any Registrable Securities, and each of
their respective successors, assigns and direct and indirect transferees who
become registered owners of Registrable Securities under the Indenture and (ii)
each Participating Broker-Dealer that holds Exchange Securities for so long as
such Participating Broker-Dealer is required to deliver a prospectus meeting
the requirements of the 1933 Act in connection with any resale of such Exchange
Securities.

 

“Indenture”
shall mean the Indenture, dated as of September 18, 2006, by and between the
Company and U.S. Bank Trust National Association, as trustee (the “Trustee”), as
the same may be further amended or supplemented from time to time in accordance
with the terms thereof.

 

“Interest
Accrual Date” means September 18, 2006.

 

“Initial
Purchasers” shall have the meaning set forth in the preamble of this
Agreement.

 

“Majority
Holders” shall mean the Holders of a majority of the aggregate principal
amount of Registrable Securities outstanding, excluding Exchange Securities
referred to in clause (ii) of the definition of “Holders” above; provided that whenever the consent or approval of Holders of
a specified percentage of Registrable Securities or Exchange Securities is
required hereunder, Registrable Securities and Exchange Securities held by the
Company or any of its affiliates (as such term is defined in Rule 405 under the
1933 Act) shall also be disregarded in determining whether such consent or
approval was given by the Holders of such required percentage.

 

“NASD”
shall mean the National Association of Securities Dealers, Inc.

 

“Notifying
Broker-Dealer” shall have the meaning set forth in Section 3(f).

 

“Participating
Broker-Dealer” shall have the meaning set forth in Section 3(f).

 

2

 

“Person”
shall mean an individual, partnership, joint venture, limited liability
company, corporation, trust or unincorporated organization, or a government or
agency or political subdivision thereof.

 

“Private
Exchange Securities” shall have the meaning set forth in Section 2(a)
hereof.

 

“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 a prospectus, including post-effective amendments, and in each case
including all material incorporated or deemed to be incorporated by reference
therein.

 

“Purchase
Agreement” shall have the meaning set forth in the preamble to this
Agreement.

 

“Registrable
Securities” shall mean the Securities; provided, however, that any Securities shall cease to be Registrable
Securities when (i) a 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 Registration Statement, (ii) such
Securities shall have been sold to the public pursuant to Rule 144 (or any
similar provision then in force, but not Rule 144A) under the 1933 Act, (iii)
such Securities shall have ceased to be outstanding, (iv) such Securities have
been exchanged for Exchange Securities which have been registered pursuant to
the Exchange Offer Registration Statement upon consummation of the Exchange
Offer unless, in the case of any Exchange Securities referred to in this clause
(iv), such Exchange Securities are held by Participating Broker-Dealers or
otherwise are not freely tradable without any limitations or restrictions under
the 1933 Act (in which case such Exchange Securities will be deemed to be
Registrable Securities until such time as such Exchange Securities are sold to
a purchaser in whose hands such Exchange Securities are freely tradeable
without any limitations or restrictions under the 1933 Act) or (v) such
Securities have been exchanged for Private Exchange Securities under this
Agreement (in which case such Private Exchange Securities will be deemed to be
Registrable Securities until such time as such Private Exchange Securities are
sold to a purchaser in whose hands such Private Exchange Securities are freely
tradeable without any limitations or restrictions under the 1933 Act).

 

“Registration
Default” shall have the meaning set forth in Section 2(e).

 

“Registration
Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company with this Agreement, including without
limitation:  (i) all SEC, stock exchange
or NASD registration and filing fees, (ii) all fees and expenses incurred in
connection with compliance with state or other securities or blue sky laws and
compliance with the rules of the NASD (including reasonable fees and
disbursements of counsel for any underwriters or Holders in connection with
qualification of any of the

 

3

 

Exchange Securities or Registrable Securities under
state or other securities or blue sky laws and any filing with and review by
the NASD), (iii) all expenses of any Persons in preparing, printing and
distributing any Registration Statement, any Prospectus, any amendments or
supplements thereto, any underwriting agreements, securities sales agreements,
certificates representing the Securities, Private Exchange Securities (if any)
or Exchange Securities and other documents relating to the performance of and
compliance with this Agreement, (iv) all rating agency fees, (v) all fees and
expenses incurred in connection with the listing, if any, of any of the
Securities or Exchange Securities on any securities exchange or exchanges or on
any quotation system, (vi) all fees and disbursements relating to the
qualification of the Indenture under applicable securities laws, (vii) the fees
and disbursements of counsel for the Company and the fees and expenses of
independent public accountants for the Company or for any other Person,
business or assets whose financial statements are included in any Registration
Statement or Prospectus, including the expenses of any special audits or “cold
comfort” letters required by or incident to such performance and compliance,
(viii) the fees and expenses of a “qualified independent underwriter” as
defined by Conduct Rule 2720 of the NASD (if required by the NASD rules) and
the fees and disbursements of its counsel, (ix) the fees and expenses of the
Trustee, any registrar, any depositary, any paying agent, any escrow agent or
any custodian, in each case including fees and disbursements of their
respective counsel, (x) the reasonable fees and expenses of the Initial
Purchasers in connection with the Exchange Offer, including the reasonable fees
and expenses of counsel to the Initial Purchasers in connection therewith, (xi)
the reasonable fees and disbursements, if any, of special counsel representing
the Holders of Registrable Securities and (xii) in the case of an underwritten
offering, any fees and disbursements of the underwriters customarily paid by
issuers or sellers of securities and the fees and expenses of any special
experts retained by the Company in connection with any Registration Statement
but excluding (except as otherwise provided herein) fees of counsel to the
underwriters or the Holders and underwriting discounts and commissions 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 the Company relating to
any offering of the Exchange Securities or Registrable Securities pursuant to
the provisions of this Agreement (including, without limitation, any Exchange
Offer Registration Statement and any Shelf Registration Statement), 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 or deemed to be
incorporated by reference therein.

 

“SEC”
shall mean the Securities and Exchange Commission or any successor thereto.

 

“Securities”
shall have the meaning set forth in the preamble to this Agreement.

 

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

 

4

 

“Shelf
Registration Statement” shall mean a “shelf” registration statement of the
Company pursuant to the provisions of Section 2(b) of this Agreement which
covers all of the Registrable Securities or Private Exchange Securities (if
any), as the case may be, 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 or deemed to be incorporated by
reference therein.

 

“TIA”
shall mean the Trust Indenture Act of 1939, as amended from time to time, and
the rules and regulations of the SEC promulgated thereunder.

 

“Trustee”
shall mean the trustee with respect to the Securities, the Private Exchange
Securities (if any) and the Exchange Securities under the Indentures.

 

For
purposes of this Agreement, (i) all references in this Agreement to any
Registration Statement, preliminary prospectus or Prospectus or any amendment
or supplement to any of the foregoing shall be deemed to include the copy filed
with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval
system (“EDGAR”); (ii) all references in this Agreement to financial statements
and schedules and other information which is “contained”, “included” or “stated”
in any Registration Statement, preliminary prospectus or Prospectus (or other
references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information which is incorporated
or deemed to be incorporated by reference in such Registration Statement,
preliminary prospectus or Prospectus, as the case may be; (iii) all references
in this Agreement to amendments or supplements to any Registration Statement,
preliminary prospectus or Prospectus shall be deemed to mean and include the
filing of any document under the 1934 Act which is incorporated or deemed to be
incorporated by reference in such Registration Statement, preliminary
prospectus or Prospectus, as the case may be; (iv) all references in this
Agreement to Rule 144, Rule 144A or Rule 405 under the 1933 Act, and all
references to any sections or subsections thereof or terms defined therein,
shall in each case include any successor provisions thereto; and (v) all
references in this Agreement to days (but not to business days) shall mean
calendar days.

 

2.                                       Registration
Under the 1933 Act.

 

(a)                                  Exchange
Offer Registration. The Company shall (A) file with the SEC on or prior to
the 90th day after the Closing Time an Exchange Offer Registration Statement
covering the offer by the Company to the Holders to exchange all of the
Registrable Securities for a like aggregate principal amount of Exchange
Securities, (B) use its reasonable best efforts to cause such Exchange Offer
Registration Statement to be declared effective by the SEC no later than the 180th
day after the Closing Time, (C) use its reasonable best efforts to cause such
Registration Statement to remain effective until the closing of the Exchange
Offer and (D) use its reasonable best efforts to consummate the Exchange Offer
no later than 210 days after the Closing Time. Upon the effectiveness of the
Exchange Offer Registration Statement, the Company shall promptly commence the
Exchange Offer, it being the objective of such Exchange Offer to enable each
Holder eligible and electing to exchange Registrable Securities for Exchange
Securities (assuming that such Holder is not an affiliate of the Company within
the meaning of Rule 405

 

5

 

under the 1933
Act, acquires the Exchange Securities in the ordinary course of such Holder’s
business and has no arrangements or understandings with any Person to
participate in the Exchange Offer for the purpose of distributing such Exchange
Securities) to trade such Exchange Securities from and after their receipt
without any limitations or restrictions under the 1933 Act or under the
securities or blue sky laws of the States of the United States.

 

In
connection with the Exchange Offer, the Company shall:

 

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

 

(ii)                  keep the
Exchange Offer open for not less than 30 days (or longer, if required by
applicable law) after the date notice thereof is mailed to the Holders and,
during the Exchange Offer, offer to all Holders who are legally eligible to
participate in the Exchange Offer the opportunity to exchange their Registrable
Securities for Exchange Securities;

 

(iii)               use the services of
a depositary with an address in the Borough of Manhattan, The City of New York
for the Exchange Offer;

 

(iv)              permit Holders to
withdraw tendered Registrable Securities at any time prior to the close of
business, New York City time, on the last business day on which the Exchange
Offer shall remain open, by sending to the institution specified in the
Prospectus or the related letter of transmittal or related documents 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 its election to have
such Securities exchanged;

 

(v)                 notify each
Holder that any Registrable Security not tendered will remain outstanding and
continue to accrue interest, but will not retain any rights under this
Agreement (except in the case of the Initial Purchasers and Participating
Broker-Dealers as provided herein); and

 

(vi)              otherwise comply in
all material respects with all applicable laws relating to the Exchange Offer.

 

If, at
or prior to the consummation of the Exchange Offer, any of the Initial
Purchasers holds any Securities acquired by it and having the status of an
unsold allotment in the initial distribution, the Company shall, upon the
request of any such Initial Purchaser, simultaneously with the delivery of the
Exchange Securities in the Exchange Offer, issue and deliver to such Initial
Purchaser in exchange for such Securities a like principal amount of debt securities
of the Company that are identical (except that such debt securities shall be
subject to transfer restrictions, minimum purchase requirements and shall bear
a legend relating to restrictions on ownership and transfer identical to those
applicable to the Securities as a result of the issuance thereof without
registration under the 1933 Act and shall provide for the payment of
Additional Interest) to the Exchange Securities (the “Private Exchange
Securities”). The Company shall use its reasonable best efforts to have the
Private Exchange Securities bear the same CUSIP number

 

6

 

as the Exchange Securities and, if unable to do so,
the Company will, at such time as any Private Exchange Security ceases to be a “restricted
security” within the meaning of Rule 144 under the 1933 Act, permit any
such Private Exchange Security to be exchanged for a like principal amount of
Exchange Securities. The Company shall not have any liability under this
Agreement solely as a result of any such Private Exchange Securities not
bearing the same CUSIP number as the Exchange Securities.

 

The
Exchange Securities and the Private Exchange Securities (if any) shall be
issued under the Indenture, which shall be qualified under the TIA. The Indenture
shall provide that the Exchange Securities, the Private Exchange Securities (if
any) and the Securities shall vote and consent together on all matters as a
single class and shall constitute a single series of debt securities issued
under the Indenture.

 

As
soon as practicable after the close of the Exchange Offer, the Company shall:

 

(i)                                     accept
for exchange all Registrable Securities duly tendered and not validly withdrawn
pursuant to the Exchange Offer in accordance with the terms of the Exchange
Offer Registration Statement and the letter of transmittal which is an exhibit
thereto;

 

(ii)                                  deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable
Securities so accepted for exchange by the Company; and

 

(iii)                               cause the Trustee
promptly to authenticate and deliver Exchange Securities to each Holder of
Registrable Securities so accepted for exchange equal in principal amount to
the principal amount of the Registrable Securities of such Holder so accepted
for exchange.

 

Interest
on each Exchange Security and such Private Exchange Security (if any) will
accrue from the last date on which interest was paid or duly provided for on
the Securities surrendered in exchange therefor or, if no interest has been
paid or duly provided for on such Securities, from the Interest Accrual Date. The
Exchange Offer shall not be subject to any conditions, other than (i) that the
Exchange Offer, or the making of any exchange by a Holder, does not violate any
applicable law or any applicable interpretation of the staff of the SEC, (ii)
that no action or proceeding shall have been instituted or threatened in any
court or by or before any governmental agency with respect to the Exchange
Offer which, in the Company’s judgment, would reasonably be expected to impair
the ability of the Company to proceed with the Exchange Offer, and (iii) that
the Holders tender the Registrable Securities to the Company in accordance with
the Exchange Offer. Each Holder of Registrable Securities (other than
Participating Broker-Dealers) who wishes to exchange such Registrable
Securities for Exchange Securities in the Exchange Offer will be required to
represent that (i) it is not an affiliate (as defined in Rule 405 under the
1933 Act) of the Company, (ii) any Exchange Securities to be received by it
will be acquired in the ordinary course of business and (iii) it has no
arrangement with any Person to participate in the distribution (within the
meaning of the 1933 Act) of the Exchange Securities, and shall be required to make
such other representations as may be reasonably necessary under applicable SEC
rules, regulations or interpretations to render the use of Form S-4 or another
appropriate form under the 1933 Act available. To the extent permitted

 

7

 

by law, the Company shall inform, upon the Initial
Purchasers’ request, the Initial Purchasers of the names and addresses of the
Holders of Securities to whom the Exchange Offer is made and, to the extent
such information is available to the Company, the names and addresses of the
beneficial owners of such Securities, and the Initial Purchasers shall have the
right to contact such Holders and beneficial owners and otherwise facilitate
the tender of Registrable Securities in the Exchange Offer.

 

(b)                                 Shelf
Registration. (i) If, because of any change in law or applicable
interpretations thereof by the staff of the SEC, the Company is not permitted
to effect the Exchange Offer as contemplated by Section 2(a) hereof, or (ii) if
for any other reason (A) the Exchange Offer Registration Statement is not
declared effective within 180 days following the  Closing Time or (B) the Exchange Offer is not
consummated within 210 days after the Closing Time (provided that if the
Exchange Offer Registration Statement shall be declared effective after such 180-day
period or if the Exchange Offer shall be consummated after such 210-day period,
then the Company’s obligations under this clause (ii) arising from the failure
of the Exchange Offer Registration Statement to be declared effective within
such 180-day period or the failure of the Exchange Offer to be consummated
within such 210-day period, respectively, shall terminate), or (iii) if any
Holder (other than an Initial Purchaser holding Securities acquired directly
from the Company) elects to participate in the Exchange Offer but does not
receive Exchange Securities which are freely tradeable without any limitations
or restrictions under the 1933 Act or (iv) upon the request of any of the
Initial Purchasers within 30 days following the consummation of the Exchange
Offer (provided that, in the case of this clause (iv), such Initial Purchaser
shall hold Registrable Securities (including, without limitation, Private
Exchange Securities) that it acquired directly from the Company), the Company
shall, at its cost:

 

(A)                              as
promptly as practicable, but no later than (a) the 270th day after the Closing
Time or (b) the 30th day after any such filing obligation arises, whichever is
later, file with the SEC a Shelf Registration Statement relating to the offer
and sale of the Registrable Securities by the Holders from time to time in
accordance with the methods of distribution elected by the Majority Holders of
such Registrable Securities and set forth in such Shelf Registration Statement;

 

(B)                                use
its reasonable best efforts to cause such Shelf Registration Statement to be
declared effective by the SEC as promptly as practicable, but in no event later
than the 365th day after the Closing Time (or, in the case of a request by any
of the Initial Purchasers pursuant to clause (iv) above, within 120 days after
such request). In the event that the Company is required to file a Shelf
Registration Statement pursuant to clause (iii) or (iv) above, the Company
shall file and use its reasonable best 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 Registrable
Securities held by such Holder or such Initial Purchaser, as applicable;

 

(C)                                use
its reasonable best efforts to keep the Shelf Registration Statement
continuously effective, supplemented and amended as required, in order to
permit the Prospectus forming part thereof to be usable by Holders for a period
of two years after

 

8

 

the latest date on which any Securities are originally
issued by the Company (subject to extension pursuant to the last paragraph of
Section 3) or, if earlier, when all of the Registrable Securities covered
by such Shelf Registration Statement (i) have been sold pursuant to the Shelf
Registration Statement in accordance with the intended method of distribution
thereunder, (ii) become eligible for resale pursuant to Rule 144(k) under the
1933 Act or (iii) cease to be Registrable Securities; and

 

(D)                               notwithstanding
any other provisions hereof, use its reasonable best efforts to ensure that (i)
any Shelf Registration Statement and any amendment thereto and any Prospectus
forming a part thereof and any supplements thereto comply in all material
respects with the 1933 Act and the rules and regulations thereunder, (ii) any
Shelf Registration Statement and any amendment or supplement thereto does not,
when it becomes effective, contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading and (iii) any Prospectus forming
part of any Shelf Registration Statement and any amendment or supplement to
such Prospectus does 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.

 

The
Company shall not permit any securities other than Registrable Securities or
other securities issued and sold pursuant to the Purchase Agreement or pursuant
to an offer by the Company to issue its 5.95% Senior Notes due 2013 for its
8.75% Senior Notes due 2008. to be included in the Shelf Registration Statement
without the prior written consent of Barclays Capital Inc., Bear Stearns &
Co. Inc. and Deutsche Bank Securities Inc. The Company further agrees, if
necessary, to supplement or amend the Shelf Registration Statement if
reasonably requested by the Majority Holders with respect to information
relating to the Holders and otherwise as required by Section 3(b) below, to use
its reasonable best efforts to cause any such amendment to become effective and
such Shelf Registration Statement to become usable as soon as practicable
thereafter and to furnish to the Holders of Registrable Securities copies of
any such supplement or amendment promptly after its being used or filed with
the SEC.

 

(c)                                  Expenses.
The Company shall pay all Registration Expenses in connection with the
registration pursuant to Section 2(a) and 2(b) and,
in the case of any Shelf Registration Statement, will reimburse the Holders or
the Initial Purchasers for the reasonable fees and disbursements of one counsel
(in addition to any local counsel) designated in writing by the Majority
Holders (or, if a Shelf Registration Statement is filed solely pursuant to
clause (iv) of the first paragraph of Section 2(b), designated by the Initial
Purchasers) to act as counsel for the Holders of the Registrable Securities in
connection therewith. Each Holder shall pay all fees and disbursements of its
counsel other than as set forth in the preceding sentence or in the definition
of Registration Expenses and all underwriting discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of such Holder’s
Registrable Securities pursuant to a Shelf Registration Statement.

 

(d)                                 Effective
Registration Statement.

 

(i)                     The Company
shall be deemed not to have used its reasonable best efforts to cause the
Exchange Offer Registration Statement or any Shelf Registration Statement,

 

9

 

as the case may be, to become, or to remain, effective
during the requisite periods set forth herein if the Company voluntarily takes
any action that could reasonably be expected to result in any such Registration
Statement not being declared effective or remaining effective or in the Holders
of Registrable Securities (including, under the circumstances contemplated by
Section 3(f) hereof, Exchange Securities) covered thereby not being able
to exchange or offer and sell such Registrable Securities during that period
unless (A) such action is required by applicable law or (B) such
action is taken by the Company in good faith and for valid business reasons
(but not including avoidance of the Company’s obligations hereunder), including
the acquisition or divestiture of assets or a material corporate transaction or
event so long as the Company promptly complies with the notification
requirements of Section 3(k) hereof, if applicable. Nothing in this
paragraph shall prevent the accrual of Additional Interest on any Securities or
Exchange Securities.

 

(ii)                  An Exchange
Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf
Registration Statement pursuant to Section 2(b) hereof shall not be deemed to
have become effective unless it has been declared effective by the SEC; provided, however, that
if, after such Registration Statement has been declared effective, the offering
of Registrable Securities pursuant to a 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 shall be
deemed not to have been effective during the period of such interference until
the offering of Registrable Securities pursuant to such Registration Statement
may legally resume.

 

(e)                                  Increase
in Interest Rate. In the event that:

 

(i)                     the Exchange
Offer Registration Statement is not filed with the SEC on or prior to the 90th
day following the Closing Time, or

 

(ii)                  the Exchange
Offer Registration Statement is not declared effective by the SEC on or prior
to the 180th day following the Closing Time, or

 

(iii)               the Exchange Offer
is not consummated on or prior to the 210th day following the
Closing Time, or

 

(iv)              if required, a Shelf
Registration Statement is not filed with the SEC on or prior to (A) the 270th
day following the Closing Time or (B) the 30th day after the filing obligation
arises, whichever is later, or

 

(v)                 if required, a
Shelf Registration Statement is not declared effective on or prior to the 365th
day following the Closing Time (or, if a Shelf Registration Statement is
required to be filed upon the request of any Initial Purchaser, within 120 days
after such request), or

 

(vi)              a Shelf Registration
Statement is declared effective by the SEC but such Shelf Registration
Statement ceases to be effective or such Shelf Registration Statement or the
Prospectus included therein ceases to be usable in connection with resales of
Registrable Securities for any reason and (A) the aggregate number of days
in any

 

10

 

consecutive 365-day period for which the Shelf
Registration Statement or such Prospectus shall not be effective or usable
exceeds 120 days, (B) the Shelf Registration Statement or such Prospectus
shall not be effective or usable for more than two periods (regardless of
duration) in any consecutive 365-day period or (C) the Shelf Registration
Statement or such Prospectus shall not be effective or usable for a period of
more than 90 consecutive days, or

 

(vii)           the Exchange Offer
Registration Statement is declared effective by the SEC but, if the Exchange
Offer Registration Statement is being used in connection with the resale of
Exchange Securities as contemplated by Section 3(f)(B) of this Agreement,
the Exchange Offer Registration Statement ceases to be effective or the
Exchange Offer Registration Statement or the Prospectus included therein ceases
to be usable in connection with resales of Exchange Securities for any reason
during the 90-day period referred to in Section 3(f)(B) of this Agreement (as
such period may be extended pursuant to the last paragraph of Section 3 of
this Agreement) and (A) the aggregate number of days in any consecutive 365-day
period for which the Exchange Offer Registration Statement or such Prospectus
shall not be effective or usable exceeds 120 days, (B) the Exchange Offer
Registration Statement or such Prospectus shall not be effective or usable for
more than two periods (regardless of duration) in any consecutive 365-day
period or (C) the Exchange Offer Registration Statement or the Prospectus
shall not be effective or usable for a period of more than 90 consecutive days,

 

(each
of the events referred to in clauses (i) through (vii) above being hereinafter
called a “Registration Default”), the per annum interest rate borne by the
Registrable Securities shall be increased (“Additional Interest”) by
one-quarter of one percent (0.25%) per annum immediately following such 90-day
period in the case of clause (i) above, immediately following such 180-day
period in the case of clause (ii) above, immediately following such 210-day
period in the case of clause (iii) above, immediately following any such 270-day
period or 30-day period, whichever ends later, in the case of clause (iv)
above, immediately following any such 365-day period or 120-day period,
whichever ends first, in the case of clause (v) above, immediately following
the 120th day in any consecutive 365-day period, as of the first day of the
third period in any consecutive 365-day period or immediately following the 90th
consecutive day, whichever occurs first, that a Shelf Registration Statement
shall not be effective or a Shelf Registration Statement or the Prospectus
included therein shall not be usable as contemplated by clause (vi) above, or
immediately following the 120th day in any consecutive 365-day period, as of
the first day of the third period in any consecutive 365-day period or immediately
following the 90th consecutive day, whichever occurs first, that the Exchange
Offer Registration Statement shall not be effective or the Exchange Offer
Registration Statement or the Prospectus included therein shall not be usable
as contemplated by clause (vii) above, which rate will be increased by an
additional one-quarter of one percent (0.25%) per annum immediately following
each 90-day period that any Additional Interest continues to accrue under any
circumstances; provided that the aggregate increase in such annual interest
rate may in no event exceed one-half of one percent (0.50%) per annum. Upon the
filing of the Exchange Offer Registration Statement after the 90-day period
described in clause (i) above, the effectiveness of the Exchange Offer
Registration Statement after the 180-day period described in clause (ii) above,
the consummation of the Exchange Offer after the 210-day period described in
clause (iii) above, the filing of the Shelf Registration Statement after the 270-day
period or 30-day period day, as the case may be,

 

11

 

described
in clause (iv) above, the effectiveness of a Shelf Registration Statement after
the 365-day period or 120-day period, as the case may be, described in clause
(v) above, or the Shelf Registration Statement once again being effective or
the Shelf Registration Statement and the Prospectus included therein becoming
usable in connection with resales of Registrable Securities, as the case may
be, in the case of clause (vi) above, or the Exchange Offer Registration
Statement once again becoming effective or the Exchange Offer Registration
Statement and the Prospectus included therein becoming usable in connection
with resales of Exchange Securities, as the case may be, in the case of
clause (vii) thereof, the interest rate borne by the Securities from the
date of such filing, effectiveness, consummation or resumption of effectiveness
or usability, as the case may be, shall be reduced to the original interest
rate so long as no other Registration Default shall have occurred and shall be
continuing at such time and the Company is otherwise in compliance with this
paragraph; provided, however, that, if after any such reduction in interest
rate, one or more Registration Defaults shall again occur, the interest rate
shall again be increased pursuant to the foregoing provisions.

 

The Company shall notify the Trustee within three
business days after each and every date on which an event occurs in respect of
which Additional Interest is required to be paid (an “Event Date”). Additional
Interest shall be paid by depositing with the Trustee, in trust, for the
benefit of the Holders of Registrable Securities, on or before the applicable semiannual
interest payment date, immediately available funds in sums sufficient to pay
the Additional Interest then due. The Additional Interest due shall be payable
on each interest payment date to the record Holder of Securities entitled to
receive the interest payment to be paid on such date as set forth in the
Indentures. Each obligation to pay Additional Interest shall be deemed to
accrue from and including the day following the applicable Event Date.

 

Anything herein to the contrary notwithstanding, any
Holder who was, at the time the Exchange Offer was pending and consummated,
eligible to exchange, and did not validly tender, its Securities for Exchange
Securities in the Exchange Offer will not be entitled to receive any Additional
Interest. For purposes of clarity, it is hereby acknowledged and agreed that,
under current interpretations of law by the SEC, Initial Purchasers holding
unsold allotments of Securities acquired from the Company are not eligible to
participate in the Exchange Offer.

 

(f)                                    Specific
Enforcement. Without limiting the remedies available to the Initial
Purchasers and the Holders, the Company acknowledges that any failure by the
Company to comply with its obligations under Sections 2(a) through 2(d) hereof
may result in material irreparable injury to the Initial Purchasers, the
Holders or the Participating Broker-Dealers 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, the Initial
Purchasers, any Holder and any Participating Broker-Dealer may obtain such
relief as may be required to specifically enforce the Company’s obligations
under Sections 2(a) through 2(d) hereof.

 

3.                                       Registration
Procedures. In connection with the obligations of the Company with respect
to the Registration Statements pursuant to Sections 2(a) and 2(b) hereof, the
Company shall:

 

(a)                                  prepare
and file with the SEC a Registration Statement or, if required, Registration
Statements, within the time periods specified in Section 2, on the appropriate

 

12

 

form under the 1933 Act, which form (i) shall be
selected by the Company, (ii) shall, in the case of a Shelf Registration
Statement, be available for the sale of the Registrable Securities by the selling
Holders thereof and (iii) shall comply as to form in all material respects with
the requirements of the applicable form and include or incorporate by reference
all financial statements required by the SEC to be filed therewith, and use its
reasonable best 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 under applicable law to keep such
Registration Statement effective for the applicable period; cause each
Prospectus to be supplemented by any required prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 under the 1933 Act; and comply
with the provisions of the 1933 Act and the 1934 Act with respect to the
disposition of all Securities covered by each Registration Statement during the
applicable period in accordance with the intended method or methods of
distribution by the selling Holders thereof;

 

(c)                                  in
the case of a Shelf Registration, (i) notify each Holder of Registrable
Securities, at least ten business days prior to filing, that a Shelf
Registration Statement with respect to the Registrable Securities is being
filed and advising such Holders that the distribution of Registrable Securities
will be made in accordance with the method elected by the Majority Holders;
(ii) furnish to each Holder of Registrable Securities, to counsel for the
Initial Purchasers, 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,
counsel or underwriter may reasonably request, including financial statements
and schedules and, if such Holder, counsel or underwriter so requests, all
exhibits (including those incorporated by reference) in order to facilitate the
public sale or other disposition of the Registrable Securities; and (iii)
subject to the penultimate paragraph of this Section 3, the Company hereby
consents to the use of the Prospectus, including each preliminary Prospectus,
or any amendment or supplement thereto by each of the Holders and underwriters
of Registrable Securities in connection with the offering and sale of the
Registrable Securities covered by any Prospectus or any amendment or supplement
thereto;

 

(d)                                 use
its reasonable best 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 and
each underwriter of an underwritten offering of Registrable Securities shall
reasonably request, to cooperate with the Holders and the underwriters of any
Registrable Securities in connection with any filings required to be made with
the NASD, to keep each such registration or qualification effective during the
period such Registration Statement is required to be effective 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 the
Company shall not be required to (i) qualify as a foreign corporation or as a
dealer in

 

13

 

securities in any jurisdiction where it would not
otherwise be required to qualify but for this Section 3(d) or (ii) take any
action which would subject it to general service of process or taxation in any
such jurisdiction if it is not then so subject;

 

(e)                                  in
the case of a Shelf Registration, notify each Holder of Registrable Securities
and counsel for such Holders promptly and, if requested by such Holder or
counsel, confirm such advice in writing promptly (i) when a Registration
Statement has become effective and when any post-effective amendments and
supplements thereto become effective, (ii) of any request by the SEC or any
state securities authority for post-effective amendments or supplements to a
Registration Statement or Prospectus or for additional information after a
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 Company contained in any underwriting
agreement, securities sales agreement or other similar agreement, if any,
relating to such offering cease to be true and correct, (v) of the receipt by
the Company of any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose, (vi) of the
happening of any event or the discovery of any facts during the period a Shelf
Registration Statement is effective which is contemplated in Section 2(d)(i)(A)
or 2(d)(i)(B) or which makes any statement made in such Shelf Registration
Statement or the related Prospectus untrue in any material respect or which
constitutes an omission to state a material fact in such Shelf Registration
Statement or Prospectus and (vii) of any determination by the Company that a
post-effective amendment to a Registration Statement would be appropriate. Without
limitation to any other provisions of this Agreement, the Company agrees that
this Section 3(e) shall also be applicable, mutatis
mutandis, with respect to the Exchange Offer Registration Statement
and the Prospectus included therein to the extent that such Prospectus is being
used by Participating Broker-Dealers as contemplated by Section 3(f);

 

(f)                                    (A)  in the case of an Exchange Offer, (i) include
in the Exchange Offer Registration Statement (x) a “Plan of Distribution”
section substantially in the form set forth in Annex B hereto or other such
form as is reasonably acceptable to Barclays Capital Inc., Bear Stearns &
Co. Inc. and Deutsche Bank Securities Inc. covering the use of the Prospectus
included in the Exchange Offer Registration Statement by broker-dealers who
have exchanged their Registrable Securities for Exchange Securities for the
resale of such Exchange Securities and (y) a statement to the effect that any
such broker-dealers who wish to use the related Prospectus in connection with
the resale of Exchange Securities acquired as a result of market-making or
other trading activities will be required to notify the Company to that effect,
together with instructions for giving such notice (which instructions shall
include a provision for giving such notice by checking a box or making another
appropriate notation on the related letter of transmittal) (each such
broker-dealer who gives notice to the Company as aforesaid being hereinafter
called a “Notifying Broker-Dealer”), (ii) furnish to each Notifying
Broker-Dealer who desires to participate in the Exchange Offer, without charge,
as many copies of each Prospectus

 

14

 

included in the Exchange Offer Registration Statement,
including any preliminary prospectus, and any amendment or supplement thereto,
as such broker-dealer may reasonably request, (iii) include in the Exchange
Offer Registration Statement a statement that any broker-dealer who holds
Registrable Securities acquired for its own account as a result of
market-making activities or other trading activities (a “Participating
Broker-Dealer”), and who receives Exchange Securities for Registrable
Securities pursuant to the Exchange Offer, may be a statutory underwriter and
must deliver a prospectus meeting the requirements of the 1933 Act in
connection with any resale of such Exchange Securities, (iv) subject to the
penultimate paragraph of this Section 3, the Company hereby consents to the use
of the Prospectus forming part of the Exchange Offer Registration Statement or
any amendment or supplement thereto by any Notifying Broker-Dealer in
connection with the sale or transfer of Exchange Securities, and (v) include in
the transmittal letter or similar documentation to be executed by an exchange
offeree in order to participate in the Exchange Offer the following provision:

 

“If
the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Registrable Securities, it
represents that the Registrable Securities to be exchanged for Exchange
Securities were acquired by it as a result of market-making activities or other
trading activities and acknowledges that it will deliver a prospectus meeting
the requirements of the 1933 Act in connection with any resale of such Exchange
Securities pursuant to the Exchange Offer; however, by so acknowledging and by
delivering a prospectus, the undersigned will not be deemed to admit that it is
an “underwriter” within the meaning of the 1933 Act;”

 

(B)                                to
the extent any Notifying Broker-Dealer participates in the Exchange Offer,
(i) the Company shall use its reasonable best efforts to maintain the
effectiveness of the Exchange Offer Registration Statement for a period of 90
days (subject to extension pursuant to the last paragraph of this
Section 3) following the last date on which exchanges are accepted
pursuant to the Exchange Offer, and (ii) the Company will comply, insofar
as relates to the Exchange Offer Registration Statement, the Prospectus
included therein and the offering and sale of Exchange Securities pursuant
thereto, with its obligations under Section 2(b)(D), the last paragraph of
Section 2(b), Section 3(c), 3(d), 3(e), 3(i), 3(j), 3(k), 3(o) and
3(p), and the last two paragraphs of this Section 3 as if all references
therein to a Shelf Registration Statement, the Prospectus included therein and
the Holders of Registrable Securities referred, mutatis
mutandis, to the Exchange Offer Registration Statement, the
Prospectus included therein and the applicable Notifying Broker-Dealers and,
for purposes of this Section 3(f), all references in any such paragraphs
or sections to the “Majority Holders” shall be deemed to mean, solely insofar
as relates to this Section 3(f), the Notifying Broker-Dealers who are the
Holders of the majority in aggregate principal amount of the Exchange
Securities which are Registrable Securities; and

 

(C)                                the
Company 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(b) or 3(k) hereof, or take any other action as a result of this

 

15

 

Section
3(f), for a period exceeding 90 days (subject to extension pursuant to the last
paragraph of this Section 3) after the last
date on which exchanges are accepted pursuant to the Exchange Offer and
Notifying Broker-Dealers shall not be authorized by the Company to, and shall
not, deliver such Prospectus after such period in connection with resales contemplated
by this Section 3;

 

(g)                                 (i)
in the case of an Exchange Offer, furnish counsel for the Initial Purchasers
and (ii) in the case of a Shelf Registration, furnish counsel for the Holders
of Registrable Securities and counsel for any underwriters of Registrable
Securities copies of any request by the SEC or any state securities authority
for amendments or supplements to a Registration Statement or Prospectus or for
additional information;

 

(h)                                 use
its reasonable best effort to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement as soon as practicable and provide
immediate notice to each Holder of the withdrawal of any such order;

 

(i)                                     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 amendments thereto (without documents
incorporated or deemed to be incorporated therein by reference or exhibits
thereto, unless requested), if such documents are not available via the SEC
EDGAR database;

 

(j)                                     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 cause such Registrable Securities to be in such
denominations (consistent with the provisions of the Indentures) and in a form
eligible for deposit with the Depositary and registered in such names as the
selling Holders or the underwriters, if any, may reasonably request in writing
at least one business day prior to the closing of any sale of Registrable
Securities;

 

(k)                                  in
the case of a Shelf Registration, upon the occurrence of any event or the
discovery of any facts as contemplated by Section 3(e)(vi) hereof, use its
reasonable best efforts to prepare a supplement or post-effective amendment to
a Registration Statement or the related Prospectus or any document incorporated
or deemed to be incorporated therein by reference or file any other required
document so that, as thereafter delivered to the purchasers of the Registrable
Securities, such Prospectus will not contain at the time of such delivery any
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in light of the circumstances under
which they were made, not misleading. The Company agrees to notify each Holder
to suspend use of the Prospectus as promptly as practicable after the
occurrence of such an event, and each Holder hereby agrees to suspend use of
the Prospectus until the Company has amended or supplemented the Prospectus to
correct such misstatement or omission. At such time as such public disclosure
is otherwise made or the Company determines that such disclosure is not
necessary, in each case to correct any misstatement of a material fact or to
include any omitted material fact, the Company agrees promptly to notify each

 

16

 

Holder of such determination and to furnish each
Holder such number of copies of the Prospectus, as amended or supplemented, as
such Holder may reasonably request;

 

(l)                                     obtain
CUSIP numbers for all Exchange Securities or Registrable Securities, as the
case may be, not later than the effective date of a Registration Statement, and
provide the Trustee with printed or word-processed certificates for the
Exchange Securities or Registrable Securities, as the case may be, in a form
eligible for deposit with the Depositary;

 

(m)                               cause
the Indenture to be qualified under the TIA in connection with the registration
of the Exchange Securities or Registrable Securities, as the case may be, (ii)
cooperate with the Trustee and the Holders to effect such changes, if any, to the
Indenture as may be required for the Indenture to be so qualified in accordance
with the terms of the TIA and (iii) execute, and use its best efforts to cause
the Trustee to execute, all documents as may be required to effect such
changes, if any, 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;

 

(n)                                 in
the case of a Shelf Registration, the holders of a majority in principal amount
of the Registrable Securities registered pursuant to such Shelf Registration Statement
shall have the right to direct the Company to effect not more than one
underwritten registration and, in connection with such underwritten
registration, the Company shall enter into agreements (including underwriting
agreements or similar agreements) and take all other customary and appropriate
actions (including those reasonably requested by the holders of a majority in
principal amount of the Registrable Securities being sold) in order to expedite
or facilitate the disposition of such Registrable Securities and in such
connection, in a manner that is reasonable and customary:

 

(i)                     make such
representations and warranties to the Holders of such Registrable Securities
and the underwriters, in form, substance and scope as are customarily made by
issuers to underwriters in similar underwritten offerings as may be reasonably
requested by such Holders and underwriters;

 

(ii)                  obtain opinions
of counsel to the Company (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to the managing underwriters, and
the Holders of a majority in principal amount of the Registrable Securities
being sold) addressed to each selling Holder and the underwriters, covering the
matters customarily covered in opinions requested in sales of securities or
underwritten offerings and such other matters as may be reasonably requested by
such Holders and underwriters;

 

(iii)               obtain “cold
comfort” letters and updates thereof with respect to such Shelf Registration
Statement and the Prospectus included therein, all amendments and supplements
thereto and all documents incorporated or deemed to be incorporated by
reference therein from the Company’s independent certified public accountants
and from the independent certified public accountants for any other Person or
any business or assets whose financial statements are included or

 

17

 

incorporated by reference in the Shelf Registration
Statement, each addressed to the underwriters, and use reasonable best efforts
to have such letters addressed to the selling Holders of Registrable
Securities, such letters to be in customary form and covering matters of the
type customarily covered in “cold comfort” letters to underwriters in
connection with similar underwritten offerings and such letters to be delivered
at the time of the pricing of such underwritten registration with an update to
such letter to be delivered at the time of closing of such underwritten
registration;

 

(iv)              if an underwriting
agreement or other similar agreement is entered into, cause the same to set
forth indemnification and contributions provisions and procedures substantially
equivalent to the indemnification and contributions provisions and procedures
set forth in Section 5 hereof with respect to the underwriters and all other
parties to be indemnified pursuant to Section 5 hereof or such other
indemnification and contributions as shall be satisfactory to the Company, the
applicable underwriters and the Holders of the majority in principal amount of
the Registrable Securities being sold; and

 

(v)                 deliver such
other documents and certificates as may be reasonably requested and as are
customarily delivered in similar offerings.

 

The
documents referred to in Sections 3(n)(ii) and 3(n)(v) shall be delivered at
the closing under any underwriting or similar agreement as and to the extent
required thereunder. In the case of any such underwritten offering, the Company
shall provide written notice to the Holders of all Registrable Securities of
such underwritten offering at least 30 days prior to the filing of a prospectus
supplement for such underwritten offering. Such notice shall (x) offer each
such Holder the right to participate in such underwritten offering, (y) specify
a date, which shall be no earlier than 30 days following the date of such
notice, by which such Holder must inform the Company of its intent to
participate in such underwritten offering and (z) include the instructions such
Holder must follow in order to participate in such underwritten offering;

 

(o)                                 in
the case of a Shelf Registration, make available for inspection by
representatives of the Holders of the Registrable Securities and any
underwriters participating in any disposition pursuant to a Shelf Registration
Statement and any counsel or accountant retained by such Holders or
underwriters, all financial statements and other records, documents and
properties of the Company reasonably requested by any such Persons, and cause
the respective officers, directors, employees, and any other agents of the
Company to supply all information reasonably requested by any such Persons in
connection with a Shelf Registration Statement;

 

(p)                                 (i)
in the case of an Exchange Offer, a reasonable time prior to the filing of any
Exchange Offer Registration Statement, any Prospectus forming a part thereof,
any amendment to an Exchange Offer Registration Statement or amendment or
supplement to such Prospectus, provide copies of such documents to the Initial
Purchasers, and make such changes in any such documents prior to the filing
thereof as the Initial Purchasers or their counsel may reasonably request; (ii)
in the case of a Shelf Registration, a reasonable

 

18

 

time prior to filing any Shelf Registration Statement,
any Prospectus forming a part thereof, any amendment to such Shelf Registration
Statement or amendment or supplement to such Prospectus, provide copies of such
document to the Holders of Registrable Securities, to the Initial Purchasers,
to the underwriter or underwriters, of an underwritten offering of Registrable
Securities, and to counsel for any such Holders, Initial Purchasers or
underwriters, and make such changes in any such document prior to the filing
thereof as the Holders of Registrable Securities, the Initial Purchasers, any
such underwriter or underwriters or any of their respective counsel may
reasonably request; and (iii) cause the representatives of the Company to be
available for discussion of such documents as shall be reasonably requested by
the Holders of Registrable Securities, the Initial Purchasers on behalf of such
Holders or any underwriter, and shall not at any time make any filing of any
such document of which such Holders, the Initial Purchasers on behalf of such
Holders, their counsel or any underwriter shall not have previously been
advised and furnished a copy or to which such Holders, the Initial Purchasers
on behalf of such Holders, their counsel or any underwriter shall reasonably
object within a reasonable time period;

 

(q)                                 in
the case of a Shelf Registration, use its reasonable best efforts to cause the
Registrable Securities to be rated with the appropriate rating agencies, if so
requested by the Majority Holders of Registrable Securities or by the
underwriter or underwriters of an underwritten offering, unless the Registrable
Securities are already so rated;

 

(r)                                    otherwise
use its reasonable best efforts to comply with all applicable rules and
regulations of the SEC and, with respect to each Registration Statement and
each post-effective amendment, if any, thereto and each filing by the Company
of an Annual Report on Form 10-K, make available to its security holders,
as soon as reasonably practicable, an earnings statement covering at least
twelve months which shall satisfy the provisions of Section 11(a) of the 1933
Act and Rule 158 thereunder;

 

(s)                                  cooperate
and assist in any filings required to be made with the NASD and in the
performance of any due diligence investigation by any underwriter and its
counsel;

 

(t)                                    in
the case of a Shelf Registration, 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 Initial Purchasers on behalf of such Holders; and make
representatives of the Company as shall be reasonably requested by the Holders
of Registrable Securities, or the Initial Purchasers on behalf of such Holders,
available for discussion of such document; and

 

(u)                                 in
the case of a Shelf Registration, use its reasonable best efforts to cause all
Registrable Securities to be listed on any securities exchange on which similar
debt securities issued by the Company are then listed if requested by the
Majority Holders or by the underwriter or underwriters of an underwritten
offering of Registrable Securities, if any.

 

19

 

In the
case of a Shelf Registration Statement, the Company may (as a condition to such
Holder’s participation in the Shelf Registration) require each Holder of
Registrable Securities to furnish to the Company such information regarding
such Holder and the proposed distribution by such Holder of such Registrable
Securities as the Company may from time to time reasonably request in writing
and require such Holder to agree in writing to be bound by all provisions of
this Agreement applicable to such Holder.

 

In the
case of a Shelf Registration Statement, each Holder agrees and, in the event
that any Participating Broker-Dealer is using the Prospectus included in the
Exchange Offer Registration Statement in connection with the sale of Exchange
Securities pursuant to Section 3(f), each such Participating Broker-Dealer
agrees that, upon receipt of any notice from the Company of the happening of
any event or the discovery of any facts of the kind described in Section 3(e)(ii),
3(e)(iii) or 3(e)(v) through 3(e)(vii) hereof, such Holder or Participating
Broker-Dealer, as the case may be, will forthwith discontinue disposition of
Registrable Securities pursuant to a Registration Statement until receipt by
such Holder or Participating Broker-Dealer, as the case may be, of (i) the
copies of the supplemented or amended Prospectus contemplated by Section 3(k)
hereof or (ii) written notice from the Company that the Shelf Registration
Statement or the Exchange Offer Registration Statement, respectively, are once
again effective or that no supplement or amendment is required. If so directed
by the Company, such Holder or Participating Broker-Dealer, as the case may be,
will deliver to the Company (at the Company’s expense) all copies in its
possession, other than permanent file copies then in its possession, of the
Prospectus covering such Registrable Securities current at the time of receipt
of such notice. Nothing in this paragraph shall prevent the accrual of
Additional Interest on any Securities or Exchange Securities.

 

If the
Company shall give any such notice to suspend the disposition of Registrable
Securities pursuant to the immediately preceding paragraph, the Company shall
be deemed to have used its reasonable best efforts to keep the Shelf
Registration Statement or, in the case of Section 3(f), the Exchange Offer
Registration Statement, as the case may be, effective during such period of
suspension; provided that (i) such period of suspension shall not exceed the
time periods provided in Section 2(e)(vii) hereof and (ii) the Company shall
use its reasonable best efforts to file and have declared effective (if an
amendment) as soon as practicable thereafter an amendment or supplement to the
Shelf Registration Statement or the Exchange Offer Registration Statement or
both, as the case may be, or the Prospectus included therein and shall extend
the period during which the Shelf Registration Statement or the Exchange Offer
Registration Statement or both, as the case may be, shall be maintained
effective pursuant to this Agreement (and, if applicable, the period during
which Participating Broker-Dealers may use the Prospectus included in the
Exchange Offer Registration Statement pursuant to Section 3(f) hereof) by
the number of days during the period from and including the date of the giving
of such notice to and including the earlier of the date when the Holders or
Participating Broker-Dealers, respectively, shall have received copies of the
supplemented or amended Prospectus necessary to resume such dispositions and
the effective date of written notice from the Company to the Holders or
Participating Broker-Dealers, respectively, that the Shelf Registration
Statement or the Exchange Offer Registration Statement, respectively, are once
again effective or that no supplement or amendment is required.

 

20

 

4.                                       Underwritten
Registrations. In the event that the Company fails to effect the Exchange
Offer or file any Shelf Registration Statement and maintain the effectiveness
of any Shelf Registration Statement as provided herein, the Company shall not
file any Registration Statement with respect to any securities (within the
meaning of Section 2(l) of the 1933 Act) of the Company other than Registrable
Securities.

 

If any
of the Registrable Securities covered by any Shelf Registration are to be sold
in an underwritten offering, the investment banker or investment bankers and
manager or managers that will manage the offering will be selected by the
Majority Holders of such Registrable Securities included in such offering,
subject to the consent of the Company, which consent shall not be unreasonably
withheld.

 

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

 

5.                                       Indemnification
and Contribution.

 

(a)                                  The
Company agrees to indemnify and hold harmless each Initial Purchaser, each
Holder, each Participating Broker-Dealer, each underwriter who participates in
an offering of Registrable Securities (each, an “Underwriter”) and each Person,
if any, who controls any Initial Purchaser, Holder, Participating Broker-Dealer
or Underwriter within the meaning of either Section 15 of the 1933 Act or
Section 20 of the 1934 Act, as follows:

 

(i)                     against any
and all loss, liability, claim, damage and expense whatsoever, as incurred,
arising out of any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement (or any amendment thereto)
pursuant to which Exchange Securities or Registrable Securities were registered
under the 1933 Act, including all documents incorporated therein by reference,
or any omission or alleged omission therefrom of a material fact required to be
stated therein or necessary to make the statements therein not misleading, or
arising out of any untrue statement or alleged untrue statement of a material
fact contained in any Prospectus (or any amendment or supplement thereto) or
any omission or alleged omission therefrom of a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading;

 

(ii)                  against any and
all loss, liability, claim, damage and expense whatsoever, as incurred, to the
extent of the aggregate amount paid in settlement of any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission; provided that
(subject to Section 5(d) below) any such settlement is effected with the
written consent of the Company; and

 

21

 

(iii)               against any and all
expense whatsoever, as incurred (including the fees and disbursements of
counsel chosen by any indemnified party), reasonably incurred in investigating,
preparing or defending against any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, to the extent that any such expense is
not paid under subparagraph (i) or (ii) above;

 

provided,
however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company by any
Initial Purchaser, Holder, Participating Broker-Dealer or Underwriter with
respect to such Initial Purchaser, Holder, Participating Broker-Dealer or
Underwriter, as the case may be, expressly for use in the Registration
Statement (or any amendment thereto) or the Prospectus (or any amendment or
supplement thereto) or made in reliance upon the Statements of Eligibility and
Qualification of Trustees (Form T-1) under the 1939 Act filed as exhibits to
the Registration Statement.

 

(b)                                 Each
Holder, each Initial Purchaser, each Participating Broker-Dealer and each
Underwriter, severally but not jointly, agrees to indemnify and hold harmless
the Company, each director of the Company, each officer of the Company, each
other Initial Purchaser, each other Participating Broker-Dealer, each other
Underwriter and each other selling Holder and each Person, if any, who controls
the Company, any Initial Purchaser, any Underwriter, any Participating
Broker-Dealer or any other selling Holder within the meaning of Section 15 of
the 1933 Act or Section 20 of the 1934 Act against any and all loss,
liability, claim, damage and expense described in the indemnity contained in
Section 5(a) hereof, as incurred, but only with respect to untrue statements or
omissions, or alleged untrue statements or omissions, made in the Shelf
Registration Statement (or any amendment thereto) or any Prospectus included
therein (or any amendment or supplement thereto) in reliance upon and in
conformity with written information with respect to such Holder, Initial
Purchaser, Underwriter or Participating Broker-Dealer furnished to the Company
by such Holder, Initial Purchaser, Underwriter or Participating Broker-Dealer
respectively, expressly for use in the Shelf Registration Statement (or any
amendment thereto) or such Prospectus (or any amendment or supplement thereto);
provided, however, that no such Holder, Initial Purchaser, Underwriter or
Participating Broker-Dealer shall be liable for any claims hereunder in excess
of the amount of net proceeds received by such Holder from the sale of
Registrable Securities pursuant to such Shelf Registration Statement.

 

(c)                                  Each
indemnified party shall give notice as promptly as reasonably practicable to
each indemnifying party of any action commenced against it in respect of which
indemnity may be sought hereunder, but failure so to notify an indemnifying
party shall not relieve such indemnifying party from any liability which it may
have otherwise than on account of this indemnity agreement. An indemnifying
party may participate at its own expense in the defense of such action;
provided, however, that counsel to the indemnifying party shall not (except
with the consent of the indemnified party) also be counsel to the indemnified
party. In no event shall the indemnifying parties be liable for the fees and
expenses of more than one counsel (in addition to any local counsel) separate
from their own counsel for all indemnified parties in connection with any one
action or separate but similar or related actions in the same jurisdiction
arising out

 

22

 

of the same
general allegations or circumstances. No indemnifying party shall, without the
prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever in respect of which indemnification or
contribution could be sought under this Section 5 (whether or not the
indemnified parties are actual or potential parties thereto), unless such
settlement, compromise or consent (i) includes an unconditional release of each
indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of
any indemnified party.

 

(d)                                 If
at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel, such
indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section 5(a)(ii) effected without its written consent if
(i) such settlement is entered into more than 45 days after receipt by such
indemnifying party of the aforesaid request, (ii) such indemnifying party shall
have received notice of the terms of such settlement at least 30 days prior to
such settlement being entered into and (iii) such indemnifying party shall not
have reimbursed such indemnified party in accordance with such request prior to
the date of such settlement.

 

(e)                                  In
order to provide for just and equitable contribution in circumstances in which
the indemnity agreement provided for in this Section 5 is for any reason
unavailable to or insufficient to hold harmless an indemnified party in respect
of any losses, liabilities, claims, damages or expenses referred to therein,
then each indemnifying party shall contribute to the aggregate amount of such
losses, liabilities, claims, damages and expenses incurred by such indemnified
party, as incurred, in such proportion as is appropriate to reflect the
relative fault of the indemnifying party or parties on the one hand and of the
indemnified party or parties on the other hand in connection with the
statements or omissions that resulted in such losses, liabilities, claims,
damages or expenses, as well as any other relevant equitable considerations. The
relative fault of such indemnifying party or parties on the one hand and the
indemnified party or parties on the other hand shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates
to information supplied by such indemnifying party or parties or such
indemnified party or parties, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission.

 

(f)                                    The
Company, the Holders, and the Initial Purchasers agree that it would not be
just or equitable if contribution pursuant to this Section 5 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 that does not take
account of the equitable considerations referred to in paragraph (e) above. The
aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an indemnified party and referred to above in this Section 5 shall be
deemed to include any legal or other expenses reasonably incurred by such
indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue or alleged untrue statement or omission or alleged omission.

 

23

 

Notwithstanding
the provisions of this Section 5, no Initial Purchaser or Holder,
Participating Broker-Dealer or Underwriter shall be required to contribute any
amount in excess of the amount by which the total price at which Registrable
Securities sold by it were offered exceeds the amount of any damages that such
Initial Purchaser, Holder, Participating Broker-Dealer or Underwriter has
otherwise been required to pay by reason of any such untrue or alleged untrue
statement or omission or alleged omission.

 

No
Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the 1933 Act) shall be entitled to contribution from any Person who
was not guilty of such fraudulent misrepresentation.

 

For
purposes of this Section 5, each Person, if any, who controls an Initial
Purchaser, Holder, Participating Broker-Dealer or Underwriter within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall
have the same rights to contribution as such Initial Purchaser, Holder,
Participating Broker-Dealer or Underwriter, as the case may be, and each
director of the Company, each officer of the Company who signed the
Registration Statement and each Person, if any, who controls the Company within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
shall have the same rights to contribution as the Company. The respective
obligations of the Initial Purchasers, Holders, Participating Broker-Dealers
and Underwriters to contribute pursuant to this Section 5 are several in
proportion to the principal amount of Securities purchased by them and not
joint.

 

The
indemnity and contribution provisions contained in this Section 5 shall remain
operative and in full force and effect regardless of (i) any termination of
this Agreement, (ii) any investigation made by or on behalf of any Initial
Purchaser, Holder, Participating Broker-Dealer or Underwriter or any Person
controlling any Initial Purchaser, Holder, Participating Broker-Dealer or
Underwriter, or by or on behalf of the Company, its officers or directors or
any Person controlling the Company, (iii) acceptance of any of the
Exchange Securities and (iv) any sale of Registrable Securities or Exchange
Securities pursuant to a Shelf Registration Statement.

 

6.                                       Miscellaneous.

 

(a)                                  Rule
144 and Rule 144A. For so long as the Company is subject to the reporting
requirements of Section 13 or 15 of the 1934 Act, the Company covenants that it
will file all reports required to be filed by it under Section 13(a) or 15(d)
of the 1934 Act and the rules and regulations adopted by the SEC thereunder,
that if it ceases to be so required to file such reports, it will upon the
request of any Holder or beneficial owner of Registrable Securities
(i) make publicly available such information (including, without
limitation, the information specified in Rule 144(c)(2) under the 1933
Act) as is necessary to permit sales pursuant to Rule 144 under the 1933
Act, (ii) deliver or cause to be delivered, promptly following a request
by any Holder or beneficial owner of Registrable Securities or any prospective
purchaser or transferee designated by such Holder or beneficial owner, such
information (including, without limitation, the information specified in
Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales
pursuant to Rule 144A under the 1933 Act, and (iii) take such further
action that is reasonable in the circumstances, in each case to the extent
required from time to time to enable such Holder to sell its Registrable
Securities without registration under the 1933 Act within the limitation of the
exemptions provided by (x) Rule 144 under the 1933 Act, as such Rule
may be amended from

 

24

 

time to time,
(y) Rule 144A under the 1933 Act, as such Rule may be amended from
time to time, or (z) any similar rules or regulations hereafter adopted by
the SEC. Upon the request of any Holder or beneficial owner of Registrable
Securities, the Company will deliver to such Holder a written statement as to
whether it has complied with such requirements.

 

(b)                                 No
Inconsistent Agreements. The Company has not entered into nor will the
Company on or after the date of this Agreement 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 and will not in any way
conflict with and are not and will not be inconsistent with the rights granted
to the holders of any of the Company’s other issued and outstanding securities
under any other agreements entered into by the Company or any of its
subsidiaries.

 

(c)                                  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
Company has 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 departure.

 

(d)                                 Notices.
All notices and other communications provided for or permitted hereunder shall
be made in writing by hand-delivery, registered first-class mail, telecopier,
or any courier guaranteeing overnight delivery (i) if to a Holder or
Participating Broker-Dealer (other than an Initial Purchaser), at the most
current address set forth on the records of the registrar under the Indentures,
(ii) if to an Initial Purchaser, at the most current address given by such
Initial Purchaser to the Company by means of a notice given in accordance with
the provisions of this Section 6(d), which address initially is the address set
forth in the Purchase Agreement; (iii) if to the Company, initially at the
address set forth in the Purchase Agreement and thereafter at such other
address, notice of which is given in accordance with the provisions of this
Section 6(d) and (iv) if to any Underwriter, at the most current
address given by such Underwriter to the Company by means of a notice given in
accordance with the provisions of this Section 6(d), which address
initially shall be the address set forth in the applicable underwriting
agreement.

 

All
such notices and communications shall be deemed to have been duly given:  at the time delivered by hand, if personally
delivered; 7 business days after being deposited in the mail, first class,
postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on
the first 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 Indentures.

 

(e)                                  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 hereof or of the Purchase Agreement or the Indentures. If any transferee
of any Holder shall acquire Registrable Securities, in any manner, whether by

 

25

 

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, including the restrictions
on resale set forth in this Agreement and, if applicable, the Purchase
Agreement, and such Person shall be entitled to receive the benefits hereof.

 

(f)                                    Third
Party Beneficiary. Each Holder and Participating Broker-Dealer shall be a
third party beneficiary of the agreements made hereunder between the Company,
on the one hand, and the Initial Purchasers, 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 other
Holders hereunder. Each Holder, by its acquisition of Securities, shall be
deemed to have agreed to the provisions of Section 5(b) hereof.

 

(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)                                     Restriction
on Resales. If the Company or any of its subsidiaries or affiliates (as
defined in Rule 144 under the 1933 Act) shall redeem, purchase or
otherwise acquire any Registrable Security or any Exchange Security which is a “restricted
security” within the meaning of Rule 144 under the 1933 Act, the Company
will deliver or cause to be delivered such Registrable Security or Exchange
Security, as the case may be, to the Trustee for cancellation and neither the
Company nor any of its subsidiaries or affiliates will hold or resell such
Registrable Security or Exchange Security or issue any new Security or Exchange
Security to replace the same.

 

(j)                                     GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

 

(k)                                  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.

 

[SIGNATURE
PAGE FOLLOWS]

 

26

 

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

 

	
   

  	
  iSTAR FINANCIAL
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Confirmed
and accepted

as of the date first above written:

BARCLAYS
CAPITAL INC.

BEAR STEARNS & CO.
INC.

DEUTSCHE BANK SECURITIES
INC.

 

 

	
  BARCLAYS CAPITAL INC.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  BEAR STEARNS & CO.
  INC.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  DEUTSCHE BANK
  SECURITIES INC.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  

 

For itself and on behalf
of the other Initial Purchasers

 

 

ANNEX A

 

INITIAL PURCHASERS

 

Deutsche Bank
Securities Inc.

 

Barclays Capital
Inc.

 

Bear, Stearns
& Co. Inc.

 

HSBC Securities
(USA) Inc.

 

RBC Capital
Markets Corporation

 

Scotia Capital
(USA) Inc.

 

 

ANNEX B

 

PLAN OF
DISTRIBUTION

 

Each broker-dealer that
receives new notes for its own account under the exchange offer must
acknowledge that it will deliver a prospectus in connection with any resale of
those notes. This prospectus, as it may be amended or supplemented from time to
time, may be used by a broker-dealer for resales of new notes received in
exchange for original notes that had been acquired as a result of market-making
or other trading activities. We have agreed that, for a period of 90 days after
the expiration date of the exchange offer, we will make this prospectus, as it
may be amended or supplemented, available to any broker-dealer for use in
connection with any such resale. Any broker-dealers required to use this
prospectus and any amendments or supplements to this prospectus for resales of
the new notes must notify us of this fact by checking the box on the letter of
transmittal requesting additional copies of these documents.

 

Notwithstanding the
foregoing, we are entitled under the registration rights agreements to suspend
the use of this prospectus by broker-dealers under specified circumstances. For
example, we may suspend the use of this prospectus if:

 

•                  the
SEC or any state securities authority requests an amendment or supplement to
this prospectus or the related registration statement or additional
information;

 

•                  the
SEC or any state securities authority issues any stop order suspending the
effectiveness of the registration statement or initiates proceedings for that
purpose;

 

•                  we
receive notification of the suspension of the qualification of the new notes
for sale in any jurisdiction or the initiation or threatening of any proceeding
for that purpose;

 

•                  the
suspension is required by law; or

 

•                  an
event occurs which makes any statement in this prospectus untrue in any
material respect or which constitutes an omission to state a material fact in
this prospectus.

 

If we suspend the use of
this prospectus, the 90-day period referred to above will be extended by a
number of days equal to the period of the suspension.

 

We will not receive any
proceeds from any sale of new notes by broker-dealers. New notes received by
broker-dealers for their own account under the exchange offer may be sold from
time to time in one or more transactions in the over-the-counter market, in
negotiated transactions, through the writing of options on those notes or a
combination of those methods, at market prices prevailing at the time of
resale, at prices related to prevailing market prices or at negotiated prices.
Any resales may be made directly to purchasers or to or through brokers or
dealers who may receive compensation in the form of commissions or concessions
from the selling broker-dealer or the purchasers of the new notes. Any
broker-dealer that resells new notes received by it for its own account under
the exchange offer and any broker or dealer that

 

 

participates in a
distribution of the new notes may be deemed to be an “underwriter” within the
meaning of the Securities Act and any profit on any resale of new notes and any
commissions or concessions received by these persons may be deemed to be
underwriting compensation under the Securities Act. The letter of transmittal
states that, by acknowledging that it will deliver and by delivering a prospectus,
a broker- dealer will not be deemed to admit that it is an “underwriter” within
the meaning of the Securities Act.

 

We have agreed to pay all
expenses incidental to the exchange offer other than commissions and
concessions of any broker or dealer and will indemnify holders of the notes,
including any broker-dealers, against certain liabilities, including
liabilities under the Securities Act.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]