Document:

exv4w5

Exhibit 4.5

FOURTH SUPPLEMENTAL INDENTURE

          Fourth Supplemental Indenture (this “Supplemental Indenture”), dated as of August 12, 2011, among
Aurora Georgia, LLC, a Georgia limited liability company (the “Additional Subsidiary Guarantor”),
Aurora Diagnostics Holdings, LLC, a Delaware limited liability
company (the “Company”), Aurora
Diagnostics Financing, Inc., a Delaware corporation (the “Co-Issuer” and, together with the
Company, the “Issuers”), and U.S. Bank National Association (the “Trustee”).

WITNESSETH:

          WHEREAS, the Issuers and the Subsidiary Guarantors have heretofore executed and delivered to the
Trustee an Indenture (the “Indenture”), dated as of December 20, 2010, providing for the issuance
of an unlimited aggregate principal amount of 10.750% Senior Notes
due 2018 (the “Securities”);

          WHEREAS, the Additional Subsidiary Guarantor is a direct or indirect subsidiary of the Company;

          WHEREAS, Section 4.13 of the Indenture provides that under certain circumstances the Issuers shall
cause the Additional Subsidiary Guarantor to execute and deliver to the Trustee a guaranty
agreement pursuant to which the Additional Subsidiary Guarantor shall Guarantee payment of the
Securities on the same terms and conditions as those set forth in Article 10 of the Indenture; and

          WHEREAS, pursuant to Section 9.01(4) of the Indenture, the Trustee and the Issuers are authorized
to execute and deliver this Supplemental Indenture.

          NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the
receipt of which is hereby acknowledged, the Issuers, the Additional

          Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit
of the Holders of the Securities as follows:

          (1) Capitalized Terms. Capitalized terms used herein without definition shall have the meanings
assigned to them in the Indenture.

          (2) Agreement to be Bound. The Additional Subsidiary Guarantor hereby becomes a party to the
Indenture as a Subsidiary Guarantor and as such will have all of the rights and be subject to all
of the obligations and agreements of a Subsidiary Guarantor under the Indenture.

          (3) Guarantee. The Additional Subsidiary Guarantor agrees, on a joint and several basis with all
the existing Subsidiary Guarantors, to Guarantee to each Holder of the Securities and the Trustee
the Guaranteed Obligations pursuant to Article 10 of the Indenture.

          (4) No Recourse Against Others. No director, officer, employee, manager, member or stockholder of
the Additional Subsidiary Guarantor shall have any liability for any obligations of the Issuers or
the Guarantors (including the Additional Subsidiary Guarantor)

 

 

under the Securities, any Guarantee Agreement, the Indenture or this Supplemental Indenture or for
any claim based on, in respect of or, by reason of, such obligations or their creation. Each Holder
by accepting Securities waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Securities and the Guarantees.

          (5) Governing Law, THIS SUPPLEMENTAL INDENTURE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND TIlE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

          (6) Counteparts. The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement.

          (7) Effect
of Headings. The Section headings herein are for convenience only and shall not affect
the construction hereof.

          (8) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of
the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Additional Subsidiary Guarantor.

          (9) Benefits Acknowledged. The Additional Subsidiary Guarantor’s Guarantee is subject to the terms
and conditions set forth in the Indenture. The Additional Subsidiary Guarantor acknowledges that it
will receive direct and indirect benefits from the financing arrangements contemplated by the
Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to
this Guarantee are knowingly made in contemplation of such benefits.

          (10) Successors. All agreements of the Additional Subsidiary Guarantor in this Supplemental
Indenture shall bind its successors, except as otherwise provided in
the Indenture. All agreements
of the Trustee in this Supplemental Indenture shall bind its successors.

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          IN WITNESS WHEREOF, the parties have caused this Fourth Supplemental Indenture to be duly executed
as of the date first written above.

	 	 	 	 	 
	 	The Issuers:

AURORA DIAGNOSTICS HOLDINGS, LLC

 	 
	 	By:  	/s/ Martin J. Stefaneilli
 	 
	 	 	Martin J. Stefaneilli	 
	 	 	Chief Operating Officer 	 
	 
	 	AURORA DIAGNOSTICS FINANCING, INC.

 	 
	 	By:  	/s/ Martin J. Stefaneilli
 	 
	 	 	Martin J. Stefaneilli	 
	 	 	Chief Operating Officer 	 
	 
	 	The Additional Subsidiaiy Guarantor:

AURORA GEORGIA, LLC

 	 
	 	By:  	/s/ Martin J. Stefaneilli
 	 
	 	 	Martin J. Stefaneilli	 
	 	 	Chief Operating Orncer 	 

[Signature page of Fourth Supplemental Indenture]

 

 

	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 	 
	By  	 /s/ Donald T. Hurrelbrink
 	 
	 	Name:  	  Donald T. Hurrelbrink
 	 
	 	Title:  	  Vice President
 	 

[Signature page of Fourth Supplemental Indenture]exv4w7

Exhibit 4.7

$200,000,000

Aurora Diagnostics Holdings, LLC

Aurora Diagnostics Financing, Inc.

10.750% Senior Notes due 2018

REGISTRATION RIGHTS AGREEMENT

December 20, 2010

Morgan Stanley & Co. Incorporated

Barclays Capital Inc.

UBS Securities LLC

	 	 	 
	c/o	 	Morgan Stanley & Co. Incorporated,
	 	 	1585 Broadway
	 	 	New York, N.Y. 10036

Dear Ladies and Gentlemen:

     Aurora Diagnostics Holdings, LLC, a Delaware limited liability company (“Parent”) and Aurora
Diagnostics Financing, Inc., a Delaware corporation (collectively, the “Issuers”), propose to issue
and sell to Morgan Stanley & Co. Incorporated, Barclays Capital Inc. and UBS Securities LLC, and
the several purchasers named in Schedule I to the Purchase Agreement (collectively, the “Initial
Purchasers”), upon the terms set forth in a purchase agreement dated as of December 14, 2010 (the
“Purchase Agreement”), $200,000,000 aggregate principal amount of their 10.750% Senior Notes due
2018 (the “Initial Securities”) to be guaranteed (the “Guarantees”) by those subsidiaries of the
Parent listed in Schedule II to the Purchase Agreement (the “Guarantors”, and together with the
Issuers, the “Company”). The Initial Securities will be issued pursuant to an Indenture of even
date herewith, (the “Indenture”) among the Issuers, the Guarantors and U.S. Bank National
Association (the “Trustee”). As an inducement to the Initial Purchasers to enter into the Purchase
Agreement, the Company agrees with the Initial Purchasers, for the benefit of the holders of the
Initial Securities (including, without limitation, the Initial Purchasers), the Exchange Securities
(as defined below) and the Private Exchange Securities (as defined below) (collectively the
“Holders”), as follows:

     1. Registered Exchange Offer. Unless not permitted by applicable law or policy of
the Securities and Exchange Commission (the “Commission”), the Company, at its own cost, shall use
its commercially reasonable efforts to prepare and, not later than 270 days (or if the 270th day is
not a business day, the first business day thereafter) (such 270th day being a “Filing Deadline”)
after the date of original issue of the Initial Securities (the “Issue Date”), file with the
Commission an exchange offer registration statement (the “Exchange Offer Registration Statement”)
on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), with
respect to a proposed offer (the “Registered Exchange Offer”) to the Holders of Transfer Restricted Securities (as
defined in Section 6 hereof), who are not prohibited

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by any law or policy of the Commission from participating in the Registered Exchange Offer, to
issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate
principal amount of debt securities (the “Exchange Securities”) of the Issuers issued under the
Indenture and identical in all material respects to the Initial Securities (except for the transfer
restrictions relating to the Initial Securities and the provisions relating to the matters
described in Section 6 hereof) that would be registered under the Securities Act. The Company shall
use its commercially reasonable efforts to cause such Exchange Offer Registration Statement to
become effective under the Securities Act within 320 days (or if the 320th day is not a business
day, the first business day thereafter) after the Issue Date (such 320th day or first business day
thereafter being an “Effectiveness Deadline”) and shall keep the Exchange Offer Registration
Statement effective for not less than 20 business days (or longer, if required by applicable law)
after the date notice of the Registered Exchange Offer is mailed to the Holders (such period being
called the “Exchange Offer Registration Period”).

     If the Company effects the Registered Exchange Offer, the Company will be entitled to close
the Registered Exchange Offer 20 business days after the commencement thereof provided that the
Company has accepted all the Initial Securities theretofore validly tendered in accordance with the
terms of the Registered Exchange Offer.

     Following the declaration of the effectiveness of the Exchange Offer Registration Statement,
the Company shall promptly commence the Registered Exchange Offer, it being the objective of such
Registered Exchange Offer to enable each Holder of Transfer Restricted Securities (as defined in
Section 6 hereof) electing to exchange the Initial Securities for Exchange Securities (assuming
that such Holder is not an affiliate of the Company within the meaning of the Securities Act,
acquires the Exchange Securities in the ordinary course of such Holder’s business and has no
arrangements with any person to participate in the distribution of the Exchange Securities and is
not prohibited by any law or policy of the Commission from participating in the Registered Exchange
Offer) to trade such Exchange Securities from and after their receipt without any limitations or
restrictions under the Securities Act and without material restrictions under the securities laws
of the several states of the United States.

     The Company acknowledges that, pursuant to current interpretations by the
Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption
therefrom, (i) each Holder which is a broker-dealer electing to exchange Initial Securities,
acquired for its own account as a result of market making activities or other trading activities,
for Exchange Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing
the information set forth in (a) Annex A hereto on the cover, (b) Annex B hereto in the “Exchange
Offer Procedures” section and the “Purpose of the Exchange Offer” section, and (c) Annex C hereto
in the “Plan of Distribution” section of such prospectus in connection with a sale of any such
Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer
and (ii) an Initial Purchaser that elects to sell Exchange Securities acquired in exchange for
Initial Securities constituting any portion of an unsold allotment is required to deliver a prospectus containing the information required by Items 507 or 508 of Regulation S-K under the
Securities Act, as applicable, in connection with such sale.

     The Company shall use its commercially reasonable efforts to keep the Exchange Offer
Registration Statement effective and to amend and supplement the prospectus contained therein, in
order to permit such prospectus to be lawfully delivered by all persons subject to the

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prospectus delivery requirements of the Securities Act for such period of time as such persons must
comply with such requirements in order to resell the Exchange Securities; provided, however, that
(i) in the case where such prospectus and any amendment or supplement thereto must be delivered by
an Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180 days (or such
period during which participating persons are required by law to deliver such prospectus) and the
date on which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities
held by them (unless such period is extended pursuant to Section 3(j) below) and (ii) the Company
shall make such prospectus and any amendment or supplement thereto, available to any broker-dealer
for use in connection with any resale of any Exchange Securities for a period of not less than 90
days after the consummation of the Registered Exchange Offer.

     If, upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial
Securities acquired by it as part of its initial distribution, the Company, simultaneously with the
delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and
deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in exchange
(the “Private Exchange”) for the Initial Securities held by such Initial Purchaser, a like
principal amount of debt securities of the Company issued under the Indenture and identical in all
material respects (including the existence of restrictions on transfer under the Securities Act and
the securities laws of the several states of the United States, but excluding provisions relating
to the matters described in Section 6 hereof) to the Initial Securities (the “Private Exchange
Securities”). The Initial Securities, the Exchange Securities and the Private Exchange Securities
are herein collectively called the “Securities”.

     In connection with the Registered Exchange Offer, the Company shall:

     (a) 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;

     (b) keep the Registered Exchange Offer open for not less than 20 business days (or longer, if
required by applicable law) after the date notice thereof is mailed to the Holders;

     (c) utilize the services of a depositary for the Registered Exchange Offer with an address in
the Borough of Manhattan, The City of New York, which may be the Trustee or an affiliate of the
Trustee;

     (d) permit Holders to withdraw tendered Securities at any time prior to the close of business,
New York time, on the last business day on which the Registered Exchange Offer shall remain open;
and

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

     As soon as practicable after the close of the Registered Exchange Offer or the Private
Exchange, as the case may be, the Company shall:

     (f) accept for exchange all the Securities validly tendered and not withdrawn pursuant to the
Registered Exchange Offer and the Private Exchange;

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     (g) deliver or cause to be delivered to the Trustee for cancellation all the Initial
Securities so accepted for exchange; and

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

     The Indenture will provide that the Exchange Securities will not be subject to the transfer
restrictions set forth in the Indenture and that all the Securities will vote and consent together
on all matters as one class and that none of the Securities will have the right to vote or consent
as a class separate from one another on any matter.

     Interest on each Exchange Security and Private Exchange Security issued pursuant to the Registered
Exchange Offer and in the Private Exchange will accrue from the last interest payment date on which
interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has
been paid on the Initial Securities, from the date of original issue of the Initial Securities.

     Each Holder participating in the Registered Exchange Offer shall be required to represent to
the Company that at the time of the consummation of the Registered Exchange Offer (i) any Exchange
Securities received by such Holder will be acquired in the ordinary course of business, (ii) such
Holder is not engaged in, and does not intend to engage in, and has no arrangements or
understanding with any person to participate in the distribution of the Securities or the Exchange
Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as
defined in Rule 405 of the Securities Act, of the Company or if it is an affiliate, such Holder
will comply with the registration and prospectus delivery requirements of the Securities Act to the
extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and has
no arrangements to engage in, and does not intend to engage in, the distribution of the Exchange
Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for
its own account in exchange for Initial Securities that were acquired as a result of market-making
activities or other trading activities and that it acknowledges its obligation to deliver a
prospectus in connection with any resale of such Exchange Securities.

     Notwithstanding any other provisions hereof, the Company will ensure that (i) any Exchange
Offer Registration Statement and any amendment thereto and any prospectus forming part thereof and
any amendment or supplement thereto complies in all material respects with the Securities Act and
the rules and regulations thereunder, (ii) any Exchange Offer Registration Statement and any
amendment 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 Exchange Offer
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 required to be stated
therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

     2. Shelf Registration. If, (i) because of any change in law or in applicable
interpretations thereof by the staff of the Commission, in the reasonable opinion of the Company,

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the Company is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1
hereof, (ii) the Registered Exchange Offer is not consummated within 360 days of the Issue Date,
(iii) any Initial Purchaser so requests in writing with respect to the Initial Securities (or the
Private Exchange Securities) held by it that are not eligible to be exchanged for Exchange
Securities in the Registered Exchange Offer and held by it following consummation of the Registered
Exchange Offer or (iv) any Holder (other than an Exchanging Dealer) is not eligible to participate
in the Registered Exchange Offer or, in the case of any Holder (other than an Exchanging Dealer)
that participates in the Registered Exchange Offer, such Holder does not receive freely tradeable
Exchange Securities on the date of the exchange and such Holder requests in writing, the Company
shall take the following actions (the date on which any of the conditions described in the
foregoing clauses (i) through (iv) occur, including in the case of clauses (iii) or (iv) the
receipt of the required notice, being a “Trigger Date”):

     (a) The Company shall, at its cost on or prior to 90 days after the Trigger Date (such 90th
day being a “Filing Deadline”), but in no event earlier than 270 days after the Issue Date, use
its commercially reasonable efforts to file with the Commission and thereafter use its
commercially reasonable efforts to cause to be declared effective (unless it becomes effective
automatically upon filing) no later than 60 days after the date filed (such 60th day being an
“Effectiveness Deadline”) a registration statement (the “Shelf Registration Statement” and,
together with the Exchange Offer Registration Statement, a “Registration Statement”) on an
appropriate form under the Securities Act relating to the offer and sale of the Transfer
Restricted Securities (as defined in Section 6 hereof) by the Holders thereof from time to time
in accordance with the methods of distribution set forth in the Shelf Registration Statement and
Rule 415 under the Securities Act (hereinafter, the “Shelf Registration”); provided, however,
that, if the obligation to file the Shelf Registration Statement arises because the Registered
Exchange Offer has not been consummated by the Consummation Deadline, then the Company will use
its commercially reasonable efforts to file the Shelf Registration Statement on or prior to the
30th day after such filing obligation arises (such 30th day being a “Filing Deadline”); provided,
however, that no Holder (other than an Initial Purchaser) shall be entitled to have the
Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in
writing to be bound by all the provisions of this Agreement applicable to such Holder.

     (b) The Company shall use its commercially reasonable efforts to keep the Shelf Registration
Statement continuously effective in order to permit the prospectus included therein to be
lawfully delivered by the Holders of the relevant Securities, for a period of one year (or for
such longer period if extended pursuant to Section 3(j) below) from the date of its effectiveness
or such shorter period that will terminate when all the Securities covered by the Shelf
Registration Statement (i) have been sold pursuant thereto or (ii) are no longer restricted
securities (as defined in Rule 144 under the Securities Act, or any successor rule thereof). The
Company shall be deemed not to have used its commercially reasonable efforts to keep the Shelf
Registration Statement effective during the requisite period if it voluntarily takes any action
that would result in Holders of Securities covered thereby not being able to offer and sell such
Securities during that period, unless such action is (x) required by applicable law or (y) permitted
pursuant to Section 3(j) hereof.

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     (c) Notwithstanding any other provisions of this Agreement to the contrary, the Company
shall use its commercially reasonable efforts to ensure that the Shelf Registration Statement and
the related prospectus and any amendment or supplement thereto, as of the effective date of the
Shelf Registration Statement, amendment or supplement, (i) comply in all material respects with
the applicable requirements of the Securities Act and the rules and regulations of the Commission
and (ii) do not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading.

     3. Registration Procedures. In connection with any Shelf Registration contemplated
by Section 2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by
Section 1 hereof, the following provisions shall apply:

     (a) The Company shall (i) furnish to each Initial Purchaser, prior to the filing thereof with
the Commission, a copy of the Registration Statement and each amendment thereof and each
supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser
(with respect to any portion of an unsold allotment from the original offering) is participating in
the Registered Exchange Offer or the Shelf Registration Statement, the Company shall use its
commercially reasonable efforts to reflect in each such document, when so filed with the
Commission, such comments as such Initial Purchaser reasonably may propose; (ii) include the
information set forth in Annex A hereto on the cover, in Annex B hereto in the “Exchange Offer
Procedures” section and the “Purpose of the Exchange Offer” section and in Annex C hereto in the
“Plan of Distribution” section of the prospectus forming a part of the Exchange Offer Registration
Statement and include the information set forth in Annex D hereto in the Letter of Transmittal
delivered pursuant to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser,
include the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as
applicable, in the prospectus forming a part of the Exchange Offer Registration Statement; (iv)
include within the prospectus contained in the Exchange Offer Registration Statement a section
entitled “Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall
contain a summary statement of the positions taken or policies made by the staff of the Commission
with respect to the potential “underwriter” status of any broker-dealer that is the beneficial
owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) of Exchange Securities received by such broker-dealer in the Registered Exchange
Offer (a “Participating Broker-Dealer”), whether such positions or policies have been publicly
disseminated by the staff of the Commission or such positions or policies, in the reasonable
judgment of the Initial Purchasers based upon advice of counsel (which may be in-house counsel),
represent the prevailing views of the staff of the Commission; and (v) in the case of a Shelf
Registration Statement, include in the prospectus included in the Shelf Registration Statement (or,
if permitted by Commission Rule 430B(b), in a prospectus supplement that becomes a part thereof
pursuant to Commission Rule 430B(f)) that is delivered to any Holder pursuant to Section 3(d) and
(f), the names of the Holders, who propose to sell Securities pursuant to the Shelf Registration
Statement, as selling securityholders,

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provided that such Holders have provided the Company with such information prior to the filing of
the Shelf Registration Statement or the prospectus supplement, as applicable.

     (b) The Company shall give written notice to the Initial Purchasers, the Holders of the
Securities and any Participating Broker-Dealer from whom the Company has received prior written
notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice
pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of
the prospectus until the requisite changes have been made):

     (i) when the Registration Statement or any post-effective amendment thereto has become
effective;

     (ii) of any request by the Commission for post-effective amendments or supplements to the
Registration Statement or the prospectus included therein or for additional information;

     (iii) of the issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose, of the issuance by
the Commission of a notification of objection to the use of the form on which the Registration
Statement has been filed, and of the happening of any event that causes either Issuer to become an
“ineligible issuer,” as defined in Commission Rule 405;

     (iv) of the receipt by the Company or its legal counsel of any notification with respect to the
suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose; and

     (v) of the happening of any event that requires the Company to make changes in the
Registration Statement or the prospectus in order that the Registration Statement or the prospectus
do not contain an untrue statement of a material fact nor omit to state a material fact required to
be stated therein or necessary to make the statements therein (in the case of the prospectus, in
light of the circumstances under which they were made) not misleading.

     (c) The Company shall use its commercially reasonable efforts to obtain the withdrawal at the
earliest possible time, of any order suspending the effectiveness of the Registration Statement.

     (d) The Company shall furnish to each Holder of Securities included within the coverage of the
Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and any
post-effective amendment or supplement thereto, including financial statements and schedules, and,
if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated
by reference). The Company shall not, without the prior consent of the Initial Purchasers, make any
offer relating to the Securities that would constitute a “free writing prospectus,” as defined in
Commission Rule 405.

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     (e) The Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and to
any other Holder who so requests, without charge, at least one copy of the Exchange Offer
Registration Statement and any post-effective amendment thereto, including financial statements
and schedules, and, if any Initial Purchaser or any such Holder requests, all exhibits thereto
(including those incorporated by reference).

     (f) The Company shall, during the Shelf Registration Period, deliver to each Holder of
Securities included within the coverage of the Shelf Registration, without charge, as many copies
of the prospectus (including each preliminary prospectus) included in the Shelf Registration
Statement and any amendment or supplement thereto as such person may reasonably request. The
Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any
amendment or supplement thereto by each of the selling Holders of the Securities in connection with
the offering and sale of the Securities covered by the prospectus, or any amendment or supplement
thereto, included in the Shelf Registration Statement.

     (g) The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any
Participating Broker-Dealer and such other persons required to deliver a prospectus following the
Registered Exchange Offer, without charge, as many copies of the final prospectus included in the
Exchange Offer Registration Statement and any amendment or supplement thereto as such persons may
reasonably request. The Company consents, subject to the provisions of this Agreement, to the use
of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary,
any Participating Broker-Dealer and such other persons required to deliver a prospectus following
the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities
covered by the prospectus, or any amendment or supplement thereto, included in such Exchange Offer
Registration Statement.

     (h) Prior to any public offering of the Securities, pursuant to any Registration Statement,
the Company shall use its commercially reasonable efforts to register or qualify or cooperate with
the Holders of the Securities included therein and their respective counsel in connection with the
registration or qualification of the Securities for offer and sale under the securities or “blue
sky” laws of such states of the United States as any Holder of the Securities reasonably requests
in writing and do any and all other acts or things necessary or advisable to enable the offer and
sale in such jurisdictions of the Securities covered by such Registration Statement; provided,
however, that the Company shall not be required to (i) qualify generally to do business in any
jurisdiction where it is not then so qualified or (ii) take any action which would subject it to
general service of process or to taxation in any jurisdiction where it is not then so subject.

     (i) Unless the Securities are in book entry form, the Company shall cooperate with the
Holders of the Securities to facilitate the timely preparation and delivery of certificates
representing the Securities to be sold pursuant to any Registration Statement free of any
restrictive legends (consistent with the provisions of the Indenture) and in such denominations
and registered in such names as the Holders may request a reasonable period of time prior to sales of the Securities pursuant to such Registration
Statement.

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     (j) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of Section
3(b) above during the period for which the Company is required to maintain an effective
Registration Statement, the Company shall use its commercially reasonable efforts to prepare and
file a post-effective amendment to the Registration Statement or a supplement to the related
prospectus and any other required document so that, as thereafter delivered to Holders of the
Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not
misleading. If the Company notifies the Initial Purchasers, the Holders of the Securities and any
known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b)
above to suspend the use of the prospectus until the requisite changes to the prospectus have been
made (such notice, a “Suspension Notice”), then the Initial Purchasers, the Holders of the
Securities and any such Participating Broker-Dealers shall suspend use of such prospectus and not
sell any Securities (and shall keep confidential the cause of such notice for so long as such
cause is not otherwise publicly known), and the period of effectiveness of the Shelf Registration
Statement provided for in Section 2(b) above and the Exchange Offer Registration Statement
provided for in Section 1 above shall each be extended by the number of days from and including
the date of the giving of such notice to and including the date when the Initial Purchasers, the
Holders of the Securities and any known Participating Broker-Dealer shall have received such
amended or supplemented prospectus pursuant to this Section 3(j). Each Holder receiving a
Suspension Notice hereby agrees that (unless prohibited by applicable law or internal policy of
such Holder) it will either (i) destroy all prospectuses, other than permanent file copies, then
in such Holder’s possession which have been replaced by the Company with more recently dated
prospectuses or (ii) deliver to the Company all copies, other than permanent file copies, then in
such Holder’s possession of the prospectus covering such Securities that was current at the time
of receipt of the Suspension Notice. During the period during which the Company is required to
maintain an effective Shelf Registration Statement pursuant to this Agreement, the Company will
prior to the three-year expiration of that Shelf Registration Statement file, and use its
commercially reasonable efforts to cause to be declared effective (unless it becomes effective
automatically upon filing) within a period that avoids any interruption in the ability of Holders
of Securities covered by the expiring Shelf Registration Statement to make registered
dispositions, a new registration statement relating to the Securities, which shall be deemed the
“Shelf Registration Statement” for purposes of this Agreement; provided, however, in no event
shall the Company be obligated to keep any Shelf Registration Statement effective beyond the
period as required by Section 2(b) of this Agreement as extended by the number of days provided
for in the second sentence of this Section 3(j).

     (k) Not later than the effective date of the applicable Registration Statement, the Company
will provide a CUSIP number for the Initial Securities, the Exchange Securities or the Private
Exchange Securities, as the case may be, and provide the applicable trustee with printed
certificates for the Initial Securities, the Exchange Securities or the Private Exchange
Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company.

9

 

     (l) The Company will use its commercially reasonable efforts to comply with all rules and
regulations of the Commission to the extent and so long as they are applicable to the Registered
Exchange Offer or the Shelf Registration and will make generally available to its security holders
(or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement
satisfying the provisions of Section 11(a) of the Securities Act, no later than 45 days after the
end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first
month of the Company’s first fiscal quarter commencing after the effective date of the Registration
Statement, which statement shall cover such 12-month period.

     (m)The Company shall cause the Indenture to be qualified under the Trust Indenture Act of
1939, as amended, in a timely manner and containing such changes, if any, as shall be necessary
for such qualification. In the event that such qualification would require the appointment of a
new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to
the applicable provisions of the Indenture.

     (n) The Company may require each Holder of Securities to be sold pursuant to the Shelf
Registration Statement to furnish to the Company such information regarding the Holder and the
distribution of the Securities as the Company may from time to time reasonably require for
inclusion in the Shelf Registration Statement, and the Company may exclude from such registration
the Securities of any Holder that unreasonably fails to furnish such information within a
reasonable time after receiving such request. In addition, without limiting the foregoing, the
Company may require any Holder of Securities to be sold pursuant to a Shelf Registration Statement
to furnish to the Company in writing, within 20 days after receipt of a request therefor, the
information specified in Item 507 or Item 508 of Regulation S-K, as applicable, of the Securities
Act for use in connection with any Shelf Registration Statement or prospectus or preliminary
prospectus included therein.

     (o) The Company shall enter into such customary agreements (including, if requested, an
underwriting agreement in customary form) and take all such other action, if any, as the Holders
of at least 25% of the aggregate principal amount of the Securities shall reasonably request in
order to facilitate the disposition of the Securities pursuant to any Shelf Registration.

     (p) In the filing of any Shelf Registration Statement, the Company shall (i) make reasonably
available for inspection by the counsel selected by the Holders of at least 25% of the aggregate
principal amount of the Securities, any underwriter participating in an underwritten offering
pursuant to the Shelf Registration Statement and not more than one accounting firm retained by such
Holders or any such underwriter all relevant financial and other records, pertinent corporate
documents and properties of the Company and reasonably requested by such person (ii) cause the
Company’s officers, directors, employees, accountants and auditors to supply all relevant
information reasonably requested by any such person in connection with a Shelf Registration
Statement, in each case, as shall be reasonably necessary to enable such persons, to conduct a
reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that any such records, documents, properties and such information that is designated in
writing by the Company, in good faith, as confidential at the time of delivery of such

10

 

records, documents, properties or information shall be kept confidential by any such persons and
shall be used only in connection with such Shelf Registration Statement, unless disclosure thereof
is required to be made in connection with a court proceeding or required by law, or such
information has become available (not in violation of this Agreement) to the public generally or
through a third party without an accompanying obligation of confidentiality, and the Company shall
be entitled to request that such persons sign a confidentiality agreement to the foregoing effect.

     (q) In the case of any Shelf Registration, the Company, if requested by the Holders Counsel,
shall use commercially reasonable efforts to cause (i) its counsel to deliver an opinion and
updates thereof relating to the Securities in customary form addressed to such Holders and the
managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective
date of such Shelf Registration Statement in form, substance and scope customarily covered in
opinions delivered in connection with shelf registrations; (ii) its officers to execute and deliver
all customary documents and certificates and updates thereof requested by any underwriters of the
applicable Securities and (iii) its independent public accountants and the independent public
accountants with respect to any other entity for which financial information is provided in the
Shelf Registration Statement to provide to the selling Holders of the applicable Securities and any
underwriter therefor a comfort letter in customary form and covering matters of the type
customarily covered in comfort letters in connection with underwritten offerings of securities
benefiting from shelf registration, subject to receipt of appropriate documentation as
contemplated, and only if permitted, by Statement of Auditing Standards No. 72.

     (r) In the case of the Registered Exchange Offer, if requested by any Initial Purchaser or any
known Participating Broker-Dealer that is subject to the prospectus delivery requirements of the
Securities Act, and if a Registration Statement is required to be filed under the Securities Act,
the Company shall cause (i) its counsel to deliver to such Initial Purchaser or such Participating
Broker-Dealer a signed opinion in such form as is customary in connection with the preparation of a
Registration Statement and (ii) its independent public accountants and the independent public
accountants with respect to any other entity for which financial information is provided in the
Registration Statement to deliver to such Initial Purchaser or such Participating Broker-Dealer a
comfort letter in such form as is customary in connection with the preparation of a Registration
Statement.

     (s) If a Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery
of the Initial Securities by Holders to the Company (or to such other Person as directed by the
Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case
may be, the Company shall mark, or caused to be marked, on the Initial Securities so exchanged that
such Initial Securities are being canceled in exchange for the Exchange Securities or the Private
Exchange Securities, as the case may be; in no event shall the Initial Securities be marked as paid
or otherwise satisfied.

     (t) The Company will use its commercially reasonable efforts to (a) if the Initial
Securities have been rated prior to the initial sale of such Initial Securities, confirm such
ratings will apply to the Securities covered by a Registration Statement, or (b) if the

11

 

Initial Securities were not previously rated, cause the Securities covered by a Registration
Statement to be rated with the appropriate rating agencies, if so requested by Holders of a
majority in aggregate principal amount of Securities covered by such Registration Statement, or by
the managing underwriters, if any.

     (u) In the event that any broker-dealer registered under the Exchange Act shall underwrite any
Securities or participate as a member of an underwriting syndicate or selling group or “assist in
the distribution” (within the meaning of the Conduct Rules (the “Rules”) of the Financial Industry
Regulatory Authority, Inc. (“FINRA”)) thereof, whether as a Holder of such Securities or as an
underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the
Company will assist such broker-dealer in complying with the requirements of such Rules, including,
without limitation, by (i) if such Rules, including Rule 2720, shall so require, engaging a
“qualified independent underwriter” (as defined in Rule 2720) to participate in the preparation of
the Registration Statement relating to such Securities, to exercise usual standards of due
diligence in respect thereto and, if any portion of the offering contemplated by such Registration
Statement is an underwritten offering or is made through a placement or sales agent, to recommend
the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the
extent of the indemnification of underwriters provided in Section 5 hereof and (iii) providing such
information to such broker-dealer as may be required in order for such broker-dealer to comply with
the requirements of the Rules.

     (v) The Company shall use its commercially reasonable efforts to take all other steps
necessary to effect the registration of the Securities covered by a Registration Statement
contemplated hereby.

     (w) Each Holder and each Participating Broker-Dealer agrees by acquisition of Initial
Securities or Exchange Securities that, upon the Company providing notice to such Holder or
Participating Broker-Dealer, as the case may be, that the Board of Directors of Holdings has
resolved that the Company has a bona fide purpose for doing so, then, upon providing such notice
(which shall refer to this Section 3(w)), the Company and the Guarantors may delay the filing or
the effectiveness of the Shelf Registration Statement (if not then filed or effective, as
applicable) and shall not be required to maintain the effectiveness thereof or amend or supplement
the Shelf Registration Statement, in all cases, for a period (a “Delay Period”) expiring upon the
earlier to occur of the date which is the earlier of (A) the date on which such corporate
development or other material event ceases to interfere with the Company’s or the Guarantors’
obligations to file or maintain the effectiveness of any such Shelf Registration Statement pursuant
to this Agreement or (B) 60 days after the Company notifies the Holders of such good faith
determination. The Delay Period shall not exceed 60 days in any three-month period or 90 days in
any 12-month period. The period of effectiveness of the Shelf Registration Statement provided for
in Section 2(b) above shall be extended by a number of days equal to the number of days during any
Delay Period. Any Delay Period will not alter the obligations of the Issuers or the Guarantors to
pay Additional Interest under the circumstances set forth in Section 6 hereof.

12

 

     4. Registration Expenses. The Company shall bear all fees and expenses incurred in
connection with the performance of its obligations under Sections 1 through 3 hereof (including the
reasonable fees and expenses, if any, of Shearman & Sterling LLP, counsel for the Initial
Purchasers, incurred in connection with the Registered Exchange Offer), whether or not the
Registered Exchange Offer or a Shelf Registration is filed or becomes effective, and, in the event
of a Shelf Registration, shall bear or reimburse the Holders of the Securities covered thereby for
the reasonable fees and disbursements of one firm of counsel designated by the Holders of a
majority in principal amount of the Initial Securities covered thereby to act as counsel for the
Holders of the Initial Securities in connection therewith.

     5. Indemnification. (a) The Company agrees to indemnify and hold harmless each
Holder of the Securities, any Participating Broker-Dealer and each person, if any, who controls
such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the
Exchange Act (each Holder, any Participating Broker-Dealer and such controlling persons are
referred to collectively as the “Indemnified Parties”) from and against any losses, claims, damages
or liabilities, joint or several, or any actions in respect thereof (including, but not limited to,
any losses, claims, damages, liabilities or actions relating to purchases and sales of the
Securities) to which each Indemnified Party may become subject under the Securities Act, the
Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise
out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in
any preliminary prospectus or “issuer free writing prospectus,” as defined in Commission Rule 433
(“Issuer FWP”), relating to a Shelf Registration, or arise out of, or are based upon, the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified
Parties for any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action in respect thereof;
provided, however, that (i) the Company shall not be liable in any such case to the extent that
such loss, claim, damage or liability arises out of or is based upon any untrue statement or
alleged untrue statement or omission or alleged omission made in a Registration Statement or
prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP
relating to a Shelf Registration in reliance upon and in conformity with written information
pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue
statement or omission made in any preliminary prospectus relating to a Shelf Registration
Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit
of any Holder or Participating Broker-Dealer from whom the person asserting any such losses,
claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus
relating to such Securities was required to be delivered (including through satisfaction of the
conditions of Commission Rule 172) by such Holder or Participating Broker-Dealer under the
Securities Act in connection with such purchase and any such loss, claim, damage or liability of
such Holder or Participating Broker-Dealer results from the fact that there was not conveyed to
such person, at or prior to the time of the sale of such Securities to such person, an amended
or supplemented prospectus or, if permitted by Section 3(d), an Issuer FWP correcting such untrue
statement or omission or alleged untrue statement or omission if the Company had previously
furnished copies thereof to such Holder or Participating Broker-Dealer; provided further, however,
that this indemnity agreement will be in addition to any liability which the Company

13

 

may otherwise have to such Indemnified Party. The Company shall also indemnify underwriters, their
officers and directors and each person who controls such underwriters within the meaning of the
Securities Act or the Exchange Act to the same extent as provided above with respect to the
indemnification of the Holders of the Securities if requested by such Holders.

     (b) Each Holder of the Securities and each Participating Broker-Dealer, severally and not
jointly, will indemnify and hold harmless the Company and each person, if any, who controls the
Company within the meaning of the Securities Act or the Exchange Act from and against any losses,
claims, damages or liabilities or any actions in respect thereof, to which the Company or any such
controlling person may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in a Registration
Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus
or Issuer FWP relating to a Shelf Registration, or arise out of or are based upon the omission or
alleged omission to state therein a material fact necessary to make the statements therein not
misleading, but in each case only to the extent that the untrue statement or omission or alleged
untrue statement or omission was made in reliance upon and in conformity with written information
pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein; and, subject to the limitation set forth immediately preceding this clause,
shall reimburse, as incurred, the Company for any legal or other expenses reasonably incurred by
the Company or any such controlling person in connection with investigating or defending any loss,
claim, damage, liability or action in respect thereof. This indemnity agreement will be in addition
to any liability which such Holder may otherwise have to the Company or any of its controlling
persons.

     (c) Promptly after receipt by an indemnified party under this Section 5 of notice of the
commencement of any action or proceeding (including a governmental investigation), such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this
Section 5, notify the indemnifying party of the commencement thereof; but the failure to notify the
indemnifying party shall not relieve the indemnifying party from any liability that it may have
under subsection (a) or (b) above except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and provided further
that the failure to notify the indemnifying party shall not relieve it from any liability that it
may have to an indemnified party otherwise than under subsection (a) or (b) above. In case any such
action is brought against any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate therein and, to the
extent that it may wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the indemnifying party), and after
notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof the indemnifying party will not be liable to such indemnified party under this
Section 5 for any legal or other
expenses, other than reasonable costs of investigation, subsequently incurred by such
indemnified party in connection with the defense thereof. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any pending or threatened
action in respect of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party unless such settlement (i) includes an
unconditional release of such indemnified party from

14

 

all liability on any claims that are the subject matter of such action, 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. It is understood and agreed that the indemnifying party shall not, in connection
with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and
expenses of more than one separate firm (in addition to any local counsel) for all Indemnified
Parties, and that all such fees and expenses shall be reimbursed as they are incurred. Any such
separate firm for any Initial Purchaser, its affiliates, directors and officers and any control
persons of such Initial Purchaser shall be designated in writing by Morgan Stanley & Co.
Incorporated, and any such separate firm for the Company, each of the Guarantors, each of their
respective directors, each of their respective officers and any control persons of the Company and
the Guarantors shall be designated in writing by the Company. The indemnifying party shall not be
liable for any settlement of any proceeding effected without its written consent if (i) such
settlement is entered into more than 60 days after receipt by the indemnifying party of such
request and (ii) the indemnifying party shall not have reimbursed the Indemnified Party in
accordance with such request prior to the date of such settlement and the indemnifying party shall
not have notified the Indemnified Party in writing that it is disputing in good faith all or a
portion if the fees and expenses included in such request stating in reasonable detail the basis of
such dispute.

     (d) If the indemnification provided for in this Section 5 is unavailable or insufficient to
hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b)
above (i) in such proportion as is appropriate to reflect the relative benefits received by the
indemnifying party or parties on the one hand and the indemnified party on the other from the
exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii) if the allocation
provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) above but also the
relative fault of the indemnifying party or parties on the one hand and the indemnified party on
the other in connection with the statements or omissions that resulted in such losses, claims,
damages or liabilities (or actions in respect thereof) as well as any other relevant equitable
considerations. The relative fault of the parties shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company on the one
hand or such Initial Purchaser, Holder, Participating Broker-Dealer or such other indemnified
party, as the case may be, on the other, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The amount paid by an
indemnified party as a result of the losses, claims, damages or liabilities referred to in the
first sentence of this subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any
action or claim which is the subject of this subsection (d). Notwithstanding any other provision of
this Section 5(d), the Holders of the Securities shall not be required to contribute any amount in
excess of the amount by which the net proceeds
received by such Holders from the sale of the Securities pursuant to a Registration Statement
exceeds the amount of damages which such Holders have otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to

15

 

contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes
of this paragraph (d), each person, if any, who controls such indemnified party within the meaning
of the Securities Act or the Exchange Act shall have the same rights to contribution as such
indemnified party and each person, if any, who controls the Company within the meaning of the
Securities Act or the Exchange Act shall have the same rights to contribution as the Company.

     (e) The agreements contained in this Section 5 shall survive the sale of the Securities
pursuant to a Registration Statement and shall remain in full force and effect, regardless of any
termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party.

     6. Additional Interest Under Certain Circumstances. (a) Additional interest (the
“Additional Interest”) with respect to the Initial Securities shall be assessed as follows if any
of the following events occur (each such event in clauses (i) through (v) below a “Registration
Default”):

     (i) any Registration Statement required by this Agreement is not filed with the Commission on
or prior to the applicable Filing Deadline;

     (ii) any Registration Statement required by this Agreement is not declared effective by the
Commission on or prior to the applicable Effectiveness Deadline;

     (iii) the Registered Exchange Offer has not been consummated within 360 days of the Issue Date;

     (iv) if after either the Exchange Offer Registration Statement or the Shelf Registration
Statement is declared (or becomes automatically) effective (A) such Registration Statement
thereafter ceases to be effective; or (B) such Registration Statement or the related prospectus
ceases to be usable (except as permitted in paragraph (b)) in connection with resales of Transfer
Restricted Securities during the periods specified herein because either (1) any event occurs as a
result of which the related prospectus forming part of such Registration Statement would include
any untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein in the light of the circumstances under which they were made not misleading, (2)
it shall be necessary to amend such Registration Statement or supplement the related prospectus, to
comply with the Securities Act or the Exchange Act or the respective rules thereunder, or (3) such
Registration Statement is a Shelf Registration Statement that has expired before a replacement
Shelf Registration Statement has become effective.

Additional Interest shall accrue on the Initial Securities over and above the interest set forth in
the title of the Securities from and including the date on which any such Registration Default
shall occur to but excluding the date on which all such Registration Defaults have been cured, at a
rate of 0.25% per annum (the “Additional Interest Rate”) for the first 90 day period immediately
following the occurrence of such Registration
Default. The Additional Interest Rate shall increase by an additional 0.25% per annum with respect
to each subsequent 90 day period

16

 

until all Registration Defaults have been cured upon to a maximum Additional Interest Rate of 1.00%
per annum.

     (b) A Registration Default referred to in Section 6(a)(iii)(B) hereof shall be deemed not to
have occurred and be continuing in relation to a Shelf Registration Statement or the related
prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a
post-effective amendment to such Shelf Registration Statement to incorporate annual audited
financial information with respect to the Company where such post-effective amendment is not yet
effective and needs to be declared effective to permit Holders to use the related prospectus or (y)
other material events, with respect to the Company that would need to be described in such Shelf
Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is
proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and
related prospectus to describe such events; provided, however, that in any case if such
Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall
be payable in accordance with the above paragraph from the day such Registration Default occurs
until such Registration Default is cured.

     (c) Any amounts of Additional Interest due pursuant to clause (i), (ii) or (iii) of Section
6(a) above will be payable in cash on the regular interest payment dates with respect to the
Initial Securities. The amount of Additional Interest will be determined by multiplying the
applicable Additional Interest rate by the principal amount of the Initial Securities, multiplied
by a fraction, the numerator of which is the number of days such Additional Interest rate was
applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day
months), and the denominator of which is 360.

     (d) Following the cure of all Registration Defaults the accrual of Additional Interest on the
Initial Securities will cease and the interest rate will revert to the original rate; provided,
however, that if, after any such Additional Interest ceases to accrue, a different event specified
in clause (i), (ii), (iii) or (iv) of the definition of Registration Default above occurs, such
Additional Interest shall begin to accrue again pursuant to the foregoing provisions.

     (e) “Transfer Restricted Securities” means each Initial Security until (i) the date on which
such Transfer Restricted Security has been exchanged by a person other than a broker-dealer for a
freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange
by a broker-dealer in the Registered Exchange Offer of a Initial Security for an Exchange Note, the
date on which such Exchange Note is sold to a purchaser who receives from such broker-dealer on or
prior to the date of such sale a copy of the prospectus contained in the Exchange Offer
Registration Statement, (iii) the date on which such Initial Security has been effectively
registered under the Securities Act and disposed of in accordance with the Shelf Registration
Statement or (iv) the earliest date that is no less than one year after the Issue Date and on which
all such Initial Securities are not subject to any restrictions on transfer including those
pursuant to Rule 144.

     (f) Additional Interest due to this Section 6 shall be the exclusive monetary remedy available
to the Holders and/or Initial Purchasers with respect to any Registration Default.

     7. Rules 144 and 144A. The Company shall use its commercially reasonable best
efforts to file the reports required to be filed by it under the Securities Act and the Exchange
Act in a

17

 

timely manner and, if at any time the Company is not required to file such reports, it will, upon
the request of any Holder of Initial Securities, make publicly available other information so long
as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Company
covenants that it will take such further action as any Holder of Initial Securities may reasonably
request, all to the extent required from time to time to enable such Holder to sell Initial
Securities without registration under the Securities Act within the limitation of the exemptions
provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). The Company will
provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the
Company by the Initial Purchasers upon request. Upon the request of any Holder of Initial
Securities, the Company shall deliver to such Holder a written statement as to whether it has
complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be
deemed to require the Company to register any of its securities pursuant to the Exchange Act.

     8. Underwritten Registrations. (a) If any of the Transfer Restricted 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 administer the offering (“Managing
Underwriters”) will be selected by the Holders of at least a majority of the aggregate principal
amount of such Transfer Restricted Securities to be included in such offering in consultation with
the Company.

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

     9. Miscellaneous.

     (a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given,
except by the Company and the written consent of the Holders of a majority in principal amount of
the Securities affected by such amendment, modification, supplement, waiver or consents.

     (b) Notices. All notices and other communications provided for or permitted hereunder shall be
made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which
guarantees overnight delivery:

     (1) if to a Holder of the Securities, at the most current address given by such Holder to the
Company.

     (2) if to the Initial Purchasers;

Morgan Stanley & Co. Incorporated

1585 Broadway

New York, NY 10036

Fax No.: (212) 761-0260

Attention: Legal Department

18

 

with a copy to:

Shearman & Sterling LLP

599 Lexington Avenue

New York, NY 10022

Fax No.: (646) 848-4000

Attention: Michael Benjamin, Esq.

     (3) if to the Issuers, at their address as follows:

Aurora Diagnostics Holdings, LLC

11025 RCA Center Drive

Suite 33410

Palm Beach Gardens, FL 33410

Fax No.: (561) 626-4530

Attention: James C. New, Chief Executive Officer

Aurora Diagnostics Financing, Inc.

11025 RCA Center Drive

Suite 33410

Palm Beach Gardens, FL 33410

Fax No.: (561) 626-4530

Attention: James C. New, Chief Executive Officer

with a copy to:

Alston & Bird LLP

1201 West Peachtree Street

Atlanta, GA 30309-3424

Fax No.: (404) 253-8293

Attention: J. Mark Ray, Esq.

     All such notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; three business days after being deposited in the mail, postage
prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent
by facsimile transmission; and on the day delivered, if sent by overnight air courier guaranteeing
next day delivery.

     (c) No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor
shall it, on or after the date hereof, enter into, any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the
provisions hereof.

     (d) Successors and Assigns. This Agreement shall be binding upon the Company and its
successors and assigns.

     (e) 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.

19

 

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

     (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

     (h) Severability. If 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.

     (i) Securities Held by the Company. Whenever the consent or approval of Holders of a specified
percentage of principal amount of Securities is required hereunder, Securities held by the Company
or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are
deemed to be affiliates solely by reason of their holdings of such Securities) shall not be counted
in determining whether such consent or approval was given by the Holders of such required
percentage.

     If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Issuers a counterpart hereof, whereupon this instrument, along with all counterparts,
will become a binding agreement among the several Initial Purchasers, the Issuers and the
Guarantors in accordance with its terms.

20

 

	 	 	 	 	 
	 	Very truly yours,

Aurora Diagnostics Holdings, LLC

 	 
	 	By:  	/s/ Gregory A. Marsh
 	 
	 	 	Name:  	Gregory A. Marsh 	 
	 	 	Title:  	Chief Financial Officer

 	 
	 	Aurora Diagnostics Financing, Inc.
	 	 	 
	 	By:  	/s/ Gregory A. Marsh
 	 
	 	 	Name:  	Gregory A. Marsh 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Aurora Diagnostics, LLC

Laboratory of Dermatopathology ADX,
LLC 
Aurora Michigan, LLC

Aurora LMC, LLC

Hardman Pathology ADX, LLC

Mark & Kambour, LLC

Mark &. Kambour Holdings, Inc.

Bernhardt Laboratories, Inc.

Covenant Healthcare Lab, LLC

Aurora New Hampshire, LLC

Seacoast Pathology, Inc.

Cunningham Pathology,L.L.C.

CR Collections, LLC

Twin Cities Dermatopathology,LLC

Aurora Greensboro, LLC

Greensboro Pathology, LLC 

Aurora Massachusetts, LLC

Pathology Solutions, LLC

Biopsy Diagnostics, LLC
 	 
	 	 	 
	 	By:  	/s/ Gregory A. Marsh
 	 
	 	 	Name:  	Gregory A. Marsh 	 
	 	 	Title:  	Chief Financial Officer 	 

Registration Rights Agreement

 

	 	 	 	 	 

	 	 	 	 	 
	 	The foregoing Registration

Rights Agreement is hereby confirmed 
and
accepted as of the date first

above written.

by: Morgan Stanley & Co. Incorporated

 	 
	 	By:  	/s/
Brian P. Carr
 	 
	 	 	Name:  	Brian P. Carr	 
	 	 	Title:  	Executive Director	 
	 
	 	by: Barclays Capital Inc.

 	 
	 	By:  	/s/ John Skrobe
 	 
	 	 	Name:  	John Skrobe	 
	 	 	Title:  	Managing Director	 
	 
	 	by: UBS Securities LLC

 	 
	 	By:  	/s/ David W. Barth
 	 
	 	 	Name:  	David W. Barth	 
	 	 	Title:  	Managing Director
 High Yield Capital Markets	 
	 
	 	 	 
	 	By:  	/s/ Michael Lawton
 	 
	 	 	Name:  	Michael Lawton	 
	 	 	Title:  	Director	 
	 

Registration Rights Agreement

 

 

	 	 	 	 	 

ANNEX A

     Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange
Offer must acknowledge that it will deliver a prospectus in connection with any resale of such
Exchange Securities. The Letter of Transmittal states that by so acknowledging 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. This Prospectus, as it may be amended or supplemented from time to
time, may be used by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer
as a result of market-making activities or other trading activities. The Company has agreed that,
for a period of 180 days after the Expiration Date (as defined herein), or such shorter period
during which participating broker-dealers are required by law to deliver such a prospectus, it will
make this Prospectus available to any broker dealer for use in connection with any such resale. See
“Plan of Distribution.”

23

 

ANNEX B

          Each broker-dealer that receives Exchange Securities for its own account in exchange for
Securities, where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities, must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. See “Plan of
Distribution.”

24

 

ANNEX C

PLAN OF DISTRIBUTION

     Each broker-dealer that receives Exchange Securities for its own account pursuant to the
Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time,
may be used by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired as a result of
market-making activities or other trading activities. The Company has agreed that, for a period of
180 days after the Expiration Date, or such shorter period during which participating
broker-dealers are required by law to deliver such a prospectus, it will make this prospectus, as
amended or supplemented, available to any broker dealer for use in connection with any such resale.
In addition, until          , 20     , all dealers effecting transactions in the Exchange Securities may be
required to deliver a prospectus.

     The Company will not receive any proceeds from any sale of Exchange Securities by
broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to
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 the Exchange
Securities or a combination of such methods of resale, at market prices prevailing at the time of
resale, at prices related to such prevailing market prices or negotiated prices. Any such resale
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 any such broker-dealer or the purchasers of any such
Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it
for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a
distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning of
the Securities Act and any profit on any such resale of Exchange Securities and any commission or
concessions received by any such 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.

     For a period of 180 days after the Expiration Date, or such shorter period during which
participating broker-dealers are required by law to deliver such a prospectus, the Company will
promptly send additional copies of this Prospectus and any amendment or supplement to this
Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The
Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of
one counsel for the Holders of the Securities) other than commissions or concessions of any brokers
or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against
certain liabilities, including liabilities under the Securities Act.

25

 

ANNEX D

     CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS
AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

	 	 	 	 	 	 
	 	 	Name:	 	 	 
	 	 	 	 	 	 
	 	 	Address:	 	 	 
	 	 	 	 	 	 

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 Initial
Securities that were acquired as a result of market-making activities or other trading activities,
it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange
Securities; 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 Securities Act.

26

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