Document:

EXHIBIT 4.4

                              AMENDED AND RESTATED

                  LIMITED LIABILITY COMPANY OPERATING AGREEMENT

                                       OF

                           DVI RECEIVABLES XI, L.L.C.

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                              AMENDED AND RESTATED
                  LIMITED LIABILITY COMPANY OPERATING AGREEMENT

                                       OF

                           DVI RECEIVABLES XI, L.L.C.

                                TABLE OF CONTENTS

ARTICLE I
         DEFINITIONS
         1.1      ACT..........................................................1
         1.2      AFFILIATE....................................................1
         1.3      AGREEMENT....................................................1
         1.4      ARTICLES.....................................................1
         1.5      ASSIGNEE.....................................................1
         1.6      CAPITAL CONTRIBUTION.........................................1
         1.7      CLOSING......................................................1
         1.8      COMPANY......................................................1
         1.9      DISPOSITION (DISPOSE)........................................2
         1.10     DISSOLUTION EVENT............................................2
         1.11     DISTRIBUTION.................................................2
         1.12     DVI..........................................................2
         1.13     EFFECTIVE DATE...............................................2
         1.14     EVENT OF BANKRUPTCY..........................................2
         1.15     FISCAL YEAR..................................................2
         1.16     INDENTURE....................................................2
         1.17     INDEPENDENT DIRECTOR.........................................2
         1.18     MANAGEMENT RIGHT.............................................2
         1.19     MANAGING MEMBER..............................................3
         1.20     MEMBER.......................................................3
         1.21     MEMBERSHIP INTEREST..........................................3
         1.22     NOTES........................................................3
         1.23     OFFICER......................................................3
         1.24     ORGANIZATION.................................................3
         1.25     PERSON.......................................................3
         1.26     PRINCIPAL OFFICE.............................................3
         1.27     PROCEEDING...................................................3
         1.28     PROPERTY.....................................................3
         1.29     RELATED COMPANY..............................................3
         1.30     SCTA.........................................................3
         1.31     TAX CHARACTERIZATION AND ADDITIONAL TAX TERMS................3
         1.32     TERM.........................................................4

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         1.33     UNIT.........................................................4

ARTICLE II
         FORMATION
         2.1      ORGANIZATION.................................................4
         2.2      AGREEMENT....................................................4
         2.3      NAME.........................................................5
         2.4      TERM.........................................................5
         2.5      REGISTERED AGENT AND OFFICE..................................5
         2.6      PRINCIPAL OFFICE.............................................5

ARTICLE III
         LIMITED PURPOSE; NATURE OF BUSINESS
         3.1      LIMITED BUSINESS PURPOSE.....................................5

ARTICLE IV
         LIMITATIONS ON ACTIVITIES
         4.1      LIMITATIONS ON ACTIVITIES....................................7

ARTICLE V
         ACCOUNTING AND RECORDS
         5.1      RECORDS TO BE MAINTAINED.....................................8
         5.2      REPORTS......................................................9
         5.3      TAX RETURNS AND REPORTS......................................9
         5.4      RECORDS TO BE KEPT SEPARATE..................................9

ARTICLE VI
         NAME AND ADDRESS OF MEMBER

ARTICLE VII
         RIGHTS AND DUTIES OF MEMBER
         7.1      LIABILITY OF MEMBER.........................................10
         7.2      REPRESENTATIONS AND WARRANTIES..............................10
         7.3      CONFLICTS OF INTEREST.......................................10

ARTICLE VIII
         MANAGEMENT
         8.1      MANAGEMENT OF THE COMPANY...................................10
         8.2      AUTHORITY OF MANAGING MEMBER TO BIND THE COMPANY............11
         8.3      ACTIONS OF THE MANAGING MEMBER..............................12
         8.4      COMPENSATION OF MANAGING MEMBER.............................12
         8.5      MANAGING MEMBER'S STANDARD OF CARE..........................12
         8.6      RESIGNATION.................................................12
         8.7      PAYMENT OF LIABILITIES......................................12

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ARTICLE IX
         CONTRIBUTIONS
         9.1      MEMBERSHIP INTEREST.........................................13
         9.2      CONTRIBUTIONS...............................................13
         9.3      WITHDRAWAL..................................................13
         9.4      INTEREST....................................................13
         9.5      NO PERSONAL LIABILITY.......................................13

ARTICLE X
         ALLOCATIONS AND DISTRIBUTIONS
         10.1     TAXABLE INCOME ALLOCATIONS..................................13
         10.2     DISTRIBUTIONS...............................................13

ARTICLE XI
         TRANSFER OF MEMBERSHIP INTEREST
         11.1     COMPLIANCE WITH SECURITIES LAWS.............................13
         11.2     TRANSFER OF ECONOMIC INTEREST...............................14
         11.3     TRANSFER OF MEMBERSHIP INTEREST.............................14
         11.4     STATUS OF TRANSFEREE........................................14
         11.5     DISSOLUTION OR BANKRUPTCY OF THE MEMBER.....................15

ARTICLE XII
         DISSOLUTION AND WINDING UP
         12.1     DISSOLUTION.................................................15
         12.2     EFFECT OF DISSOLUTION.......................................16
         12.3     DISTRIBUTION OF ASSETS ON DISSOLUTION.......................16
         12.4     WINDING UP AND FILING ARTICLES OF DISSOLUTION...............17

ARTICLE XIII
         MISCELLANEOUS
         13.1     NOTICES.....................................................17
         13.2     HEADINGS....................................................17
         13.3     ENTIRE AGREEMENT............................................17
         13.4     BINDING AGREEMENT...........................................17
         13.5     SAVING CLAUSE...............................................17
         13.6     COUNTERPARTS................................................17
         13.7     GOVERNING LAW...............................................17
         13.8     NO MEMBERSHIP INTENDED FOR NONTAX PURPOSES..................17
         13.9     NO RIGHTS OF CREDITORS AND THIRD PARTIES UNDER AGREEMENT....18
         13.10    GENERAL INTERPRETIVE PRINCIPLES.............................18

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                  LIMITED LIABILITY COMPANY OPERATING AGREEMENT

                                       OF

                           DVI RECEIVABLES XI, L.L.C.

         This Amended and Restated Limited Liability Company Operating Agreement
of DVI Receivables XI, L.L.C. (the "Company"), a Delaware limited liability
company organized pursuant to the Delaware Limited Liability Company Act, shall
be effective as of December 1, 1999, by and between the Company and DVI
Receivables Corp. VIII, as the sole member of the Company.

                                    ARTICLE I
                                   DEFINITIONS

         Capitalized terms not defined herein shall have the meaning set forth
in the Indenture (as defined below). For purposes of this Agreement (as defined
below), unless the context clearly indicates otherwise, the following terms
shall have the following meanings:

         1.1 ACT. The Delaware Limited Liability Company Act and all amendments
thereto.

         1.2 AFFILIATE. Any entity other than the Member (i) which owns
beneficially, directly or indirectly, 10% or more of the outstanding shares of
common stock of the Managing Member; or (ii) of which 10% or more of the
outstanding shares of its common stock is owned beneficially, directly or
indirectly, by any entity described in clause (i) above, or (iii) which is
"controlled", as defined in Section 230.405 of the Rules and Regulations of the
Securities and Exchange Commission, 17 C.F.R. Section 230.405, by an entity
described in clause (i) above.

         1.3 AGREEMENT. This Limited Liability Company Operating Agreement
including all amendments adopted in accordance with this Agreement and the Act.

         1.4 ARTICLES. The Articles of Organization of the Company, as amended
from time to time, and filed with the Department of State of the State of
Delaware.

         1.5 ASSIGNEE. A transferee of the Membership Interest.

         1.6 CAPITAL CONTRIBUTION. Any contribution of rights, Property or
services made by or on behalf of the Member or its Assignee.

         1.7 CLOSING. The Closing as defined in the Indenture.

         1.8 COMPANY. DVI Receivables XI, L.L.C., a limited liability company
formed under the laws of Delaware, and any successor limited liability company.

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         1.9 DISPOSITION (DISPOSE). Any sale, assignment, exchange, mortgage,
pledge, grant, hypothecation, or other transfer, absolute or as security or
encumbrance (including dispositions by operation of law).

         1.10 DISSOLUTION EVENT. An event, the occurrence of which will result
in the dissolution of the Company under Article XII.

         1.11 DISTRIBUTION. A transfer of Property to the Member or its designee
on account of the Member's Membership Interest as described in Article X.

         1.12 DVI. DVI Financial Services Inc., a Delaware corporation.

         1.13 EFFECTIVE DATE. December 1, 1999.

         1.14 EVENT OF BANKRUPTCY. As to any Person means the filing of a
petition for relief as to such Person as debtor or bankrupt under the Bankruptcy
Reform Act of 1978, as amended, or other similar provision of law of any
jurisdiction (except if such petition is contested by such Person and has been
dismissed within 90 days); insolvency of such Person as finally determined by a
court proceeding; filing by such Person of a petition or application to
accomplish the same or for the appointment of a receiver or a trustee for such
Person or a substantial part of its assets; commencement of any proceedings
relating to such Person as a debtor under any other reorganization, arrangement,
insolvency, adjustment of debt or liquidation law of any jurisdiction, whether
now in existence or hereinafter enacted, if such Person indicates its approval
of such proceeding, consents thereto or acquiesces therein, or such proceeding
is contested by such Person and has not been finally dismissed within 90 days.

         1.15 FISCAL YEAR. The year commencing on the opening of business on the
first day of July of each calendar year and terminating on the close of business
on the last day of June of the immediately succeeding calendar year thereto.

         1.16 INDENTURE. That certain Amended and Restated Indenture, dated of
even date herewith, by and between the Company and U.S. Bank Trust National
Association, as Trustee.

         1.17 INDEPENDENT DIRECTOR. An individual who is not, at the time of
initial appointment, nor has been, a director of any Affiliate of the Member
(except that an individual who serves in similar capacities for other "special
purpose corporations" formed by DVI or its affiliates is not thereby
disqualified from being an Independent Director) or is an officer of, employed
by, a creditor, supplier or contractor of, or holding any beneficial or economic
interest in the Member or any Affiliate of the Member, or is a family member of
any of the foregoing.

         1.18 MANAGEMENT RIGHT. The right of the Member to participate in the
management of the Company, to vote on any matter, and to grant or to withhold
consent or approval of actions of the Company.

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         1.19     MANAGING MEMBER.  The Member, as set forth in Section 8.1.

         1.20     MEMBER.  DVI Receivables Corp. VIII, or any Assignee thereof.

         1.21 MEMBERSHIP INTEREST. The rights of the Member to Distributions
(liquidating or otherwise) and allocations of the profits, losses, gains,
deductions, and credits of the Company, and, to the extent permitted by this
Agreement, to possess and exercise Management Rights.

         1.22 NOTES. The Notes, as set forth in the Indenture, including any
Class F Instruments.

         1.23 OFFICER. An individual appointed as an officer of the Company
pursuant to Section 8.1(c).

         1.24 ORGANIZATION. A Person other than a natural person, including
without limitation corporations (both non-profit and other corporations),
partnerships (both limited and general), joint ventures, limited liability
companies, business trusts and unincorporated associations, but the term does
not include joint tenancies and tenancies by the entirety.

         1.25 PERSON. An individual, trust, estate, or any Organization
permitted to be a member of a limited liability company under the laws of the
State of Delaware.

         1.26 PRINCIPAL OFFICE. The Principal Office of the Company set forth in
Section 2.6.

         1.27 PROCEEDING. Any administrative, judicial, or other adversary
proceeding, including without limitation litigation, arbitration, administrative
adjudication, mediation, and appeal or review of any of the foregoing.

         1.28 PROPERTY. Any property, real or personal, tangible or intangible,
including money, and any legal or equitable interest in such property, but
excluding services and promises to perform services in the future.

         1.29 RELATED COMPANY. The Member of the Company or any entity other
than the Company now or hereafter controlled directly or indirectly by, or under
direct or indirect common control with, the Member of the Company.

         1.30 SCTA. That certain Amended and Restated Subsequent Contract
Transfer Agreement, dated of even date herewith, by and between the Company and
DVI Receivables Corp XI.

         1.31 TAX CHARACTERIZATION AND ADDITIONAL TAX TERMS. For federal income
tax purposes, and to the extent applicable for state and local income and
franchise tax purposes, it is intended that the Company be disregarded as an
entity separate from the Member; provided, however, if it is determined that
there are two or more members of the Company then it is intended that the
Company be treated as a partnership for such purposes, and the Managing Member
shall (i)

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file any information returns and reports and make any elections or take any
other similar action required for the Company to be classified as a partnership
for such purposes and (ii) act as the tax matters partner of the Company
pursuant to Section 6231(a)(7) of the Code and applicable Tax Regulations.

                  (a) Code shall mean the Internal Revenue Code of 1986.

                  (b) Tax Regulations shall mean the federal income tax
         regulations promulgated by the United States Treasury Department under
         the Code as such Tax Regulations may be amended from time to time. All
         references herein to a specific section of the Tax Regulations shall be
         deemed also to refer to any corresponding provision of succeeding Tax
         Regulations.

         1.32 TERM. The term of this Agreement, as set forth in Section 2.4
hereof.

         1.33 UNIT. One of the one hundred (100) units of Membership Interest
that are authorized to be issued under this Agreement. Each unit represents a
Membership Interest of one percent (1%). All Units issued pursuant this
Agreement are issued to the Member, as sole member of the Company.

                                   ARTICLE II
                                    FORMATION

         2.1 ORGANIZATION. The Member hereby organizes the Company as a Delaware
limited liability company pursuant to the provisions of the Act.

         2.2 AGREEMENT. (a) For and in consideration of the mutual covenants
herein contained and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, (i) the Company and DVI Receivables
Corp. VIII hereby agree to the terms and conditions of this Agreement, as it may
from time to time be amended and (ii) the Company hereby issues, assigns,
transfers and conveys all of its Membership Interests to DVI Receivables Corp.
VIII, and, prior to and at all times after the Effective Date, the term "Member"
shall be deemed to refer to DVI Receivables Corp. VIII, its successors and
assigns. It is the express intention of the Company and DVI Receivables Corp.
VIII that this Agreement shall be the sole source of agreement of the parties,
and, except to the extent a provision of this Agreement expressly incorporates
federal income tax rules by reference to sections of the Code or Tax Regulations
or is expressly prohibited or ineffective under the Act, this Agreement shall
govern, even when inconsistent with, or different than, the provisions of the
Act or any other law or rule, and to the extent any provision of this Agreement
is prohibited or ineffective under the Act, this Agreement shall be deemed to be
amended to the least extent necessary in order to make this Agreement effective
under the Act, in the event the Act is subsequently amended or interpreted in
such a way to make any provision of this Agreement that was formerly invalid
valid, such provision shall be considered to be valid from the effective date of
such interpretation or amendment.

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                  (b) The Company has been formed by DVI Receivables Corp. VIII
to serve as a special purpose entity in connection with securitization of
certain financial assets of DVI Receivables Corp. VIII or its Affiliates.

         2.3 NAME. The name of the Company is DVI Receivables XI, L.L.C., and
all business of the Company shall be conducted under that name.

         2.4 TERM. The Company shall be dissolved and its affairs wound up in
accordance with the Act and this Agreement one year and one day after the Notes
have been paid in full pursuant to the Indenture, unless the Term shall be
extended by amendment to this Agreement and the Articles.

         2.5 REGISTERED AGENT AND OFFICE. The registered agent for the service
of process and the registered office shall be that Person and location reflected
in the Articles. The Member may, from time to time, change the registered agent
or office through appropriate filings with the Secretary of State of the State
of Delaware. In the event the registered agent ceases to act as such for any
reason or the registered office shall change, the Managing Member shall promptly
designate a replacement registered agent or file a notice of change of address
as the case may be.

         2.6 PRINCIPAL OFFICE. The Principal Office of the Company shall be
located at

                         c/o DVI Financial Services Inc.
                         500 Hyde Park
                         Doylestown, PA 18901
                         Attention: Securitization Manager
                         Telephone: (215) 489-8015

or at such other address as designated by the Securitization Manager by written
notice to the Managing Member.

                                   ARTICLE III
                       LIMITED PURPOSE; NATURE OF BUSINESS

         3.1 LIMITED BUSINESS PURPOSE. The business purpose to be conducted or
promoted by the Company is limited to the following activities and none other:

                  (a) To acquire, own, purchase, hold, transfer, pledge and
         otherwise deal with notes, debt, or other securities;

                  (b) To acquire, own, and hold one or more series of securities
         ("Pass-Through Securities") issued pursuant to one or more pooling
         agreements (each, a "Pooling Agreement"), and to issue one or more
         series of Pass-Through Securities; such Pass-Through Securities of each
         series (i) will represent ownership interests in various equipment
         finance contracts, the cash flow, income, payments and proceeds
         therefrom and any related property and/or collections in respect
         thereof, and (ii) may be structured to contain one or more classes

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         of Pass-Through Securities, each class having the characteristics
         specified in the related Pooling Agreement; and to sell, transfer,
         assign, finance and refinance one or more Pass- Through Securities or
         classes of Pass-Through Securities of any series;

                  (c) To issue, acquire, own and hold one or more series of debt
         obligations ("Notes") with the prior written consent of Moody's
         Investors Service, Inc., pursuant to one or more indentures, which
         Notes are collateralized by equipment finance contracts or income,
         payments or proceeds therefrom ("Funding Agreements"), Pass-Through
         Securities or supplemental collateral (collectively, the "Collateral");
         and to sell, transfer, assign and finance such Notes with Prudential
         Securities Credit Corporation or Lehman Commercial Paper Inc. and such
         other organizations as either of them shall designate;

                  (d) To establish one or more trusts ("Trusts") to engage in
         any one or more of the activities described in any of the clauses above
         or to issue, acquire, own, hold and sell a particular series of notes
         to be issued pursuant to an indenture between such trust and an
         indenture trustee (the "Trustee"); to receive upon the formation of any
         such Trust one or more certificates ("Trust Certificates") representing
         the beneficial ownership interest in such Trust; and to acquire, own,
         hold, sell, transfer, assign, pledge, finance, refinance and otherwise
         deal with any or all of the Trust Certificates in any such Trust;

                  (e) To invest and reinvest the funds received or collected by
         the Company on Collateral in other investments of such types or in
         other interest-bearing or discount securities, loans or other
         investments;

                  (f) To convey or transfer all or any portion of the Company's
         right, title and interest in and to the Collateral for any series of
         Notes, subject and subordinate to the rights of the related
         Noteholders;

                  (g) To transfer the Company's rights to (i) any cash flow in
         excess of amounts necessary to pay holders of the Notes remitted, or to
         be remitted to, the Company pursuant to an indenture with respect to
         such Notes or (ii) amounts remitted or to be remitted to the Company
         pursuant to a Pooling Agreement or a funding agreement;

                  (h) To acquire, own, hold, sell, transfer, assign, pledge,
         finance, refinance and otherwise deal with (i) installment sales
         contracts, equipment leases, equipment finance leases, rental and other
         contract payments from leases or other contracts, equipment finance
         loans and notes secured (in whole or in part) by income and proceeds
         from equipment (collectively, "Contracts"), (ii) the equipment which is
         the subject of such Contracts, (iii) policies of insurance relating to
         such Contracts, Contract payments due thereunder, equipment, or
         proceeds of any of the foregoing, (iv) any other assets which may be
         incidental to the ownership of such Contracts, or (v) any participation
         interest in or security based on or backed by assets described in (i)
         through (iv) (collectively, "Lease Receivables");

                  (i) To borrow money pursuant to one or more interim finance
         agreements between the Company and one or more lenders and acquiring,
         owning, leasing, purchasing,

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         investing, transferring, selling and/or pledging certain property to be
         contributed to the Company pursuant to a contribution agreement or
         subsequent contract transfer agreement in connection with such
         borrowing; provided, however, that there may be only one interim
         finance agreement outstanding at one time, unless all other existing
         interim finance providers shall have so consented;

                  (j) To engage in any other acts or activities and to exercise
         any power permitted to the Company under the Act so long as the same
         are incidental to, or connected with, the foregoing or are necessary,
         suitable or convenient to accomplish the foregoing;

                  (k) Provided, however, that the Company shall not engage in
         any of the permitted activities set forth in (a) through (j) above if
         doing so shall result in a downgrade of the rating by a nationally
         recognized rating agency requested by the Company to rate the
         securities related to any previously issued (by the Company or one of
         the Trusts) Notes, Pass-Through Securities or Trust Certificates; and

                  (l) The Company shall pay its liabilities from its own assets,
         and not have any liability to any Related Company or any creditor of
         any Related Company.

                                   ARTICLE IV
                            LIMITATIONS ON ACTIVITIES

         4.1 LIMITATIONS ON ACTIVITIES. Notwithstanding any other provision of
this Agreement and any provision of law which otherwise so empowers the Company,
the Company shall not, and no Member shall have any right, power or authority to
cause the Company, without the unanimous affirmative vote of the Member's board
of directors, to perform any act in contravention of any of the following:

                  (a) The Company shall not

                           (i) consolidate or merge with or into any other
                  entity or person or dissolve or liquidate in whole or in part
                  or transfer its properties and assets substantially as an
                  entirety to any entity or

                           (ii) engage in any other action that bears on whether
                  the separate legal identity of the Company and the Member will
                  be respected, including, without limitation (A) holding itself
                  out as being liable for the debts of any other party; (B)
                  forming, or causing to be formed, any subsidiaries or (C)
                  acting other than in its name and through its duly authorized
                  officers or agents;

                  (b) The Company shall not engage in any joint activity or
         transaction of any kind with or for the benefit of any Related Company,
         including loans to or from any Related Company and any guarantee of the
         indebtedness of any Related Company, except for

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                           (i) entering into the agreements referenced in or
                  contemplated by Article III,

                           (ii) purchasing management services and leasing
                  office space or equipment, in each case only to the extent
                  necessary for the conduct of the Company's business, and

                           (iii) payment of capital distributions to the Member;

                  (c) The Company shall not create, incur, assume, guarantee or
         in any manner become liable in respect of any indebtedness, except as
         stated in Article III, other than trade payables and expense accruals
         incurred in the ordinary course of business and which are incident to
         the business purpose of the Company as stated in Article III above;

                  (d) The Company shall not commingle its funds and assets with
         those of any Related Company;

                  (e) Neither the Member nor the Company shall file or otherwise
         initiate on behalf of the Company (i) a voluntary petition for relief
         under any Chapter of the Bankruptcy Code, (ii) a receivership,
         conservatorship or custodianship, (iii) an assignment for the benefit
         of creditors or (iv) any other bankruptcy or insolvency related
         proceeding;

                  (f) The Company shall not dissolve or wind up its affairs upon
         the dissociation, dissolution or Event of Bankruptcy of any of its
         Members;

                  (g) The Company shall not dissolve, even if it has no
         remaining Members, if a personal representative of the last Member
         agrees in writing to continue the Company and to act as the Member
         hereunder until such time as another Member is effectively appointed
         hereunder or, in the event that no such personal representative shall
         agree, the Company shall make reasonable commercial efforts to cause
         the Trustee to act as interim Member until a replacement Member is
         effectively appointed; and

                  (h) In the event that the Member undergoes an Event of
         Bankruptcy, the Member shall not reject the Agreement.

                                    ARTICLE V
                             ACCOUNTING AND RECORDS

         5.1 RECORDS TO BE MAINTAINED. The Company shall maintain the following
records at the Principal Office:

                  (a) a record of the full name and last known mailing address
         of the Member, together with information relating to the Member's
         Membership Interest;

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                                        9

                  (b) a copy of the Articles and all amendments thereto,
         together with executed copies of any powers of attorney pursuant to
         which the Articles or any such amendment has been executed;

                  (c) a copy of the Company's federal, state and local income or
         information tax returns and reports;

                  (d) a copy of this Agreement including all amendments thereto;
         and

                  (e) the Company's books and records, including financial
         statements of the Company, which shall be open to inspections by the
         Member or its agents at reasonable times.

         5.2 REPORTS. The Managing Member shall prepare annual reports,
including a balance sheet, statement of profit and loss and changes in the
Member's account, and a statement of cash flows.

         5.3 TAX RETURNS AND REPORTS. The Managing Member shall prepare and
timely file income tax returns of the Company in all jurisdictions where such
filings are required.

         5.4 RECORDS TO BE KEPT SEPARATE. The Company (a) shall maintain its
financial and accounting books and records separate from those of any other
entity or person, (b) shall pay from its assets all obligations and indebtedness
of any kind incurred by it, and shall not pay from its assets any obligations or
indebtedness of any other entity or person, and (c) shall observe all
formalities required by its Articles, this Agreement and the laws of the State
of Delaware.

                                   ARTICLE VI
                           NAME AND ADDRESS OF MEMBER

         The name and address (or such other address as designated by the Member
to the Company from time to time) of the Member on and after the Closing shall
be:

                         DVI Receivables Corp. VIII
                         c/o DVI Financial Services Inc.
                         500 Hyde Park
                         Doylestown, PA  18901

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                                   ARTICLE VII
                           RIGHTS AND DUTIES OF MEMBER

         7.1 LIABILITY OF MEMBER. The Member shall not have any liability for
the obligations or liabilities of the Company except to the extent provided in
the Act.

         7.2 REPRESENTATIONS AND WARRANTIES. The Member hereby represents and
warrants to the Company that: (a) the Member is an entity that has power to
enter into this Agreement and to perform its obligations hereunder and that the
persons executing this Agreement on behalf of the entity have the power to do
so; and (b) the Member is acquiring its interest in the Company for the Member's
own account as an investment and without an intent to distribute the interest.
The Member acknowledges that its interest in the Company has not been registered
under the Securities Act of 1933 or any state securities laws, and may not be
resold or transferred without appropriate registration or the availability of an
exemption from such requirements.

         7.3 CONFLICTS OF INTEREST.

                  (a) The Member shall be entitled to enter into transactions
         that may be considered to be competitive with the Company, it being
         expressly understood that the Member may enter into transactions that
         are similar to the transactions into which the Company may enter.
         Notwithstanding the foregoing, the Member shall account to the Company
         and hold as trustee for it any Property, profit, or benefit derived by
         the Member in the conduct and winding up of the Company business or
         from a use or appropriation by the Member of Company Property including
         information developed exclusively for the Company and opportunities
         expressly offered to the Company.

                  (b) The Member does not violate a duty or obligation to the
         Company merely because the Member's conduct furthers the Member's own
         interest. No transaction with the Company shall be voidable solely
         because the Member has a direct or indirect interest in the transaction
         if the transaction is fair and reasonable to the Company.

                                  ARTICLE VIII
                                   MANAGEMENT

         8.1 MANAGEMENT OF THE COMPANY.

                  (a) The Member shall be the managing member of the Company
         (the "Managing Member") and, in such capacity, shall manage the Company
         in accordance with this Agreement. The Managing Member is an agent of
         the Company's business, and the actions of the Managing Member taken in
         such capacity and in accordance with this Agreement shall bind the
         Company.

                  (b) The Managing Member shall have full, exclusive and
         complete discretion to manage and control the business and affairs of
         the Company, to make all decisions affecting

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                                       11

         the business and affairs of the Company and to take all such actions as
         it deems necessary or appropriate to accomplish the purpose of the
         Company as set forth herein. The Managing Member shall be the sole
         person or entity with the power to bind the Company, except and to the
         extent that such power is expressly delegated to any other person or
         entity by the Managing Member, and such delegation shall not cause the
         Managing Member to cease to be the Member or the Managing Member. There
         shall not be a "manager" (within the meaning of the Act) of the
         Company.

                  (c) The Managing Member may appoint individuals ("Officers")
         with or without such titles as it may elect, including the titles of
         President, Vice President, Treasurer, Secretary, and Assistant
         Secretary, to act on behalf of the Company with such power and
         authority as the Managing Member may delegate in writing to any such
         persons.

         8.2 AUTHORITY OF MANAGING MEMBER TO BIND THE COMPANY. Only the Managing
Member, the officers and authorized agents of the Company shall have the
authority to bind the Company. Subject to Section 4.1, the Managing Member has
the power, on behalf of the Company, to do all things necessary or convenient to
carry out the business and affairs of the Company (as described in Article III),
including, without limitation:

                  (a) the institution, prosecution and defense of any Proceeding
         in the Company's name;

                  (b) the entering into contracts;

                  (c) investment and reinvestment of the Company's funds, and
         receipt and holding of Property as security for repayment;

                  (d) the conduct of the Company's business, the establishment
         of Company offices, and the exercise of the powers of the Company;

                  (e) the appointment of employees and agents of the Company,
         the defining of their duties and the establishment of their
         compensation, and the dealing with tradespeople, accountants and
         attorneys, on such terms as the Managers shall determine;

                  (f) the indemnification of any Person;

                  (g) the making of such elections under the Code and Tax
         Regulations and other relevant tax laws as to the treatment of items of
         Company income, gain, loss, deduction and credit, and as to all other
         relevant matters as the Managing Member deems necessary or appropriate,
         including without limitation, elections referred to in Section 754 of
         the Code, the determination of which items of cash outlay shall be
         capitalized or treated as current expenses, and the selection of the
         method of accounting and bookkeeping procedures to be used by the
         Company;

<PAGE>

                                       12

                  (h) the amendment of any provision to this Agreement;
         provided, however, that no provision of Article III and Article IV of
         this Agreement or Sections 8.01, 8.06 and 5.04 of the SCTA shall be
         amended without the consent of both of the Independent Directors of the
         Member.

         8.3 ACTIONS OF THE MANAGING MEMBER. The Managing Member has the power
to bind the Company as provided in this Article VIII. No Person dealing with the
Company shall have any obligation to inquire into the power or authority of the
Managing Member acting on behalf of the Company.

         8.4 COMPENSATION OF MANAGING MEMBER. The Managing Member shall be
reimbursed for all reasonable expenses incurred in managing the Company and
shall be entitled to compensation in an amount to be determined from time to
time by consent of the Member, in its sole discretion. The Managing Member shall
not be required to devote full time to the management of the Company business,
but only so much time as shall be necessary or appropriate for the proper
management of such business.

         8.5 MANAGING MEMBER'S STANDARD OF CARE. The Managing Member shall
discharge its duties to the Company in good faith and with that degree of care
that an ordinarily prudent person in a similar position would use under similar
circumstances. In discharging its duties, the Managing Member shall be fully
protected in relying in good faith upon the records required to be maintained
under Article VI and upon such information, opinions, reports or statements by
any Person as to matters the Managing Member reasonably believes are within such
other Person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Company, including information, opinions,
reports or statements as to the value and amount of the assets, liabilities,
profits or losses of the Company or any other facts pertinent to the existence
and amount of assets from which Distributions to the Member might properly be
paid. The Company shall indemnify and hold harmless the Managing Member against
any loss, damage or expense (including attorneys' fees) incurred by the Managing
Member as a result of any act performed or omitted on behalf of the Company or
in furtherance of the Company's interests without, however, relieving the
Managing Member of liability for failure to perform his or her duties in
accordance with the standards set forth herein. The satisfaction of any
indemnification and any holding harmless shall be from and limited to Company
Property.

         8.6 RESIGNATION. Other than as set forth in Section 4.1(g) hereof, the
Member shall not resign or disassociate itself from the Company at any time
without first obtaining the effective appointment of a successor Member approved
by the Rating Agencies..

         8.7 PAYMENT OF LIABILITIES. The Member shall at all times pay its
liabilities from its own assets, and not have any liability to any Related
Company or any creditor thereof.

<PAGE>

                                       13

                                   ARTICLE IX
                                  CONTRIBUTIONS

         9.1 MEMBERSHIP INTEREST. The Member holds all of the Units of
Membership Interest.

         9.2 CONTRIBUTIONS. The Member is not required to make any Capital
Contribution to the Company.

         9.3 WITHDRAWAL. The Member shall not be entitled to withdraw any part
of its Capital Contribution or to receive any distribution from the Company,
except after payment in full of all outstanding debt securities of the Company
or otherwise as specifically provided in this Agreement.

         9.4 INTEREST. The Member shall not be entitled to interest on any
Capital Contribution or on any profits retained by the Company.

         9.5 NO PERSONAL LIABILITY. The Member shall not have any liability for
the obligations or liabilities of the Company except to the extent provided in
the Act.

                                    ARTICLE X
                          ALLOCATIONS AND DISTRIBUTIONS

         10.1 TAXABLE INCOME ALLOCATIONS. Profits and losses, and each item of
Company income, gain, loss, deduction, credit and tax preference with respect
thereto, for each Fiscal Year (or shorter period in respect of which such items
are to be allocated) shall be allocated to the Member; provided, however, if it
is determined that there are two or more members of the Company, then such items
shall be allocated among the members in accordance with their respective
economic interests in the Company, determined generally by taking into account
the priorities of cash distributions set forth in the Indenture, the actual
distributions and the economic allocation of losses and other expenses among the
Members.

         10.2 DISTRIBUTIONS. Distributions shall be made to the Member or its
designee in accordance with the Indenture.

                                   ARTICLE XI
                         TRANSFER OF MEMBERSHIP INTEREST

         11.1 COMPLIANCE WITH SECURITIES LAWS. No Unit of Membership Interest
has been registered under the Securities Act of 1933, as amended, or under any
applicable state securities laws. The Member may not transfer (a transfer, for
purposes of this Agreement, shall be deemed to include, but not be limited to,
any sale, transfer, assignment, pledge, creation of a security interest or other
Disposition) all or any part of the Member's Units of Membership Interest,
except upon compliance with the applicable federal and state securities laws.
The Managing Member shall have no obligation to register the Member's Units of
Membership Interest under the Securities Act of

<PAGE>

                                       14

1933, as amended, or under any applicable state securities laws, or to make any
exemption therefrom available to the Member.

         11.2 TRANSFER OF ECONOMIC INTEREST. The right to receive allocations of
profits and losses and to receive Distributions may not be transferred in whole
or in part unless the following terms and conditions have been satisfied:

         The transferor shall have:

                  (a) assumed all costs incurred by the Company in connection
         with the transfer;

                  (b) furnished the Company with a written opinion of counsel,
         satisfactory in form and substance to counsel for the Company, that
         such transfer complies with applicable federal and state securities
         laws and this Agreement and that such transfer, for federal income tax
         purposes, will not cause the termination of the Company under Section
         708(b) of the Code, cause the Company to be treated as an association
         taxable as a corporation for income tax purposes or otherwise adversely
         affect the Company or the Member; and

                  (c) complied with such other conditions as the Managing Member
         may reasonably require from time to time.

Transfers will be recognized by the Company as effective only upon the close of
business on the last day of the calendar month following satisfaction of the
above conditions. Any transfer in contravention of this Article XII and any
transfer which if made would cause a termination of the Company for federal
income tax purposes under Section 708(b) of the Code shall be void AB INITIO and
ineffectual and shall not bind the Company.

         11.3 TRANSFER OF MEMBERSHIP INTEREST.

                  (a) The Member may not sell, assign, encumber, transfer or
         otherwise Dispose of any Units of its Membership Interest (or take or
         omit to take any action, filing, election or other action that could
         result in a deemed sale, assignment, encumbrance, transfer or other
         Disposition); provided, however that the Member may make such a
         transfer to an Affiliate of the Member, which Affiliate shall have a
         special purpose charter and bylaws substantially similar in all
         material respects to those of the Member. Any attempted Disposition not
         in accordance with this Agreement shall be void.

                  (b) Upon the transfer of units and admission of an additional
         Member in accordance with this Agreement, this Agreement shall be
         amended to reflect the admission of the substitute Member, and the
         Member shall take any action required to record to reflect such
         admission.

         11.4 STATUS OF TRANSFEREE. A transferee of a Unit of Membership
Interest shall be entitled to receive that share of Profits, Losses and
Distributions, and the return of any Capital Contribution to which the
transferor would otherwise be entitled with respect to the interest transferred,
and shall

<PAGE>

                                       15

have the rights of the transferring Member of the Company under the Act or this
Agreement. The Company shall also, if the transferee and transferor jointly
advise the Company in writing of a transfer of the Unit of Membership Interest,
furnish the transferee with pertinent tax information at the end of each Fiscal
Year.

         11.5 DISSOLUTION OR BANKRUPTCY OF THE MEMBER. Upon the dissolution or
adjudication of bankruptcy of the Member, the Member's successors or assigns
shall have all the rights of the Member for the purpose of settling or managing
the Member's estate.

                                   ARTICLE XII
                           DISSOLUTION AND WINDING UP

         12.1 DISSOLUTION. The Company shall be dissolved and its affairs wound
up, upon the first to occur of any of the following events (each of which shall
constitute a Dissolution Event):

                  (a) the expiration of the Term of this Agreement, unless the
         Company is continued with the consent of the Member, in its sole
         discretion; or

                  (b) the determination in writing of the Managing Member to
         dissolve and terminate the Company; provided, however, that the
         Managing Member shall not, and the Managing Member hereby agrees not
         to, take any action to dissolve or terminate the Company prior to the
         expiration of the Term;

                  (c) the entry of a decree of judicial dissolution pursuant to
         the Act; or

                  (d) the occurrence of an Event of Bankruptcy as to a Member or
         the resignation, expulsion or dissolution of a Member or the occurrence
         of any other event that terminates the membership of a Member, unless,
         within 90 days of such event, there is at least one remaining Member
         and the remaining Members unanimously agree to continue the business of
         the Company, in which event the Company shall not be dissolved and the
         Company and the business of the Company shall be continued; provided,
         however, that if any Member is a partnership or a limited liability
         company on the date of such occurrence, the dissolution of such Member
         as a result of the dissolution, termination, resignation, death,
         incompetence, removal or Event of Bankruptcy of a partner or member in
         such partnership or limited liability company, as the case may be,
         shall not be an event of dissolution of this Company if the business of
         such Member is continued by its remaining partner(s) or member(s), as
         the case may be, either alone or with additional partners or members,
         and such Member and such partners or members comply with any other
         applicable requirements of this Agreement; or

                  (e) the passage of 30 days after the sale or other disposition
         of all or substantially all the assets of the Company (except that if
         the Company receives an installment obligation as consideration for
         such sale, the Company shall continue, unless sooner dissolved under
         the provisions of this Agreement, until such time as such note or notes
         are paid in full).

<PAGE>

                                       16

         Upon the dissolution of the Company for any reason, the Member shall
proceed promptly to wind up the affairs of and liquidate the Company; provided,
however, that if the Notes are outstanding, the Member shall not liquidate the
assets of the Company securing the Notes, except as permitted by the deed of
trust and assignment of leases pursuant to which such assets were encumbered,
without the consent of the secured party under such document, which may continue
to exercise all of its rights under such document and shall have complete and
independent ability to retain such assets until the Notes have been paid in full
or otherwise completely discharged pursuant to the Indenture. Subject to the
foregoing, the Member shall have reasonable discretion to determine the time,
manner and terms of any sale or sales of the Company's property pursuant to such
liquidation.

         12.2 EFFECT OF DISSOLUTION. Upon dissolution, the Company shall not be
terminated and shall continue until the winding up of the affairs of the Company
is completed and a certificate of dissolution has been issued by the Secretary
of State of Delaware.

         12.3 DISTRIBUTION OF ASSETS ON DISSOLUTION. Upon the winding up of the
Company, the Managing Member shall take full account of the assets and
liabilities of the Company, shall liquidate the assets (unless the Managing
Member determines that a distribution of any Company Property in- kind would be
more advantageous to the Member than the sale thereof) as promptly as is
consistent with obtaining the fair value thereof, and shall apply and distribute
the proceeds therefrom in the following order:

                  (a) first, to the payment of the debts and liabilities of the
         Company to creditors, including the Member, if it is a creditor, to the
         extent permitted by law, in satisfaction of such debts and liabilities,
         and to the payment of necessary expenses of liquidation;

                  (b) second, to the setting up of any reserves which the
         Managing Member may deem necessary or appropriate for any anticipated
         obligations or contingencies of the Company arising out of or in
         connection with the operation or business of the Company. Such reserves
         may be paid over by the Managing Member to an escrow agent or trustee
         selected by the Managing Member to be disbursed by such escrow agent or
         trustee in payment of any of the aforementioned obligations or
         contingencies and, if any balance remains at the expiration of such
         period as the Managing Member shall deem advisable, shall be
         distributed by such escrow agent or trustee in the manner hereinafter
         provided;

                  (c) then, to the Member.

Liquidation proceeds shall be paid within 60 days of the end of the Company's
taxable year in which the liquidation occurs. Such distributions shall be in
cash or Property (which need not be distributed proportionately) or partly in
both, as determined by the Managing Member.

If at the time of liquidation the Managing Member shall determine that an
immediate sale of some or all Company Property would cause undue loss to the
Member, the Managing Member may, in order to avoid such loss, defer liquidation.

<PAGE>

                                       17

         12.4 WINDING UP AND FILING ARTICLES OF DISSOLUTION. Upon the
commencement of the winding up of the Company, articles of dissolution shall be
delivered by the Company to the Secretary of the State of Delaware for filing.
The articles of dissolution shall set forth the information required by the Act.
The winding up of the Company shall be completed when all debts, liabilities,
and obligations of the Company have been paid and discharged or reasonably
adequate provision therefor has been made, and all of the remaining Property of
the Company has been distributed to the Member.

                                  ARTICLE XIII
                                  MISCELLANEOUS

         13.1 NOTICES. Notices to the Member shall be sent to the Principal
Office of the Company. Any notice or other communication required or permitted
hereunder shall be in writing, and shall be deemed to have been given with
receipt confirmed if and when delivered personally, given by prepaid telegram or
mailed first class, postage prepaid, delivered by courier, or sent by facsimile,
to the Member at such address.

         13.2 HEADINGS. All Article and section headings in this Agreement are
for convenience of reference only and are not intended to qualify the meaning of
any Article or section.

         13.3 ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties and supersedes any prior agreement or understanding between
them respecting the subject matter of this Agreement.

         13.4 BINDING AGREEMENT. This Agreement shall be binding upon, and inure
to the benefit of, the parties hereto and their permitted successors and
assigns.

         13.5 SAVING CLAUSE. If any provision of this Agreement, or the
application of such provision to any Person or circumstance, shall be held
invalid, the remainder of this Agreement, or the application of such provision
to Persons or circumstances other than those as to which it is held invalid,
shall not be affected thereby. If the operation of any provision of this
Agreement would contravene the provisions of the Act, such provision shall be
void and ineffectual.

         13.6 COUNTERPARTS. This Agreement may be executed in several
counterparts, and all so executed shall constitute one agreement, binding on all
the parties hereto, even though all parties are not signatory to the original or
the same counterpart. Any counterpart of either this Agreement shall for all
purposes be deemed a fully executed instrument.

         13.7 GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware.

         13.8 NO MEMBERSHIP INTENDED FOR NONTAX PURPOSES. The Member has formed
the Company under the Act, and expressly does not intend hereby to form a
partnership, either general or limited, under the Delaware partnership laws.

<PAGE>

                                       18

         13.9 NO RIGHTS OF CREDITORS AND THIRD PARTIES UNDER AGREEMENT. This
Agreement is entered into between the Company and the Member for the exclusive
benefit of the Company, its Member, and their successors and assignees. This
Agreement is expressly not intended for the benefit of any creditor of the
Company or any other Person. Except and only to the extent provided by
applicable statute, no such creditor or any third party shall have any rights
under this Agreement or any agreement between the Company and the Member with
respect to any Capital Contribution or otherwise.

         13.10 GENERAL INTERPRETIVE PRINCIPLES. For purposes of this Agreement,
except as otherwise expressly provided or unless the context otherwise requires:

                  (a) the terms defined in this Agreement include the plural as
         well as the singular, and the use of any gender herein shall be deemed
         to include the other gender;

                  (b) accounting terms not otherwise defined herein have the
         meanings given to them in the United States in accordance with
         generally accepted accounting principles;

                  (c) references herein to "Sections", "paragraphs", and other
         subdivisions without reference to a document are to designated
         Sections, paragraphs and other subdivisions of this Agreement;

                  (d) a reference to a paragraph without further reference to a
         Section is a reference to such paragraph as contained in the same
         Section in which the reference appears, and this rule shall also apply
         to other subdivisions;

                  (e) the words "herein", "hereof", "hereunder" and other words
         of similar import refer to this Agreement as a whole and not to any
         particular provision; and

                  (f) the term "include" or "including" shall mean without
         limitation by reason of enumeration.

<PAGE>

                                       19

            [AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT]

         IN WITNESS WHEREOF, the parties hereto have hereunto set their hands
and seals as of the Effective Date.

                                          DVI Receivables Corp. VIII

                                          By:  /s/ John B. Boyle
                                             -------------------
                                          Name: John B. Boyle
                                          Title: Vice President & CEO

                                          DVI Receivables XI, L.L.C.

                                          By:      DVI Receivables Corp. VIII
                                                   Its Managing Member

                                          By:  /s/ John B. Boyle
                                             -------------------
                                          Name: John B. Boyle
                                          Title: Vice President & CEO<PAGE>

                                                                     EXHIBIT 4.8

THE  SECURITIES  REPRESENTED  BY  THIS  CERTIFICATE  AND THE  UNDERLYING  SHARES
ISSUABLE  UPON  EXERCISE  OF THIS  WARRANT  HAVE NOT BEEN  REGISTERED  UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES  ACT"), OR THE SECURITIES OR
BLUE SKY LAWS OF ANY STATE.  THESE  SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT  WITH A VIEW TO  DISTRIBUTION,  AND  NEITHER  THESE  SECURITIES  NOR ANY
INTEREST OR PARTICIPATION  THEREIN MAY BE SOLD,  ASSIGNED OR IN ANY OTHER MANNER
TRANSFERRED  OR  DISPOSED  OF  EXCEPT  PURSUANT  TO  AN  EFFECTIVE  REGISTRATION
STATEMENT  UNDER THE SECURITIES  ACT OR PURSUANT TO AN AVAILABLE  EXEMPTION FROM
THE  REGISTRATION  REQUIREMENTS  THEREOF AND IN COMPLIANCE WITH APPLICABLE STATE
SECURITIES OR BLUE SKY LAWS.

                          AMERICA'S SHOPPING MALL, INC.

                             WARRANT CERTIFICATE No

                              Dated April 17, 2000

                        Warrants to Purchase Common Stock

     AMERICA'S SHOPPING MALL, INC., a Nevada corporation (the "Company"), hereby
certifies  that,  for  value  received,   Pioneer  Ventures  Associates  Limited
Partnership  ("Holder"),  or its registered  assigns, is the registered owner of
Six Hundred Thousand  (600,000)  Warrants (the  "Warrants"),  each of which will
entitle the Holder thereof to purchase one share,  as adjusted from time to time
as provided in Section 7, of the Common Stock, par value $.001 per share, of the
Company (the  "Common  Stock",  each such share being a "Warrant  Share" and all
such shares being the  "Warrant  Shares") at an initial  exercise  price of Four
Dollars  ($4.00) per share if the Warrants are exercised on or prior to July 31,
2000,  and after July 31, 2000 at the  exercise  price of Four Dollars and Fifty
Cents  ($4.50) per share (as  adjusted  from time to time as provided in Section
3(e) or Section 7, the "Exercise Price") at any time on or after the date hereof
(the "Initial  Exercise Date") until and including May 21, 2004 (the "Expiration
Date"), all subject to the following terms and conditions.

     This  Warrant  is being  issued  and  delivered  pursuant  to that  certain
Investment  Agreement  between the Company and the Pioneer  Ventures  Associates
Limited Partnership (the "Investment Agreement"). Capitalized terms used and not
otherwise  defined  herein  shall  have the  meanings  given  such  terms in the
Investment Agreement.

     For purposes of calculating the Exercise Price,  the following  definitions
shall apply:

     "Per Share Market Value" means on any  particular  date (a) the closing bid
price per share of the Common Stock on such date on the Nasdaq  National  Market
or other stock exchange on which the Common Stock is then listed, as reported on
Bloomberg,  L.P.  or if there is no such bid price on such  date,  then the last
closing bid price on such exchange on the date nearest  preceding  such date, as
reported on  Bloomberg,  L.P.,  or (b) if the Common  Stock is not listed on the
Nasdaq National Market or any stock exchange,  the closing bid price for a share
of Common Stock on such date on the Nasdaq  SmallCap  Market or the OTC Bulletin
Board,  as reported  on  Bloomberg,  L.P.  (or  similar  organization  or agency
succeeding to its functions of reporting prices),  or (c) if the Common Stock is
no longer  reported  on  Bloomberg,  L.P.  (or  similar  organization  or agency
succeeding to its functions of reporting prices),  then the average of the "Pink
Sheet"  bids on such  date,  or (d) if the  Common  Stock is no longer  publicly
traded,  the fair market  value of a share of Common Stock as  determined  by an
Appraiser  (as defined  below)  selected in good faith by the Holder;  provided,
however, that the Company, after receipt of the determination by such Appraiser,
shall have the right to select an additional Appraiser,  in which case, the fair
market  value shall be equal to the average of the  determinations  by each such
Appraiser.

     "Trading  Day" means (a) a day on which the  Common  Stock is traded on the
Nasdaq  National  Market  or  Nasdaq  SmallCap  Market  or  principal   national
securities  exchange  or  market on which the  Common  Stock has been  listed or
quoted,  or (b) if the  Common  Stock is not  listed  or  quoted  on the  Nasdaq
National Market or Nasdaq SmallCap Market or any principal  national  securities
exchange  or  market,  a day  on  which  the  Common  Stock  is

                                       1
<PAGE>

traded in the  over-the-counter  market,  as reported by the National  Quotation
Bureau  Incorporated  (or any  similar  organization  or agency  succeeding  its
functions of reporting prices).

     1. Registration of Warrants.  The Company shall register each Warrant, upon
records  to be  maintained  by  the  Company  for  that  purpose  (the  "Warrant
Register"),  in the name of the record Holder of such Warrant from time to time.
The  Company  may deem and treat the  registered  Holder of each  Warrant as the
absolute  owner  thereof  for  the  purpose  of  any  exercise  thereof  or  any
distribution to the Holder thereof, and for all other purposes,  and the Company
shall not be affected by the notice to the contrary.

     2. Registration of Transfers and Exchanges.

     a. The Company shall register,  or instruct the Transfer Agent to register,
the transfer of any  Warrants in the Warrant  Register,  upon  surrender of this
Warrant Certificate,  with the Form of Assignment attached hereto duly completed
and signed,  to the Transfer Agent or the Company at the office  specified in or
pursuant to Section 3(c). Upon any such registration of transfer,  a new Warrant
Certificate,  in  substantially  the  form of  this  Warrant  Certificate  ("New
Warrants"),  evidencing  the  Warrants  so  transferred  shall be  issued to the
transferee  and  a  New  Warrant   evidencing  the  remaining  Warrants  not  so
transferred, if any, shall be issued to the then registered holder thereof.

     b. This Warrant  Certificate is exchangeable,  upon the surrender hereof by
the  holder  hereof  to the  Transfer  Agent  or at the  office  of the  Company
specified in or pursuant to Section  3(c),  for New Warrants  evidencing  in the
aggregate  the right to purchase the number of Warrant  Shares which may then be
purchased  hereunder,  each of such New  Warrants  to be dated  the date of such
exchange and to represent the right to purchase such number of Warrant Shares as
shall be designated by said holder hereof at the time of such surrender.

     3. Duration and Exercise of Warrants.

     a. Warrants shall be  exercisable  by the registered  holder thereof on any
business day before 5:00 P.M.,  Eastern  time, at any time and from time to time
on or after the Initial  Exercise Date to and including the Expiration  Date. At
5:00 P.M.,  Eastern time,  on the  Expiration  Date,  each Warrant not exercised
prior thereto shall be and become void and of no value.

     b.  Subject to the  limitations  set forth in Section 3(c) and to the other
provisions of this Warrant Certificate,  including  adjustments to the number of
Warrant  Shares  issuable on the  exercise of each  Warrant and to the  Exercise
Price  pursuant to Section 3(e) and Section 7, the Holder of this Warrant  shall
have the right to purchase  from the Company (and the Company shall be obligated
to issue and sell to the Holder) at the  Exercise  Price one fully paid  Warrant
Share which is non-assessable.

     c.  Subject to  Sections  2(b),  4 and 8, upon  surrender  of this  Warrant
Certificate,  with  the  Form of  Election  to  Purchase  attached  hereto  duly
completed and signed,  to the Company at its office at 600 E.  Crescent  Avenue,
2nd Floor, Upper Saddle River, New Jersey 07458,  Attention:  Irwin Schneidmill,
President, or at such other address as the Company may specify in writing to the
then registered  Holder of the Warrants,  and upon payment of the Exercise Price
multiplied  by the number of Warrant  Shares then  issuable upon exercise of the
Warrants being exercised in lawful money of the United States of America, all as
specified by the Holder of this Warrant  Certificate  in the Form of Election to
Purchase,  the Company shall promptly issue and cause to be delivered to or upon
the written order of the registered Holder of such Warrants, and in such name or
names as such  registered  Holder may designate,  a certificate  for the Warrant
Shares issued upon such exercise of such Warrants,  free of restrictive  legends
other than legends that may be required in the opinion of the Company's  counsel
in the event at such time there is not an  effective  Registration  Statement as
contemplated by the Investment  Agreement.  Any person so designated to be named
therein shall be deemed to have become  Holder of record of such Warrant  Shares
as of the Date of Exercise of such Warrants.

                                       2
<PAGE>

     The "Date of Exercise" of any Warrant  means the date on which the Transfer
Agent or the Company  shall have received (i) this Warrant  Certificate  (or any
New  Warrant,  as  applicable)  with the Form of Election  to Purchase  attached
hereto (or thereto) appropriately completed and duly signed, and (ii) payment of
the Exercise Price for such Warrant.

     d. The Warrants evidenced by this Warrant Certificate shall be exercisable,
either as an entirety or, from time to time,  for part of the number of Warrants
evidenced by this Warrant  Certificate so long as at least  twenty-five  hundred
(2,500) Warrant Shares are exercised. If less than all of the Warrants evidenced
by this Warrant  Certificate are exercised at any time, the Company shall issue,
at its expense,  a New Warrant for the remaining number of Warrants evidenced by
this Warrant Certificate.

     e. The  Exercise  Price shall be subject to reset as follows.  In the event
that the Per Share Market  Value for the twenty (20)  trading  days  immediately
preceding the ninetieth  (90th) day after the Company's Common Stock is eligible
for public  trading (the "Reset  Average  Price"),  the Exercise  Price shall be
reset to a price per share of Common Stock equal to  seventy-five  percent (75%)
of the Reset Average Price. Once reset in accordance with the provisions of this
Section 3(e), the Conversion Price shall remain at the reset  Conversion  Price,
subject to adjustment in accordance with Section 7, below.

     4.  Payment of Taxes.  The  Company  will pay all  documentary  stamp taxes
attributable to the issuance of Warrant Shares upon the exercise of the Warrants
represented by this Warrant  Certificate;  provided,  however,  that the Company
shall not be required to pay any tax or taxes which may be payable in respect of
any transfer involved in the registration of any certificates for Warrant Shares
in a name other than that of the Holder,  and the Company  shall not be required
to issue or deliver  the  certificates  for Warrant  Shares  unless or until the
person or persons requesting the issuance thereof shall have paid to the Company
the  amount of such tax or shall have  established  to the  satisfaction  of the
Company  that such tax has been paid.  The Holder shall be  responsible  for all
other tax liability  that may arise as a result of holding or  transferring  the
Warrants represented by this Warrant Certificate or receiving the Warrant Shares
under this Warrant Certificate.

     5. Replacement of Warrant.  If this Warrant is mutilated,  lost,  stolen or
destroyed,  the Company may in its discretion issue in exchange and substitution
for and  upon  cancellation  hereof,  or in lieu of and  substitution  for  this
Warrant,  a new  Warrant  of like  tenor,  but only  upon  receipt  of  evidence
reasonably  satisfactory  to the  Company and the  Transfer  Agent of such loss,
theft or destruction and bond or other indemnity, if requested,  satisfactory to
it. Applicants for a substitute Warrant  certificate also shall comply with such
other  reasonable  regulations  and pay such  other  reasonable  charges  as the
Company may prescribe.

     6. Reservation of Warrant Shares. The Company will at all times reserve and
keep  available,  free  from  preemptive  rights,  out of the  aggregate  of its
authorized  but unissued  Common Stock or its authorized and issued Common Stock
held in its treasury,  for the purpose of enabling it to satisfy any  obligation
to issue Warrant  Shares upon  exercise of the  Warrants,  a number of shares of
Common Stock equal to at least the maximum number of Warrant Shares (as adjusted
from time to time  pursuant to Section 7 hereof)  which may then be  deliverable
upon the exercise of this Warrant and all other outstanding  warrants issued and
sold  pursuant  to the  Investment  Agreement.  The Company  covenants  that all
Warrant Shares that shall be so issuable and  deliverable  shall,  upon issuance
thereof,   be  duly  and  validly   authorized,   issued  and  fully  paid,  and
nonassessable.

     7.  Adjustment  to the Number of  Warrant  Shares  Issuable.  The number of
Warrant  Shares  issuable  upon the  exercise  of this  Warrant  is  subject  to
adjustment  from time to time as set forth in Section  3(e) and this  Section 7.
Upon each such adjustment of the Exercise Price pursuant to Section 3(e) or this
Section 7, the Holder shall  thereafter prior to the Expiration Date be entitled
to purchase, at the Exercise Price resulting from such adjustment, the number of
Warrant Shares obtained by multiplying the Exercise Price in effect  immediately
prior to such  adjustment by the number of Warrant Shares issuable upon exercise
of this Warrant  immediately  prior to such

                                       3
<PAGE>

adjustment and dividing the product thereof by the Exercise Price resulting from
such adjustment. In the event the Company and the holders of the Warrants issued
pursuant to the Investment  Agreement that are then  outstanding  disagree as to
any adjustment to the Exercise  Price  hereunder,  an Appraiser  selected by the
holders  of a  majority  of the  Warrants  issued  pursuant  to  the  Investment
Agreement  that are then  outstanding  (the "Majority  Holders")  shall give its
opinion  as to the  adjustment,  if any (not  inconsistent  with  the  standards
established in this Section 7), of the Exercise  Price;  provided,  however that
the Company,  after receipt of the  determination by such Appraiser,  shall have
the  right to  promptly  select  an  additional  Appraiser,  in  which  case the
adjustment shall be equal to the average of the adjustments  recommended by each
such  Appraiser.  The Board of Directors  shall make the adjustment  recommended
forthwith upon the receipt of such opinion or opinions;  provided, however, that
no such  adjustment of the Exercise  Price shall be made which in the opinion of
the  Appraiser(s)  giving the aforesaid  opinion or opinions  would result in an
increase of the Exercise Price to more than the Exercise Price then in effect.

     a. If the Company, at any time while this Warrant is outstanding, (i) shall
pay a stock dividend or otherwise make a distribution or distributions on shares
of its Junior Securities (as such term is defined in the Convertible Debentures)
payable in shares of its capital stock (whether  payable in shares of its Common
Stock or of capital stock of any class),  (ii) subdivide  outstanding  shares of
Common Stock into a larger number of shares, (iii) combine outstanding shares of
Common Stock into a smaller number of shares, or (iv) issue by  reclassification
of shares of Common  Stock any  shares  of  capital  stock of the  Company,  the
Exercise Price shall be multiplied by a fraction of which the numerator shall be
the number of shares of Common Stock outstanding  before such event and of which
the denominator  shall be the number of shares of Common Stock outstanding after
such event.  Any  adjustment  made  pursuant to this  Section  7(a) shall become
effective   immediately   after  the  record  date  for  the   determination  of
stockholders  entitled to receive such dividend or distribution and shall become
effective  immediately  after the effective  date in the case of a  subdivision,
combination or reclassification.

     b. In case of any  reclassification  of the Common Stock, any consolidation
or merger of the Company  with or into another  person,  the sale or transfer of
all or  substantially  all of the assets of the Company or any compulsory  share
exchange  pursuant to which the Common Stock is converted into other securities,
cash or property,  then the Holder shall have the right  thereafter  to exercise
this  Warrant  only into the shares of stock and other  securities  and property
receivable  upon or deemed to be held by holders of Common Stock  following such
reclassification,  consolidation,  merger, sale, transfer or share exchange, and
the  Holder  shall be  entitled  upon  such  event to  receive  such  amount  of
securities or property as the shares of the Common Stock into which this Warrant
could  have  been  converted   immediately   prior  to  such   reclassification,
consolidation,  merger,  sale,  transfer  or  share  exchange  would  have  been
entitled.  The terms of any such consolidation,  merger, sale, transfer or share
exchange  shall  include  such terms so as to continue to give to the Holder the
right to receive the  securities or property set forth in this Section 7(c) upon
any exercise  following  such  consolidation,  merger,  sale,  transfer or share
exchange. This provision shall similarly apply to successive  reclassifications,
consolidations, mergers, sales, transfers or share exchanges.

     c. For the purposes of this Section 7, the following  clauses shall also be
applicable:

     (i) Record Date.  In case the Company shall take a record of the holders of
its Common Stock for the purpose of entitling  them (A) to receive a dividend or
other distribution payable in Common Stock or in convertible securities,  or (B)
to subscribe for or purchase Common Stock or convertible  securities,  then such
record date shall be deemed to be the date of the issue or sale of the shares of
Common  Stock  deemed to have been issued or sold upon the  declaration  of such
dividend or the making of such other distribution or the date of the granting of
such right of subscription or purchase, as the case may be.

     (ii) Treasury Shares.  The number of shares of Common Stock  outstanding at
any given time shall not include  shares  owned or held by or for the account of
the Company, and the disposition of any such shares shall be considered an issue
or sale of Common Stock for the purposes of this subsection (e).

     (iii)   Certain   Issues   Excepted.   Anything   herein  to  the  contrary
notwithstanding, the Company shall not be required to make any adjustment of any
Exercise Price in case of the issuance of the Preferred Stock, the Warrants,

                                       4
<PAGE>

the  Underlying  Shares  and  the  Warrant  Shares  pursuant  to the  Investment
Agreement,  or in the event that the Company shall grant options to purchase the
Company's  Common Stock  pursuant to a bona fide employee  stock  option,  stock
purchase or  non-employee  director  plan duly  adopted by its  shareholders  in
accordance with the Investment  Agreement or for (i) securities  issued upon the
exercise or  conversion  of the  Debentures  or (ii) any shares of Common  Stock
issued  pursuant  to the  exercise of  options,  warrants  or other  securities,
options, rights or securities convertible into or exchangeable for capital stock
of the Company in  connection  with any stock split,  stock  dividend or similar
event affecting the Company Common Stock.

     d. If:

     i.   the Company  shall declare a dividend (or any other  distribution)  on
          its Common Stock (other than a subdivision of the  outstanding  shares
          of Common  Stock) or shall  authorize a repurchase  or  redemption  or
          otherwise  enter into any other  transaction  (including  stock split,
          recapitalization or other transaction) which would cause a decrease in
          the number of its shares of Common Stock issued and outstanding (other
          than  transactions  that  similarly  decrease  the number of shares of
          Common Stock for which this Warrant is exercisable); or

     ii.  the Company shall declare a special  nonrecurring cash dividend on its
          then-outstanding Common Stock; or

     iii. the Company shall  authorize the granting to all holders of the Common
          Stock  rights or warrants to  subscribe  for or purchase any shares of
          capital stock of any class or of any rights; or

     iv.  the approval of any  stockholders  of the Company shall be required in
          connection  with  any  reclassification  of the  Common  Stock  of the
          Company (other than a subdivision  or  combination of the  outstanding
          shares  of Common  Stock),  any  consolidation  or merger to which the
          Company is a party, any sale or transfer of all or  substantially  all
          of the assets of the Company, or any compulsory share exchange whereby
          the Common Stock is converted into other securities, cash or property;
          or

     v.   the Company shall authorize the voluntary or involuntary  dissolution,
          liquidation or winding-up of the affairs of the Company;

then the Company shall cause to be mailed to each Holder at their last addresses
as they shall appear upon the Warrant Register,  at least thirty (30) days prior
to the  applicable  record or effective  date  hereinafter  specified,  a notice
stating  (x) the date on which a record is to be taken for the  purpose  of such
dividend,  distribution,  repurchase,  redemption,  rights or warrants,  or if a
record is not to be taken,  the date as of which the holders of Common  Stock of
record to be entitled to such dividend, distributions,  repurchase,  redemption,
rights  or  warrants  are to be  determined,  or (y)  the  date  on  which  such
reclassification,   consolidation,   merger,  sale,  transfer,  share  exchange,
dissolution,  liquidation or winding-up is expected to become effective, and the
date as of which it is expected  that holders of Common Stock of record shall be
entitled  to  exchange  their  shares of Common  Stock for  securities  or other
property deliverable upon such  reclassification,  consolidation,  merger, sale,
transfer,  share  exchange,  dissolution,  liquidation or winding-up;  provided,
however,  that the failure to mail such  notice or any defect  therein or in the
mailing  thereof shall not affect the validity of the corporate  action required
to be specified in such notice.

     e. In any case in which this Section 7 shall  require that an adjustment be
made  effective  as of the record  date for a specified  event,  the Company may
elect to defer until occurrence of such event (A) issuing to the Holder, if this
Warrant is  exercised  after such  record  date,  the  Warrant  Shares and other
capital stock of the Company, if any, issuable upon such exercise over and above
the Warrant Shares and other capital stock of the Company, if any, issuable upon
such  exercise on the basis of the Exercise  Price prior to  adjustment  and (B)
paying to the Holder any amount in cash in lieu of a fractional  share  pursuant
to Section 8 hereof,  provided,  however,  that the Company shall deliver to the
Holder a due bill or other appropriate  instrument evidencing the Holder's right
to receive such

                                       5
<PAGE>

additional  Warrant Shares,  other capital stock and/or cash upon the occurrence
of the event requiring such adjustment.

     f. Any  determination  that the Company or the Board of Directors must make
pursuant to this Section 7 shall be conclusive if made in good faith.

     g. If at any time  conditions  shall arise by reason of action taken by the
Company  which in the  opinion  of the  Board of  Directors  are not  adequately
covered by the other  provisions  hereof and which might  materially  affect the
rights of the Holders (different than or distinguished from the effect generally
on rights of holders of any class of the Company's  capital  stock) or if at any
time such conditions are expected to arise by reason of any action  contemplated
by the Company,  the Company shall mail a written notice briefly  describing the
action  contemplated  and the  material  adverse  effects of such  action on the
rights of the Holders at least 30 calendar days prior to the  effective  date of
such action, and an Appraiser selected by the Holders of majority in interest of
the  Warrants  shall  give  its  opinion  as to  the  adjustment,  if  any  (not
inconsistent  with the standards  established in Section 7(e)),  of the Exercise
Price  (including,  if necessary,  any adjustment as to the Warrant Shares to be
purchased upon exercise of this Warrant) and any distribution  which is or would
be required to be preserved without diluting the rights of the Holders.

     8. Fractional Shares. The Company shall not be required to issue fractional
Warrant  Shares on the  exercise  of this  Warrant.  The number of full  Warrant
Shares  which  shall be issuable  upon the  exercise  of this  Warrant  shall be
computed on the basis of the aggregate  number of Warrant Shares  purchasable on
exercise of this Warrant so presented. If any fraction of a Warrant Share would,
except for the provisions of this Section 8, be issuable on the exercise of this
Warrant, the Company shall, at its option (a) pay an amount in cash equal to the
Exercise  Price  multiplied  by such  fraction  or (b) shall round the number of
Warrant Shares issuable, up to the next whole number of such shares.

     9. Warrant Agent.

     a. The Company shall serve as warrant agent under this Warrant. Upon thirty
(30) days' notice to the holders of Warrants  issued  pursuant to the Investment
Agreement, the Company and the Majority Holders may appoint a new warrant agent.

     b. Any  corporation  into which the Company or any new warrant agent may be
merged or any corporation  resulting from any consolidation to which the Company
or any new  warrant  agent  shall be a party  or any  corporation  to which  the
Company or any new warrant agent  transfers  substantially  all of its corporate
trust or shareholders services business shall be a successor warrant agent under
this Warrant  without any further act. Any such  successor  warrant  agent shall
promptly  cause notice of its succession as warrant agent to be mailed (by first
class mail, postage prepaid) to the Holder at the Holder's last address as shown
on the register maintained by the warrant agent pursuant to this Warrant.

     10. Notices. All notices or other communications  hereunder shall be given,
and shall be deemed duly given and received if given,  by facsimile and by mail,
postage prepaid: (1) if to the Company, addressed as follows: America's Shopping
Mall,  Inc., 600 E. Crescent Avenue,  2nd Floor,  Upper Saddle River, New Jersey
07458,  Attention:  Irwin  Schneidmill,  President,  or by  facsimile  to  (201)
934-2101/02;  or (ii) if to the Holder, addressed to the Holder at the facsimile
telephone  number and address of the Holder appearing on the Warrant Register or
such other address or facsimile  number as the Holder may provide to the Company
in  accordance  with this  Section 10. Any such notice shall be deemed given and
effective  upon the  earliest to occur of (i) receipt of such  facsimile  at the
facsimile  telephone number specified in this Section 10, (ii) five (5) Business
Days after  deposit in the United  States mails or (iii) upon actual  receipt by
the party to whom such notice is required to be given.

     11. Miscellaneous.

                                       6
<PAGE>

     a. This Warrant shall be binding on and inure to the benefit of the parties
hereto and their respective  successors and assigns (provided that the Company's
obligation to a transferee of this Warrant  arises only if such transfer is made
in accordance  with the terms of the  Investment  Agreement  and the  transferee
agrees  to be  bound by the  terms of the  Investment  Agreement  and the  other
Documents executed in connection therewith).

     b.  Subject to  Section  11(a)  above,  nothing  in this  Warrant  shall be
construed  to give to any  person or  corporation  other than the  Company,  the
Holder and any registered holder of Warrant Shares any legal or equitable right,
remedy or cause  under  this  Warrant;  this  Warrant  shall be for the sole and
exclusive benefit of the Company,  the Holder and any other registered holder of
Warrant Shares.

     c.  This  Warrant  shall be  governed  by and  construed  and  enforced  in
accordance with the internal laws of the State of New York without regard to the
principles of conflicts of law thereof.

     d. The headings herein are for  convenience  only, do not constitute a part
of this Warrant and shall not be deemed to limit or affect any of the provisions
hereof.

     e. In case  any one or more of the  provisions  of this  Warrant  shall  be
invalid or unenforceable in any respect,  the validity and enforceability of the
remaining  terms and provisions of this Warrant shall not in any way be affected
or impaired  thereby and the parties  will attempt in good faith to agree upon a
valid  and  enforceable  provision  which  shall  be a  commercially  reasonable
substitute  therefor,  and upon so agreeing,  shall  incorporate such substitute
provision in this Warrant.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed
by its authorized officer as of the date first indicated above.

                                      AMERICA'S SHOPPING MALL, INC.

                                      By: /s/ Irwin Schneidmill
                                         --------------------------
                                      Name: Irwin Schneidmill
                                      Title: President

                                        7

<PAGE>

FORM OF ELECTION TO PURCHASE

(To Be Executed by the Holder if the Holder Desires to Exercise Warrants
Evidenced by the Foregoing Warrant Certificate)

To America's Shopping Mall, Inc.:

     The undersigned hereby irrevocably elects to exercise  ___________ Warrants
evidenced by the foregoing Warrant Certificate for, and to purchase  thereunder,
_____________  full  shares of  Common  Stock  issuable  upon  exercise  of said
Warrants and delivery of  $___________________  in cash and any applicable taxes
payable by the undersigned pursuant to such Warrant Certificate.

     The undersigned requests that certificates for such shares be issued in the
name of

                        PLEASE INSERT SOCIAL SECURITY OR
                            TAX IDENTIFICATION NUMBER

                        --------------------------------

------------------------------------------------------------------------------
                         (Please print name and address)
------------------------------------------------------------------------------

------------------------------------------------------------------------------

       If said number of Warrants shall not be all the Warrants evidenced
      by the foregoing Warrant Certificate, the undersigned requests that a
               new Warrant Certificate evidencing the Warrants not
             so exercise be issued in the name of and delivered to:

------------------------------------------------------------------------------
                         (Please print name and address)
------------------------------------------------------------------------------

------------------------------------------------------------------------------

Dated:______________________, 200_          Name of Holder:

                                            (Print)___________________________

                                            (By:)_____________________________
                                            (Title:)

                                        8

<PAGE>

FORM OF ASSIGNMENT

     FOR VALUE RECEIVED,  hereby sells,  assigns, and transfers to each assignee
set forth  below all of the  rights of the  undersigned  in and to the number of
Warrants (as defined in and evidenced by the foregoing Warrant  Certificate) set
opposite the name of such  assignee  below and in and to the  foregoing  Warrant
Certificate  with  respect  to said  Warrants  and the  shares of  Common  Stock
issuable upon exercise of said Warrants:

Name of Assignee                  Address                    Number of Warrants
----------------                  -------                    ------------------

     If the total of said  Warrants  shall not be all the Warrants  evidenced by
the foregoing Warrant  Certificate,  the undersigned requests that a new Warrant
Certificate evidencing the Warrants not so assigned be issued in the name of and
delivered to the undersigned.

Dated:________________, 200__               Name of Holder:

                                            (Print)___________________________

                                            (By:)_____________________________
                                            (Title:)

                                        9

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