Document:

EXHIBIT 4.4

                                   See Tab A.7

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                              AMENDED AND RESTATED

                  LIMITED LIABILITY COMPANY OPERATING AGREEMENT

                                       OF

                           DVI RECEIVABLES XII, L.L.C.

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                                   LIMITED LIABILITY COMPANY OPERATING AGREEMENT

                                                        OF

                                            DVI RECEIVABLES XII, L.L.C.

                                                 TABLE OF CONTENTS

                                                     ARTICLE I
                                                    DEFINITIONS
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         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      Contribution and Servicing Agreement............................................................2
         1.10     Disposition (Dispose)...........................................................................2
         1.11     Dissolution Event...............................................................................2
         1.12     Distribution....................................................................................2
         1.13     DVI.............................................................................................2
         1.14     Effective Date..................................................................................2
         1.15     Event of Bankruptcy.............................................................................2
         1.16     Fiscal Year.....................................................................................2
         1.17     Indenture.......................................................................................2
         1.18     Independent Director............................................................................2
         1.19     Management Right................................................................................3
         1.20     Managing Member.................................................................................3
         1.21     Member..........................................................................................3
         1.22     Membership Interest.............................................................................3
         1.23     Notes...........................................................................................3
         1.24     Officer.........................................................................................3
         1.25     Organization....................................................................................3
         1.26     Person..........................................................................................3
         1.27     Principal Office................................................................................3
         1.28     Proceeding......................................................................................3
         1.29     Property........................................................................................3
         1.30     Related Company.................................................................................3
         1.32     Tax Characterization and Additional Tax Terms...................................................4
         1.33     Term............................................................................................4

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         1.34     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........................................................................6

                                                    ARTICLE IV
                                             LIMITATIONS ON ACTIVITIES

         4.1      Limitations on Activities.......................................................................7

                                                     ARTICLE V
                                              ACCOUNTING AND RECORDS

         5.1      Records to be Maintained........................................................................9
         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......................................................................11
         8.2      Authority of Managing Member to Bind the Company...............................................11

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         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....................................................................................13
         8.7      Payment of Liabilities.........................................................................13

                                                    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..................................................................................14

                                                    ARTICLE XI
                                          TRANSFER OF MEMBERSHIP INTEREST

         11.1     Compliance with Securities Laws................................................................14
         11.2     Transfer of Economic Interest..................................................................14
         11.3     Transfer of Membership Interest................................................................14
         11.4     Status of Transferee...........................................................................15
         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

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         13.6     Counterparts...................................................................................18
         13.7     Governing Law..................................................................................18
         13.8     No Membership Intended for Nontax Purposes.....................................................18
         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 XII, L.L.C.

         This Limited Liability Company Operating Agreement of DVI Receivables
XII, L.L.C. (the "Company"), a Delaware limited liability company organized
pursuant to the Delaware Limited Liability Company Act, is entered into and
shall be effective as of April 1, 2000, 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 that certain Indenture, dated
the date hereof, by and between the Company, DVI and the Purchaser (as defined
therein).

         1.8 COMPANY. DVI Receivables XII, 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 CONTRIBUTION AND SERVICING AGREEMENT. That certain Amended and
Restated Contribution and Servicing Agreement (as amended, supplemented,
restated or otherwise modified from time to time), dated of even date herewith,
by and between the Company and DVI, as contributor and servicer.

         1.10 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).

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

         1.12 DISTRIBUTION. A transfer of Property to the Member on account of
its Membership Interest as described in Article X.

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

         1.14 EFFECTIVE DATE. April 1, 2000.

         1.15 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.

         1.16 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.

         1.17 INDENTURE. That certain Amended and Restated Indenture (as
amended, supplemented, restated or otherwise modified from time to time), dated
of even date herewith, by and between the Company and U.S. Bank Trust National
Association, as Trustee.

         1.18 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,

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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.

         1.19 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.

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

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

         1.22 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.

         1.23 NOTES. The Notes, as set forth in the Indenture and any Class F
Instruments.

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

         1.25 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.

         1.26 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.

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

         1.28 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.

         1.29 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.

         1.30 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.

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

         1.32 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) 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.

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

         1.34 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) in exchange for the agreement of DVI
Receivables Corp. VIII to act as Managing Member of the Company, 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

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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.

                  (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. To
facilitate the optimal securitization of the Contributed Property (as defined in
the Contribution and Servicing Agreement), DVI has formed DVI Receivables Corp.
XII to receive from DVI all Contributed Property pursuant to the Contribution
and Servicing Agreement, and to transfer all such Contributed Property to the
Company pursuant to the Subsequent Contract Transfer Agreement.

         2.3 NAME. The name of the Company is DVI Receivables XII, 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.
                         2500 York Road
                         Jamison, PA 18929
                         Attention:  Securitization Manager
                         Telephone: (215) 488-5042

or at such other address as such person may designate by written notice to the
Managing Member.

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                                   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 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") pursuant to one or more indentures (each, an
         "Indenture"), 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 Banc One Capital Markets, Inc. or Merrill
         Lynch, Pierce, Fenner & Smith Incorporated and such other organizations
         as either of them shall designate, at any time on or after May 1, 2000;

                  (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;

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                  (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"); and

                  (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, 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:

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                  (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

                           (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

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                                        9

         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;

                  (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.

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                                   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.
                         2500 York Road
                         Jamison, PA 18929

                                   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.

<PAGE>

                                       11

                                  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 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;

<PAGE>

                                       12

                  (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;

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

<PAGE>

                                       13

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.

                                   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, the actual distributions and the economic
allocation of losses and other expenses among the Members as determined in
accordance with Sections 3.04(b), 3.04(c) and 6.06 of the Indenture as
applicable.

<PAGE>

                                       14

         10.2 DISTRIBUTIONS. Distributions shall be made to the Member or its
designee in accordance with Section 3.04(b)(xii) and 6.06 of the Indenture, as
applicable.

                                   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 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 XI 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

<PAGE>

                                       15

         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 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

<PAGE>

                                       16

         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).

         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

<PAGE>

                                       17

         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.

         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

<PAGE>

                                       18

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.

         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:
                                             --------------------------------
                                          Name:
                                          Title:

                                          DVI Financial Services Inc.

                                          By:
                                             --------------------------------
                                          Name:
                                          Title:

                                          DVI Receivables XII, L.L.C.

                                          By:      DVI Receivables Corp. VIII
                                                   Its Managing Member

                                          By:
                                             --------------------------------
                                          Name:
                                          Title:<PAGE>   1
                                                                     EXHIBIT 4.3

                                V.F. CORPORATION
                        $300,000,000 8.10% NOTES DUE 2005
                        $200,000,000 8.50% NOTES DUE 2010

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                              SEPTEMBER 29, 2000

Goldman, Sachs & Co.,
Salomon Smith Barney, Inc.
 As representatives of the several Purchasers
 named in Schedule I to the Purchase Agreement
c/o Goldman, Sachs & Co.
85 Broad Street
New York, New York 10004

Ladies and Gentlemen:

         V.F. Corporation, a Pennsylvania corporation (the "Company"), proposes
to issue and sell to the Purchasers (as defined herein) upon the terms set forth
in the Purchase Agreement (as defined herein) its $300,000,000 8.10% Notes due
2005 and its $200,000,000 8.50% Notes due 2010. As an inducement to the
Purchasers to enter into the Purchase Agreement and in satisfaction of a
condition to the obligations of the Purchasers thereunder, the Company agrees
with the Purchasers for the benefit of holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows:

         1. Certain Definitions. For purposes of this Exchange and Registration
Rights Agreement, the following terms shall have the following respective
meanings:

         "Base Interest" shall mean the interest that would otherwise accrue on
     the Securities under the terms thereof and the Indenture, without giving
     effect to the provisions of this Agreement.

         The term "broker-dealer" shall mean any broker or dealer registered
     with the Commission under the Exchange Act.

         "Closing Date" shall mean the date on which the Securities are
     initially issued.

         "Commission" shall mean the United States Securities and Exchange
     Commission, or any other federal agency at the time administering the
     Exchange Act or the Securities Act, whichever is the relevant statute for
     the particular purpose.

         "Effectiveness Period" shall have the meaning assigned thereto in
     Section 2(b) hereof.

         "Effective Time," in the case of (i) an Exchange Registration, shall
     mean the time and date as of which the Commission declares the Exchange
     Registration Statement effective or as of which the Exchange Registration
     Statement otherwise becomes effective and (ii) a Shelf Registration, shall
     mean the time and date as of which the Commission declares the
<PAGE>   2
     Shelf Registration Statement effective or as of which the Shelf
     Registration Statement otherwise becomes effective.

         "Electing Holder" shall mean any holder of Registrable Securities that
     has returned a completed and signed Notice and Questionnaire to the Company
     in accordance with Section 3(d)(ii) or 3(d)(iii) hereof.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, or any
     successor thereto, as the same shall be amended from time to time.

         "Exchange Offer" shall have the meaning assigned thereto in Section
     2(a) hereof.

         "Exchange Registration" shall have the meaning assigned thereto in
     Section 3(c) hereof.

         "Exchange Registration Statement" shall have the meaning assigned
     thereto in Section 2(a) hereof.

         "Exchange Securities" shall have the meaning assigned thereto in
     Section 2(a) hereof.

         The term "holder" shall mean each of the Purchasers and other persons
     who acquire Registrable Securities from time to time (including any
     successors or assigns), in each case for so long as such person owns any
     Registrable Securities.

         "Indenture" shall mean the Indenture, dated as of September 29, 2000,
     between the Company and United States Trust Company of New York, as
     Trustee, as the same shall be amended from time to time.

         "Notice and Questionnaire" means a Notice of Registration Statement and
     Selling Securityholder Questionnaire substantially in the form of Exhibit A
     hereto.

         The term "person" shall mean a corporation, association, partnership,
     organization, business, individual, government or political subdivision
     thereof or governmental agency.

         "Purchase Agreement" shall mean the Purchase Agreement, dated as of
     September 22, 2000, between the Purchasers and the Company relating to the
     Securities.

         "Purchasers" shall mean the Initial Purchasers named in Schedule I to
     the Purchase Agreement.

         "Registrable Securities" shall mean the Securities; provided, however,
     that a Security shall cease to be a Registrable Security when (i) in the
     circumstances contemplated by Section 2(a) hereof, the Security has been
     exchanged for an Exchange Security in an Exchange Offer as contemplated in
     Section 2(a) hereof (provided that any Exchange Security that, pursuant to
     the last two sentences of Section 2(a), is included in a prospectus for use
     in connection with resales by broker-dealers shall be deemed to be a
     Registrable Security with respect to Sections 5, 6 and 9 until resale of
     such Registrable Security has been effected within the 225-day period
     referred to in Section 2(a)); (ii) in the circumstances contemplated by
     Section 2(b) hereof, a Shelf Registration Statement registering such
     Security under the Securities Act has been declared or becomes effective
     and such Security has been sold or otherwise transferred by the holder
     thereof pursuant to and in a manner contemplated by such effective Shelf
     Registration Statement; (iii) such Security is sold pursuant to Rule 144
     under circumstances in which any legend borne by such Security relating to
     restrictions on transferability thereof, under the Securities Act or
     otherwise, is

                                       2
<PAGE>   3
     removed by the Company or pursuant to the Indenture; (iv) such Security is
     eligible to be sold pursuant to paragraph (k) of Rule 144; or (v) such
     Security shall cease to be outstanding.

         "Registration Default" shall have the meaning assigned thereto in
     Section 2(c) hereof.

         "Registration Expenses" shall have the meaning assigned thereto in
     Section 4 hereof.

         "Resale Period" means a period beginning when Exchange Securities are
     first issued in the Exchange Offer and ending upon the earlier of the
     expiration of the 180th day after the Exchange Offer has been completed or
     such time as such broker-dealers no longer own any Registrable Securities.

         "Restricted Holder" shall mean (i) a holder that is an affiliate of the
     Company within the meaning of Rule 405, (ii) a holder who acquires Exchange
     Securities outside the ordinary course of such holder's business, (iii) a
     holder who has arrangements or understandings with any person to
     participate in the Exchange Offer for the purpose of distributing Exchange
     Securities and (iv) a holder that is a broker-dealer, but only with respect
     to Exchange Securities received by such broker-dealer pursuant to an
     Exchange Offer in exchange for Registrable Securities acquired by the
     broker-dealer directly from the Company.

         "Rule 144," "Rule 405" and "Rule 415" shall mean, in each case, such
     rule promulgated under the Securities Act (or any successor provision), as
     the same shall be amended from time to time.

         "Securities" shall mean, collectively, the $300,000,000 8.10% Notes due
     2005 and the $200,000,000 8.50% Notes due 2010 of the Company to be issued
     and sold to the Purchasers, and securities issued in exchange therefor or
     in lieu thereof pursuant to the Indenture.

         "Securities Act" shall mean the Securities Act of 1933, or any
     successor thereto, as the same shall be amended from time to time.

         "Shelf Registration" shall have the meaning assigned thereto in Section
     2(b) hereof.

         "Shelf Registration Statement" shall have the meaning assigned thereto
     in Section 2(b) hereof.

         "Special Interest" shall have the meaning assigned thereto in Section
     2(c) hereof.

         "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, or
     any successor thereto, and the rules, regulations and forms promulgated
     thereunder, all as the same shall be amended from time to time.

         Unless the context otherwise requires, any reference herein to a
"Section" or "clause" refers to a Section or clause, as the case may be, of this
Exchange and Registration Rights Agreement, and the words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Exchange and
Registration Rights Agreement as a whole and not to any particular Section or
other subdivision.

                                       3
<PAGE>   4
          2. Registration Under the Securities Act.

         (a) Except as set forth in Section 2(b) below, the Company agrees to
     file under the Securities Act, as soon as practicable, but no later than 90
     days after the Closing Date, a registration statement relating to an offer
     to exchange (such registration statement, the "Exchange Registration
     Statement", and such offer, the "Exchange Offer") any and all of the
     Securities for a like aggregate principal amount of debt securities issued
     by the Company, which debt securities are substantially identical to the
     Securities (and are entitled to the benefits of a trust indenture that is
     substantially identical to the Indenture or is the Indenture and that has
     been qualified under the Trust Indenture Act), except that they have been
     registered pursuant to an effective registration statement under the
     Securities Act and do not contain provisions for the additional interest
     contemplated in Section 2(c) below (such new debt securities hereinafter
     called "Exchange Securities"). Except as set forth in Section 2(b) below,
     the Company agrees to use its reasonable best efforts to cause the Exchange
     Registration Statement to become effective under the Securities Act as soon
     as practicable, but no later than 180 days after the Closing Date. The
     Exchange Offer will be registered under the Securities Act on the
     appropriate form and will comply with all applicable tender offer rules and
     regulations under the Exchange Act. The Company further agrees to use its
     reasonable best efforts to commence and complete the Exchange Offer
     promptly, but no later than 45 days after such registration statement has
     become effective, hold the Exchange Offer open for at least 30 days and
     exchange Exchange Securities for all Registrable Securities that have been
     properly tendered and not withdrawn on or prior to the expiration of the
     Exchange Offer. The Exchange Offer will be deemed to have been "completed"
     only if the debt securities received by holders other than Restricted
     Holders in the Exchange Offer for Registrable Securities are, upon receipt,
     transferable by each such holder without restriction under the Securities
     Act and the Exchange Act and without material restrictions under the blue
     sky or securities laws of a substantial majority of the States of the
     United States of America. The Exchange Offer shall be deemed to have been
     completed upon the earlier to occur of (i) the Company having exchanged the
     Exchange Securities for all outstanding Registrable Securities pursuant to
     the Exchange Offer and (ii) the Company having exchanged, pursuant to the
     Exchange Offer, Exchange Securities for all Registrable Securities that
     have been properly tendered and not withdrawn before the expiration of the
     Exchange Offer, which shall be on a date that is at least 30 days following
     the commencement of the Exchange Offer. The Company agrees (x) to include
     in the Exchange Registration Statement a prospectus for use in any resales
     by any holder of Exchange Securities that is a broker-dealer and (y) to use
     reasonable best efforts to keep such Exchange Registration Statement
     effective for the Resale Period. With respect to such Exchange Registration
     Statement, such holders shall have the benefit of the rights of
     indemnification and contribution set forth in Sections 6(a), (c), (d) and
     (e) hereof.

         (b) If (i) on or prior to the time the Exchange Offer is completed,
     existing Commission interpretations are changed such that the debt
     securities received by holders other than Restricted Holders in the
     Exchange Offer for Registrable Securities are not or would not be, upon
     receipt, transferable by each such holder without restriction under the
     Securities Act, (ii) the Exchange Offer has not been completed within 225
     days following the Closing Date or (iii) the Exchange Offer is not
     available to any holder of the Securities, the Company shall, in lieu of
     (or, in the case of clause (iii), in addition to) conducting the Exchange
     Offer contemplated by Section 2(a), file under the Securities Act as soon
     as practicable, but no later than 90 days after the time such obligation to
     file arises, a "shelf" registration statement providing for the
     registration of, and the sale on a continuous or delayed basis by the
     holders of, all of the Registrable Securities, pursuant to Rule 415 or any
     similar rule that

                                       4
<PAGE>   5
     may be adopted by the Commission (such filing, the "Shelf Registration" and
     such registration statement, the "Shelf Registration Statement"). The
     Company agrees to use its reasonable best efforts (x) to cause the Shelf
     Registration Statement to become or be declared effective no later than 120
     days after such Shelf Registration Statement is filed and to keep such
     Shelf Registration Statement continuously effective for a period ending on
     the earlier of the second anniversary of the Effective Time or such time as
     there are no longer any Registrable Securities outstanding (the
     "Effectiveness Period"), except as specified in Section 3(h) and 3(i), and
     provided, however, that no holder shall be entitled to be named as a
     selling securityholder in the Shelf Registration Statement or to use the
     prospectus forming a part thereof for resales of Registrable Securities
     unless such holder is an Electing Holder, and (y) after the Effective Time
     of the Shelf Registration Statement, promptly upon the request of any
     holder of Registrable Securities that is not then an Electing Holder, to
     take any action reasonably necessary to enable such holder to use the
     prospectus forming a part thereof for resales of Registrable Securities,
     including, without limitation, any action necessary to identify such holder
     as a selling securityholder in the Shelf Registration Statement, provided,
     however, that nothing in this Clause (y) shall relieve any such holder of
     the obligation to return a completed and signed Notice and Questionnaire to
     the Company in accordance with Section 3(d)(iii) hereof. The Company
     further agrees to supplement or make amendments to the Shelf Registration
     Statement, as and when required by the rules, regulations or instructions
     applicable to the registration form used by the Company for such Shelf
     Registration Statement or by the Securities Act or rules and regulations
     thereunder for shelf registration, and the Company agrees to furnish to
     each Electing Holder copies of any such supplement or amendment prior to
     its being used or promptly following its filing with the Commission.

         (c) In the event that (i) an Exchange Registration Statement or Shelf
     Registration Statement has not become effective or been declared effective
     by the Commission on or before the date on which such registration
     statement is required to become or be declared effective pursuant to
     Section 2(a) or 2(b), respectively, or (ii) the Exchange Offer has not been
     completed on or before 225 days after the Closing Date (if the Exchange
     Offer is then required to be completed pursuant to Section 2 of this
     Agreement), or (iii) any Exchange Registration Statement or Shelf
     Registration Statement required by Section 2(a) or 2(b) hereof is filed and
     declared effective but shall thereafter either be withdrawn by the Company
     or shall become subject to an effective stop order issued pursuant to
     Section 8(d) of the Securities Act suspending the effectiveness of such
     registration statement (except as specifically permitted herein) without
     being succeeded as promptly as practicable by an additional registration
     statement filed and declared effective (each such event referred to in
     clauses (i) through (iii), a "Registration Default" and each period during
     which a Registration Default has occurred and is continuing, a
     "Registration Default Period"), then, as liquidated damages for such
     Registration Default, subject to the provisions of Section 9(b), special
     interest ("Special Interest"), in addition to the Base Interest, shall
     accrue on the principal amount of the Registrable Securities as follows. If
     a Registration Default under clause (i) or (iii) of this Section 2(c) has
     occurred, Special Interest will accrue at an annual rate of 0.25%, from and
     including the date on which such Registration Default occurred to but
     excluding the date on which such Registration Default is cured.
     Additionally, if a Registration Default under clause (ii) of this Section
     2(c) has occurred, Special Interest will accrue at an annual rate of 0.50%
     from and including the date on which such Registration Default occurred to
     but excluding the date on which such Registration Default is cured. At no
     time will the aggregate of any such Special Interest described above accrue
     at an annual rate in excess of 0.50%.

                                       5
<PAGE>   6
         (d) The Company shall use its reasonable best efforts to take all
     actions necessary or advisable to be taken by it to ensure that the
     transactions contemplated herein are effected as so contemplated.

         (e) Any reference herein to a registration statement as of any time
     shall be deemed to include any document incorporated, or deemed to be
     incorporated, therein by reference as of such time and any reference herein
     to any post-effective amendment to a registration statement as of any time
     shall be deemed to include any document incorporated, or deemed to be
     incorporated, therein by reference as of such time.

         3. Registration Procedures.

               If the Company files a registration statement pursuant to Section
2(a) or Section 2(b), the following provisions shall apply:

         (a) At or before the Effective Time of the Exchange Offer or the Shelf
     Registration, as the case may be, the Company shall qualify the Indenture
     under the Trust Indenture Act of 1939.

         (b) In the event that such qualification would require the appointment
     of a new trustee under the Indenture, the Company shall appoint a new
     trustee thereunder pursuant to the applicable provisions of the Indenture.

         (c) In connection with the Company's obligations with respect to the
     registration of Exchange Securities as contemplated by Section 2(a) (the
     "Exchange Registration"), if applicable, the Company shall, as soon as
     practicable (or as otherwise specified):

               (i) prepare and file with the Commission, as soon as practicable
          but no later than 90 days after the Closing Date, an Exchange
          Registration Statement on any form which may be utilized by the
          Company and which shall permit the Exchange Offer and resales of
          Exchange Securities by broker-dealers during the Resale Period to be
          effected as contemplated by Section 2(a), and use its best efforts to
          cause such Exchange Registration Statement to become effective as soon
          as practicable thereafter, but no later than 180 days after the
          Closing Date;

               (ii) as soon as practicable prepare and file with the Commission
          such amendments and supplements to such Exchange Registration
          Statement and the prospectus included therein as may be necessary to
          effect and maintain the effectiveness of such Exchange Registration
          Statement for the periods and purposes contemplated in Section 2(a)
          hereof and as may be required by the applicable rules and regulations
          of the Commission and the instructions applicable to the form of such
          Exchange Registration Statement, and promptly provide each
          broker-dealer holding Exchange Securities with such number of copies
          of the prospectus included therein (as then amended or supplemented),
          in conformity in all material respects with the requirements of the
          Securities Act and the Trust Indenture Act and the rules and
          regulations of the Commission thereunder, as such broker-dealer
          reasonably may request prior to the expiration of the Resale Period,
          for use in connection with resales of Exchange Securities;

               (iii) promptly notify each broker-dealer that has requested or
          received copies of the prospectus included in such registration
          statement, and confirm such advice in writing, (A) when such Exchange
          Registration Statement or the prospectus included

                                       6
<PAGE>   7
          therein or any prospectus amendment or supplement or post-effective
          amendment has been filed, and, with respect to such Exchange
          Registration Statement or any post-effective amendment, when the same
          has become effective, (B) of any comments by the Commission and by the
          blue sky or securities commissioner or regulator of any state with
          respect thereto or any request by the Commission for amendments or
          supplements to such Exchange Registration Statement or prospectus or
          for additional information, (C) of the issuance by the Commission of
          any stop order suspending the effectiveness of such Exchange
          Registration Statement or the initiation or threatening of any
          proceedings for that purpose, (D) if at any time the representations
          and warranties of the Company contemplated by Section 5 cease to be
          true and correct in all material respects, (E) of the receipt by the
          Company of any notification with respect to the suspension of the
          qualification of the Exchange Securities for sale in any jurisdiction
          or the initiation or threatening of any proceeding for such purpose,
          or (F) of the happening of any event or the existence of any fact
          prior to the end of the Resale Period that requires the Company to
          make changes in the Exchange Registration Statement, prospectus,
          prospectus amendment or supplement or post-effective amendment in
          order that the Exchange Registration Statement or the prospectus,
          prospectus amendment or supplement or post-effective amendment do not
          contain an untrue statement of a material fact nor omit to state a
          material fact required to be stated therein or necessary to make the
          statements therein (in the case of the prospectus, prospectus
          amendment or supplement or post-effective amendment, in light of the
          circumstances under which they were made) not misleading;

               (iv) in the event that the Company would be required, pursuant to
          Section 3(c)(iii)(F) above, to notify any broker-dealers holding
          Exchange Securities, as promptly as practicable prepare and furnish to
          each such holder a reasonable number of copies of a prospectus
          supplemented or amended so that, as thereafter delivered to purchasers
          of such Exchange Securities during the Resale Period, such prospectus
          shall conform in all material respects to the applicable requirements
          of the Securities Act and the Trust Indenture Act and the rules and
          regulations of the Commission thereunder and shall not contain an
          untrue statement of a material fact or omit to state a material fact
          required to be stated therein or necessary to make the statements
          therein not misleading in light of the circumstances then existing;

               (v) use its reasonable best efforts to obtain the withdrawal of
          any order suspending the effectiveness of such Exchange Registration
          Statement or any post-effective amendment thereto at the earliest
          practicable date;

               (vi) use its reasonable best efforts to (A) register or qualify
          the Exchange Securities under the securities laws or blue sky laws of
          such jurisdictions as are contemplated by Section 2(a) no later than
          the commencement of the Exchange Offer, (B) keep such registrations or
          qualifications in effect and comply with such laws so as to permit the
          continuance of offers, sales and dealings therein in such
          jurisdictions until the expiration of the Resale Period and (C) take
          any and all other actions as may be reasonably necessary or advisable
          to enable each broker-dealer holding Exchange Securities to consummate
          the disposition thereof in such jurisdictions; provided, however, that
          the Company shall not be required for any such purpose to (1) qualify
          as a foreign corporation in any jurisdiction wherein it would not
          otherwise be required to qualify but for the requirements of this
          Section 3(c)(vi), (2) consent to general service of process in any
          such jurisdiction or (3) make any

                                       7
<PAGE>   8
          changes to its certificate of incorporation or by-laws or any
          agreement between it and its stockholders;

               (vii) use its reasonable best efforts to obtain the consent or
          approval of each governmental agency or authority, whether federal,
          state or local, which may be required to effect the Exchange
          Registration, the Exchange Offer and the offering and sale of Exchange
          Securities by broker-dealers during the Resale Period;

               (viii) provide a CUSIP number for all Exchange Securities, not
          later than the applicable Effective Time;

               (ix) comply with all applicable rules and regulations of the
          Commission, and make generally available to its securityholders as
          soon as practicable but no later than eighteen months after the
          effective date of such Exchange Registration Statement, an earnings
          statement of the Company and its subsidiaries complying with Section
          11(a) of the Securities Act (including, at the option of the Company,
          Rule 158 thereunder).

         (d) In connection with the Company's obligations with respect to the
     Shelf Registration, if applicable, the Company shall, as soon as
     practicable (or as otherwise specified):

               (i) prepare and file with the Commission, as soon as practicable
          but in any case within the time periods specified in Section 2(b), a
          Shelf Registration Statement on any form that may be utilized by the
          Company and that shall register all of the Registrable Securities for
          resale by the holders thereof in accordance with such method or
          methods of disposition as may be specified by such of the holders as,
          from time to time, may be Electing Holders and use its reasonable best
          efforts to cause such Shelf Registration Statement to become effective
          as soon as practicable but in any case within the time periods
          specified in Section 2(b);

               (ii) not less than 20 calendar days prior to the Effective Time
          of the Shelf Registration Statement, mail the Notice and Questionnaire
          to the holders of Registrable Securities; no holder shall be entitled
          to be named as a selling securityholder in the Shelf Registration
          Statement as of the Effective Time, and no holder shall be entitled to
          use the prospectus forming a part thereof for resales of Registrable
          Securities at any time, unless such holder has returned a completed
          and signed Notice and Questionnaire to the Company by the deadline for
          response set forth therein and the Company has received such response;
          provided, however, holders of Registrable Securities shall have at
          least 17 calendar days from the date on which the Notice and
          Questionnaire is first mailed to such holders to return a completed
          and signed Notice and Questionnaire to the Company, and provided
          further that if such Notice and Questionnaire is delivered during a
          Deferral Period, the Company shall so inform the holder delivering
          such Notice and Questionnaire and shall take the actions set forth in
          clause (y) of Section 2(b) and the immediately following sentence
          thereof upon expiration of the Deferral Period in accordance with
          Section 3(h);

               (iii) after the Effective Time of the Shelf Registration
          Statement, upon the request of any holder of Registrable Securities
          that is not then an Electing Holder, promptly send a Notice and
          Questionnaire to such holder; provided that the Company shall not be
          required to take any action to name such holder as a selling
          securityholder in the Shelf Registration Statement or to enable such
          holder to use

                                       8
<PAGE>   9
          the prospectus forming a part thereof for resales of Registrable
          Securities until three Business days after the Company has received a
          completed and signed Notice and Questionnaire from such holder, and
          provided further that if such Notice and Questionnaire is delivered
          during a Deferral Period, the Company shall so inform the holder
          delivering such Notice and Questionnaire and shall take the actions
          set forth in clause (y) of Section 2(b) and the immediately following
          sentence thereof upon expiration of the Deferral Period in accordance
          with Section 3(h);

               (iv) as soon as reasonably practicable prepare and file with the
          Commission such amendments and supplements to such Shelf Registration
          Statement and the prospectus included therein as may be necessary to
          effect and maintain the effectiveness of such Shelf Registration
          Statement for the period specified in Section 2(b) hereof and as may
          be required by the applicable rules and regulations of the Commission
          and the instructions applicable to the form of such Shelf Registration
          Statement, and furnish to the Electing Holders copies of any such
          supplement or amendment simultaneously with or prior to its being used
          or filed with the Commission;

               (v) comply with the provisions of the Securities Act with respect
          to the disposition of all of the Registrable Securities covered by
          such Shelf Registration Statement in accordance with the intended
          methods of disposition by the Electing Holders provided for in such
          Shelf Registration Statement;

               (vi) provide (A) the Electing Holders, (B) the underwriters
          (which term, for purposes of this Exchange and Registration Rights
          Agreement, shall include a person deemed to be an underwriter within
          the meaning of Section 2(a)(11) of the Securities Act), if any,
          thereof, (C) any sales or placement agent therefor, (D) counsel for
          any such underwriter or agent and (E) not more than one counsel for
          all the Electing Holders, the opportunity to participate in the
          preparation of such Shelf Registration Statement, each prospectus
          included therein or filed with the Commission and each amendment or
          supplement thereto;

               (vii) for a reasonable period prior to the filing of such Shelf
          Registration Statement, and throughout the period specified in Section
          2(b), make available at reasonable times at the Company's principal
          place of business or such other reasonable place for inspection by the
          persons referred to in Section 3(d)(vi) who shall certify to the
          Company that they have a current intention to sell the Registrable
          Securities pursuant to the Shelf Registration, such relevant financial
          and other information and books and records of the Company, and cause
          the officers, employees, counsel and independent certified public
          accountants of the Company to respond to such inquiries, as shall be
          reasonably necessary, in the judgment of the respective counsel
          referred to in such Section, to conduct a reasonable investigation
          within the meaning of Section 11 of the Securities Act; provided,
          however, that each such party shall be required to maintain in
          confidence and not to disclose to any other person any information or
          records reasonably designated by the Company as being confidential,
          until such time as (A) such information becomes a matter of public
          record (whether by virtue of its inclusion in such registration
          statement or otherwise), or (B) such person shall be required so to
          disclose such information pursuant to a subpoena or order of any court
          or other governmental agency or body having jurisdiction over the
          matter (subject to the requirements of such order, and only after such
          person shall have given the Company prompt prior written notice of

                                       9
<PAGE>   10
          such requirement), or (C) such information is required to be set forth
          in such Shelf Registration Statement or the prospectus included
          therein or in an amendment to such Shelf Registration Statement or an
          amendment or supplement to such prospectus in order that such Shelf
          Registration Statement, prospectus, amendment or supplement, as the
          case may be, complies with applicable requirements of the federal
          securities laws and the rules and regulations of the Commission and
          does not contain an untrue statement of a material fact or omit to
          state therein a material fact required to be stated therein or
          necessary to make the statements therein not misleading in light of
          the circumstances then existing;

               (viii) promptly notify each of the Electing Holders, any sales or
          placement agent therefor and any underwriter thereof (which
          notification may be made through any managing underwriter that is a
          representative of such underwriter for such purpose) and confirm such
          advice in writing, (A) when such Shelf Registration Statement or the
          prospectus included therein or any prospectus amendment or supplement
          or post-effective amendment has been filed, and, with respect to such
          Shelf Registration Statement or any post-effective amendment, when the
          same has become effective, (B) of any comments by the Commission and
          by the blue sky or securities commissioner or regulator of any state
          with respect thereto or any request by the Commission for amendments
          or supplements to such Shelf Registration Statement or prospectus or
          for additional information, (C) of the issuance by the Commission of
          any stop order suspending the effectiveness of such Shelf Registration
          Statement or the initiation or threatening of any proceedings for that
          purpose, (D) if at any time the representations and warranties of the
          Company contemplated by Section 3(d)(xvii) or Section 5 cease to be
          true and correct in all material respects, (E) of the receipt by the
          Company of any notification with respect to the suspension of the
          qualification of the Registrable Securities for sale in any
          jurisdiction or the initiation or threatening of any proceeding for
          such purpose, or (F) of the happening of any event or the existence of
          any fact that requires the Company to make changes in the Shelf
          Registration Statement, prospectus, prospectus amendment or supplement
          or post-effective amendment in order that the Shelf Registration
          Statement or the prospectus, prospectus amendment or supplement or
          post-effective amendment does not contain an untrue statement of a
          material fact nor omit to state a material fact required to be stated
          therein or necessary to make the statements therein (in the case of
          the prospectus, prospectus amendment or supplement or post-effective
          amendment, in light of the circumstances under which they were made)
          not misleading;

               (ix) use its reasonable best efforts to obtain the withdrawal of
          any order suspending the effectiveness of such registration statement
          or any post-effective amendment thereto at the earliest practicable
          date;

               (x) if requested by any managing underwriter or underwriters, any
          placement or sales agent or any Electing Holder, promptly incorporate
          in a prospectus supplement or post-effective amendment such
          information as is required by the applicable rules and regulations of
          the Commission and as such managing underwriter or underwriters, such
          agent or such Electing Holder specifies should be included therein
          relating to the terms of the sale of such Registrable Securities,
          including information with respect to the principal amount of
          Registrable Securities being sold by such Electing Holder or agent or
          to any underwriters, the name and description of such Electing Holder,
          agent or underwriter, the offering price of such Registrable

                                       10
<PAGE>   11
          Securities and any discount, commission or other compensation payable
          in respect thereof, the purchase price being paid therefor by such
          underwriters and with respect to any other terms of the offering of
          the Registrable Securities to be sold by such Electing Holder or agent
          or to such underwriters; and make all required filings of such
          prospectus supplement or post-effective amendment promptly after
          notification of the matters to be incorporated in such prospectus
          supplement or post-effective amendment;

               (xi) furnish to each Electing Holder, each placement or sales
          agent, if any, therefor, each underwriter, if any, thereof and the
          respective counsel referred to in Section 3(d)(vi) an executed copy
          (or, in the case of an Electing Holder, a conformed copy) of such
          Shelf Registration Statement, each such amendment and supplement
          thereto (in each case including all exhibits thereto (in the case of
          an Electing Holder of Registrable Securities, upon request) and
          documents incorporated by reference therein) and such number of copies
          of such Shelf Registration Statement (excluding exhibits thereto and
          documents incorporated by reference therein unless specifically so
          requested by such Electing Holder, agent or underwriter, as the case
          may be) and of the prospectus included in such Shelf Registration
          Statement (including each preliminary prospectus and any summary
          prospectus), in conformity in all material respects with the
          applicable requirements of the Securities Act and the Trust Indenture
          Act and the rules and regulations of the Commission thereunder, and
          such other documents, as such Electing Holder, agent, if any, and
          underwriter, if any, may reasonably request in order to facilitate the
          offering and disposition of the Registrable Securities owned by such
          Electing Holder, offered or sold by such agent or underwritten by such
          underwriter and to permit such Electing Holder, agent and underwriter
          to satisfy the prospectus delivery requirements of the Securities Act;
          and the Company hereby consents (except during such periods that a
          Deferral Notice remains outstanding and has not been revoked) to the
          use of such prospectus (including such preliminary and summary
          prospectus) and any amendment or supplement thereto by each such
          Electing Holder and by any such agent and underwriter, in each case in
          the form most recently provided to such person by the Company, in
          connection with the offering and sale of the Registrable Securities
          covered by the prospectus (including such preliminary and summary
          prospectus) or any supplement or amendment thereto;

               (xii) use reasonable best efforts to (A) register or qualify the
          Registrable Securities to be included in such Shelf Registration
          Statement under such securities laws or blue sky laws of such
          jurisdictions as any Electing Holder and each placement or sales
          agent, if any, therefor and underwriter, if any, thereof shall
          reasonably request, (B) keep such registrations or qualifications in
          effect and comply with such laws so as to permit the continuance of
          offers, sales and dealings therein in such jurisdictions during the
          period the Shelf Registration is required to remain effective under
          Section 2(b) above and for so long as may be necessary to enable any
          such Electing Holder, agent or underwriter to complete its
          distribution of Securities pursuant to such Shelf Registration
          Statement and (C) take any and all other actions as may be reasonably
          necessary or advisable to enable each such Electing Holder, agent, if
          any, and underwriter, if any, to consummate the disposition in such
          jurisdictions of such Registrable Securities; provided, however, that
          the Company shall not be required for any such purpose to (1) qualify
          as a foreign corporation in any jurisdiction wherein it would not
          otherwise be required to qualify but for the requirements of this
          Section 3(d)(xii), (2) consent to general service of

                                       11
<PAGE>   12
          process in any such jurisdiction or (3) make any changes to its
          certificate of incorporation or by-laws or any agreement between it
          and its stockholders;

               (xiii) use its reasonable best efforts to obtain the consent or
          approval of each governmental agency or authority, whether federal,
          state or local, which may be required to effect the Shelf Registration
          or the offering or sale in connection therewith or to enable the
          selling holder or holders to offer, or to consummate the disposition
          of, their Registrable Securities;

               (xiv) Unless any Registrable Securities shall be in book-entry
          only form, cooperate with the Electing Holders and the managing
          underwriters, if any, to facilitate the timely preparation and
          delivery of certificates representing Registrable Securities to be
          sold, which certificates, if so required by any securities exchange
          upon which any Registrable Securities are listed, shall be penned,
          lithographed or engraved, or produced by any combination of such
          methods, on steel engraved borders, and which certificates shall not
          bear any restrictive legends; and, in the case of an underwritten
          offering, enable such Registrable Securities to be in such
          denominations and registered in such names as the managing
          underwriters may request at least two business days prior to any sale
          of the Registrable Securities;

               (xv) provide a CUSIP number for all Registrable Securities, not
          later than the applicable Effective Time;

               (xvi) enter into such customary agreements (including if
          requested one or more underwriting agreements, engagement letters,
          agency agreements, "best efforts" underwriting agreements or similar
          agreements) as appropriate, including customary provisions relating to
          indemnification and contribution, and take such other actions in
          connection therewith as any Electing Holders aggregating at least 20%
          in aggregate principal amount of the Registrable Securities at the
          time outstanding shall reasonably request in order to facilitate the
          disposition of such Registrable Securities;

               (xvii) whether or not an agreement of the type referred to in
          Section 3(d)(xvi) hereof is entered into and whether or not any
          portion of the offering contemplated by the Shelf Registration is an
          underwritten offering or is made through a placement or sales agent or
          any other entity, (A) make such representations and warranties to the
          Electing Holders and the placement or sales agent, if any, therefor
          and the underwriters, if any, thereof in form, substance and scope as
          are customarily made in connection with an offering of debt securities
          pursuant to any appropriate agreement or to a registration statement
          filed on the form applicable to the Shelf Registration; (B) obtain an
          opinion of counsel to the Company in customary form and covering such
          matters, of the type customarily covered by such an opinion, as the
          managing underwriters, if any, or as any Electing Holders of at least
          20% in aggregate principal amount of the Registrable Securities at the
          time outstanding may reasonably request, addressed to such Electing
          Holder or Electing Holders and the placement or sales agent, if any,
          therefor and the underwriters, if any, thereof and dated the effective
          date of such Shelf Registration Statement (and if such Shelf
          Registration Statement contemplates an underwritten offering of a part
          or all of the Registrable Securities, dated the date of the closing
          under the underwriting agreement relating thereto) (it being agreed
          that the matters to be covered by such opinion shall include the due
          incorporation or organization and good standing of the

                                       12
<PAGE>   13
          Company and its subsidiaries; the qualification of the Company to
          transact business as foreign corporations; the due authorization,
          execution and delivery of the relevant agreement of the type referred
          to in Section 3(d)(xvi) hereof; the due authorization and execution,
          and the validity and enforceability, of the Securities; the absence of
          material legal or governmental proceedings involving the Company; the
          consummation of the transactions will not conflict with or result in
          (i) a breach or violation of the provisions of the Articles of
          Incorporation or By-laws of the Company, (ii) a material breach of any
          statute or any order, rule or regulation of any court or governmental
          agency or body having jurisdiction over the Company or any of its
          properties, or (iii) a material breach of the terms of, or a default
          under, agreements binding upon the Company; the absence of
          governmental approvals required to be obtained in connection with the
          Shelf Registration, the offering and sale of the Registrable
          Securities, this Exchange and Registration Rights Agreement or any
          agreement of the type referred to in Section 3(d)(xvi) hereof, except
          the registration under the Securities Act contemplated hereby,
          qualification of the Indenture under the Trust Indenture Act, and such
          approvals as may be required under state securities or blue sky laws;
          the material compliance as to form of such Shelf Registration
          Statement and any documents incorporated by reference therein and of
          the Indenture with the requirements of the Securities Act and the
          Trust Indenture Act and the rules and regulations of the Commission
          thereunder, respectively; and, as of the date of the opinion and of
          the Shelf Registration Statement or most recent post-effective
          amendment thereto, as the case may be, the absence from such Shelf
          Registration Statement and the prospectus included therein, as then
          amended or supplemented, and from the documents incorporated by
          reference therein (in each case other than the financial statements
          and other financial information and statistical data contained
          therein) of an untrue statement of a material fact or the omission to
          state therein a material fact necessary to make the statements therein
          not misleading (in the case of such documents, in the light of the
          circumstances existing at the time that such documents were filed with
          the Commission under the Exchange Act)); (C) obtain a "comfort" letter
          or letters from the independent certified public accountants of the
          Company addressed to the selling Electing Holders, the placement or
          sales agent, if any, therefor or the underwriters, if any, thereof,
          dated (i) the effective date of such Shelf Registration Statement and
          (ii) the effective date of any prospectus supplement to the prospectus
          included in such Shelf Registration Statement or post-effective
          amendment to such Shelf Registration Statement which includes
          unaudited or audited financial statements as of a date or for a period
          subsequent to that of the latest such statements included in such
          prospectus (and, if such Shelf Registration Statement contemplates an
          underwritten offering pursuant to any prospectus supplement to the
          prospectus included in such Shelf Registration Statement or
          post-effective amendment to such Shelf Registration Statement which
          includes unaudited or audited financial statements as of a date or for
          a period subsequent to that of the latest such statements included in
          such prospectus, dated the date of the closing under the underwriting
          agreement relating thereto), such letter or letters to be in customary
          form and covering such matters of the type customarily covered by
          letters of such type; (D) deliver such documents and certificates,
          including officers' certificates, as may be reasonably requested by
          any Electing Holders of at least 20% in aggregate principal amount of
          the Registrable Securities at the time outstanding or the placement or
          sales agent, if any, therefore and the managing underwriters, if any,
          thereof to evidence the accuracy of the representations and warranties
          made pursuant to clause (A) above or those contained in Section 5(a)
          hereof and the compliance with or satisfaction of any

                                       13
<PAGE>   14
          agreements or conditions contained in the underwriting agreement or
          other agreement entered into by the Company; and (E) undertake such
          obligations relating to expense reimbursement, indemnification and
          contribution as are provided in Section 6 hereof;

               (xviii) notify in writing each holder of Registrable Securities
          of any proposal by the Company to amend or waive any provision of this
          Exchange and Registration Rights Agreement pursuant to Section 9(h)
          hereof and of any amendment or waiver effected pursuant thereto, each
          of which notices shall contain the text of the amendment or waiver
          proposed or effected, as the case may be;

               (xix) in the event that any broker-dealer registered under the
          Exchange Act shall underwrite any Registrable Securities or
          participate as a member of an underwriting syndicate or selling group
          or "assist in the distribution" (within the meaning of the Conduct
          Rules (the Conduct Rules) of the National Association of Securities
          Dealers, Inc. ("NASD") or any successor thereto, as amended from time
          to time) thereof, whether as a holder of such Registrable Securities
          or as an underwriter, a placement or sales agent or a broker or dealer
          in respect thereof, or otherwise, assist such broker-dealer in
          complying with the requirements of such Conduct Rules, including by
          (A) if such Conduct Rules shall so require, engaging a "qualified
          independent underwriter" (as defined in such Conduct Rules) to
          participate in the preparation of the Shelf Registration Statement
          relating to such Registrable Securities, to exercise usual standards
          of due diligence in respect thereto and, if any portion of the
          offering contemplated by such Shelf Registration Statement is an
          underwritten offering or is made through a placement or sales agent,
          to recommend the yield of such Registrable Securities, (B)
          indemnifying any such qualified independent underwriter to the extent
          of the indemnification of underwriters provided in Section 6 hereof
          (or to such other customary extent as may be requested by such
          underwriter), and (C) providing such information to such broker-dealer
          as may be required in order for such broker-dealer to comply with the
          requirements of the Conduct Rules; and

               (xx) comply with all applicable rules and regulations of the
          Commission, and make generally available to its securityholders as
          soon as practicable but in any event not later than eighteen months
          after the effective date of such Shelf Registration Statement, an
          earning statement of the Company and its subsidiaries complying with
          Section 11(a) of the Securities Act (including, at the option of the
          Company, Rule 158 thereunder).

         (e) In the event that the Company would be required, pursuant to
     Section 3(d)(viii)(F) above, to notify the Electing Holders, the placement
     or sales agent, if any, therefor and the managing underwriters, if any,
     thereof, the Company shall as promptly as practicable prepare and furnish
     to each of the Electing Holders, to each placement or sales agent, if any,
     and to each such underwriter, if any, a reasonable number of copies of a
     prospectus supplemented or amended so that, as thereafter delivered to
     purchasers of Registrable Securities, such prospectus shall conform in all
     material respects to the applicable requirements of the Securities Act and
     the Trust Indenture Act and the rules and regulations of the Commission
     thereunder and shall not contain an untrue statement of a material fact or
     omit to state a material fact required to be stated therein or necessary to
     make the statements therein not misleading in light of the circumstances
     then existing. Each Electing Holder agrees that upon receipt of any notice
     from the Company pursuant to Section

                                       14
<PAGE>   15
     3(d)(viii)(F) hereof, such Electing Holder shall forthwith discontinue the
     disposition of Registrable Securities pursuant to the Shelf Registration
     Statement applicable to such Registrable Securities until such Electing
     Holder shall have received copies of such amended or supplemented
     prospectus, and if so directed by the Company, such Electing Holder shall
     deliver to the Company (at the Company's expense) all copies, other than
     permanent file copies, then in such Electing Holder's possession of the
     prospectus covering such Registrable Securities at the time of receipt of
     such notice.

         (f) In the event of a Shelf Registration, in addition to the
     information required to be provided by each Electing Holder in its Notice
     and Questionnaire, the Company may require such Electing Holder to furnish
     to the Company such additional information regarding such Electing Holder
     and such Electing Holder's intended method of distribution of Registrable
     Securities as may be required in order to comply with the Securities Act.
     Each such Electing Holder agrees to notify the Company as promptly as
     practicable of any inaccuracy or change in information previously furnished
     by such Electing Holder to the Company or of the occurrence of any event in
     either case as a result of which any prospectus relating to such Shelf
     Registration contains or would contain an untrue statement of a material
     fact regarding such Electing Holder or such Electing Holder's intended
     method of disposition of such Registrable Securities or omits to state any
     material fact regarding such Electing Holder or such Electing Holder's
     intended method of disposition of such Registrable Securities required to
     be stated therein or necessary to make the statements therein not
     misleading in light of the circumstances then existing, and promptly to
     furnish to the Company any additional information required to correct and
     update any previously furnished information or required so that such
     prospectus shall not contain, with respect to such Electing Holder or the
     disposition of such Registrable Securities, an untrue statement of a
     material fact or omit to state a material fact required to be stated
     therein or necessary to make the statements therein not misleading in light
     of the circumstances then existing.

         (g) Until the expiration of two years after the Closing Date, the
     Company will not, and will not permit any of its "affiliates" (as defined
     in Rule 144) to, resell any of the Securities that have been reacquired by
     any of them except pursuant to an effective registration statement under
     the Securities Act.

         (h) Notwithstanding anything to the contrary in this Agreement,
     including without limitation Sections 2 and 3 hereof, if at any time prior
     to the expiration of the Effectiveness Period, outside counsel to the
     Company (which counsel shall be experienced in securities laws matters) has
     determined in good faith that it is reasonable to conclude that the filing
     of the Shelf Registration Statement or the compliance by the Company with
     its disclosure obligations in connection with such registration statement
     may require the disclosure of information which the Board of Directors of
     the Company has identified as material and which the Board of Directors has
     determined that the Company has a bona fide business purpose for preserving
     as confidential, then the Company may delay the filing or the effectiveness
     of the Shelf Registration Statement (if not then filed or effective, as
     applicable) and shall not be required to maintain the effectiveness thereof
     or amend or supplement the Exchange Registration Statement or the Shelf
     Registration Statement for a period (a "Deferral Period") expiring three
     business days after the earlier to occur of (A) the date on which such
     material information is disclosed to the public or ceases to be material or
     the Company is able to so comply with its disclosure obligations and
     Commission requirements or (B) 45 days after the Company notifies the
     Purchasers and Electing Holders of such determination. There shall not be
     more than four Deferral Periods during the Effectiveness

                                       15
<PAGE>   16
     Period, and there shall not be more than two Deferral Periods during any
     contiguous 135 day period.

         (i) The Company will give prompt written notice, in such manner
     prescribed by Section 9(c) hereof, to each Purchaser and Electing Holder of
     each Deferral Period. Such notice shall be given as soon as practicable
     after the Board of Directors makes the determination referenced in Section
     3(h). Each holder, by his acceptance of any Registrable Securities, agrees
     that (i) upon receipt of such notice of a Deferral Period it will forthwith
     discontinue disposition of Registrable Securities pursuant to the Shelf
     Registration Statement, and (ii) will not deliver any prospectus forming a
     part of the Shelf Registration Statement in connection with any sale of
     Registrable Securities, as applicable until such holder's receipt of copies
     of the supplemented or amended prospectus provided for in clause (e) above,
     or until it is advised in writing by the Company that the prospectus
     forming part of the Shelf Registration Statement may be used, and has
     received copies of any additional or supplemental filings that are
     incorporated or deemed incorporated by reference in such prospectus.

         (j) In the event the Company enters into a Deferral Period, the Company
     will have no liability for failing to perform any obligations it may have
     pursuant to Sections 2 and 3 of this Agreement during such Deferral Period;
     provided, however, that nothing in Section 3(h) shall prevent the
     provisions of Section 2(c) of this Agreement from being operative and, if
     Special Interest is accruing at the commencement of a Deferral Period or a
     Registration Default occurs during a Deferral Period, Special Interest
     shall continue to accrue until the Registration Default giving rise to the
     accrual of Special Interest shall have been cured.

         4. Registration Expenses.

               The Company agrees to bear and to pay or cause to be paid
promptly all expenses incident to the Company's performance of or compliance
with this Exchange and Registration Rights Agreement, including (a) all
Commission and any NASD registration, filing and review fees and expenses
including reasonable fees and disbursements of one counsel for the placement or
sales agent or underwriters in connection with such registration, filing and
review, (b) all fees and expenses in connection with the qualification of the
Securities for offering and sale under the State securities and blue sky laws
referred to in Section 3(d)(xii) hereof and determination of their eligibility
for investment under the laws of such jurisdictions as any managing underwriters
or the Electing Holders may designate, including reasonable fees and
disbursements of one counsel for the Electing Holders or underwriters in
connection with such qualification and determination, (c) all expenses relating
to the preparation, printing, production, distribution and reproduction of each
registration statement required to be filed hereunder, each prospectus included
therein or prepared for distribution pursuant hereto, each amendment or
supplement to the foregoing, the expenses of preparing the Securities for
delivery and the expenses of printing or producing any underwriting agreements,
agreements among underwriters, selling agreements and blue sky or legal
investment memoranda and all other documents in connection with the offering,
sale or delivery of Securities to be disposed of (including certificates
representing the Securities), (d) reasonable messenger, telephone and delivery
expenses relating to the offering, sale or delivery of Securities and the
preparation of documents referred in clause (c) above, (e) fees and expenses of
the Trustee under the Indenture, any agent of the Trustee and the reasonable
fees of one counsel for the Trustee, (f) internal expenses (including all
salaries and expenses of the Company's officers and employees performing legal
or accounting duties), (g) fees, disbursements and expenses of counsel and
independent certified public accountants of the Company (including the expenses
of any

                                       16
<PAGE>   17
opinions or "comfort" letters required by or incident to such performance and
compliance), (h) fees, disbursements and expenses of any "qualified independent
underwriter" engaged pursuant to Section 3(d)(xix) hereof, (i) fees,
disbursements and expenses of one counsel for the Electing Holders retained in
connection with a Shelf Registration, as selected by the Electing Holders of at
least a majority in aggregate principal amount of the Registrable Securities
held by Electing Holders (which counsel shall be reasonably satisfactory to the
Company), (j) any fees charged by securities rating services for rating the
Securities, and (k) fees, expenses and disbursements of any other persons,
including special experts, retained by the Company in connection with such
registration (collectively, the "Registration Expenses"). To the extent that any
Registration Expenses are incurred, assumed or paid by any holder of Registrable
Securities or any placement or sales agent therefor or underwriter thereof, the
Company shall reimburse such person for the full amount of the Registration
Expenses so incurred, assumed or paid promptly after receipt of a request
therefor. Notwithstanding the foregoing, the holders of the Registrable
Securities being registered shall pay all agency fees and commissions and
underwriting discounts and commissions attributable to the sale of such
Registrable Securities and the fees and disbursements of any counsel or other
advisors or experts retained by such holders (severally or jointly), other than
the counsel and experts specifically referred to above.

         5. Representations and Warranties.

               The Company represents and warrants to, and agrees with, each
Purchaser and each of the holders from time to time of Registrable Securities
that:

         (a) Each registration statement covering Registrable Securities and
     each prospectus (including any preliminary or summary prospectus) contained
     therein or furnished pursuant to Section 3(d) or Section 3(c) hereof and
     any further amendments or supplements to any such registration statement or
     prospectus, when it becomes effective or is filed with the Commission, as
     the case may be, and, in the case of an underwritten offering of
     Registrable Securities, at the time of the closing under the underwriting
     agreement relating thereto, will conform in all material respects to the
     requirements of the Securities Act and the Trust Indenture Act and the
     rules and regulations of the Commission thereunder and will not contain an
     untrue statement of a material fact or omit to state a material fact
     required to be stated therein or necessary to make the statements therein
     not misleading; and at all times subsequent to the Effective Time when a
     prospectus would be required to be delivered under the Securities Act,
     other than from (i) such time as a notice has been given to holders of
     Registrable Securities pursuant to Section 3(d)(viii)(F) or Section
     3(c)(iii)(F) hereof until (ii) such time as the Company furnishes an
     amended or supplemented prospectus pursuant to Section 3(e) or Section
     3(c)(iv) hereof, each such registration statement, and each prospectus
     (including any summary prospectus) contained therein or furnished pursuant
     to Section 3(d) or Section 3(c) hereof, as then amended or supplemented,
     will conform in all material respects to the requirements of the Securities
     Act and the Trust Indenture Act and the rules and regulations of the
     Commission thereunder and will not contain an untrue statement of a
     material fact or omit to state a material fact required to be stated
     therein or necessary to make the statements therein not misleading in the
     light of the circumstances then existing; provided, however, that this
     representation and warranty shall not apply to any statements or omissions
     made in reliance upon and in conformity with information furnished in
     writing to the Company by a holder of Registrable Securities expressly for
     use therein.

         (b) Any documents incorporated by reference in any prospectus referred
     to in Section 5(a) hereof, when they become or became effective or are or
     were filed with the

                                       17
<PAGE>   18
     Commission, as the case may be, will conform or conformed in all material
     respects to the requirements of the Securities Act or the Exchange Act, as
     applicable, and none of such documents will contain or contained an untrue
     statement of a material fact or will omit or omitted to state a material
     fact required to be stated therein or necessary to make the statements
     therein not misleading; provided, however, that this representation and
     warranty shall not apply to any statements or omissions made in reliance
     upon and in conformity with information furnished in writing to the Company
     by a holder of Registrable Securities expressly for use therein.

         (c) The compliance by the Company with all of the provisions of this
     Exchange and Registration Rights Agreement and the consummation of the
     transactions herein contemplated will not conflict with or result in a
     breach of any of the terms or provisions of, or constitute a default under,
     any indenture, mortgage, deed of trust, loan agreement or other agreement
     or instrument to which the Company is a party or by which the Company is
     bound or to which any of the property or assets of the Company is subject,
     nor will such action result in any violation of the provisions of the
     certificate of incorporation, as amended, or the by-laws of the Company or
     any statute or any order, rule or regulation of any court or governmental
     agency or body having jurisdiction over the Company or any of its
     properties; and no consent, approval, authorization, order, registration or
     qualification of or with any such court or governmental agency or body is
     required for the consummation by the Company of the transactions
     contemplated by this Exchange and Registration Rights Agreement, except the
     registration under the Securities Act of the Securities and qualification
     of the Indenture under the Trust Indenture Act, and except for such
     consents, approvals, authorizations, registrations or qualifications as may
     be required under State securities or blue sky laws in connection with the
     offering and distribution of the Securities.

         (d) This Exchange and Registration Rights Agreement has been duly
     authorized, executed and delivered by the Company.

         6. Indemnification.

         (a) Indemnification by the Company. The Company will indemnify and hold
     harmless each of the holders of Registrable Securities included in an
     Exchange Registration Statement, each of the Electing Holders of
     Registrable Securities included in a Shelf Registration Statement and each
     person who participates as a placement agent or as an underwriter in any
     offering or sale of such Registrable Securities against any losses, claims,
     damages or liabilities, joint or several, to which such holder, agent or
     underwriter may become subject under the Securities Act or otherwise,
     insofar as such losses, claims, damages or liabilities (or actions in
     respect thereof) arise out of or are based upon an untrue statement or
     alleged untrue statement of a material fact contained in any Exchange
     Registration Statement or Shelf Registration Statement, as the case may be,
     under which such Registrable Securities were registered under the
     Securities Act, or any preliminary, final or summary prospectus contained
     therein or furnished by the Company to any such holder, Electing Holder,
     agent or underwriter, or any amendment or supplement thereto, or arise out
     of or are based upon the omission or alleged omission to state therein a
     material fact required to be stated therein or necessary to make the
     statements therein not misleading, and will reimburse such holder, such
     Electing Holder, such agent and such underwriter for any legal or other
     expenses reasonably incurred by them in connection with investigating or
     defending any such action or claim as such expenses are incurred; provided,
     however, that the Company shall not be liable to any such person in any
     such case to the extent that any such loss, claim, damage or liability
     arises out of or is based

                                       18
<PAGE>   19
     upon an untrue statement or alleged untrue statement or omission or alleged
     omission made in such registration statement, or preliminary, final or
     summary prospectus, or amendment or supplement thereto, in reliance upon
     and in conformity with written information furnished to the Company by such
     person expressly for use therein; provided further, that this indemnity
     agreement shall not apply to any loss, liability, claim, damage or expense
     arising from an offer or sale of Registrable Securities during a Deferral
     Period if the Electing Holders received a Deferral Notice.

         (b) Indemnification by the Holders and any Agents and Underwriters. The
     Company may require, as a condition to including any Registrable Securities
     in any registration statement filed pursuant to Section 2(b) hereof and to
     entering into any underwriting agreement with respect thereto, that the
     Company shall have received an undertaking reasonably satisfactory to it
     from the Electing Holder of such Registrable Securities and from each
     underwriter named in any such underwriting agreement, severally and not
     jointly, to (i) indemnify and hold harmless the Company, and all other
     holders of Registrable Securities, against any losses, claims, damages or
     liabilities to that the Company or such other holders of Registrable
     Securities may become subject, under the Securities Act or otherwise,
     insofar as such losses, claims, damages or liabilities (or actions in
     respect thereof) arise out of or are based upon an untrue statement or
     alleged untrue statement of a material fact contained in such registration
     statement, or any preliminary, final or summary prospectus contained
     therein or furnished by the Company to any such Electing Holder, agent or
     underwriter, or any amendment or supplement thereto, or arise out of or are
     based upon the omission or alleged omission to state therein a material
     fact required to be stated therein or necessary to make the statements
     therein not misleading, in each case to the extent, but only to the extent,
     that such untrue statement or alleged untrue statement or omission or
     alleged omission was made in reliance upon and in conformity with written
     information furnished to the Company by such Electing Holder or underwriter
     expressly for use therein, and (ii) reimburse the Company for any legal or
     other expenses reasonably incurred by the Company in connection with
     investigating or defending any such action or claim as such expenses are
     incurred; provided, however, that no such Electing Holder shall be required
     to undertake liability to any person under this Section 6(b) for any
     amounts in excess of the dollar amount of the proceeds to be received by
     such Electing Holder from the sale of such Electing Holder's Registrable
     Securities pursuant to such registration.

         (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
     party under subsection (a) or (b) above of written notice of the
     commencement of any action, such indemnified party shall, if a claim in
     respect thereof is to be made against an indemnifying party pursuant to the
     indemnification provisions of or contemplated by this Section 6, notify
     such indemnifying party in writing of the commencement of such action; but
     the omission so to notify the indemnifying party shall not relieve it from
     any liability which it may have to any indemnified party otherwise than
     under the indemnification provisions of or contemplated by Section 6(a) or
     6(b) hereof. In case any such action shall be brought against any
     indemnified party and it shall notify an indemnifying party of the
     commencement thereof, such indemnifying party shall be entitled to
     participate therein and, to the extent that it shall wish, jointly with any
     other indemnifying party similarly notified, to assume the defense thereof,
     with counsel reasonably satisfactory to such indemnified party (who shall
     not, except with the consent of the indemnified party, be counsel to the
     indemnifying party), and, after notice from the indemnifying party to such
     indemnified party of its election so to assume the defense thereof, such
     indemnifying party shall not be liable to such indemnified party for any
     legal expenses of other counsel or any other expenses, in each case
     subsequently incurred by such indemnified party, in connection with the
     defense thereof

                                       19
<PAGE>   20
     other than reasonable costs of investigation. No indemnifying party shall,
     without the written consent of the indemnified party, effect the settlement
     or compromise of, or consent to the entry of any judgment with respect to,
     any pending or threatened action or claim in respect of which
     indemnification or contribution may be sought hereunder (whether or not the
     indemnified party is an actual or potential party to such action or claim)
     unless such settlement, compromise or judgment (i) includes an
     unconditional release of the indemnified party from all liability arising
     out of such action or claim and (ii) does not include a statement as to or
     an admission of fault, culpability or a failure to act by or on behalf of
     any indemnified party.

         (d) Contribution. If for any reason the indemnification provisions
     contemplated by Section 6(a) or Section 6(b) are unavailable to or
     insufficient to hold harmless an indemnified party in respect of any
     losses, claims, damages or liabilities (or actions in respect thereof)
     referred to therein, then each indemnifying party shall contribute to the
     amount paid or payable by such indemnified party as a result of such
     losses, claims, damages or liabilities (or actions in respect thereof) in
     such proportion as is appropriate to reflect the relative fault of the
     indemnifying party and the indemnified party in connection with the
     statements or omissions which resulted in such losses, claims, damages or
     liabilities (or actions in respect thereof), as well as any other relevant
     equitable considerations. The relative fault of such indemnifying party and
     indemnified party shall be determined by reference to, among other things,
     whether the untrue or alleged untrue statement of a material fact or
     omission or alleged omission to state a material fact relates to
     information supplied by such indemnifying party or by such indemnified
     party, and the parties' relative intent, knowledge, access to information
     and opportunity to correct or prevent such statement or omission. The
     parties hereto agree that it would not be just and equitable if
     contributions pursuant to this Section 6(d) were determined by pro rata
     allocation (even if the holders or any agents or underwriters or all of
     them were treated as one entity for such purpose) or by any other method of
     allocation that does not take account of the equitable considerations
     referred to in this Section 6(d). The amount paid or payable by an
     indemnified party as a result of the losses, claims, damages, or
     liabilities (or actions in respect thereof) referred to above shall be
     deemed to include any legal or other fees or expenses reasonably incurred
     by such indemnified party in connection with investigating or defending any
     such action or claim. Notwithstanding the provisions of this Section 6(d),
     no holder shall be required to contribute any amount in excess of the
     amount by which the dollar amount of the proceeds received by such holder
     from the sale of any Registrable Securities (after deducting any fees,
     discounts and commissions applicable thereto) exceeds the amount of any
     damages that such holder has otherwise been required to pay by reason of
     such untrue or alleged untrue statement or omission or alleged omission,
     and no underwriter shall be required to contribute any amount in excess of
     the amount by which the total price at which the Registrable Securities
     underwritten by it and distributed to the public were offered to the public
     exceeds the amount of any damages that such underwriter has otherwise been
     required to pay by reason of such untrue or alleged untrue statement or
     omission or alleged omission. No person guilty of fraudulent
     misrepresentation (within the meaning of Section 11(f) of the Securities
     Act) shall be entitled to contribution from any person who was not guilty
     of such fraudulent misrepresentation. The holders' and any underwriters'
     obligations in this Section 6(d) to contribute shall be several in
     proportion to the principal amount of Registrable Securities registered or
     underwritten, as the case may be, by them and not joint.

         (e) The obligations of the Company under this Section 6 shall be in
     addition to any liability that the Company may otherwise have and shall
     extend, upon the same terms and

                                       20
<PAGE>   21
     conditions, to each officer, director and partner of each holder, agent and
     underwriter and each person, if any, who controls any holder, agent or
     underwriter within the meaning of the Securities Act; and the obligations
     of the holders and any agents or underwriters contemplated by this Section
     6 shall be in addition to any liability that the respective holder, agent
     or underwriter may otherwise have and shall extend, upon the same terms and
     conditions, to each officer and director of the Company (including any
     person who, with his consent, is named in any registration statement as
     about to become a director of the Company) and to each person, if any, who
     controls the Company within the meaning of the Securities Act.

         7. Underwritten Offerings.

         (a) Selection of Underwriters. If any of the Registrable Securities
     covered by the Shelf Registration are to be sold pursuant to an
     underwritten offering, the managing underwriter or underwriters thereof
     shall be designated by Electing Holders holding at least a majority in
     aggregate principal amount of the Registrable Securities to be included in
     such offering, provided that such designated managing underwriter or
     underwriters is or are reasonably acceptable to the Company.

         (b) Participation by Holders. Each holder of Registrable Securities
     hereby agrees with each other such holder that no such holder may
     participate in any underwritten offering hereunder unless such holder (i)
     agrees to sell such holder's Registrable Securities on the basis provided
     in any underwriting arrangements approved by the persons entitled hereunder
     to approve such arrangements and (ii) completes and executes all
     questionnaires, powers of attorney, indemnities, underwriting agreements
     and other documents reasonably required under the terms of such
     underwriting arrangements.

         8. Rule 144.

               The Company covenants to the holders of Registrable Securities
that to the extent it shall be required to do so under the Exchange Act, the
Company shall timely file the reports required to be filed by it under the
Exchange Act or the Securities Act (including the reports under Section 13 and
15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted
by the Commission under the Securities Act) and the rules and regulations
adopted by the Commission thereunder, and shall take such further action as any
holder of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holder to sell Registrable Securities
without registration under the Securities Act within the limitations of the
exemption provided by Rule 144 under the Securities Act, as such Rule may be
amended from time to time, or any similar or successor rule or regulation
hereafter adopted by the Commission. Upon the request of any holder of
Registrable Securities in connection with that holder's sale pursuant to Rule
144, the Company shall deliver to such holder a written statement as to whether
it has complied with such requirements.

         9. Miscellaneous.

         (a) No Inconsistent Agreements. The Company represents, warrants,
     covenants and agrees that it has not granted, and shall not grant,
     registration rights with respect to Registrable Securities or any other
     securities that would be inconsistent with the terms contained in this
     Exchange and Registration Rights Agreement.

         (b) Specific Performance. The parties hereto acknowledge that there
     would be no adequate remedy at law if the Company fails to perform any of
     its obligations hereunder and

                                       21
<PAGE>   22
     that the Purchasers and the holders from time to time of the Registrable
     Securities may be irreparably harmed by any such failure, and accordingly
     agree that the Purchasers and such holders, in addition to any other remedy
     to which they may be entitled at law or in equity, shall be entitled to
     compel specific performance of the obligations of the Company under this
     Exchange and Registration Rights Agreement in accordance with the terms and
     conditions of this Exchange and Registration Rights Agreement, in any court
     of the United States or any State thereof having jurisdiction.

         (c) Notices. All notices, requests, claims, demands, waivers and other
     communications hereunder shall be in writing and shall be deemed to have
     been duly given when delivered by hand, if delivered personally or by
     courier, or three days after being deposited in the mail (registered or
     certified mail, postage prepaid, return receipt requested) as follows: If
     to the Company, to it at 628 Green Valley Road, Suite 500, Greensboro,
     North Carolina 27408, Attn: Secretary, and if to a holder, to the address
     of such holder set forth in the security register or other records of the
     Company, or to such other address as the Company or any such holder may
     have furnished to the other in writing in accordance herewith, except that
     notices of change of address shall be effective only upon receipt.

         (d) Parties in Interest. All the terms and provisions of this Exchange
     and Registration Rights Agreement shall be binding upon, shall inure to the
     benefit of and shall be enforceable by the parties hereto and the holders
     from time to time of the Registrable Securities and the respective
     successors and assigns of the parties hereto and such holders. In the event
     that any transferee of any holder of Registrable Securities shall acquire
     Registrable Securities, in any manner, whether by gift, bequest, purchase,
     operation of law or otherwise, such transferee shall, without any further
     writing or action of any kind, be deemed a beneficiary hereof for all
     purposes and such Registrable Securities shall be held subject to all of
     the terms of this Exchange and Registration Rights Agreement, and by taking
     and holding such Registrable Securities such transferee shall be entitled
     to receive the benefits of, and be conclusively deemed to have agreed to be
     bound by all of the applicable terms and provisions of this Exchange and
     Registration Rights Agreement. If the Company shall so request, any such
     successor, assign or transferee shall agree in writing to acquire and hold
     the Registrable Securities subject to all of the applicable terms hereof.

         (e) Survival. The respective indemnities, agreements, representations,
     warranties and each other provision set forth in this Exchange and
     Registration Rights Agreement or made pursuant hereto shall remain in full
     force and effect regardless of any investigation (or statement as to the
     results thereof) made by or on behalf of any holder of Registrable
     Securities, any director, officer or partner of such holder, any agent or
     underwriter or any director, officer or partner thereof, or any controlling
     person of any of the foregoing, and shall survive delivery of and payment
     for the Registrable Securities pursuant to the Purchase Agreement and the
     transfer and registration of Registrable Securities by such holder and the
     consummation of an Exchange Offer.

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

         (g) Headings. The descriptive headings of the several Sections and
     paragraphs of this Exchange and Registration Rights Agreement are inserted
     for convenience only, do not constitute a part of this Exchange and
     Registration Rights Agreement and shall not affect in any way the meaning
     or interpretation of this Exchange and Registration Rights Agreement.

                                       22
<PAGE>   23
         (h) Entire Agreement; Amendments. This Exchange and Registration Rights
     Agreement and the other writings referred to herein (including the
     Indenture and the form of Securities) or delivered pursuant hereto which
     form a part hereof contain the entire understanding of the parties with
     respect to its subject matter. This Exchange and Registration Rights
     Agreement supersedes all prior agreements and understandings between the
     parties with respect to its subject matter. This Exchange and Registration
     Rights Agreement may be amended and the observance of any term of this
     Exchange and Registration Rights Agreement may be waived (either generally
     or in a particular instance and either retroactively or prospectively) only
     by a written instrument duly executed by the Company and the holders of at
     least a majority in aggregate principal amount of the Registrable
     Securities at the time outstanding. Each holder of any Registrable
     Securities at the time or thereafter outstanding shall be bound by any
     amendment or waiver effected pursuant to this Section 9(h), whether or not
     any notice, writing or marking indicating such amendment or waiver appears
     on such Registrable Securities or is delivered to such holder.

         (i) Inspection. For so long as this Exchange and Registration Rights
     Agreement shall be in effect, this Exchange and Registration Rights
     Agreement and a complete list of the names and addresses of all the holders
     of Registrable Securities shall be made available for inspection and
     copying on any business day by any holder of Registrable Securities for
     proper purposes only (which shall include any purpose related to the rights
     of the holders of Registrable Securities under the Securities, the
     Indenture and this Agreement) at the offices of the Company at the address
     thereof set forth in Section 9(c) above and at the office of the Security
     Registrar under the Indenture.

         (j) Counterparts. This agreement may be executed by the parties in
     counterparts, each of which shall be deemed to be an original, but all such
     respective counterparts shall together constitute one and the same
     instrument.

                                       23
<PAGE>   24
         If the foregoing is in accordance with your understanding, please sign
and return to us six counterparts hereof, and upon the acceptance hereof by you,
on behalf of each of the Purchasers, this letter and such acceptance hereof
shall constitute a binding agreement between each of the Purchasers and the
Company. It is understood that your acceptance of this letter on behalf of each
of the Purchasers is pursuant to the authority set forth in a form of Agreement
among Purchasers, the form of which shall be submitted to the Company for
examination upon request, but without warranty on your part as to the authority
of the signers thereof.

                                      Very truly yours,

                                      V.F. CORPORATION

                                      By: /s/ Mackey J. McDonald
                                         ---------------------------------------
                                         Name:  Mackey J. McDonald
                                         Title: Chairman, President and Chief
                                                Executive Officer

                                      By: /s/ Frank C. Pickard III
                                         ---------------------------------------
                                         Name:  Frank C. Pickard III
                                         Title: Vice President - Treasurer

Accepted as of the date hereof:
Goldman, Sachs & Co.
Salomon Smith Barney Inc.

By: /S/ GOLDMAN, SACHS & CO.
   ----------------------------------
       (Goldman, Sachs & Co.)

                                       24
<PAGE>   25
                                                                       EXHIBIT A

                                V.F. CORPORATION

                         INSTRUCTION TO DTC PARTICIPANTS

                                (Date of Mailing)

                     URGENT - IMMEDIATE ATTENTION REQUESTED

                          DEADLINE FOR RESPONSE: [DATE]

The Depository Trust Company ("DTC") has identified you as a DTC Participant
through which beneficial interests in the V.F. Corporation (the "Company")
$300,000,000 8.10% Notes due 2005 and $200,000,000 8.50% Notes due 2010 (the
"Securities") are held.

The Company is in the process of registering the Securities under the Securities
Act of 1933 for resale by the beneficial owners thereof. In order to have their
Securities included in the registration statement, beneficial owners must
complete and return the enclosed Notice of Registration Statement and Selling
Securityholder Questionnaire.

It is important that beneficial owners of the Securities receive a copy of the
enclosed materials as soon as possible as their rights to have the Securities
included in the registration statement depend upon their returning the Notice
and Questionnaire by [DEADLINE FOR RESPONSE]. Please forward a copy of the
enclosed documents to each beneficial owner that holds interests in the
Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact V.F. Corporation.

                                      A-1
<PAGE>   26
                                V.F. CORPORATION

                        Notice of Registration Statement
                                       and
                      Selling Securityholder Questionnaire

                                     (Date)

Reference is hereby made to the Exchange and Registration Rights Agreement (the
"Exchange and Registration Rights Agreement") between V.F. Corporation (the
"Company") and the Purchasers named therein. Pursuant to the Exchange and
Registration Rights Agreement, the Company has filed with the United States
Securities and Exchange Commission (the "Commission") a registration statement
on Form S-3 (the "Shelf Registration Statement") for the registration and resale
under Rule 415 of the Securities Act of 1933, as amended (the "Securities Act"),
of the Company's $300,000,000 8.10% Notes due 2005 and $200,000,000 8.50% Notes
due 2010 (the "Securities"). A copy of the Exchange and Registration Rights
Agreement is attached hereto. All capitalized terms not otherwise defined herein
shall have the meanings ascribed thereto in the Exchange and Registration Rights
Agreement.

Each beneficial owner of Registrable Securities (as defined below) is entitled
to have the Registrable Securities beneficially owned by it included in the
Shelf Registration Statement. In order to have Registrable Securities included
in the Shelf Registration Statement, this Notice of Registration Statement and
Selling Securityholder Questionnaire ("Notice and Questionnaire") must be
completed, executed and delivered to the Company's counsel at the address set
forth herein for receipt ON OR BEFORE [DEADLINE FOR RESPONSE]. Beneficial owners
of Registrable Securities who do not complete, execute and return this Notice
and Questionnaire by such date (i) will not be named as selling securityholders
in the Shelf Registration Statement and (ii) may not use the Prospectus forming
a part thereof for resales of Registrable Securities.

Certain legal consequences arise from being named as a selling securityholder in
the Shelf Registration Statement and related Prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not being
named as a selling securityholder in the Shelf Registration Statement and
related Prospectus.

The term "Registrable Securities" is defined in the Exchange and Registration
Rights Agreement.

                                      A-2
<PAGE>   27
                                    ELECTION

The undersigned holder (the "Selling Securityholder") of Registrable Securities
hereby elects to include in the Shelf Registration Statement the Registrable
Securities beneficially owned by it and listed below in Item (3). The
undersigned, by signing and returning this Notice and Questionnaire, agrees to
be bound with respect to such Registrable Securities by the terms and conditions
of this Notice and Questionnaire and the Exchange and Registration Rights
Agreement, including, without limitation, Section 6 of the Exchange and
Registration Rights Agreement, as if the undersigned Selling Securityholder were
an original party thereto.

Upon any sale of Registrable Securities pursuant to the Shelf Registration
Statement, the Selling Securityholder will be required to deliver to the Company
and Security Registrar the Notice of Transfer set forth in Appendix A to the
Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement.

The Selling Securityholder hereby provides the following information to the
Company and represents and warrants that such information is accurate and
complete:

                                      A-3
<PAGE>   28
                                  QUESTIONNAIRE

(1)  (a)  Full Legal Name of Selling Securityholder:

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

     (b)  Full Legal Name of Registered Holder (if not the same as in (a) above)
          of Registrable Securities Listed in Item (3) below:

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

     (c)  Full Legal Name of DTC Participant (if applicable and if not the same
          as (b) above) Through Which Registrable Securities Listed in Item (3)
          below are Held:

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

(2)       Address for Notices to Selling Securityholder:

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

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

                         ---------------------------------------
          Telephone:
                         ---------------------------------------
          Fax:
                         ---------------------------------------
          Contact Person:
                         ---------------------------------------

(3)       Beneficial Ownership of Securities:

          Except as set forth below in this Item (3), the undersigned does not
          beneficially own any Securities.

     (a)  Principal amount of Registrable Securities beneficially owned:
                                                                        --------
          CUSIP No(s). of such Registrable Securities:
                                                      --------------------------

     (b)  Principal amount of Securities other than Registrable Securities
          beneficially owned:
                             ---------------------------------------------------
          CUSIP No(s). of such other Securities:
                                                --------------------------------

     (c)  Principal amount of Registrable Securities which the undersigned
          wishes to be included in the Shelf Registration Statement:
                                                                    ------------
          CUSIP No(s). of such Registrable Securities to be included in the
          Shelf Registration Statement:
                                       -----------------------------------------

(4)       Beneficial Ownership of Other Securities of the Company:

          Except as set forth below in this Item (4), the undersigned Selling
          Securityholder is not the beneficial or registered owner of any
          other securities of the Company, other than the Securities listed
          above in Item (3).

          State any exceptions here:

                                      A-4
<PAGE>   29
(5)       Relationships with the Company:

          Except as set forth below, neither the Selling Securityholder nor any
          of its affiliates, officers, directors or principal equity holders
          (5% or more) has held any position or office or has had any other
          material relationship with the Company (or its predecessors or
          affiliates) during the past three years.

          State any exceptions here:

(6)       Plan of Distribution:

          Except as set forth below, the undersigned Selling Securityholder
          intends to distribute the Registrable Securities listed above in
          Item (3) only as follows (if at all): Such Registrable Securities
          may be sold from time to time directly by the undersigned Selling
          Securityholder or, alternatively, through underwriters, broker-dealers
          or agents. Such Registrable Securities may be sold in one or more
          transactions at fixed prices, at prevailing market prices at the time
          of sale, at varying prices determined at the time of sale, or at
          negotiated prices. Such sales may be effected in transactions (which
          may involve crosses or block transactions) (i) on any national
          securities exchange or quotation service on which the Registered
          Securities may be listed or quoted at the time of sale, (ii) in the
          over-the-counter market, (iii) in transactions otherwise than on such
          exchanges or services or in the over-the-counter market, or (iv)
          through the writing of options. In connection with sales of the
          Registrable Securities or otherwise, the Selling Securityholder may
          enter into hedging transactions with broker-dealers, which may in turn
          engage in short sales of the Registrable Securities in the course of
          hedging the positions they assume. The Selling Securityholder may also
          sell Registrable Securities short and deliver Registrable Securities
          to close out such short positions, or loan or pledge Registrable
          Securities to broker-dealers that in turn may sell such securities.

          State any exceptions here:

By signing below, the Selling Securityholder acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions of
the Exchange Act and the rules and regulations thereunder, particularly
Regulation M.

In the event that the Selling Securityholder transfers all or any portion of the
Registrable Securities listed in Item (3) above after the date on which such
information is provided to the Company, the Selling Securityholder agrees to
notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Exchange and
Registration Rights Agreement.

By signing below, the Selling Securityholder consents to the disclosure of the
information contained herein in its answers to Items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and
related Prospectus. The Selling Securityholder understands that such information
will be relied upon by the Company in connection with the preparation of the
Shelf Registration Statement and related Prospectus.

                                      A-5
<PAGE>   30
In accordance with the Selling Securityholder's obligation under Section 3(d) of
the Exchange and Registration Rights Agreement to provide such information as
may be required by law for inclusion in the Shelf Registration Statement, the
Selling Securityholder agrees to promptly notify the Company of any inaccuracies
or changes in the information provided herein which may occur subsequent to the
date hereof at any time while the Shelf Registration Statement remains in
effect. All notices hereunder and pursuant to the Exchange and Registration
Rights Agreement shall be made in writing, by hand-delivery, first-class mail,
or air courier guaranteeing overnight delivery as follows:

           (i)  To the Company:

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

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

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

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

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

           (ii) With a copy to:

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

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

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

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

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

Once this Notice and Questionnaire is executed by the Selling Securityholder and
received by the Company's counsel, the terms of this Notice and Questionnaire,
and the representations and warranties contained herein, shall be binding on,
shall inure to the benefit of and shall be enforceable by the respective
successors, heirs, personal representatives, and assigns of the Company and the
Selling Securityholder (with respect to the Registrable Securities beneficially
owned by such Selling Securityholder and listed in Item (3) above. This
Agreement shall be governed in all respects by the laws of the State of New
York.

                                      A-6
<PAGE>   31
IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this
Notice and Questionnaire to be executed and delivered either in person or by its
duly authorized agent.

Dated:
      ----------------------------

                  --------------------------------------------------------------
                  Selling Securityholder
                  (Print/type full legal name of beneficial owner of Registrable
                  Securities)

                  By:
                     -----------------------------------------------------------
                  Name:
                  Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY'S COUNSEL AT:

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

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

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

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

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

                                      A-7
<PAGE>   32
                                                                       EXHIBIT B

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

U.S. Bank Trust National Association
V.F. Corporation
c/o U.S. Bank Trust National Association
100 Wall Street
Suite 1600
New York, New York 10005

         Re:  V.F. Corporation (the "Company")
              $300,000,000 8.10% Notes due 2005 and
              $200,000,000 8.50% Notes due 2010

Dear Sirs:

Please be advised that ______________________________ has transferred
$_________________________________ aggregate principal amount of the
above-referenced Notes pursuant to an effective Registration Statement on Form
[______] (File No. 333-_______) filed by the Company.

We hereby certify that the prospectus delivery requirements, if any, of the
Securities Act of 1933, as amended, have been satisfied and that the above-named
beneficial owner of the Notes is named as a "Selling Holder" in the Prospectus
dated [DATE] or in supplements thereto, and that the aggregate principal amount
of the Notes transferred are the Notes listed in such Prospectus opposite such
owner's name.

Dated:

                                        Very truly yours,

                                           -----------------------------------
                                           (Name)

                                        By:
                                           -----------------------------------
                                           (Authorized Signature)

                                      B-1

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