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                                                                     EXHIBIT 4.3

                              TSI MERGER SUB, INC.

                           TO BE MERGED WITH AND INTO

                       TSI TELECOMMUNICATION SERVICES INC.

                   12 3/4% SENIOR SUBORDINATED NOTES DUE 2009

                      UNCONDITIONALLY GUARANTEED AS TO THE
                         PAYMENT OF PRINCIPAL, PREMIUM,
                             IF ANY, AND INTEREST BY

                       EACH OF THE GUARANTORS NAMED HEREIN

                                   ----------

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                               February 14, 2002

Lehman Brothers Inc.
399 Park Avenue
New York, NY 10022

Ladies and Gentlemen:

          TSI Merger Sub, Inc., a Delaware corporation ("TSI Merger Sub"), which
shall be merged with and into TSI Telecommunication Services Inc. ("TSI",
references herein to the "Company" shall refer to TSI Merger Sub before the
Merger and to TSI after the consummation of the Merger), proposes to issue and
sell to the Purchaser (as defined herein) upon the terms set forth in the
Purchase Agreement (as defined herein) its 12 3/4% Senior Subordinated Notes due
2009, which are unconditionally guaranteed by TSI Telecommunication Holdings,
Inc., a Delaware corporation and the direct parent of the Company ("TSI Inc."),
TSI Telecommunication Holdings, LLC, a limited liability company and the direct
parent of TSI Inc., and each of TSI's current and future Domestic Subsidiaries,
including TSI Networks Inc. (collectively, the "Guarantors"). As an inducement
to the Purchaser to enter into the Purchase Agreement and in satisfaction of a
condition to the obligations of the Purchaser thereunder, the Company and the
Guarantors agree with the Purchaser for the benefit of holders (as defined
herein) from time to time of the Transfer Restricted Securities (as defined
herein) as follows:

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          1. CERTAIN DEFINITIONS. For purposes of this Exchange and Registration
     Rights Agreement, the following terms shall have the following respective
     meanings (capitalized terms not defined herein shall have the meanings
     assigned to them in the Indenture or Purchase Agreement, as the case may
     be):

          "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 Exchange and Registration Rights 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.

          "EFFECTIVE TIME," in the case of (i) an Exchange Registration, shall
mean the time and date as of which the Commission declares the Exchange Offer
Registration Statement effective or as of which the Exchange Offer Registration
Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean
the time and date as of which the Commission declares the Shelf Registration
Statement effective or as of which the Shelf Registration Statement otherwise
becomes effective.

          "ELECTING HOLDER" shall mean any holder of Transfer Restricted
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 NOTES" shall have the meaning assigned thereto in Section
2(a) hereof.

          "EXCHANGE OFFER" shall have the meaning assigned thereto in Section
2(a) hereof.

          "EXCHANGE OFFER REGISTRATION STATEMENT" shall have the meaning
assigned thereto in Section 2(a) hereof.

          "EXCHANGE REGISTRATION" shall have the meaning assigned thereto in
Section 3(c) hereof.

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

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          "INDENTURE" shall mean the Indenture, dated as of February 14, 2002,
between the Company, the Guarantors and The Bank of New York, as Trustee, as the
same shall be amended from time to time.

          "LIQUIDATED DAMAGES" shall have the meaning assigned thereto in
Section 2(c) hereof.

          "MERGER" means the merger of TSI Merger Sub with and into TSI pursuant
to the Merger Agreement (as defined in the Indenture).

          "NOTICE AND QUESTIONNAIRE" means a Notice of Registration Statement
and Selling Security holder 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
February 5, 2002, between the Purchaser, the Guarantors and the Company relating
to the Securities.

          "PURCHASER" shall mean Lehman Brothers Inc.

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

          "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
Notes 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 Notes and (iv) a holder
that is a broker-dealer, but only with respect to Transfer Restricted Securities
received by such broker-dealer pursuant to an Exchange Offer in exchange for
Transfer Restricted 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 12 3/4% Senior Subordinated
Notes due 2009 of the Company, to be issued and sold to the Purchaser, and
securities issued in exchange therefor or in lieu thereof pursuant to the
Indenture. Each Security is entitled to the benefit of the guarantees provided
for in the Indenture (the "Guarantees") and, unless the context otherwise
requires, any reference herein to a "Security," an "Exchange Note" or a
"Transfer Restricted Security" shall include a reference to the related
Guarantees.

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          "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.

          "TRANSFER RESTRICTED SECURITIES" shall mean the Securities; until:

          (1)  the date on which such Security has been exchanged by a Person
other than a broker-dealer for an Exchange Note in the Exchange Offer;

          (2)  following the exchange by a broker-dealer in the Exchange Offer
of a Security for an Exchange Note, the date on which such Exchange Note is sold
to a purchaser who receives from such broker-dealer on or prior to the date of
such sale a copy of the prospectus contained in the Exchange Offer Registration
Statement;

          (3)  the date on which such Security has been effectively
registered under the Securities Act and disposed of in accordance with the Shelf
Registration Statement; or

          (4)  the date on which such Security is distributed to the public
pursuant to Rule 144 under the Securities Act.

          "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.

          2. REGISTRATION UNDER THE SECURITIES ACT.

     (a) Except as set forth in Section 2(b) below, the Company and the
   Guarantors agree to file under the Securities Act, on or prior to 90 days
   after the Closing Date, a registration statement relating to an offer to
   exchange (such registration statement, the "Exchange Offer 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 and guaranteed by the Guarantors, which debt securities and
   guarantees are substantially identical to the Securities and the related
   Guarantees, respectively (and are entitled to the benefits of a trust
   indenture which is substantially identical to the Indenture or is the
   Indenture and which 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
   Liquidated Damages as contemplated in Section 2(c) below

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   (such new debt securities hereinafter called "Exchange Notes"). The Company
   and the Guarantors agree to use all commercially reasonable efforts to have
   the Exchange Offer Registration Statement declared effective by the
   Commission on or prior to 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. Unless the Exchange Offer would not be permitted by applicable
   law or Commission policy, the Company and the Guarantors further agree to use
   all commercially reasonable efforts to commence and complete the Exchange
   Offer on or prior to 45 business days, or longer, if required by the federal
   securities laws, after such date on which the Exchange Offer Registration
   Statement was declared effective by the Commission, exchange Exchange Notes
   for all Transfer Restricted 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 and related guarantees received by holders other than Restricted
   Holders in the Exchange Offer for Transfer Restricted 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 Notes for all outstanding Transfer Restricted Securities pursuant to
   the Exchange Offer and (ii) the Company having exchanged, pursuant to the
   Exchange Offer, Exchange Notes for all Transfer Restricted Securities that
   have been properly tendered and not withdrawn before the expiration of the
   Exchange Offer. The Company agrees (x) to include in the Exchange Offer
   Registration Statement a prospectus for use in any resales by any holder of
   Exchange Notes that is a broker-dealer and (y) to keep such Exchange Offer
   Registration Statement effective for a period (the "Resale Period") beginning
   when Exchange Notes 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 Transfer
   Restricted Securities. With respect to such Exchange Offer 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) the Company and the Guarantors are not (A) required to file the
   Exchange Offer Registration Statement; or (B) permitted to consummate the
   Exchange Offer because the Exchange Offer is not permitted by applicable law
   or Commission policy, (ii) any holder of Transfer Restricted Securities
   notifies the Company prior to the 20th day following the consummation of the
   Exchange Offer that (X) it is prohibited by applicable law or Commission
   policy from participating in the Exchange Offer; or (Y) that it may not
   resell the Exchange Notes acquired by it in the Exchange Offer to the public
   without delivering a prospectus and the prospectus contained in the Exchange
   Offer Registration Statement is not appropriate or available for resales; or
   (Z) that it is a broker-dealer and owns Securities acquired directly from the
   Company or an affiliate of the Company, the Company and the Guarantors will
   use all commercially reasonable efforts to file under the Securities Act on
   or prior to 30 days after such filing obligation 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 Transfer Restricted
   Securities, pursuant to Rule 415 or any similar rule that may be adopted by
   the Commission (such filing, the "Shelf Registration" and such registration

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   statement, the "Shelf Registration Statement"). The Company and the
   Guarantors agree to use all commercially reasonable efforts (x) to cause the
   Shelf Registration Statement to become or be declared effective on or prior
   to 90 days after such obligation arises 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 Transfer Restricted Securities outstanding, 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 Transfer Restricted 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 Transfer Restricted 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 Transfer Restricted 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)(ii) 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, 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) the Company and the Guarantors have not filed the
   Exchange Offer Registration Statement or Shelf Registration Statement on or
   before the date on which such registration statement is required to be filed
   pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Offer
   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 (the "Effectiveness
   Target Date"), or (iii) the Exchange Offer has not been consummated within 30
   business days of the Effectiveness Target Date with respect to the Exchange
   Offer Registration Statement or (iv) any Exchange Offer Registration
   Statement or Shelf Registration Statement required by Section 2(a) or 2(b)
   hereof is declared effective but thereafter ceases to be effective or usable
   in connection with resales of Transfer Restricted Securities during the time
   period specified herein (each such event referred to in clauses (i) through
   (iv), 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), liquidated damages ("Liquidated Damages"), in
   addition to the Base Interest, shall accrue in an amount equal to $.05 per
   week per $1,000 principal amount of Securities held by the Holders with
   respect to the first 90-day period immediately following the occurrence of
   the first Registration Default. The amount of Liquidated Damages will
   increase by an additional $.05 per week per $1,000 principal amount of
   Securities with respect to each subsequent 90-day period until all
   Registration Defaults have been cured, up to a maximum amount of Liquidated
   Damages for all Registration Defaults of $.50 per week per $1,000 principal
   amount of Securities. Following the cure of all Registration Defaults, the
   accrual of Liquidated

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   Damages will cease. All accrued Liquidated Damages will be paid by the
   Company and the Guarantors on each Interest Payment Date (as defined in the
   Indenture) to the Global Note Holder (as defined in the Indenture) by wire
   transfer of immediately available funds or by federal funds check and to
   Holders of Certificated Notes (as defined in the Indenture) by wire transfer
   to the accounts specified by them or by mailing checks to their registered
   addresses if no such accounts have been specified.

     (d) 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 and the Guarantors file 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 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 Notes as contemplated by Section 2(a) (the "Exchange
   Registration"), if applicable, the Company and the Guarantors 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
     Offer Registration Statement on any form which may be utilized by the
     Company and which shall permit the Exchange Offer and resales of Exchange
     Notes by broker-dealers during the Resale Period to be effected as
     contemplated by Section 2(a), and use all commercially reasonable efforts
     to cause such Exchange Offer 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 Offer
     Registration Statement and the prospectus included therein as may be
     necessary to effect and maintain the effectiveness of such Exchange Offer
     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 Offer Registration Statement, and promptly provide each
     broker-dealer holding Exchange Notes with such number of copies of the
     prospectus included therein (as then

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     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 Notes;

               (iii)  with respect to a Shelf Registration Statement, promptly
     advise each broker-dealer that has requested or received copies of the
     prospectus included in such registration statement, and, if requested by
     such broker-dealer, confirm such advice in writing, (A) when such Exchange
     Offer 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 Exchange Offer 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 Offer
     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 Offer 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 Notes for sale in any jurisdiction or
     the initiation or threatening of any proceeding for such purpose, or (F) at
     any time during the Resale Period when a prospectus is required to be
     delivered under the Securities Act, that such Exchange Offer Registration
     Statement, prospectus, prospectus amendment or supplement or post-effective
     amendment does not 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 or contains an untrue
     statement of a material fact or omits to state any material fact required
     to be stated therein or necessary to make the statements therein not
     misleading in light of the circumstances then existing;

               (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 Notes, without delay 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 Notes 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 all commercially reasonable efforts to obtain the
     withdrawal of any order suspending the effectiveness of such Exchange Offer
     Registration Statement or any post-effective amendment thereto at the
     earliest practicable date;

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               (vi)   use all commercially reasonable efforts to (A) register or
     qualify the Exchange Notes 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 Notes to consummate the disposition thereof
     in such jurisdictions; PROVIDED, HOWEVER, that neither the Company nor the
     Guarantors shall 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 changes to its certificate of incorporation or by-laws or any agreement
     between it and its stockholders;

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

               (viii) use all commercially reasonable efforts to 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 Offer
     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).

     (d) In connection with the Company's and the Guarantors' obligations with
   respect to the Shelf Registration, if applicable, the Company and the
   Guarantors shall:

               (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 which may be utilized by
     the Company and which shall register all of the Transfer Restricted
     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 all commercially
     reasonable 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 30 calendar days prior to the Effective
     Time of the Shelf Registration Statement, mail the Notice and Questionnaire
     to the holders of Transfer Restricted 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 Transfer Restricted
     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; PROVIDED, HOWEVER, holders of Transfer Restricted
     Securities shall have at least 28 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;

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               (iii)  after the Effective Time of the Shelf Registration
     Statement, upon the request of any holder of Transfer Restricted 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 the
     prospectus forming a part thereof for resales of Transfer Restricted
     Securities until such holder has returned a completed and signed Notice and
     Questionnaire to the Company;

               (iv)   as soon as 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)    use commercially reasonable efforts to comply with the
     provisions of the Securities Act with respect to the disposition of all of
     the Transfer Restricted 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 such person notifies
     the Company of its status as an underwriter), 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 Transfer Restricted Securities
     pursuant to the Shelf Registration such 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 (and, if requested by the Company, will enter into a
     confidentiality agreement providing that), until such time as

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     (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 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) with respect to a Shelf Registration Statement, promptly
     advise 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, if requested by each of the Electing Holders, any sales or
     placement agent therefor and any underwriter thereof, 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) if at any time when a prospectus is
     required to be delivered under the Securities Act, that such Shelf
     Registration Statement, prospectus, prospectus amendment or supplement or
     post-effective amendment does not 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 or contains an
     untrue statement of a material fact or omits to state any material fact
     required to be stated therein or necessary to make the statements therein
     not misleading in light of the circumstances then existing;

               (ix)   use all commercially reasonable 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;

                                       11
<Page>

               (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 Transfer Restricted Securities, including information with
     respect to the principal amount of Transfer Restricted 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 Transfer Restricted 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 Transfer Restricted 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
     Transfer Restricted 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 Transfer Restricted 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 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 Transfer Restricted Securities
     covered by the prospectus (including such preliminary and summary
     prospectus) or any supplement or amendment thereto;

               (xii)  use all commercially reasonable efforts to (A) register
     or qualify the Transfer Restricted 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

                                       12
<Page>

     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 Transfer Restricted Securities; PROVIDED,
     HOWEVER, that neither the Company nor the Guarantors shall 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 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) unless any Transfer Restricted 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 Transfer Restricted Securities to be sold, which
     certificates, if so required by any securities exchange upon which any
     Transfer Restricted 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 Transfer
     Restricted 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 Transfer Restricted Securities;

               (xiv)  provide a CUSIP number for all Transfer Restricted
     Securities, not later than the applicable Effective Time;

               (xv)   enter into on one occasion, an underwriting agreement,
     engagement letter, agency agreement, "best efforts" underwriting agreement
     or similar agreement, 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 Transfer Restricted Securities at the
     time outstanding shall request in order to expedite or facilitate the
     disposition of such Transfer Restricted Securities;

               (xvi)  if an offering contemplated by the Shelf Registration is
     an underwritten offering, (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 Transfer Restricted 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

                                       13
<Page>

     Statement (and if such Shelf Registration Statement contemplates an
     underwritten offering of a part or all of the Transfer Restricted
     Securities, dated the date of the closing under the underwriting agreement
     relating thereto); (C) obtain a "cold 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 Transfer Restricted Securities at the time
     outstanding or the placement or sales agent, if any, therefor 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 agreements or conditions contained in the underwriting agreement or
     other agreement entered into by the Company or the Guarantors; and (E)
     undertake such obligations relating to expense reimbursement,
     indemnification and contribution as are provided in Section 6 hereof;

               (xvii)  notify in writing each holder of Transfer Restricted
     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;

               (xviii) in the event that any broker-dealer registered under the
     Exchange Act shall underwrite any Transfer Restricted 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 Transfer Restricted 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 Transfer Restricted
     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

                                       14
<Page>

     underwritten offering or is made through a placement or sales agent, to
     recommend the yield of such Transfer Restricted 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

               (xix)  otherwise use commercially reasonable efforts to 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 without delay 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
   Transfer Restricted 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 3(d)(viii)(F) hereof, such Electing Holder
   shall forthwith discontinue the disposition of Transfer Restricted 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 (i) destroy, or (ii) 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 Transfer
   Restricted 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 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 Transfer Restricted 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

                                       15
<Page>

   such Transfer Restricted Securities or omits to state any material fact
   regarding such Electing Holder or such Electing Holder's intended method of
   disposition of such Transfer Restricted 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 Transfer
   Restricted 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) 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 in a transaction or a chain of transactions
   not involving a public offering.

          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 fees and
disbursements of 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 any fees and disbursements of 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) 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 any counsel for
the Trustee of any collateral agent or custodian, (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 opinions or "cold 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
Transfer Restricted 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

                                       16
<Page>

(collectively, the "Registration Expenses"). To the extent that any Registration
Expenses are incurred, assumed or paid by any holder of Transfer Restricted
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 Transfer Restricted
Securities being registered shall pay all agency fees and commissions and
underwriting discounts and commissions and transfer taxes attributable to the
sale of such Transfer Restricted 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 and the Guarantors represent and warrant to, and agree
with, the Purchaser and each of the holders from time to time of Transfer
Restricted Securities that:

     (a) Each registration statement covering Transfer Restricted 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 Transfer
   Restricted 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 Transfer Restricted 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 Transfer Restricted 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 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

                                       17
<Page>

   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 Transfer Restricted Securities expressly for
   use therein.

     (c) The compliance by the Company and the Guarantors 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, the Guarantors or their
   respective subsidiaries is a party or by which the Company, the Guarantors or
   their respective subsidiaries is bound or to which any of the property or
   assets of the Company, the Guarantors or their respective subsidiaries 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 the Guarantors or any statute or any order, rule or regulation of any
   court or governmental agency or body having jurisdiction over the Company,
   the Guarantors or their respective subsidiaries or their 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 and the Guarantors of the transactions
   contemplated by this Exchange and Registration Rights Agreement, except the
   registration under the Securities Act of the Securities, qualification of the
   Indenture under the Trust Indenture Act and 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 and each of the Guarantors.

          6. INDEMNIFICATION.

     (a) INDEMNIFICATION BY THE COMPANY AND THE GUARANTORS. The Company and each
   of the Guarantors, jointly and severally, will indemnify and hold harmless
   each of the holders of Transfer Restricted Securities included in an Exchange
   Registration Statement, each of the Electing Holders of Transfer Restricted
   Securities included in a Shelf Registration Statement and each person who
   participates as a placement or sales agent or as an underwriter in any
   offering or sale of such Transfer Restricted 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
   Transfer Restricted Securities were registered under the Securities Act, or
   any preliminary, final or summary prospectus contained therein or furnished
   by the Company or any Guarantor 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

                                       18
<Page>

   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 neither the Company nor the Guarantors
   shall 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 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.

     (b) INDEMNIFICATION BY THE HOLDERS AND ANY AGENTS AND UNDERWRITERS. The
   Company and the Guarantors may require, as a condition to including any
   Transfer Restricted 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 and each of the Guarantors shall have
   received an undertaking reasonably satisfactory to it from the Electing
   Holder of such Transfer Restricted Securities and from each underwriter named
   in any such underwriting agreement, severally and not jointly, to (i)
   indemnify and hold harmless the Company, the Guarantors, and all other
   holders of Transfer Restricted Securities, against any losses, claims,
   damages or liabilities to which the Company, the Guarantors or such other
   holders of Transfer Restricted 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 or any Guarantor 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 and the Guarantors for any legal or other expenses reasonably
   incurred by the Company and the Guarantors 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 Transfer Restricted 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

                                       19
<Page>

   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 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 which 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 Transfer
   Restricted Securities (after deducting any fees, discounts and commissions
   applicable thereto) exceeds the amount of any damages which 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 Transfer Restricted Securities underwritten by it and

                                       20
<Page>

   distributed to the public were offered to the public exceeds the amount of
   any damages which such underwriter has otherwise been required to pay by
   reason of such untrue or all 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 Transfer Restricted Securities registered or under-written, as the
   case may be, by them and not joint.

     (e) The obligations of the Company and the Guarantors under this Section 6
   shall be in addition to any liability which the Company or any of the
   Guarantors may otherwise have and shall extend, upon the same terms and
   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 which the respective holder, agent or
   underwriter may otherwise have and shall extent, upon the same terms and
   conditions, to each officer and director of the Company or the Guarantors
   (including any person who, with his or her consent, is named in any
   registration statement as about to become a director of the Company or the
   Guarantors) 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 Transfer Restricted 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 Transfer Restricted 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 Transfer Restricted 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 Transfer Restricted 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 AND RULE 144A.

          The Company covenants to the holders of Transfer Restricted 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 Transfer Restricted Securities may reasonably request, all to the
extent required from time to

                                       21
<Page>

time to enable such holder to, sell Transfer Restricted Securities without
registration under the Securities Act within the limitations of the exemption
provided by Rule 144 and Rule 144A 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 Transfer
Restricted Securities in connection with that holder's sale pursuant to Rule 144
or Rule 144A, 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 and each of the Guarantors
   represents, warrants, covenants and agrees that it has not granted, and shall
   not grant, registration rights with respect to Transfer Restricted Securities
   or any other securities which 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 or any of the Guarantors fails to
   perform any of its obligations hereunder and that the Purchaser and the
   holders from time to time of the Transfer Restricted Securities may be
   irreparably harmed by any such failure, and accordingly agree that the
   Purchaser and such holders, in addition to any other remedy to which they may
   be entitled at law or in equity, shall the entitled to compel specific
   performance of the obligations of the Company and the Guarantors 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 or
   the Guarantors, to any of them at 201 N. Franklin Street, Suite 700, Tampa,
   Florida 33602, Attention: Robert Garcia, Jr., Esq. 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 Transfer Restricted Securities and the respective
   successors and assigns of the parties hereto and such holders. In the event
   that any transferee of any holder of Transfer Restricted Securities shall
   acquire Transfer Restricted 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 Transfer Restricted Securities shall be held
   subject to all of the terms of this Exchange and Registration Rights
   Agreement, and by taking and holding such Transfer Restricted Securities such
   transferee shall be entitled to

                                       22
<Page>

   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 Transfer Restricted 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 Transfer Restricted
   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 Transfer Restricted Securities pursuant to the Purchase Agreement and the
   transfer and registration of Transfer Restricted 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.

     (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 Transfer Restricted Securities at the time
   outstanding. Each holder of any Transfer Restricted 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 Transfer Restricted
   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 Transfer
   Restricted Securities shall be made available for inspection and copying on
   any business day by any holder of Transfer Restricted Securities for proper
   purposes only (which shall include any purpose related to the rights of the
   holders of Transfer Restricted Securities under the Securities, the Indenture
   and this Exchange and Registration Rights Agreement) at the offices of the
   Company at the address thereof set forth in Section 9(c) above and at the
   office of the Trustee under the Indenture.

                                       23
<Page>

     (j) COUNTERPARTS. This Exchange and Registration Rights 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.

                                       24
<Page>

          If the foregoing is in accordance with your understanding, please sign
and return to us one for the Company, the Guarantors and each of the
Representatives plus one for each counsel counterparts hereof, and upon the
acceptance hereof by you, on behalf of the Purchaser, this letter and such
acceptance hereof shall constitute a binding agreement between the Purchaser,
the Guarantors and the Company.

                                         Very truly yours,

                                         TSI Merger Sub, Inc.

                                         By       /s/ David A. Donnini
                                               Name:  David A. Donnini
                                               Title: President

                                         TSI Telecommunication Holdings, LLC

                                         By       /s/ David A. Donnini
                                               Name:  David A. Donnini
                                               Title: President

                                         TSI Telecommunication Holdings, Inc.

                                         By       /s/ David A. Donnini
                                               Name:  David A. Donnini
                                               Title: President

                                         TSI Networks Inc.

                                         By       /s/ David A. Donnini
                                               Name:  David A. Donnini
                                               Title: President

                                         TSI Finance Inc.

                                         By       /s/ David A. Donnini
                                               Name:  David A. Donnini
                                               Title: Vice President

Accepted as of the date hereof:
LEHMAN BROTHERS INC.

By   /s/ Peter Toal
    Name:  Peter Toal
    Title: Managing Director

                                       25<Page>

                                                                     EXHIBIT 4.4

                              NOTATION OF GUARANTEE

     For value received, each Guarantor (which term includes any successor
Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture dated as of February 14, 2002 (the "INDENTURE")
among TSI Merger Sub, Inc., (the "COMPANY"), the Guarantors listed on Schedule I
thereto and The Bank of New York, as trustee (the "TRUSTEE"), (a) the due and
punctual payment of the principal of, premium and Liquidated Damages, if any,
and interest on the Notes (as defined in the Indenture), whether at maturity, by
acceleration, redemption or otherwise, the due and punctual payment of interest
on overdue principal of and interest on the Notes, if any, if lawful, and the
due and punctual performance of all other obligations of the Company to the
Holders or the Trustee all in accordance with the terms of the Indenture and (b)
in case of any extension of time of payment or renewal of any Notes or any of
such other obligations, that the same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise. The obligations of the Guarantors
to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and
the Indenture are expressly set forth in Article 10 of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Note
Guarantee. Each Holder of a Note, by accepting the same, (a) agrees to and shall
be bound by such provisions, (b) authorizes and directs the Trustee, on behalf
of such Holder, to take such action as may be necessary or appropriate to
effectuate the subordination as provided in the Indenture and (c) appoints the
Trustee attorney-in-fact of such Holder for such purpose; PROVIDED, HOWEVER,
that the Indebtedness evidenced by this Note Guarantee shall cease to be so
subordinated and subject in right of payment upon any defeasance of this Note in
accordance with the provisions of the Indenture.

                                     TSI TELECOMMUNICATION HOLDINGS, INC.

                                     By: /s/ David A Donnini
                                     Name:  David A. Donnini
                                     Title: President

                                     TSI TELECOMMUNICATION HOLDINGS, LLC

                                     By: /s/ David A Donnini
                                     Name:  David A. Donnini
                                     Title: President

                                     TSI NETWORKS INC.

                                     By: /s/ David A Donnini
                                     Name:  David A. Donnini
                                     Title: President

                                     TSI FINANCE INC.

                                     By: /s/ David A Donnini
                                     Name:  David A. Donnini
                                     Title: President

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