Document:

exv4wxby

 

Exhibit 4(b)

6% Note Due October 15, 2033

	 	 	 	 	 
	No. S-1.	 	 	
$2,500,000	 
	CUSIP NO. U9222H AC 6	 	 	 	 
	ISN: USU9222HAC61	 	 	 	 
	Common Code: 017843826	 	 	 	 

          V.F. CORPORATION, a corporation duly incorporated and subsisting under the
laws of the Commonwealth of Pennsylvania (herein called the “Company”, which
term includes
any successor corporation under the Indenture hereinafter referred to), for
value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of
$2,500,000 on
October 15, 2033 and to pay interest thereon from October 14, 2003, or from the
most recent
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually
on April 15 and October 15 in each year, commencing April 15, 2004, at the rate
of 6% per
annum, until the principal hereof is paid or made available for payment;
provided, however, that
if (i) the registration statement filed by the Company (the “Exchange
Registration Statement”)
under the Securities Act of 1933, as amended (the “Securities Act”),
registering a security
substantially identical to this Security (except that such Security will not
contain terms with
respect to the Special Interest payments described below or transfer
restrictions) pursuant to an
exchange offer (the “Exchange Offer”) has not become or been declared effective
by the
Securities and Exchange Commission (“SEC”) within 180 days after the Securities
are initially
issued (or, in lieu thereof, if such obligation arises pursuant to the Exchange
and Registration
Rights Agreement (as defined below), a registration statement registering this
Security for resale
(the “Resale Registration Statement”) has not become or been declared effective
by the SEC
within 120 days after the Resale Registration Statement is filed) or (ii)
either the Exchange
Registration Statement or, if applicable, the Resale Registration Statement 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effective but shall thereafter either be withdrawn by the Company or shall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
under the Exchange
and Registration Rights Agreement) without being succeeded as promptly as
practicable by an
additional registration statement filed and declared effective, or (iii) the
Exchange Offer has not
been completed within 225 days after the Securities are initially issued (if
the Exchange Offer is
then required to be made pursuant to the Exchange and Registration Rights
Agreement (the
“Exchange and Registration Rights Agreement”), dated as of October 14, 2003, by
and between
the Company and the Purchasers (as defined therein) parties thereto), in each
case (i), (ii) and
(iii) upon the terms and conditions set forth in the Exchange and Registration
Rights Agreement
(each such event referred to in clauses (i), (ii) and (iii), a “Registration
Default”), then special
interest (“Special Interest”) will accrue (in addition to the stated interest
on the Securities) at a
per annum rate of 0.25%, determined daily, on the principal amount of this
Security, from the
period from the occurrence of the Registration Default described under (i) or
(ii) above until such
time as such Registration Default is no longer in effect and,
provided,
further, that if a
Registration Default described under (iii) above has occurred, then the per
annum rate of such
Special Interest shall be 0.5% per annum from the period from the occurrence of
the Registration
Default described under (iii) above until such time as such Registration
Default is no longer in
effect (provided that the rate of Special Interest shall not exceed 0.5% per
annum in the
aggregate at any time). Accrued Special Interest, if any, shall be paid
semi-annually on April 15

 

 

and October 15, in each year; and the amount of accrued Special Interest shall
be determined on
the basis of the number of days actually elapsed. Any accrued and unpaid
interest (including
Special Interest) on this Security upon the issuance of an Exchange Security
(as defined in the
Indenture) in exchange for this Security shall cease to be payable to the
Holder hereof but such
accrued and unpaid interest (including Special Interest) shall be payable on
the next Interest
Payment Date for such Exchange Security to the Holder thereof on the related
Regular Record
Date. Interest on this Security shall be computed on the basis of a 360-day
year of twelve 30-day
months.

          The interest so payable, and punctually paid or duly provided for, on any
Interest
Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on the
Regular Record Date for such interest, which shall be the April 1 or October 1
(whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable
to the Holder on
such Regular Record Date and may either be paid to the Person in whose name
this Security (or
one or more Predecessor Securities) is registered at the close of business on a
Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall
be given to Holders of Securities of this series not less than 10 days prior to
such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of
any securities exchange on which the Securities of this series may be listed,
and upon such notice
as may be required by such exchange, all as more fully provided in said
Indenture.

          Payment of the principal of (and premium, if any) and interest on this
Security
will be made at the office or agency of the Company maintained for that purpose
in New York,
New York in such coin or currency of the United States of America as at the
time of payment is
legal tender for payment of public and private debts;
provided, however, that
at the option of the
Company payment of interest may be made by check mailed to the address of the
Person entitled
thereto as such address shall appear in the Security Register.

          Reference is hereby made to the further provisions of this Security set
forth on
the reverse hereof, which further provisions shall for all purposes have the
same effect as if set
forth at this place.

          Unless the certificate of authentication hereon has been executed by the
Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

 

 

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

	 	 	 	 	 
	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	
V.F. Corporation
	 	 	 	 	 
	 	 	 	
By	 
	 	 	 	 	

	Attest:	 	 	 	 
	 	 	 
	
	 	 	 	 
	 	 	 	
By	 
	 	 	 	 	

	Attest:	 	 	 	 
	 	 	 
	
	 	 	 	 

          This is one of the Securities of the series designated therein referred to
in the
within-mentioned Indenture.

	 	 	 	 	 
	 	 	 	
U.S. Bank Trust National Association
	 	 	 	 	 
	 	 	 	
By	 
	 	 	 	 	

	 	 	 	 	         Authorized Signature

 

 

[Reverse of Security]

          This Security is one of a duly authorized issue of securities of the
Company
(herein called the “Securities”), issued and to be issued in one or more
series under an Indenture,
dated as of September 29, 2000 (herein called the “Indenture”, which term
shall have the
meaning assigned to it in such instrument), between the Company and The Bank of
New York as
successor in interest to United States Trust Company of New York as “Trustee”
under the
Indenture (the “Trustee”), and reference is hereby made to the Indenture for a
statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the
Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are
to be, authenticated and delivered. This Security is one of the series
designated on the face
hereof, initially limited in aggregate principal amount to $300,000,000. The
Company may at
any time issue additional securities under the Indenture in unlimited amounts
having the same
terms as the Securities.

          The Securities of this series are subject to redemption, as a whole or
from time to
time in part, upon not less than 30 nor more than 60 days’ notice mailed to
each Holder of
Securities to be redeemed at his address as it appears in the Securities
Register, on any date prior
to their Stated Maturity at a Redemption Price equal to the greater of (i) 100%
of the principal
amount of such Securities to be redeemed plus accrued and unpaid interest
thereon to the
Redemption Date or (ii) as determined by a Quotation Agent (as defined below),
the sum of the
present values of the remaining scheduled payments of principal and interest
thereon (not
including any portion of such payments of interest accrued as of the Redemption
Date)
discounted to the Redemption Date on a semiannual basis (assuming a 360-day
year consisting of
twelve 30-day months) at the Adjusted Treasury Rate (as defined below), plus 15
basis points,
plus accrued interest thereon to the Redemption Date; provided that unless the
Company defaults
in payment of the Redemption Price, on or after the Redemption Date, interest
will cease to
accrue on the Securities or portions thereof called for redemption.

          “Adjusted Treasury Rate” means, with respect to any Redemption Date, the
rate
per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury
Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption
Date. The semi-
annual equivalent yield to maturity will be computed as of the third business
day immediately
preceding the Redemption Date. “Comparable Treasury Issue” (expressed as a
percentage of its
principal amount) means the United States Treasury security selected by the
Quotation Agent as
having a maturity comparable to the remaining term of the Securities to be
redeemed that would
be utilized in accordance with customary financial practice in pricing new
issues of corporate
notes of comparable maturity to the remaining term of the Securities.
“Comparable Treasury
Price” means, with respect to any Redemption Date, (i) the average of the
Reference Treasury
Dealer Quotations for such Redemption Date, provided that if three or more
Reference Treasury
Dealer Quotations are obtained, the highest and lowest of such quotations shall
be excluded from
the calculation. “Quotation Agent” means the Reference Treasury Dealer
appointed by the
Company. “Reference Treasury Dealer” means (i) Citigroup Global Financial
Markets Inc. and
its respective successors; provided, however, that, if the foregoing shall
cease to be a primary
U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company
shall substitute

 

 

therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury
Dealer selected by
the Company. “Reference Treasury Dealer Quotations” means, with respect to each
Reference
Treasury Dealer and any Redemption Date, the average, as determined by the
Trustee, of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its
principal amount) quoted in writing to the Trustee by such Reference Treasury
Dealer at 5:00
p.m. on the third Business Day preceding such Redemption Date.

          The Securities do not have the benefit of any sinking fund obligations.

          In the event of redemption of this Security in part only, a new Security
or
Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the
name of the Holder hereof upon the cancellation hereof.

          The Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Security or certain restrictive covenants and Events of
Default with respect
to this Security, in each case upon compliance with certain conditions set
forth in the Indenture.

          If an Event of Default with respect to Securities of this series shall
occur and be
continuing, the principal of the Securities of this series may be declared due
and payable in the
manner and with the effect provided in the Indenture.

          The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the
rights of the Holders of the Securities of each series to be affected under the
Indenture at any
time by the Company and the Trustee with the consent of the Holders of not less
than 50% in
principal amount of the Securities at the time Outstanding of each series to be
affected. The
Indenture also contains provisions permitting the Holders of specified
percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of
the Holders of all
Securities of such series, to waive compliance by the Company with certain
provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and
upon all future Holders of this Security and of any Security issued upon the
registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent
or waiver is made upon this Security.

          As provided in and subject to the provisions of the Indenture, the Holder
of this
Security shall not have the right to institute any proceeding with respect to
the Indenture or for
the appointment of a receiver or trustee or for any other remedy thereunder,
unless such Holder
shall have previously given the Trustee written notice of a continuing Event of
Default with
respect to the Securities of this series, the Holders of not less than 25% in
principal amount of
the Securities of this series at the time Outstanding shall have made written
request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders
of a majority in
principal amount of Securities of this series at the time Outstanding a
direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60
days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to
any suit instituted

 

 

by the Holder of this Security for the enforcement of any payment of principal
hereof or any
premium or interest hereon on or after the respective due dates expressed
herein.

          No reference herein to the Indenture and no provision of this Security or
of the
Indenture shall alter or impair the obligation of the Company, which is
absolute and
unconditional, to pay the principal of and any premium and interest on this
Security at the times,
place and rate, and in the coin or currency, herein prescribed.

          As provided in the Indenture and subject to certain limitations therein
set forth,
the transfer of this Security is registrable in the Security Register, upon
surrender of this Security
for registration of transfer at the office or agency of the Company in any
place where the
principal of and any premium and interest on this Security are payable, duly
endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of
authorized
denominations and for the same aggregate principal amount, will be issued to
the designated
transferee or transferees.

          The Securities of this series are issuable only in registered form without
coupons
in denominations of $1000 and any multiple thereof. As provided in the
Indenture and subject to
certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized
denomination, as requested by the Holder surrendering the same.

          No service charge shall be made to a Holder for any such registration of
transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other
governmental charge payable in connection therewith.

          Prior to due presentment of this Security for registration of transfer,
the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in
whose name this Security is registered as the owner hereof for all purposes,
whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent
shall be affected
by notice to the contrary.

          All terms used in this Security which are defined in the Indenture shall
have the
meanings assigned to them in the Indenture.

 

 

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, OR
DELIVERED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, ANY U.S. PERSON, UNLESS THIS SECURITY IS REGISTERED UNDER THE
SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
THEREOF IS AVAILABLE.

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.exv4wxdy

 

Exhibit 4(d)

$300,000,000

V.F. Corporation

6% Notes due 2033

Exchange and Registration Rights Agreement

October 14, 2003

Banc of America Securities LLC

Citigroup Global Markets Inc.
  
As representatives of the several Purchasers
  
named in Schedule I to the Purchase Agreement

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

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 6% Notes due 2033. 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 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 The Bank of New York
(formerly known as United States Trust Company), 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 October 8,
2003, 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

2

 

relating to restrictions on transferability thereof, under the Securities Act
or otherwise, is 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 the $300,000,000 6% Notes due 2033 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

 

     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 rules or 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 may be

4

 

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

 

     (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

 

		
	 	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 (a) the withdrawal of any order
suspending the effectiveness of
such Exchange Registration Statement or (b) any post-effective amendment to
such Exchange Registration Statement
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)

7

 

		
	 	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) 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

8

 

		
	 	securityholder in the Shelf Registration Statement or to enable such holder to
use 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

9

 

		
	 	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) 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 (a) the withdrawal of any order
suspending the effectiveness of
such registration statement or (b) any post-effective amendment to such
registration statement 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

10

 

		
	 	such Electing Holder, agent or underwriter, the offering price of such
Registrable 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

11

 

		
	 	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) 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

12

 

the due incorporation or organization and good standing of the 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

13

 

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; 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

 

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

 

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

 

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(c),
Section 3(d) or Section 3(e) 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

 

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 upon an untrue

18

 

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
other than reasonable

19

 

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 conditions, to
each officer, director and partner of each
holder, agent and underwriter and

20

 

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 that the
Purchasers and the holders from time to time
of the Registrable Securities may be

21

 

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 105 Corporate Center Blvd., 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.

     (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)

22

 

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

 

     If the foregoing is in accordance with your understanding, please sign and
return to us eight 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:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

	 	 	 	 	 
	Accepted as of the date hereof:	 	 
	Banc of America Securities LLC	 	 
	Citigroup Global Markets Inc.	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 	

	 	 
	 	 	
(Citigroup Global Markets Inc.)	 	 

 

 

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 6% Notes due 2033 (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

 

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 6% Notes due
2033 (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

 

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

 

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

 

	(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

 

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

 

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

 

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 6% Notes due 2033

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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