Document:

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                                                                  EXHIBIT 10.47

                      THIRD AMENDED AND RESTATED GUARANTEE

                  THIRD AMENDED AND RESTATED GUARANTEE, dated as of September
14, 2000, made by COGENTRIX DELAWARE HOLDINGS, INC., a Delaware corporation (the
"Guarantor"), in favor of the Borrower Creditors (as defined below).

                              W I T N E S S E T H:

                  WHEREAS, pursuant to the Second Amended and Restated Credit
Agreement, dated as of March 3, 2000, as amended by the First Amendment thereto
dated July 19, 2000 (as so amended, the "Existing Credit Agreement"), among (i)
Cogentrix Energy, Inc. (the "Borrower"), (ii) the several banks and financial
institutions parties thereto (the "Existing Lenders"), (iii) Australia and New
Zealand Banking Group Limited ("ANZ") and The Bank of Nova Scotia, as the lead
arrangers and (iv) ANZ as the issuing bank thereunder (in such capacity, the
"Issuing Bank") and as agent for the Existing Lenders, the Existing Lenders
severally agreed to make certain loans to the Borrower (the "Loans") and the
Issuing Bank agreed to issue certain letters of credit for the account of the
Borrower (the "Letters of Credit"; the Loans and the Letters of Credit,
collectively, the "Extensions of Credit") upon the terms and subject to the
conditions set forth therein, the Loans to be evidenced by certain notes issued
by the Borrower under the Credit Agreement;

                  WHEREAS, the Borrower owns directly all of the issued and
outstanding stock of the Guarantor;

                  WHEREAS, the proceeds of the Loans have and will be used in
part to enable the Borrower to make valuable transfers (as determined as
provided herein) to the Guarantor in connection with the operation of its
business;

                  WHEREAS, the Guarantor has and will derive substantial direct
and indirect benefit from the making of the Extensions of Credit;

                  WHEREAS, it was a condition precedent to the effectiveness of,
and the obligation of the Existing Lenders and the Issuing Bank to make their
respective Extensions of Credit under, the Existing Credit Agreement that the
Guarantor shall have executed and delivered the Second Amended and Restated
Guarantee dated as of March 3, 2000 (the "Existing Guarantee") in favor of the
Borrower Creditors (as hereinafter defined);

                  WHEREAS, the Borrower has requested that the Existing Credit
Agreement be amended and restated pursuant to the Third Amended and Restated
Credit Agreement, dated as of September 14, 2000 (as amended, supplemented or
otherwise modified from time to time, the "Credit Agreement"), among (i) the
Borrower, (ii) the several banks and financial institutions

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from time to time parties thereto (the "Lenders"), (iii) ANZ as the Issuing
Bank, as the lead arranger (in such capacity, the "Lead Arranger") and as agent
for the Lenders (in such capacity, the "Agent"); and

                  WHEREAS, it is a condition precedent to the effectiveness of,
and the obligation of the Lenders and the Issuing Bank to make their respective
Extensions of Credit under, the Credit Agreement that the Guarantor amend and
restate the Existing Guarantee by executing and delivering this Third Amended
and Restated Guarantee.

                  NOW, THEREFORE, in consideration of the premises and to induce
the Agent, the Issuing Bank, the Lead Arranger and the Lenders to enter into the
Credit Agreement and to induce the Lenders and the Issuing Bank to make their
respective Extensions of Credit to the Borrower under the Credit Agreement, the
Guarantor hereby agrees to amend and restate the Existing Guarantee to read as
follows:

                  1. Defined Terms. (a) Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement.

                  (b) As used herein, the following terms shall have the
following meanings:

                  "Borrower Creditors": the collective reference to the Credit
         Agreement Creditors, the Trustees, the Holders, the holders of Other
         Indebtedness and their respective successors, indorsees, transferees
         and assigns.

                  "CDH Permitted Investments":

                  (i) (A) commercial paper of issuers organized under the laws
         of any state of the United States of America rated at least "A-1" by
         Standard and Poor's Rating Group ("S&P") and "Prime-1" by Moody's
         Investors Service, Inc. ("Moody's");

                  (B) marketable direct obligations of the United States of
         America with maturities of three years or less from the date of
         acquisition;

                  (C) marketable obligations directly and fully guaranteed as to
         interest and principal by the United States of America with maturities
         of three years or less from the date of acquisition;

                  (D) demand deposits with the Agent, and time deposits,
         certificates of deposit and banker's acceptances issued by (1) the
         Agent or (2) any member bank of the Federal Reserve System which is
         organized under the laws of the United States of America or any state
         thereof or any United States branch of a foreign bank, in each case
         whose long-term debt securities are rated "A" or better by S&P and "A2"
         or better by Moody's;

                  (E) obligations of the Agent, any bank described in clause (D)
         above or any financial institution, in respect of the repurchase of
         obligations of the type as described in clauses (B) and (C) above,
         provided that such repurchase obligations shall be fully secured by
         obligations of the type described in said clauses (B) and (C) and the

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         possession of such obligations shall be transferred to, and segregated
         from other obligations owned by, the Agent, any such bank or such
         financial institution;

                  (F) eurodollar certificates of deposit issued by the Agent or
         any bank described in clause (D) above;

                  (G) marketable asset-backed securities rated at least "AA" by
         S&P and "Aa2" by Moody's;

                  (H) marketable debt obligations of the Federal National
         Mortgage Association, the Government National Mortgage Association or
         the Federal Home Loan Mortgage Association secured by a pool of
         mortgage loans with an average life of three years or less from the
         date of acquisition and rated at least "AA" by S&P and at least "Aa2"
         by Moody's; and

                  (I) corporate debt securities of issuers organized under the
         laws of any state of the United States of America with maturities of
         three years or less from the date of acquisition rated not less than
         "A" by S&P and "A2" by Moody's;

         provided, that for any of the securities of the types described in
         subclauses (A), (B), (C), (D), (E), (F), (G), (H) or (I) above to be
         CDH Permitted Investments in the hands of any Person (x) the weighted
         average maturity from any date of the securities of such types owned on
         such date by such Person shall not be more than one year; and (y) the
         value of the securities of any single issuer rated less than "AAA" by
         S&P and "Aaa" by Moody's (other than the United States of America or
         any agency thereof) owned by such Person at any time shall not
         constitute more than 5% of the value of all of the securities of such
         types owned by such Person at such time; and

                  (ii) shares of money market mutual funds which invest
         exclusively in assets satisfying the requirements of subclauses (A),
         (B), (C), (D) or (F) of clause (i) of this definition; provided, that
         for any such shares of such a fund to be CDH Permitted Investments in
         the hands of any Person, the weighted average maturity from any date of
         the securities owned on such date by such fund shall not be more than
         one year.

                  "Credit Agreement Creditors": the collective reference to the
         Agent, the Issuing Bank, the Lead Arrangers, and the Lenders.

                  "Credit Agreement Obligations": the collective reference to
         the unpaid principal of and interest on the Notes issued by the
         Borrower under the Credit Agreement and all other obligations and
         liabilities of the Borrower in respect of the payment of any amount by
         the Borrower to, or deposit of any amount by the Borrower with, the
         Credit Agreement Creditors or any of them (including, without
         limitation, (i) interest accruing at the then applicable rate provided
         in the Credit Agreement after the maturity of the Loans and interest
         accruing at the then applicable rate provided in the Credit Agreement
         after the filing of any petition in bankruptcy, or the commencement of
         any insolvency, reorganization or like proceeding, relating to the
         Borrower, whether or not a claim for post-filing or post-petition
         interest is allowed in such proceeding and (ii) the obligations of the
         Borrower to make deposits into the Cash Collateral Account), whether
         direct or

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         indirect, absolute or contingent, due or to become due, now existing or
         hereafter incurred, which may arise under, out of, or in connection
         with, the Credit Agreement, the notes issued by the Borrower
         thereunder, the Letters of Credit, or any other document made,
         delivered or given in connection therewith, whether on account of
         principal, interest, reimbursement obligations, fees, indemnities,
         costs, expenses or otherwise (including, without limitation, all fees
         and disbursements of counsel to the Agent, the Issuing Bank or to the
         Lenders that are required to be paid by the Borrower or the Guarantor
         pursuant to the terms of the Credit Agreement or this Guarantee).

                  "Guaranteed Obligations": the collective reference to (a) the
         Credit Agreement Obligations, (b) the Indenture Obligations and (c) all
         Other Indebtedness.

                  "Holders": the collective reference to the holders of the
         Borrower Indenture Securities.

                  "Indenture Obligations": the collective reference to the
         unpaid principal of and interest on the Borrower Indenture Securities
         and all other obligations and liabilities of the Borrower in respect of
         the payment of any amount by the Borrower to, or deposit of any amount
         by the Borrower with either Trustee, or any of the Holders (including,
         without limitation, (i) interest accruing at the then applicable rate
         provided in the applicable Borrower Indenture after the maturity of any
         of the Borrower Indenture Securities and interest accruing at the then
         applicable rate provided in the applicable Borrower Indenture after the
         filing of any petition in bankruptcy, or the commencement of any
         insolvency, reorganization or like proceeding, relating to the
         Borrower, whether or not a claim for post-filing or post-petition
         interest is allowed in such proceeding and (ii) any obligations of the
         Borrower to make deposits pursuant to either Borrower Indenture into a
         "Sinking Fund" for the retirement of the any of the Borrower Indenture
         Securities) whether direct or indirect, absolute or contingent, due or
         to become due, now existing or hereafter incurred, which may arise
         under, out of, or in connection with, either of the Borrower
         Indentures, any of the Borrower Indenture Securities or any other
         document made, delivered or given in connection therewith, whether on
         account of principal, interest, reimbursement obligations, fees,
         indemnities, costs, expenses or otherwise (including, without
         limitation, all fees and disbursements of counsel to either Trustee or
         to any of the Holders that are required to be paid by the Borrower or
         the Guarantor pursuant to the terms of the either Borrower Indenture or
         this Guarantee).

                  "Other Indebtedness": any unsecured indebtedness of the
         Borrower for borrowed money, other than indebtedness constituting a
         Credit Agreement Obligation or Indenture Obligation, existing on the
         date hereof or hereafter incurred by the Borrower, but only to the
         extent the Borrower is permitted to Incur such indebtedness under the
         Borrower Indentures and the Credit Agreement.

                  "Trustees": the collective reference to the 2004 Trustee and
         the 2008 Trustee.

                  "2004 Trustee": the trustee under the 2004 Senior Note
         Indenture.

                  "2008 Trustee": the trustee under the 2008 Senior Note
         Indenture.

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                  (c) The words "hereof," "herein" and "hereunder" and words of
         similar import when used in this Guarantee shall refer to this
         Guarantee as a whole and not to any particular provision of this
         Guarantee, and section and paragraph references are to this Guarantee
         unless otherwise specified.

                  (d) The meanings given to terms defined herein shall be
         equally applicable to both the singular and plural forms of such terms.

                  2. Guarantee. (a) Subject to the provisions of paragraph 2(b),
the Guarantor hereby, unconditionally and irrevocably, guarantees to (i) the
Agent, for the ratable benefit of the Credit Agreement Creditors and their
respective successors, indorsees, transferees and assigns, the prompt and
complete payment (and performance, in the case of deposits) by the Borrower when
due (whether at the stated maturity, by acceleration or otherwise) of the Credit
Agreement Obligations, (ii) the 2004 Trustee, for the ratable benefit of the
Holders of the 2004 Senior Notes and their respective successors, indorsees,
transferees and assigns, the prompt and complete payment (and performance, in
the case of deposits) by the Borrower when due (whether at the stated maturity,
by acceleration or otherwise) of the Indenture Obligations in respect of the
2004 Senior Notes, (iii) the 2008 Trustee, for the ratable benefit of the
Holders of the 2008 Senior Notes and their respective successors, indorsees,
transferees and assigns, the prompt and complete payment (and performance, in
the case of deposits) by the Borrower when due (whether at the stated maturity,
by acceleration or otherwise) of the Indenture Obligations in respect of the
2008 Senior Notes and (iv) each holder of Other Indebtedness and such holder's
successors, indorsees, transferees and assigns, the prompt and complete payment
by the Borrower when due (whether at the stated maturity, by acceleration or
otherwise) of the Other Indebtedness owed to such holder.

                  (b) Anything herein or in the Credit Agreement, either of the
Borrower Indentures, any agreement in respect of Other Indebtedness or any other
document to the contrary notwithstanding, (i) the maximum liability of the
Guarantor hereunder and under the Credit Agreement, the Borrower Indentures or
any agreement in respect of Other Indebtedness shall in no event exceed the
amount which can be guaranteed by the Guarantor under applicable federal and
state laws relating to the insolvency of debtors and (ii) the Guarantor shall
not be liable, on account of the Borrower's failure to pay or perform any
Guaranteed Obligation owed to any Borrower Creditor when due, to pay to such
Borrower Creditor any amount hereunder or under the Credit Agreement, the
Borrower Indentures or any agreement in respect of Other Indebtedness unless the
Guarantor shall have more than $150,000 in assets (other than assets
constituting Investments in Subsidiaries but including, without limitation, CDH
Permitted Investments) on the day that such failure occurred or thereafter.

                  (c) The Guarantor further agrees to pay any and all expenses
(including, without limitation, all fees and disbursements of counsel) which may
be paid or incurred by any Borrower Creditor in enforcing, or obtaining advice
of counsel in respect of, any rights with respect to, or collecting, any or all
of the Guaranteed Obligations and/or enforcing any rights with respect to, or
collecting against, the Guarantor under this Guarantee.

                  (d) No payment or payments made by the Borrower, the
Guarantor, any other guarantor or any other Person or received or collected by
any Borrower Creditor from the

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Borrower, the Guarantor, any other guarantor or any other Person by virtue of
any action or proceeding or any set-off or appropriation or application at any
time or from time to time in reduction of or in payment of any of the Guaranteed
Obligations shall be deemed to modify, reduce, release or otherwise affect the
liability of the Guarantor hereunder which shall, notwithstanding any such
payment or payments other than payments made by the Guarantor in respect of the
Guaranteed Obligations or payments received or collected from such Guarantor in
respect of the Guaranteed Obligations, remain liable for the Guaranteed
Obligations up to the maximum liability of the Guarantor hereunder.

                  3. Right of Set-off. The Guarantor hereby irrevocably
authorizes each Borrower Creditor at any time and from time to time without
notice to the Guarantor, any such notice being expressly waived by the
Guarantor, to set-off and appropriate and apply any and all deposits (general or
special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or
indirect, absolute or contingent, matured or unmatured, at any time held or
owing by such Borrower Creditor to or for the credit or the account of the
Guarantor, or any part thereof in such amounts as such Borrower Creditor may
elect, against and on account of the obligations and liabilities of the
Guarantor to the Borrower Creditor hereunder, in any currency, whether arising
hereunder, under the Credit Agreement, either of the Borrower Indentures, any
note issued by the Borrower under the Credit Agreement or either of the Borrower
Indentures, any agreement in respect of Other Indebtedness or otherwise, as such
Borrower Creditor may elect, whether or not any Borrower Creditor has made any
demand for payment and although such obligations, liabilities and claims may be
contingent or unmatured. The Borrower Creditor shall notify the Guarantor
promptly of any such set-off and the application made by such Borrower Creditor,
provided that the failure to give such notice shall not affect the validity of
such set-off and application. The rights of each Borrower Creditor under this
Section are in addition to other rights and remedies (including, without
limitation, other rights of set-off) which such Borrower Creditor may have.

                  4. No Subrogation. Notwithstanding any payment or payments
made by the Guarantor hereunder or any set-off or application of funds of any of
the Guarantor by any Borrower Creditor, the Guarantor shall not be entitled to
be subrogated to any of the rights of any Borrower Creditor against the Borrower
or any collateral security or guarantee or right of offset held by any Borrower
Creditor for the payment of any of the Guaranteed Obligations, nor shall the
Guarantor seek or be entitled to seek any contribution or reimbursement from the
Borrower in respect of payments made by the Guarantor hereunder.

                  5. Amendments, etc. with respect to the Guaranteed
Obligations; Waiver of Rights. The Guarantor shall remain obligated hereunder
notwithstanding that, without any reservation of rights against the Guarantor
and without notice to or further assent by the Guarantor, any demand for payment
of any of the Guaranteed Obligations made by any Borrower Creditor may be
rescinded by such party and any of the Guaranteed Obligations continued, and the
Guaranteed Obligations, or the liability of any other party upon or for any part
thereof, or any collateral security or guarantee therefor or right of offset
with respect thereto, may, from time to time, in whole or in part, be renewed,
extended, amended, modified, accelerated, compromised, waived, surrendered or
released by any Borrower Creditor, and the Credit Agreement, either of the
Borrower Indentures, any note issued by the Borrower under the Credit Agreement
or either of the Borrower Indentures, any agreement in respect of Other

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Indebtedness and any other documents executed and delivered in connection with
the Credit Agreement, either of the Borrower Indentures, or any agreement in
respect of Other Indebtedness, may be amended, modified, supplemented or
terminated, in whole or in part, as the parties thereto may deem advisable from
time to time, and any collateral security, guarantee or right of offset at any
time held by any Borrower Creditor for the payment of any of the Guaranteed
Obligations may be sold, exchanged, waived, surrendered or released. When making
any demand hereunder against the Guarantor, a Borrower Creditor may, but shall
be under no obligation to, make a similar demand on the Borrower or any other
guarantor, and any failure by any Borrower Creditor to make any such demand or
to collect any payments from the Borrower or any such guarantor or any release
of the Borrower or such other guarantor shall not relieve the Guarantor of its
obligations or liabilities hereunder, and shall not impair or affect the rights
and remedies, express or implied, or as a matter of law, of any Borrower
Creditor against the Guarantor. For the purposes hereof "demand" shall include
the commencement and continuance of any legal proceedings.

                  6. Guarantee Absolute and Unconditional. The Guarantor waives
any and all notice of the creation, renewal, extension or accrual of any of the
Guaranteed Obligations and notice of or proof of reliance by any Borrower
Creditor upon this Guarantee or acceptance of this Guarantee, the Guaranteed
Obligations, and any of them, shall conclusively be deemed to have been created,
contracted or incurred, or renewed, extended, amended or waived, in reliance
upon this Guarantee (subject in each case to the right of the Guarantor and the
Agent to waive, amend, supplement and modify this Guarantee as provided in
paragraph 14(a) hereof and the termination of this Guarantee and the discharge
of the Guarantor's obligations hereunder as provided in Section 15); and all
dealings between the Borrower and the Guarantor, on the one hand, and any of the
Borrower Creditors, on the other hand, likewise shall be conclusively presumed
to have been had or consummated in reliance upon this Guarantee (subject in each
case to the right of the Guarantor and the Agent to waive, amend, supplement and
modify this Guarantee as provided in paragraph 14(a) hereof and the termination
of this Guarantee and the discharge of the Guarantor's obligations hereunder as
provided in Section 15). The Guarantor waives diligence, presentment, protest,
demand for payment and notice of default or nonpayment to or upon the Borrower
or the Guarantor with respect to any of the Guaranteed Obligations. The
Guarantor understands and agrees that this Guarantee shall be construed as a
continuing, absolute and unconditional guarantee of payment without regard to
(a) the validity, regularity or enforceability of the Credit Agreement, either
of the Borrower Indentures, any note issued by the Borrower under the Credit
Agreement either of the Borrower Indentures, any agreement in respect of any
Other Indebtedness, any of the Guaranteed Obligations or any other collateral
security therefor or guarantee or right of offset with respect thereto at any
time or from time to time held by any Borrower Creditor, (b) any defense,
set-off or counterclaim (other than a defense of payment or performance) which
may at any time be available to or be asserted by the Borrower against any
Borrower Creditor, or (c) any other circumstance whatsoever (with or without
notice to or knowledge of the Borrower or the Guarantor) which constitutes, or
might be construed to constitute, an equitable or legal discharge of the
Borrower for any of the Guaranteed Obligations, or of the Guarantor under this
Guarantee, in bankruptcy or in any other instance. When pursuing its rights and
remedies hereunder against the Guarantor, any Borrower Creditor may, but shall
be under no obligation to, pursue such rights and remedies as it may have
against the Borrower or any other Person or against any collateral security or
guarantee for any of the Guaranteed Obligations or any right of offset with
respect thereto, and any failure by any Borrower Creditor

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to pursue such other rights or remedies or to collect any payments from the
Borrower or any such other Person or to realize upon any such collateral
security or guarantee or to exercise any such right of offset, or any release of
the Borrower or any such other Person or any such collateral security, guarantee
or right of offset, shall not relieve the Guarantor of any liability hereunder,
and shall not impair or affect the rights and remedies, whether express, implied
or available as a matter of law, of any Borrower Creditor against the Guarantor.

                  7. Reinstatement. This Guarantee shall continue to be
effective, or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any of the Guaranteed Obligations is rescinded or must
otherwise be restored or returned by any Borrower Creditor upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of the Borrower or the
Guarantor, or upon or as a result of the appointment of a receiver, intervenor
or conservator of, or trustee or similar officer for, the Borrower or the
Guarantor or any substantial part of its property, or otherwise, all as though
such payments had not been made.

                  8. Payments. The Guarantor hereby guarantees to each of the
Credit Agreement Creditors that payments hereunder in respect of the Credit
Agreement Obligations will be paid to the Agent without set-off or counterclaim
in U.S. Dollars at the office of the Agent located at 1177 Avenue of the
Americas, New York, New York 10036-9715.

                  9. Representations and Warranties. The Guarantor hereby
represents and warrants to each of the Credit Agreement Creditors (and not to
any other Borrower Creditor):

                  (a) The Guarantor is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
incorporation and has the corporate power and authority and the legal right to
own and operate its property, to lease the property it operates and to conduct
the business in which it is currently engaged.

                  (b) The Guarantor has the corporate power and authority and
the legal right to execute and deliver, and to perform its obligations under,
this Guarantee, and has taken all necessary corporate action to authorize its
execution, delivery and performance of this Guarantee.

                  (c) This Guarantee constitutes a legal, valid and binding
obligation of the Guarantor enforceable in accordance with its terms, except as
affected by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting the enforcement of
creditors' rights generally, general equitable principles and an implied
covenant of good faith and fair dealing.

                  (d) The execution, delivery and performance of this Guarantee
will not violate any provision of any Requirement of Law or Contractual
Obligation of the Guarantor and will not result in or require the creation or
imposition of any Lien on any of the properties or revenues of such Guarantor
pursuant to any Requirement of Law or Contractual Obligation of the Guarantor.

                  (e) No consent or authorization of, filing with, or other act
by or in respect of, any arbitrator or Governmental Authority and no consent of
any other Person (including, without

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limitation, any stockholder or creditor of the Guarantor) is required in
connection with the execution, delivery, performance, validity or enforceability
of this Guarantee.

                  (f) No litigation, investigation or proceeding of or before
any arbitrator or Governmental Authority is pending or, to the knowledge of the
Guarantor, threatened by or against the Guarantor or against any of its
properties or revenues (i) with respect to this Guarantee or any of the
transactions contemplated hereby or (ii) which could have a material adverse
effect on the business, operations, property or financial or other condition of
the Guarantor.

                  (g) The Guarantor has good title in all its property, and none
of its property is subject to any Lien of any nature whatsoever except as
permitted under paragraph 10(a) hereof.

                  (h) The Guarantor has filed or caused to be filed all tax
returns which, to its knowledge, are required to be filed and has paid all taxes
shown to be due and payable on said returns or on any assessments made against
it or any of its property and all other taxes, fees or other charges imposed on
it or any of its property by any Governmental Authority (other than any the
amount or validity of which are currently being contested in good faith by
appropriate proceedings and with respect to which reserves in conformity with
GAAP have been provided on the books of such Guarantor). No tax Lien has been
filed, and, to the knowledge of the Guarantor, no claim is being asserted, with
respect to any such tax, fee or other charge.

                  (i) The unaudited balance sheet of the Guarantor as at June
30, 2000 and the related unaudited statement of income for the fiscal period
ended on such date, certified by a Responsible Officer, copies of which have
heretofore been furnished to each Lender, are complete and correct and present
fairly the financial condition of the Guarantor as at such date, and the results
of its operations for the fiscal year then ended. All such financial statements,
including the related schedules and notes thereto, have been prepared in
accordance with GAAP applied consistently throughout the periods involved. At
the date of the balance sheet referred to above, the Guarantor had no material
Guarantee Obligation, contingent liability or liability for taxes, or any
long-term lease or unusual forward or long-term commitment, including, without
limitation, any interest rate or foreign currency swap or exchange transaction
or other financial derivative, which is not reflected in the foregoing
statements or in the notes thereto. During the period from June 30, 2000, to and
including the date of this Guarantee there has been no sale, transfer or other
disposition by the Guarantor of any material part of its business or property
and no purchase or other acquisition of any business or property (including any
Capital Stock of any other Person) material in relation to the financial
condition of the Guarantor at June 30, 2000.

                  (j) The Borrower directly owns 100% of the outstanding shares
of Capital Stock of the Guarantor.

                  10. Covenants. The Guarantor hereby covenants and agrees with
each of the Credit Agreement Creditors (and not with any other Borrower
Creditor) as follows:

                  (a) The Guarantor shall not Incur, assume, create or otherwise
cause or suffer to exist, directly or indirectly, any Debt (other than Debt
under this Guarantee) and shall not grant or cause or suffer to exist any Lien
on any property of the Guarantor now owned or hereafter

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acquired by the Guarantor other than (i) the Liens granted under the Cash
Collateral Agreement and (ii) Debt that the Borrower is permitted to allow the
Guarantor to Incur, assume, create or otherwise cause or suffer to exist, and
Liens that the Borrower is permitted to allow the Guarantor to grant or cause or
suffer to exist, in either case under the Credit Agreement (including, without
limitation, subsection 7.12 thereof) and the Borrower Indentures.

                  (b) The Guarantor shall not create or otherwise cause or
suffer to exist or become effective any consensual encumbrance or restriction of
any kind on its ability to (i) pay dividends or make other distributions
permitted by applicable law on any of its Capital Stock, (ii) make payments in
respect of any Debt owed to the Borrower, (iii) make loans or other advances to
the Borrower or (iv) transfer any of its property to the Borrower, other than
those encumbrances and restrictions that the Borrower is permitted to allow the
Guarantor to create or otherwise cause or suffer to exist under the Credit
Agreement (including, without limitation, subsection 7.12 thereof) and the
Borrower Indentures.

                  (c) The Guarantor shall not make any advance, loan, extension
of credit or capital contribution to, or purchase any stock, bonds, notes,
debentures or other securities of or any assets constituting a business unit of,
or make any other Investment in, any Person, other than (i) Investments in any
Subsidiary of the Guarantor (or any Person that will become a Subsidiary of the
Guarantor as a result of such Investment) that the Borrower is permitted to
allow the Guarantor to make under the Credit Agreement (including, without
limitation, subsection 7.4 thereof), and the Borrower Indentures and (ii) CDH
Permitted Investments; provided, that (1) so long as the total of the aggregate
amount of CDH Permitted Investments owned by the Borrower plus the aggregate
amount of CDH Permitted Investments owned by the Guarantor (exclusive of, in the
case of both the Borrower and the Guarantor, any CDH Permitted Investments
subject to or otherwise covered by any Lien other than the Lien created under
the Credit Agreement in the Cash Collateral Account) shall have a value of $50
million or more, the Guarantor may make any Investment that the Borrower is
permitted to allow the Guarantor to make under the Credit Agreement (including,
without limitation, subsection 7.4 thereof), and the Borrower Indentures and (2)
the Guarantor may make loans to AGRO Power Development, Inc. and its Affiliates,
for purposes of financing its or their acquisition, construction, operation or
development of greenhouses in which the Borrower or one of its Subsidiaries has
or will have an interest, in an aggregate principal amount not to exceed $10
million at any time, but only to the extent that the Borrower is permitted to
allow the Guarantor to make such loans under the Credit Agreement (including,
without limitation, subsection 7.4 thereof) and the Borrower Indentures.

                  11. Authority of Agent. The Guarantor acknowledges that the
rights and responsibilities of the Agent under this Guarantee with respect to
any action taken by the Agent or the exercise or non-exercise by the Agent of
any option, right, request, judgment or other right or remedy provided for
herein or resulting or arising out of this Guarantee shall, as between the Agent
and the other Credit Agreement Creditors, be governed by the Credit Agreement
and by such other agreements with respect thereto as may exist from time to time
among them, but, as between the Agent and such Guarantor, the Agent shall be
conclusively presumed to be acting as agent for the other Credit Agreement
Creditors with full and valid authority so to act or refrain from acting, and
the Guarantor shall not be under any obligation, or entitlement, to make any
inquiry respecting such authority.

<PAGE>   11

                                                                              11

                  12. Severability. Any provision of this Guarantee which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

                  13. Integration. This Guarantee represents the agreement of
the Guarantor with respect to the subject matter hereof and there are no
promises or representations by any Borrower Creditor relative to the subject
matter hereof not reflected herein.

                  14. Amendments in Writing; No Waiver; Cumulative Remedies. (a)
The terms or provisions of this Guarantee may be waived, amended, supplemented
or otherwise modified at any time and from time to time by a written instrument
executed by the Guarantor and the Agent but not by any other means. Any waiver,
amendment, supplement or modification pursuant to this paragraph 14(a) shall be
effective as against all of the Borrower Creditors notwithstanding any reliance
by the Borrower Creditors or any of them on this Guarantee prior thereto.

                  (b) Neither the Agent nor any other Credit Agreement Creditor
nor the Trustee nor any Holder nor any other Borrower Creditor shall by any act,
delay, indulgence, omission or otherwise be deemed to have waived any right or
remedy hereunder or to have acquiesced in any breach of any of the terms and
conditions hereof. No failure to exercise, nor any delay in exercising, on the
part of the Agent, any other Credit Agreement Creditor, either Trustee, any
Holder or any other Borrower Creditor, any right, power or privilege hereunder
shall operate as a waiver thereof. No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. A waiver by the
Agent, any other Credit Agreement Creditor, either Trustee, any Holder or any
other Borrower Creditor of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which the Agent, such
other Credit Agreement Creditor, either Trustee, such Holder or such other
Borrower Creditor would otherwise have on any future occasion.

                  (c) The rights and remedies herein provided are cumulative,
may be exercised singly or concurrently and are not exclusive of any other
rights or remedies provided by law.

                  15. Discharge. This Guarantee and the Guarantor's obligations
hereunder shall remain in full force and effect until all Credit Agreement
Obligations shall have been paid and performed in full and all Letters of Credit
shall have expired or been terminated (notwithstanding that from time to time
the Borrower may be free from any Credit Agreement Obligations) and, except as
otherwise provided in Section 7 hereof, thereafter this Guarantee shall
terminate and all of the Guarantor's obligations hereunder shall be discharged
in full.

                  16. Section Headings. The section headings used in this
Guarantee are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

<PAGE>   12

                                                                              12

                  17. Successors and Assigns. This Guarantee shall be binding
upon the successors and assigns of the Guarantor and shall inure to the benefit
of each Borrower Creditor and each Borrower Creditor's successors, indorsees,
transferees and assigns.

                  18. Governing Law. This Guarantee shall be governed by, and
construed and interpreted in accordance with, the law of the State of New York.

<PAGE>   13

                  IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to
be duly executed and delivered by its duly authorized officer as of the day and
year first above written.

                                       COGENTRIX DELAWARE HOLDINGS, INC.

                                       By:   /s/ Thomas F. Schwartz
                                          --------------------------------------
                                          Title: Thomas F. Schwartz
                                                 President

ACCEPTED AS OF THE DATE HEREOF:

AUSTRALIA AND NEW ZEALAND BANKING
GROUP LIMITED, as Agent

By:   /s/ Geoffrey Pack
   ------------------------------------
   Title: SVP<PAGE>   1
                                                                     EXHIBIT 4.1

                                                   RESTATED IN ELECTRONIC FORMAT
                                                   FOR SEC PURPOSES ONLY

                          AMENDED AND RESTATED CHARTER
                                       OF
                         PERFORMANCE FOOD GROUP COMPANY

        The undersigned corporation under the Tennessee Business Corporation
Act, adopts the following restated charter:

        1. The name of the corporation is Performance Food Group Company.

        2. The corporation is for profit.

        3. The street address of the corporation's principal office is:

                              25 Century Boulevard, Suite 509
                              Nashville, Tennessee 37214
                              County of Davidson

        4. (a) The name of the corporation's registered agent is Roger L. Boeve.

           (b) The street address of the corporation's registered office in
               Tennessee is:

                              25 Century Boulevard, Suite 509
                              Nashville, Tennessee 37214
                              County of Davidson

        5. The Corporation is authorized to issue two classes of stock in the
following number of shares: (i) 50,000,000 shares of common stock, $.01 par
value per share (the "Common Stock"), and (ii) 5,000,000 shares of $.01 par
value preferred stock (the "Preferred Stock").

        The preferences, limitations and relative rights of the above two
classes of stock shall be as follows:

        A.     Preferred Stock.

               (1) Shares of Preferred Stock may be issued in one or more series
        at such time or times and for such consideration as the Board of
        Directors may determine. Each such series shall be given a
        distinguishing designation. All shares of any one series shall have
        preferences, limitations and relative rights identical with those of
        other shares of the same series and, except to the extent otherwise
        provided in the description of such series, with those of other shares
        of Preferred Stock.

<PAGE>   2

               (2)     Authority is hereby expressly granted to the Board of
        Directors to fix from time to time, by resolution or resolutions
        providing for the establishment and/or issuance of any series of
        Preferred Stock, the designation of such series and preferences,
        limitations and relative rights of the shares of such series, including
        the following:

                       (a) The distinctive designation and number of shares
               comprising such series, which number may (except where otherwise
               provided by the Board of Directors in creating such series) be
               increased or decreased (but not below the number of shares then
               outstanding) from time to time by action of the Board of
               Directors;

                       (b) The voting rights, if any, which shares of that
               series shall have, which may be special, conditional, limited or
               otherwise;

                       (c) The rate of dividends, if any, on the shares of that
               series, whether dividends shall be no-cumulative, cumulative to
               the extent earned, partially cumulative or cumulative (and, if
               cumulative, from which date or dates), whether dividends shall be
               payable in cash, property rights, or in shares of the
               corporation's capital stock, and the relative rights of priority,
               if any, of payment of dividends on shares of that series over
               shares of any other series or over the Common Stock;

                       (d) Whether the shares of that series shall be redeemable
               and, if so, the terms and conditions of such redemption,
               including the date or dates upon or after which they shall be
               redeemable, the event or events upon or after which they shall be
               redeemable, whether they shall be redeemable at the option of the
               corporation, the shareholder or another person, the amount per
               share payable in case of redemption (which amount may vary under
               different conditions and at different redemption dates), whether
               such amount shall be designated amount or an amount determined in
               accordance with a designated formula or by reference to extrinsic
               data or events and whether such amount shall be paid in cash,
               indebtedness, securities or other property rights, including
               securities of any other corporation;

                       (e) Whether that series shall have a sinking fund for the
               redemption or purchase of shares of that series and, if so, the
               terms of and amount payable into such sinking fund;

                       (f) The rights to which the holders of the shares shall
               be entitled in the event of voluntary or involuntary dissolution
               of liquidation of the corporation, and the relative rights of
               priority, if any, of payment of shares of that series over shares
               of any other series or over the Common Stock in any such event;

                       (g) Whether the shares of that series shall be
               convertible into or exchangeable for cash, shares of stock, of
               any other class or any other series,

                                        2

<PAGE>   3

               indebtedness, or other property or rights, including securities
               of another corporation, and if so, the terms and conditions of
               such conversion or exchange, including the rate or rates of
               conversion or exchange, and whether such rate shall be a
               designated amount or an amount determined in accordance with a
               designated formula or by reference to extrinsic data or events,
               the date or dates upon or after which they shall be convertible
               or exchangeable, the duration for which they shall be convertible
               or exchangeable, the event or events upon or after which they
               shall be convertible or exchangeable, and whether they shall be
               convertible or exchangeable at the option of the corporation, the
               shareholder or another person, and the method (if any) of
               adjusting the rate of conversion or exchange in the event of a
               stock split, stock dividend, combination or shares of similar
               event;

                       (h) Whether the issuance of any additional shares of such
               series, or of any shares of any other series, shall be subject to
               restrictions as to issuance, or as to the powers, preferences or
               rights of any such other series; and

                       (i) Any other preferences, privileges and powers and
               relative, participating, optional or other special rights and
               qualifications, limitations or restrictions of such series, as
               the Board of Directors may deem advisable and as shall not be
               inconsistent with the provisions of this Article 5 and to the
               full extent not or hereafter permitted by the laws of the State
               of Tennessee.

        Before issuing any shares of a series of Preferred Stock, the
corporation shall deliver to the Secretary of State for filing Articles of
Amendment, which shall be effective without shareholder action, that set forth
(a) the name of the corporation, (b) the text of the amendment determining the
terms of the series, (c) the date it was adopted and (d) a statement that the
amendment was duly adopted by the Board of Directors.

        A.1. Series A Preferred Stock. Pursuant to the authority vested in the
Board of Directors in accordance with the provisions of this Paragraph 5.A. of
the Restated Charter, the Board of Directors does hereby create, authorize and
provide for the issuance of Series A Junior Preferred Stock out of the class of
5,000,000 shares of preferred stock, $.01 par value (the "Preferred Stock"),
having the voting powers, designation, relative, participating, optional and
other special rights, preferences, and qualifications, limitations and
restrictions thereof that are set forth as follows:

        (1)    Series A Preferred Stock.

                       (a) Designation and Amount. There shall be a series of
               Preferred Stock to be known and designated as Series A Preferred
               Stock (the "Series A Preferred Stock") and the number of shares
               constituting such series shall be 1,000,000.

                       (b) Dividends. Subject to the prior and superior rights
               of the holders of any shares of any other series of Preferred
               Stock or any other shares of Preferred

                                        3

<PAGE>   4

               Stock of the Corporation ranking prior and superior to the shares
               of Series A Preferred Stock with respect to dividends, each
               holder of one-hundredth (1/100) of a share (a "Unit") of Series A
               Preferred Stock shall be entitled to receive, when, as and if
               declared by the Board of Directors out of funds legally available
               for that purpose, such dividends as may be declared from time to
               time by the Board of Directors in its discretion, in the same
               kind and in an amount per Unit equal to the aggregate per share
               amount of all dividends (whether payable in cash or stock or
               other securities or property) declared, if any, on shares of
               Common Stock of the Corporation. In the event the Corporation
               shall at any time after the date of issuance of the Series A
               Preferred Stock (i) increase by way of a stock split or similar
               transaction the number of outstanding shares of Common Stock
               (except by way of a stock dividend received by holders of Units
               and shares of Common Stock in accordance with this Section 1(b)),
               (ii) subdivide the outstanding shares of Common Stock or (iii)
               combine the outstanding shares of Common Stock into a smaller
               number of shares, then in each such case the amount per Unit of
               any dividend payable in accordance with the preceding sentence of
               this Section 1(b) shall be adjusted proportionately so that the
               holders of each Unit shall receive an amount per Unit equal to
               the amount that would be received per share of Common Stock
               outstanding prior to such stock split or similar transaction,
               subdivision or combination of the shares (as if such stock split
               or similar transaction, subdivision or combination had not
               occurred).

                       (c)    Voting Rights. The holders of Units of Series A
               Preferred Stock shall have the following voting rights.

                              (i) Each Unit of Series A Preferred Stock shall
                       entitle the holder thereof to one vote on all matters
                       submitted to a vote of the shareholders of the
                       Corporation. In the event the Corporation shall at any
                       time after the date of issuance of the Series A Preferred
                       Stock (i) increase by way of a stock split or similar
                       transaction the number of outstanding shares of Common
                       Stock (except by way a stock dividend received by holders
                       of Units and shares of Common Stock in accordance with
                       Section 1(b) above), (ii) subdivide the outstanding
                       shares of Common Stock or (iii) combine the outstanding
                       shares of Common Stock into a smaller number of shares,
                       then in each such case the number of votes per Unit to
                       which holders of Units of Series A Preferred Stock were
                       entitled immediately prior to such event shall be
                       adjusted by multiplying such number by a fraction the
                       numerator of which shall be the number of shares of
                       Common Stock outstanding immediately after such event and
                       the denominator of which shall be the number of shares of
                       Common Stock that were outstanding immediately prior to
                       such event.

                              (ii) Except as otherwise provided herein or
                       required by law, the holders of Units of Series A
                       Preferred Stock and the holders of shares of

                                        4

<PAGE>   5

                       Common Stock shall vote together as one class on all
                       matters submitted to a vote of shareholders of the
                       Corporation.

                              (iii) Except as set forth herein or required by
                       law, holders of Units of Series A Preferred Stock shall
                       have no special voting rights and their consent shall not
                       be required (except to the extent they are entitled to
                       vote with holders of shares of Common Stock as set forth
                       herein or as otherwise required by law) for the taking of
                       any corporate action.

                       (d) Reacquired Shares. Any Units of Series A Preferred
               Stock purchased or otherwise acquired by the Corporation in any
               manner whatsoever shall be retired and canceled promptly after
               the acquisition thereof. All such Units shall, upon their
               cancellation, become authorized but unissued Units of Preferred
               Stock and may be reissued as part of a new series of Preferred
               Stock to be created by resolution or resolutions of the Board of
               Directors, subject to the conditions and restrictions on issuance
               set forth herein.

                       (e) Liquidation, Dissolution or Winding Up. In the event
               of any voluntary or involuntary dissolution, liquidation or
               winding up of the affairs of the Corporation and after payment or
               provision for payment of the debts and other liabilities of the
               Corporation, including the prior claims of the holders of any
               other series of Preferred Stock, the holders of each Unit of
               Series A Preferred Stock shall be entitled to share in any assets
               remaining, ratably with the holders of each share of Common
               Stock. In the event the Corporation shall at any time after the
               date of issuance of the Series A Preferred Stock (i) increase by
               way of a stock split or similar transaction the number of
               outstanding shares of Common Stock (except by way of a stock
               dividend received by holders of Units and shares of Common Stock
               in accordance with Section 1(b)), (ii) subdivide the outstanding
               shares of Common Stock or (iii) combine the outstanding shares of
               Common Stock into a smaller number of shares, then in each such
               case the amount per Unit of any distribution in accordance with
               this Section 1(e) shall be adjusted proportionately so that the
               holders of each Unit shall receive an amount per Unit equal to
               the amount that would be received per share of Common Stock
               outstanding prior to such stock split or similar transaction,
               subdivision or combination of the shares (as if such stock split
               or similar transactions, subdivision or combination had not
               occurred).

                       (f) Share Exchange, Merger, Etc. In case the Corporation
               shall enter into any share exchange, merger, combination or other
               transaction in which the shares of Common Stock are exchanged for
               or converted into other stock or securities, cash and/or any
               other property, then in any such case Units of Series A Preferred
               Stock shall at the same time be similarly exchanged for or
               converted into an amount per Unit (subject to the provision for
               adjustment hereinafter set forth) equal to the aggregate amount
               of stock, securities, cash and/or any other property (payable in

                                        5

<PAGE>   6

               kind), as the case may be, into which or for which each share of
               Common Stock is converted or exchanged. In the event the
               Corporation shall at any time after the date of issuance of the
               Series A Preferred Stock (i) increase by way of a stock split or
               similar transaction the number of outstanding shares of Common
               Stock (except by way of a stock dividend received by holders of
               Units and shares of Common Stock in accordance with Section
               1(b)), (ii) subdivide the outstanding shares of Common Stock or
               (iii) combine the outstanding shares of Common Stock into a
               smaller number of shares, then in each such case the amount set
               forth in the immediately preceding sentence with respect to the
               exchange or conversion of shares of Series A Preferred Stock
               shall be adjusted proportionately so that the holders of each
               Unit shall receive an amount per Unit equal to the amount that
               would be received per share of Common Stock outstanding prior to
               such stock split or similar transaction, subdivision or
               combination of the shares (as if such stock split or similar
               transactions, subdivision or combination had not occurred).

                       (g) Redemption. The Units of Series A Preferred Stock
               shall not be redeemable at the option of the Corporation or any
               holder thereof. Notwithstanding the foregoing sentence of this
               Section, the Corporation may acquire Units of Series A Preferred
               Stock in any other manner permitted by law and the Amended and
               Restated Charter or by-laws of the Corporation.

                       (h) Conversion. The Series A Preferred Stock is not
               convertible into shares of any other class or series of stock of
               the Corporation.

                       (i) Ranking. The Units of Series A Preferred Stock shall
               rank junior to all other series of the Preferred Stock and to any
               other class of preferred stock that hereafter may be issued by
               the Corporation as to the payment of dividends and the
               distribution of assets, unless the terms of any such series or
               class shall provide otherwise.

                       (j) Amendment. The Amended and Restated Charter,
               including without limitation the provisions hereof, shall not
               hereafter be amended, either directly or indirectly, or through
               merger or share exchange with another corporation, in any manner
               that would alter or change the powers, preferences or special
               rights of the Series A Preferred Stock so as to affect the
               holders thereof adversely without the affirmative vote of the
               holders of a majority or more of the outstanding Units of Series
               A Preferred Stock, voting separately as a class.

                       (k) Fractional Shares. The Series A Preferred Stock may
               be issued in Units or other fractions of a share, which Units or
               fractions shall entitle the holder, in proportion to such
               holder's fractional shares, to exercise voting rights, receive
               dividends, participate in distributions and to have the benefit
               of all other rights of holders of Series A Preferred Stock.

                                        6

<PAGE>   7

        B. Common Stock.

        Each share shall be entitled to one vote. No holder of any Common Stock
of the corporation, now or hereafter authorized, shall have any right, as such
holder, to purchase, subscribe for or otherwise acquire any shares of stock of
the corporation, or any securities or obligations convertible into, or
exchangeable for, or any right, warrant or option to purchase, any shares of any
class which the corporation may at any time hereafter issue or sell, whether now
or hereafter authorized, but any and all such stock, securities, obligations,
rights, warrants or options may be issued and disposed of by the Board of
Directors to such persons, firms or corporations, and for such lawful
consideration and on such terms as the Board of Directors in its discretion may,
from time to time, determine, without first offering the same to the
shareholders of the corporation.

        6. The shareholders of the corporation shall not have preemptive rights.

        7. The Board of Directors shall be divided into three classes,
designated Class I, Class II and Class III. Each class shall consist, as nearly
as possible, of one-third of the total number for a three-year term, except at
the July 1993 special meeting of shareholders, Class I directors shall be
elected for a one-year term; Class II directors shall be elected for a two-year
term; and Class III directors shall be elected for a three-year term. If the
number of directors is changed, any increase or decrease shall be apportioned
among the classes so as to maintain the number of directors in each class as
nearly equal as possible, and any additional director of any class shall
coincide with the remaining term of that class, but in no case will a decrease
in the number of directors shorten the term of any incumbent director. A
director shall hold office until the annual meeting for the year in which his
term expires and until his successor shall be elected and shall qualify,
subject, however, to prior death, resignation, retirement, disqualification or
removal from office.

        Any director may be removed from office but only for cause by the
affirmative vote of the holders of a majority of the voting power of the shares
entitled to vote for the election of directors, considered for this purpose as
one class.

        Notwithstanding the foregoing, whenever the holders of any one or more
classes or series of preferred stock issued by the corporation shall have the
right, voting separately by class or series, to elect directors at any annual or
special meeting of shareholders, the election, term of office, filling of
vacancies and other features of such directorships shall be governed by the
terms of this Charter applicable thereto, and such directors so elected shall
not be divided into class pursuant to this Article 7 unless expressly provided
by such terms. In the event of a vacancy among the directors so elected by the
holders of preferred stock, the remaining preferred directors may fill the
vacancy for the unexpired term.

        Notwithstanding any other provisions of this Charter, the affirmative
vote of holders of two-third of the voting power of the shares entitled to vote
at an election of directors shall be required to amend alter, change or repeal,
or to adopt any provisions as part of this Charter or as part of the
Corporation's Bylaws inconsistent with the purpose and intent of, this
Article 7.

                                        7

<PAGE>   8

        8. To the fullest extent permitted by the Tennessee Business Corporation
Act as in effect on the date hereof and as hereafter amended from time to time,
a director of the corporation shall not be liable to the corporation or its
shareholders for monetary damages for breach of fiduciary duty as a director. If
the Tennessee Business Corporation Act or any successor statute is amended after
adoption of this provision to authorize corporate action further eliminating or
limiting the personal liability of directors, then the liability of a director
of the corporation shall be eliminated or limited to the fullest extent
permitted by the Tennessee Business Corporation Act, as so amended from time to
time. Any repeal or modification of this Article 8 by the shareholders of the
corporation shall not adversely affect any right or protection of a director of
the corporation existing at the time of such repeal or modification or with
respect to events occurring prior to such time.

Dated:__________________                 PERFORMANCE FOOD GROUP COMPANY

                                         By:____________________________________
                                                 Title:_________________________

                                        8

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