Document:

Warrant

EXHIBIT 10.22

 

[Execution Copy]

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR
HYPOTHECATED UNLESS SUCH SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS IN ACCORDANCE WITH SUCH ACT AND APPLICABLE STATE SECURITIES LAWS.

	
July 25, 2000
	
Warrant No. _____

 

WARRANT

to Purchase Common Stock of

Hispanic Television Network, Inc.

a Delaware corporation

          This Warrant certifies that [Insert Name of Purchaser] ("Purchaser"), is entitled to purchase from Hispanic Television Network, Inc., a Delaware corporation (the
"Company"), the Shares (as defined herein) at the Exercise Price (as defined herein), all on the terms and conditions hereinafter provided. 

          Section 1.     Certain Definitions. As used in this Warrant, unless the context otherwise requires:

          "Affiliate" shall mean: (i) any Person directly or indirectly controlling, controlled by, or under common control with, another Person; (ii) any Person owning or
controlling ten (10%) percent or more of the outstanding voting securities of another Person; (iii) any officer, director or partner of a Person; and (iv) if a Person is an officer, director or partner, any such company for which such Person acts in such
capacity.

          "Articles" shall mean the Certificate of Incorporation of the Company, as in effect from time to time.

          "Common Stock" shall mean the Company's authorized common stock, $0.01 par value per share.

          "Exercise Price" shall mean the exercise price per share of Common Stock as determined as follows, as adjusted from time to time pursuant to Section 3 hereof:
          (a)     if the effective date of the filing by the Company of a S-1 registration statement with the Securities and Exchange Commission which raises
at least $35 million in the aggregate (whether debt or equity or a combination) (prior to the payment of underwriting expenses and commissions) is the first of the events set forth in these clauses (a) through (e) to occur, then the Exercise Price shall
be the lesser of (i) $6.00 per share and (ii) sixty percent (60%) of the offering price of the Company's Common Stock in such registration statement;

          (b)     if the closing by the Company of a private placement or placements whereby the Company receives gross proceeds (whether debt or equity or a
combination) of at least $35 million in the aggregate (prior to the payment of sales expenses and commissions) is the first of the events set forth in these clauses (a) through (e) to occur, then the Exercise Price shall be the lesser of (i) $6.00 per
share and (ii) sixty percent (60%) of the price per share of the Company's securities sold in such equity private placement, and if such private placement involves debt securities, then the Exercise Price shall be the lesser of (A) $6.00 per share and (B)
sixty percent (60%) of the lesser of (x) the strike price of any warrant issued in connection therewith or (y) the price per share of any equity security sold in connection therewith (and in the event of multiple private placements, the strike price or
price per share shall be determined on a weighted dollar average basis);

          (c)     if January 31, 2001 is the first of the events set forth in these clauses (a) through (e) to occur, then the Exercise Price shall be the
lesser of (i) $5.00 per share and (ii) sixty percent (60%) of the average of the closing prices of the Company's Common Stock as reported in The Wall Street Journal (Southwest Edition) for the 15 trading days immediately preceding such date; 

          (d)     if a transaction where (i) all or substantially all of the assets of the Company are sold, (ii) there is a merger, consolidation or
reorganization whereby the stockholders of the Company immediately prior to such merger, consolidation or reorganization do not own in excess of 50% of the fully-diluted common shares of the surviving entity, or (iii) a majority of the Board of Directors
of the Company is replaced is the first of the events set forth in these clauses (a) through (e) to occur, then the Exercise Price shall be the lesser of (A) $6 per share and (B) sixty percent (60%) of the closing price of the Company's Common Stock as
reported in The Wall Street Journal (Southwest Edition) on such effective date;

          (e)     if the closing by the Company of any loan or loans lending at least $35 million in the aggregate is the first of the events set forth in
these clauses (a) through (e) to occur, then the Exercise Price shall be the price set forth in clause (c) above. 

          The Company shall provide written information and documentation to the Purchaser regarding the transactions set forth in clauses (a) through (e) to enable the Purchaser to
determine and verify the Exercise Price.

          "Expiration Date" shall mean three (3) years from the date that the Company shall have repaid all outstanding indebtedness under the Loan Agreement.

          "Loan Agreement" shall mean that certain Loan Agreement dated as of the same date hereof between the Company and certain lenders set forth therein.

          "Securities Act" shall mean the Securities Act of 1933, as amended.

          "Shares" shall mean: (a) the aggregate maximum principal amount loaned or committed to be loaned by the Lenders (as defined in the Loan Agreement) pursuant to the Loan
Agreement (including the Initial Loan Amount and the Escrowed Funds, as such terms are defined in the Loan Agreement), plus the aggregate interest payable by the Company on the actual principal amount until such time as the loan is repaid in full, with
such amount divided by (b) the Exercise Price, with such quotient multiplied by (c) a fraction (i) the numerator being the total maximum principal amount loaned or committed to be loaned to the Company by Purchaser (including the Initial Loan Amount and
the Escrowed Funds, as such terms are defined in the Loan Agreement), plus the aggregate interest payable by the Company on the actual principal amount until such time as the loan is repaid in full, and (ii) the denominator being the amount set forth in
clause (a) above. For example, if Purchaser loaned $950,000 to the Company and the interest payable under such loan was $50,000, the total amount loaned to the Company under the Loan Agreement was $4.75 million and the interest payable under such loans was $250,000,
and the Exercise Price was $5 per share, then the Shares would be 200,000 (i.e., 5,000,000 divided by 5, with such quotient (1,000,000) multiplied by 1/5). Notwithstanding the foregoing, in the event that the Company does not repay in full all amounts owing pursuant to the Loan Agreement on or prior to January 31, 2001,
the Shares shall equal the product of the amount determined pursuant to the first sentence of this paragraph multiplied by one hundred and twenty five percent (125%), and in the event that the Company does not repay in full all amounts owing pursuant to
the Loan Agreement on or prior to March 15, 2001, the Shares shall equal the product of the amount determined pursuant to the first sentence of this paragraph multiplied by one hundred and fifty percent (150%).

          "Warrant" shall mean this Warrant and all additional or new warrants issued upon division or combination of, or in substitution for, this Warrant. All such additional or
new warrants shall at all times be identical as to terms and conditions and date, except as to the number of shares of Common Stock for which they may be exercised.

          "Warrant Stock" shall mean the shares of Common Stock purchasable by the holder of this Warrant upon the exercise of such Warrant.

          "Warrantholder" shall mean Purchaser, as the initial holder of this Warrant, and its nominees, successors or assigns, including any subsequent holder of this Warrant to
whom it has been legally transferred.

          Section 2.     Exercise of Warrant. 
           (a)     At any time after the date hereof through and including the Expiration Date, the Warrantholder may at any time and from time to time
exercise this Warrant, in whole or in part, provided that the Warrant cannot be exercised prior to the initial time that the Exercise Price has been determined. In the event that the Warrantholder elects to exercise this Warrant at any time that the
number of Shares has not been finally determined, the Company shall be obligated to permit the Warrantholder to exercise its right to purchase the maximum number of Shares that may be covered by this Warrant at the time of exercise, and the Company shall
provide such Warrantholder with a new Warrant representing the right to purchase any additional Shares that may be determined subsequent to such exercise.

          (b)     Warrantholder shall exercise this Warrant by means of delivering to the Company at its office identified in Section 14 hereof: (i) a
written notice of exercise, including the number of Shares of Warrant Stock to be delivered pursuant to such exercise; (ii) this Warrant; and (iii) payment equal to the Exercise Price multiplied by the number of shares exercised. In the event that any
exercise shall not be for all Shares of Warrant Stock purchasable hereunder, the Company shall deliver to Warrantholder a new Warrant registered in the name of Warrantholder, of like tenor to this Warrant and for the remaining shares of Warrant Stock
purchasable hereunder, within ten (10) days of any such exercise. The notice of exercise described in clause (i) shall be in the Subscription Form set out at the end of this Warrant.

                    Warrantholder may elect to pay the Exercise Price to the Company either: (1) by cash, certified check or wire
transfer: (2) by converting the Warrant into Common Stock ("Warrant Conversion"); or (3) any combination of the foregoing. Such election of the form of payment of the Exercise Price shall be specified in the Subscription Form. If Warrantholder elects to
pay the Exercise Price through Warrant Conversion, the Company shall deliver to Warrantholder (without payment by Warrantholder of any cash or other consideration) that number of shares of Common Stock equal to the difference of: (I) the total number of
shares of Common Stock issuable upon exercise of this Warrant minus (II) that number of Shares of Common Stock having an aggregate "Fair Market Value" (as defined herein) equal to the aggregate Exercise Price. For purposes of this Section 2, "Fair Market Value" per share of Common Stock shall be the fair
market value (as determined either by the average closing price of the Company for the 15 trading days immediately preceding the conversion as reported in The Wall Street Journal (Southwest Edition) or, if the Company is no longer public (through de-listing, change of control or otherwise), the fair market value as determined by mutual agreement of the Company and Purchaser (including appropriate
discounts for illiquidity, minority and lack of marketability), and if such cannot be mutually agreed, then as determined by an independent appraiser expert in the industry, the cost of which would be shared equally by the Company and the Warrantholder.

          (c)     Upon exercise of this Warrant and delivery of the Subscription Form with proper payment relating thereto, the Company shall cause to
be executed and delivered to Warrantholder as soon as possible, and in no event later than five business days thereafter, a certificate or certificates representing the aggregate number of fully-paid and nonassessable shares of Common Stock issuable upon
such exercise. 

          (d)     The stock certificate or certificates for Warrant Stock to be delivered in accordance with this Section 2 shall be in such
denominations as may be specified in the Subscription Form, and shall be registered in the name of Warrantholder or such other name or names as shall be designated in said Subscription Form. Such certificate or certificates shall be deemed to have been
issued, and Warrantholder or any other person so designated to be named therein shall be deemed to have become the holder of record of such shares, including to the extent permitted by law the right to vote such shares or to consent or to receive notice
as stockholders, as of the time said Subscription Form is delivered to the Company as aforesaid.

          (e)     The Company shall pay all expenses payable in connection with the preparation, issue and delivery of stock certificates under this
Section 2; provided, however, that Warrantholder shall pay any transfer taxes resulting from the exercise of the Warrant and the issuance of Warrant Stock hereunder.

          (f)     All shares of Warrant Stock issuable upon the exercise of this Warrant in accordance with the terms hereof shall be validly issued,
fully paid and nonassessable, and free from all liens and other encumbrances thereon, other than liens or other encumbrances created by Warrantholder.

          (g)     In no event shall any fractional share of Common Stock of the Company be issued upon any exercise of this Warrant. If, upon any
exercise of this Warrant, Warrantholder would, except as provided in this paragraph, be entitled to receive a fractional share of Common Stock, then the Company shall deliver in cash to such holder an amount equal to such fractional interest.

          Section 3.     Adjustment of Exercise Price and Warrant Stock.
          (a)     If, at any time prior to the Expiration Date, the number of outstanding shares of Common Stock is: (i) increased by a stock dividend
payable in shares of Common Stock or by a subdivision or split-up of shares of Common Stock; or (ii) decreased by a combination of shares of Common Stock, then, following the dividend or effective date of such stock dividend, subdivision, split-up, or
combination, the Exercise Price shall be adjusted to a new amount equal to the product of (I) the Exercise Price in effect on such record date, and (II) the quotient obtained by dividing (x) the number of shares of Common Stock outstanding on such record
date (without giving effect to the event referred to in the foregoing clause (i) or (ii)), by (y) the number of shares of Common Stock which would be outstanding immediately after the event referred to in the foregoing clause (i) or (ii), if such event
had occurred immediately following such record date. 

          (b)     If, at any time prior to the Expiration Date, the Company issues or sells shares of its Common Stock or any other shares of its
Common Stock or any other securities convertible into or exchangeable for Common Stock ("Convertible Securities"), or in any manner grants or reprices any warrants, options or other rights (collectively, "Options") to purchase shares of Common Stock or
Convertible Securities, after the date hereof, which entitles the subscriber, or the holder of such Option or Convertible Security, to purchase any shares of Common Stock at less than the then current Exercise Price (or the Exercise Price as ultimately
determined pursuant to the definition of Exercise Price), then the Exercise Price in effect immediately prior to such action by the Company shall be adjusted to equal the price at which any such subscriber or holder shall be entitled to purchase any such
shares of Common Stock. This Section 3(b) shall not apply in the event that the Company issues or sells Options in consideration for the Company's purchase of television stations in an arm's length transaction from any person that is not an Affiliate of
the Company prior to the date of such issuance. 

          (c)     In the event that either of the events described in Section 3(a) or Section 3(b) shall occur prior to the determination of the
Exercise Price (pursuant to the definition of such term), then immediately upon the occurrence of the event that shall cause the determination of the Exercise Price pursuant to such definition, such Exercise Price shall immediately be adjusted in
accordance with this Section 3.

          (d)     Upon each adjustment of the Exercise Price as provided in Section 3(a) or Section 3(b), Warrantholder shall thereafter be entitled
to subscribe for and purchase, at the Exercise Price resulting from such adjustment, the number of shares of Warrant Stock equal to the product of: (i) the number of shares of Warrant Stock existing prior to such adjustment; and (ii) the quotient obtained
by dividing (I) the Exercise Price existing prior to such adjustment by (II) the new Exercise Price resulting from such adjustment. 

          (e)     If, at any time prior to the Expiration Date, there occurs an event which would cause the automatic conversion ("Automatic
Conversion") of the Warrant Stock into shares of the Company's common stock ("Common Stock") in accordance with the Articles, then any Warrant shall thereafter be exercisable, prior to the Expiration Date, into the number of shares of Common Stock into
which the Warrant Stock would have been convertible pursuant to the Articles if the Automatic Conversion had not taken place.

          Section 4.     Division and Combination. This Warrant may be divided or combined with other Warrants upon presentation at
the office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by Warrantholder or its agent or attorney. The Company shall pay all expenses in connection with the
preparation, issue and delivery of Warrants under this Section 4, including any transfer taxes resulting from the division or combination hereunder. The Company agrees to maintain at its office books for the registration of the Warrants.

          Section 5.     Reclassification, Etc. In case of any reclassification or change of the outstanding Common Stock of the
Company (other than as a result of a subdivision, combination or stock dividend), or in case of any consolidation of the Company with, or merger of the Company into, another corporation or other business organization (other than a consolidation or merger
in which the Company is the continuing corporation and which does not result in any reclassification or change of the outstanding Common Stock of the Company), at any time prior to the Expiration Date, then, as a condition of such reclassification,
reorganization, change, consolidation or merger, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to Warrantholder, so that Warrantholder shall have the right prior to the
Expiration Date to purchase, at a total price not to exceed that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable upon such reclassification, reorganization, change,
consolidation or merger by a holder of the number of shares of Common Stock of the Company which might have been purchased by Warrantholder immediately prior to such reclassification, reorganization, change, consolidation or merger, and in any such case
appropriate provisions shall be made with respect to the rights and interest of Warrantholder to the end that the provisions hereof (including provisions for the adjustment of the Exercise Price and of the number of shares purchasable upon exercise of
this Warrant) shall thereafter be applicable in relation to any shares of stock and other securities and property thereafter deliverable upon the exercise of this Warrant.

          Section 6.     Reservation and Authorization of Capital Stock. The Company shall at all times reserve and keep available
for issuance such number of its authorized but unissued shares of Common Stock as will be sufficient to permit the exercise in full of all outstanding Warrants.

          Section 7.     Stock and Warrant Books. The Company will not at any time, except upon dissolution, liquidation or winding
up, close its stock books or Warrant books so as to result in preventing or delaying the exercise of any Warrant.

          Section 8.     Limitation of Liability. No provisions hereof, in the absence of affirmative action by Warrantholder to
purchase Warrant Stock hereunder, shall give rise to any liability of Warrantholder to pay the Exercise Price or as a stockholder of the Company (whether such liability is asserted by the Company or creditors of the Company). 

          Section 9.     Registration Rights. The Warrant Stock issuable upon exercise of this Warrant is subject to the provisions
of a certain Registration Rights Agreement, dated the same date as this Warrant, by and among the Company, Purchaser and the other Lenders.

          Section 10.     Transfer. Prior to the earlier to occur of (i) the date that the Company has repaid all principal and
interest owing to the Warrantholder under the Loan Agreement, and (ii) April 25, 2001, (A) neither this Warrant nor any of the Warrant Stock shall be transferable in whole or in part, and (B) the Holder will not (i) offer, pledge, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, or (ii) enter into any swap or other arrangement that transfers
all or a portion of the economic consequences associated with the ownership of, any of the securities owned by the Holder of the Company. After the earlier of the dates set forth in the immediately preceding sentence, and subject to compliance with the
Securities Act and the applicable rules and regulations promulgated thereunder, this Warrant and all rights hereunder shall be transferable in whole or in part. Any such transfer shall be made at the offices of the Company at which this Warrant is
exercisable by Warrantholder or its duly authorized attorney upon surrender of this Warrant together with an assignment hereof properly endorsed. Promptly thereafter a new warrant shall be issued and delivered by the Company, registered in the name of the
assignee. Until registration of the transfer of this Warrant on the books of the Company, the Company may treat Purchaser as the owner hereof for all purposes.

          Section 11.     Investment Representations; Restrictions on Transfer of Warrant Stock. Unless a current registration
statement under the Securities Act shall be in effect with respect to the Warrant Stock to be issued upon exercise of this Warrant, Warrantholder, by accepting this Warrant, covenants and agrees that, at the time of exercise hereof, and at the time of any
proposed transfer of Warrant Stock acquired upon exercise hereof, Warrantholder will deliver to the Company a written statement that the Warrant Stock acquired by Warrantholder upon exercise hereof is for the account of Warrantholder (or is being held by
Warrantholder as trustee, investment manager, investment advisor or as any other fiduciary for the account of the beneficial owner or owners) for investment, and is not being acquired with a view to, or for sale in connection with, any distribution
thereof (or any portion thereof), and with no present intention (at any such time), of offering and distributing such Warrant Stock (or any portion thereof). The Warrant Stock may contain a standard securities law restrictive legend reasonably required by
the Secretary of the Company.

          Section 12.     Loss, Destruction of Warrant. Upon receipt of evidence satisfactory to the Company of the loss, theft,
destruction or mutilation of any Warrant and, in the case of any such loss, theft or destruction, upon receipt of indemnity and/or security reasonably satisfactory to the Company or, in the case of any such mutilation, upon surrender and cancellation of
such Warrant, the Company will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number of shares of Common Stock.

          Section 13.     Amendments. The terms of this Warrant may be amended, and the observance of any term herein may be waived,
but only with the written consent of the Company and Warrantholder.

          Section 14.     Notices Generally. Any notice, request, consent, other communication or delivery pursuant to the provisions
hereof shall be in writing and shall be sent by one of the following means: (i) by registered or certified first class mail, postage prepaid, return receipt requested; (ii) by facsimile transmission with confirmation of receipt; (iii) by nationally
recognized courier service guaranteeing overnight delivery; or (iv) by personal delivery; and shall be properly addressed to Warrantholder at the last known address or facsimile number appearing on the books of the Company, or, except as herein otherwise
expressly provided, to the Company at its principal executive office, or such other address or facsimile number as shall have been furnished to the party giving or making such notice, demand or delivery.

          Section 15.     Successors and Assigns. This Warrant shall bind and inure to the benefit of and be enforceable by the
parties hereto and their respective permitted successors and assigns which shall be limited to Affiliates of the holder hereof.

          Section 16.     Governing Law. In all respects, including all matters of construction, validity and performance, this
Warrant and the obligations arising hereunder shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware applicable to contracts made and performed in such State, except with respect to the validity of this
Warrant, the issuance of Warrant Stock upon exercise hereof and the rights and duties of the Company with respect to registration of transfer, which shall be governed by the General Corporation Law of the State of Delaware, in each case without reference
to the conflicts of laws principles of the State of Delaware.

          IN WITNESS WHEREOF, the Company has caused this Warrant to be signed in its name by a duly authorized officer.

Dated: July 25, 2000

	
 
	
HISPANIC TELEVISION NETWORK, INC.

	
 
	
 
	
 

	
 
	
By:
	

________________________________

	
 
	
Name: ___________________________________

	
 
	
Title: _____________________________________

 

SUBSCRIPTION FORM

(to be executed only upon exercise of Warrant)

 

	
To:
	
Hispanic Television Network, Inc.

6125 Airport Freeway, Suite 200 

Fort Worth, Texas 76117

[Choose one or both of the paragraphs, as applicable]

          The undersigned, pursuant to the provisions set forth in the attached Warrant (No. __ ), hereby irrevocably elects to purchase __________ shares of the Common Stock covered by
such Warrant and herewith makes payment of $__________, representing the full purchase price for such shares at the price per share provided for in such Warrant.

          The undersigned, pursuant to the provisions set forth in the attached Warrant (No. __ ), hereby irrevocably elects to exercise the right of conversion represented by the
attached Warrant for ____ shares of Common Stock, and as payment therefor hereby directs Hispanic Television Network, Inc. to withhold ____ shares of Common Stock that the undersigned would otherwise be entitled thereunder.

	
 
	
Dated: ____________
	
Name: ___________________________________

	
 
	
 
	
Signature _________________________________

	
 
	
 
	
Address: __________________________________Registration Rights Agreement

EXHIBIT 10.23

 

REGISTRATION RIGHTS AGREEMENT

          This Registration Rights Agreement, is entered into as of July 25, 2000 (the "Agreement"), by and among Hispanic Television Network, Inc., a Delaware corporation
(the "Corporation"), and those purchasers listed on Exhibit A and the signature page (each, a "Purchaser").

RECITALS

          Each Purchaser has received a Warrant (collectively, the "Warrants") from the Corporation to purchase certain shares of common stock, par value $0.01 per share,
of the Corporation (the "Common Stock"), all of which shares have the respective rights specified in the Corporation's Certificate of Incorporation, as amended to the date hereof (the "Charter").

          The Corporation deems it desirable for the Corporation to grant certain registration rights to the Purchasers in order to induce the Purchasers to make a loan to the
Corporation in partial consideration for receipt of the Warrants and to specify in one agreement the relative registration rights of the Corporation and the Purchasers.

AGREEMENT

          NOW, THEREFORE, in consideration of the foregoing recitals and the parties' mutual covenants herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

          1.          Definitions.     As used in this Agreement:
          (a)          "Affiliate" means: (i) any Person directly or indirectly controlling, controlled by, or under
common control with, another Person; (ii) any Person owning or controlling ten (10%) percent or more of the outstanding voting securities of another Person; (iii) any officer, director or partner of a Person; and (iv) if a Person is an officer, director
or partner, any such company for which such Person acts in such capacity.

          (b)          "Commission" means the Securities and Exchange Commission or any other federal agency at the time
administering the Securities Act.

          (c)          "Exchange Act" means the Securities Exchange Act of 1934, as amended, or any similar federal
statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time.

          (d)          "Holder" means Purchaser or any Affiliate thereof or any successor or other transferee of any of
the foregoing.

          (e)          "Person" means a natural person, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.

          (f)          "Registrable Shares" means at any time any Common Stock owned by any Holder which is or may be
acquired through the exercise of the Warrants and any other shares of Common Stock issued in respect of such shares by way of a stock dividend or stock split, or in connection with a combination of shares, recapitalization, merger, consolidation or
reorganization; provided, however, that shares of Common Stock shall cease to be Registrable Shares as soon as they are: (i) eligible for sale without restriction under Rule 144(k) of the Securities Act (provided that the Company's Secretary or transfer
agent has removed all transfer restrictions and restrictive legends with respect to such Common Stock); (ii) sold or otherwise disposed of pursuant to a registration statement that was filed with the Commission and declared effective under the Securities
Act (provided that the Company's Secretary or transfer agent has removed all transfer restrictions and restrictive legends with respect to such Common Stock); (iii) sold, transferred or disposed of by a Holder to any Person that is not a Purchaser or an
Affiliate of a Purchaser; or (iv) no longer outstanding.

          (g)          "Registration Expenses" has the meaning ascribed to it in Section 5 of this Agreement.

          (h)          "Secondary" means the S-1 Registration Statement that the Corporation currently contemplates will
be filed with the Commission on or prior to October 31, 2000. 

          (i)          "Securities Act" means the Securities Act of 1933, as amended, or any similar federal
statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time.

          2.          Demand Registrations.
          (a)          Requests for Registration.
          (i)          Upon written request of the Holders of a majority of the Registrable Shares, the Corporation shall use its
reasonable best efforts to file on April 25, 2001 (or such later reasonable period of time following the date of such request if such request is made on or after April 1, 2001) a registration statement intended to effect a registration pursuant to Rule
415 of the Securities Act on the appropriate form with the Commission (the "Required Shelf") covering not less than the total number of Registrable Securities at the time of such request. The Corporation shall use its best efforts to keep the registration
statement associated with the Required Shelf effective with the Commission for the shorter of (A) such time as all securities that were Registrable Shares on the date hereof cease to be Registrable Shares, or (B) the date that all the Registrable Shares
have been sold.

          (ii)          In addition to the registration required pursuant to Section 2(a)(i), the Purchasers may on an unlimited
basis request registration of all or part of their Registrable Shares on Form S-3 (or any similar short-form registration); provided, however, that (A) if the Corporation has not otherwise filed the Required Shelf pursuant to Section 2(a)(i), the Corporation shall be required to register any Registrable Shares on Form S-1 (rather than Form S-3 or any similar
short-form registration) pursuant to this Section 2(a)(ii) in the event that the Corporation is not eligible to effect registrations of its securities on Form S-3 (or any similar short-form registration) after April 25, 2001, and (B) the Corporation shall
be obligated to register Registrable Shares pursuant to this Section 2(a)(ii) no more than once in any twelve month period in the event that the Corporation has filed the Required Shelf pursuant to Section 2(a)(i) or twice in any twelve month period in
the event that the Corporation has not filed the Required Shelf pursuant to Section 2(a)(i) or the Required Shelf is not otherwise effective; and further provided that the Corporation shall not be obligated to register Registrable Shares pursuant to this Section 2(a)(ii) if gross proceeds of such registered offering would be less than $500,000. The Corporation will use its best
efforts to make registrations on Form S-3 (or any similar short-form) or Form S-1 (to the extent that Form S-3 is not available after April 25, 2001) available for the sale of Registrable Shares. All registrations requested pursuant to Sections 2(a)(i)
and (ii) are referred to herein as "Demand Registrations."

          (iii)          A registration will not count as a Demand Registration until it has become effective and unless the
holders of Registrable Shares requesting such Registration are able to register and sell at least 90% of the Registrable Shares requested to be included in such registration; provided that, in any event, the Corporation will pay all Registration Expenses in connection with any registration requested hereunder.

          (b)          The Corporation shall continue to use its best efforts to file and make and keep effective the
Corporation's filing of any Demand Registrations required pursuant to this Agreement in a punctual manner, and shall keep the Purchasers apprised of all filings with, and responses from, the Commission with respect to each Demand Registration and the
Secondary.

          3.          Piggyback Registrations.
          (a)          Right to Piggyback. Whenever the Corporation proposes to register any of its securities under the
Securities Act (other than the Secondary), and the registration form to be used may be used for the registration of Registrable Shares (a "Piggyback Registration"), the Corporation will give prompt written notice to all holders of Registrable Shares of its intention to effect such a registration (which notice shall be given not less than thirty (30) days prior to the date the
registration statement is to be filed) and, subject to the terms hereof, will include in such registration all Registrable Shares with respect to which the Corporation has received written requests for inclusion therein within 15 days after the receipt of
the Corporation's notice.

          (b)          Priority on Secondary Registrations. Except for the Secondary, if a Piggyback Registration is an
underwritten secondary registration on behalf of holders of the Corporation's securities, and the managing underwriters advise the Corporation in writing that in their opinion the number of securities requested to be included in such registration: (i)
creates a substantial risk that the price per share in such registration will be materially and adversely affected; or (ii) exceeds the number which can reasonably be sold in such offering, then the Corporation will include in such registration (x) first, the securities requested to be included therein by the holders requesting such registration including those requested to be registered by the Corporation, (y) second, the Registrable Shares (which shall not included in clause (x) if
the Corporation desires to sell securities in such offering) requested to be included in such registration which in such opinion of such underwriters can be sold, pro rata among the holders of such Registrable Shares on the basis of the number of Registrable Shares owned or deemed to be owned by such holders, and (z) third, other securities requested to be included in such registration; 
provided, however, that notwithstanding anything in this Section 3(b) to the contrary, every Piggyback Registration shall include at least thirty percent (30%) of the Registrable Shares requested to be included in such registration (which for purposes
of this Section 3(b) shall include any Registrable Shares registered pursuant to clause (x) above).

          (c)          Other Registrations. If the Corporation has previously received a request for a Demand Registration
pursuant to Section 2 or has previously filed a registration statement with respect to Registrable Securities subject to this Section 3, and if such previous request or registration has not been withdrawn or abandoned, the Corporation will not file or
cause to be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-4, Form S-8 or any successor forms), whether on
its own behalf or at the request of any holder or holders of such securities, until a period of 6 months has elapsed from the effective date of such Demand Registration or previous registration, as the case may be.

          4.          Registration Procedures. Whenever the holders of Registrable Shares have requested that any
Registrable Shares be registered pursuant to this Agreement, the Corporation will use all reasonable efforts to effect the registration of such Registrable Shares in accordance with the intended method of disposition thereof, and pursuant thereto the
Corporation will as expeditiously as possible:
          (a)          prepare and file with the Commission a registration statement with respect to such Registrable Shares and
use all reasonable efforts to cause such registration statement to become and remain effective for such period as may be reasonably necessary to effect the sale of such securities, not to exceed the period specified in Section 2(a)(i);

          (b)          prepare and file with the Commission such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period of not less than the period specified in Section 2(a)(i) and comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the Holders thereof set forth in such registration statement;

          (c)          furnish to each Holder of Registrable Shares and the underwriters of the securities being registered such
number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such Holder or underwriters may reasonably
request in order to facilitate the disposition of the Registrable Shares owned by such Holder or the sale of such securities by such underwriters;

          (d)          use all reasonable efforts to register or qualify such Registrable Shares under such other securities or
blue sky laws of such jurisdictions as any Holder reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such Holder to consummate the disposition in such jurisdictions of the Registrable
Shares owned by such Holder (provided, however, that the Corporation will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, or (ii) consent to general
service of process in any such jurisdiction);

          (e)          cause all such Registrable Shares to be listed or authorized for quotation on each securities exchange or
automated quotation system on which similar securities issued by the Corporation are then listed or quoted;

          (f)          provide a transfer agent and registrar for all such Registrable Shares not later than the effective date
of such registration statement;

          (g)          enter into such customary agreements (including underwriting agreements in customary form) and take all
such other actions as the Holders of a majority of the Registrable Shares being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Shares;

          (h)          make available for inspection by the Holder of Registrable Shares, any underwriter participating in any
disposition pursuant to such registration statement, and any attorney, accountant or other agent retained by any such Holder or underwriter, all financial and other records, pertinent corporate documents and properties of the Corporation, and cause the
Corporation's officers, directors, employees and independent accountants to supply all information reasonably requested by any such Holder, underwriter, attorney, accountant or agent in connection with the preparation of such registration statement;

          (i)          notify each Holder of such Registrable Shares, promptly after it shall receive notice thereof, of the time
when such registration statement has become effective or a supplement to any prospectus forming a part of such registration statement has been filed;

          (j)          notify each Holder of such Registrable Shares of any request by the Commission for the amending or
supplementing of such registration statement or prospectus or for additional information;

          (k)          prepare and file with the Commission, promptly upon the request of any Holder of such Registrable Shares,
any amendments or supplements to such registration statement or prospectus which, in the opinion of counsel selected by the Holders of a majority of the Registrable Shares being registered, is required under the Securities Act in connection with the
distribution of Registrable Shares by such Holder;

          (l)          prepare and promptly file with the Commission, and promptly notify each Holder of such filing, such
amendment or supplement to any registration statement or prospectus as may be necessary to correct any statements or omissions in a registration statement or prospectus relating to any Registrable Shares if any event shall have occurred which had the
effect of making such registration statement or prospectus include an untrue statement of a material fact, or omit a material fact required to be stated therein or necessary to make the statements therein not misleading;

          (m)          advise each Holder of such Registrable Shares, promptly after it shall receive notice or obtain knowledge
thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding for such purpose, and promptly use its best efforts to prevent the issuance of any
stop order or to obtain its withdrawal if such stop order should be issued;

          (n)          at least forty-eight hours prior to the filing of any registration statement or prospectus (or any
amendment or supplement to such registration statement or prospectus), furnish a copy thereof to each Holder of such Registrable Shares and refrain from filing any such registration statement, prospectus, amendment or supplement to which counsel selected
by the Holders of a majority of the Registrable Shares being registered shall have objected on the grounds that such amendment or supplement does not comply in all material respects with the requirements of the Securities Act;

          (o)          at the request of any Holder of such Registrable Shares in connection with an underwritten offering,
furnish on the date or dates provided for in the underwriting agreement: (i) an opinion of counsel, addressed to the underwriters and the Holders of Registrable Shares, covering such matters as such underwriters and Holders may reasonably request and as
are customarily covered by the issuer's counsel in an underwritten offering; and (ii) a letter or letters from the independent certified public accountants of the Corporation addressed to the Corporation, underwriters and the Holders of Registrable
Shares, covering such matters as such underwriters and Holders may reasonably request and as are customarily covered in accountants' letters in connection with an underwritten offering; and

          (p)          otherwise use its best efforts to comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement in accordance with the intended method of disposition.

          (q)          Each Holder of Registrable Shares that sells Registrable Shares pursuant to a registration under this
Agreement agrees as follows:
          (i)          Such Holder shall: (A) cooperate as reasonably requested by the Corporation with the Corporation in
connection with the preparation of the registration statement, and for so long as the Corporation is obligated to file and keep effective the registration statement, and (B) shall provide to the Corporation, in writing, for use in the registration
statement, all such information regarding such Holder and its plan of distribution of the Registrable Shares as may be reasonably necessary to enable the Corporation to prepare the registration statement and prospectus covering the Registrable Shares, to
maintain the currency and effectiveness thereof, and to otherwise comply with all applicable requirements of law in connection therewith.

          (ii)          During such time as such Holder may be engaged in a distribution of the Registrable Shares, such Holder
shall comply with Regulation M promulgated under the Exchange Act and pursuant thereto it shall, among other things: (A) not engage in any stabilization activity in connection with the securities of the Corporation in contravention of such regulation; (B)
distribute the Registrable Shares under the registration statement solely in the manner described in the registration statement; and (C) cease distribution of such Registrable Shares pursuant to such registration statement upon receipt of written notice
from the Corporation that the prospectus covering the Registrable Shares contains any untrue statement of a material fact or omits a material fact required to be stated therein or necessary to make the statements therein not misleading.

          (r)          In the event that any public offering pursuant to this Agreement shall involve, in whole or in part, an
underwritten offering, the Corporation shall have the right to designate an underwriter or underwriters as the lead or managing underwriters of such underwritten offering who shall be reasonably acceptable to Holders owning a majority of the Registrable
Shares proposed to be sold therein.

          (s)          Notwithstanding any other provision of this Agreement to the contrary, upon a request for a Demand
Registration or if at any time while the Required Shelf is effective, the Corporation provides written notice to each Holder that (i) a sale of Registrable Securities would violate a stop order issued by the Commission, or (ii) a sale of Registrable
Securities would violate any applicable law the violation of which would have a material adverse effect on the Corporation, or (iii) in the Corporation's good faith and reasonable judgment it would be materially disadvantageous to the Corporation because
the sale of Registrable Shares covered by or to be covered by such registration statement or the disclosure of information therein or in any related prospectus or prospectus supplement would materially interfere with any acquisition, financing or other
material event or transaction in connection with which a registration of securities under the Securities Act for the account of the Corporation is then intended or the public disclosure of which at the time would be materially prejudicial to the
Corporation (collectively, a "Disadvantageous Condition") for sales of Registrable Shares thereunder to then be permitted, and setting forth the general reasons for such judgment, then the Corporation may refrain from filing the registration statement for the Demand
Registration or maintaining current the prospectus contained in the Shelf Registration until such Disadvantageous Condition no longer exists (notice of which the Corporation shall promptly deliver to each Holder). Furthermore, notwithstanding anything
else contained in this Agreement, with respect to any registration statement filed, or to be filed, pursuant to Section 2, if the Corporation provides written notice to each Holder that in the Corporation's good faith and reasonable judgment it would be
materially disadvantageous to the Corporation (because of a Disadvantageous Condition) for such a registration statement to be maintained effective, or to be filed and become effective, and setting forth the general reasons for such judgment, the
Corporation shall be entitled to cause such registration statement to be withdrawn or the effectiveness of such registration statement terminated, or, in the event no registration statement has yet been filed, shall be entitled not to file any such
registration statement, until such Disadvantageous Condition no longer exists (notice of which the Corporation shall promptly deliver to each Holder). With respect to each Holder, upon the receipt by such Holder of any such notice of a Disadvantageous
Condition in connection with the Required Shelf Registration (a) such Holder shall forthwith discontinue use of the prospectus and any prospectus supplement under such registration statement and shall suspend sales of Registrable Shares until such
Disadvantageous Condition no longer exists and (b) if so directed by the Corporation by notice as aforesaid, such Holder will deliver to the Corporation all copies, other than permanent filed copies then in such Holder's possession, of the prospectus and
prospectus supplements then covering such Registrable Shares at the time of receipt of such notice as aforesaid. Notwithstanding anything else contained in this Agreement, (a) the maintaining current of a prospectus (and the suspension of sales of
Registrable Shares) in connection with the Required Shelf may not be delayed or withdrawn under this Section 3 for more than a total of 60 days in any six-month period and (b) that the Corporation may not otherwise utilize this deferral, termination or
withdrawal right more than once in any twelve-month period. In the event of any such withdrawal contemplated hereunder, then, upon the first to occur of the abatement of the Disadvantageous Condition or the elapsing of the period contained in the
preceding sentence, the Corporation shall promptly, at its own expense, take all action to make effective any such withdrawn item pursuant to the terms of Section 2.

          5.          Registration Expenses.
          (a)          All expenses incident to the Corporation's performance of or compliance with this Agreement, including,
without limitation, all registration and filing fees, fees of transfer agents and registrars, fees and expenses of compliance with securities or blue sky laws, fees of the National Association of Securities Dealers, Inc., printing expenses, fees and
disbursements of counsel for the Corporation, fees and expenses of the Corporation's independent certified public accountants, and the fees and expenses of any underwriters and other Persons retained by the Corporation (but excluding all underwriting
discounts and commissions, selling or placement agent or brokers fees' and commissions, and transfer taxes, if any, attributable to the Registrable Shares included in such registration, which discounts, commissions and fees shall be paid by the Holders),
will be borne by the Corporation. (All such expenses being herein called "Registration Expenses"). In addition, the Corporation will pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual
audit or quarterly review, the expense of any liability insurance obtained by the Corporation, and the expenses and fees for listing or authorizing for quotation the securities to be registered on each securities exchange or automated quotation system on
which any shares of common stock are then listed or quoted.

          (b)          In connection with the Demand Registration described in Section 2(a)(i) effected pursuant to this
Agreement, the Corporation will reimburse the Holders of Registrable Shares covered by such registration for the reasonable fees and disbursements of one counsel for the Holders chosen by the Holders of a majority of such Registrable Shares, which fees
and disbursements shall not exceed $15,000.

          6.          Indemnification.
          (a)          The Corporation agrees to indemnify, to the fullest extent permitted by law, each seller of Registrable
Shares, its officers and directors and each Person who controls such seller (within the meaning of the Securities Act or the Exchange Act) against any and all losses, claims, damages, liabilities and expenses (including, without limitation, attorneys'
fees except as limited by Section 6(c)) caused by any untrue or alleged untrue statement of a material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Corporation or any
underwriter by such seller expressly for use therein. In connection with an underwritten offering, the Corporation will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the
Securities Act or the Exchange Act) to the same extent as provided above with respect to the indemnification of the sellers of Registrable Shares and in connection therewith the Corporation shall enter into an underwriting agreement in customary form
containing such provisions for indemnification and contribution as shall be reasonably requested by the underwriters. The reimbursements required by this Section 6(a) will be made by periodic payments during the course of the investigation or defense, as
and when bills are received or expenses incurred.

          (b)          In connection with any registration statement in which a seller of Registrable Shares is participating,
each such seller will furnish to the Corporation in writing such information and affidavits as the Corporation reasonably requests for use in connection with any such registration statement or prospectus and, to the fullest extent permitted by law, will
indemnify the Corporation, its directors and officers and each Person who controls the Corporation (within the meaning of the Securities Act) against any and all losses, claims, damages, liabilities and expenses (including, without limitation, attorneys'
fees except as limited by Section 6(c)) caused by any untrue or alleged untrue statement of a material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in
writing to the Corporation or any underwriter by such seller; provided, that, the obligation to indemnify will be several, not joint and several, among such sellers of Registrable Shares, and the liability of each such seller of Registrable Shares will be limited to the net amount received by such
seller from the sale of Registrable Shares pursuant to such registration statement. The reimbursements required by this Section 6(b) will be made by periodic payments during the course of the investigation or defense, as and when bills are received or
expenses incurred.

          (c)          Any Person entitled to indemnification hereunder will: (i) give prompt written notice to the indemnifying
party of any claim with respect to which it seeks indemnification (provided that the failure to give such notice shall not limit the rights of such Person except to the extent such failure to give notice shall materially prejudice the rights of the
indemnifying party); and (ii) unless in such indemnified party's reasonable judgment (with written advice of counsel) a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment (with written advice of counsel) of any indemnified party a conflict of interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim.

          (d)          Each party hereto agrees that, 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, liabilities or expenses (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, liabilities or expenses (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party 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 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 contribution pursuant to this Section 6(d) were determined by pro rata allocation (even if the holders or any underwriters or all of them
were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 6(d). The amount paid or payable by an indemnified party as a result of the losses,
claims, damages, liabilities or expenses (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, except as provided
in Section 6(c), defending any such action or claim. Notwithstanding the provisions of this Section 6(d), no seller shall be required to contribute an amount greater than the dollar amount of the proceeds received by such seller with respect to the sale
of any Registrable Shares. 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 sellers'
obligations in this Section 6(d) to contribute shall be several in proportion to the amount of Registrable Shares registered by them and not joint.

          (e)          The indemnification and contribution provided for under this Agreement will remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party.

          7.          Compliance with Rule 144. In the event that the Corporation: (a) registers a class of
securities under Section 12 of the Exchange Act; or (b) commences to file reports under Section 13 or 15(d) of the Exchange Act, then the Corporation shall (i) make and keep public information available, as those terms are understood and defined in Rule
144 of the Commission, (ii) file with the Commission in a timely manner all reports and other documents required of the Corporation under the Securities Act and the Exchange Act, and (iii) at the request of any Holder who proposes to sell securities in
compliance with Rule 144, forthwith furnish to such Holder a written statement of compliance with the reporting requirements of the Commission as set forth in Rule 144 and make available to the public and such Holder such information as will enable the
Holder to make sales pursuant to Rule 144.

          8.          Participation in Underwritten Registrations. No Person may participate in any registration
hereunder which is underwritten unless such Person: (a) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements; and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements.

          9.          No Inconsistent Agreements. The Corporation will not hereafter enter into any agreement with
respect to its securities which materially diminishes, in the reasonable judgement of the Holders of a majority of the Registrable Shares, the rights granted to the Holders of the Registrable Shares in this Agreement.

          10.          Intentionally Deleted.

          11.          Remedies. Any Person having rights under any provision of this Agreement will be entitled to
enforce such rights specifically, to recover damages caused by reason of any breach of any provision of this Agreement, and to exercise all other rights granted by law.

          12.          Amendments and Waivers. Except as otherwise expressly provided herein, the provisions of
this Agreement may be amended or waived at any time only by the written agreement of the Corporation and the Holders of more than 50% of the Registrable Shares; provided that any such amendment or waiver shall apply equally to all Holders of Registrable Shares. Notwithstanding the foregoing, this Agreement shall be amended automatically so as to include any Person that executes a counterpart of this
Agreement within ten business days after the date hereof who has also loaned funds to the Company pursuant to that certain Loan Agreement between the Company and certain lenders named therein dated even date hereof. Any waiver, permit, consent or approval
of any kind or character on the part of any such holders of any provision or condition of this Agreement must be made in writing and shall be effective only to the extent specifically set forth in writing.

          13.          Successors and Assigns. This Agreement and the rights and obligations hereunder may not be
assigned or delegated with the prior written consent of the other parties, which consent shall not be unreasonably withheld or delayed, except that a Purchaser may assign this Agreement and all rights and responsibilities of such Purchaser hereunder
without any written consent as long as such successor, permitted assign or Holder shall agree to be bound by the terms hereof.

          14.          Final Agreement. This Agreement constitutes the final agreement of the parties concerning
the matters referred to herein, and supersedes all prior agreements and understandings.

          15.          Severability. Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity,
without invalidating the remainder of this Agreement.

          16.          Descriptive Heading. The descriptive headings of this Agreement are inserted for convenience
of reference only and do not constitute a part of and shall not be utilized in interpreting this Agreement.

          17.          Notices. Any notices required or permitted to be sent hereunder shall be delivered
personally or mailed, certified mail, return receipt requested, or delivered by overnight courier service to the following addresses, or such other addresses as shall be given by notice delivered hereunder, and shall be deemed to have been given upon
delivery, if delivered personally, three business days after mailing, if mailed, or one business day after delivery to the courier, if delivered by overnight courier service. Notices to the Holders of Registrable Shares shall be sent to the addresses set
forth on the stock record books of the Corporation.

          18.          GOVERNING LAW. THE VALIDITY, MEANING AND EFFECT OF THIS AGREEMENT SHALL BE DETERMINED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THAT STATE WITHOUT REFERENCE TO THE CONFLICTS OF LAWS PRINCIPLES OF THE STATE OF DELAWARE.

          19.          Counterparts. This Agreement may be executed in any number of counterparts, each of which when
so executed and delivered shall be deemed an original, and such counterparts together shall constitute one instrument. Each party shall receive a duplicate original of the counterpart copy or copies executed by it and the Corporation.

          20.          Attorneys' Fees. In the event of any action, arbitration or suit based upon or arising out
of any actual or alleged breach by any party of any representation, warranty, covenant or agreement in this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys' fees and expenses of such action, arbitration or suit from
the other party, in addition to any other relief ordered by any proper arbitration proceeding or court.

- BALANCE OF PAGE INTENTIONALLY LEFT BLANK -

 

IN WITNESS WHEREOF, this Registration Rights Agreement has been executed on the date first set forth above.

	
 
	
HISPANIC TELEVISION NETWORK, INC.

	
 
	
By:
	
______________________________________

	
 
	
 
	
Name: ________________________________

	
 
	
 
	
Title: _________________________________

	
 
	
PURCHASERS:

GOFF MOORE STRATEGIC PARTNERS, L.P.

	
 
	
By:
	
GMSP Operating Partners, L.P., its general partner

	
 
	
By:
	
GMSP, L.L.C.

	
 
	
By:
	
_____________________________________

	
 
	
 
	
Name: ________________________________

	
 
	
 
	
Title: _________________________________

	
 
	
GAINSCO, INC.

	
 
	
By:
	
_____________________________________

	
 
	
 
	
Name: ________________________________

	
 
	
 
	
Title: _________________________________

	
 
	
_____________________________________________

Gregory T. Buchholz

	
 
	
ICEBERG VENTURES

	
 
	
By:
	
______________________________________

Gregory Fischer

	
 
	
 

	
 
	
_____________________________________________

Joseph Cusimano, IRA

	
 
	
_____________________________________________

Dan Canale

	
 
	
_____________________________________________

Ted Anderson

	
 
	
_____________________________________________

Kirk Rimer

	
 
	
_____________________________________________

Keith B. Ohnmeis

	
 
	
_____________________________________________

Richard Chamberlain

	
 
	
_____________________________________________

Alges Strikas

	
 
	
_____________________________________________

James Ryffel

	
 
	
_____________________________________________

Robert Dow

	
 
	
_____________________________________________

Jane Rimer

	
 
	
_____________________________________________

Scott Hollman

	
 
	
_____________________________________________

J. Luther King, Jr.

	
 
	
_____________________________________________

Brent Clum

	
 
	
_____________________________________________

Paul Greenwell

	
 
	
_____________________________________________

David Dowler

	
 
	
SUMMIT PARTNERS

	
 
	
By:
	
______________________________________

	
 
	
 
	
Name: ________________________________

	
 
	
 
	
Title: _________________________________

	
 
	
PRIVATE EQUITY PARTNERS I, L.P.

	
 
	
By:
	
______________________________________

	
 
	
 
	
Name: ________________________________

	
 
	
 
	
Title: _________________________________

	
 
	
_____________________________________________

Scott M. Kleberg

	
 
	
_____________________________________________

Robert Holt

	
 
	
_____________________________________________

Jim Orser

 

EXHIBIT A

 

	
Purchaser
	
Address

	
Goff Moore Strategic Partners, L.P.
	
777 Main Street, Suite 2250

Fort Worth, TX 76102

	
GAINSCO, Inc.
	
c/o Goff Moore Strategic Partners, L.P.

777 Main Street, Suite 2250

Fort Worth, TX 76102

	
Gregory T. Buchholz
	
c/o fob.com, Inc.

321 North Clark, Suite 310

Chicago, IL 60610

Phone: 312/261-4530

	
Iceberg Ventures
	
13400 U.S. Highway 42, Suite 290

Prospect, KY 40059

	
Joseph Cusimano IRA
	
132 East Delaware Place

Apt. 6105

Chicago, IL 60611

	
Dan Canale

	
1505 Old Hillsboro Road

Franklin, TN 37069

	
Ted Anderson
	
 

	
Richard Chamberlain
	
 

	
Keith Ohnmeis
	
P.O. Box 370

Wilson, WY 83014

	
Alges Strikas
	
 

	
James Ryffel
	
c/o Woodcrest Capital, L.L.C.

3113 South University Drive, Suite 600

Fort Worth, TX 76109

	
Robert Dow
	
P.O. Box 150665

Fort Worth, TX 76108

	
Jane Rimer
	
4230 Park Lane

Dallas, TX 75225

	
Scott Hollman
	
 

	
J. Luther King, Jr.
	
 

	
Brent Clum
	
 

	
Paul Greenwell
	
 

	
David Dowler
	
 

	
Summit Partner
	
 

	
Private Equity Partners I, L.P.
	
 

	
Scott M. Kleberg
	
 

	
Robert Holt
	
 

	
Jim Orser
	
 

	
TOTAL:
	
 

 

 

 

Additional Signature Page to Registration Rights Agreement

dated July 25, 2000 by and among Hispanic Television Network, Inc.

and Various Purchasers

 

	
 
	
______________________________________

	
 
	
 

	
 
	
______________________________________

	
 
	
 

	
 
	
______________________________________

	
 
	
 

	
 
	
______________________________________

	
 
	
 

	
 
	
______________________________________

	
 
	
 

	
 
	
______________________________________

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