Document:

<PAGE>

                                                                   EXHIBIT 10.14

                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

                                  PREPARED FOR:

                     OREGON TRAIL ETHANOL COALITION, L.L.C.

                               DAVENPORT, NEBRASKA

                                DECEMBER 30, 2002

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

                    DEVELOPMENT SERVICES/CONSULTING AGREEMENT

         This Development Services/Consulting Agreement (this "Agreement") is
entered into the 30/th/ day of December, 2002, by and between Oregon Trail
Ethanol Coalition, L.L.C., a Nebraska limited liability company of Davenport,
Nebraska (hereinafter "Oregon Trail Ethanol Coalition"), and GreenWay
Consulting, LLC, a Minnesota limited liability company of Morris, Minnesota
(hereinafter "GreenWay").

                                    RECITALS

         WHEREAS, GreenWay maintains expertise in the development, construction
and management of ethanol production facilities;

         WHEREAS, Oregon Trail Ethanol Coalition requires Project Services (the
"Services") in connection with the execution and delivery of project financing,
facility design and construction, and initial plant operation for an ethanol
production facility to be constructed during the term of this Agreement; and

         WHEREAS, Oregon Trail Ethanol Coalition desires to engage GreenWay to
render these specific Services.

         NOW THEREFORE, in consideration of the mutual covenants and
stipulations hereinafter set forth, the parties agree as follows:

SECTION 1 - SCOPE OF SERVICES. The scope of Services to be provided by GreenWay
are set forth below and are divided into three phases: Phase I (Project
Development), Phase II (Construction) and Phase III (Initial Plant Operations).

       1.       PHASE I - PROJECT DEVELOPMENT

       a.       PROJECT COORDINATION AND DEVELOPMENT:

                (i)      Assist and advise Oregon Trail Ethanol Coalition in
                         engaging other firms to provide risk management and
                         marketing expertise;
                (ii)     Assist and advise Oregon Trail Ethanol Coalition in
                         the site evaluation and preparation process;
                (iii)    Assist and advise Oregon Trail Ethanol Coalition in
                         the negotiations of various contracts including
                         insurance, utilities (gas, electrical, water, waste
                         water), rail, raw material supply, and product
                         off-take; and
                (iv)     Assist and advise Oregon Trail Ethanol Coalition in
                         obtaining various permits.

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

       b.       DESIGN AND CONSTRUCTION:

                (i)      Assist and advise Oregon Trail Ethanol Coalition in
                         negotiating a contract regarding price, schedule, and
                         performance with its design and engineering firm;
                (ii)     Assist and advise Oregon Trail Ethanol Coalition in
                         reviewing and approving preliminary and final process
                         and detailed design;
                (iii)    Assist and advise Oregon Trail Ethanol Coalition in
                         negotiating a contract regarding price, schedule, and
                         performance with its construction company.

       2.       PHASE II - CONSTRUCTION

       a.       Assist and advise Oregon Trail Ethanol Coalition in recruiting
                and hiring Oregon Trail Ethanol Coalition's owners'
                representative/construction supervisor;
       b.       Attend monthly site progress meetings between Oregon Trail
                Ethanol Coalition, the design engineer and contractor;
       c.       Assist and advise Oregon Trail Ethanol Coalition in
                recruiting and hiring all plant employees;
       d.       Assist and advise in providing initial employee training;
                and
       e.       Assist and advise in providing plant start-up assistance
                and coordinating the activities of the design engineer and
                contractor through and including the monitoring of the
                performance tests to assist in determining the performance
                criteria have been met.

       3.       PHASE III - INITIAL PLANT OPERATIONS

       a.       Assist and advise in providing on-site support staff for a
                period of up to three (3) months after successful start-up and
                commissioning;
       b.       Assist and advise in providing technical support on an
                as-needed basis for a period of an additional six (6) months;
       c.       Assist and advise in providing ongoing employee training
                during the term of this Agreement;
       d.       Continuously advise Oregon Trail Ethanol Coalition on ways to
                increase plant production during the term of this Agreement;
                and
       e.       Continuously advise Oregon Trail Ethanol Coalition on ways to
                improve plant efficiency during the term of this Agreement.

         Subject to the limitations set forth below, it is understood that
GreenWay will not limit its assistance to the Services specifically enumerated
above, but will extend its services and assistance as reasonably required to
provide for the successful implementation of the project plan. It is also
understood that all Services provided by GreenWay will be provided on a best
efforts basis with no warranties of performance. Notwithstanding the foregoing,
GreenWay represents and warrants that its Services will be performed by
qualified and trained personnel and in a professional and good and workmanlike
manner.

         Oregon Trail Ethanol Coalition and GreenWay acknowledge and agree that
GreenWay is not to provide, and is not responsible for, any services in
connection with the financing of Oregon Trail Ethanol Coalition. Accordingly,
notwithstanding anything to the contrary set forth

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

in this Agreement, GreenWay hereby agrees that in no event shall it or any third
party (whether a representative, consultant, advisor or otherwise) acting on its
behalf engage in any conduct which constitutes the effecting of a transaction in
the securities of Oregon Trail Ethanol Coalition, including, but not limited to,
any of the following conduct:

         (a) Discussing with any potential investor in Oregon Trail Ethanol
         Coalition the advantages or disadvantages of investments in general or
         of an investment in Oregon Trail Ethanol Coalition;

         (b) Providing any advice or analyses or making any recommendations to
         potential investors in Oregon Trail Ethanol Coalition with respect to
         an investment in Oregon Trail Ethanol Coalition;

         (c) Taking part in any negotiations between Oregon Trail Ethanol
         Coalition and a potential investor in Oregon Trail Ethanol Coalition or
         such potential investor's representative;

         (d) Assisting any potential investor in Oregon Trail Ethanol Coalition
         in making a decision whether to purchase the securities of Oregon Trail
         Ethanol Coalition;

         (e) Delivering any offering document of Oregon Trail Ethanol Coalition
         to a potential investor;

         (f) Receiving or handling any potential investor's subscription
         agreement or any funds used by a potential investor in Oregon Trail
         Ethanol Coalition in purchasing the securities of Oregon Trail Ethanol
         Coalition;

         (g) Maintaining any discretion with respect to Oregon Trail Ethanol
         Coalition's acceptance or rejection of a potential investor's
         subscription to purchase the securities of Oregon Trail Ethanol
         Coalition;

         (h) Participating in any advertisement, endorsement or general
         solicitation regarding an investment in the securities of Oregon Trail
         Ethanol Coalition;

         (i) Preparing materials relating to the sale or purchase of securities
         of Oregon Trail Ethanol Coalition or in the distribution of these
         materials to any potential investor in Oregon Trail Ethanol Coalition;

         (j) Performing any independent analysis of the sale of securities by
         Oregon Trail Ethanol Coalition or engaging in any due diligence
         activities;

         (k) Engaging in any other communication with a potential investor in
         Oregon Trail Ethanol Coalition regarding a possible investment in
         Oregon Trail Ethanol Coalition.

SECTION 2 - COMPENSATION. Compensation for the Services provided under this
Agreement shall be based on the following schedule:

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

         1. EXPENSE RETAINER. Oregon Trail Ethanol Coalition shall advance a
non-refundable retainer of $100,000 US (the "Retainer") to the attention of the
undersigned of GreenWay Consulting, LLC. Expenses under Section 3 hereof will be
applied against the Retainer. Oregon Trail Ethanol Coalition will be obligated
to pay for expenses incurred by GreenWay under Section 3 that exceed the
Retainer, however, it is understood that payment in excess of the Retainer is
not owed and will not be made until Oregon Trail Ethanol Coalition completes
Equity Capital (as defined below) funding. After the Retainer is received,
GreenWay shall not receive any additional compensation, other than monthly
expenses that exceed the Retainer as provided under Section 3, until Financial
Close (as defined below). The unused portion of the Retainer, if any, at
Financial Close will be offset against the fees due for Phase I scheduled below.

         Because (i) Oregon Trail Ethanol Coalition is undertaking a project in
its development stage and will have limited resources to pay GreenWay for the
Services until such time as Oregon Trail Ethanol Coalition obtains financing
through third-party sources and (ii) the amount of financing that Oregon Trail
Ethanol Coalition obtains through third-party sources will be attributable, in
part, to GreenWay's efforts in assisting Oregon Trail Ethanol Coalition to
successfully construct and operate the ethanol processing facility, Oregon Trail
Ethanol Coalition shall pay GreenWay a fee for the Services in accordance with
Schedule 1 set forth below.

SCHEDULE 1 - COMPENSATION FOR SERVICES

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
SERVICE          FEE                        SOURCE OF FUNDS           PAYMENT TERMS
------------------------------------------------------------------------------------------------------
<S>              <C>                        <C>                       <C>
PHASE I          1.92% of Total Project     PROJECT FINANCING (AS     DUE IN FULL @ FINANCIAL CLOSE
                 Capitalization             DEFINED BELOW)
------------------------------------------------------------------------------------------------------
PHASE II         1% of Total Project        PROJECT FINANCING         25% DOWN @ FINANCIAL CLOSE -
                 Capitalization                                       50% @ MECHANICAL COMPLETION
                                                                      (AS DEFINED BELOW) - 25% @
                                                                      SUCCESSFUL COMMISSIONING (AS
                                                                      DEFINED BELOW)
------------------------------------------------------------------------------------------------------
PHASE III        0.75% of Total Project     WORKING CAPITAL (AS       PRORATED OVER 9 MONTHS AFTER
                 Capitalization             DEFINED BELOW)            SUCCESSFUL COMMISSIONING
------------------------------------------------------------------------------------------------------
</TABLE>

         In no case will GreenWay share or split the fees delineated above with
any other party currently assisting Oregon Trail Ethanol Coalition in other
endeavors. However, GreenWay may, at its sole discretion, choose to engage other
companies (other than as identified in Section 1) to perform the Services and
may choose to share a portion of its fees for the Services under this Agreement
provided by those other companies.

         The following definitions apply to this section:

         (1)    Financial Close: Closing of senior debt financing for the
                project.
         (2)    Mechanical Completion: Completion of construction such that corn
                can be ground for ethanol production.

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

         (3)    Successful Commissioning: Production of ethanol meeting design
                specifications on a daily basis of nameplate production, and all
                production meets the guarantees provided by engineers and
                contractors.
         (4)    Project Financing: Total debt and equity financing of the
                project.
         (5)    Total Project Capitalization: The total source of funds
                including, but not limited to, grants, subordinated debt, senior
                debts, the equity portion of Working Capital, and revolving line
                of credit all as established as of Financial Close, provided,
                however, "Total Project Capitalization" does not include any
                Prior Capital.
         (6)    Working Capital: Operating revenues of the plant.
         (7)    Prior Capital: Proceeds raised as a result of any private equity
                offering before the date of the signing of this Agreement, up to
                $4,000,000 of Lurgi/PSI subordinated debt and any and all grants
                awarded to or received by Oregon Trail Ethanol Coalition as of
                the date of the signing of this agreement.

SECTION 3 - EXPENSES. Oregon Trail Ethanol Coalition will be responsible for all
of GreenWay's out-of-pocket expenses, including travel, lodging, meals,
communication, cost of CPA prepared and approved GAAP financial information, and
reports prepared in fulfilling its duties for the Services outlined in Section
1. If expenses exceeding $5,000 per month are required, GreenWay shall seek
pre-approval by Oregon Trail Ethanol Coalition, which shall not be unreasonably
withheld. GreenWay shall submit monthly updated expense reports to Oregon Trail
Ethanol Coalition for reimbursement.

SECTION 4 - TERM OF AGREEMENT; TERMINATION. The term of this Agreement shall
begin on the date of execution set forth above and shall have an expiration date
nine (9) months after Successful Commissioning (as defined above) of the plant.
Oregon Trail Ethanol Coalition and GreenWay as the non-defaulting party each
shall retain the right to terminate this Agreement if either party fails to
perform ("defaults") under the terms of this contract and attachments, including
but not limited to meeting major milestones in development by their completion
dates in Schedule 2 below. All expenses under Section 3 shall be paid through
termination of this Agreement. Termination of this Agreement by Oregon Trail
Ethanol Coalition prior to Financial Close but after meeting Milestone 1 in
Schedule 2 below, followed by a Financial Close will result in Oregon Trail
Ethanol Coalition paying GreenWay a termination fee equal to the Phase I fee
shown in Schedule 1 above. To terminate this Agreement, the non-defaulting party
must notify the defaulting party in writing describing the cause of default and
pay any uncontested amounts that are due through the date of the notice.

SCHEDULE 2 - MILESTONES AND COMPLETION DATES

<TABLE>
<CAPTION>
       MILESTONE                                          COMPLETION DATE         FAILURE
       ---------                                          ---------------         -------
<S>                                                          <C>                  <C>
1.     Raising the  Minimum Subscription Amount Under        May 1, 2003          Oregon Trail Ethanol
       Under the Registration Statement                                           Coalition  or GreenWay  may
                                                                                  terminate

2.     Financial Close                                       June 30, 2003        Oregon Trail Ethanol
                                                                                  Coalition  or GreenWay  may
                                                                                  terminate
</TABLE>

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

SECTION 5 - INDEPENDENT CONTRACTOR. GreenWay is an independent contractor and
nothing in this Agreement shall constitute or designate GreenWay or any of its
employees or agents as employees or agents of Oregon Trail Ethanol Coalition.

SECTION 6 - CONFIDENTIALITY. Oregon Trail Ethanol Coalition agrees all services
being provided in this Agreement are the work product of GreenWay and
proprietary property of GreenWay. GreenWay agrees to license the use of the
proprietary property to Oregon Trail Ethanol Coalition exclusively for Oregon
Trail Ethanol Coalition's use for its development, construction and operation of
its Davenport, Nebraska area ethanol production facility only. Oregon Trail
Ethanol Coalition agrees it shall not disclose any proprietary property
(information or work product) to third parties, including the media, without the
third party executing a nondisclosure agreement attached as Exhibit A and first
obtaining written permission from GreenWay except that GreenWay's prior written
permission shall not be required is such disclosure is required by applicable
law, including, without limitation, state and federal securities laws and
regulations. GreenWay agrees that financial and other information about the
ethanol production project will be developed by Oregon Trail Ethanol Coalition
and disclosed to GreenWay. GreenWay agrees that proprietary information of
Oregon Trail Ethanol Coalition will only be used for purposes of Oregon Trail
Ethanol Coalition's project and will not be disclosed to others without first
obtaining written permission from Oregon Trail Ethanol Coalition. In the event
Oregon Trail Ethanol Coalition or GreenWay violates the terms and spirit of this
license and disclosure provision, Oregon Trail Ethanol Coalition and GreenWay
agree they will be subject to an injunction and such other relief as allowed by
law, including any damages caused to the other party and reimbursement to the
other party for any attorney fees and costs incurred by the other party in
enforcing this provision.

SECTION 7 - ENTIRE AGREEMENT/AMENDMENTS. This Agreement constitutes the entire
Agreement between the parties hereto and sets forth the rights, duties, and
obligations of each to the other as of this date. Any prior agreements,
promises, negotiations, or representations not expressly set forth in this
Agreement are of no force and effect. This Agreement may not be modified except
in writing executed by both GreenWay and Oregon Trail Ethanol Coalition.

SECTION 8 - LEGAL ADVICE. Each Party agrees that it has relied on its own legal
counsel or has had legal counsel available to them. The Parties agree they have
not relied on any legal representations from the other party.

SECTION 9 - BINDING EFFECT. This Agreement will be binding upon and inure to the
benefit of the parties hereunder, and their respective representatives,
distributees, successors and assigns. Except for assignment by GreenWay to
Diversified Energy Co., LLC or Agri-Source Consulting, LLC, any assignment,
delegation or attempted assignment or delegation of the rights or
responsibilities established under this Agreement shall be null and void without
the prior written duly executed consent by the party charged.

SECTION 10. NOTICES. Any written notice or communications required or permitted
by this Agreement, or by law, to be served on, given to, or delivered to either
party hereto by the other party, shall be in writing, and shall be deemed duly
served, given, or delivered when personally delivered to the party to whom it is
addressed, or in lieu of such personal services, when deposited in the United
States' mail, first-class postage prepaid, addressed to Oregon Trail Ethanol
Coalition at:

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

         Oregon Trail Ethanol Coalition, L.L.C.
         102 West 6th Street
         Box 267
         Davenport, Nebraska 68335
         Attention:   Mark L. Jagels

 with a copy to:

         Baird Holm Law Firm, LLP
         1500 Woodmen Tower
         Omaha, Nebraska 68102
         Attention: Victoria H. Finley

or to GreenWay at:

         GreenWay Consulting, LLC
         74 South County Road 22
         Morris, Minnesota 56267
         Attention:  Gerald Bachmeier

SECTION 11 - CONTROLLING LAW. This Agreement and the rights of the Parties
hereunder, will be governed by, interpreted and enforced in accordance with the
laws of the State of Minnesota.

SECTION 12 - DISPUTE/ARBITRATION. If any dispute arises out of or in connection
with this Agreement, the obligations arising under it or the interpretation of
its terms, the matter shall be referred to arbitration pursuant to the
Commercial Rules of the American Arbitration Association and according to the
following terms:

         (a)    Either Oregon Trail Ethanol Coalition or GreenWay may initiate
                arbitration by giving written notice requesting arbitration to
                the other.

         (b)    The parties shall select a single arbitrator by mutual
                agreement, but if they fail to select an arbitrator within ten
                (10) calendar days of the receipt of notice of arbitration, then
                each party shall within seven (7) business days thereafter,
                appoint their respective arbitrator and the two (2) arbitrators
                thus chosen shall together, within seven (7) business days of
                their appointment, select a third arbitrator and that three
                member panel shall arbitrate the dispute. In the event that the
                two arbitrators shall fail within seven (7) business days of
                their appointment to select a third arbitrator, then upon
                written request of either party, the third arbitrator shall be
                appointed by the American Arbitration Association. If a party
                shall fail to appoint an arbitrator as required the arbitrator
                appointed by the other party shall be the sole arbitrator. The
                arbitration shall be conducted in Omaha, Nebraska.

         (c)    Within fifteen (15) business days of the appointment of the
                arbitrator or panel, as the case may be, each party shall state
                in writing its position concerning the dispute, supported by the
                reasons therefore, and deliver its position to the arbitrator(s)
                and the other party. If either party fails to submit its
                position in a

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

                timely manner, the position submitted by the other party shall
                be deemed correct, and the arbitration shall be deemed
                concluded. The parties shall then have ten (10) calendar days to
                respond to the position of the other party and deliver that
                response to the arbitrator(s). The arbitrator(s) shall, within
                thirty (30) calendar days thereafter, meet to consider the
                documents presented in order to make a determination by majority
                on the issues in dispute. Within fifteen (15) business days of
                the end of their meeting the arbitrator(s) shall present their
                award. The arbitrator(s) may award a party the right to
                terminate this Agreement if termination is a remedy specified
                herein for the claim which is the subject of the arbitration.

         (d)    Each party in such arbitration shall bear one-half each of the
                expenses of the arbitrator(s), including their fees and costs,
                but each party shall bear their own expenses, including
                attorney's fees.

SECTION 13 - LIMITATION OF LIABILITY; INDEMNIFICATION. As more fully described
in Exhibit B hereto, Oregon Trail Ethanol Coalition will indemnify and hold
GreenWay harmless from and against all claims, liabilities, losses, damages and
expenses incurred, including fees and disbursements of counsel, related to or
arising out of this Agreement. Exhibit B is hereby incorporated into this
Agreement by reference and made a part hereof.

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

         IN WITNESS HEREOF, the parties have executed this Agreement on the date
first above written. By the signature of its representative(s) below, each party
affirms that it has taken all necessary action to authorize said
representative(s) to execute this Agreement.

EACH PARTY AGREES IT HAS READ AND UNDERSTANDS ALL THE TERMS OF THIS AGREEMENT.

OREGON TRAIL ETHANOL COALITION, L.L.C.

By: /s/ Mark L. Jagels
   ---------------------------------------

Its:   Chairman
      ------------------------------------

GREENWAY CONSULTING, LLC

By: /s/ Gerald Bachmeier
   ---------------------------------------

Its:     Chief Manager
      ------------------------------------

                                       10

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

                                    EXHIBIT A
                            NON-DISCLOSURE AGREEMENT
                           PROPRIETARY INFORMATION OF
           GREENWAY CONSULTING, LLC AND OREGON TRAIL ETHANOL COALITION

         THIS NON-DISCLOSURE AGREEMENT ("Agreement") is made as of __________,
2002 between Oregon Trail Ethanol Coalition, L.L.C., a Nebraska limited
liability company ("Disclosing Party"), and _______________________, a
_________________________ ("Receiving Party").

PREAMBLE

                  The Disclosing Party and the Receiving Party are currently
involved in discussions concerning the development of an ethanol processing
facility by Oregon Trail Ethanol Coalition (the "Transaction"). As a result of
such discussions, the Receiving Party may have access to certain confidential
information of the Disclosing Party and GreenWay Consulting, LLC ("GreenWay").
The Disclosing Party has entered into a nondisclosure agreement with GreenWay
prohibiting disclosure of GreenWay confidential information, subject to the
Receiving Party executing this Non-Disclosure Agreement. The Parties desire to
enter into this Agreement in order to allow disclosure to the Receiving Party
and prohibit disclosure of such information to any other party. Therefore, in
consideration of the Receiving Party being given access to certain confidential
information of the Disclosing Party and in exchange for the mutual covenant and
promises contained herein, with the intent to be legally bound, the Parties
agree as follows:

AGREEMENT

1.       Confidential Information.

         (a)      As used in this Agreement, the "Confidential Information" of
         the Disclosing Party shall mean all information concerning or related
         to the business, operations, financial condition or prospects of the
         Disclosing Party or any of their respective Affiliates, regardless of
         the form in which such information appears and whether or not such
         information has been reduced to a tangible form, and shall specifically
         include (1) all information regarding the officers, directors,
         employees, equity holders, customers, suppliers, distributors,
         insurers, reinsurers, brokers, independent contractors, sales
         representatives and licensees of the Disclosing Party and their
         respective Affiliates, in each case whether present or prospective, (2)
         all inventions, discoveries, trade secrets, processes, techniques,
         methods, formulae, ideas and know-how of the Disclosing Party and their
         respective Affiliates, (3) all financial statements, audit reports,
         budgets and business plans or forecasts of the Disclosing Party and
         their respective Affiliates and (4) all information concerning or
         related to the Transaction; provided, that the Confidential Information
         of the Disclosing Party shall not include (x) information which is or
         becomes generally known to the public through no act or omission of the
         Receiving Party and (y) information which has been or hereafter is
         lawfully obtained by the Receiving Party from a source other than the
         Disclosing Party (or any of their respective Affiliates or their

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

         respective officers, directors, employees, equity holders or agents) so
         long as, in the case of information obtained from a third party, such
         third party was or is not, directly or indirectly, subject to an
         obligation of confidentiality owed to the Disclosing Party or any of
         their Affiliates at the time such Confidential Information was or is
         disclosed to the Receiving Party. As used in this Paragraph, an
         "Affiliate" of a Disclosing Party shall mean an entity which controls,
         is controlled by or is under common control of a Disclosing Party, and
         the term "control" shall mean, with respect to any entity, the
         possession, direct or indirect, of the power to direct or cause the
         direction of the management and policies of such entity, whether
         through ownership of voting securities, by contract or otherwise.

2.       Nondisclosure of Confidential Information. Except as otherwise
         permitted by Section 3, the Receiving Party agrees that it will not,
         without the prior written consent of the Disclosing Party, disclose or
         use for its own benefit, or that of any third party, any Confidential
         Information.

3.       Permitted Disclosures. Notwithstanding Section 2, Receiving Party
         shall be permitted to:

         (a)      disclose Confidential Information to its officers, employees
         and counsel, but only to the extent reasonably necessary in order for
         such party to prepare, conduct and execute and deliver definitive
         documents for the Transaction; provided that Receiving Party shall take
         all such action as shall be necessary or desirable in order to ensure
         that each of such persons maintains the confidentiality of any
         Confidential Information that is so disclosed; and

         (b)      disclose Confidential Information to the extent, but only to
         the extent, required by law; provided, that prior to making any
         disclosure pursuant to this subsection, the Receiving Party shall
         notify the Disclosing Party of the same, and the Disclosing Party shall
         have the right to participate with the Receiving Party in determining
         the amount and type of Confidential Information of the Disclosing
         Party, if any, which must be disclosed in order to comply with
         applicable law, including, without limitation, state and federal
         securities laws and regulations.

4.       Return of Confidential Information. If activity in respect of the
         Transaction shall cease without the Transaction being consummated,
         then, promptly after the written request of the Disclosing Party, the
         Receiving Party shall return to the Disclosing Party all Confidential
         Information which is in tangible form and which is then in its
         possession (or in the possession of any of its officers, directors or
         employees).

5.       Term. This Agreement shall continue indefinitely.

6.       Equitable Relief. The Receiving Party acknowledges and agrees that the
         Disclosing Party and GreenWay would be irreparably damaged in the event
         that any of the provisions of this Agreement are not performed by the
         Receiving Party in accordance with their specific terms or are
         otherwise breached. Accordingly, it is agreed that the Disclosing Party
         or GreenWay shall be entitled to an injunction or injunctions to
         prevent breaches of this Agreement by the Receiving Party and shall
         have the right to specifically enforce this Agreement and the terms and
         provisions hereof against the Receiving Party in addition to

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

         any other remedy to which the Disclosing Party or GreenWay may be
         entitled in law or equity.

7.       Governing Law. This Agreement shall be a contract under the State of
         Minnesota and for all purposes shall be governed by and construed and
         enforced in accordance with the laws of Minnesota, excluding any choice
         of law provisions.

8.       Successors and Assigns. This Agreement shall be binding upon and inure
         to the benefit of each of the Parties and their respective successors
         and permitted assigns.

9.       No Assignment or Delegation. Any assignment, delegation or attempted
         assignment or delegation of the rights or responsibilities established
         under this Agreement shall be null and void without the prior written
         duly executed consent by the party charged.

10.      Severability of Provisions. If any provision of this Agreement shall be
         held invalid in a court of law, the remaining provisions shall be
         construed as if the invalid provision were not included in this
         Agreement.

11.      Amendment of Agreement. This Agreement may only be amended or modified
         through a written duly executed instrument by the Parties hereto. Any
         attempted oral amendment or modification is ineffective and therefore
         null and void.

12.      No Implied Waiver of Provisions. Either Parties' failure to insist in
         any one or more instances upon strict performance by the other party of
         any of the terms of this Agreement shall not be construed as a waiver
         of any continuing or subsequent failure to perform or a delay in
         performance of any term hereof.

13.      Notices. Any notice required by this Agreement or given in connection
         with this Agreement, shall be in writing, hand delivered or sent via
         registered or certified mail, and shall be given to the appropriate
         party:

         If to Disclosing Party:      Oregon Trail Ethanol Coalition, L.L.C.
                                      102 West 6th Street
                                      Box 267
                                      Davenport, Nebraska 68335
                                      Attn: Mark L. Jagels, President

                  With a copy to:     Baird Holm Law Firm, LLC
                                      1500 Woodmen Tower
                                      Omaha, Nebraska 68102
                                      Attn: Victoria H. Finley

                                      GreenWay Consulting, LLC
                                      74 South County Road 22
                                      Morris, Minnesota 56267

         If to Receiving Party:
                                      ------------------------------------

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

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

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                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

14.      Entire Agreement. This Agreement constitutes and contains the complete
         and final integrated agreement between the Parties regarding the
         subject matter herein. All prior negotiations, discussions and
         representations are merged into this Agreement. Each Party acknowledges
         that, except as expressly set forth herein, no representations of any
         kind or character have been made to it by any other party, or by any
         party's agents, representatives or attorneys, to induce the execution
         of this Agreement.

15.      Headings. Headings used in this Agreement are provided for convenience
         only and shall not be used to construe meaning or intent.

16.      Authority to Enter Agreement. The individuals signing this Agreement
         represent and guarantee each of them has the authority to bind their
         respective corporate entity or other principal.

17.      Copies of Agreement. A facsimile copy of this executed Agreement shall
         be deemed valid as if it were the original.

Executed as of the date first set forth above.

RECEIVING PARTY                          DISCLOSING PARTY

------------------------------------     Oregon Trail Ethanol Coalition, L.L.C.

By:                                      By:
    --------------------------------         --------------------------------
Its:                                     Its:
     -------------------------------          -------------------------------

cc:      GreenWay Consulting, LLC

                                       14

<PAGE>

                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

                                    EXHIBIT B

In consideration of the agreement of GreenWay Consulting to act on behalf of
Oregon Trail Ethanol Coalition pursuant to the attached Agreement, Oregon Trail
Ethanol Coalition agrees to indemnify and hold harmless GreenWay Consulting, its
affiliates (within the meaning of the Securities Act of 1933), and each of their
respective partners, directors, officers, agents, consultants, employees and
controlling persons (within the meaning of the Securities Act of 1933) (GreenWay
Consulting and each such other person or entity are hereinafter referred to as
an "Indemnified Person"), from and against any losses, damages, expenses and
liabilities (collectively "Liabilities") or actions, investigations, inquiries,
arbitrations, claims or other proceedings in respect thereof, including
enforcement of this agreement (collectively "Actions") (Liabilities and Actions
are herein collectively referred to as "Losses"), as they may be incurred
(including all reasonable legal fees and other expenses incurred in connection
with investigating, preparing, defending, paying, settling or compromising any
Losses, whether or not in connection with any pending or threatened Action, and
notwithstanding the absence of a final determination as set forth below as to
Oregon Trail Ethanol Coalition's obligation to reimburse an Indemnified Person
for such Losses and the possibility that such payments might later be held to
have been improper) to which any of them may become subject and which are
related to or arise out of any act, omission, transaction or event contemplated
by the attached Agreement. Oregon Trail Ethanol Coalition will not, however, be
responsible under the foregoing provisions with respect to any Losses to the
extent that it shall have been finally determined by arbitration in accordance
with the terms of the attached Agreement that such Losses resulted primarily
from actions taken or omitted to be taken by an Indemnified Person due to its
gross negligence or willful misconduct. To the extent that any prior payment has
been made by Oregon Trail Ethanol Coalition to such Indemnified Person is so
determined to have been improper by reason of such Indemnified Person's gross
negligence or willful misconduct, such Indemnified Person shall promptly pay
such amount to Oregon Trail Ethanol Coalition, together with interest, at the
prime rate announced from time to time by U.S. Bank, N.A.

GreenWay Consulting shall indemnify and hold harmless Oregon Trail Ethanol
Coalition from and against any and all Losses based primarily on or arising
proximately from any acts of gross negligence, willful misconduct, fraud or
misrepresentations by GreenWay Consulting. GreenWay Consulting shall follow the
same procedure for indemnification of Oregon Trail Ethanol Coalition as set
forth in this Exhibit B as if Oregon Trail Ethanol Coalition was the
"Indemnified Person".

If the indemnity referred to in this Exhibit B should be, for any reason
whatsoever, unenforceable, unavailable or otherwise insufficient to hold each
Indemnified Person harmless, Oregon Trail Ethanol Coalition shall pay to or on
behalf of each Indemnified Person contributions for Losses so that each
Indemnified Person ultimately bears only a portion of such Losses as is
appropriate (i) to reflect the relative benefits received by each

<PAGE>

                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

such Indemnified Person, respectively, on the one hand and Oregon Trail Ethanol
Coalition on the other hand in connection with the transaction or (ii) if the
allocation on that basis is not permitted by applicable law, to reflect not only
the relative benefits referred to in clause (i) above but also the relative
fault of each such Indemnified Person, respectively, and Oregon Trail Ethanol
Coalition as well as any other relevant equitable considerations; provided,
however, that in no event shall the aggregate contribution of all Indemnified
Persons to all Losses in connection with any transaction exceed the amount of
the fee actually received by GreenWay Consulting pursuant to the attached
Agreement. The respective relative benefits received by GreenWay Consulting and
Oregon Trail Ethanol Coalition in connection with any transaction shall be
deemed to be in the same proportion as the aggregate fee paid to GreenWay
Consulting in connection with the transaction bears to the total consideration
of the transaction. The relative fault of each Indemnified Person and Oregon
Trail Ethanol Coalition shall be determined by reference to, among other things,
whether the actions or omissions to act were by such Indemnified Person or
Oregon Trail Ethanol Coalition and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such action or
omission to act.

Oregon Trail Ethanol Coalition also agrees that no Indemnified Person shall have
any liability to Oregon Trail Ethanol Coalition or its affiliates, directors,
officers, employees, agents or shareholders, directly or indirectly, related to
or arising out of the attached Agreement, except Losses incurred by Oregon Trail
Ethanol Coalition which it shall have been finally determined by arbitration in
accordance with the terms of the attached Agreement to have resulted primarily
from actions taken or omitted to be taken by such Indemnified Person due to its
gross negligence or willful misconduct. In no event, regardless of the legal
theory advanced, shall any Indemnified Person be liable for any consequential,
indirect, incidental or special damages of any nature. Oregon Trail Ethanol
Coalition agrees that without GreenWay Consulting's prior written consent it
shall not settle any pending or threatened claim, action, suit or proceeding
related to the attached Agreement unless the settlement also includes an express
unconditional release of all Indemnified Persons from all liability and
obligations arising therefrom, or Oregon Trail Ethanol Coalition reaffirms its
obligations to indemnify for or contribute to Losses incurred by any unreleased
Indemnified Person as herein provided.

Promptly after its receipt of notice of the commencement of any action, any
Indemnified Person will, if a claim in respect thereof is to be made against
Oregon Trail Ethanol Coalition hereunder, notify in writing Oregon Trail Ethanol
Coalition of the commencement thereof; but omission so to notify Oregon Trail
Ethanol Coalition will not relieve Oregon Trail Ethanol Coalition from any
liability hereunder which it may have to any Indemnified Person. If Oregon Trail
Ethanol Coalition so elects, Oregon Trail Ethanol Coalition may assume the
defense of such Action in a timely manner, including the employment of counsel
(reasonably satisfactory to GreenWay Consulting) and payment of expenses,
provided Oregon Trail Ethanol Coalition acknowledges in writing its
unconditional obligation pursuant to this agreement to indemnify GreenWay

<PAGE>

                            GREENWAY CONSULTING, LLC
                                  CONFIDENTIAL

Consulting in respect of such Action and provides to GreenWay Consulting
evidence reasonably satisfactory to GreenWay Consulting that Oregon Trail
Ethanol Coalition will have the financial resources to conduct such defense
actively and diligently and permits GreenWay Consulting and counsel retained by
GreenWay Consulting at its expense to participate in such defense.
Notwithstanding the foregoing, in the event GreenWay Consulting determines in
its sole discretion that it is advisable for the Indemnified Persons to be
represented by separate counsel, then GreenWay Consulting may employ on behalf
of the Indemnified Persons a single separate counsel to represent or defend such
Indemnified Persons in such action, claim, proceeding or investigation and
Oregon Trail Ethanol Coalition will pay the fees and disbursements of such
separate counsel as incurred.

In the event of any fundamental change involving the corporate structure of
Oregon Trail Ethanol Coalition, such as by merger, plan of exchange or sale of
all or substantially all of its assets, any executory obligations of Oregon
Trail Ethanol Coalition in the attached Agreement shall, if not assumed by
operation of law, be assumed by contract by the acquiring entity or arrangements
made to protect the interests of GreenWay Consulting reasonably satisfactory to
GreenWay Consulting.

If multiple claims are brought against GreenWay Consulting in any Action with
respect to at least one of which indemnification is permitted under applicable
law and provided for under this agreement, Oregon Trail Ethanol Coalition agrees
that any judgment, arbitration award or other monetary award shall be
conclusively deemed to be based on claims as to which indemnification is
permitted and provided for.

The obligations of Oregon Trail Ethanol Coalition referred to above shall be in
addition to any rights that any Indemnified Person may otherwise have.Use these links to rapidly review the document

  TABLE OF CONTENTS

Exhibit 4.9  

FORM OF  

 AGREEMENT AND PLAN OF RECAPITALIZATION  

 BY AND AMONG  

 TRANS WORLD CORPORATION,

TWG INTERNATIONAL U.S. CORPORATION,

TWG FINANCE CORP.  

 AND  

 THE HOLDERS OF THE $20.0 MILLION

PRINCIPAL AMOUNT 12% SENIOR SECURED NOTES

DUE MARCH 17, 2005  

 

TABLE OF CONTENTS    
  

 

	1.	 	Certain Definitions
	

2.	
 	

Exchange of Notes for Common Stock
	

3.	
 	

Conditions to the Closing of the Note Exchange
	

4.	
 	

Representations and Warranties of the Company
	

5.	
 	

Representations and Warranties of the Noteholders
	

6.	
 	

Covenants of the Noteholders
	

7.	
 	

Termination
	

8.	
 	

Fees and Expenses
	

9.	
 	

Amendment/Waiver
	

10.	
 	

Nonsurvival of Representations and Warranties
	

11.	
 	

Notices
	

12.	
 	

Choice of Law/Jurisdiction
	

13.	
 	

Assignment
	

14.	
 	

Entire Agreement
	

15.	
 	

Severability
	

16.	
 	

Specific Performance
	

17.	
 	

Further Assurances
	

18.	
 	

Counterparts; Facsimile
	

19.	
 	

Title and Subtitles
	

20.	
 	

Interpretation
	

SCHEDULE A—Noteholder List
	

SCHEDULE B—Form of Letter of Transmittal
	

SCHEDULE C—Exit Consent
	

SCHEDULE D—Interest Note
	

SCHEDULE E—Replacement Note

 
 

AGREEMENT AND PLAN OF RECAPITALIZATION    
  

        This Agreement and Plan of Recapitalization (the "Agreement") is made as of
the                        day of
                        , 2003 (the "Agreement Date"), by and among Trans World Corporation, a Nevada corporation ("TWC"), TWG
International U.S. Corporation, a wholly-owned subsidiary of TWC and a Nevada
corporation ("TWGI"), TWG Finance Corp., a wholly-owned subsidiary of TWC and a Delaware corporation ("TWGF") (TWC, TWGI and TWGF being collectively referred to herein as the "Company") and the
persons or entities set forth on the signature page hereto who are the holders (the "Noteholders") of the Company's $20 million principal amount 12% Senior Secured Notes due March 17,
2005 (the "Notes"). Each of TWC, TWGI and TWGF and the Noteholders are referred to herein individually as a "party" and one or more of them is referred to herein as the "parties," as the context may
require.

        WHEREAS, the Company has issued the Notes to the Noteholders subject to separate indentures dated March 31, 1998 for
$17.0 million principal amount and October 15, 1999 for $3.0 million principal amount, both as amended and supplemented to date (together, the "Indentures"), which, as of
September 30, 2002 represented a total debt due to each Noteholder as set forth on Schedule A hereto; 

        WHEREAS, the Board of Directors of TWC has determined that it would be in the best interests of TWC and its stockholders to engage in a
recapitalization of TWC's financial structure in order to assure its long term viability and to obtain growth opportunities in the gaming and hospitality industry; 

        WHEREAS, the Board of Directors has approved a plan of recapitalization that shall consist of the following major steps: (i) the
exchange of 100% of the outstanding Notes for 90% of TWC's issued and outstanding shares of common stock, $0.001 par value per share (the "Common Stock") (or for the Replacement Notes as set forth in
Section 3(a)(xi) hereof); and, (ii) the subsequent reverse stock split (or split-down) of the issued and outstanding shares of TWC's Common Stock at a ratio of 1 share
for every 100 shares outstanding; 

        WHEREAS, the Noteholders now desire to surrender and exchange their Notes for shares of the Common Stock at an exchange ratio of 22,640
shares of Common Stock for each $1,000 of principal amount of the Notes provided, however, that if less than 100% of the principal amount of the Notes are tendered for shares of Common Stock, the
exchange ratio shall be adjusted so that the number of shares of Common Stock to be issued to the Noteholders tendering for Common Stock shall be equal to 90% of the total shares of Common Stock of
TWC (approximately 503 million shares) outstanding immediately after the closing of the Note Exchange Offer (as defined herein) (which contemplates the increase in the proposed number of shares
to be outstanding as a result of this transaction, as set forth herein) (the "Exchange Ratio"); 

        WHEREAS, it is the intent of the Company that the equity-for-debt exchange set forth in this Agreement be treated
as a tax-free recapitalization in accordance with the provisions of Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended (the "Code"); 

        NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows: 

 
 
 

        1.    Certain Definitions.    For purposes of this Agreement, certain terms are defined
throughout the Agreement and shall have the meanings given therein. For purposes of convenience only, the table below sets forth the Sections in which defined terms are first defined herein. 

	"Agreement"	 	First paragraph
	

"Agreement Date"	
 	

First paragraph
	

"Business Day"	
 	

Section 1(d)
	

"Closing"	
 	

Section 1(d)
	

"Closing Date"	
 	

Section 1(d)
	
 	
 	

 

 

	

"Code"	
 	

Fifth "Whereas" paragraph
	

"Common Stock"	
 	

Third "Whereas" paragraph
	

"Company"	
 	

First paragraph
	

"Continental"	
 	

Section 2(h)
	

"Exchange Act"	
 	

Section 1(f)
	

"Exchange Agent"	
 	

Section 1(h)
	

"Exchange Ratio"	
 	

Fourth "Whereas" paragraph
	

"Exit Consent"	
 	

Section 2(a)(ix)
	

"Indentures"	
 	

First "Whereas" paragraph
	

"Interest Note"	
 	

Section 2(n)
	

"Letter of Transmittal"	
 	

Section 1(d)
	

"Material Adverse Effect"	
 	

Section 3(d)
	

"Note Exchange"	
 	

Section 1(a)
	

"Note Exchange Offer"	
 	

Section 1(e)
	

"Note Exchange Offer Documents"	
 	

Section 1(f)
	

"Noteholder Documents"	
 	

Section 4(d)
	

"Noteholders"	
 	

First paragraph
	

"Notes"	
 	

First paragraph
	

"party" and "parties"	
 	

First paragraph
	

"Prospectus"	
 	

Section 1(f)
	

"Registration Statement"	
 	

Section 1(f)
	

"Replacement Notes"	
 	

Section 3(a)(xi)
	

"SEC"	
 	

Section 1(f)
	

"Securities Act"	
 	

Section 1(f)
	

"Tax" or "Taxes"	
 	

Section 1(i)
	

"TWC"	
 	

First paragraph
	

"TWGF"	
 	

First paragraph
	

"TWGI"	
 	

First paragraph

        2.    Exchange of Notes for Common Stock.    

        (a)  Subject
to the conditions set forth herein, the Company and the Noteholders agree to exchange the Notes for the Common Stock at the Exchange Ratio (the "Note Exchange")
or for the Replacement Notes, as the case may be. 

        (b)  The
Noteholders understand that no fraction of a share of TWC Common Stock will be issued in the Note Exchange. Instead, all fractional shares to which such Noteholder
would otherwise be entitled will be summed and rounded to the next highest whole share. (E.g., if a Noteholder is entitled 

2

 

to 150.3 shares, such Noteholder shall receive 151 shares. Accordingly, the sum of all share fractions shall represent only the next highest whole share, regardless of the value of the fraction). 

        (c)  The
Note Exchange shall be deemed effective on the Closing Date, as defined in Section 2(d) below. On the Closing Date, each outstanding Note and the principal
amount of, and interest on and the debt represented thereby shall be deemed to be cancelled, the Noteholder shall cease to have a claim on all
or any part of the collateral pledged under the Indentures and each such Note shall represent only the number of shares of Common Stock or the principal amount of the Replacement Note into which it
may be exchanged. Upon the acceptance by the Company of the Notes tendered by the Noteholder for exchange, the Noteholder shall be deemed to have waived any and all violations or breaches by the
Company under the Notes and/or the Indentures and all claims by the Noteholders under the Notes and/or the Indentures shall be cancelled, rendered void and thereby terminated. A Noteholder shall
become a stockholder of the Company only upon the issuance and delivery of shares of the Common Stock to such Noteholder by the Company. 

        (d)  Each
Noteholder agrees to surrender the certificate representing his, her or its Note, duly endorsed to TWC, in accordance with the instructions of the letter of
transmittal, a copy of which is attached hereto as Schedule B (the "Letter of Transmittal") to TWC on a date determined by the Company, in its
sole discretion, which may be the date not more than ten (10) Business Days following written notification that all conditions (other than the delivery of the Notes) set forth in
Section 2 have been satisfied and/or waived (the "Closing Date"). The act of consummating the Note Exchange by the parties on the Closing Date shall be deemed to be the closing (the "Closing"),
which may be done by wire, mail or in person as the parties may agree. Upon the tender and delivery of the Notes in accordance with this Agreement and the Letter of Transmittal, and after acceptance
of the Notes by the Company in its sole discretion, the tender will be irrevocable. For purposes of this Agreement, a "Business Day" shall be any day other than Saturday or Sunday or other day on
which commercial banks in the city of New York, New York are authorized or required by law to be closed. 

        (e)  The
Noteholders hereby acknowledge receipt of this offer by TWC to exchange their Notes for shares of TWC Common Stock at the Exchange Ratio or the Replacement Notes
(the "Note Exchange Offer") and hereby agree that all obligations of the Noteholder hereunder shall be binding upon the spouses, heirs, executors, administrators, personal representatives, trustees,
beneficiaries, trustees in bankruptcy, successors and assigns of the Noteholders (as applicable). 

        (f)    On
or before the date that the Note Exchange Offer is officially commenced, TWC shall file with the Securities and Exchange Commission (the "SEC") (i) a
registration statement on Form S-4 (or other similar form) (the "Registration Statement") containing a preliminary prospectus (together with all amendments and supplements thereto
and including the exhibits thereto) to register all of the shares of TWC Common Stock to be offered in the Note Exchange Offer pursuant to the Securities Act of 1933, as amended (the "Securities
Act"), (the "Prospectus"), and a proxy statement which shall be used by TWC to solicit proxies from its stockholders to vote in favor of the proposed amendment to TWC's Articles of Incorporation to
increase the number of authorized shares of Common Stock from 100,000,000 to 950,000,000 shares in order to facilitate the Note Exchange; and (ii) information with respect to the Note Exchange
Offer and any other necessary or appropriate documents relating to the Note Exchange Offer (together with all amendments and supplements thereto and including the exhibits thereto) (the "Note Exchange
Offer Documents"). 

        (g)  TWC
will take all steps necessary to ensure that the Registration Statement and the Note Exchange Offer Documents will comply in all material respects with the
provisions of applicable Federal and state securities laws. TWC will take all steps necessary to cause the Registration Statement and the Note Exchange Offer Documents to be filed with the SEC,
cleared or declared effective by the SEC and to
be disseminated to the Noteholders and the TWC stockholders as and to the extent required by applicable Federal and state securities laws. TWC will promptly correct any information 

3

 

provided by it for use in the Registration Statement and the Note Exchange Offer Documents if and to the extent that it shall have become false and misleading in any material respect and TWC will
take all steps necessary to cause the Registration Statement and the Note Exchange Offer Documents as so corrected to be filed with the SEC and to be disseminated to the Noteholders and the TWC
stockholders (as applicable) as and to the extent required by applicable Federal and state securities laws. 

        (h)  Prior
to the Closing Date, TWC shall designate Continental Stock Transfer & Trust Company ("Continental") or other person or entity, in its sole discretion, to
act as agent for the Noteholders in connection with the Note Exchange Offer (the "Exchange Agent") to receive certificates representing the Notes from the Noteholders and to issue in exchange
therefore certificates representing the Common Stock to which the Noteholders shall become entitled pursuant to Section 1 hereof. TWC shall reserve sufficient authorized shares of Common Stock
in order to pay the full Note Exchange consideration. 

        (i)    TWC
shall cause the Exchange Agent to mail to each Noteholder of record (i) a letter of transmittal (which shall specify that delivery shall be effective, and
risk of loss and title to the Note certificates shall pass, only upon proper delivery of the Note certificates to the Exchange Agent and acceptance of such tender by TWC, and shall be in such form not
inconsistent with this Agreement as TWC may specify) and (ii) instructions for use in surrendering the Note certificates in exchange for the issuance of the TWC Common Stock or the Replacement
Note. Upon surrender of a Note certificate for cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, and such other documents as may be required by TWC, and upon
acceptance of such tender by TWC, TWC shall cause the Exchange Agent to issue to the holder of such Note certificate all such shares of Common Stock (TWC will issue directly any Replacement Notes) of
TWC to which such Noteholder shall be entitled hereunder, and the Note certificate so surrendered shall forthwith be cancelled. In the event of a surrender of a Note certificate representing Notes
which are not registered in the transfer records of TWC under the name of the person or entity surrendering such Note certificate, the issuance of the TWC Common Stock or the Replacement Note may be
made to a person or entity other than the person or entity in whose name the Note certificate so surrendered is registered if such Note certificate shall be properly endorsed or otherwise be in proper
form for transfer and the person or entity requesting such payment shall pay any transfer or other Taxes (as hereinafter defined) required by reason of payment to a person or entity other than the
registered holder of such Note certificate or establish to the satisfaction of the Exchange Agent that such Tax has been paid or is not applicable. Until surrendered as contemplated by this
Section 1(i), each Note certificate shall be deemed at any time after the Closing Date to represent only the right to receive upon such surrender the Common Stock or the Replacement Note which
the holder thereof has the right to receive in respect of such Note certificate pursuant to the provisions of this Section 1. No interest shall be paid or will accrue on the consideration
payable to holders of Note certificates pursuant to the provisions of this Section 2. For purposes of this Agreement, "Tax" or "Taxes" means all taxes, charges, fees, imposts, levies or other
assessments, including, without limitation, all net income, gross receipts, capital, sales, use, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license, withholding,
payroll, employment, social security, unemployment, excise, severance, stamp, occupation, property and estimated taxes, customs duties, fees, assessments and charges of any kind whatsoever, together
with any interest and any penalties, fines, additions to tax or additional amounts imposed by any taxing
authority (domestic or foreign) and shall include any transferee liability in respect of taxes, any liability in respect of taxes imposed by contract, tax sharing agreement, tax indemnity agreement or
any similar agreement. 

        (j)    At
the Closing Date, the Note transfer books of TWC shall be closed with respect to the Notes tendered and thereafter there shall be no further registration of transfers
of the said Notes on 

4

 

the records of TWC. Warrants issued in conjunction with the Notes shall not be affected by the Note Exchange Offer. 

        (k)  If
any Note certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person or entity claiming such Note certificate to
be lost, stolen or destroyed and, if required by TWC, the posting by such person or entity of a bond in such amount as TWC may direct as indemnity against any claim that may be made against it with
respect to such Note certificate, the Exchange Agent shall pay in exchange for such lost, stolen or destroyed Note certificate the Common Stock or Replacement Note to which such Noteholder is entitled
pursuant to this Agreement. 

        (l)    TWC, at its option, shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from the Note Exchange consideration payable to a
Noteholder any withholding and stock transfer Taxes and such amounts as are required under the Code, or any applicable provision of state, local or foreign Tax law. To the extent that amounts are so
withheld by TWC (which amounts may be withheld in shares of Common Stock based on the fair market value of said Common Stock, such withheld amounts shall be treated for all purposes of this Agreement
as having been paid to the Noteholder in respect of which such deduction and withholding was made by TWC.

 

        (m)  On
the terms and subject to the prior satisfaction or waiver of the conditions to the Note Exchange Offer (which include the conditions set forth in the Letter of
Transmittal, which are hereby incorporated by reference), TWC will accept for exchange and shall exchange for all Notes validly tendered and not withdrawn shares of its Common Stock at the Exchange
Ratio or the Replacement Notes as soon as practicable after the expiration of the Note Exchange Offer (which date shall coincide with the Closing Date). 

        (n)  (i) As
of the date of this Agreement, the Company has failed to pay accrued interest to certain Noteholders on one or more of the following interest payments
dates: September 17, 2000, March 17, 2001 and September 17, 2001 in an amount equal to $2,474,400.00. TWC hereby agrees that on the Closing Date it will issue to each such
Noteholders as set forth on Schedule A an unsecured promissory note (the "Interest Note") in the form set forth in  Schedule D for the amount of
interest owed to each for such interest payment dates, which note will be for a term of 36 months, with an
interest rate of 8.0% per annum, principal and interest to amortize monthly with the final payment due on the date of maturity, subject, however, to prepayment by TWC, from time to time, in whole or
in part, without penalty. 

        (ii)  All
Noteholders hereby agree to waive, forego, cancel and forgive any and all other interest and penalties which has accrued pursuant to the Notes and the Indentures
but is unpaid from the date of issuance to, through and including the Closing Date. 

        (o)  TWC
shall, prior to the declaration of the effectiveness by the SEC of the Registration Statement for the shares of Common Stock in the Note Exchange Offer, file with
the SEC a new registration statement on Form S-1 (or on a Form S-3 if and when such form becomes available for use by TWC) to register shares of the Common Stock to be issued
to Value Partners, Ltd. ("Value Partners") in the Note Exchange Offer at TWC's expense and to maintain the effectiveness of such registration statement until the earlier of such two year
anniversary date or the date when Value Partners has sold the last share of such common stock in order to permit Value Partners and/or its limited partners to sell such Common Stock without
restriction.

 

        (p)  If
required by applicable law or regulation, promptly at the reasonable request of any Noteholder, TWC agrees to use its best efforts to register or qualify, as may be
required by applicable law, the Common Stock under all applicable state securities or "blue sky" laws of such jurisdictions, and do any and all other acts and things that may be reasonably necessary
or advisable to enable such Noteholder to consummate the disposition in each such jurisdiction of such Common Stock owned by 

5

 

such Noteholder; provided, however, that TWC shall not be required to (i) qualify as a foreign corporation or as a broker or dealer in securities in any jurisdiction where it would not
otherwise be required to qualify, (ii) file any general consent to service of process or (iii) subject itself to taxation in any such jurisdiction if it is not so subject. 

        3.    Conditions to the Closing of the Note Exchange.    

        (a)  Upon
the satisfaction of each of the following conditions, and in reliance upon the representations and warranties contained in this Agreement and the Schedules attached
hereto and made a part of this Agreement, the Company agrees to engage in the Note Exchange on the Closing Date. The following are the conditions to the Closing of the Note Exchange by the Company: 

        (i)    Due
execution of this Agreement by the Company and the holders of 100% of the outstanding principal amount of the Notes and the effectiveness of this Agreement up to and
including the Closing Date; 

        (ii)  The
execution, completion and delivery by the Noteholders of the Letter of Transmittal, together with the Note certificates duly endorsed to the Company, and all other
documents and instruments required by the Company to be submitted on or prior to the Closing Date by all Noteholders that have executed this Agreement; 

        (iii)  All
representations and warranties of the Noteholders contained herein and in all Schedules annexed hereto shall remain true and correct in all material respects as of
the Closing Date; 

        (iv)  There
shall not be any statute, rule, regulation, judgment, order or injunction enacted, entered, enforced, promulgated or deemed applicable to the Note Exchange Offer
or the issuance by TWC of the Common Stock, nor any suit, action or proceeding shall be taken by any third party or (domestic or foreign) governmental entity (A) seeking to prohibit or impose
any material limitations on TWC's ownership or operation (or that of any of its subsidiaries or affiliates) of all or a material portion of its businesses or assets, (B) seeking to compel TWC
or its subsidiaries and affiliates to dispose of or hold separate any material portion of its business or assets, (C) seeking to restrain or prohibit the making or consummation of the Note
Exchange Offer or the issuance by TWC of the Common Stock or the performance of any of the other transactions contemplated herein, (D) seeking to obtain from TWC any damages that would be
reasonably likely to have a Material Adverse Effect on TWC, (E) seeking to impose material limitations on the ability of TWC, or rendering TWC unable, to accept for exchange, or exchange some
or all of the Notes pursuant to the Note Exchange Offer, and/or (F) imposing material limitations on the ability of TWC effectively to cancel the Notes immediately upon acceptance of the tender
thereof, or (G) which otherwise is reasonably likely to have a Material Adverse Effect on TWC; 

        (v)  There not shall have occurred (A) and be continuing as of the closing of the Note Exchange Offer or the Closing Date, as applicable, any general suspension of
trading in, or limitation on prices for, securities on the New York Stock Exchange, the American Stock Exchange or in the Nasdaq National Market System, for a period in excess of
twenty-four hours, (B) and be continuing as of the closing of the Note Exchange Offer or the Closing Date, as applicable, a declaration of a banking moratorium or any suspension of
payments in respect of banks in the United States (whether or not mandatory), (C) any limitation or proposed limitation (whether or not mandatory) by any United States governmental authority or
agency that has a material adverse effect generally on the extension of credit by banks or other financial institutions (such as if federal banking regulators, by regulation or policy, significantly
restrict loan underwriting standards), (D) any change in general financial bank or capital market conditions which has a material adverse effect on the ability of financial institutions in the
United States to extend credit or syndicate loans (such as if federal banking regulators, by regulation or policy, substantially limit or prohibit financial institutions from selling loans to one
another), or (E) in the case of any of the

 

6

 

situations in clauses (A) through (D) inclusive, existing at the time of the commencement of the Note Exchange Offer, a material acceleration or worsening thereof; 

        (vi)  Delivery
of any third party consents and satisfactory evidence of the resolution of any third party conflicts relating to the transactions described in this Agreement; 

        (vii) Approval
by the stockholders of TWC of an amendment to its Articles of Incorporation to increase the authorized shares of Common Stock from 100,000,000 shares to
950,000,000 shares; 

        (viii)    The
delivery to the Board of Directors of TWC of an opinion, satisfactory to the Company, of an independent financial advisory firm selected by the
Board that the Note Exchange is "fair to the stockholders of the Company from a financial point of view;" 

        (ix)  All
tendering Noteholders shall have executed the Fourth Supplemental Indenture to amend the Notes ("Exit Consent"), as set forth on  Schedule C hereto and shall have delivered such Exit Consent to the
Company with the Letter of Transmittal; 

        (x)  Noteholders holding not less than 92% of the outstanding principal amount of the Notes must tender their Notes for common stock. All Noteholders who have not tendered
for the Common Stock (which shall not exceed 8% of the outstanding principal amount of the Notes) shall have agreed to exchange their Notes for a new seven year Variable Rate Promissory Note (the
"Replacement Notes") in the form attached as Schedule E, thereby permitting the Company to extinguish the Indentures;

        (xi)  The Company shall have received from its special counsel, a letter regarding the tax aspects of the plan of recapitalization; and,

 

        (xii)     Any change or development involving a prospective change, in the business or financial affairs of TWC or any of its subsidiaries which, in the reasonable
judgment of TWC, might materially impair the ability of TWC to proceed with the Note Exchange Offer or might materially impair the contemplated benefits of the Note Exchange Offer to TWC.

        The
foregoing conditions are for the benefit of TWC and may be waived by TWC with the consent of the holders of a majority of the principal amount of the Notes in whole or in part, with
respect to one of more of the Noteholders, at any time and from time to time, in their sole discretion, provided, however, that no tendering Noteholder shall be treated otherwise than in accordance
with the terms of this Agreement. The failure by TWC or by the holder of a majority in principal amount of the Notes at any time to exercise any of the foregoing rights shall not be deemed a waiver of
any right and each such right shall be deemed an ongoing right which may be asserted at any time and from time to time. 

        (b)  The
Company expressly reserves the right to modify the material terms of the Note Exchange Offer with the prior written consent of the holders of not less than a
majority of the principal amount of the Notes but shall not change the form (except that the Company expressly reserves the right to substitute cash for the Common Stock in its sole discretion), or
decrease the value, of the consideration as set forth in Section 3(a)(ix), above without the prior written consent of the Noteholders that have executed this Agreement, holding a majority of
the outstanding principal amount of the Notes. The Company and the holders of not less than a majority of principal amount of the Notes shall determine whether a modification of the Note Exchange
Offer is material. In addition, the Company may, with the consent of the holders of not less than a majority of principal amount of the Notes, from time to time, upon
written notice to the Noteholders, extend the expiration date of the Note Exchange Offer until all conditions thereto have been satisfied or waived, in its sole discretion. 

7

 

        4.    Representations and Warranties of the Company.    

        TWC
hereby represents and warrants to the Noteholders as follows: 

        (a)  TWC
and TWGI are corporations duly incorporated and validly existing and in good standing under the laws of the State of Nevada and TWF is a corporation duly
incorporated and validly existing and in good standing under the laws of the State of Delaware. All of such corporations have all requisite corporate authority to carry on their respective business as
described in TWC's Annual Report on Form 10-K dated December 31, 2001, and, as of the Closing Date, TWC will have the full legal power to issue the Common Stock and complete
the Note Exchange as set forth herein and to carry out the provisions hereof. TWC is not in violation of any material term of its Articles of Incorporation, as amended, or its Bylaws. 

        (b)  The
authorized capital stock of TWC, immediately prior to the Closing, will consist of (i) 950,000,000 shares of Common Stock of which approximately 50,308,175
will be issued and outstanding, and (ii) 4,000,000 shares of preferred stock, $0.001 par value per share, none of which will be issued and outstanding. The Common Stock, when issued pursuant to
the terms of this Agreement, will be duly authorized, and validly issued, fully paid and nonassessable and will not be subject to any lien or encumbrance incurred by TWC. The Common Stock, when issued
to the Noteholders in accordance with this Agreement (including Value Partners), shall be registered with the SEC pursuant to the Registration Statement and the Form S-1 as
referenced in Section 3(o) under the Securities Act. 

        (c)  The
Company has all necessary corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. Except for the
requirement that the stockholders of TWC approve the increase in TWC's authorized shares of Common Stock, and, upon such approval the filing of Articles of Amendment to TWC's Articles of Incorporation
and the payment of any necessary Tax or fee related thereto, no other corporate proceedings on the part of the Company are necessary to authorize this Agreement or to consummate the transactions
contemplated hereby. The Board of Directors of each of TWC, TWGI and TWGF has duly and validly authorized the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby, and has taken all corporate actions required to be taken by such Boards of Directors for the consummation of the transactions. This Agreement has been duly and validly executed
and delivered by each of TWC, TWGI and TWGF and constitutes a valid, legal and binding agreement of each of TWC, TWGI and TWGF enforceable against them in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors' rights and remedies generally, and subject, as to enforceability, to general principles of equity,
including principles
of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity). 

        (d)  The
execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby do not contravene or constitute a default under or
violate (i) any provision of applicable federal or state securities law or regulation the violation of which would have a Material Adverse Effect on TWC, (ii) the Articles of
Incorporation, as amended, and Bylaws of TWC, or (iii) any judgment, injunction, order, decree or material agreement binding upon TWC or any of its assets or properties, the violation of which
would have a Material Adverse Effect on TWC or on TWC's ability to issue the Common Stock in the Note Exchange. For purposes of this Agreement, a "Material Adverse Effect" means a material adverse
effect on (a) the business, operations, property or condition (financial or otherwise) of TWC or (b) the ability of TWC to perform its obligations under this Agreement. 

        (e)  Except
as and to the extent publicly disclosed by TWC in the TWC reports filed by TWC with the SEC under the Exchange Act as of the date hereof and as of the Closing
Date, the business of TWC, TWGI and TWGF and has been carried on only in the ordinary and usual course consistent with past practice, none of TWC, TWGI or TWGF has incurred any liabilities of any
nature, whether or not 

8

 

accrued, contingent or otherwise, which do or which would reasonably be expected to have, and there have been no events, changes or effects with respect to TWC, TWGI or TWGF, which have or which
would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on TWC. The Registration Statement, the Note Exchange Offer Documents and/or any other documents to be
filed by TWC with the SEC in connection with the Note Exchange and the other transactions related thereto will (in the case of the Registration Statement, the Note Exchange Offer Documents and any
such other documents filed with the SEC under the Securities Act or the Exchange Act) comply as to form in all material respects with the requirements of the Exchange Act and the Securities Act,
respectively, and will not, on the date of filing with the SEC or, in the case of the Registration Statement, on the date the Registration Statement becomes effective, contain any untrue statement of
a material fact, or omit to state any material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they are
made, not misleading or shall, omit to state any material fact necessary to correct any statement in any earlier communication with respect to the exchange of Notes for TWC Common Stock which shall
have become false or misleading in any material respect. Notwithstanding the foregoing, the Company makes no representation or warranty with respect to the statements made in any of the foregoing
documents based on and in conformity with information supplied by or on behalf of Noteholders specifically for inclusion therein. 

        5.    Representations and Warranties of the Noteholders.    

        Each
Noteholder hereby represents and warrants to the Company as follows: 

        (a)  Each
Noteholder is the owner, beneficially and of record, of all the Notes set forth beside each such Noteholder's name on Schedule A,  to be exchanged hereby, free and clear of all liens, encumbrances,
security agreements, equities, options, claims, charges and restrictions except as set forth on such  Schedule A. Any encumbrance on the Notes shall be fully and finally released, free and clear
with no remaining obligation on or before the
Closing Date. Each Noteholder has full power and authority to tender, sell, assign and transfer the Notes exchanged hereby with TWC without obtaining the consent or approval of any other person,
entity or governmental authority. Each Noteholder further represents and warrants that when the Notes are accepted for exchange by TWC, TWC will acquire good, marketable and unencumbered title
thereto, free and clear of all liens, restrictions, charges and encumbrances and the same will not be subject to any adverse claims. The Noteholder will upon request, execute and deliver any
additional documents deemed by the Exchange Agent or TWC to be necessary or desirable to complete or perfect the sale, assignment and transfer of the Notes tendered hereby and the termination of the
Indentures. The Notes being exchanged hereby constitute all of the Notes owned by the Noteholder in this series. 

        (b)  All
the information that is set forth in this Agreement, including Schedule A hereto, with respect to each
Noteholder is correct and complete as of the date of this Agreement and will be correct and complete as of the Closing Date. 

        (c)  Each
Noteholder has such knowledge and experience in financial and business matters that each such Noteholder, together with each such Noteholder's representatives and
advisors, if any, is capable of evaluating the merits and risks of an investment in the Common Stock or the Replacement Notes. 

        (d)  Each
Noteholder has the full right, power and authority to enter into and to perform this Agreement and all other agreements, certificates and documents executed and
delivered, or to be executed and delivered, by each Noteholder in connection herewith (collectively, with this Agreement, the "Noteholder Documents"). All legally required action has been taken by
each Noteholder which is a prerequisite to the execution, delivery or performance of this Agreement. This Agreement has been duly authorized, executed and delivered by each Noteholder, and the
Noteholder Documents are (or when executed and delivered will be) legal, valid and binding obligations of each Noteholder, 

9

 

enforceable against such Noteholder in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors' rights
and remedies generally, and subject as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether
enforcement is sought in a proceeding at law or in equity). 

        (e)  Each
Noteholder represents and warrants to TWC that he, she or it has no present arrangement (whether or not legally binding) at any time to sell the Common Stock or the
Replacement Notes to be issued to him, her or it in the Note Exchange to or through any person or entity. The Noteholder understands and agrees that the Replacement Notes and the Interest Notes will
be transferable only in compliance with applicable federal and state securities laws. 

        (f)    The
execution, delivery of this Agreement and any other Noteholder Document executed in connection herewith, and the consummation of the transactions contemplated hereby
and thereby, and compliance with the requirements thereof, will not (i) violate the organizational documents of any of the Noteholders; (ii) violate any law, rule, regulation, order,
writ, judgment, injunction, decree or award binding on each Noteholder; (iii) violate, conflict with or constitute a material default under any indenture, instrument or agreement to which each
Noteholder is a party or is subject, or by which any Noteholder or any of its assets is bound, which violations have not been waived hereby; (iv) result in the creation or imposition of any
lien pursuant to the terms of any such indenture, instrument or agreement, or constitute a breach of any fiduciary duty owed by any Noteholder to any third party; or (v) require the approval of
any third-party (which has not been obtained) pursuant to any material contract, agreement, instrument, relationship or legal obligation to which each Noteholder is subject or to which any of its
assets, operations or management may be subject. With respect to this subsection (f), the terms "indenture, instrument and agreement" shall specifically exclude any such indenture, agreement or
instrument between or among the Company and/or any of its affiliates on the one hand, and any Noteholder on the other hand. 

        (g)  Each
Noteholder has received a copy of the Prospectus and the Note Exchange Offer Documents. 

        (h)  Each
Noteholder understands that nothing in this Agreement or any other Noteholder Documents (including the Note Exchange Offer Documents) presented by the Company to
each Noteholder in connection with the Note Exchange constitutes legal, tax or investment advice. Each Noteholder has relied on, and has consulted with, such legal, tax and investment advisers as any
Noteholder, in his, her or its sole discretion, has deemed necessary or appropriate in connection with its exchange of the Notes for the Common Stock as set forth herein. 

        6.    Covenants of the Noteholders.    

        (a)  Each
Noteholder covenants and agrees with the Company that he, she or it will: 

        (i)    Execute,
deliver and in good faith perform all of his, her or its obligations under this Agreement in a timely manner; 

        (ii)  Provide
reasonable and timely cooperation to the Company in the preparation of the Registration Statement, Note Exchange Offer Documents and/or Noteholder Documents or
any amendments or supplements thereto; 

        (iii)  Obtain all consents, approvals, acquiescences or permits that the Company may deem to be necessary and appropriate in order for the Noteholder to deliver good title to
the Notes to the Company without encumbrance in a timely manner and at the Noteholder's expense;

 

        (iv)  Execute and deliver to the Company concurrently with the delivery of the Notes, duly endorsed, and the Letter of Transmittal, the duly executed Exit Consent;

10

 

        (v)  Not take any action or omit to take any action which could result in the occurrence of a Material Adverse Effect to the Company prior to the Closing Date; and,

 

        (vi)  Not sell, transfer, assign, pledge or otherwise encumber the Notes.

 

        (b)  Each
Noteholder shall give prompt notice to the Company of (i) the occurrence or nonoccurrence of any event the occurrence or nonoccurrence of which would be
likely to cause any material representation or warranty of the Noteholder contained in this Agreement, to be untrue or inaccurate at or prior to the Closing Date, (ii) any material failure of
the Noteholder, to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder, (iii) any notice or other communication from any third party
alleging that the consent of such third party is or may be required in connection with the transactions contemplated by this Agreement, or (iv) such Noteholder becoming aware of any Material
Adverse Effect relating to the Company, other than changes resulting from general economic conditions; provided, however, that the delivery of any notice pursuant to this Section 6(b) shall not
cure such breach or non-compliance or limit or otherwise affect the remedies available hereunder to the party receiving such notice. 

        (c)  The
Company acknowledges that (A) all of the obligations of each Noteholder are several and not joint (it being the parties' intent that each Noteholder will be
responsible only for its own obligations), and (B) each representation and warranty made herein by or as to each Noteholder relates only to such Noteholder, and that no Noteholder is liable for
breach of any representation or warranty made or covenant incurred by or as to any other Noteholder. 

        7.    Termination.    

        (a)  This
Agreement may be terminated and the Note Exchange contemplated herein may be abandoned at any time prior to the Closing, whether before or after approval of the
amendment to TWC's Articles of Incorporation by the stockholders of TWC: 

        (i)    By
the mutual written consent of Company and the holders of a majority in principal amount of the Notes; 

        (ii)  By
the Company if (i) a statute, rule or executive order shall have been enacted, entered or promulgated prohibiting the Note Exchange and/or issuance of the
Common Stock on the terms contemplated by this Agreement, or (ii) any governmental entity shall have issued an order, decree or ruling or taken any other action (which order, decree, ruling or
other action the parties hereto shall use their reasonable efforts to lift), in each case permanently restraining, enjoining or otherwise prohibiting the Note Exchange and/or issuance of the Common
Stock and such order, decree, ruling or other action shall have become final and non-appealable; (iii) if the Note Exchange Offer has not been consummated or extended on or before
the sixtieth (60th) day following the commencement of the Note Exchange Offer (or, if such date is not a Business Day, the first such Business Day thereafter); or (iv) with
respect to any individual Noteholder, if there shall be a material breach by such Noteholder of any of its representations, warranties, covenants or agreements contained in this Agreement; or 

        (b)  This
Agreement may be terminated by any individual Noteholder with respect to such Noteholder's obligation hereunder if there shall be a material breach by the Company
of any of its representations, warranties, covenants or agreements contained in this Agreement as to such Noteholder. The Company will give prompt notice of any such termination to Value Partners; 

        (c)  In
the event of termination of this Agreement by either the Company or one or more individual Noteholder(s) as provided in Section 7(a) or (b), this Agreement
shall forthwith become void and have no effect, without any liability or obligation on the part of Company and such Noteholder(s), other than the provisions of this Section 7(c) and Sections 8,
11, 12, 13, 15 and 20. 

11

 

        8.    Fees and Expenses.    Except as otherwise provided herein, all fees and expenses
incurred in connection with the Note Exchange Offer, this Agreement and the transactions contemplated hereby shall be paid by the party incurring such fees or expenses, whether or not the Note
Exchange Offer is consummated, except that TWC shall pay the reasonable and documented fees and expenses of counsel to Value Partners. 

        9.    Amendment.    

        (a)  This
Agreement may be amended in any non-material respect by an instrument in writing signed by the Company and Noteholders holding a majority of principal
amount of the Notes at any time prior to the Closing Date. Notice of such amendment shall be promptly provided to each Noteholder prior to the Closing Date. Any material amendment must be executed by
the Company and each Noteholder that is a party to this Agreement. 

        (b)  At
any time prior to the Closing Date, each party hereto may (i) extend the time for the performance of any of the obligations or other acts of the other party,
(ii) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document, certificate or writing delivered pursuant hereto, or (iii) waive
compliance by the other party with any of the agreements or conditions contained herein. Any agreement on the part of the either party hereto to any such extension or waiver shall be valid only if set
forth in an instrument in writing signed on behalf of such party. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. The failure of either party hereto to assert any of its rights hereunder shall not
constitute a waiver of such rights. 

        10.    Nonsurvival of Representations and Warranties.    

        None
of the representations, warranties, covenants and agreements in this Agreement or in any Schedule or document delivered pursuant to this Agreement shall survive beyond the Closing
Date, except for those covenants and agreements contained herein and therein that by their terms apply or are to be performed in whole or in part after the Closing Date and Sections 8, 11, 12, 13, 14,
15, 16 and 20. This Section 10 shall not limit any covenant or agreement of the parties which by its terms contemplates performance after the Closing Date. 

        11.    Notices.    

        All
notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be
(i) personally served, (ii) deposited in the U.S. mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable overnight courier service
with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth on Schedule A or to such other
address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand
delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated on Schedule A  (if delivered on a Business Day
between the hours of 9:00 a.m. and 5:30 p.m. where such notice is to be received), or the first Business Day following such
delivery (if delivered other than on a Business Day, between the hours of 9:00 a.m. and 5:30 p.m. where such notice is to be received), (b) on the third Business Day following the
date of delivery to a reputable courier service, fully prepaid, addressed to such address, or upon actual receipt of such communication, whichever shall first occur, or (c) five calendar days
after sent by certified or registered mail. 

        12.    Choice of Law/Jurisdiction.    

        This
Agreement and all transactions contemplated by this Agreement shall be exclusively governed by, and construed and enforced in accordance with, the internal laws of the State of New
York without regard to principles of conflicts of laws. Each party consents to the exclusive jurisdiction of the United States District Court of the Southern District of New York in connection with
any dispute arising under 

12

 

this Agreement and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens, to the
bringing of any such proceeding in such jurisdictions. EACH PARTY HERETO HEREBY WAIVES ANY RIGHT IT MAY HAVE TO REQUEST A TRIAL BY JURY FOR ANY MATTER LITIGATED ARISING FROM OR IN CONNECTION WITH THIS
AGREEMENT. No party shall be liable to the other for any special, indirect, incidental, consequential, exemplary or punitive damages for any breach of this Agreement. 

        13.    Assignment.    

        This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective spouses, heirs, personal representatives, executors, administrators, trustees,
beneficiaries, trustees in bankruptcy, successors and assigns, and no other person shall have any right, benefit or obligation hereunder. This Agreement is not assignable by any party without the
prior written consent of the counterparty. 

        14.    Entire Agreement.    

        This
Agreement, together with all Schedules hereto and the Note Exchange Offer Documents, constitutes the entire agreement among the parties pertaining to the subject matter hereof and
supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties. 

        15.    Severability.    

        The
provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions
hereof. If any provision of this Agreement, or the application thereof to any person or any circumstance, is invalid or unenforceable, (a) if necessary, a suitable and equitable provision shall
be substituted therefore in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision, and (b) the remainder of this
Agreement and the application of such provision to other persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the
validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

        16.    Specific Performance.    

        The
parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were
otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent
breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the court specified in Section 12 hereof, this being in addition to any other remedy to
which they are entitled at law or in equity. 

        17.    Further Assurances.    

        The
parties shall cooperate and take such actions, and execute such other documents, in connection with the transactions contemplated herein, as either may reasonably request in order to
carry out the provisions or purpose of this Agreement. 

13

 

        18.    Counterparts; Facsimile.    

        This
Agreement may be executed in multiple counterparts, each of which may be executed by less than all of the parties hereto and shall be deemed to be an original instrument which shall
be enforceable against the parties actually executing such counterparts and all of which together shall constitute one and the same instrument. Except as otherwise stated herein, in lieu of the
original documents, a facsimile transmission or copy of the original documents shall be as effective and enforceable as the original. 

        19.    Title and Subtitles.    

        The
titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

        20.    Interpretation.    

        The words "hereof," "herein" and "herewith" and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this Agreement unless otherwise
specified. The phrases "the date of this Agreement," "the date hereof" and terms of similar import, unless the context otherwise requires, shall be deemed to refer
to                                    ,
2003. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation." All terms defined in this Agreement
shall have the defined meanings contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this
Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Any

agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time, amended,
qualified or supplemented, including (in the case of agreements and instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and all attachments
thereto and instruments incorporated therein. References to a person or entity are also to its permitted successors and assigns.

14

   
        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, on the day and year first above written. 

	 	 	TRANS WORLD CORPORATION
	

 	
 	

By:	

 Name: Rami S. Ramadan

Title: Chief Executive Officer
	

 	
 	
TWG INTERNATIONAL U.S. CORPORATION
	

 	
 	

By:	

 Name: Rami S. Ramadan

Title: Chief Executive Officer
	

 	
 	
TWG FINANCE CORP.
	

 	
 	
By:	

 Name: Rami S. Ramadan

Title: Chief Executive Officer
	

 	
 	
VALUE PARTNERS, LTD.
	

 	
 	

By:	
EWING & PARTNERS as General Partner
	

 	
 	

By:	

 Name: Timothy G. Ewing

Title: Managing Partner

	

 	
 	
EWING & PARTNERS
	

 	
 	

By:	

 Name: Timothy G. Ewing

Title: Managing Partner

	

 	
AMIR FAMILY TRUST
	

 	

By:	

 
	 	 	

	 	Name:	 
	 	 	

	 	Title:	Trustee

15

 

	

 	
FORT PITT FUND III, L.P.
	

 	

By:	

 
	 	 	

	 	Name:	 
	 	 	

	 	Title:	General Partner
	

 	
MILFAM I, L.P.
	

 	

By:	

 
	 	 	

	 	Name:	 
	 	 	

	 	Title:	General Partner
	

 	
MILNER TRUST "C" UAD 11/2/73
	

 	

By:	

 
	 	 	

	 	Name:	 
	 	 	

	 	Title:	Trustee
	

 	
PALESTRA PARTNERS
	

 	

By:	

 
	 	 	

	 	Name:	 
	 	 	

	 	Title:	General Partner
	

 	
RAVICH REVOCABLE TRUST OF 1989
	

 	

By:	

 
	 	 	

	 	Name:	 
	 	 	

	 	Title:	Trustee
	

 	
RAVICH CHILDREN'S PERMANENT TRUST
	

 	

By:	

 
	 	 	

	 	Name:	 
	 	 	

	 	Title:	Trustee

16

 

	

 	
MARGOLIS LIVING TRUST
	

 	

By:	

 
	 	 	

	 	Name:	 
	 	 	

	 	Title:	Trustee
	

 	
GEOFFREY B. BAKER
	

 	

By:	

 
	 	 	

	 	Name:	Geoffrey B. Baker
	 	Title:	Director
	

 	
JULIO E. HEURTEMATTE, JR.
	

 	

By:	

 
	 	 	

	 	Name:	Julio E. Heurtematte, Jr.
	 	Title:	Director
	

 	
MALCOLM M.B. STERRETT
	

 	

By:	

 
	 	 	

	 	Name:	Malcolm M.B. Sterrett
	 	Title:	Director

17

   Schedule A  

TRANS WORLD CORPORATION

Noteholder List  

	Noteholder

Name
	 	Address/Telephone/Fax Nos.
	Principal

Amount
	Accrued and Unpaid Interest As of

the Closing Date*
	Liens on Notes per

Section 4(a)
	Number of Shares Common Stock

To Be Issued Pursuant to the

Exchange Ratio
	Principal Amount of Replacement Note

	Value Partners, Ltd.	 	 	$	13,320,000.00	$	2,022,600.00	 	 	 
	

Amir Family Trust	
 	

 	
 	

300,000.00	
 	

—	

 	

 	

 
	Fort Pitt Fund III, LP	 	 	 	750,000.00	 	45,000.00	 	 	 
	Milfam I, L.P.	 	 	 	250,000.00	 	—	 	 	 
	Milner Trust "C" UAD 11/2/73	 	 	 	100,000.00	 	 	 	 	 
	Palestra Partners	 	 	 	300,000.00	 	—	 	 	 
	Ravich Revocable Trust of 1989	 	 	 	3,430,000.00	 	328,800.00	 	 	 
	Ravich Children's Permanent Trust	 	 	 	1,000,000.00	 	60,000.00	 	 	 
	Margolis Living Trust	 	 	 	250,000.00	 	—	 	 	 
	Geoffrey B. Baker, Director	 	 	 	100,000.00	 	6,000.00	 	 	 
	Julio E. Heurtematte, Jr., Director	 	 	 	100,000.00	 	6,000.00	 	 	 
	Malcolm M.B. Sterrett, Director	 	 	 	100,000.00	 	6,000.00	 	 	 
	Total	 	 	$	20,000,000.00	$	2,474,400.00	 	 	 
	Total Exchanged Shares of Common Stock	 	 	 	 	 	 	 	 	 

	*
	These
amounts shall be paid to the subject Noteholders by TWC by means of a 36 month, 8.0% interest, secured subordinated promissory note to be executed by TWC on the Closing
Date. (See Section 1(n)). All other accrued and unpaid interest and penalties will be waived and cancelled by the Noteholders. 

SA-1

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