Document:

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                                                                   EXHIBIT 10.14

                               GUARANTY AGREEMENT

     The undersigned, CHARLES S. LEAVELL ("Guarantor"), for the purpose of
inducing FAIRE PARTNERS, LLC, a limited liability company organized and existing
under the laws of the State of Texas ("Landlord") to execute that certain
Amendment of Lease Agreement between Landlord and RENAISSANCE ENTERTAINMENT
CORPORATION, a corporation organized and existing under the laws of the State of
Colorado ("Tenant") pursuant to the terms of which $15,000.00 of the rent
otherwise due and owing each month during the period of time between December 1,
1999 and May 31, 2000 shall be deferred (aggregating $90,000.00) and which is to
subsequently be repaid by increasing the monthly rent by $15,000.00 per month
during the period of time between June 1, 2000 and November 30, 2000 and
recognizing that Guarantor has benefitted or shall benefit, directly or
indirectly, by such rent deferral and that but for this Guaranty Agreement such
rent deferral would not be agreed to by Landlord, Guarantor hereby irrevocably,
absolutely and unconditionally guarantees the payment to Landlord of the
$90,000.00 rent to be deferred in accordance with the terms of the Amendment of
Lease Agreement and all costs, attorneys' fees and expenses incurred or expended
by Landlord in collecting the rent deferred in accordance with the terms of the
Amendment of Lease Agreement (collectively, the "Obligation").

     1. PRIMARY LIABILITY. Guarantor shall be liable as a primary obligor for
the payment and performance of the Obligation.

     2. PAYMENT. In each event whenever any part of the Obligation shall become
due and remains unpaid, Guarantor will, on demand, pay the amount due to
Landlord. All amounts becoming payable by Guarantor to Landlord under this
Guaranty Agreement shall be payable at Landlord's principal office in El Paso
County, Texas or such other place as Landlord may from time to time designate.
The payment by Guarantor of any amount pursuant to this Guaranty Agreement shall
not in anywise entitle Guarantor to any right, title or interest (whether by way
of subrogation or otherwise) in and to any of the Obligation, or any security or
collateral therefor, unless and until the full amount owing to Landlord on the
Obligation has been fully paid, but when the same has been fully paid, Guarantor
shall be subrogated as to any payments made by Guarantor to the rights of
Landlord against Tenant.

     3. WAIVER OF NOTICE. Guarantor specifically waives any notice of acceptance
of this Guaranty by Landlord and of the creation, advancement, existence,
extension, renewal, modification, consolidation, or rearrangement from time to
time of the Obligation, or any indulgence from time to time with respect to the
Obligation, or any part thereof. Landlord additionally waives grace, demand,
protest, presentment and notice of demand, protest, presentment and dishonor
with respect to the Obligation, notice of intent to accelerate, notice of
acceleration and notice of disposition of collateral and waives notice of the
amount of the Obligation outstanding at any time, and agrees that the maturity
of the Obligation, or any part thereof, may be accelerated, extended, modified,
amended or renewed from time to time, or any other indulgence may be granted
with respect thereto by Landlord at its will or as may be agreed by Tenant
without notice to or further consent by Guarantor, at any time or times.
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     4. RIGHTS OF LANDLORD.

          a. Guarantor agrees that no release of Tenant, any co-guarantor, or of
     any other person primarily or secondarily liable on the Obligation, or any
     part thereof shall in any manner impair, diminish or affect the liability
     of Guarantor or the rights of Landlord hereunder.

          b. Guarantor specifically agrees that it shall not be necessary or
     required, and that Guarantor shall not be entitled to require, that
     Landlord mitigate damages, or file suit or proceed to obtain or assert a
     claim for personal judgment against Tenant for the Obligation, or make any
     effort at collection of the Obligation from Tenant, or foreclose against or
     seek to realize upon any security or collateral now or hereafter existing
     for the Obligation, or file suit or proceed to obtain or assert a claim for
     personal judgment against any other party (whether maker, guarantor,
     endorser or surety) liable for the Obligation, or make any effort at
     collection of the Obligation from any such other party, or exercise or
     assert any other right or remedy to which Landlord is or maybe entitled in
     connection with the Obligation or any security or collateral or other
     guaranty therefor, or assert or file any claim against the assets or estate
     of Tenant or any other guarantor or other person liable for the Obligation,
     or any part thereof, before or as a condition of enforcing the liability of
     Guarantor under this Guaranty or requiring payment of the Obligation by
     Guarantor hereunder, or at any time thereafter.

          c. No delay or omission or lack of diligence or care in exercising any
     right or power with respect to the Obligation or under this Guaranty shall
     in any manner impair, diminish or affect the liability of Guarantor or the
     rights of Landlord hereunder.

          d. Guarantor's liability hereunder shall in no manner be affected,
     reduced, impaired or released by reason of any renewal, extension,
     modification, consolidation, or rearrangement of or any other indulgence,
     forbearance or compromise with respect to the Obligation, or any part
     thereof.

          e. Guarantor waives all defenses given to sureties or guarantors at
     law or in equity other than actual payment of the Obligation. Guarantor
     absolutely and unconditionally covenants and agrees that if all or any part
     of the Obligation (or any instrument or agreement made or executed in
     connection therewith) is for any reason found to be invalid, illegal,
     unenforceable, uncollectible or legally impossible, for any reason
     whatsoever (including, without limiting the generality of the foregoing,
     upon the grounds that the payment and/or performance of the Obligation is
     ultra vires or otherwise without authority, may violate applicable usury
     laws, is subject to valid defenses, claims or offsets of Tenant, or any
     instrument evidencing any of the Obligation is forged or otherwise
     irregular), then in any such case Guarantor shall pay and perform the
     Obligation as herein provided and that no such occurrence shall in any way
     diminish or otherwise affect Guarantor's obligations hereunder.

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                  f. Guarantor agrees, to the full extent he may legally do so,
         that suit may be brought against Guarantor with or without making
         Tenant a party to such suit (as Landlord may elect).

     5. CHANGE IN COMPOSITION. Should the status, composition, structure or name
of Tenant change, including, but not limited to, by reason of a merger,
dissolution, consolidation or reorganization, this Guaranty shall continue and
also cover the indebtedness and Obligation of Tenant under the new status,
composition structure or name according to the terms hereof.

     6. LIABILITY IN THE EVENT OF PREFERENCE. In the event any payment by Tenant
to Landlord is held to constitute a preference under the bankruptcy laws, such
payment by Tenant to Landlord shall not constitute a release of Guarantor from
any liability hereunder, but Guarantor agrees to pay such amount to Landlord
upon demand and this Guaranty shall continue to be effective or shall be
reinstated, as the case may be, to the extent of any such payment or payments.

     7. RIGHTS OF SUBROGATION AND CONTRIBUTION. Notwithstanding anything
contained in this Guaranty to the contrary, Guarantor does not herein waive or
release (whether expressly or impliedly) any rights of subrogation that
Guarantor may have against Tenant (except as same are expressly subordinated in
Paragraph 1 above) or rights of reimbursement that Guarantor may have as against
Tenant (except as same may be limited by the provisions of Paragraph 1 above).

     8. NOTICE. Any notice or demand to Guarantor hereunder or in connection
herewith may be given and shall conclusively be deemed and considered to have
been given and received upon the deposit thereof, in writing, in the U.S. Mails,
duly stamped and addressed to Guarantor at the address of Guarantor shown below;
but actual notice, however given or received, shall always be effective. The
last preceding sentence shall not be construed in anywise to affect or impair
any waiver of notice or demand herein provided or to require giving of notice or
demand to or upon Guarantor in any situation for any reason.

     9. RIGHTS OF LANDLORD CUMULATIVE. The rights of Landlord hereunder are
cumulative and shall not be exhausted by its exercise of any of its rights
hereunder or by any number of successive actions until and unless all
indebtedness constituting the Obligation has been paid.

     10. APPLICABLE LAW AND VENUE. This Guaranty shall be deemed to have been
made under and shall be governed by the laws of the State of Texas in all
respects. The jurisdiction and venue of all litigation, bankruptcy actions and
other legal proceedings involving this Guaranty shall be El Paso County, Texas.

     11. SUCCESSORS OR ASSIGNS. This Guaranty shall bind the heirs, personal
representatives, successors and assigns of Guarantor and shall inure to the
benefit of all transferees, assignees and/or endorsees of Landlord,
notwithstanding that some or all of the monies owed by Guarantor pursuant to
this Guaranty may be actually advanced after any bankruptcy, receivership,
reorganization or death of Guarantor.

     12. INTERPRETATION. Headings are provided as a matter of convenience only
and are not to be considered in interpreting the meaning of any provision
hereunder. The use of any gender herein shall include the other gender.

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     13. SEVERABILITY. A determination that any provision of this Guaranty is
unenforceable or invalid shall not affect the enforceability or validity of any
other provision.

     14. ENTIRE AGREEMENT.

          THIS GUARANTY AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN
          GUARANTOR AND LANDLORD WITH RESPECT TO THE MATTERS SET FORTH HEREIN
          AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
          SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

          THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN GUARANTOR AND LANDLORD
          RELATING TO THIS GUARANTY AGREEMENT OR THE MATTERS SET FORTH HEREIN.

     EXECUTED as of the 17TH of December, 1999.

                                       GUARANTOR:

                                       Charles S. Leavell
                                       -------------------------------
                                       CHARLES S. LEAVELL

                                       Address:

                                       275 CENTURY CIRCLE, SUITE 102
                                       LOUISVILLE, COLORADO  80027

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THE STATE OF COLORADO      )
                           )
COUNTY OF BOULDER          )

     THIS Guaranty Agreement was acknowledged before me on the 17TH day of
December, 1999, by CHARLES S. LEAVELL.

My commission expires:                 /s/ Joan C. Jackson
    1/27/2001                          ------------------------
----------------------                 NOTARY PUBLIC IN AND FOR
                                        THE STATE OF COLORADO

                                       5<PAGE>

                                                                   EXHIBIT 10.15

No. W-SLB-1                                   Warrant to Purchase 100,000 Shares

                       WARRANT TO PURCHASE COMMON STOCK OF
                      RENAISSANCE ENTERTAINMENT CORPORATION

     THIS CERTIFIES THAT for value received FAIRE PARTNERS, LLC is entitled,
subject to the terms and conditions hereinafter set forth, to purchase from
RENAISSANCE ENTERTAINMENT CORPORATION, a Colorado corporation (the "Company"),
100,000 fully paid and non-assessable shares of Common Stock of the Company
(herein called the "Common Stock"), upon presentation and surrender of this
Warrant with the Subscription Form duly executed, at any time during the term
hereof, at the principal office of the Company or at such other office as shall
have theretofore been designated by the Company by notice pursuant hereto and
upon payment therefor of the Purchase Price, in lawful money of the United
States of America, determined as set forth below. The term of this Warrant shall
commence on the date hereof, and terminate, if not exercised prior thereto, at
5:00 p.m. Mountain Time, on November 11, 2003 (the "Expiration Date").

     This Warrant is issued pursuant to a certain Amendment of Lease Agreement
dated December 17, 1999 and replaces a certain warrant dated November 12, 1997.

     This Warrant is subject to the following terms and conditions:

     1. The purchase rights represented by this Warrant are exercisable at any
time after November 11, 1998 and prior to 5:00 p.m. Mountain Time on the
Expiration Date, at the option of the registered holder hereof (the "Holder"),
in whole or in part (but not as to a fractional share of Common Stock). In the
case of the purchase of less than all the shares purchasable under this Warrant,
the Company shall cancel this Warrant upon the surrender hereof and shall
execute and deliver a new Warrant of like tenor for the balance of the shares
purchasable hereunder.

     2. The purchase price for each share of Common Stock purchasable pursuant
to the exercise of this Warrant shall be Thirty Cents ($0.30) per share (the
"Initial Purchase Price") or the adjusted price, if applicable, determined as
set forth in Section 9 hereof. The Initial Purchase Price, and from time to time
the number of shares of Common Stock subject to purchase hereunder are subject
to adjustment in certain circumstances provided for below. The purchase price,
as defined above, is hereinafter referred to as the "Purchase Price".

          (a) In case the Company shall (i) pay a dividend in shares of its
     capital stock (other than an issuance of shares of capital stock to holders
     of Common Stock who have elected to receive a dividend in shares in lieu of
     cash), (ii) subdivide its outstanding shares of Common Stock, (iii) reduce,
     consolidate or combine its outstanding shares of Common Stock into a
     smaller number of shares, or (iv) issue by reclassification of its shares
     of Common Stock any shares of the Company, the number of shares of Common
     Stock issuable upon exercise of this Warrant shall be the number of shares
     of Common Stock of the Company which the Warrant Holder would have owned or
     would have been

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     entitled to receive after the happening of any of the events described
     above had this Warrant been exercised immediately prior to the happening of
     such event. Such adjustment shall be made successively whenever any such
     effective date or record date shall occur. An adjustment made pursuant to
     this subsection (a) shall become effective retroactively, immediately after
     the record date in the case of a dividend and shall become effective
     immediately after the effective date in the case of a subdivision,
     reduction, consolidation, combination or reclassification.

          (b) If the Company shall at any time issue or sell or be deemed
     pursuant to the provisions of subsections 2(c) and (d) hereof to have
     issued or sold shares of its Common Stock for consideration per share less
     than the Initial Purchase Price then in effect with respect to such Common
     Stock, then the Initial Purchase Price shall be reduced by multiplying it
     by a fraction, the numerator of which equals the number of shares of Common
     Stock outstanding prior to the sale or issuance plus the number of shares
     of Common Stock which would have been issued in the transaction if the
     Initial Purchase Price had been applied, and the denominator of which
     equals the number of shares of Common Stock outstanding after the sale or
     issuance plus the number of shares of Common Stock actually issued in the
     transaction.

          (c) In case at any time after the date hereof the Company shall in any
     manner grant (whether directly or by assumption in a merger or otherwise)
     any rights to subscribe for or to purchase, or any options for the purchase
     of, Common Stock or any stock or other securities convertible into or
     exchangeable for Common Stock (such rights or options being herein called
     "Options" and such convertible or exchangeable stock or securities being
     herein called "Convertible Securities") at an option or conversion price
     per share of Common Stock (determined by dividing: (i) the total amount, if
     any, received or receivable by the Company as consideration for the
     granting of such Options, plus the minimum aggregate amount of additional
     consideration payable upon the exercise of such Options, plus, in the case
     of such Options which relate to Convertible Securities, the minimum
     aggregate amount of additional consideration, if any, payable upon the
     issue or sale of such Convertible Securities and upon the conversion or
     exchange thereof, by (ii) the total maximum number of shares of Common
     Stock of the Company, issuable upon the exercise of such Options and in the
     case of Convertible Securities, upon conversion thereof) less than the
     Initial Purchase Price then in effect with respect to such Common Stock,
     then the total maximum number of shares of Common Stock issuable upon the
     exercise and conversion of such Options and Convertible Securities shall be
     deemed to be outstanding and to have been issued and sold by the Company as
     of the date of the issue or sale of the Options, for such price per share.
     No sale, issuance or transfer of shares of Common Stock shall be deemed to
     have been made upon the actual issuance of such Common Stock except as
     otherwise provided in subsection 2(e) hereof.

          (d) In case at any time after the date hereof the Company shall in any
     manner issue or sell (whether directly or by assumption in merger or
     otherwise) any Convertible Securities, whether or not the rights to
     exchange or convert thereunder are immediately exercisable, and the price
     per share of Common Stock issuable upon such conversion or

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     exchange (determined by dividing: (i) the total amount received or
     receivable by the Company, as consideration for the issue or sale of such
     Convertible Securities, plus the minimum aggregate amount of additional
     consideration, if any, payable to the Company upon the conversion or
     exchange thereof, by (ii) the total maximum number of shares of Common
     Stock issuable upon the conversion or exchange of all such Convertible
     Securities) shall be less than the Initial Purchase Price then in effect
     with respect to such Common Stock, then the total maximum number of shares
     of Common Stock issuable upon conversion of all such Convertible Securities
     shall be deemed to be outstanding and to have been issued and sold by the
     Company as of the date of the issue or sale of the Convertible Securities,
     for such price per share. No sale, issuance or transfer of shares of Common
     Stock shall be deemed to have been made upon the actual issuance of such
     Common Stock except as otherwise provided in subsection 2(e) hereof.

          (e) If the purchase price payable or number of shares of Common Stock
     subject to purchase as provided for in any Options referred to in
     subsection 2(c) hereof, the additional consideration, if any, payable upon
     the conversion or exchange of any Convertible Securities referred to in
     subsections 2(c) or (d), or the rate at which any Convertible Securities
     referred to in subsections 2(c) or (d) are convertible into Common Stock
     shall change so as to reduce the deemed sale price of Common Stock
     previously calculated under subsections 2(c) and/or (d), then a sale of
     shares of Common Stock shall be deemed to have occurred for the purposes of
     subsections 2(c) and/or (d), as applicable, with appropriate adjustments to
     be made to the number of shares of Common Stock deemed to have been sold to
     reflect the prior related deemed sale and such adjustments by the
     adjustment of the Initial Purchase Rate and Initial Purchase Price pursuant
     to subsections 2(c) or (d), as applicable.

          (f) In case of any consolidation of the Company with or merger of the
     Company with or into another corporation or in case of any sale, transfer
     or lease to another corporation of all or substantially all of the property
     of the Company, the Company or such successor or purchasing corporation, as
     the case may be, shall execute an agreement that the Holder of a Warrant
     shall have the right thereafter upon payment of the Initial Purchase Price
     in effect immediately prior to such action to purchase upon exercise of the
     Warrant the kind and amount of shares and other securities and property
     which the Holder would have owned or would have been entitled to receive
     after the happening of such consolidation, merger, sale, transfer or lease
     had the Warrant been exercised immediately prior to such action. The
     Company shall give prompt written notice of the execution of any such
     agreement to the Holder of each Warrant at the address of such Holder as
     shown on the records of the Company. Such agreement shall provide for
     subsequent adjustments, which shall be as nearly equivalent as may be
     practicable to the adjustments provided for in this section 2, after the
     happening of such consolidation, merger, sale, transfer or lease. The
     provisions of this subsection 2(f) shall similarly apply to successive
     consolidations, mergers, sales, transfers or leases.

          (g) The provisions of this section shall not apply to any currently
     outstanding securities of the Company or any management stock grants or
     sales, stock options or shares of Common Stock issued upon exercise of
     stock options issued to officers,

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     directors, employees or consultants of the Company pursuant to a plan
     heretofore adopted and approved by the Board of Directors of the Company.

          (h) Upon the expiration of any Option or the termination of any right
     to convert or exchange any Convertible Securities without the issuance of
     shares of Common Stock, then with respect to any Warrants which then remain
     outstanding, the Initial Purchase Price shall be readjusted to the Initial
     Purchase Price which would have prevailed absent the adjustment made as a
     result of the issuance of such Options or Convertible Securities.

          (i) In case any Options shall be issued in connection with the issue
     or sale of other securities of the Company, together comprising one
     integral transaction in which no specific consideration is allocated to
     such Options by the parties thereto, such Options shall be deemed to have
     been issued without consideration.

          (j) In case any shares of Common Stock, Options or Convertible
     Securities shall be issued or sold or deemed to have been issued or sold
     for cash, the consideration received therefor shall be deemed to be the
     amount received therefor by the Company. In case any shares of Common
     Stock, Options or Convertible Securities shall be issued or sold for a
     consideration other than cash, the amount of the consideration other than
     cash received by the Company shall be the fair market value of such
     consideration, as determined by the Board of Directors of the Company.

     3. In case at any time:

          (a) The Company shall declare any cash dividend on its Common Stock at
     a rate in excess of the rate of the last cash dividend theretofore paid;

          (b) The Company shall pay any dividend payable in stock upon its
     Common Stock or make any distribution (other than regular cash dividends)
     to the holders of its Common stock;

          (c) The Company shall offer for subscription pro rata to the holders
     of its Common Stock any additional shares of stock of any class or other
     rights;

          (d) There shall be any capital reorganization, or reclassification of
     the capital stock of the Company or consolidation or merger of the Company
     with, or sales of all or substantially all of its assets to, another
     corporation; or

          (e) There shall be a voluntary or involuntary dissolution, liquidation
     or winding up of the Company; then, in any one or more of said cases, the
     Company shall give written notice, by first class mail, postage prepaid,
     addressed to the Holder at the address of such holder as shown on the books
     of the Company, of the date on which (1) the books of the Company shall
     close or a record shall be taken for such dividend, distribution or
     subscription rights, or (2) such reorganization, reclassification,
     consolidation, merger, sale, dissolution, liquidation or winding up shall
     take place, as the

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     case may be. Such notice shall also specify the date as of which the
     holders of Common Stock of record shall participate in such dividend,
     distribution or subscription rights, or shall be entitled to exchange their
     Common Stock for securities or other property deliverable upon such
     reorganization, reclassification, consolidation, merger, sale, dissolution,
     liquidation, or winding up, as the case may be. Such written notice shall
     be given at least 20 days prior to the action in question and not less than
     20 days prior to the record date or the date on which the Company's
     transfer books are closed in respect thereto.

     4. If any event occurs as to which, in the sole opinion of the Board of
Directors of the Company, the other provisions of this Warrant are not strictly
applicable or if strictly applicable would not fairly protect the rights of the
Holder in accordance with the essential intent and principles of such
provisions, then the Board of Directors shall make such adjustment in the
application of such provisions as may be necessary, in the sole judgment of such
Board, in accordance with such essential intent and principles, to protect such
rights as aforesaid.

     5. Exercise of this Warrant shall be made by the surrender hereof by the
Holder to the Company at its principal office together with (i) the attached
Subscription Form designating the number of shares of Common Stock being
purchased, (ii) a certified check or cash in payment for such shares and (iii) a
letter of transmittal setting forth the computation of the amount of said
payment. The Company shall thereafter promptly (in any event within seven (7)
business days after such exercise) issue certificates for the number of shares
of the Common Stock of the Company purchased at the Purchase Price in effect at
the time of such exercise. The Holder shall be deemed to be the record owner of
such shares of Common Stock as of the close of business on the date of such
exercise. The Holder shall not be entitled to receive a fractional share, but in
lieu thereof the Company shall pay in cash an amount equal to the market value
of such fractional share if the Common Stock has a market value, or if not, the
book value of such fractional share. The Company shall thereupon cancel this
Warrant; and in the event that less than the entire number of shares purchasable
are purchased, shall issue a new Warrant for the number not so purchased.

     6. The Company covenants and agrees that all shares which may be issued
upon the exercise of this Warrant will, upon issuance, be duly and validly
authorized and issued, fully paid and nonassessable, and free from all taxes,
liens and charges with respect to the issue thereof; and without limiting the
generality of the foregoing, the Company covenants and agrees that it will, from
time to time, take all such action as may be requisite to assure that the par
value or stated value per share of the Common Stock to be acquired upon the
exercise of this Warrant is at all times equal to or less than the then
effective Purchase Price per share of the Common Stock issuable pursuant to
exercise of this Warrant. The Company further covenants and agrees that during
the period within which this Warrant may be exercised, the Company will at all
times have authorized and reserved for the purpose of the issue upon exercise of
this Warrant a sufficient number of shares of its Common Stock to provide for
such exercise.

     7.   (a) The Holder represents that he is acquiring this Warrant and, in
     the absence of an effective registration statement under the Securities Act
     of 1993 (the "1933 Act") for the shares of Common Stock issuable hereunder,
     such shares for the purpose of

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<PAGE>

     investment and not with a view to or for sale in connection with any
     distribution thereof. The Holder and the holder of any shares of Common
     Stock issued upon exercise hereof, by his acceptance hereof, agrees that he
     will notify the Company in writing before selling or otherwise disposing of
     this Warrant or any shares of Common Stock issued to him upon exercise
     hereof, describing briefly the nature of any such sale or other
     disposition, and no such sale or other disposition shall be made unless and
     until (i) the Company has received an opinion of counsel reasonably
     acceptable to it that no registration (or perfection of an exemption) under
     the 1933 Act is required with respect to such sale or disposition (which
     opinion may be conditioned upon the transferee's assuming the Holder's
     obligation under this section 7) or (ii) an appropriate registration
     statement with respect to such Warrant or such Common Stock, or both, has
     been filed with the Securities and Exchange Commission (the "Commission")
     and declared effective by the Commission. The Company may require that this
     Warrant and certificates representing shares of Common Stock issued upon
     exercise hereof be stamped or imprinted with an appropriate legend
     reflecting the foregoing restrictions. For the purposes of this section 7,
     the term "Securities" shall include this Warrant and the shares of Common
     Stock issued or issuable upon the exercise hereof.

          (b) The restrictions imposed by this section 7 on the transfer of the
     Securities shall terminate as to any portion of the Securities when:

               (i) Such portion of the Securities shall have been effectively
          registered under the 1933 Act and sold by the holder thereof in
          accordance with such registration or exemption; or

               (ii) Written opinions to the effect that such a registration is
          no longer required or necessary under any Federal or State law or
          regulation of governmental authority shall have been received from
          legal counsel for the Company and counsel for the holder of such
          portion of the Securities; or, if a favorable opinion is obtained from
          holder's counsel, and counsel for the Company declines to render such
          an opinion, upon the holder's undertaking to indemnify the Company, on
          terms satisfactory to the Company, against all liability or loss the
          Company may sustain in connection with such transfer; or

          Whenever the restrictions imposed by this section 7 shall terminate,
     as provided above, any holder of the Securities as to which such
     restrictions shall have terminated shall be entitled to receive promptly
     from the Company, without expense to him, a new certificate, not bearing
     the restrictive legend referred to in clause (a) hereof.

     8. The Company will use its best efforts to cause the shares of Common
Stock issuable upon exercise of the Warrants (the "Registerable Securities") to
be registered with the Securities and Exchange Commission, at the Company's
expense, under the Securities Act of 1933 (the "1933 Act") prior to September
30, 2000. In the event that the Registration Statement to be filed with the
Commission as set forth in this section 8 has not been declared effective by the
Commission by September 30, 2000, the purchase price of the Warrants shall be
reduced as

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<PAGE>

follows: the Initial Purchase Price shall be reduced by 2% for every 30 days
following September 30,2000, until the Registration Statement is declared
effective. The Company will use its best efforts to keep such Registration
Statement effective until the earlier of November 11, 2003 or until all of the
Registerable Securities have been sold pursuant to such Registration Statement.
In connection with such registration:

          (a) The Company will pay all costs and expenses incurred in connection
     with the registration of the Registerable Securities, including all
     registration filing fees, printing fees, fees and disbursements of counsel
     and accountants of the Company and one set of counsel for the Investors.
     Transfer taxes, brokerage commissions and underwriters' discounts
     attributable to the Registerable Securities shall be for the account of the
     Investors;

          (b) The Company will furnish at its expense to the Investors such
     number of copies of the preliminary, final, supplemental or amended
     prospectus in conformity with the requirements of the 1933 Act and rules
     and regulations thereunder, as may be reasonably required in order to
     facilitate the disposition of the Registerable Securities;

          (c) Unless preempted by Federal law, the Company will register or
     qualify the Registerable Securities under any applicable state securities
     or blue sky laws in such jurisdictions as the Investors shall reasonably
     request;

          (d) The Company will cause the Registerable Securities to be listed on
     the NASDAQ Small Cap Market (or principal exchange if applicable) on which
     the Common Stock is then listed; and

          (e) The Company shall indemnify and hold harmless, to the full extent
     permitted by law, each Investor, its officers and directors and each person
     who controls such Investor within the meaning of the 1933 Act and any
     investment adviser against all losses, claims, damages, liabilities and
     expenses caused by any untrue or alleged untrue statement of a material
     fact contained in any registration statement, prospectus or preliminary
     prospectus or any omission or alleged omission to state therein a material
     fact required to be stated therein or necessary to make the statements
     therein not misleading, except insofar as the same are caused by or
     contained in any information with respect to the Investor furnished in
     writing to the Company by such Investor expressly for use therein. The
     Company will indemnify the underwriters, if any, of the Registerable
     Securities, their officers and directors and each person who controls any
     such underwriter to the same extent. The Company will reimburse each
     indemnified party for all legal expenses incurred in connection with
     investigating or defending any such claims. Each Investor severally, but
     not jointly, shall indemnify and hold harmless the Company against all
     losses, claims, damages, liabilities, and expenses caused by any untrue or
     alleged untrue statement or a material fact in any registration statement,
     prospectus or preliminary prospectus or any omission or alleged omission to
     state therein a material fact required to be stated therein or necessary to
     make the statements therein not misleading; except that such
     indemnification shall be available in each case to the extent, but only to
     the extent, that such untrue statement or alleged untrue statement or

                                        7
<PAGE>

     omission or alleged omission was made in reliance upon information and in
     conformity with written information furnished to the Company by Investor
     specifically for use in the preparation thereof. If the indemnification
     provided for herein is unavailable or insufficient to hold harmless an
     indemnified party, then each indemnifying party shall contribute to the
     amount paid or payable by such indemnified party as a result of the losses,
     claims, damages, or liabilities referred to above (a) in such proportion as
     is appropriate to reflect the relative benefits received by the Company on
     the one hand and the Investors on the other; or (b) if the allocation
     provided by clause (a) above is not permitted by applicable law, in such
     proportion as is appropriate to reflect the relative benefits referred to
     in clause (a) above but also the relative fault of the Company on the one
     hand and the Investors on the other in connection with the statements or
     omissions which resulted in such losses, claims, damages, or liabilities,
     as well as any other relevant equitable considerations. Relative fault
     shall be determined by reference to, among other things, whether the untrue
     statement of a material fact or the omission to state a material fact
     relates to information supplied by the Company or the Investor and the
     parties' relative intent, knowledge, access to information, and opportunity
     to correct or prevent such untrue statement or omission. For purposes of
     this subsection, the term "damages" shall include any counsel fees or other
     expenses reasonably incurred by the Company or the Investors in connection
     with investigating or defending any action or claim which is the subject of
     the contribution provisions of this section.

          Each party entitled to contribution agrees that upon the service of a
     summons or other initial legal process upon it in any action instituted
     against it in respect of which contribution may be sought, it shall
     promptly give written notice of such service to the party or parties from
     whom contribution may be sought, but the omission so to notify such party
     or parties of any such service shall not relieve the party from whom
     contribution may be sought from any obligation it may have hereunder or
     otherwise.

     9. This Warrant is exchangeable, upon the surrender hereof by the Holder at
the principal office of the Company, for new warrants of like tenor and date
representing in the aggregate the right to purchase the number of shares
purchasable hereunder, each of such new Warrants to represent the right to
purchase such number of shares as shall be designated by said Holder at the time
of such surrender. Subject to section 7 hereof, this Warrant and all rights
hereunder are transferable in whole or in part by the Holder, in person or by
duly authorized attorney, upon surrender of this Warrant duly endorsed, at the
principal office of the Company.

     10. Upon the receipt by the Company of evidence reasonably satisfactory to
it of the loss, theft, destruction or mutilation of this Warrant, and, in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it, and reimbursement to the Company of all reasonable expenses incidental
thereto, and upon surrender and cancellation of this Warrant, if mutilated, the
Company will make and deliver a new Warrant of like tenor, in lieu of this
Warrant.

     11. All notices, requests, consents and other communications hereunder
shall be in writing and shall be deemed to have been made when delivered or
mailed first-class postage prepaid or delivered to a telegraph office for
transmission:

                                        8
<PAGE>

          (a) If to the Holder at such address as may have been furnished by
     such holder to the Company in writing; and

          (b) If to the Company at such address as may have been furnished by
     the Company to the Holder of this Warrant in writing.

     12. This Warrant shall be binding upon any successors or assigns of the
Company.

     13. This Warrant shall be construed in accordance with and governed by the
laws of the State of Colorado.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed
and delivered as of the date set forth below by one of its officers thereunto
duly authorized.

Dated:  December 17, 1999.

                                       RENAISSANCE ENTERTAINMENT CORPORATION

                                       By /s/ Charles S. Leavell
                                          -----------------------------
                                       Its Chief Executive Officer

                                        9
<PAGE>

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

                                SUBSCRIPTION FORM

                   To be signed only upon exercise of Warrant

     The undersigned the holder of the within Warrant, hereby irrevocably elects
to exercise the purchase right represented by such Warrant for, and to purchase
thereunder, __________ of the shares of Common Stock of RENAISSANCE
ENTERTAINMENT CORPORATION to which such Warrant relates and herewith makes
payment of $__________, therefor in cash or by certified check and requests that
the certificates for such shares be issued in the name of, and be delivered to,
______________________________, the address for which is set forth below the
signature of the undersigned.

Dated:  ____________________

                                       -----------------------------------
                                       (Signature)

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

                                       -----------------------------------
                                       (Address)

                   To be signed only upon transfer of Warrant

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _______________ ______________________________ the right to purchase shares
of Common Stock of RENAISSANCE ENTERTAINMENT CORPORATION to which the within
Warrant relates and appoints ______________________________, attorney, to
transfer said right on the books of RENAISSANCE ENTERTAINMENT CORPORATION with
full power of substitution in the premises.

Dated:  ____________________

                                       -----------------------------------
                                       (Signature)

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

                                       -----------------------------------
                                       (Address)

                                        10

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