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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

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                             STOCKHOLDERS' AGREEMENT

                                  by and among

                            SBC COMMUNICATIONS INC.,

                              BELLSOUTH CORPORATION

                                       and

                             ALLOY MANAGEMENT CORP.

                           Dated as of October 2, 2000

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

      THIS STOCKHOLDERS' AGREEMENT (this "Agreement") is dated as of October 2,
2000, by and among SBC Communications Inc. ("SBC"), BellSouth Corporation
("BellSouth") and Alloy Management Corp., a Delaware corporation (the
"Company"). SBC and BellSouth are sometimes referred to herein collectively as
the "Stockholders" and individually as a "Stockholder" of the Company.

      WHEREAS, as of the date hereof, the Company has authorized capital,
including 6,000,000,002 shares of common stock, consisting of 6,000,000,000
shares of Class A Common Stock, $.01 par value per share (the "Class A Common
Stock") and two shares of Class B Common Stock, $.01 par value per share (the
"Class B Common Stock", and together with the Class A Common Stock, the
"Shares").

      WHEREAS, as of the date hereof, SBC owns approximately sixty percent of
the Total Outstanding Shares and BellSouth owns approximately forty percent of
the Total Outstanding Shares;

      WHEREAS, as of the date hereof, SBC, BellSouth and the Company are the
sole Members of Alloy LLC, a Delaware limited liability company ("Newco"), with
each owning an interest in Newco through the ownership of membership units in
Newco ("LLC Units") pursuant to the Limited Liability Company Agreement among
SBC, BellSouth and the Company, dated as of October 2, 2000 (the "LLC
Agreement"); and

      WHEREAS, the Stockholders desire to promote their mutual interests by
imposing certain restrictions and obligations on each other and on the Shares
and, further, to provide for matters pertaining to the management and governance
of the Company.

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

                                    ARTICLE 1
                                   Definitions

      Section 1.1. Certain Definitions. (a) Capitalized terms that are used but
not otherwise defined herein shall have the meanings given to them in the LLC
Agreement.

      (b)   For the purposes of this Agreement, the following terms shall have
the following meanings:

      "Ancillary Agreement" shall mean, collectively, the Agency Agreements, the
Intellectual Property License Agreement, the Registration Rights Agreement, the
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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

Resale Agreements, the Management Agreement, the Transition Marks Agreement, the
Transition Services Agreement and the LLC Agreement.

      "BellSouth" shall mean BellSouth Corporation, a Georgia corporation, or
any Permitted Transferee of BellSouth Corporation that may from time to time
become a party to a counterpart of this Agreement.

      "BellSouth Directors" shall mean, collectively, the Class B Directors (as
defined in the Certificate of Incorporation) nominated by BellSouth.

      A Person shall be deemed the "Beneficial Owner", and to have "Beneficial
Ownership" of, and to "Beneficially Own," any securities as to which such Person
is or may be deemed to be the beneficial owner pursuant to Rule 13d-3 and 13d-5
under the Exchange Act, as such rules are in effect on the date of this
Agreement, as well as any securities as to which such Person has the right to
become Beneficial Owner (whether such right is exercisable immediately or only
after the passage of time or the occurrence of conditions) pursuant to any
agreement, arrangement or understanding (other than customary agreements with
and between underwriters and selling group members with respect to a bona fide
public offering of securities), or upon the exercise of conversion rights,
exchange rights, rights, warrants or options, or otherwise; provided, however,
that no Stockholder shall be deemed the "Beneficial Owner" or to have
"Beneficial Ownership" of, or to "Beneficially Own," any LLC Units or Shares of
the other Stockholder solely by virtue of the rights set forth in this
Agreement. For purposes of this Agreement, in determining any Person's
percentage of Beneficial Ownership of the Total Outstanding Shares, any shares
of Public Common Stock which are not actually outstanding, but which may be
acquired upon exchange of outstanding LLC Units shall be excluded from the
determination.

      "Board" shall mean the Board of Directors of the Company.

      "Certificate of Incorporation" shall mean the Certificate of Incorporation
of the Company filed pursuant to the DGCL with the Secretary of State of the
State of Delaware, as the same may hereafter be amended and/or restated from
time to time.

      "Class A Common Stock" shall have the meaning set forth in the Recitals.

      "Class B Common Stock" shall have the meaning set forth in the Recitals.

      "Class B Triggering Event" shall have the meaning set forth in the
Certificate of Incorporation.

      "Company" shall have the meaning set forth in the Recitals.

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

      "Deadlock" shall mean, with respect to any matter considered by the
Strategic Review Committee, after due consideration of such matter at a meeting
held (or upon the failure to hold a meeting duly called in accordance with the
Certificate of Incorporation and the By-laws of the Corporation within 60 days
after a matter is first noticed for consideration at a meeting), (i) the
requisite two-thirds (2/3) vote of the full Strategic Review Committee for
approval of such matter is not obtained and (ii) the Directors seeking approval
of such matter provide notice, at any time after such approval is not obtained,
to all of the members of the Strategic Review Committee stating that they desire
to have the matter designated as a "Deadlock".

      "Departing Class B Stockholder" shall have the meaning set forth in the
Certificate of Incorporation.

      "DGCL" shall mean the Delaware General Corporation Law, as amended.

      "Directors" shall mean, collectively, the BellSouth Directors and the SBC
Directors.

      "LLC Agreement" shall have the meaning set forth in the Recitals.

      "LLC Units" shall have the meaning set forth in the Recitals.

      "Newco" shall have the meaning set forth in the Recitals.

      "SBC" shall mean SBC Communications Inc., a Delaware corporation.

      "SBC Directors" shall mean, collectively, the Class B Directors (as
defined in the Certificate of Incorporation) nominated by SBC.

      "Shares" shall have the meaning set forth in the Recitals.

      "Stockholders" shall have the meaning set forth in the Recitals.

      "Strategic Review Committee" shall mean the Strategic Review Committee of
the Board.

      "Subsidiary" shall mean, as to any Person, any Person (i) of which such
Person directly or indirectly owns securities or other equity interests
representing fifty percent or more of the aggregate voting power, (ii) of which
such Person possesses the right to elect fifty percent or more of the directors
or Persons holding similar positions, or (iii) which such Person Controls
directly or indirectly through one or more intermediaries. The term Subsidiary
shall be deemed to include Newco with respect to the Company.

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

      "Total Outstanding Shares" shall mean from time to time the sum of (i) the
total number of Shares excluding any treasury shares, and (ii) the total number
of LLC Units outstanding, excluding any LLC Units Beneficially Owned by the
Company.

      "Total Voting Power" shall mean the aggregate votes that are entitled to
be cast by all Shares.

      "Transfer" shall mean any direct or indirect sale, transfer, assignment,
pledge, hypothecation, mortgage, or other disposition or encumbrance, of any
beneficial or economic interest in any LLC Units or Shares, including those by
operation or succession of law, merger or otherwise, but a Change in Control of
SBC or BellSouth shall not be deemed to be a Transfer.

      "Ultimate Parent Entity" shall mean, with respect to any Person that is a
Subsidiary of a Person, the Person that, directly or indirectly, Beneficially
Owns at least fifty percent (50%) of the Voting Securities of such Subsidiary
and is not a Subsidiary of any Person who is not a natural person.

      (c)   Except as expressly provided herein, whenever in this Agreement
there shall be a reference to any Ancillary Agreement or this Agreement, such
reference shall be deemed to refer to such agreement as it may be amended from
time to time.

                                    ARTICLE 2
                         Representations and Warranties

      Each Stockholder represents and warrants to the other Stockholder and the
Company that (a) it Beneficially Owns one issued and outstanding share of Class
B Common Stock free and clear of all Liens (except for any such Liens created by
this Agreement or the LLC Agreement) and, except for this Agreement and the LLC
Agreement, there are no options, warrants or other rights, agreements,
arrangements or commitments of any character to which such Stockholder is a
party relating to the pledge, disposition or voting of any Shares of the Company
and there are no voting trusts or voting agreements with respect to such Shares;
(b) such Stockholder has full corporate power and authority, and has taken all
corporate actions necessary, to enter into, execute and deliver this Agreement
and to perform fully its obligations hereunder; (c) this Agreement has been duly
executed and delivered and constitutes the legal, valid and binding obligation
of such Stockholder, enforceable against it in accordance with its terms,
subject to the Bankruptcy and Equity Exception; (d) no notices, reports or other
filings are required to be made by such Stockholder with, nor are any consents,
registrations, approvals, permits or authorizations required to be obtained by
such Stockholder or the Company from, any Governmental Entity, in connection
with the execution and delivery of this Agreement by such Stockholder; and (e)
the execution,

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

delivery and performance of this Agreement by such Stockholder does not, and the
consummation by such Stockholder of the transactions contemplated hereby will
not, violate, conflict with or constitute a breach of, or a default under, the
certificate of incorporation or by-laws of such Stockholder (or any comparable
governing instruments) or result in a violation or breach of, or constitute
(with or without due notice or lapse of time or both) a default, or give rise to
any right of termination, cancellation, modification or acceleration, whether
after the giving of notice or the passage of time of both, under any contract to
which such Stockholder is a party or which is binding on it or its assets, and
will not result in the creation of any Lien on any of the assets or properties
of such Stockholder.

                                    ARTICLE 3
                                     Voting

      Section 3.1. Voting Agreements. Each of the Stockholders agrees to vote or
cause the voting, whether in person, by proxy or written consent, of all Shares
Beneficially Owned by it (where such Shares have the power to vote) so as to
cause the following:

      (a)   the election of two Class B Directors nominated by SBC (if SBC is
then entitled to have its nominees elected as Class B Directors) and two Class B
Directors nominated by BellSouth (if BellSouth is then entitled to have its
nominees elected as Class B Directors);

      (b)   following the issuance of Class A Common Stock, the election of one
independent director to the Board selected by SBC (if SBC is then entitled to
have its nominees elected as Class B Directors), and the election of one
independent director to the Board selected by BellSouth (if BellSouth is then
entitled to have its nominees elected as Class B Directors);

      (c)   the removal of any Class B Director, as determined by the
Stockholder who nominated such Class B Director;

      (d)   the appointment of a new Class B Director upon any vacancy of a
Class B Director on the Board or any committee thereof, as determined by the
Stockholder who nominated the Class B Director whose departure has caused the
vacancy; and

      (e)   approval of any matter submitted to the stockholders of the Company
which has been previously approved by the Strategic Review Committee.

      Section 3.2. Voting Agreement of the Company. The Company agrees that, in
its capacity as Manager of Newco, it will not take any actions that are subject
to

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

the approval of the Strategic Review Committee, as set forth in the Certificate
of Incorporation, without prior approval from the Strategic Review Committee.

                                    ARTICLE 4
                               Further Agreements

      Section 4.1. Independent Directors. (a) The Company agrees to use its best
efforts to cause the holders of Class A Common Stock to vote in favor of the
nomination as independent directors on the Board of the Persons nominated by SBC
and BellSouth, in accordance with this Section 4.1.

      (b)   Following the issuance of Class A Common Stock, each of SBC and
BellSouth shall be entitled to nominate one Person to serve as an independent
director on the Board. Prior to making such selection, each of SBC and BellSouth
shall have obtained the consent of the respective other Stockholder (for so long
as each of SBC and BellSouth shall not be a Departing Class B Stockholder), such
consent not to be unreasonably withheld.

      Section 4.2. Limitation on Directors' Duties. SBC agrees that it shall
not, in relation to any BellSouth Directors, and BellSouth agrees that shall
not, in relation to any SBC Directors, take any action against such director for
negligence, default or breach of fiduciary duty on the grounds that such
negligence, default, or breach of fiduciary duty arose by virtue of the director
acting in accordance with the instructions of the Stockholder designating such
director. SBC, BellSouth and the Company agree that, in the event of any
director acting in accordance with the instructions of, or in the interest of,
the Stockholder designating such director, then any resultant dispute shall be
considered to be a Deadlock to be resolved exclusively in accordance with the
provisions of Section 4.4 hereof.

      Section 4.3. Resignation of Directors. Each Stockholder agrees that upon
the occurrence of a Class B Triggering Event it will use its best efforts to
cause each Class B Director appointed by it to resign from the Board and from
all committees of the Board upon which such director serves, including
resignation from the Strategic Review Committee in accordance with Section
4.6(b) hereof, in compliance with the By-laws and applicable provisions of the
DGCL.

      Section 4.4. Deadlock. The Stockholders agree that if there is Deadlock of
the Strategic Review Committee on any issue, then such matter shall be promptly
referred to the Chief Executive Officer (or comparable position) at each of SBC
and BellSouth who shall, in a timely manner, (i) resolve the Deadlock in a
manner that is mutually satisfactory to such Chief Executive Officers or (ii)
determine a procedure or method to resolve the Deadlock that is mutually
satisfactory to such Chief Executive

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

Officers. Each Stockholder agrees to use its best efforts to cause the Class B
Directors nominated by it to take such actions in their capacity as directors as
shall be necessary to implement the resolution of any Deadlock.

      Section 4.5. Chairman of the Board. The Chairman of the Board of the
Company shall, so long as the aggregate number of votes generally entitled to be
cast by SBC and BellSouth in matters before the stockholders of the Company
(other than the election of directors) equals at least fifty percent (50%) of
the Total Voting Power, be elected from among the Class B Directors nominated by
SBC and BellSouth.

      Section 4.6. Organizational Documents of Subsidiaries. The Company agrees
that it will not amend, modify, waive or repeal any provisions of any
organizational documents for any of its Subsidiaries, except as mutually agreed
upon by both Stockholders, and as to the Company, the Stockholders agree that
they will vote in favor of any such changes to the Company's organizational
documents approved by the Strategic Review Committee.

      Section 4.7. Conversion. (a) Each Stockholder agrees that prior to the
Transfer by it of Class B Shares it will, in accordance with the procedures set
forth in the Certificate of Incorporation, convert each such share into a Class
A Share except for any Transfer (as defined in the LLC Agreement) permitted
under the LLC Agreement and this Agreement which shall not require such
conversion.

      (b)   Each Stockholder agrees that, upon a Class B Triggering Event the
Departing Class B Stockholder shall convert each share of Class B Common Stock
then Beneficially Owned by it (and all of its Affiliates) into a Class A Share
in accordance with the procedures set forth in the Certificate of Incorporation.
Effective upon such conversion of such shares of Class B Common Stock, the Class
B Directors appointed by the holder of Class B Common Stock whose shares are
converted shall resign from the Board and all committees of the Board upon which
they serve (and the Departing Class B Stockholder shall procure such
resignations, with such resignations to be brought about in compliance with the
By-laws and any applicable provisions of the DGCL).

      (c)   The Company agrees to instruct the Transfer Agent not to convert a
share of Class B Common Stock until and unless the Transfer Agent shall have
received a canceled certificate for such share of Class B Common Stock.

      Section 4.8. Ownership of Class B Common Stock. Each Stockholder agrees
that all of the Shares Beneficially Owned by its Ultimate Parent Entity shall be
held by only one holder of record.

                                    ARTICLE 5

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

                              Transfer Restrictions

            Section 5.1. Transfers. Each Stockholder severally agrees that it
shall not Transfer or permit any Transfer, in any single transaction or series
of related transactions, of Shares that are Beneficially Owned by it, except (i)
with the written consent of each Stockholder that Beneficially Owns in excess of
ten percent (10%) of the Total Outstanding Shares or (ii) a Transfer by SBC or
BellSouth that complies with any of the following subsections:

            (a) a Transfer of all or any such Shares to one or more wholly owned
Subsidiaries (but in no event may (i) more than one Subsidiary own Class B
Common Stock at the same time and (ii) more than five such Subsidiaries own
Class A Common Stock at the same time) of all of the Shares which are
Beneficially Owned, directly or indirectly, by it; provided that (x)
contemporaneously with any such Transfer any such wholly owned Subsidiary
becomes a party to a counterpart of this Agreement and SBC or BellSouth, as the
case may be, guarantees the performance of all obligations of any such wholly
owned Subsidiary under this Agreement; (y) such wholly owned Subsidiary agrees
that it shall be bound by the obligations of a Stockholder under this Agreement
(but shall not have any of the rights of a Stockholder under this Agreement,
except as otherwise provided herein) and (z) such wholly owned Subsidiary,
unless the only Shares owned by it are Class A Common Stock, and SBC or
BellSouth, as the case may be, shall prior to such Transfer covenant and agree
with Manager and SBC or BellSouth, as the case may be, that, for so long as the
wholly owned Subsidiary Beneficially Owns Shares, it shall continue to be a
wholly owned Subsidiary of SBC or BellSouth, as the case may be;

            (b) a Transfer of Class A Common Stock to underwriters in connection
with an underwritten public offering of such Class A Common Stock that (i) is on
a firm commitment basis registered under the Securities Act and (ii) is sold in
a manner that results in a broad distribution of such Class A Common Stock, with
such distribution certified to the Company by the lead or managing underwriter
or underwriters in any such offering;

            (c)   a Transfer of all or any of such Shares to the Company or
any Subsidiary of the Company;

            (d) a Transfer of all or any of such Shares (other than Class B
Common Stock) in a bona fide pledge of such Shares to a financial institution to
secure borrowings as permitted by applicable Law, including, but not limited to
the Communications Act; provided that contemporaneously with such pledge such
financial institution agrees with the Company that upon any foreclosure on such
pledge it shall be bound by the obligations of SBC or BellSouth, as the case may
be, under this Agreement (but shall not have any of the rights of SBC or
BellSouth, as the case may be, under this

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

Agreement except as provided in this Section 5) pursuant to an assignment
effectuated in accordance with the terms hereof;

            (e) (x) at any time after the earliest of (i) an IPO Date, (ii) the
first anniversary of the Closing Date, if Newco, the Company, or a Subsidiary of
Newco or the Company at such first anniversary does not hold licenses from the
FCC to provide Cellular Services or PCS Services covering at least 90% of the
U.S. population, or (iii) the fourth anniversary of the Closing Date, or (y)
pursuant to Section 4.1(e)(y) of the LLC Agreement, a Transfer of, in the case
of clause (x), any or all, or, in the case of clause (y), all of the Class A
Common Stock Beneficially Owned by such Stockholder by way of (i) a distribution
of such Class A Common Stock or of all of the Voting Securities and other equity
securities of a Subsidiary of such Stockholder that owns Class A Common Stock to
all of the common shareholders of a series or class of securities (in each case
registered under the Exchange Act) of such Stockholder or its Ultimate Parent
Entity or (ii) a split-off pursuant to which each common shareholder of a series
or class of securities (in each case registered under the Exchange Act) such
Stockholder or its Ultimate Parent Entity is offered on the same terms the right
to exchange common shares of such Stockholder or its Ultimate Parent Entity for
the Class A Common Stock (provided, that neither SBC nor BellSouth may effect
Transfers pursuant to this Section 5.1(e) and Section 4.1(e)(y) of the LLC
Agreement in the aggregate more than two times); or

            (f) (x) at any time after the earliest of (i) an IPO Date, (ii) the
first anniversary of the Closing Date, if Newco, the Company, or a Subsidiary of
Newco or the Company at such first anniversary does not hold licenses from the
FCC to provide Cellular Services or PCS Services covering at least 90% of the
U.S. population, or (iii) the fourth anniversary of the Closing Date, or (y)
pursuant to Section 4.1(f)(y) of the LLC Agreement, a Transfer, not otherwise
complying with paragraphs (a) - (e) above, of all (but not less than all) of
such Shares Beneficially Owned by such Stockholder and its Ultimate Parent
Entity to any Person and after complying with all of the provisions set forth in
Section 4.2 of the LLC Agreement; and provided that contemporaneously with such
Transfer (i) such Person or, if such Person is a Subsidiary of any other Person,
the Ultimate Parent Entity of such Person, becomes a party to this Agreement as
SBC or BellSouth, as the case may be (whereupon any reference to SBC or
BellSouth, as the case may be, herein shall be deemed to be a reference to such
Person or, if applicable, its Ultimate Parent Entity), and (ii) such Person
causes to be delivered to Newco a legal opinion of counsel of national standing,
in form and substance reasonably acceptable to Newco and the non-Transferring
Stockholder), to the effect set forth in Article 2.

            (g) At the election of a Stockholder (i) the Company shall take and
cause its Subsidiaries to take all reasonable actions as may be reasonably
necessary to approve (including, without limitation, by convening a special
meeting of the holders of Shares) and complete the merger or any wholly owned
Subsidiary of such Stockholder,

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

with and into Manager, and (ii) the other Stockholder agrees to vote all Shares
Beneficially Owned by it in favor of such merger; provided that (a) the Company
is the surviving corporation in such merger, (b) all of the Class A Common Stock
owned of record and held by the wholly owned Subsidiary of such Stockholder to
be merged into the Company are so owned and held free and clear of all
Encumbrances, (c) the wholly owned Subsidiary of such Stockholder to be merged
into the Company has no liabilities, other than (i) those incident to this
Agreement and (ii) those for which the Stockholder provides full indemnification
to the Company and that do not exceed five percent of the then current total
assets of such Subsidiary, (d) the merger consideration paid to such Stockholder
is identical to the number of shares of Class A Common Stock owned of record and
held by such Subsidiary, and (e) such merger will not be otherwise adverse to
the Company or Newco except in any immaterial respect (taking into account any
efforts by such Stockholder to mitigate any adverse effects on Newco); provided
that for such purposes the termination of Newco for federal, state or local tax
purposes and any adverse consequences therefrom shall be deemed to be
immaterial. No such merger shall be consummated until all necessary regulatory
approvals have been obtained. The Company will use commercially reasonable
efforts to cause such merger to qualify as a reorganization within the meaning
of Section 368(a) of the Code.

            Section 5.2. Conversion Not a Transfer. Notwithstanding anything set
forth in this Agreement to the contrary, the provisions of this Article 5 shall
not apply to conversions of Class B Stock into Class A Common Stock in
accordance with the Manager Certificate.

            Section 5.3. Party Hereto. Each Stockholder agrees that upon any
Transfer of any shares of Class B Common Stock in accordance with the terms
hereof, the transferee of the Class B Common Stock shall execute and become a
party to this Agreement in the same capacity as the Stockholders transferring
the Shares. Any such Transfer shall be void unless such Transfer complies with
the provisions of this Section.

            Section 5.4. Class B Common Stock. Notwithstanding anything set
forth in this Agreement to the contrary, no Stockholder shall Transfer any Class
B Common Stock unless all of the shares of Class B Common Stock Beneficially
Owned by it are Transferred to the same Person.

                                    ARTICLE 6
                                  Certificates

            Section 6.1. Certificates. Any Shares held by a Stockholder shall be
represented by a certificate or certificates, setting forth upon the face
thereof that the Company is a corporation organized under the laws of the State
of Delaware, the name of the Person to which it is issued and the number of
Shares which such certificate

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

represents. Such certificates shall be entered in the books of the Company as
they are issued, and shall be signed by the Chairman or the Chief Executive
Officer of the Company. Upon any Transfer permitted under this Agreement and the
LLC Agreement, the transferring Stockholder shall (i) issue to the transferee a
certificate representing the number of Shares so transferred and (ii) surrender
to the Company and the Company shall issue to the transferring Stockholder
certificates representing the remaining Shares, if any, held by such
transferring Stockholder after taking into account such Transfer. All
certificates representing Shares (unless registered under the Securities Act of
1933, as amended (the "Securities Act")), shall bear the following legend:

            THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR
      ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE, AND MAY NOT BE SOLD,
      ASSIGNED, PLEDGED, ENCUMBERED, TRANSFERRED, GRANTED AN OPTION WITH RESPECT
      TO OR OTHERWISE DISPOSED OF, (I) UNLESS AND UNTIL THEY HAVE BEEN
      REGISTERED UNDER THE SECURITIES ACT OR SUCH SALE, ASSIGNMENT, PLEDGE,
      ENCUMBRANCE, TRANSFER, OPTION GRANT OR OTHER DISPOSITION IS EXEMPT FROM
      REGISTRATION UNDER THE SECURITIES ACT AND (II) UNLESS IN ACCORDANCE WITH
      THE PROVISIONS OF THE LIMITED LIABILITY COMPANY AGREEMENT OF ALLOY LLC AND
      THE STOCKHOLDERS AGREEMENT (IN EACH CASE AS AMENDED FROM TIME TO TIME),
      COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE OFFICES OF THE
      COMPANY.

            Section 6.2. Lost or Destroyed Certificates. The Company may issue a
new certificate for Shares in place of any certificate or certificates
theretofore issued by it, alleged to have been lost or destroyed, upon the
making of an affidavit of that fact, and providing an indemnity in form and
subject reasonably satisfactory to the Board by the Person claiming the
certificate to be lost or destroyed.

                                    ARTICLE 7
                                   Termination

            Section 7.1.      Termination Events.  This Agreement shall
terminate upon the occurrence of any of the following events:

            (a)   the written agreement of the parties hereto;

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EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

            (b) a Class B Triggering Event and the conversion of all shares of
Class B Common Stock of the Departing Class B Stockholder and its Affiliates
into Class A Common Stock; or

            (c)   the dissolution of the Company.

            Section 7.2. Effect of Termination; Survival. In the event of a
termination, this Agreement (other than Article 1, Article 2, Section 4.2,
Section 4.6, Section 6.1 and Article 8) shall terminate automatically without
any action by any party and the terminated provisions of this Agreement shall
not survive such termination.

                                    ARTICLE 8
                                  Miscellaneous

            Section 8.1. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH AND SUBJECT TO THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO CONFLICTS OF LAWS PRINCIPLES.

            Section 8.2. VENUE; WAIVER OF JURY TRIAL. THE PARTIES HEREBY
IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE
AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF
DELAWARE SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE
PROVISIONS OF THIS AGREEMENT AND OF THE DOCUMENTS REFERRED TO IN THIS AGREEMENT,
AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND
AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR THE
INTERPRETATION OR ENFORCEMENT HEREOF OR OF ANY SUCH DOCUMENT, THAT IT IS NOT
SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS
NOT MAINTAINABLE IN SAID COURTS OR THAT THE VENUE THEREOF MAY NOT BE APPROPRIATE
OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH
COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO
SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH A DELAWARE STATE
OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT
JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH
DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY
SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN

                                      -12-
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--------------------------------------------------------------------------------
EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

PARAGRAPH (C) OF THIS SECTION OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW
SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

            EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY
ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT,
OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY
MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 8.2.

            Section 8.3. Notices. All notices, requests, claims, demands and
other communications hereunder shall be in writing and shall be deemed given (i)
on the first business day following the date of delivery in person or by
telecopy (in each case, with telephonic confirmation of receipt by the
addressee), (ii) on the first business day following timely deposit with an
overnight courier service, if sent by overnight courier specifying next day
delivery or (iii) on the first business day that is at least five days following
deposit in the mails, if sent by first class mail, to the Parties at the
following addresses (or at such other address for a party as shall be specified
by like notice):

            If to SBC, to:

                 SBC Communications Inc.
                 175 E. Houston
                 San Antonio, TX  78205
                 Attention:  Chairman and Chief Executive Officer
                 Facsimile:  210-351-3553

            with a copy to:

                 SBC Communications Inc.
                 175 E. Houston
                 San Antonio, TX  78205
                 Attention:  Senior Executive Vice President and General Counsel

                                      -13-
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--------------------------------------------------------------------------------
EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

                 Facsimile:  210-351-2298

            If to BellSouth, to:

                 BellSouth Corporation 1155 Peachtree Street N.E.
                 Suite 2000
                 Atlanta, Georgia  30309
                 Attention:  Chief Executive Officer
                 Facsimile:  404-249-5110

            with a copy to:

                 BellSouth Corporation 1155 Peachtree Street N.E.
                 Suite 2000
                 Atlanta, Georgia  30309
                 Attention:  General Counsel
                 Facsimile:  404-249-5948

            If to the Company to:

                 Alloy Management Corp.
                 1100 Peachtree Street
                 Suite 1000
                 Atlanta, GA 30309
                 Attention:  Chief Executive Officer
                 Facsimile:  404-249-4488

            with a copy to:

                 SBC Communications Inc.
                 175 E. Houston
                 San Antonio, TX  78205
                 Attention:  Senior Executive Vice President and General Counsel

                 Facsimile:  210-351-2298

            and

                  BellSouth Corporation
                  1155 Peachtree Street N.E.
                  Suite 2000

                                      -14-
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CINGULAR WIRELESS LLC
--------------------------------------------------------------------------------
EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

                  Atlanta, Georgia  30309
                  Attention:  General Counsel
                  Facsimile:  404-249-5948

            Section 8.4. 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, (i) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be
valid and enforceable, the intent and purpose of such invalid or unenforceable
provision and (ii) 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.

            Section 8.5.      Counterparts.  For the convenience of the
parties hereto, this Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original and all of which shall
together constitute the same agreement.

            Section 8.6.      Headings; Recitals.  All Section headings and
the recitals herein are for convenience of reference only and are not part of
this Agreement, and no construction or reference shall be derived therefrom.

            Section 8.7. Specific Performance. Each party hereto acknowledges
that it will be impossible to measure in money the damage to the other party if
a party hereto fails to comply with any of the obligations imposed by this
Agreement, that every such obligation is material and that, in the event of any
such failure, the other party will not have an adequate remedy at law or
damages. Accordingly, each party hereto agrees that injunctive relief or other
equitable remedy, in addition to remedies at law or damages, is the appropriate
remedy for any such failure and will not oppose the granting of such relief on
the basis that the other party has an adequate remedy at law. Each party hereto
agrees that it shall not seek, and agrees to waive any requirement for, the
securing or posting of a bond in connection with any other party's seeking or
obtaining such equitable relief.

            Section 8.8. Filing Actions. Prior to filing or referring any matter
to a court of law or equity, the parties agree to provide the other parties at
least ten Business Days' notice of the intention to so refer a matter, provided
that the foregoing shall not apply to any request for a preliminary injunction
or temporary restraining order.

            Section 8.9. Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and

                                      -15-
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--------------------------------------------------------------------------------
EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

permitted assigns and shall not be assignable except to the extent expressly
permitted hereby and any purported assignment of this Agreement or of any Shares
in violation of this Agreement shall be void. In the case of a merger or other
business combination or reorganization transaction involving the Company where
securities other than those of the Company are issued to the holders of Shares,
this Agreement shall be assigned to and shall inure to the benefit of and be
binding upon the Person issuing securities in such transaction and any reference
herein to the Company shall be deemed to be a reference to such Person. The
rights and obligations under this Agreement shall be assigned by SBC and
BellSouth to a Permitted Transferee in connection with the Transfer to such
Permitted Transferee pursuant to Section 4.1 of the LLC Agreement to the extent
of a Transfer to any such Permitted Transferee.

            Section 8.10. Entire Agreement; Amendment; Waiver. This Agreement
supersedes all prior agreements, written or oral, among the parties hereto with
respect to the subject matter hereof and contains the entire agreement among the
parties with respect to the subject matter hereof. This Agreement may not be
amended, supplemented or modified, and no provisions hereof may be modified or
waived, except by an instrument in writing signed by the party or parties
affected or to be affected thereby. No waiver of any provisions hereof by any
party shall be deemed a waiver of any other provisions hereof by any such party,
nor shall any such waiver be deemed a continuing waiver of any provision hereof
by such party.

            Section 8.11. No Relief of Liabilities. No Transfer by SBC or
BellSouth of Beneficial Ownership of any Securities shall relieve such Person of
any liabilities or obligations to the Company or SBC or BellSouth, as the case
may be, that arose or accrued prior to the date of such Transfer.

            Section 8.12. Further Assurances. Each party hereto shall at any
time, and from time to time, execute and deliver such additional instruments and
other documents and shall at any time, and from time to time, take such further
actions as may be necessary or appropriate to effectuate, carry out and comply
with all of the terms of this Agreement and the transactions contemplated
hereby.

            Section 8.13. THIRD PARTY BENEFICIARIES. NOTHING IN THIS AGREEMENT,
EXPRESS OR IMPLIED, IS INTENDED TO CONFER UPON ANY THIRD PARTY ANY RIGHTS OR
REMEDIES OF ANY NATURE WHATSOEVER UNDER OR BY REASON OF THIS AGREEMENT.

                                      -16-
<PAGE>

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--------------------------------------------------------------------------------
EXHIBITS - Stockholders' Agreement by and among SBC Communications Inc.,
BellSouth Corporation and Alloy Mangement Corp.

                                                                   EXHIBIT 10.55

            IN WITNESS WHEREOF, the Parties hereto have executed this Agreement
as of the date first written above.

                              SBC COMMUNICATIONS INC.

                              By:   /s/ James S. Kahan
                                 ---------------------------------------
                                 Name:   James S. Kahan
                                 Title:  Senior Executive Vice President,
                                          Corporate Development

                              BELLSOUTH CORPORATION

                              By:   /s/ Keith O. Cowan
                                 ---------------------------------------
                                 Name:   Keith O. Cowan
                                 Title:  Vice President, Corporate Development

                              ALLOY MANAGEMENT CORP.

                              By:   /s/ Mark L. Feidler
                                 ---------------------------------------
                                 Name:   Mark L. Feidler
                                 Title:  Chief Operating Officer<PAGE>

                                                                  Exhibit 10.4.1
                                                       FHLMC Loan No.: 002701324

                                MULTIFAMILY NOTE
                             MULTISTATE - FIXED RATE
                              REVISION DATE 3-17-03

US $10,750,000.00                                Effective Date: August 21, 2003

         FOR VALUE RECEIVED, the undersigned ("BORROWER") jointly and severally
(if more than one) promises to pay to the order of L. J. MELODY & COMPANY, a
Texas corporation, the principal sum of Ten Million Seven Hundred Fifty Thousand
and No/100 Dollars (US $10,750,000.00), with interest on the unpaid principal
balance at the annual rate of five and fifty-four one-hundredths percent
(5.54%).

         1.       DEFINED TERMS. As used in this Note, (i) the term "LENDER"
means the holder of this Note, and (ii) the term "INDEBTEDNESS" means the
principal of, interest on, and all other amounts due at any time under, this
Note, the Security Instrument or any other Loan Document, including prepayment
premiums, late charges, default interest, and advances to protect the security
of the Security Instrument under Section 12 of the Security Instrument. "EVENT
OF DEFAULT" and other capitalized terms used but not defined in this Note shall
have the meanings given to such terms in the Security Instrument.

         2.       ADDRESS FOR PAYMENT. All payments due under this Note shall be
payable at P.O. Box 297480, Houston, Texas 77297, or such other place as may be
designated by Notice to Borrower from or on behalf of Lender.

         3.       PAYMENTS. Payments shall be made in immediately available
funds as follows:

         (a)      Unless disbursement of principal is made by Lender to Borrower
on the first day of the month, interest for the period beginning on the date of
disbursement and ending on and including the last day of the month in which such
disbursement is made shall be payable simultaneously with the execution of this
Note.

         (b)      Interest under this Note shall be computed on the basis of a
360-day year consisting of twelve 30-day months.

         (c)      Consecutive monthly installments of principal and interest,
each in the amount of Sixty-One Thousand Three Hundred Seven and 38/100 Dollars
(US $61,307.38), shall be payable on the first day of each month beginning on
October 1, 2003, until the entire unpaid principal balance evidenced by this
Note is fully paid.

                                                                          PAGE 1
<PAGE>
                                                                  Exhibit 10.4.1

         (d)      Any accrued interest remaining past due for 30 days or more
may, at Lender's discretion, be added to and become part of the unpaid principal
balance and shall bear interest at the rate or rates specified in this Note, and
any reference below to "accrued interest" shall refer to accrued interest which
has not become part of the unpaid principal balance. Any remaining principal and
interest shall be due and payable on September 1, 2013, or on any earlier date
on which the unpaid principal balance of this Note becomes due and payable, by
acceleration or otherwise (the "MATURITY DATE"). The unpaid principal balance
shall continue to bear interest after the Maturity Date at the Default Rate set
forth in this Note until and including the date on which it is paid in full.

         (e)      Any regularly scheduled monthly installment payable pursuant
to Section 3(c) that is received by Lender before the date it is due shall be
deemed to have been received on the due date solely for the purpose of
calculating interest due.

         4.       APPLICATION OF PAYMENTS. If at any time Lender receives, from
Borrower or otherwise, any amount applicable to the Indebtedness which is less
than all amounts due and payable at such time, Lender may apply the amount
received to amounts then due and payable in any manner and in any order
determined by Lender, in Lender's discretion. Borrower agrees that neither
Lender's acceptance of a payment from Borrower in an amount that is less than
all amounts then due and payable nor Lender's application of such payment shall
constitute or be deemed to constitute either a waiver of the unpaid amounts or
an accord and satisfaction.

         5.       SECURITY. The Indebtedness is secured by, among other things,
a multifamily mortgage, deed to secure debt or deed of trust effective as of the
effective date of this Note (the "SECURITY INSTRUMENT"), and reference is made
to the Security Instrument for other rights of Lender as to collateral for the
Indebtedness.

         6.       ACCELERATION. If an Event of Default has occurred and is
continuing, the entire unpaid principal balance, any accrued interest, the
prepayment premium payable under Section 10, if any, and all other amounts
payable under this Note and any other Loan Document shall at once become due and
payable, at the option of Lender, without any prior notice to Borrower (except
if notice is required by applicable law, then after such notice). Lender may
exercise this option to accelerate regardless of any prior forbearance.

         7.       LATE CHARGE. If any monthly installment of interest or
principal and interest or other amount payable under this Note or under the
Security Instrument or any other Loan Document is not received in full by Lender
within ten (10) days after the installment or other amount is due, counting from
and including the date such installment or other amount is due (unless
applicable law requires a longer period of time before a late charge may be
imposed, in which event such longer period shall be substituted), Borrower shall
pay to Lender, immediately and without demand by Lender, a late charge equal to
five percent (5%) of such installment or other amount due (unless applicable law
requires a lesser amount be charged, in which event

                                                                          PAGE 2
<PAGE>

                                                                  Exhibit 10.4.1

such lesser amount shall be substituted). Borrower acknowledges that its failure
to make timely payments will cause Lender to incur additional expenses in
servicing and processing the loan evidenced by this Note (the "LOAN") and that
it is extremely difficult and impractical to determine those additional
expenses. Borrower agrees that the late charge payable pursuant to this Section
represents a fair and reasonable estimate, taking into account all circumstances
existing on the date of this Note, of the additional expenses Lender will incur
by reason of such late payment. The late charge is payable in addition to, and
not in lieu of, any interest payable at the Default Rate pursuant to Section 8.

         8.       DEFAULT RATE. So long as (a) any monthly installment under
this Note remains past due for thirty (30) days or more or (b) any other Event
of Default has occurred and is continuing, interest under this Note shall accrue
on the unpaid principal balance from the earlier of the due date of the first
unpaid monthly installment or the occurrence of such other Event of Default, as
applicable, at a rate (the "DEFAULT RATE") equal to the lesser of four (4)
percentage points above the rate stated in the first paragraph of this Note and
the maximum interest rate which may be collected from Borrower under applicable
law. If the unpaid principal balance and all accrued interest are not paid in
full on the Maturity Date, the unpaid principal balance and all accrued interest
shall bear interest from the Maturity Date at the Default Rate.

Borrower acknowledges that (a) its failure to make timely payments will cause
Lender to incur additional expenses in servicing and processing the Loan, (b)
during the time that any monthly installment under this Note is delinquent for
thirty (30) days or more, Lender will incur additional costs and expenses
arising from its loss of the use of the money due and from the adverse impact on
Lender's ability to meet its other obligations and to take advantage of other
investment opportunities; and (c) it is extremely difficult and impractical to
determine those additional costs and expenses. Borrower also acknowledges that,
during the time that any monthly installment under this Note is delinquent for
thirty (30) days or more or any other Event of Default has occurred and is
continuing, Lender's risk of nonpayment of this Note will be materially
increased and Lender is entitled to be compensated for such increased risk.
Borrower agrees that the increase in the rate of interest payable under this
Note to the Default Rate represents a fair and reasonable estimate, taking into
account all circumstances existing on the date of this Note, of the additional
costs and expenses Lender will incur by reason of the Borrower's delinquent
payment and the additional compensation Lender is entitled to receive for the
increased risks of nonpayment associated with a delinquent loan.

         9.       LIMITS ON PERSONAL LIABILITY.

         (a)      Except as otherwise provided in this Section 9, Borrower shall
have no personal liability under this Note, the Security Instrument or any other
Loan Document for the repayment of the Indebtedness or for the performance of
any other obligations of Borrower under the Loan Documents and Lender's only
recourse for the satisfaction of the Indebtedness and the performance of such
obligations shall be Lender's exercise of its rights and remedies with respect
to the Mortgaged Property and any other collateral held by Lender as security
for the

                                                                          PAGE 3
<PAGE>

                                                                  Exhibit 10.4.1

Indebtedness. This limitation on Borrower's liability shall not limit or impair
Lender's enforcement of its rights against any guarantor of the Indebtedness or
any guarantor of any other obligations of Borrower.

         (b)      Borrower shall be personally liable to Lender for the
repayment of a portion of the Indebtedness equal to zero percent (-0-%) of the
original principal balance of this Note (the "BASE RECOURSE"), plus any other
amounts for which Borrower has personal liability under this Section 9.

         (c)      In addition to the Base Recourse, Borrower shall be personally
liable to Lender for the repayment of a further portion of the Indebtedness
equal to any loss or damage suffered by Lender as a result of the occurrence of
any of the following events:

                  (i)      Borrower fails to pay to Lender upon demand after an
                           Event of Default all Rents to which Lender is
                           entitled under Section 3(a) of the Security
                           Instrument and the amount of all security deposits
                           collected by Borrower from tenants then in residence.
                           However, Borrower will not be personally liable for
                           any failure described in this subsection (i) if
                           Borrower is unable to pay to Lender all Rents and
                           security deposits as required by the Security
                           Instrument because of a valid order issued in a
                           bankruptcy, receivership, or similar judicial
                           proceeding.

                  (ii)     Borrower fails to apply all insurance proceeds and
                           condemnation proceeds as required by the Security
                           Instrument. However, Borrower will not be personally
                           liable for any failure described in this subsection
                           (ii) if Borrower is unable to apply insurance or
                           condemnation proceeds as required by the Security
                           Instrument because of a valid order issued in a
                           bankruptcy, receivership, or similar judicial
                           proceeding.

                  (iii)    Borrower fails to comply with Section 14(g) or (h) of
                           the Security Instrument relating to the delivery of
                           books and records, statements, schedules and reports.

                  (iv)     Borrower fails to pay when due the amount of any item
                           below marked "Deferred" in accordance with the terms
                           of the Security Instrument; provided however, that if
                           no item is marked "Deferred", this Section 9(c)(iv)
                           shall be of no force or effect.

                           [Deferred]  Hazard Insurance premiums or other
                                       insurance premiums,

                           [Deferred]  Taxes,

                           [Deferred]  water and sewer charges (that could
                                       become a lien on the Mortgaged Property),

                           [   N/A  ]  ground rents,

                                                                          PAGE 4
<PAGE>

                                                                  Exhibit 10.4.1

                           [Deferred]  assessments or other charges (that could
                                       become a lien on the Mortgaged Property)

         (d)      In addition to the Base Recourse, Borrower shall be personally
liable to Lender for:

                  (i)      the performance of all of Borrower's obligations
                           under Section 18 of the Security Instrument (relating
                           to environmental matters);

                  (ii)     the costs of any audit under Section 14(g) of the
                           Security Instrument; and

                  (iii)    any costs and expenses incurred by Lender in
                           connection with the collection of any amount for
                           which Borrower is personally liable under this
                           Section 9, including Attorneys' Fees and Costs and
                           the costs of conducting any independent audit of
                           Borrower's books and records to determine the amount
                           for which Borrower has personal liability.

         (e)      All payments made by Borrower with respect to the Indebtedness
and all amounts received by Lender from the enforcement of its rights under the
Security Instrument and the other Loan Documents shall be applied first to the
portion of the Indebtedness for which Borrower has no personal liability.

         (f)      Notwithstanding the Base Recourse, Borrower shall become
personally liable to Lender for the repayment of all of the Indebtedness upon
the occurrence of any of the following Events of Default:

                  (i)      Borrower's ownership of any property or operation of
                           any business not permitted by Section 33 of the
                           Security Instrument;

                  (ii)     a Transfer (including, but not limited to, a lien or
                           encumbrance) that is an Event of Default under
                           Section 21 of the Security Instrument, other than a
                           Transfer consisting solely of the involuntary removal
                           or involuntary withdrawal of a general partner in a
                           limited partnership or a manager in a limited
                           liability company; or

                  (iii)    fraud or written material misrepresentation by
                           Borrower or any officer, director, partner, member or
                           employee of Borrower in connection with the
                           application for or creation of the Indebtedness or
                           any request for any action or consent by Lender.

         (g)      To the extent that Borrower has personal liability under this
Section 9, Lender may exercise its rights against Borrower personally without
regard to whether Lender has exercised any rights against the Mortgaged Property
or any other security, or pursued any rights against any guarantor, or pursued
any other rights available to Lender under this Note, the

                                                                          PAGE 5
<PAGE>

                                                                  Exhibit 10.4.1

Security Instrument, any other Loan Document or applicable law. To the fullest
extent permitted by applicable law, in any action to enforce Borrower's personal
liability under this Section 9, Borrower waives any right to set off the value
of the Mortgaged Property against such personal liability.

         10.      VOLUNTARY AND INVOLUNTARY PREPAYMENTS.

         (a)      A prepayment premium shall be payable in connection with any
prepayment [any receipt by Lender of principal, other than principal required to
be paid in monthly installments pursuant to Section 3(c), prior to the scheduled
Maturity Date set forth in Section 3(d)] under this Note as provided below:

                  (i)      Borrower may voluntarily prepay all of the unpaid
                           principal balance of this Note on a Business Day
                           designated as the date for such prepayment in a
                           Notice from Borrower to Lender given at least 30 days
                           prior to the date of such prepayment. Such prepayment
                           shall be made by paying (A) the amount of principal
                           being prepaid, (B) all accrued interest, (C) all
                           other sums due to Lender at the time of such
                           prepayment, and (D) the prepayment premium calculated
                           pursuant to Section 10(c).

                  (ii)     Upon Lender's exercise of any right of acceleration
                           under this Note, Borrower shall pay to Lender, in
                           addition to the entire unpaid principal balance of
                           this Note outstanding at the time of the
                           acceleration, (A) all accrued interest, (B) all other
                           sums due Lender, and (C) the prepayment premium
                           calculated pursuant to Section 10(c), to the extent
                           such prepayment premium does not exceed the maximum
                           rate permitted by applicable law.

                  (iii)    Any application by Lender of any proceeds of
                           collateral or other security to the repayment of any
                           portion of the unpaid principal balance of this Note
                           prior to the Maturity Date and in the absence of
                           acceleration shall be deemed to be a partial
                           prepayment by Borrower, requiring the payment to
                           Lender by Borrower of the prepayment premium set
                           forth in Section 10(c).

                  (iv)     Unless expressly provided for in the Loan Documents,
                           Borrower shall not have the option to voluntarily
                           prepay less than all of the unpaid principal balance.
                           However, if the Loan Documents provide for a partial
                           prepayment or the Lender accepts a partial prepayment
                           in Lender's discretion, a prepayment premium
                           calculated pursuant to Section 10(c) shall be due and
                           payable by Borrower.

                  (v)      For all purposes including the accrual of interest,
                           but excluding the determination of the "Prepayment
                           Date" under Section 10(c)(i), below, any
                                                                          PAGE 6
<PAGE>

                                                                  Exhibit 10.4.1

                           prepayment received by Lender on any day other than
                           the last calendar day of the month shall be deemed to
                           have been received on the last calendar day of such
                           month.

         (b)      Notwithstanding the provisions of Section 10(a), no prepayment
premium shall be payable with respect to (i) any prepayment made during the -0-
consecutive calendar month period ending with the scheduled Maturity Date (the
"WINDOW PERIOD") or (ii) any prepayment occurring as a result of the application
of any insurance proceeds or condemnation award under the Security Instrument.

         (c)      Any prepayment premium payable under this Note shall be
computed as follows:

                  (i)      If the prepayment is made between the date of this
                           Note and the date that is 120 months after the first
                           day of the first calendar month following the date of
                           this Note (the "YIELD MAINTENANCE PERIOD"), the
                           prepayment premium shall be whichever is the greater
                           of subsections (A) and (B) below:

                           (A)      1.0% of the amount of principal being
                                    prepaid; or

                           (B)      the product obtained by multiplying:

                                    (1)      the amount of principal being
                                             prepaid,

                                             by

                                    (2)      the excess (if any) of the Monthly
                                             Note Rate over the Assumed
                                             Reinvestment Rate,

                                             by

                                    (3)      the Present Value Factor.

                           For purposes of subsection (B), the following
                           definitions shall apply:

                           MONTHLY NOTE RATE: one-twelfth (1/12) of the annual
                           interest rate of this Note, expressed as a decimal
                           calculated to five digits.

                           PREPAYMENT DATE: in the case of a voluntary
                           prepayment, the date on which the prepayment is made;
                           in the case of the application by Lender of
                           collateral or security to a portion of the principal
                           balance, the date of such application; and in any
                           other case, the date on which Lender accelerates the
                           unpaid principal balance of this Note.

                           ASSUMED REINVESTMENT RATE: one-twelfth (1/12) of the
                           yield rate, as of the date 5 Business Days before the
                           Prepayment Date, on the 4.000% U.S. Treasury Security
                           due November 15, 2012, as reported in The Wall Street

                                                                          PAGE 7
<PAGE>

                                                                  Exhibit 10.4.1

                           Journal, expressed as a decimal calculated to five
                           digits. In the event that no yield is published on
                           the applicable date for the Treasury Security used to
                           determine the Assumed Reinvestment Rate, Lender, in
                           its discretion, shall select the non-callable
                           Treasury Security maturing in the same year as the
                           Treasury Security specified above with the lowest
                           yield published in The Wall Street Journal as of the
                           applicable date. If the publication of such yield
                           rates in The Wall Street Journal is discontinued for
                           any reason, Lender shall select a security with a
                           comparable rate and term to the Treasury Security
                           used to determine the Assumed Reinvestment Rate. The
                           selection of an alternate security pursuant to this
                           Section shall be made in Lender's discretion.

                           PRESENT VALUE FACTOR: the factor that discounts to
                           present value the costs resulting to Lender from the
                           difference in interest rates during the months
                           remaining in the Yield Maintenance Period, using the
                           Assumed Reinvestment Rate as the discount rate, with
                           monthly compounding, expressed numerically as
                           follows:

                                                      1
                                                1-(-------)(n)
                                                    1+ARR
                                                --------------
                                                     ARR

                           n = number of months or partial months remaining in
                           Yield Maintenance Period

                           ARR = Assumed Reinvestment Rate

                  (ii)     If the prepayment is made after the expiration of the
                           Yield Maintenance Period but before the start of the
                           Window Period, the prepayment premium shall be 1.0%
                           of the amount of principal being prepaid.

         (d)      Any permitted or required prepayment of less than the unpaid
principal balance of this Note shall not extend or postpone the due date of any
subsequent monthly installments or change the amount of such installments,
unless Lender agrees otherwise in writing.

         (e)      Borrower recognizes that any prepayment of any of the unpaid
principal balance of this Note, whether voluntary or involuntary or resulting
from an Event of Default by Borrower, will result in Lender's incurring loss,
including reinvestment loss, additional expense and frustration or impairment of
Lender's ability to meet its commitments to third parties. Borrower agrees to
pay to Lender upon demand damages for the detriment caused by any prepayment,
and agrees that it is extremely difficult and impractical to ascertain the
extent of such damages. Borrower therefore acknowledges and agrees that the
formula for calculating

                                                                          PAGE 8
<PAGE>

                                                                  Exhibit 10.4.1

prepayment premiums set forth in this Note represents a reasonable estimate of
the damages Lender will incur because of a prepayment.

         (f)      Borrower further acknowledges that the prepayment premium
provisions of this Note are a material part of the consideration for the Loan,
and acknowledges that the terms of this Note are in other respects more
favorable to Borrower as a result of the Borrower's voluntary agreement to the
prepayment premium provisions.

         11.      COSTS AND EXPENSES. To the fullest extent allowed by
applicable law, Borrower shall pay all expenses and costs, including Attorneys'
Fees and Costs incurred by Lender as a result of any default under this Note or
in connection with efforts to collect any amount due under this Note, or to
enforce the provisions of any of the other Loan Documents, including those
incurred in post-judgment collection efforts and in any bankruptcy proceeding
(including any action for relief from the automatic stay of any bankruptcy
proceeding) or judicial or non-judicial foreclosure proceeding.

         12.      FORBEARANCE. Any forbearance by Lender in exercising any right
or remedy under this Note, the Security Instrument, or any other Loan Document
or otherwise afforded by applicable law, shall not be a waiver of or preclude
the exercise of that or any other right or remedy. The acceptance by Lender of
any payment after the due date of such payment, or in an amount which is less
than the required payment, shall not be a waiver of Lender's right to require
prompt payment when due of all other payments or to exercise any right or remedy
with respect to any failure to make prompt payment. Enforcement by Lender of any
security for Borrower's obligations under this Note shall not constitute an
election by Lender of remedies so as to preclude the exercise of any other right
or remedy available to Lender.

         13.      WAIVERS. Borrower and all endorsers and guarantors of this
Note and all other third party obligors waive presentment, demand, notice of
dishonor, protest, notice of acceleration, notice of intent to demand or
accelerate payment or maturity, presentment for payment, notice of nonpayment,
grace, and diligence in collecting the Indebtedness..

         14.      LOAN CHARGES. Neither this Note nor any of the other Loan
Documents shall be construed to create a contract for the use, forbearance or
detention of money requiring payment of interest at a rate greater than the
maximum interest rate permitted to be charged under applicable law. If any
applicable law limiting the amount of interest or other charges permitted to be
collected from Borrower in connection with the Loan is interpreted so that any
interest or other charge provided for in any Loan Document, whether considered
separately or together with other charges provided for in any other Loan
Document, violates that law, and Borrower is entitled to the benefit of that
law, that interest or charge is hereby reduced to the extent necessary to
eliminate that violation. The amounts, if any, previously paid to Lender in
excess of the permitted amounts shall be applied by Lender to reduce the unpaid
principal balance of this Note. For the purpose of determining whether any
applicable law limiting the amount of interest or other charges permitted to be
collected from Borrower has been violated, all Indebtedness that

                                                                          PAGE 9
<PAGE>

                                                                  Exhibit 10.4.1

constitutes interest, as well as all other charges made in connection with the
Indebtedness that constitute interest, shall be deemed to be allocated and
spread ratably over the stated term of this Note. Unless otherwise required by
applicable law, such allocation and spreading shall be effected in such a manner
that the rate of interest so computed is uniform throughout the stated term of
this Note.

         15.      COMMERCIAL PURPOSE. Borrower represents that Borrower is
incurring the Indebtedness solely for the purpose of carrying on a business or
commercial enterprise, and not for personal, family, household, or agricultural
purposes.

         16.      COUNTING OF DAYS. Except where otherwise specifically
provided, any reference in this Note to a period of "days" means calendar days,
not Business Days.

         17.      GOVERNING LAW. This Note shall be governed by the law of the
Property Jurisdiction.

         18.      CAPTIONS. The captions of the Sections of this Note are for
convenience only and shall be disregarded in construing this Note.

         19.      NOTICES; WRITTEN MODIFICATIONS. All Notices, demands and other
communications required or permitted to be given pursuant to this Note shall be
given in accordance with Section 31 of the Security Instrument. Any modification
or amendment to this Note shall be ineffective unless in writing signed by the
party sought to be charged with such modification or amendment; provided,
however, that in the event of a Transfer under the terms of the Security
Instrument that requires Lender's consent, any or some or all of the
Modifications to Multifamily Note set forth in Exhibit A to this Note may be
modified or rendered void by Lender at Lender's option, by Notice to Borrower
and the transferee, as a condition of Lender's consent.

         20.      CONSENT TO JURISDICTION AND VENUE. Borrower agrees that any
controversy arising under or in relation to this Note may be litigated in the
Property Jurisdiction. The state and federal courts and authorities with
jurisdiction in the Property Jurisdiction shall have jurisdiction over all
controversies that shall arise under or in relation to this Note. Borrower
irrevocably consents to service, jurisdiction, and venue of such courts for any
such litigation and waives any other venue to which it might be entitled by
virtue of domicile, habitual residence or otherwise. However, nothing in this
Note is intended to limit any right that Lender may have to bring any suit,
action or proceeding relating to matters arising under this Note in any court of
any other jurisdiction.

         21.      WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH (A) AGREES
NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE
OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT IS TRIABLE
OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO
SUCH ISSUE TO

                                                                         PAGE 10
<PAGE>

                                                                  Exhibit 10.4.1

THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT
TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY
WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

         22.      COMMUNITY PROPERTY AND STATE-SPECIFIC PROVISIONS.

                  N/A

         ATTACHED EXHIBIT. THE FOLLOWING EXHIBIT IS ATTACHED TO THIS NOTE:

         [X]      EXHIBIT A MODIFICATIONS TO MULTIFAMILY NOTE

         IN WITNESS WHEREOF, and in consideration of the Lender's agreement to
lend Borrower the principal amount set forth above, Borrower has signed and
delivered this Note under seal or has caused this Note to be signed and
delivered under seal by its duly authorized representative. Borrower intends
that this Note shall be deemed to be signed and delivered as a sealed
instrument.

SIGNED, SEALED AND                       BORROWER:
DELIVERED IN THE
PRESENCE OF:                             ROBERTS PROPERTIES RESIDENTIAL, L.P.,
                                         a Georgia limited partnership

                                         By: Roberts Realty Investors, Inc.,
                                             a Georgia corporation
/s/ Sanford H. Zatcoff                       Its: Sole General Partner
-----------------------------------
Unofficial Witness

/s/ Catherine S. Moore                   By: /s/ Charles R. Elliott
-------------------------------              -----------------------------------
Notary Public                                Charles R. Elliott
My Commission Expires:                       Secretary and Treasurer

_______________________________

                                                   58-2122875
                                   ---------------------------------------------
                                   Borrower's Social Security/Employer ID Number

                                                                         PAGE 11
<PAGE>

                                                                  Exhibit 10.4.1

                     ALLONGE ENDORSEMENT TO MULTIFAMILY NOTE

         This allonge is attached to that certain Multifamily Note dated August
_____, 2003, made by ROBERTS PROPERTIES RESIDENTIAL, L.P., a Georgia limited
partnership, as Borrower, to the undersigned.

PAY TO THE ORDER OF ______________________________________________________
WITHOUT RECOURSE this ______ day of _____________, 2003.

SIGNED, SEALED AND                       LENDER:
DELIVERED IN THE
PRESENCE OF:                             L. J. MELODY & COMPANY,
                                         a Texas corporation

/s/ Adam Holmes
----------------------------------
Unofficial Witness                       By: /s/ Bill R. Frazer
                                             ---------------------------------
                                         Name: Bill R. Frazer
                                         Its: Exec. Vice President & CFO
/s/ Nancee Ost
----------------------------------
Notary Public
My Commission Expires:
4-17-05

                                                                         PAGE 12
<PAGE>

                                                                  Exhibit 10.4.1

                                    EXHIBIT A

                        MODIFICATIONS TO MULTIFAMILY NOTE

The following modifications are made to the text of the Note that precedes this
Exhibit.

1.       A new Section 23 is added to the Note as follows:

                  "23.     EXTENSION OF MATURITY DATE. So long as the Maturity
         Date has not occurred prior to September 1, 2013 (for the purposes of
         this Section 23, the 'INITIAL MATURITY DATE'), the Indebtedness is not
         paid in full on the Initial Maturity Date, and no other Event of
         Default, or event or circumstances which, with the giving of notice or
         passage of time, or both, could constitute an Event of Default, exists
         on the Initial Maturity Date, then the date for full payment of the
         Indebtedness automatically shall be extended for a period of twelve
         (12) months (the 'EXTENSION PERIOD') until September 1, 2014, or any
         earlier date on which the unpaid principal balance of this Note becomes
         due and payable by acceleration or otherwise (the 'EXTENDED MATURITY
         DATE'). Principal and interest shall be payable during the Extension
         Period, in immediately available funds, as follows:

                  (a)      On the Initial Maturity Date, Borrower must make the
         regularly scheduled monthly payment set forth in Section 3(c).

                  (b)      During the Extension Period, interest will accrue on
         the unpaid principal balance of this Note at the 'Adjustable Interest
         Rate' (hereinafter defined). Notwithstanding anything in Section 3(b)
         that may be to the contrary, during the Extension Period, interest
         under this Note shall be computed on the basis of a 360-day year and
         the actual number of days in the month for which interest is being
         calculated (divide the annual interest by 360, and multiply the
         quotient by the number of days in the month for which interest is being
         calculated). The amount payable as interest, or allocated to interest,
         will vary depending upon the number of days in the month for which
         interest is being calculated, in addition to varying as the Adjustable
         Interest Rate varies.

                  (c)      During the Extension Period, consecutive monthly
         installments of principal and interest shall be payable on the first
         day of each month beginning on October 1, 2013, and continuing during
         the Extension Period until the Extended Maturity Date. The date on
         which a monthly installment of principal and interest is due pursuant
         to this Section 23(c) is referred to as that installment's 'INSTALLMENT
         DUE DATE'. The amount of the monthly installment of principal and
         interest payable on an Installment Due Date, and the portion thereof
         attributable to principal and the portion thereof attributable to
         interest, shall be calculated so as to equal the monthly payment amount
         which would be payable on the Installment Due Date, and allocation
         thereof between principal and

                                                                        PAGE A-1
<PAGE>

                                                                  Exhibit 10.4.1

         interest, as if the unpaid principal balance of this Note as of the
         first day of the calendar month preceding the Installment Due Date,
         together with interest thereon at the Adjustable Interest Rate in
         effect on the first day of the calendar month preceding the Installment
         Due Date, were to be fully amortized (using an actual/360 method of
         computing interest) in equal monthly payments paid on the first day of
         each calendar month over an assumed amortization period commencing on
         the first day of the calendar month preceding the Installment Due Date
         and ending on the first day of the 360th full calendar month following
         the date of this Note. Lender shall provide Borrower with Notice of the
         amount of each monthly installment due hereunder.

                  (d)      Any accrued interest remaining past due for 30 days
         or more may, at Lender's discretion, be added to and become part of the
         unpaid principal balance and shall bear interest at the rate or rates
         specified in this Note, and any reference to `accrued interest' shall
         refer to accrued interest which has not become part of the unpaid
         principal balance. All unpaid Indebtedness shall be due and payable in
         full on the Extended Maturity Date. The unpaid principal balance shall
         continue to bear interest after the Extended Maturity Date at the
         Default Rate set forth in Section 23(j) until and including the date on
         which it is paid in full.

                  (e)      Any regularly scheduled monthly installment payable
         pursuant to Section 23(c) that is received by Lender before the
         Installment Due Date shall be deemed to have been received on the
         Installment Due Date solely for the purpose of calculating interest
         due.

                  (f)      If Lender at any time determines that it has
         miscalculated the Adjustable Interest Rate, then Lender shall give
         Notice to Borrower of the corrected Adjustable Interest Rate. If
         Borrower has paid one or more monthly installments calculated at the
         incorrect Adjustable Interest Rate and (i) if the corrected Adjustable
         Interest Rate results in an increase in the applicable monthly
         payment(s), Borrower, within 10 calendar days after receipt of the
         Notice from Lender, shall pay to Lender any sums that Borrower would
         have otherwise been obligated to pay to Lender under this Note had the
         amount of the Adjustable Interest Rate not been miscalculated, or (ii)
         if the corrected Adjustable Interest Rate results in an overpayment
         having been made by Borrower, then the amount of the overpayment shall
         be credited to the next installment(s) of interest due under this Note
         (or, if an Event of Default has occurred and is continuing, such
         overpayment shall be credited against any amount owing by Borrower to
         Lender).

                  (g)      In accordance with Section 14, interest charged
         hereunder cannot exceed the maximum amount of interest allowed by
         applicable law. The rate of interest which results in the maximum
         amount of interest allowed by applicable law is referred to as the
         'Maximum Rate'. If the Applicable Interest Rate at any time exceeds the
         Maximum Rate, resulting in the charging of interest hereunder to be
         limited to the Maximum Rate,

                                                                        PAGE A-2
<PAGE>

                                                                  Exhibit 10.4.1

         then any subsequent reduction in the Applicable Interest Rate shall not
         reduce the rate at which interest under this Note accrues until the
         total amount of interest accrued hereunder equals the amount of
         interest which would have accrued had the Applicable Interest Rate at
         all times been in effect.

                  (h)      During the Extension Period, Borrower may pay the
         entire unpaid Indebtedness on any Business Day designated as the date
         for such payment in a written notice from Borrower to Lender given at
         least 30 days prior to the date of such payment. No prepayment premium
         will be payable by Borrower during the Extension Period.

                  (i)      The following defined terms are added to this Note:

                           (i)      'ADJUSTABLE INTEREST RATE' means the
                           variable per annum rate at which interest will accrue
                           on the outstanding principal balance of this Note.
                           The Adjustable Interest Rate applicable during any
                           Interest Adjustment Period will equal the Index Rate,
                           truncated at the fifth (5th) decimal place if
                           necessary, for such Interest Adjustment Period, plus
                           the Margin.

                           (ii)     'MARGIN' means two and one-half (2.5)
                           percentage points.

                           (iii)    'INDEX RATE' means, for any Interest
                           Adjustment Period, the Reference Bill(R) Index Rate
                           for such Interest Adjustment Period. However, if
                           Freddie Mac has not conducted a Reference Bill
                           auction within the 60-calendar day period prior to
                           the first day of an Interest Adjustment Period, the
                           Index Rate for such Interest Adjustment Period will
                           be the LIBOR Index Rate for such Interest Adjustment
                           Period minus one-tenth of one percentage point.

                           (iv)     'INTEREST ADJUSTMENT PERIOD' means each
                           successive one calendar month beginning on the
                           Initial Maturity Date and continuing until the entire
                           Indebtedness is paid in full.

                           (v)      'LIBOR INDEX' means the British Bankers
                           Association's (BBA) one month LIBOR Rate for United
                           States Dollar (may be displayed as `USD') deposits,
                           as displayed on the LIBOR Index Page used to
                           establish the LIBOR Index Rate, as more fully set
                           forth below.

                           (vi)     'LIBOR INDEX RATE' means, for any Interest
                           Adjustment Period after the first Interest Adjustment
                           Period, the British Bankers Association's (BBA) LIBOR
                           Rate for the LIBOR Index, as of 11:00 a.m. (London
                           time) on the second London Banking Day preceding the
                           first day of such Interest

                                                                        PAGE A-3
<PAGE>

                                                                  Exhibit 10.4.1

                           Adjustment Period, as such LIBOR Rate is displayed on
                           the LIBOR Index Page. The LIBOR Index Rate for the
                           first Interest Adjustment Period means the British
                           Bankers Association's (BBA) LIBOR Rate for the LIBOR
                           Index, as of 11:00 a.m. (London time) on the second
                           London Banking Day preceding the first day of the
                           month in which the first Interest Adjustment Period
                           begins, as such LIBOR Rate is displayed on the LIBOR
                           Index Page. The 'LIBOR INDEX PAGE' is the Bloomberg
                           L.P., page 'BBAM', or such other page for the LIBOR
                           Index as may replace page BBAM on that service, or at
                           the option of Lender (i) the applicable page for the
                           LIBOR Index on another service which electronically
                           transmits or displays BBA LIBOR Rates, or (ii) any
                           publication of LIBOR rates available from the BBA. In
                           the event the BBA ceases to set or publish a LIBOR
                           rate/interest settlement rate for the LIBOR Index,
                           Lender will designate an alternative index, and such
                           alternative index shall constitute the LIBOR Index
                           Rate. A 'LONDON BANKING DAY' is any day on which
                           banks are open for dealing in interbank deposits in
                           London.

                           (vii)    'REFERENCE BILLS(R)' means the unsecured
                           general obligations of Freddie Mac designated by
                           Freddie Mac as 'Reference Bills(R)' and having
                           original maturities most comparable to the term of
                           the Reference Bill Index, and issued by Freddie Mac
                           at regularly scheduled auctions. In the event Freddie
                           Mac shall at any time cease to designate any
                           unsecured general obligations of Freddie Mac as
                           'Reference Bills', then at the option of Lender (i)
                           Lender may select from time to time another unsecured
                           general obligation of Freddie Mac having original
                           duration to maturity most comparable to the term of
                           the Reference Bill Index and issued by Freddie Mac at
                           regularly scheduled auctions, and the term 'Reference
                           Bills' as used in this Note shall mean such other
                           unsecured general obligations as selected by Lender;
                           or (ii) for any one or more Interest Adjustment
                           Periods, Lender may use the applicable LIBOR Index
                           Rate as the Index Rate for such Interest Adjustment
                           Period(s).

                           (viii)   'REFERENCE BILL INDEX' means the one-month
                           Reference Bills. One-month Reference Bills have
                           maturities of approximately 30 days.

                           (ix)     'REFERENCE BILL INDEX RATE' means, for any
                           Interest Adjustment Period after the first Interest
                           Adjustment Period, the Money Market Yield for the
                           Reference Bills as established by the Reference Bill
                           auction conducted by Freddie Mac most recently
                           preceding the first day of such Interest Adjustment
                           Period, as displayed on the Reference Bill Index
                           Page. The Reference Bill Index Rate for the first
                           Interest Adjustment Period means the Money Market
                           Yield for the Reference Bills as established by

                                                                        PAGE A-4
<PAGE>

                                                                  Exhibit 10.4.1

                           the Reference Bill auction conducted by Freddie Mac
                           most recently preceding the first day of the month in
                           which the first Interest Adjustment Period begins, as
                           displayed on the Reference Bill Index Page. The
                           'REFERENCE BILL INDEX PAGE' is the Freddie Mac Debt
                           Securities Web Page (accessed via the Freddie Mac
                           internet site at www.freddiemac.com), or at the
                           option of Lender, any publication of Reference Bills
                           auction results available from Freddie Mac.

                  (j)      Notwithstanding anything in Section 8, during the
         Extension Period and thereafter, the Default Rate will equal the
         Default Rate provided for in Section 8 or four (4) percentage points
         above the Adjustable Interest Rate, whichever is greater, but in no
         event more than the Maximum Rate.

                  (k)      Notwithstanding anything in Section 10 that may be
         deemed to be to the contrary, there is no Window Period for this Note,
         and the Yield Maintenance Period expires on the Initial Maturity Date.

                  (l)      If the Extension Period becomes effective, during the
         Extension Period and thereafter, any references to the 'Maturity Date'
         of the Note in any other Loan Document shall be deemed to mean the
         Extended Maturity Date.

                  (m)      Anything in Section 21 of the Security Instrument to
         the contrary notwithstanding, Borrower will not request that Lender
         consent to, and Lender will not consent to, a Transfer during the
         Extension Period."

                                                                        PAGE A-5

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