Document:

Ex. 10.1

AGREEMENT AND PLAN OF MERGER

AGREEMENT AND PLAN OF MERGER (this "Agreement"), dated as of August
26,
2002, among Capital Growth Partners, LLC, a Utah limited liability company (the
"Purchaser"), United Park City Mines Company, a Delaware corporation
(together with its Subsidiaries, the "Company"), those entities and
individuals whose names are set forth on Schedule A attached hereto
(collectively, the "Sellers" and each individually a
"Seller"), and CGP Acquisition, Inc., a Delaware corporation and a
wholly owned subsidiary of CGP ("Merger Subsidiary").

WHEREAS, this Agreement and the Merger (as defined below) have each been duly
authorized and approved by the Purchaser, the Company, each Seller and Merger
Subsidiary;

WHEREAS, the parties hereto are party to a Stock Purchase Agreement, dated as
of February 21, 2002 (the "SPA"), as amended by the First Amendment to
Stock Purchase Agreement, dated as of June 21, 2002 (the "First
Amendment" and the SPA as amended by the First Amendment, the "Amended
SPA") and a Supplemental Stock Purchase Agreement, dated as of July 19,
2002, among the Purchaser, Loeb Investors Co. XL ("Loeb") and the
Company (the "Supplemental SPA", and the Amended SPA, as so
supplemented, the "Purchase Agreement"), pursuant to which Purchaser
agreed to purchase, and the Sellers agreed to sell, certain shares of the
capital stock of the Company which are owned by the Sellers (the
"Purchase");

WHEREAS, provided that the Merger is consummated on or prior to October 1,
2002 (or another date determined in accordance with this Agreement), the parties
hereto desire to consummate the Merger pursuant to this Agreement instead of the
Purchase;

WHEREAS, capitalized terms used herein have the meaning given to them in
Section 10.18 hereof; and

WHEREAS, Loeb is executing this Agreement in respect of the Supplemental
Shares (as defined in the Supplemental SPA).

NOW, THEREFORE, in consideration of the foregoing and the respective
representations, warranties, covenants and agreements set forth herein, the
parties hereto agree as follows:

ARTICLE I

THE MERGER

  
    
      
      
      SECTION 1.01 The Merger

      

    

  

(a) At the Effective Time (as defined in Section 1.01(b) below), Merger
Subsidiary shall be merged (the "Merger") with and into the Company in
accordance with the General Corporation Law of the State of Delaware
("Delaware Law"), whereupon the separate existence of Merger
Subsidiary shall cease, and the Company shall be the surviving corporation (the
"Surviving Corporation").

(b) As soon as practicable after satisfaction or, to the extent permitted
hereunder, waiver of all conditions to the Merger, the Company and Merger
Subsidiary will file a certificate of merger with the Secretary of State of the
State of Delaware and make all other filings or recordings required by Delaware
Law in connection with the Merger. The closing of the Merger (the "Merger
Closing") will take place at the offices of Torys LLP, 237 Park Avenue, New
York, New York 10017, or such other place as the parties may agree. The Merger
shall become effective at such time as the certificate of merger is duly filed
with the Secretary of State of the State of Delaware or at such later time as is
specified in the certificate of merger (the "Effective Time").

(c) From and after the Effective Time, the Surviving Corporation shall
possess all the assets, rights, privileges, powers and franchises and be subject
to all of the liabilities, restrictions, disabilities and duties of the Company
and Merger Subsidiary, all as provided under Delaware Law.

(d) Upon the effectiveness of this Agreement, the Purchase Agreement shall be
suspended. Upon the Merger Closing, the Purchase Agreement shall be terminated
and shall be of no further force or effect.

  
    SECTION 1.02 Conversion of Shares

    

  

At the Effective Time:

(a) each outstanding share of common stock, $0.01 par value per share (the
"Shares"), of the Company held by the Company as treasury stock or
owned by Purchaser or any subsidiary of Purchaser immediately prior to the
Effective Time shall be cancelled, and no payment shall be made with respect
thereto;

(b) each share of common stock, $0.01 par value per share, of Merger
Subsidiary outstanding immediately prior to the Effective Time shall be
converted into and become one fully paid and non-assessable share of common
stock, $0.01 par value per share, of the Surviving Corporation with the same
rights, powers and privileges as the shares so converted and shall constitute
the only outstanding shares of capital stock of the Surviving Corporation;

(c) each Share issued and outstanding on the date hereof (other than Shares
to be cancelled in accordance with Section 1.02(a) hereof) shall be
automatically converted into the right to receive $25.00 per Share in cash
(subject to amendment based upon the total number of Shares outstanding on the
Merger Closing and subject to Sections 1.02(e), 1.02(f) and 6.04 hereof),
payable to the holder thereof, without interest (the "Merger
Consideration"), upon surrender of the certificate formerly representing
such Share of Company common stock in the manner provided in Section 1.03
hereof. All such Shares, when so converted, shall no longer be outstanding and
shall automatically be cancelled and retired and shall cease to exist, and each
holder of a certificate representing any such Shares shall cease to have any
rights with respect thereto, except the right to receive the Merger
Consideration therefor, without interest, upon the surrender of such certificate
in accordance with Section 1.03 hereof or the right, if any, to receive payment
from the Surviving Corporation of the "fair value" of such Shares
pursuant to Section 1.05 hereof;

(d) all outstanding options granted by the Company to acquire shares of its
common stock (the "Options") shall be cancelled. In consideration for
the cancellation of the outstanding "in the money" Options pursuant to
this Section 1.02(d), the Company shall pay to the holders of such Options an
amount, in cash, equal to the product of (i) the difference between the Merger
Consideration and the per share exercise price of such Options multiplied by
(ii) the number of shares covered by such Options. The Company agrees that with
respect to all outstanding "underwater" Options, the Company shall,
prior to Merger Closing, obtain agreements from the holders of Options to cancel
their Options, and, after such cancellation pursuant to this Section 1.02(d),
there shall be no Options outstanding; and

(e) The aggregate Merger Consideration payable to the Sellers shall be
reduced by each Seller's pro rata share of any Postponement Deposit or Merger
Postponement Payment (as defined in Section 5.11) made by Purchaser that, in
each case, has been released or paid to such Sellers.

(f) The Merger Consideration payable in respect of each Share shall be
reduced by an amount equal to the pro rata portion applicable to such Share of
the costs and expenses incurred in connection with the Merger (including,
without limitation, legal fees and the Dresdner Fee). Loeb shall provide the
Paying Agent and the Company with a written, detailed list of such costs and
expenses reasonably satisfactory to the Paying Agent, no fewer than three (3)
days prior to the Merger Closing.

  
    SECTION 1.03 Surrender and Payment

    

  

(a) Paying Agent. Purchaser shall designate a bank or trust company
reasonably acceptable to the Company to act as agent for the holders of Shares
in connection with the Merger (the "Paying Agent") to receive the
funds to which holders of Shares shall become entitled pursuant to Section
1.02(c) hereof. Purchaser shall, from time to time, make available to the Paying
Agent funds in amounts and at times necessary for the payment of the Merger
Consideration as provided herein. Such funds shall be invested by the Paying
Agent as directed by Loeb and the Purchaser, acting together. Earnings from such
investments shall be the sole and exclusive property of Purchaser, and no part
of such earnings shall accrue to the benefit of holders of Shares.

(b) Exchange Procedures. Subject to Section 1.03(c), as soon as
reasonably practicable, but in no event more than five Business Days after the
Effective Time, the Purchaser shall cause the Paying Agent to mail, or upon a
written request delivered to the Company by the applicable holder, deliver, to
each holder of record of a certificate or certificates, which immediately prior
to the Effective Time represented outstanding Shares (the
"Certificates"), whose shares were converted pursuant to Section 1.02
hereof into the right to receive the Merger Consideration (i) a letter of
transmittal (which shall specify that delivery shall be effected, and risk of
loss and title to the Certificates shall pass, only upon delivery of the
Certificates to the Paying Agent and shall be in such form and have such other
provisions not inconsistent with this Agreement as Purchaser may reasonably
specify) and (ii) instructions for use of such letter of transmittal in
effecting the surrender of the Certificates in exchange for payment of the
Merger Consideration. Upon surrender of a Certificate for cancellation to the
Paying Agent or to such other agent or agents as may be appointed by Purchaser,
together with such letter of transmittal, duly executed, the holder of such
Certificate shall be entitled to receive in exchange therefor the Merger
Consideration for each Share formerly represented by such Certificate and the
Certificate so surrendered shall forthwith be cancelled. If payment of the
Merger Consideration is to be made to a person other than the person in whose
name the surrendered Certificate is registered, it shall be a condition of
payment that the Certificate so surrendered shall be properly endorsed or shall
be otherwise in proper form for transfer and that the person requesting such
payment shall have paid any transfer and other taxes required by reason of the
payment of the Merger Consideration to a person other than the registered holder
of the Certificate surrendered or shall have established to the satisfaction of
the Surviving Corporation that such tax either has been paid or is not
applicable. Until surrendered as contemplated by this Section 1.03, each
Certificate shall be deemed at any time after the Effective Time to represent
only the right to receive the Merger Consideration in cash as contemplated by
this Section 1.03. No interest shall be paid or will accrue on the Merger
Consideration payable to holders of Certificates pursuant to the provisions of
this Article I.

(c) Exchange Procedures for Sellers. All Certificates held by Sellers
shall be surrendered to the Company for cancellation on or prior to the Merger
Closing Date (Certificates surrendered prior to the Merger Closing shall be held
by the Company in escrow pending the Merger Closing). In exchange for
Certificates so surrendered, each Seller shall be entitled to receive (by bank
cashier's or certified check or wire transfer), at the Merger Closing, the
Merger Consideration payable in respect of the Certificates surrendered by such
Seller, and such Certificates shall forthwith be cancelled. If payment of the
Merger Consideration is to be made to a person other than the person in whose
name the surrendered Certificate is registered, it shall be a condition of
payment that the Certificate so surrendered shall be properly endorsed or shall
be otherwise in proper form for transfer and that the person requesting such
payment shall have paid any transfer and other taxes required by reason of the
payment of the Merger Consideration to a person other than the registered holder
of the Certificate surrendered.

(d) Transfer Books; No Further Ownership Rights in Company Common Stock.
At the Effective Time, the stock transfer books of the Company shall be closed
and thereafter there shall be no further registration of transfers of shares of
common stock of the Company on the records of the Company. From and after the
Effective Time, the holders of Certificates evidencing ownership of shares of
common stock of the Company outstanding immediately prior to the Effective Time
shall cease to have any rights with respect to such shares, except as otherwise
provided for herein or by applicable law. If, after the Effective Time,
Certificates are presented to the Surviving Corporation for any reason, they
shall be cancelled and exchanged as provided in this Article I.

(e) Termination of Fund, No Liability. At any time following six
months after the Effective Time, the Surviving Corporation shall be entitled to
require the Paying Agent to deliver to it any funds (including any interest
received with respect thereto) which had been made available to the Paying Agent
and which have not been disbursed to holders of Certificates, and thereafter
such holders shall be entitled to look to the Surviving Corporation (subject to
abandoned property, escheat or other similar laws) only as general creditors
thereof with respect to the Merger Consideration payable upon due surrender of
their Certificates, without any interest thereon. Notwithstanding the foregoing,
none of Purchaser, the Surviving Corporation or the Paying Agent shall be liable
to any holder of a Certificate for Merger Consideration delivered to a public
official pursuant to any applicable abandoned property, escheat or similar law.

(f) Lost Certificates. If any Certificate shall have been lost, stolen
or destroyed, upon the making of an affidavit of that fact by the person
claiming such Certificate to be lost, stolen or destroyed with such assurances
as the Paying Agent may, in its discretion require, and, if required by the
Surviving Corporation, the posting by such person of a bond in such reasonable
amount as the Surviving Corporation may direct as indemnity against any claim
that may be made against it with respect to such Certificate, the Paying Agent
shall pay in exchange for such lost, stolen or destroyed Certificates the Merger
Consideration pursuant to this Agreement.

  
    SECTION 1.04 Withholding Taxes

    

  

The Purchaser and Merger Subsidiary shall be entitled to deduct and withhold,
or cause the Paying Agent to deduct and withhold, from the Merger Consideration
payable pursuant to the Merger, any withholding and stock transfer Taxes and
such amounts as are required under the IRC or any applicable provision of state,
local or foreign tax law. To the extent that amounts are so withheld by
Purchaser or Merger Subsidiary, such withheld amounts shall be treated for all
purposes of this Agreement as having been paid to the holder of the Shares in
respect of which such deduction and withholding was made by Purchaser or Merger
Subsidiary.

  
    SECTION 1.05 Appraisal Rights

    

  

Notwithstanding anything in this Agreement to the contrary, Shares that are
issued and outstanding immediately prior to the Effective Time and which are
held by stockholders who did not vote in favor of or consent in writing to the
Merger and who comply with all of the relevant provisions of Delaware Law (each
a "Dissenting Stockholders") shall not be converted into or be
exchangeable for the right to receive the Merger Consideration, unless and until
such holders shall have failed to perfect or shall have effectively withdrawn or
lost their rights to appraisal under Delaware Law, but the holders thereof shall
be entitled to only such rights as are granted by Delaware Law. If any
Dissenting Stockholder shall have failed to perfect or shall have effectively
withdrawn or lost such right, such holder's Shares shall thereupon be converted
into and become exchangeable for the right to receive, as of the Effective Time,
the Merger Consideration without any interest thereon, upon surrender of the
Certificate or Certificates representing such Shares pursuant to Section 1.03
hereof. The Company shall give the Purchaser (i) prompt notice of any written
demands for appraisal of any Shares, attempted withdrawals of such demands and
any other instruments served pursuant to Delaware Law and received by the
Company relating to the stockholders' rights of appraisal and (ii) the
opportunity to direct all negotiations and proceedings with respect to demands
for appraisal under Delaware Law. Neither the Company nor the Surviving
Corporation shall, except with the prior written consent of the Purchaser,
voluntarily make any payment with respect to, or settle or offer to settle, any
such demand for payment. If any Dissenting Stockholder shall fail to perfect or
shall have effectively withdrawn or lost the right to dissent, the Shares held
by such Dissenting Stockholder shall thereupon be treated as though such Shares
had been converted into the right to receive the Merger Consideration pursuant
to Section 1.02(c) hereof.

ARTICLE II

THE SURVIVING CORPORATION

  
  
  SECTION 2.01 Certificate of Incorporation

  

The certificate of incorporation of Merger Subsidiary in effect at the
Effective Time shall be the certificate of incorporation of the Surviving
Corporation until amended in accordance with applicable law.

  
    SECTION 2.02 Bylaws

    

  

The bylaws of Merger Subsidiary in effect at the Effective Time shall be the
bylaws of the Surviving Corporation until amended in accordance with applicable
law.

  
    SECTION 2.03 Directors and Officers

    

  

From and after the Effective Time, until successors are duly elected or
appointed and qualified in accordance with applicable law, (i) the
directors of Merger Subsidiary at the Effective Time shall be the directors of
the Surviving Corporation, and (ii) the officers of Merger Subsidiary at
the Effective Time shall be the officers of the Surviving Corporation.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF SELLERS;

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

  
  
  SECTION 3.01 Representations and Warranties of Sellers

  

(a) The representations and warranties of each Seller set forth in Section
4.1 of the SPA are, as amended from time to time by the Disclosure Schedule and
all amendments thereto, accurate in all material respects as of the date of the
SPA and will be accurate in all material respects as of the Merger Closing Date.

(b) The Sellers represent and warrant that the Sellers executing a written
consent in favor of this Agreement and the Contemplated Transactions are the
owners of record of more than fifty (50%) percent of the issued and outstanding
voting stock of the Company.

  
    SECTION 3.02 Representations and Warranties of the Company

    

  

The representations and warranties of the Company set forth in Section 4.2
through and including Section 4.19 of the SPA are, as amended from time to time
by the Disclosure Schedule and all amendments thereto, accurate in all material
respects as of the date of the SPA and will be accurate in all material respects
as of the Merger Closing Date.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

SECTION 4.01 Representations and Warranties of the Purchaser and Merger
Subsidiary

The representations and warranties of the Purchaser set forth in Section 5.1
through and including Section 5.6 of the SPA are accurate in all material
respects as of the date of this Agreement; provided, however, that
references in such representations and warranties to the Purchaser shall be
deemed to also be references to Merger Subsidiary, in respect of which such
representations and warranties are also accurate in all material respects of the
date of this Agreement.

ARTICLE V

COVENANTS

  
  
  SECTION 5.01 Covenants from Purchase Agreement

  

The parties hereto agree to perform their respective covenants contained in
Section 6 of the Purchase Agreement and such covenants incorporated herein by
reference.

  
    SECTION 5.02 Obligations of Merger Subsidiary

    

  

The Purchaser will take all action necessary to cause Merger Subsidiary to
perform its obligations under this Agreement and to consummate the Merger on the
terms and conditions set forth in this Agreement.

  
    SECTION 5.03 State Takeover Laws

    

  

Notwithstanding any other provision in the Agreement, in no event shall the
approval given by the board of directors of the Company with respect to Section
203 of Delaware Law be withdrawn, revoked or modified by the board of directors
of the Company. If any state takeover statute other than Section 203 of Delaware
Law becomes or is deemed to become applicable to the Company, the acquisition of
Shares or the Merger, the Company shall take all action necessary to render such
statute inapplicable to all of the foregoing.

  
    SECTION 5.04 Further Assurances

    

  

At and after the Effective Time, the officers and directors of the Surviving
Corporation will be authorized to execute and deliver, in the name and on behalf
of the Company or Merger Subsidiary, any deeds, bills of sale, assignments,
assurances, instruments or other documents and to take and do, in the name and
on behalf of the Company or Merger Subsidiary, any other actions and things to
vest, perfect or confirm of record or otherwise in the Surviving Corporation any
and all right, title and interest in, to and under any of the rights, properties
or assets of the Company acquired or to be acquired by the Surviving Corporation
as a result of, or in connection with, the Merger.

  
    SECTION 5.05 Certain Filings

    

  

The Company and the Purchaser shall cooperate with one another (a) in
connection with the preparation of the information statement to be prepared
pursuant to Regulation 14C of Securities Exchange Act of 1934, as amended, and
filed with the SEC (the "Information Statement"), (b) in determining
whether any action by or in respect of, or filing with, any Governmental Body,
or Governmental Authorization is required, or any actions, consents, approvals
or waivers are required to be obtained from parties to any material Contracts,
in connection with the consummation of the transactions contemplated by this
Agreement, and (c) in seeking any such actions, consents, approvals or waivers
or making any such filings, furnishing information required in connection
therewith or with the Information Statement and seeking timely to obtain any
such actions, consents, approvals or waivers.

  
    SECTION 5.06 Information Statement

    

  

The Company and the Purchaser shall promptly prepare and file with the SEC a
preliminary version of the Information Statement and will use their best efforts
to promptly respond to the comments of the SEC in connection therewith and to
furnish all information required to prepare the definitive Information
Statement. Each of the Company and the Purchaser shall use its best efforts to
resolve all SEC comments, if any, received in respect of the Information
Statement, and to have the Information Statement cleared by the SEC as soon as
practicable. Promptly after all such SEC comments are resolved, each party will
cause the Information Statement to be mailed to its stockholders, and if
necessary, after the definitive Information Statement shall have been mailed,
promptly circulate an amended, supplemented or supplemental Information
Statement. The Information Statement shall provide that the Merger will become
effective twenty (20) days after the definitive Information Statement is mailed
to such stockholders.

  
    SECTION 5.07 Approval of Merger by Board of Directors

    

  

The board of directors of the Company has approved this Agreement and the
Merger, and such approval shall not be withdrawn, revoked, rescinded or amended
in any way except with the prior written consent of the Purchaser, acting in its
sole discretion.

  
    SECTION 5.08 Stockholder Consent

    

  

Each of the Company and the Purchaser have obtained the necessary approvals
by its stockholders or members, as applicable, of this Agreement, the
Contemplated Transactions and such other matters as are contemplated by the
terms of this Agreement or required by Delaware Law or the laws of the State of
Utah, as applicable, and will otherwise comply with all legal requirements
applicable to obtaining such approvals, and such approvals shall not be
withdrawn, revoked, rescinded or amended in any way except with the prior
written consent of the Purchaser (if such action is proposed to be taken by the
Company) or the Company (if such action is proposed to be taken by the
Purchaser), acting in its sole discretion.

  
    SECTION 5.09 Approvals by Merger Subsidiary

    

  

(a) The Purchaser shall cause the board of directors of Merger Subsidiary to
approve this Agreement and the Merger, and such approval shall not be withdrawn,
revoked, rescinded or amended in any way except with prior written consent of
the Company and the Sellers, acting in their respective sole discretion.

(b) The Purchaser, as sole stockholder of Merger Subsidiary, has approved
this Agreement and the Merger, and such approval shall not be withdrawn,
revoked, rescinded or amended in any way except with the prior written consent
of the Company and the Sellers, acting in their respective sole discretion.

  
    SECTION 5.10 Release of Deposit

    

  

Upon the Merger Closing, the Purchaser, the Company and Loeb, acting on
behalf of the Sellers, shall instruct the Deposit Agent to release the Deposit,
the Supplemental Deposit and the Additional Deposit, if applicable, to the
Paying Agent.

  
    SECTION 5.11 Treatment of Postponement Deposits

    

  

(a) The Postponement Deposits shall be applied as follows:

  
    
            (i) to the Merger Consideration at the Merger Closing, if the
            Merger Closing occurs;

            (ii) the initial deposit made by Purchaser pursuant to the First
            Amendment ($250,000) (the "Initial Deposit"), the Second
            Postponement Payment ($250,000), the Supplemental Shares Second
            Postponement Payment ($50,000), and, if applicable, the Third
            Postponement Payment ($250,000) and the Supplemental Shares Third
            Postponement Payment ($50,000) shall be non-refundable and the
            property of the Sellers;

            (iii) if this Agreement is terminated prior to September 19, 2002
            by Purchaser, the deposit made by Purchaser pursuant to the Deposit
            Agreement ($1,250,000) (the "Deposit") and the
            supplemental deposit made by the Purchaser pursuant to the
            Supplemental Deposit Agreement ($250,000) (the "Supplemental
            Deposit") shall be delivered to the Sellers, subject to the
            terms of the Deposit Agreement, the Supplemental Deposit Agreement
            and this Agreement, as applicable; provided, however, the
            Deposit, the Supplemental Deposit and the Additional Deposit, if
            applicable, shall be promptly returned to Purchaser if (a) any
            Seller is in Breach of its representations and warranties contained
            in Section 4.1(f) of the Purchase Agreement, and such Breach has not
            be waived or cured, and as a result of which, Purchaser will be
            unable to acquire from the Sellers at Merger Closing, free and clear
            of all claims and Encumbrances, at least fifty-one (51%) percent of
            the outstanding common stock of the Company as of the Merger Closing
            Date after assuming that all Options or other rights to acquire
            common stock of the Company have been issued, exercised and
            converted to common stock, as applicable, (b) if Purchaser has
            satisfied its obligations under Sections 6.03 (a) and (b) in all
            material respects and all of the conditions specified in Sections
            6.02 (a) and (b) have not been satisfied (provided however,
            for the purposes of this subsection, (i) the Company and the Sellers
            must satisfy the conditions of Section 6.02 (a) only with respect to
            at least fifty-one (51%) percent of the outstanding common stock of
            the Company as of the Merger Closing Date (assuming that all Options
            or other rights to acquire common stock of the Company have been
            issued, exercised and converted to common stock as applicable), (ii)
            incorrect representations and warranties contained in the
            certificate required by Section 6.02(a), of which the Company and
            the Sellers had no Knowledge prior to or at Merger Closing shall not
            be considered a failure to satisfy the conditions specified in
            Section 6.02(a), (iii) if Purchaser had Knowledge of any such
            incorrect representation or warranty prior to Merger Closing, such
            incorrectness shall not be considered a failure by the Company or
            the Sellers to satisfy the conditions specified in Section 6.02(a),
            or (c) all of the conditions specified in Sections 6.03(a) and (b)
            have been satisfied in all material respects but the parties are
            prevented from completing the Contemplated Transactions (the Merger
            Closing or the Closing under the Purchase Agreement, if reinstated)
            if any judgment, injunction, order or decree of a court of competent
            jurisdiction shall restrain or prohibit both the consummation of the
            Merger and the Closing of the Purchase Agreement, and such judgment,
            injunction, order or decree shall become final and non-appealable.

            (iv) If the Sellers retain the Postponement Deposits under this
            Section 5.11, the parties agree that since any damages to the
            Sellers under this Agreement may be difficult to ascertain, the
            Postponement Deposits shall constitute liquidated damages as the
            Sellers' sole and exclusive remedy in law or equity for any Breach
            or termination of this Agreement by Purchaser at any time or for
            failure to close during the Postponement Period;

            (v) If this Agreement is not terminated prior to September 19,
            2002, on September 19, 2002 all Postponement Deposits are deemed
            non-refundable and shall be immediately paid to, or retained by,
            Loeb on behalf of and as the property of the Sellers. As a condition
            of the extension of this Agreement beyond September 19, 2002,
            Purchaser shall pay on or prior to September 19, 2002, to Loeb as
            Sellers' Representative on behalf of the Sellers, an additional
            non-refundable payment, in the amount of $1,650,000, which shall be
            the property of the Sellers and applied to the Merger Consideration
            payable to the Sellers at Merger Closing (the "Additional
            Deposit").

            (vi) If this Agreement is not terminated prior to October 1,
            2002, as a condition of the extension of this Agreement beyond
            October 1, 2002, Purchaser shall pay on or prior to October 1, 2002,
            to Loeb as Sellers' Representative on behalf of the Sellers, an
            additional non-refundable payment in the amount of $1,000,000, which
            shall be the property of the Sellers and applied to the Merger
            Consideration payable to the Sellers at Merger Closing (the
            "Merger Postponement Payment").

    

  

(b) If this Agreement is not terminated prior to September 19, 2002, Loeb, as
Sellers' Representative (as defined in the Deposit Agreement), may submit a
Sellers' Disbursement Notice (as defined in the Deposit Agreement) in the
amount of the Deposit and Purchaser agrees that it shall not file an Objection
Notice (as defined in the Deposit Agreement) to such Sellers' Disbursement
Notice, thereby allowing the Deposit to be distributed to the Sellers. Upon
disbursement to the Sellers, the Deposit shall be nonrefundable and the property
of the Sellers. In furthering the provisions of this subsection, the Deposit
Agent (as defined in the Deposit Agreement) shall promptly disburse the Deposit
to Sellers' Representative and the parties shall execute any documentation
necessary to accomplish the foregoing, including a notice from Purchaser to the
Deposit Agent waiving the 7-day waiting period in relation to the Deposit
required pursuant to the Deposit Agreement. Purchaser shall countersign the
Sellers' Disbursement Notice with respect to the Deposit and shall confirm in
writing that it will not file an Objection Notice with respect to the Deposit.

(c) If this Agreement is not terminated prior to September 19, 2002, Loeb as
Sellers' Representative (as defined in the Supplemental Deposit Agreement) may
submit a Sellers' Disbursement Notice (as defined in the Supplemental Deposit
Agreement) in the amount of the Supplemental Deposit and Purchaser shall not
file an Objection Notice to such Sellers' Disbursement Notice, thereby
allowing the Supplemental Deposit to be distributed to Sellers'
Representative, which Supplemental Deposit shall be nonrefundable and the
property of Sellers' Representative. In furthering the provisions of this
subsection, the Deposit Agent (as defined in the Supplemental Deposit Agreement)
shall promptly disburse the Supplemental Deposit to Sellers' Representative
and the parties shall execute any documentation necessary to accomplish the
foregoing, including a notice from Purchaser to the Deposit Agent waiving the
7-day waiting period in relation to the Supplemental Deposit required pursuant
to the Supplemental Deposit Agreement. Purchaser shall countersign Sellers'
Disbursement Notice with respect to the Supplemental Deposit and shall confirm
in writing that it will not file an Objection Notice with respect to the
Supplemental Deposit.

(d) If the Merger Closing or a Closing under the Purchase Agreement occurs,
all Postponement Deposits and the Merger Postponement Payment shall be applied
to the Merger Consideration payable to the Sellers under the Merger Agreement,
or to the Purchase Price under the Purchase Agreement.

(e) If the Additional Deposit is made by Purchaser, at the time of such
payment, the Sellers shall deliver to Holme Roberts & Owen LLP, counsel to
the Sellers, the Shares owned or held by such Sellers, which Shares shall
constitute at least seventy-five percent (75%) of the Shares outstanding on such
date (assuming that all Options or other rights to acquire common stock of the
Company have been issued, exercised and converted to common stock as
applicable), and which Shares shall be held in escrow until the Merger Closing
or the Closing under the Purchase Agreement. If the Merger Closing or the
Closing under the Purchase Agreement does not occur on or prior to the latest
date permitted by this Agreement and the Purchase Agreement, as applicable, each
such Share shall be returned to the applicable Seller.

(f) If the Merger Postponement Payment has been made, but the Merger Closing
or the Closing under the Purchase Agreement does not occur because (x) the
Sellers have not fulfilled the conditions applicable to them set forth in
Section 6.02 (other than clause (a) thereof), (y) there is a Breach of the
representations contained in Section 4.1(f) of the SPA, which is incorporated in
this Agreement by reference, such that Purchaser would not receive at least
fifty-one percent (51%) of the Shares outstanding (assuming that all Options or
other rights to acquire common stock of the Company have been issued, exercised
and converted to common stock as applicable), or (z) all of the conditions
specified in Sections 6.03(a) and (b) have been satisfied in all material
respects but the parties are prevented from completing the Contemplated
Transactions (the Merger Closing or the Closing under the Purchase Agreement, if
reinstated) if any judgment, injunction, order or decree of a court of competent
jurisdiction shall restrain or prohibit both the consummation of the Merger and
the Closing of the Purchase Agreement, and such judgment, injunction, order or
decree shall become final and non-appealable, then, in each case, all
Postponement Deposits and the Merger Postponement Payment shall be returned by
the Sellers to Purchaser.

ARTICLE VI

CONDITIONS TO THE MERGER

  
  
  SECTION 6.01 Conditions to the Obligations of Each Party

  

The obligations of the Company, the Purchaser, Merger Subsidiary and the
Sellers to consummate the Merger are subject to the satisfaction of the
following conditions (any of which may be waived by consent of all of the
parties in whole or in part):

(a) this Agreement and the Merger have been approved by the requisite vote or
consent of the stockholders of the Company and Merger Subsidiary in accordance
with Delaware Law, and by the members of the Purchaser in accordance with the
laws of the State of Utah, and such approvals shall remain in full force and
effect;

(b) this Agreement and the Merger have been approved by the board of
directors of each of the Company and Merger Subsidiary, and such approvals shall
remain in full force and effect;

(c) subject to the terms and provisions herein provided, all consents,
orders, and approvals required of all Governmental Bodies for the consummation
of the Contemplated Transactions shall have been obtained and be in effect at
the Effective Time, other than non-material consents, orders or approvals, and
the waiting periods under the HSR Act, if applicable, shall have expired or been
terminated;

(d) no provision of any applicable domestic law or regulation and no
judgment, injunction, order or decree of a court of competent jurisdiction shall
restrain or prohibit the consummation of the Merger;

(e) there shall be no Proceeding pending to enjoin, restrain, prohibit or
obtain substantial damages in respect of, related to, or arising out of this
Agreement or the consummation of the Contemplated Transactions; provided,
however, that this Section 6.01(e) shall not encompass any Proceeding
described in Section 7.01(e), and in such event, the terms of Section 7.01(e)
shall control and this Section 6.01(e) shall not apply; and

(f) All comments on the Information Statement received from the SEC shall
have been resolved and no stop order suspending the use of such Information
Statement shall be in effect and no proceedings for such purpose shall be
pending before the SEC.

SECTION 6.02 Conditions to the Obligations of Purchaser and Merger
Subsidiary

The obligations of the Purchaser and Merger Subsidiary to consummate the
Merger are subject to the satisfaction, as of the Merger Closing Date, of the
following further conditions (any of which may be waived by the Purchaser and
Merger Subsidiary in whole or in part):

(a) the representations and warranties of the Company and the Sellers set
forth in Article III hereof shall, as amended from time to time by the
Disclosure Schedule and all amendments thereto, be accurate in all material
respects when made and as of the Merger Closing Date, and the Purchaser and
Merger Subsidiary shall have received a certificate to that effect signed by an
executive officer of each of the Company and each Seller. At any time prior to
the Merger Closing Date, the Company and the Sellers shall promptly amend the
Disclosure Schedule by written notice to the Purchaser and counsel to the
Purchaser at the address listed in Section 10.04 if they obtain Knowledge of any
matter that should be included in the Disclosure Schedule, as required under
this Agreement;

(b) the Company and the Sellers shall have performed, in all material
respects, all obligations required under this Agreement to be performed by the
Company and the Sellers on or before the Merger Closing Date, and the Purchaser
and Merger Subsidiary shall have received a certificate to that effect signed by
an executive officer of each of the Company and each Seller;

(c) the Purchaser and Merger Subsidiary shall have received a copy of the
resolutions of the board of directors of the Company authorizing the Merger,
which copy shall be certified by an executive officer of the Company;

(d) the Purchaser and Merger Subsidiary shall have received a certificate of
the corporate Secretary of the Company, dated the Merger Closing Date,
certifying as to true and accurate copies of all corporate action taken by the
board of directors of the Company, as applicable, related to or in connection
with this Agreement and the Contemplated Transactions, the Certificate of
Incorporation (certified by the Secretary of State of Delaware as of a recent
date), and the by-laws of the Company as amended to date, and the names, true
signatures and incumbency of the officers of the Company authorized to execute
this Agreement and the other documents executed or to be executed in connection
with this Agreement and the Contemplated Transactions;

(e) the Purchaser and Merger Subsidiary shall have received a certificate of
the Managing Partner of Loeb (as set forth in Loeb's Organizational
Documents), dated the Merger Closing Date, certifying such person is the
Managing Partner of Loeb and has executed on behalf of Loeb this Agreement and
the other documents executed or to be executed in connection with this Agreement
and the Contemplated Transactions, that Loeb has taken all partnership and other
action necessary to authorize this Agreement and the Contemplated Transactions,
and that such Managing Partner is authorized to execute this Agreement and such
other documents on behalf of Loeb;

(f) Purchaser and Merger Subsidiary shall have received a recent Certificate
of Good Standing of the Company from the Secretary of State of Delaware;

(g) the Company shall have obtained consents to a change of control in
landlords party to any and all material leases of the Facilities which required
such consents, as advised by Purchaser on or prior to September 19, 2002;

(h) the Company shall have obtained consents to a change in control required
by any Applicable Contract, as advised by Purchaser on or prior to September 19,
2002;

(i) the Purchaser and Merger Subsidiary shall have received an opinion of
counsel to the Company, in form substantially similar to the form attached as an
exhibit to the SPA, to the effect as agreed upon by the Company and the
Purchaser;

(j) the Company and the Sellers shall have delivered to Dresdner, as to the
Sellers out of the proceeds of Merger Closing, the amount equal to their
respective obligations to Dresdner as set forth in Section 13.11(c) of the
Purchase Agreement;

(k) the Purchaser, in its sole discretion, shall be satisfied with the
results of its due diligence investigation of the Company; provided, however,
that such condition to the Merger Closing shall terminate on September 19,
2002; and

(l) The Sellers executing a written consent in favor of this Agreement and
the Contemplated Transactions pursuant to Section 5.08 shall be the owners of
record of more than fifty (50%) percent of the issued and outstanding voting
stock of the Company.

SECTION 6.03 Conditions to the Obligations of the Company and the Sellers

The obligations of the Company and the Sellers to consummate the Merger are
subject to the satisfaction, as of the Merger Closing Date, of the following
further conditions (any of which may be waived by the Company and the Sellers in
whole or in part):

(a) the representations and warranties of the Purchaser and Merger Subsidiary
set forth in Article IV hereof shall be accurate in all material respects when
made and as of the Merger Closing Date, and the Company and the Sellers shall
have received a certificate to that effect signed by an executive officer of
each of the Purchaser and Merger Subsidiary;

(b) the Purchaser and Merger Subsidiary shall have performed, in all material
respects, all obligations required by this Agreement to be performed by the
Purchaser on or before the Merger Closing Date, and the Company and the Sellers
shall have received a certificate to that effect signed by an executive officer
of each of the Purchaser and Merger Subsidiary;

(c) the Company and the Sellers shall have received a certificate of each of
the Purchaser and the corporate Secretary of Merger Subsidiary, dated the Merger
Closing Date, certifying as to true and accurate copies of all action taken by
members of the Purchaser, or, as applicable, all corporate action taken by the
board of directors of Merger Subsidiary, related to or in connection with this
Agreement and the Contemplated Transactions, and the names, true signatures and
incumbency of the officers of the Purchaser and Merger Subsidiary, as
applicable, authorized to execute this Agreement and the other documents
executed or to be executed in connection with this Agreement and the
Contemplated Transactions;

(d) the Company and the Sellers shall have received a recent Certificate of
Good Standing of the Purchaser issued by the State of Utah, and of Merger
Subsidiary issued by the Secretary of State of Delaware;

(e) the Company and the Sellers shall have received an opinion of counsel to
Purchaser and Merger Subsidiary, in form substantially similar to the form
attached as an exhibit to the SPA, to the effect as agreed upon by the Company
and the Purchaser;

(f) the Postponement Deposits shall each have been made; and

(g) the insurance policy described in Section 12(d) of the Purchase Agreement
and purchased by the Company shall be in effect at the Merger Closing; provided,
however, that no act or omission on the Company's part within the
reasonable control of the Company caused the cancellation or non-renewal of the
policy. This Section 6.03(g) shall not apply if the insurance policy is
cancelled or not renewed for non-payment of premiums. At the Merger Closing, the
Company shall reimburse Loeb for amounts paid by Loeb on behalf of the Company
in respect of the premium on such policy, up to a maximum reimbursement of
$225,000.

  
    SECTION 6.04 Set-off

    

  

The Company shall be permitted, at its option, to set-off any amounts payable
by the Sellers to the Company pursuant to that certain Letter Agreement, dated
as of August 26, 2002, by and among the Sellers and the Company, with respect to
the purchase of certain lots of real estate by the Sellers. The Company may
effect any such offset by instructing the Paying Agent to disburse such offset
amounts, which would otherwise have been payable to the Sellers pursuant to
Section 1.03(b) hereof.

ARTICLE VII

TERMINATION

  
  
  SECTION 7.01 Right to Terminate Agreement

  

This Agreement may be terminated prior to the Effective Time without any
costs or damages against the other parties, except with respect to the
termination fee paid pursuant to Section 7.03:

(a) by the mutual written consent of the Company, the Purchaser and Loeb
acting in its discretion on behalf of the Sellers;

(b) at any time prior to the Effective Time by (i) the Purchaser if a
material Breach of any provision of this Agreement has been committed by the
Company or the Sellers and such Breach has not been waived or cured, or (ii) the
Company or Loeb acting on behalf of the Sellers if a material Breach of any
provision of this Agreement has been committed by the Purchaser and such Breach
has not been waived or cured;

(c) at any time prior to the Effective Time by any party hereto if there
shall be any applicable domestic law, rule or regulation that makes consummation
of the Merger illegal or otherwise prohibited or if any judgment, injunction,
order or decree of a court of competent jurisdiction shall restrain or prohibit
the consummation of the Merger, and such judgment, injunction, order or decree
shall become final and non-appealable;

(d) by any party hereto if any condition applicable to another party set
forth in Article VI shall not have been satisfied or waived on or before the
Merger Closing Date;

(e) by the Company or Loeb acting in its discretion on behalf of the Sellers
at any time prior to the Merger Closing if (i) the Sellers or the Company have
received a Superior Offer and (ii) if any temporary restraining order,
preliminary or permanent injunction or other order has been issued by any United
States federal or state court of competent jurisdiction or other material legal
restraint or prohibition has been issued or promulgated by a United States
federal or state governmental entity, court or agency in a Proceeding which was
initiated by a party other than the Company or the Sellers having the effect of
compelling consideration of a Superior Offer and sale of the Shares (by any
means) to the originator of the Superior Offer. The Company and the Sellers will
control such action and shall consult with the Purchaser in the defense of any
such action, and, if the Company and the Sellers elect not to control such
action, the Purchaser may undertake the defense of and control such action; provided,
however, that if such action falls within the ambit of Section 9.01, then
the provisions of Section 9.01 governing control and settlement of litigation
shall govern. The party that is in control of such action shall use good faith
efforts to vigorously defend and will endeavor to promptly resolve any such
action; the other parties hereto shall have a right to participate in such
action at their sole cost and expense. The Company and the Sellers may settle
any monetary portion of such action that does not impose upon the Purchaser any
monetary obligation or liability other than in de minimus amounts, subject to
the limitations set forth in Section 9.01, but may not settle any portion of
such action involving sale or other disposition of the Shares without the prior,
written consent of the Purchaser. If the Purchaser controls such action, the
Company and the Sellers shall fully cooperate with such defense and hereby
consent to any settlement or disposition of any such action effected by the
Purchaser that does not impose upon the Company or the Sellers any monetary
obligation or liability other than in de minimus amounts;

(f) by the Purchaser within ten (10) days of receipt of notice from the
Company of its withdrawal of recommendation of the Merger and/or recommendation
of a Superior Offer;

(g) by any party hereto, if the Merger Closing does not occur on or before
the later of (i) October 1, 2002, (ii) if ten (10) days following the filing of
the Information Statement with the SEC have elapsed (the "Waiting
Period") and the SEC has not given the Company notice that it will comment
on the Information Statement, the twenty-fifth (25th) day following
the expiration of the Waiting Period, or (iii) if the SEC elects to comment on
the Information Statement, the twenty-fifth day following the date on which all
such SEC comments are resolved, which date of comment resolution shall not be
later than November 8, 2002 (if such comments are not resolved by such date,
this Agreement may be terminated by any party hereto); provided, however,
if any such date does not fall on a Business Day, the Merger Closing shall occur
on the next following Business Day; provided, further, that the party
that seeks to terminate this Agreement is not in Breach of this Agreement. Any
Breach of this Agreement shall be subject to the provisions of this Agreement
for addressing such Breach;

(h) on September 20, 2002 by the Company or Loeb, as Sellers'
Representative, if the Additional Deposit has not been made on or prior to
September 19, 2002

(i) on October 2, 2002 by the Company or Loeb, as Sellers' Representative,
if the Merger Postponement Payment has not been made on or prior to October 1,
2002.

  
    SECTION 7.02 Effect of Termination; No Survival

    

  

Upon the termination of this Agreement pursuant to Section 7.01 (other than
pursuant to clauses (b), (e), (h) or (i) thereof), the terms of the Purchase
Agreement shall automatically apply. Upon such termination, all provisions of
the Purchase Agreement shall be reinstated as of such date; provided,
however, notwithstanding any provision in the Purchase Agreement to the
contrary, the Closing Date of the Purchase under the Purchase Agreement shall be
the later of (i) ten (10) Business Days after the reinstatement thereof and (ii)
such other date as provided in Section 2 of the Purchase Agreement, or on such
other date, and at such location, as the parties shall agree.

  
    SECTION 7.03 Termination Fees

    

  

If (i) this Agreement shall have been validly terminated by the Company or
the Sellers pursuant to Section 7.01(e) and (ii) the Shares are purchased (or
cancelled in a merger transaction) pursuant to the Superior Offer, then the
Sellers shall pay to the Purchaser the sum of $2,500,000 within five (5)
Business Days after the closing of such Superior Offer.

  
    SECTION 7.04 Reinstatement

    

  

If this Agreement is terminated by the Company or the Sellers pursuant to
Section 7.01(e) or by the Purchaser pursuant to Section 7.01(f), but the Company
or the Sellers, as applicable, do not sell their Shares pursuant to the Superior
Offer, the Purchaser shall have the right at its sole option to reinstate this
Agreement (if not prevented from doing so by court order) pursuant to all of the
terms hereto. This Section 7.04 shall survive termination of this Agreement.

ARTICLE VIII

SELLERS' AGREEMENTS

  
  
  SECTION 8.01 Consent to Merger

  

Loeb, acting on behalf of the Sellers, shall, unless ordered by a court of
competent jurisdiction to do otherwise, execute a written consent under Delaware
Law in favor of the Merger and this Agreement and/or against any Superior Offer
or, if applicable, vote all of the Shares in favor of the transaction of any and
all business that may come before any meeting of the stockholders of the Company
called for the purpose of voting on the Merger and this Agreement and/or to vote
against any Superior Offer, or at any adjournment thereof, or in any consent
solicitation related to the foregoing. Such written consent shall not be
amended, rescinded or altered in any way, and any attempt to do so shall be null
and void.

  
    SECTION 8.02 No Proxies for or Disposition of Shares

    

  

Except pursuant to the terms of this Agreement, including, without
limitation, any Superior Offer, the Sellers shall not, without the prior written
consent of the Purchaser and Merger Subsidiary, directly or indirectly, (i)
grant any proxies or voting rights or enter into any voting trust or other
agreement or arrangement with respect to the voting of any Shares, (ii) acquire,
sell, assign, transfer, encumber, pledge or otherwise dispose of, or enter into
any contract, option or other arrangement or understanding with respect to the
direct or indirect acquisition or sale, assignment, transfer, encumbrance or
other disposition of, any Shares or interest therein during the term of this
Agreement, or (iii) issue any shares of its capital stock or any securities
convertible into or exchangeable for any shares of its capital stock or enter
into any contract, arrangement or understanding with respect thereto.

ARTICLE IX

INDEMNIFICATION

  
  
  SECTION 9.01 Indemnification

  

The provisions of Section 12 of the Purchase Agreement are incorporated
herein by reference, and such provisions shall be applicable to the
representations, warranties, covenants and obligations contained in or
incorporated by reference into this Agreement.

ARTICLE X

MISCELLANEOUS

  
  
  SECTION 10.01 Compliance with Laws

  

The parties hereto shall execute such agreements and other documents, and
shall take such other actions, as the other parties hereto may reasonably
request (prior to, at or after the Merger Closing Date) for the purpose of
ensuring that the Merger is carried out in full compliance with the provisions
of all applicable laws and regulations, including, without limitation, the
United States securities laws and regulations.

  
    SECTION 10.02 Governing Law

    

  

This Agreement shall be construed in accordance with, and governed in all
respects by, the laws of the State of Delaware (without giving effect to
principles of conflict of law).

SECTION 10.03 Venue and Jurisdiction; Consent to Service of Process;
Waiver of Jury Trial

If any legal Proceeding or other legal action relating to this Agreement is
brought or otherwise initiated, the venue therefor shall be in Delaware, which
shall be deemed to be a convenient forum. The Purchaser and the Sellers hereby
expressly and irrevocably consent and submit to the jurisdiction of the courts
in Delaware and expressly waive (to the extent permitted by law) the right to
bring an action in any other jurisdiction. Process in any action or proceeding
referred to in the preceding sentence may be served on any party anywhere in the
world. Each of the parties hereto hereby irrevocably waives any and all right to
trial by jury in any legal Proceeding arising out of or related to this
Agreement or the Merger.

  
    SECTION 10.04 Notices

    

  

All notices, requests, demands and other communications to any party
hereunder shall be given in the manner contemplated by Section 13.4 of the
Purchase Agreement; provided, however, that copies of such notices,
requests, demands and communications to the Purchaser shall also be provided to:

  
    
      
        Charles B. Hughes, Esq.

        Torys LLP

        237 Park Avenue

        New York, NY 10017

        Fax: (212) 682-0200

      

    

    SECTION 10.05 Table of Contents and Headings

    

  

The table of contents of this Agreement and the underlined headings contained
in this Agreement are for convenience of reference only, shall not be deemed to
be a part of this Agreement and shall not be referred to in connection with the
construction or interpretation of this Agreement.

  
    SECTION 10.06 Assignment

    

  

No party hereto may assign any of its rights or delegate any of its
obligations under this Agreement to any other Person without the prior written
consent of the other parties hereto; provided, however, that (i) the
Sellers may, prior to the Merger Closing, assign to any Person their right to
receive all or any portion of the Merger Consideration the applicable Seller is
entitled to and (ii) the Purchaser may assign all or part of its rights under
this Agreement to a company or other legal entity controlled by it.

  
    SECTION 10.07 Parties in Interest

    

  

Nothing in this Agreement is intended to provide any rights or remedies to
any Person (including any employee or creditor of the Company) other than the
parties hereto.

  
    SECTION 10.08 Severability

    

  

In the event that any provision of this Agreement, or the application of such
provision to any Person or set of circumstances, shall be determined to be
invalid, unlawful, void or unenforceable to any extent, the remainder of this
Agreement, and the application of such provision to Person or circumstances
other than those as to which it is determined to be invalid, unlawful, void or
unenforceable, shall not be affected and shall continue to be valid and
enforceable to the fullest extent permitted by law; provided, however, the
parties shall be entitled to receive substantially all of the economic benefit
contemplated by this Agreement.

  
    SECTION 10.09 Entire Agreement

    

  

This Agreement and the Purchase Agreement set forth the entire understanding
of the Purchaser, the Company and the Sellers and supersede all other agreements
and understandings between the Purchaser, the Company and the Sellers relating
to the subject matter hereof and thereof.

  
    SECTION 10.10 Waiver

    

  

No failure on the part of any party hereto to exercise any power, right,
privilege or remedy under this Agreement, and no delay on the part of any party
hereto in exercising any power, right, privilege or remedy under this Agreement,
shall operate as a waiver thereof; and no single or partial exercise of any such
power, right, privilege or remedy shall preclude any other or further exercise
thereof or of any other power, right, privilege or remedy.

  
    SECTION 10.11 Fees and Expenses

    

  

(a) The Purchaser shall bear all costs and expenses of each party hereto,
including reasonable attorneys' fees, in connection with (i) preparing for,
entering into and carrying out this Agreement, and (ii) preparing and filing the
Information Statement, including associated filing fees and the dissemination of
the Information Statement.

(b) Except as otherwise provided in Section 10.11(a), Article VII hereof and
Section 13.11 (other than clause (a) thereof) of the Purchase Agreement, whether
or not the Merger shall be consummated, each party hereto shall pay its own
expenses incident to the consummation of the Merger.

  
    SECTION 10.12 Specific Performance

    

  

Remedies for a Breach of this Agreement by the Company or any Seller (other
than a Breach of Section 4.1(f) of the SPA, which is incorporated into this
Agreement by reference, and Section 7.03 of this Agreement) shall be limited to
specific performance (other than the return of the Postponement Deposits and the
Merger Postponement Payment (if applicable), as contemplated by Section 5.11
hereof). Any claim by Purchaser arising from or relating to a Breach of such
Section 4.1(f) may seek any damages available at law or equity other than
consequential damages, unless such Breach was intentional or the Sellers had
Knowledge of such Breach prior to Merger Closing, in which case Purchaser may
seek any damages available at law or equity for such Breach. The Sellers'
liability hereunder shall be several, and not joint, liability. Each of the
parties hereto acknowledges and agrees that in the event of any breach of this
Agreement, each non-breaching party would be irreparably and immediately harmed
and could not be made whole by monetary damages (other than a Breach of Section
7.03 hereof). It is accordingly agreed that the parties hereto (a) will waive,
in any action for specific performance, the defense of adequacy of a remedy at
law and (b) shall be entitled, in addition, to any other remedy to which they
may be entitled at law or in equity, to compel specific performance of this
Agreement in any action instituted in a court of competent jurisdiction.

  
    SECTION 10.13 Amendments

    

  

This Agreement may not be amended, modified, altered or supplemented except
by means of a written instrument executed on behalf of the Purchaser, the
Company and at least eighty-two (82%) percent of the Shares held by the Sellers.

  
    SECTION 10.14 Survival of Representations, Warranties and Covenants

    

  

The representations and warranties and agreements contained herein and in any
certificate or other writing delivered pursuant hereto shall not survive the
Effective Time, except Sections 7.03, 7.04, 9.01 and 10.11 hereof, and Sections
4.1(f), 6.1 and 6.4 of the Purchase Agreement and incorporated herein by
reference.

  
    SECTION 10.15 Agent for Sellers

    

  

(a) Each of the Sellers hereby appoints Loeb as its agent and
attorney-in-fact, for and on behalf of the Sellers in their respective name,
place and stead, to act as their proxy in respect of their respective Shares, to
give and receive notices and communications, to consent to the Contemplated
Transactions and all business related thereto, to execute a letter of
transmittal and other documents contemplated by Section 1.03, to vote against a
Superior Offer, to make the elections specified within this Agreement, and to
take all other actions, including, without limitation, amending the Deposit
Agreement and the Supplemental Deposit Agreement to make them consistent with
this Agreement, that are either (i) necessary or appropriate in the judgment of
Loeb for the accomplishment of the foregoing or (ii) specifically mandated by
the terms of this Agreement. Notices or communications to or from Sellers in
care of Loeb shall constitute notice to or from such Sellers.

(b) Loeb is hereby given and granted full power and authority to do and
perform every act contemplated by Section 10.15(a), as fully as it might or
could do if personally present with full power of substitution, appointment and
revocation, and all that Loeb shall do or cause to be done by virtue hereof is
hereby ratified and confirmed.

(c) Loeb shall not be liable for any act done or omitted hereunder as Sellers'
agent and attorney-in-fact while acting in good faith and in the exercise of
reasonable judgment. The Sellers, proportionately to their individual percentage
of ownership of the Shares, shall indemnify and hold Loeb harmless against any
loss, liability or expense incurred without gross negligence or bad faith on the
part of Loeb and arising out of or in connection with the acceptance or
administration of Loeb's duties hereunder.

(d) The irrevocable proxy granted to Loeb pursuant to this Section 10.15 is
coupled with an interest, namely the right of the Purchaser and Merger
Subsidiary to acquire all of the Shares and is given to the Purchaser and to its
officers and employees in consideration of the agreements of the Purchaser and
Merger Subsidiary under this Agreement, and to induce the Purchaser and Merger
Subsidiary to enter into this Agreement, and such irrevocable proxy shall not be
revocable or revoked by the Sellers, and shall be binding upon them, or their
successors and assigns until, in accordance with this Agreement, Article VIII
and this Section 10.15 are each terminated.

  
    SECTION 10.16 Interpretation of Agreement

    

  

(a) Each party hereto acknowledges that it has participated in the drafting
of this Agreement, and any applicable rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not be applied
in connection with the construction or interpretation of this Agreement.

(b) Whenever required by the context hereof, the singular number shall
include the plural, and vice versa; the masculine gender shall include the
feminine and neuter genders; and the neuter gender shall include the masculine
and feminine genders.

(c) As used in this Agreement, the words "include,"
"including" and variations thereof, shall not be deemed to be terms of
limitation, and shall be deemed to be followed by the words "without
limitation."

(d) References herein to "Sections" and "Exhibits" are
intended to refer to Sections and Exhibits to this Agreement.

  
    SECTION 10.17 Counterparts and Facsimile

    

  

This Agreement may be signed in counterparts, all of which together shall
constitute one and the same instrument.

The parties hereto may provide signatures to this Agreement by facsimile, and
such facsimile signatures shall be deemed to be the same as original signatures.

  
    SECTION 10.18 Definitions

    

  

(a) Capitalized terms used herein but not defined herein have the meaning
given to them in the Purchase Agreement.

(b) In this Agreement:

"Business Day" means any day other than Saturday, Sunday or any
other day on which banks are required or authorized to be closed in Salt Lake
City, Utah, New York, New York or Toronto, Ontario.

"Postponement Deposits" means, collectively, the Initial Deposit,
the Deposit, the Supplemental Deposit, the Second Postponement Payment, the
Supplemental Shares Second Postponement Payment and, if applicable, the Third
Postponement Payment, the Supplemental Shares Third Postponement Payment and the
Additional Deposit.

(c) For greater certainty, references in this Agreement to Section 6.4 of the
Purchase Agreement shall refer to Section 6.4 of the SPA, as amended by the
Amended SPA.

(d) For purposes of this Agreement, references in the Purchase Agreement to:

"Closing" means the Merger Closing;

"Closing Date" means Merger Closing Date;

"Contemplated Transactions" means all of the transactions
contemplated by this Agreement, including the Merger;

"Merger Closing Date" means the date on which the Merger Closing
occurs; and

"Offer" means the Merger;

"the date hereof" and "the date of this Agreement" mean
the date of this Agreement and Plan of Merger; and

"this Agreement" means this Agreement and Plan of Merger.

(e) References in the portions of the Purchase Agreement incorporated by
reference herein to any particular Section refers to the corresponding Section
in the Purchase Agreement.

 

* * * *

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their duly authorized representatives as of the day and year first
above written.

CAPITAL GROWTH PARTNERS, LLC

By: Talisker Mountain Developments, Inc.,

as Manager

By: /s/

  Name: Jeff Levine

  Title: Secretary and Treasurer

CGP ACQUISITION, INC.

By: /s/

  Name: Jeff Levine

  Title: Vice President

LOEB INVESTORS CO. XL

By: /s/

  Name: Joseph S. Lesser

  Title: Managing Partner

LOEB INVESTORS CO. XL, WITH RESPECT TO THE SUPPLEMENTAL SHARES

By: /s/

  Name: Joseph S. Lesser

  Title: Managing Partner

LABRADOR PARTNERS, LP

By: /s/

  Name: Stephen Farley

  Title:

TIVOLI PARTNERS, a limited partnership

By:_________________________________

  Name: Peter I. Kenner

  Title:

PETER I. KENNER

By:_________________________________

  Peter Kenner

PETER KENNER CUST

FBO NICHOLAS KENNER

By:_________________________________

  Name: Peter I. Kenner

  Title: Custodian

IRA FBO PETER I. KENNER

By:_________________________________

  Name: Peter I. Kenner

  Title: Custodian

KATHERINE IRENE KENNER TRUST

By:_________________________________

  Name: Clara Halperin

  Title: Successor Trustee

   

   

   

   

PETER KENNER CUST

FBO KATHERINE I. KENNER

By:_________________________________

  Name: Peter I. Kenner

  Title: Custodian

P. KENNER & B. KENNER TRUST

By:_________________________________

  Name: Clara Halperin

  Title: Trustee

PETER KENNER ANNUITY TRUST

By:_________________________________

  Name: Clara Halperin

  Title: Trustee

UNITED PARK CITY MINES COMPANY

By: /s/

  Name: Hank Rothwell

  Title: President

EILEEN FARLEY

By:_________________________________

  Eileen Farley

EILEEN FARLEY TRUST

By: /s/

  Name: Stephen Farley

  Title: Trustee

  JOHN FARLEY TRUST

  By: /s/

  
    Name: Stephen Farley

    Title: Trustee

  

  J.C. WALTER

  By:_________________________________

  J.C. Walter

  T.Y. WONG FOUNDATION

  By:_________________________________

  
    Name: Eleanor Wong

    Title: President

  

  TRUST f/b/o JOHN S. FARLEY UNDER THE UNIFORM GIFT TO MINORS ACT

  By: /s/

  
    Name: Stephen Farley

    Title: Guardian

  

  TRUST f/b/o JOHN S. FARLEY UNDER THE UNIFORM GIFT TO MINORS ACT

  By: /s/

  
    Name: Stephen Farley

    Title: Guardian

  

 

EXHIBIT A

SELLERS

Loeb Investors Co. XL

Loeb Investors Co. XL, with respect to the Supplemental Shares

Labrador Partners, LP

Tivoli Partners, a limited partnership

Peter I. Kenner

Peter Kenner cust fbo Nicholas Kenner

IRA fbo Peter I. Kenner

Katherine Irene Kenner Trust

Peter Kenner cust fbo Katherine I. Kenner

P. Kenner & B. Kenner Trust

Peter Kenner Annuity Trust

Eileen Farley

Eileen Farley Trust

John Farley Trust

J.C. Walter

T.Y. Wong Foundation

Trust f/b/o John S. Farley under the Uniform Gift to Minors Act

Trust f/b/o John S. Farley under the Uniform Gift to Minors Act

  
    
      
        
          
            
              
                
                  
                    
                    TABLE OF CONTENTS

                    

                    

                  

                

              

            

          

        

      

    

  
Page

ARTICLE I THE MERGER *

SECTION 1.01 The Merger *

SECTION 1.02 Conversion of Shares *

SECTION 1.03 Surrender and Payment *

SECTION 1.04 Withholding Taxes *

SECTION 1.05 Appraisal Rights *

ARTICLE II THE SURVIVING CORPORATION *

SECTION 2.01 Certificate of Incorporation *

SECTION 2.02 Bylaws *

SECTION 2.03 Directors and Officers *

ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLERS;
REPRESENTATIONS AND WARRANTIES OF THE COMPA *

SECTION 3.01 Representations and Warranties of Sellers *

SECTION 3.02 Representations and Warranties of the Company *

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PURCHASER *

SECTION 4.01 Representations and Warranties of the Purchaser and Merger
Subsidiary *

ARTICLE V COVENANTS *

SECTION 5.01 Covenants from Purchase Agreement *

SECTION 5.02 Obligations of Merger Subsidiary *

SECTION 5.03 State Takeover Laws *

SECTION 5.04 Further Assurances *

SECTION 5.05 Certain Filings *

SECTION 5.06 Information Statement *

SECTION 5.07 Approval of Merger by Board of Directors *

SECTION 5.08 Stockholder Consent *

SECTION 5.09 Approvals by Merger Subsidiary *

SECTION 5.10 Release of Deposit *

SECTION 5.11 Treatment of Postponement Deposits *

ARTICLE VI CONDITIONS TO THE MERGER *

SECTION 6.01 Conditions to the Obligations of Each Party *

SECTION 6.02 Conditions to the Obligations of Purchaser and Merger Subsidiary
*

SECTION 6.03 Conditions to the Obligations of the Company and the Sellers *

SECTION 6.04 Set-off *

ARTICLE VII TERMINATION *

SECTION 7.01 Right to Terminate Agreement *

SECTION 7.02 Effect of Termination; No Survival *

SECTION 7.03 Termination Fees *

SECTION 7.04 Reinstatement *

ARTICLE VIII SELLERS' AGREEMENTS *

SECTION 8.01 Consent to Merger *

SECTION 8.02 No Proxies for or Disposition of Shares *

ARTICLE IX INDEMNIFICATION *

SECTION 9.01 Indemnification *

ARTICLE X MISCELLANEOUS *

SECTION 10.01 Compliance with Laws *

SECTION 10.02 Governing Law *

SECTION 10.03 Venue and Jurisdiction; Consent to Service of Process; Waiver
of Jury Trial *

SECTION 10.04 Notices *

SECTION 10.05 Table of Contents and Headings *

SECTION 10.06 Assignment *

SECTION 10.07 Parties in Interest *

SECTION 10.08 Severability *

SECTION 10.09 Entire Agreement *

SECTION 10.10 Waiver *

SECTION 10.11 Fees and Expenses *

SECTION 10.12 Specific Performance *

SECTION 10.13 Amendments *

SECTION 10.14 Survival of Representations, Warranties and Covenants *

SECTION 10.15 Agent for Sellers *

SECTION 10.16 Interpretation of Agreement *

SECTION 10.17 Counterparts and Facsimile *

SECTION 10.18 Definitions *Second Amended and Restated Loan Agreement

Exhibit 10.2

 

SECOND AMENDED AND RESTATED LOAN AGREEMENT

between

FINOVA CAPITAL CORPORATION,

as Agent and Lender,

and

AQUIS WIRELESS COMMUNICATIONS, INC.

as Borrower

 

Dated as of August 12, 2002

TABLE OF CONTENTS

                                        	
                                             	
                                            Page

                                            Number
	
                                            PRELIMINARY STATEMENT	
                                            1
	
                                            ARTICLE I DEFINITIONS AND
                                            DETERMINATIONS	
                                            1
	 	
                                            1.1 Definitions	
                                            1
	 	
                                            1.2 Time Periods	
                                            11
	 	
                                            1.3 Accounting Terms and
                                            Determinations	
                                            11
	 	
                                            1.4 References	
                                            11
	 	
                                            1.5 Lender's or Agent's Discretion	
                                            12
	 	
                                            1.6 Borrower's Knowledge	
                                            12
	
                                            ARTICLE II	
                                            12
	 	
                                            2.1 Loan	
                                            12
	 	 	
                                            2.1.1 Aggregate Loan Amount	
                                            12
	 	 	
                                            2.1.2 Existing Portion	
                                            12
	 	 	
                                            2.1.3 Use of Proceeds	
                                            12
	 	 	
                                            2.1.4 Notes	
                                            12
	 	 	
                                            2.1.5 Reborrowing	
                                            12
	 	
                                            2.2 Interest	
                                            12
	 	 	
                                            2.2.1 Interest Rate on Principal
                                            Balance	
                                            12
	 	 	
                                            2.2.2 Interest Computation	
                                            12
	 	 	
                                            2.2.3 Maximum Interest	
                                            12
	 	
                                            2.3 Intentionally Omitted	
                                            13
	 	
                                            2.4 Principal and Interest Payments	
                                            13
	 	 	
                                            2.4.1 Interest	
                                            13
	 	 	
                                            2.4.2 Principal	
                                            13
	 	 	
                                            2.4.3 Forgiveness	
                                            13
	 	
                                            2.5 Default Rate	
                                            14
	 	
                                            2.6 Late Charges	
                                            14
	 	
                                            2.7 Fees	
                                            14
	 	
                                            2.8 Prepayments	
                                            14
	 	 	
                                            2.8.1 Voluntary Prepayments	
                                            14
	 	 	
                                            2.8.2 Mandatory Prepayments	
                                            14
	 	
                                            2.9 Payments after Event of Default	
                                            15
	 	
                                            2.10 Method of Payment; Good Funds	
                                            15
	
                                            ARTICLE III	
                                            15
	
                                            ARTICLE IV	
                                            15
	 	
                                            4.1 Representations and Warranties	
                                            15
	 	
                                            4.2 Performance; No Default	
                                            15
	 	
                                            4.3 Delivery of Documents	
                                            15
	 	
                                            4.4 Opinions of Counsel; Direction
                                            for Delivery	
                                            16
	 	
                                            4.5 Intentionally Omitted	
                                            16
	 	
                                            4.6 Security Interests	
                                            16
	 	
                                            4.7 Financial Statements and
                                            Projections	
                                            16
	 	
                                            4.8 Insurance	
                                            16
	 	
                                            4.9 Approval of Instruments and
                                            Security Interests; Consents	
                                            16
	 	
                                            4.10 Use of Assets	
                                            16
	 	
                                            4.11 Proceedings and Documents	
                                            16
	 	
                                            4.12 Material Adverse Change	
                                            16
	 	
                                            4.13 Broker Fees	
                                            16
	 	
                                            4.14 Fees and Expenses	
                                            16
	 	
                                            4.15 Restructuring Agreement	
                                            16
	 	
                                            4.16 FCC Approvals	
                                            17
	 	
                                            4.17 Acknowledgment	
                                            17
	 	
                                            4.18 Capital Expenditure Budget	
                                            17
	
                                            ARTICLE V	
                                            17
	 	
                                            5.1 Existence and Power	
                                            17
	 	
                                            5.2 Authority	
                                            17
	 	
                                            5.3 Borrower Capital Stock and
                                            Related Matters	
                                            17
	 	 	
                                            5.3.1 Borrower Capital Stock	
                                            17
	 	 	
                                            5.3.2 Restrictions	
                                            17
	 	
                                            5.4 Binding Agreements	
                                            17
	 	 	
                                            5.5 Business and Property of
                                            Borrower	
                                            18
	 	 	
                                            5.5.1 Business and Property	
                                            18
	 	 	
                                            5.5.2 Licenses	
                                            18
	 	 	
                                            5.5.3 Operating Agreements	
                                            18
	 	 	
                                            5.5.4 Facility Sites	
                                            18
	 	 	
                                            5.5.5 Leases	
                                            18
	 	 	
                                            5.5.6 Real Estate	
                                            18
	 	 	
                                            5.5.7 Operation and Maintenance of
                                            Equipment	
                                            18
	 	
                                            5.6 Title to Property; Liens	
                                            18
	 	
                                            5.7 Projections and Financial
                                            Statements	
                                            19
	 	 	
                                            5.7.1 Financial Statements	
                                            19
	 	 	
                                            5.7.2 Projections	
                                            19
	 	
                                            5.8 Litigation	
                                            19
	 	
                                            5.9 Defaults in Other Agreements;
                                            Consents; Conflicting Agreements	
                                            19
	 	
                                            5.10 Taxes	
                                            19
	 	
                                            5.11 Compliance with Applicable Laws	
                                            19
	 	
                                            5.12 Patents, Trademarks,
                                            Franchises, Agreements	
                                            20
	 	
                                            5.13 FCC Matters	
                                            20
	 	
                                            5.14 Environmental Matters	
                                            20
	 	
                                            5.15 Application of Certain Laws and
                                            Regulations	
                                            20
	 	 	
                                            5.15.1 Investment Company Act	
                                            20
	 	 	
                                            5.15.2 Holding Company Act	
                                            20
	 	 	
                                            5.15.3 Foreign or Enemy Status	
                                            20
	 	 	
                                            5.15.4 Regulations as to Borrowing	
                                            20
	 	
                                            5.16 Margin Regulations	
                                            20
	 	
                                            5.17 Other Indebtedness	
                                            21
	 	
                                            5.18 No Misrepresentation	
                                            21
	 	
                                            5.19 Employee Benefit Plans	
                                            21
	 	 	5.19.1 No Other
                                            Plans	
                                            21
	 	 	5.19.2 ERISA and
                                            Code Compliance and Liability	
                                            21
	 	 	5.19.3 Funding	
                                            21
	 	 	5.19.4 Prohibited
                                            Transactions and Payments	
                                            21
	 	 	5.19.5 No
                                            Termination Event	
                                            21
	 	 	5.19.6 ERISA
                                            Litigation	
                                            21
	 	
                                            5.20 Employee Matters	
                                            21
	 	 	5.20.1 Collective
                                            Bargaining Agreements; Grievances	
                                            21
	 	 	5.20.2 Claims
                                            Relating to Employment	
                                            22
	 	
                                            5.21 Burdensome Obligations	
                                            22
	 	
                                            5.22 Broker Fees	
                                            22
	 	
                                            5.23 Pagers in Service	
                                            22
	 	
                                            5.24 Insurance	
                                            22
	
                                            ARTICLE VI	
                                            22
	 	
                                            6.1 Legal Existence; Good Standing	
                                            22
	 	
                                            6.2 Inspection	
                                            22
	 	
                                            6.3 Financial Statements and Other
                                            Information	
                                            22
	 	 	
                                            6.3.1 Monthly Statements	
                                            22
	 	 	
                                            6.3.2 Annual Statements	
                                            23
	 	 	
                                            6.3.3 Intentionally Omitted	
                                            23
	 	 	
                                            6.3.4 Officer's Certificates	
                                            23
	 	 	
                                            6.3.5 Accountants' Certificate	
                                            23
	 	 	
                                            6.3.6 Audit Reports	
                                            23
	 	 	
                                            6.3.7 Business Plans	
                                            23
	 	 	
                                            6.3.8 Notice of Defaults; Loss	
                                            23
	 	 	
                                            6.3.9 Notice of Suits; Adverse
                                            Events	
                                            24
	 	 	
                                            6.3.10 Reports to Shareholders,
                                            Creditors and Governmental Bodies	
                                            24
	 	 	
                                            6.3.11 ERISA Notices and Requests	
                                            24
	 	 	
                                            6.3.12 Capital Expenditure Budget	
                                            25
	 	 	
                                            6.3.13 Other Information	
                                            25
	 	
                                            6.4 Reports to Governmental Bodies
                                            and Other Persons	
                                            25
	 	
                                            6.5 Maintenance of Licenses and
                                            Other Agreements	
                                            25
	 	
                                            6.6 Insurance	
                                            25
	 	 	
                                            6.6.1 Maintenance of Insurance	
                                            25
	 	 	
                                            6.6.2 Claims and Proceeds	
                                            25
	 	
                                            6.7 Future Leases	
                                            26
	 	
                                            6.8 Future Acquisitions of Real
                                            Property	
                                            26
	 	
                                            6.9 Environmental Matters	
                                            26
	 	 	
                                            6.9.1 Compliance	
                                            26
	 	 	
                                            6.9.2 Certification	
                                            26
	 	
                                            6.10 Compliance with Laws	
                                            26
	 	
                                            6.11 Taxes and Claims	
                                            26
	 	
                                            6.12 Maintenance of Properties	
                                            26
	 	
                                            6.13 Governmental Approvals	
                                            26
	 	
                                            6.14 Payment of Indebtedness	
                                            27
	
                                            ARTICLE VII	
                                            27
	 	
                                            7.1 Borrowing	
                                            27
	 	
                                            7.2 Liens	
                                            27
	 	
                                            7.3 Merger and Acquisition	
                                            27
	 	
                                            7.4 Contingent Liabilities	
                                            27
	 	
                                            7.5 Distributions	
                                            27
	 	
                                            7.6 Capital Expenditures	
                                            27
	 	
                                            7.7 Payments of Indebtedness for
                                            Borrowed Money	
                                            27
	 	
                                            7.8 Obligations as Lessee Under
                                            Operating Leases	
                                            27
	 	
                                            7.9 Investments, Loans	
                                            28
	 	
                                            7.10 Fundamental Business Changes	
                                            28
	 	
                                            7.11 Facility Sites	
                                            28
	 	
                                            7.12 Sale or Transfer of Assets	
                                            28
	 	
                                            7.13 Amendment of Certain Agreements	
                                            28
	 	
                                            7.14 Acquisition of Additional
                                            Properties	
                                            28
	 	
                                            7.15 Equity Sales	
                                            28
	 	
                                            7.16 Transactions with Affiliates	
                                            28
	 	
                                            7.17 Compliance with ERISA	
                                            28
	 	
                                            7.18 Minimum Cash Balance	
                                            29
	 	
                                            7.19 Senior Leverage Ratio	
                                            29
	 	
                                            7.20 Minimum EBITDA	
                                            29
	 	
                                            7.21 Certain Agreements	
                                            29
	 	
                                            7.22 Amro Subordinated Note	
                                            29
	 	
                                            7.23 Fiscal Year	
                                            29
	
                                            ARTICLE VIII	
                                            29
	 	
                                            8.1 Events of Default	
                                            30
	 	 	8.1.1 Default in
                                            Payment	
                                            30
	 	 	8.1.2 Breach of
                                            Covenants	
                                            30
	 	 	8.1.3 Breach of
                                            Warranty	
                                            30
	 	 	8.1.4 Default Under
                                            Other Indebtedness for Borrowed
                                            Money	
                                            30
	 	 	8.1.5 Bankruptcy	
                                            30
	 	 	8.1.6 Judgments	
                                            30
	 	 	8.1.7 Impairment of
                                            Licenses; Other Agreements	
                                            31
	 	 	8.1.8 Collateral	
                                            31
	 	 	8.1.9 Interruption
                                            of Operations	
                                            31
	 	 	8.1.10 Plans	
                                            31
	 	 	8.1.11 Change in
                                            Control	
                                            31
	 	 	8.1.12 Subordinated
                                            Indebtedness	
                                            31
	 	 	8.1.13
                                            Subordination Agreement	
                                            31
	 	
                                            8.2 Acceleration of Borrower's
                                            Obligations	
                                            31
	 	
                                            8.3 Remedies on Default	
                                            32
	 	 	8.3.1 Enforcement
                                            of Security Interests	
                                            32
	 	 	8.3.2 Other
                                            Remedies	
                                            32
	 	
                                            8.4 Application of Funds	
                                            32
	 	 	8.4.1 Expenses	
                                            32
	 	 	8.4.2 Borrower's
                                            Obligations	
                                            32
	 	 	8.4.3 Surplus	
                                            32
	 	
                                            8.5 Performance of Borrower's
                                            Obligations	
                                            32
	
                                            ARTICLE IX	
                                            33
	 	
                                            9.1 Assignment to Other Lenders	
                                            33
	 	 	9.1.1 Assignment	
                                            33
	 	 	9.1.2 Effect of
                                            Loan Assignment	
                                            33
	 	 	9.1.3 Register	
                                            33
	 	 	9.1.4 Substitution
                                            of Notes	
                                            33
	 	 	9.1.5 Inspections	
                                            33
	 	
                                            9.2 Participations	
                                            33
	 	
                                            9.3 Set Off and Sharing of Payments	
                                            33
	 	
                                            9.4 Lenders' Decisions	
                                            34
	 	
                                            9.5 Appointment of Agent	
                                            34
	 	
                                            9.6 Delegation of Duties	
                                            34
	 	
                                            9.7 Nature of Duties; Independent
                                            Credit Investigation	
                                            34
	 	
                                            9.8 Instructions from Lenders	
                                            34
	 	
                                            9.9 Exculpatory Provisions	
                                            34
	 	
                                            9.10 Reimbursement and
                                            Indemnification by Lenders of Agent	
                                            35
	 	
                                            9.11 Reliance by Agent	
                                            35
	 	
                                            9.12 Notice of Default	
                                            35
	 	
                                            9.13 Release of Collateral	
                                            35
	 	
                                            9.14 Lenders in Their Individual
                                            Capacities	
                                            35
	 	
                                            9.15 Holders of Notes	
                                            35
	 	
                                            9.16 Successor Agent	
                                            35
	 	
                                            9.17 Delivery of Information	
                                            35
	 	
                                            9.18 Beneficiaries	
                                            36
	
                                            ARTICLE X	
                                            36
	
                                            ARTICLE XI	
                                            36
	 	
                                            11.1 Attorney's Fees and Other Fees
                                            and Expenses	
                                            36
	 	 	11.1.1 Fees and
                                            Expenses for Preparation of Loan
                                            Instruments	
                                            36
	 	 	11.1.2 Fees and
                                            Expenses in Enforcement of Rights or
                                            Defense of Loan Instrument	
                                            36
	 	
                                            11.2 Indemnity	
                                            36
	 	 	11.2.1 Brokerage
                                            Fees	
                                            36
	 	 	11.2.2 General	
                                            36
	 	 	11.2.3 Operation of
                                            Collateral; Joint Venturers	
                                            37
	 	 	11.2.4
                                            Environmental Indemnity	
                                            37
	
                                            ARTICLE XII	
                                            37
	 	
                                            12.1 Notices	
                                            37
	 	
                                            12.2 Survival of Loan Agreement;
                                            Indemnities	
                                            38
	 	
                                            12.3 Further Assurance	
                                            38
	 	
                                            12.4 Taxes and Fees	
                                            38
	 	
                                            12.5 Severability	
                                            38
	 	
                                            12.6 Waiver	
                                            38
	 	
                                            12.7 Modification of Loan
                                            Instruments	
                                            39
	 	
                                            12.8 Captions	
                                            39
	 	
                                            12.9 Successors and Assigns	
                                            39
	 	
                                            12.10 Remedies Cumulative	
                                            39
	 	
                                            12.11 Entire Agreement; Conflict	
                                            39
	 	
                                            12.12 APPLICABLE LAW	
                                            39
	 	
                                            12.13 JURISDICTION AND VENUE	
                                            39
	 	
                                            12.14 WAIVER OF RIGHT TO JURY TRIAL	
                                            40
	 	
                                            12.15 TIME OF ESSENCE	
                                            40
	 	
                                            12.16 Estoppel Certificate	
                                            40
	 	
                                            12.17 Consequential Damages	
                                            40
	 	
                                            12.18 Counterparts	
                                            40
	 	
                                            12.19 No Fiduciary Relationship	
                                            40
	 	
                                            12.20 Confidentiality	
                                            40
	 	
                                            12.21 Governmental Approval	
                                            40

List of Exhibits to Loan Agreement

      	
Schedule I   

          	
-   

          	
 Commitments

          
	
Schedule 5.22   

                	
-

                	
 Broker Fees

                
	

                Exhibit 1.1(A)   

                	

                -   

                	

                 Compliance Certificate

                
	
                Exhibit 1.1(B)   

                	
                -	
                 Environmental Compliance
                Certificate

                
	
                Exhibit 1.1(C)   

                	
                -	
                 Pager Certificate

                
	
                Exhibit 1.1(D)   

                	
                -

                	
                 Other Permitted Liens

                
	
                Exhibit 4.17   

                	
                -	
                 Confirmation and Acknowledgement

                
	
                Exhibit 5.3.1   

                	
                -	
                 Borrower Capital Stock

                
	
                Exhibit 5.3.2   

          	
                -	
                 Restrictions

          
	

Exhibit 5.5.2   

          	

-	

 Licenses

          
	
Exhibit 5.5.3   

          	
-	
 Operating Agreements

          
	
Exhibit 5.5.4   

          	
-	
 Facility Sites

          
	
Exhibit 5.5.5   

                	
-	
 Leases

                
	
                Exhibit 5.5.6   

                	
                -	
                 Real Estate

                
	
                Exhibit 5.7.1   

                	
                -	
                 Financial Statements

                
	
                Exhibit 5.7.2   

                	
                -	
                 Projections

                
	
                Exhibit 5.8   

          	
                -	
                 Litigation

          
	
Exhibit 5.19.1   

          	
-	
 Employee Benefit Plans

          
	
Exhibit 5.20.1   

          	
-	
 Collective Bargaining Agreements; Grievances

          
	
Exhibit 6.6.1   

          	
-	
 Insurance Letter Agreement

          

SECOND AMENDED AND RESTATED LOAN AGREEMENT

        This SECOND AMENDED AND RESTATED LOAN AGREEMENT, dated
as of August 12, 2002, is between AQUIS WIRELESS COMMUNICATIONS, INC., a
Delaware corporation formerly known as Aquis Communications, Inc. ("Borrower"),
and FINOVA CAPITAL CORPORATION, a Delaware corporation ("FINOVA"), in its
individual capacity and as agent for all Lenders (this and all other capitalized
terms used herein are defined in Section 1.1 below).

PRELIMINARY STATEMENT:

        A.    Borrower and FINOVA entered into a Loan Agreement dated as
of December 31, 1998 (the "Initial Loan Agreement") which was amended by a First
Amendment to Loan Instruments dated as of March 31, 1999 (the "First Amendment")
(the Initial Loan Agreement, as amended by the First Amendment, hereinafter is
referred to as the "Original Loan Agreement"). Pursuant to the terms and
conditions of the Initial Loan Agreement, FINOVA made loans and other financial
accommodations to Borrower.

        B.    Borrower and FINOVA entered into an Amended and Restated
Loan Agreement dated as of January 31, 2000, which was amended by a First
Amendment to Loan Instruments dated as of April 12, 2000, the Second Amendment
to Loan Instruments dated as of September 27, 2000, the Forbearance Agreement
and Third Amendment to Loan Instruments dated as of June 7, 2001 (as amended and
modified, the "Forbearance Agreement") (as such Amended and Restated Loan
Agreement has been amended and modified, the "Existing Loan Agreement"), which
amended and restated the Original Loan Agreement. Pursuant to the terms and
conditions of the Existing Loan Agreement, FINOVA made loans and other financial
accommodations to Borrower.

        C.    Borrower and FINOVA are party to a Master Lease Agreement,
dated as of 2002 (as amended, modified or supplemented (whether pursuant to
schedules thereto or otherwise), the "Existing Master Lease Agreement"), under
which, as of the date hereof, a balance of approximately $1,500,000 is currently
outstanding (the "Existing Lease Balance").

        D.    Borrower has requested that FINOVA restructure the terms
of the loans and other indebtedness currently outstanding under the Existing
Loan Agreement and the Existing Lease Balance under the Existing Master Lease
Agreement.

        E.    Lenders have agreed to modify the terms of the Existing
Portion (as hereinafter defined) and Existing Lease Balance upon the terms and
subject to the conditions set forth in this Second Amended and Restated Loan
Agreement, which amends and restates in its entirety the Existing Loan Agreement
and replaces in its entirety the Existing Master Lease Agreement.

        NOW, THEREFORE, the Existing Loan Agreement is amended
and restated in its entirety as follows:

ARTICLE I

DEFINITIONS AND DETERMINATIONS

        1.1    Definitions. As used in this Loan Agreement
and in the other Loan Instruments, unless otherwise expressly indicated herein
or therein, the following terms shall have the following meanings (such meanings
to be applicable equally to both the singular and plural forms of the terms
defined):            

            Accountants:  Wiss & Company LLP or any other
    independent certified public accounting firm selected by Borrower and
    reasonably satisfactory to Lenders.
               
    
    Accounting Changes:  defined in Section 1.3.

               
    
    Accounts Decrease:  for any period, the excess of the
    Eligible Accounts at the beginning of such period over the Eligible Accounts
    at the end of such period.

               
    
    Accounts Increase:  for any period, the excess of
    Eligible Accounts at the end of such period over the Eligible Accounts at
    the beginning of such period.

               
    
    Acknowledgement:  that certain Confirmation and
    Acknowledgement by the Borrower, dated as of Closing Date, in the form of
    Exhibit 4.17 hereto.

               
    
    ADA:  the Americans with Disabilities Act of 1990, as
    amended, any successor statute thereto, and the rules and regulations issued thereunder, as in effect from time to time.

               
    
    Additional Sums:  as defined in subsection 2.2.3.

               
    
    Affiliate:  any Person that directly or indirectly,
    through one or more intermediaries, controls or is controlled by or is under
    common control with another Person. The term "control" means possession,
    direct or indirect, of the power to direct or cause the direction of the
    management and policies of a Person, whether through the ownership of voting
    securities or equity interests, by contract or otherwise. For the purposes
    hereof any Person which owns or controls, directly or indirectly, 30% or
    more of the securities or equity interests, as applicable, whether voting or
    non-voting, of any other Person shall be deemed to "control" such Person.

               
    
    Agent:  FINOVA, as agent for all Lenders, or any
    successor to FINOVA appointed pursuant to Section 9.16.

               
    
    Aggregate Principal Balance:  shall mean the sum of
    the Principal Balance of the Tranche A Loan and the Principal Balance of the
    Tranche B Loan.

               
    
    Amro Securities Exchange Agreement:  that certain
    Securities and Exchange Agreement dated as of July 1, 2002, between AMRO
    International, S.A. and the Aquis Group.

               
    
    Amro Subordinated Note:  that certain unsecured
    promissory note by Aquis Group in favor of AMRO International, S.A. in the
    aggregate principal amount of $1,000,000, in form and substance satisfactory
    to Agent.

               
    
    Amro Subordination Agreement:  that certain
    Subordination Agreement, dated as of August 12, 2002 between FINOVA and AMRO
    International, S.A.

               
    
    Approved Capital Expenditure Budget:  as defined in
    subsection 6.3.12.

               
    
    Aquis Group:  Aquis Communications Group, Inc., a
    Delaware corporation, formerly known as Paging Partners Corporation.

               
    
    Aquis Group 11% Convertible Debenture:  the 11%
    Convertible Debenture dated April 3, 2000 issued by Aquis Group payable to
    AMRO International, S.A. or permitted assigns in the original principal
    amount of $2,000,000, which shall have been converted pursuant to the Amro
    Securities Exchange Agreement on the Closing Date.

               
    
    Aquis Group Pledge Agreement:  a pledge agreement
    executed by Aquis Group in favor of Agent covering the Borrower Capital
    Stock.

               
    
    Assignee:  any Person (i) who is a financial
    institution organized under the laws of the United States of America or any
    State thereof or maintains a domestic lending office in the United States of
    America and (ii) to which a Loan Assignment is made in compliance with the
    provisions of subsection 9.1.1.

               
    
    Assignment and Acceptance:  an assignment and
    acceptance agreement to be executed in connection with each Loan Assignment,
    in form and substance reasonably satisfactory to Agent.

               
    
    Assignment of Leases:  a collateral assignment of
    leases executed by Borrower in favor of Agent.

              
    
    Bankruptcy Code:  the United States Bankruptcy Code
    and any successor statute thereto, and the rules and regulations issued thereunder, as in effect from time to time.

               
    
    Base Rate:  the per annum rate of interest announced
    or published publicly from time to time by Citibank, N.A. in New York, New
    York as its corporate base (or equivalent) rate of interest, which rate
    shall change automatically without notice and simultaneously with each
    change in such corporate base rate. The Base Rate is a reference rate and
    does not necessarily represent the lowest or best rate actually charged to
    any customer by Citibank, N.A. in New York, New York.

               
    
    Basic Financial Statements:  as defined in subsection
    6.3.2.

               
    Borrower:  has the meaning assigned to that term in
    the Preamble to this Loan Agreement.

               
    
    Borrower Capital Stock:  all of the issued and
    outstanding capital stock of and other equity interests in Borrower and all
    warrants, options and other rights to purchase capital stock of and other
    equity interests in Borrower.

               
    
    Borrower's Obligations:  (i) any and all Indebtedness
    due or to become due, now existing or hereafter arising, of Borrower to
    Lenders and/or Agent pursuant to the terms of this Loan Agreement or any
    other Loan Instrument, including, without limitation, the Loan Fees, and
    (ii) the performance of the covenants of Borrower contained in the Loan
    Instruments.

                
    Business Day:  any day other than a Saturday, Sunday
    or other day on which banks in Phoenix, Arizona or Parsippany, New Jersey
    are required to close.

               
    
    Business Insurance:  such property, casualty,
    liability, business interruption and other insurance as Agent from time to
    time requires Borrower to maintain.

               
    
    Capital Expenditures:  payments that are made or
    liabilities that are incurred by a Person for the lease, purchase,
    improvement, construction or use of any Property, the value or cost of which
    under GAAP is required to be capitalized and appears on such Person's
    balance sheet in the category of property, plant or equipment, without
    regard to the manner in which such payments or the instruments pursuant to
    which they are made are characterized, and shall include, without
    limitation, payments for or liabilities incurred with respect to the
    installment purchase of Property and payments under Capitalized Leases.
    Except for the purpose of determining Excess Cash Flow, a Capital
    Expenditure shall be deemed to be made as of the time the Property which is
    the subject thereof is put into service.

               
    
    Capitalized Lease:  any lease of Property, the
    obligations for the rental of which are required to be capitalized in
    accordance with GAAP.

               
    
    Cash Equivalents:  at any date, the aggregate of
    Borrower's (i) cash on hand or in any bank or trust company, and checks on
    hand and in transit, (ii) monies on deposit in any money market account, and
    (iii) treasury bills, certificates of deposit, commercial paper and readily
    marketable securities at current market value having, in each instance, a
    maturity of not more than 90 days.

               
    
    Closing:  the date on which all of the conditions
    precedent set forth in Section 4 are satisfied, as such date shall be
    notified to the Borrower by the Agent in writing.

               
    
    Closing Certificate:  a closing certificate executed
    by Borrower to Agent.

               
    
    Closing Date: the date upon which the Closing occurs.

              
    
    Code:  the Internal Revenue Code of 1986, as amended,
    any successor statute thereto, and the rules and regulations issued thereunder, as in effect from time to time.

               
    
    Collateral:  (i) all existing and after-acquired
    Property of Borrower, including without limitation all existing and
    after-acquired accounts, equipment, inventory and general intangibles, (ii)
    the Borrower Capital Stock and (iii) all proceeds of the foregoing.

               
    
    Commitment:  shall mean, as to any Lender at any
    time, the amount initially set forth opposite its name in the column labeled
    "Commitment" on Schedule I, as adjusted from time to time to reflect
    any Assignment and Acceptances.

               
    
    Communications Act:  the Communications Act of 1934
    as amended, any successor statute thereto, and the rules, regulations and
    legally binding policies of the FCC promulgated thereunder, as amended and
    in effect from time to time.

               
    
    Compliance Certificate:  a compliance certificate
    executed by Borrower in the form of Exhibit 1.1(A) attached hereto.

               
    
    Convertible Preferred Stock:  shall mean Aquis
    Group's Convertible Preferred Stock, $.01 par value per share, which shall
    be convertible into Aquis Group's Common Stock, in the amounts, and upon the
    terms and conditions, set forth in the Restructuring Agreement.

               
    
    Default Rate:  (i) with respect to the Tranche A
    Loan, the Base Rate from time to time in effect plus 5.5% per annum (with a
    minimum interest rate of 11% per annum), and (ii) with respect to the Tranche B Loan, 17% per annum.

               
    
    Default Rate Period:  a period of time commencing on
    the date that an Event of Default has occurred and ending on the date that
    such Event of Default is cured or waived.

               
    
    Desert:  Desert Communications I, LLC, a Delaware
    limited liability company.

               
    
    Dollars:  lawful currency of the United States.

               
    
    Eligible Accounts:  at any given time, the aggregate
    of the face amount of the accounts receivable of Borrower not over 60 days
    past due, net of applicable reserves with respect to such accounts and Trade
    Out Transactions.

              
    
    Employee Benefit Plan:  any employee benefit plan
    within the meaning of Section 3(3) of ERISA which (i) is maintained for
    employees of Borrower or any ERISA Affiliate or (ii) has at any time within
    the preceding six years been maintained for the employees of Borrower or any
    current or former ERISA Affiliate.

               
    
    Engineer:  an engineer selected by Borrower and
    acceptable to Agent.

               
    
    Environmental Compliance Certificate:  an
    environmental compliance certificate in the form of Exhibit 1.1(B).

              
    
    Environmental Laws:  any and all federal, state and
    local laws that relate to or impose liability or standards of conduct
    concerning public or occupational health and safety or protection of the
    environment, as now or hereafter in effect and as have been or hereafter may
    be amended or reauthorized, including, without limitation, the Comprehensive
    Environmental Response, Compensation and Liability Act (42 U.S.C §9601 
    et seq.), the Hazardous Materials Transportation Act (42 U.S.C. §1802 
    et seq.), the Resource Conservation and Recovery Act (42 U.S.C. §6901 
    et seq.), the Federal Water Pollution Control Act (33 U.S.C. §1251 
    et seq.), the Toxic Substances Control Act (15 U.S.C. §2601 et seq.),
    the Clean Air Act (42 U.S.C. §7901 et seq.), the National
    Environmental Policy Act (42 U.S.C. §4231, et seq.), the Refuse Act
    (33 U.S.C. §407, et seq.), the Safe Drinking Water Act (42 U.S.C.
    §300(f) et seq.), the Occupational Safety and Health Act (29 U.S.C.
    §651 et seq.), and all rules, regulations, codes, ordinances and
    guidance documents promulgated or published thereunder, and the provisions
    of any licenses, permits, orders and decrees issued pursuant to any of the
    foregoing.

               
    
    Equity Contribution:  the contribution of cash
    capital to Borrower by Aquis Group.

               
    
    ERISA:  the Employee Retirement Income Security Act
    of 1974, as amended, and any successor statute thereto, and the rules and
    regulations issued thereunder, as in effect from time to time.

               
    
    ERISA Affiliate:  any Person who is a member of a
    group which is under common control with Borrower, who together with
    Borrower is treated as a single employer within the meaning of Section
    414(b), (c) and (m) of the Code.

               
    
    Event of Default:  any of the Events of Default set
    forth in Section 8.1.

               
    
    Excess Cash Flow:  for any period, (i) the Operating
    Cash Flow for such period, (ii) plus, the Accounts Decrease, if any,
    for such period and (iii) minus, the sum of the following for such
    period: (A) Total Debt Service actually paid or accrued during such period
    with respect to Indebtedness for Borrowed Money of Borrower permitted
    hereunder, (B) amounts actually paid by Borrower with respect to Capital
    Expenditures for such period permitted pursuant to Section 7.6, whether or
    not such Capital Expenditures were incurred during such period, but
    excluding any such amounts paid from the proceeds of Indebtedness for
    Borrowed Money and (C) the Accounts Increase, if any, for such period. 

               
    
    Excess Interest:  defined in subsection 2.2.3.

               
    
    Existing Loan Agreement:  as defined in the
    Preliminary Statement.

               
    
    Existing Loans:  the "Loan" under and as defined in
    the Existing Loan Agreement.

               
    
    Existing Master Lease Agreement:  as defined in the
    Preliminary Statement.

               
    
    Existing Portion:  the aggregate outstanding
    principal amount of all advances under the Existing Loan Agreement and the
    Initial Loan Agreement, together with accrued but unpaid interest, charges
    and fees thereon and thereunder.

               
    
    FCC:  the Federal Communications Commission or any
    Governmental Body succeeding to its functions.

               
    
    FCC Consent:  means action by the FCC or its staff
    pursuant to delegated authority authorizing without conditions (other than
    conditions generally applicable to such transactions having no material
    adverse affect in the sole determination of FINOVA) the transfer of control
    of Aquis Group to Desert in accordance with the Restructuring Agreement,
    which action has not reversed, stayed, enjoined, set aside, annulled or
    suspended within the deadline, if any, provided by applicable FCC law, and
    with respect to which no timely request for stay, motion or petition for
    reconsideration or rehearing, application or request for review, or notice
    of appeal or other judicial petition for review is pending, and as to which
    the time provided by applicable FCC law for filing any such request, motion,
    petition, application, appeal or notice, and for the entry of an order
    staying, reconsidering or reviewing on the FCC's or other regulatory
    authority's own motion, has expired.

               
    
    FINOVA:  has the meaning assigned to that term in the
    Preamble to this Loan Agreement.

               
    
    GAAP:  generally accepted accounting principles as in
    effect from time to time, which shall include but shall not be limited to
    the official interpretations thereof by the Financial Accounting Standards
    Board or any successor thereto.

               
    
    Good Funds:  United States Dollars available in
    federal funds to FINOVA at or before 12:00 noon, Phoenix time, on a Business
    Day.

               
    
    Governmental Body:  any foreign, federal, state,
    municipal or other government, or any department, commission, board, bureau,
    agency, public authority or instrumentality thereof or any court or
    arbitrator.

               
    
    Hazardous Materials:  any hazardous, toxic, dangerous
    or other waste, substance or material defined as such in, regulated by or
    for purposes of any Environmental Law.

               
    
    Incipient Default:  any event or condition which,
    with the giving of notice or the lapse of time, or both, would become an
    Event of Default.

               
    
    Indebtedness:  all liabilities, obligations and
    reserves, contingent or otherwise, which, in accordance with GAAP, would be
    reflected as a liability on a balance sheet or would be required to be
    disclosed in a financial statement, including, without duplication: (i)
    Indebtedness for Borrowed Money, (ii) obligations secured by any Lien upon
    Property, (iii) guaranties, letters of credit and other contingent
    obligations, and (iv) liabilities in respect of unfunded vested benefits
    under any Pension Plan or in respect of withdrawal liabilities incurred
    under ERISA by Borrower or any ERISA Affiliate to any Multiemployer Plan.

               
    
    Indebtedness for Borrowed Money:  without
    duplication, all Indebtedness (i) in respect of money borrowed, (ii)
    evidenced by a note, debenture or other like written obligation to pay money
    (including, without limitation, all of Borrower's Obligations and Permitted
    Senior Indebtedness), (iii) in respect of rent or hire of Property under
    Capitalized Leases or for the deferred purchase price of Property, (iv) in
    respect of obligations under conditional sales or other title retention
    agreements, and (v) all guaranties of any or all of the foregoing.

               
    
    Initial Loan Agreement:  as defined in the
    Preliminary Statement.

               
    
    Instruments:  collectively, the Loan Instruments and
    the Restructuring Transaction Documents.

                Landlord:  a lessor under a Lease.

               
    
    Landlord Consent and Waiver:  a landlord consent and
    waiver in form and substance satisfactory to Agent.

               
    
    Lease:  any lease of real estate under which Borrower
    is the lessee.

            
Leasehold Property:  any real estate which is the subject
of a Lease.

               

    Lender Addition Agreement:  an agreement executed by
    a Lender and an Assignee in connection with a Loan Assignment.

               
    
    Lenders:  FINOVA and each Assignee.

               
    
    Lenders' Decisions:  all determinations to be made by
    Lenders pursuant to the terms of the Loan Instruments, including, without
    limitation, any amendment or modification of any of the Loan Instruments,
    determinations with respect to the declaration of Events of Default and
    acceleration of Borrower's Obligations or any other obligation arising under
    the Loan Instruments, waivers of affirmative or negative covenants or other
    provisions of the Loan Instruments, advancement of funds pursuant to any of
    the Loan Instruments or the exercise of any rights or remedies granted to
    Lenders or Agent pursuant to the terms of any of the Loan Instruments.

               
    
    Licenses:  all licenses, permits, consents, approvals
    and authority issued by any Governmental Body in connection with the
    operation of Borrower's Paging Business, including without limitation, all
    FCC Licenses.

               
    
    Lien:  any mortgage, pledge, assignment, lien,
    charge, encumbrance or security interest of any kind, or the interest of a
    vendor or lessor under any conditional sale agreement, Capitalized Lease or
    other title retention agreement.

               
    
    Loan Agreement:  this Loan Agreement and any
    amendments or supplements hereto.

               
    
    Loan Assignment:  the assignment by a Lender of (i)
    any portion of such Lender's interest in Borrower's Obligations and (ii) any
    of such Lender's other rights under any of the Loan Instruments.

               
    
    Loan Fees:  all fees paid by Borrower to Agent or
    Lenders pursuant to the Existing Loan Agreement.

               
    
    Loan Instruments:  collectively, the following:

            (i)      Security Agreement (as confirmed pursuant to the
    Acknowledgment);

            (ii)     Aquis Group Pledge Agreement (as confirmed pursuant
    to the Acknowledgment);

            (iii)    Assignment of Leases (as confirmed pursuant to the
    Acknowledgment); 

            (iv)    the Closing Certificate; and

            (v)    Uniform Commercial Code financing statements required
    by Agent.

    
               
    
    Loan Year:  a period of time from the Closing Date or
    any anniversary of the Closing Date to the immediately succeeding
    anniversary of the Closing Date.

               
    
    Material Adverse Effect:  (i) a material adverse
    effect upon the business, operations, Property, profits or financial
    condition of Borrower or upon the validity, enforceability or priority of
    the Security Interests or (ii) a material impairment of the ability of
    Borrower to perform its obligations under any Loan Instrument to which it is
    a party or of Agent or any Lender to enforce or collect any of Borrower's
    Obligations.

               
    
    Maturity Date:  the earlier to occur of (i) June 30,
    2006 or (ii) the date on which Borrower's Obligations are accelerated
    pursuant to this Loan Agreement.

               
    
    Maximum Rate:  as defined in subsection 2.2.3.

               
    
    Mortgage:  a mortgage or deed of trust executed by
    Borrower in favor of Agent encumbering each parcel of Real Estate owned by
    Borrower, in each case in form and substance satisfactory to Agent.

               
    
    Multiemployer Plan:  any multiemployer plan as
    defined pursuant to Section 3(37) of ERISA to which Borrower or any ERISA
    Affiliate makes, or accrues an obligation to make, contributions, or has
    made, or been obligated to make, contributions within the preceding six
    years.

               
    
    Notes:  collectively, the Tranche A Note and the
    Tranche B Note.

               
    
    Obligors:  collectively, Borrower and each other
    Person (other than Agent or any Lender) which is a party to any Security
    Instrument.

               
    
    Operating Agreement:  any material tower or
    transmitter site lease or license, office lease, control point lease,
    equipment lease, reseller agreement, advertising contract, pager contract,
    telephone contract, voice mail contract, maintenance or repair contract,
    employment agreement, collective bargaining agreement or other similar
    agreement or contract relating to the operation of Borrower's Paging
    Business.

               
    
    Operating Cash Flow:  for any period, without
    duplication, the net income of Borrower for such period:

                            (i)    plus the sum of the following, to the
        extent deducted in determining such net income for such period:

    (A) losses from sales, exchanges and other
            dispositions of Property not in the ordinary course of business;

            (B) interest paid or accrued on Indebtedness,
            including, without limitation, interest on Capitalized Leases that
            is imputed in accordance with GAAP;

            (C) depreciation and amortization of assets
            during such period;

            (D) income taxes which are accrued, but not paid,
            during such period; and

            (E) expenses incurred in connection with Trade
            Out Transactions;

                 
        (ii)    minus the sum of the following, to the
        extent included in determining such net income for such period:

        (A) gains from sales, exchanges and other
            dispositions of Property or other extraordinary gains not in the
            ordinary course of business;

            (B) proceeds of Business Insurance; and

            (C) revenue received in connection with Trade Out
            Transactions. 

        
        

            
Operating Lease:  any lease which, under GAAP, is not
required to be capitalized. 

               

    Original Closing Date:  December 31, 1998.

               
    
    Pager:  any pager owned, leased or otherwise used by
    a Person to receive radio communication access or other services from
    Borrower.

               
    
    Pager Certificate:  a certificate in the form of 
    Exhibit 1.1(C) with respect to the number of Pagers in Service executed
    by Borrower and delivered pursuant to subsection 6.3.1.

               
    
    Pagers in Service:  Pagers for which Borrower is
    receiving a monthly payment, with respect to which (i) no such payment is
    delinquent by more than 90 days, unless the monthly payments to Borrower are
    being paid by Persons such as Fortune 500 companies, Governmental Bodies or
    not-for-profit corporations, in which case no such payment is delinquent by
    more than 180 days and (ii) the Person owning, leasing or otherwise using
    such Pagers, and not the Person contacting such Pager, incurs the cost of
    service for such Pagers.

               
    
    Paging Business:  the business of owning, operating
    and managing mobile common carrier paging systems, mobile communications
    systems, control terminals and switches, antenna and transmitter sites, or
    telephone systems, including, but not limited to, the ownership and
    operation by Borrower of the System.

               
    
    Participant:  any Person to which a Lender sells or
    assigns a Participation.

               
    
    Participation:  a sale or any assignment by a Lender
    of a participating interest in (i) any portion of such Lender's interest in
    Borrower's Obligations and (ii) any of such Lender's other rights under any
    of the Loan Instruments.

               
    
    Participation Agreement:  an agreement executed by a
    Lender and a Participant pursuant to Section 9.2.

               
    
    PBGC:  the Pension Benefit Guaranty Corporation or
    any Governmental Body succeeding to the functions thereof.

               
    
    Pension Plan:  any Employee Benefit Plan, other than
    a Multiemployer Plan, which is subject to the provisions of Part 3 of Title
    I of ERISA, Title IV of ERISA, or Section 412 of the Code and which (i) is
    maintained for employees of Borrower or any ERISA Affiliate, or (ii) has at
    any time within the preceding six years been maintained for the employees of
    Borrower or any of its current or former ERISA Affiliates.

               
    
    Permitted Refinancing:  a refinancing of the then
    outstanding principal amount (and accrued interest) of the Tranche A Loan
    from the proceeds of an issuance of Indebtedness, the terms of which are
    substantially similar to those applicable to the Tranche A Loan under this
    Loan Agreement (including, without limitation, interest rate, amortization
    and maturity).

               
    
    Permitted Liens:  any of the following Liens:

                        (i)    the Security Interests;

                (ii)    the Permitted Senior Indebtedness Liens;

                (iii)    Liens for taxes, assessments or other governmental
    charges or levies, which either are (A) not delinquent or (B) being
    contested diligently and in good faith by appropriate proceedings, and as to
    which Borrower has set aside reserves on its books in accordance with GAAP;

                (iv)    statutory Liens, such as landlord's, vendor's,
    repairman's, mechanic's, materialman's, warehouseman's, carrier's or other
    like Liens, arising by operation of law and incurred in good faith in the
    ordinary course of business, provided that the underlying obligations
    relating to such Liens are paid in the ordinary course of business or are
    not overdue for a period of more than 90 days, or are being contested
    diligently and in good faith by appropriate proceedings and as to which
    Borrower has set aside reserves on its books in accordance with GAAP, or the
    payment of which obligations are otherwise secured in a manner satisfactory
    to Agent;

                (v)    zoning ordinances, easements, rights-of-way,
    licenses, reservations, provisions, covenants, conditions, waivers or
    restrictions on the use of Property and other similar encumbrances or title
    exceptions, in each case, that are acceptable to Agent;

                (vi)    Liens in respect of judgments or awards with respect
    to which no Event of Default would exist pursuant to subsection 8.1.6;

                (vii)    pledges, deposits or other Liens to secure payment
    of insurance premiums (A) to be paid in accordance with applicable laws in
    the ordinary course of business relating to payment of worker's
    compensation, or (B) that are required for the participation in any fund in
    connection with worker's compensation, unemployment insurance, old-age
    pensions or other social security programs;

                (viii)    deposits to secure the performance of bids, trade
    contracts, leases, statutory obligations, surety and appeal bonds,
    performance bonds and other obligations of like nature in each case incurred
    in the ordinary course of business; and

                (ix)    Liens described on Exhibit 1.1(D) hereto.

    
    
    
                      
    Permitted Prior Liens:  any of the following Liens:

                (i)    the Permitted Senior Indebtedness Liens;

                (ii)    the Permitted Liens described in clauses (iii) and
    (iv) of the definition of Permitted Liens that are accorded priority to the
    Security Interests by law; and

                (iii)    the Permitted Liens described in clauses (v),
    (vii), (viii) and (ix) of the definition of Permitted Liens, subject to the
    limitations or requirements set forth therein.

               
    
    Permitted Senior Indebtedness:  Indebtedness, other
    than the Loan, incurred to purchase tangible personal property or
    Indebtedness incurred to lease tangible personal property pursuant to
    Capitalized Leases which shall have been included in the Approved Capital
    Expenditure Budget in accordance with the terms hereof, provided that (i)
    such Indebtedness existing as of the Closing Date shall not exceed
    $1,500,000, (ii) during any Loan Year after the Closing Date the amount of
    such Indebtedness at any one time outstanding during such Loan Year shall
    not exceed $1,500,000, and (iii) no Event of Default exists at the time and
    is continuing or will be caused as a result of the incurrence of any
    Indebtedness described in clause (ii).

               
    
    Permitted Senior Indebtedness Liens:  Liens that
    secure Permitted Senior Indebtedness, provided that (i) each such Lien
    attaches only to the Property purchased or leased with the proceeds of the
    Permitted Senior Indebtedness incurred with respect to such Property and
    (ii) Agent is granted a Lien upon such Property, subordinate only to the
    Lien granted to the holder of the applicable Permitted Senior Indebtedness.

               
    
    Person:  any individual, firm, corporation, business
    enterprise, trust, association, joint venture, partnership, Governmental
    Body or other entity, whether acting in an individual, fiduciary or other
    capacity.

               
    
    Principal Balance:  the unpaid principal balance of
    the Tranche A Loan or Tranche B Loan, as the context may require, or any
    specified portion thereof outstanding from time to time.

               
    
    Projections:  the projections for the period from
    2001 to 2007 of Aquis Group and the Borrower prepared by Aquis Group and the
    Borrower and delivered to FINOVA, a copy of which is attached as Exhibit
    5.7.2 hereto.

               
    
    Property:  all types of real, personal or mixed
    property and all types of tangible or intangible property.

               
    
    Pro Rata Share:  the proportion that a Lender's
    Commitment bears to the total Commitments of all Lenders.

               
    
    Qualified Depository:  a member bank of the Federal
    Reserve System having a combined capital and surplus of at least
    $500,000,000.

               
    
    Real Estate:  each parcel of real estate owned by
    Borrower.

               
    
    Register: has the meaning assigned to that term in
    subsection 9.1.3.

               
    
    Required Prepayment:  for each year in which a
    mandatory prepayment is required to be made pursuant to subsection 2.8.2(a),
    an amount equal to the greater of (i) 50% of the Excess Cash Flow for the
    preceding year and (ii) $250,000.

               
    
    Restructuring Agreement:  that certain Restructuring
    Agreement, dated as of July 1, 2002, by and among the Borrower, Desert and FINOVA, as the same may be amended, modified or supplemented from time to
    time in accordance with its terms.

               
    
    Restructuring Transaction Documents:  shall mean the
    "Transaction Documents" as defined in the Restructuring Agreement.

               
    
    Securities Act:  the Securities Act of 1933, as
    amended, or any similar Federal statute, and the rules and regulations of
    the Securities and Exchange Commission promulgated thereunder, as in effect
    from time to time.

               
    
    Securities Exchange Act:  the Securities Exchange Act
    of 1934, as amended, any successor statute thereto, and the rules and
    regulations of the Securities and Exchange Commission promulgated thereunder,
    as in effect from time to time.

               
    
    Security Agreement:  a security agreement executed by
    Borrower in favor of Agent.

               
    
    Security Instruments:  collectively, the Security
    Agreement, the Assignment of Leases, the Aquis Group Pledge Agreement and
    each Mortgage now or hereafter granted by Borrower to Agent, all as amended
    from time to time and as each shall have been confirmed pursuant to the
    Acknowledgment.

               
    
    Security Interests:  the Liens in the Collateral
    granted to Agent pursuant to the Security Instruments and any other document
    now or hereafter executed by Borrower or any other Person which purports to
    create a Lien on the Property of such Person in favor of Agent.

               
    
    Senior Leverage Ratio:  the ratio of the Principal
    Balance of the Tranche A Loan as of the last day of any month to the
    Operating Cash Flow for the twelve month period ending on such last day.

               
    
    Stated Rate:  as defined in subsection 2.2.3.

               
    
    System:  the paging system facilities of Borrower,
    operated at the locations described on Exhibit 5.5.4, as updated or
    amended from time to time in accordance with Section 7.11.

               
    
    Termination Event:  (i) a "Reportable Event"
    described in Section 4043 of ERISA and the regulations issued thereunder; or
    (ii) the withdrawal of Borrower or any ERISA Affiliate from a Pension Plan
    during a plan year in which it was a "substantial employer" as defined in
    Section 4001(a)(2); or (iii) the termination of a Pension Plan, the filing
    of a notice of intent to terminate a Pension Plan or the treatment of a
    Pension Plan amendment as a termination under Section 4041 of ERISA; or (iv)
    the institution of proceedings to terminate, or the appointment of a trustee
    with respect to, any Pension Plan by the PBGC; or (v) any other event or
    condition which would constitute grounds under Section 4042(a) of ERISA for
    the termination of, or the appointment of a trustee to administer, any
    Pension Plan; or (vi) the partial or complete withdrawal of Borrower or any ERISA Affiliate from a Multiemployer Plan; or (vii) the imposition of a lien
    pursuant to Section 412 of the Code or Section 302 of ERISA; or (viii) any
    event or condition which results in the reorganization or insolvency of a
    Multiemployer Plan under Sections 4241 or 4245 of ERISA; or (ix) any event
    or condition which results in the termination of a Multiemployer Plan under
    Section 4041A of ERISA or the institution by the PBGC of proceedings to
    terminate a Multiemployer Plan under Section 4042 of ERISA.

               
    
    Total Debt Service:  during any period, all payments
    of principal, interest, premium and other charges with respect to
    Indebtedness for Borrowed Money of Borrower (other than Loan Fees) made or
    required to be made during such period.

               
    
    Trade Out Transaction:  an exchange of advertising
    time for non-cash consideration, such as goods, services or program
    material.

               
    
    Tranche A Loan:  defined in Section 2.1.1.

               
    
    Tranche A Note:  the amended and restated promissory
    note executed by Borrower payable to the order of FINOVA in the amount of
    the Tranche A Loan, dated as of the Closing Date and in form and substance
    satisfactory to Agent, and any notes issued in substitution therefor
    pursuant to subsection 9.1.4.

               
    
    Tranche B Loan:  defined in Section 2.1.1.

               
    
    Tranche B Note:  the subordinated promissory note
    executed by Borrower payable to the order of FINOVA in the amount of the
    Tranche B Loan, dated as of the Closing Date and in form and substance
    satisfactory to Agent, and any notes issued in substitution therefor
    pursuant to subsection 9.1.4.

  

        1.2    Time Periods.  In this Loan Agreement and the
other Loan Instruments, in the computation of periods of time from a specified
date to a later specified date, (i) the word "from" means "from and including,"
(ii) the words "to" and "until" each mean "to, but excluding" and (iii) the
words "through," "end of" and "expiration" each mean "through and including."
Unless otherwise specified, all references in this Loan Agreement and the other
Loan Instruments to (i) a "month" shall be deemed to refer to a calendar month,
(ii) a "quarter" shall be deemed to refer to a calendar quarter and (iii) a
"year" shall be deemed to refer to a calendar year.

        1.3    Accounting Terms and Determinations.  All
accounting terms not specifically defined herein shall be construed, all
accounting determinations hereunder shall be made and all financial statements
required to be delivered pursuant hereto shall be prepared in accordance with GAAP as in effect at the time of such interpretation, determination or
preparation, as applicable. In the event that any Accounting Changes (as
hereinafter defined) occur and such changes result in a change in the method of
calculation of financial covenants, standards or terms contained in this Loan
Agreement, then Borrower and Lenders agree to enter into negotiations to amend
such provisions of this Loan Agreement so as to reflect such Accounting Changes
with the desired result that the criteria for evaluating the financial condition
of Borrower shall be the same after such Accounting Changes as if such
Accounting Changes had not been made. For purposes hereof, "Accounting Changes"
shall mean changes in generally accepted accounting principles required by the
promulgation of any rule, regulation, pronouncement or opinion by the Financial
Accounting Standards Board of the American Institute of Certified Public
Accountants (or any successor thereto) or other appropriate authoritative body.

        1.4    References.  All references in this Loan
Agreement to "Article," "Section," "subsection," "subparagraph," "clause" or
"Exhibit," unless otherwise indicated, shall be deemed to refer to an Article,
Section, subsection, subparagraph, clause or Exhibit, as applicable, of this
Loan Agreement.

        1.5 Lender's or Agent's Discretion.  Whenever the
terms "satisfactory to Lenders or Agent," "determined by Lenders or Agent," "acceptable to Lenders or Agent,"
"Lenders or Agent shall elect," "Lenders or
Agent shall request," "at the option or election of Lenders or Agent," or
similar terms are used in the Loan Instruments, except as otherwise specifically
provided therein, such terms shall mean satisfactory to, at the election or
option of, determined by, acceptable to or requested by Lenders or Agent, as
applicable, in their or its sole and unlimited discretion.

        1.6 Borrower's Knowledge.  Any statements,
representations or warranties that are based upon the best knowledge of Borrower
or an officer thereof shall be deemed to have been made after due inquiry by
Borrower or an officer, as applicable, with respect to the matter in question.

ARTICLE II

LOAN AND TERMS OF PAYMENT

        2.1 Loan.

     
                2.1.1    Aggregate Loan Amount.  Under the terms
    of (i) the Existing Loan Agreement, an aggregate principal amount of
    Existing Loans, together with accrued but unpaid interest and fees, of
    $32,894,512 is outstanding as of the Closing Date and (ii) under the terms
    of the Existing Master Lease Agreement, an aggregate principal amount of
    $1,072,074 is outstanding as of the Closing Date. The Existing Portion and
    the Existing Lease Balance shall, pursuant to the terms hereof, be
    consolidated and restructured as a Loan which shall consist of (i) a loan in
    the aggregate principal amount of $7,000,000 (the "Tranche A Loan") and (ii)
    a loan in the amount of $2,000,000 (the "Tranche B Loan"). All principal and
    other amounts included in the Existing Portion and the Existing Lease
    Balance other than those amounts restructured as the Tranche A Loan and
    Tranche B Loan, shall, as of the Closing Date, be converted into shares of
    Convertible Preferred Stock in accordance with, and subject to the terms and
    conditions of, the Restructuring Agreement and the other Restructuring
    Transaction Documents. 

    
                2.1.2    Existing Portion.  The Existing Portion
    was disbursed pursuant to the Existing Loan Agreement and Original Loan
    Agreement and the Existing Master Lease Balance was owed pursuant to the
    Existing Master Lease Agreement.

    
                2.1.3    Use of Proceeds.  The proceeds of the
    Existing Portion were used for the purposes specified in the Initial Loan
    Agreement and Existing Loan Agreement and certain consent letters from
    FINOVA to Borrower. 

    
                2.1.4    Notes.  The Tranche A Loan shall be
    evidenced by the Tranche A Note. The Tranche B Loan shall be evidenced by
    the Tranche B Note. 

    
                2.1.5    Reborrowing.  Borrower shall not be
    entitled to reborrow any portion of the Tranche A Loan or the Tranche B Loan
    which is repaid or prepaid.

        2.2    Interest.

    
                2.2.1    Interest Rate on Principal Balance.  Except
    as provided in Section 2.5, the Principal Balance of (i) the Tranche A Loan
    shall bear interest at the Base Rate from time to time in effect plus 3.5%
    per annum, with a minimum interest rate of 9% per annum, and (ii) the Tranche B Loan shall bear interest at the rate of 15% per annum.

    
                2.2.2    Interest Computation.  Interest shall be
    computed on the basis of a year consisting of 360 days and charged for the
    actual number of days during the period for which interest is being charged.
    In computing interest, the Closing Date shall be included and the date of
    payment shall be excluded.

    
                2.2.3    Maximum Interest.  Notwithstanding any
    provision to the contrary contained herein or in any other Loan Instrument,
    Lenders shall not collect a rate of interest, including the Loan Fees, on
    any obligation or liability due and owing by Borrower to Lenders in excess
    of the maximum contract rate of interest permitted by applicable law
    ("Excess Interest"). All fees, charges, goods, things in action or any other
    sums or things of value (other than items (a), (b), (c) and (d) below) paid
    or payable by Borrower (collectively, the "Additional Sums"), whether
    pursuant to the Note, this Loan Agreement, the other Loan Instruments or any
    other document or instrument in any way pertaining to the Loan, that, under
    the laws of the State of Arizona, may be deemed to be interest with respect
    to the Loan, for the purpose of any laws of the State of Arizona that may
    limit the maximum amount of interest to be charged with respect to the Loan
    shall be payable by Borrower and shall be deemed to be additional interest,
    and for such purposes only, the agreed upon and "contracted for rate of
    interest" with respect to the Loan shall be deemed to be increased by the
    rate of interest resulting from the Additional Sums. Lenders and Borrower
    agree that the interest laws of the State of Arizona shall govern the
    relationship among them and understand and believe that the transactions
    contemplated by the Loan Instruments comply with the usury laws of the State
    of Arizona, but in the event of a final adjudication to the contrary,
    Borrower shall be obligated to pay, nunc pro tunc, to Lenders only
    such interest as then shall be permitted by the laws of the state found to
    govern the contract relationship among Lenders and Borrower. For the purpose
    of any laws of the State of Arizona that may limit the maximum amount of
    interest to be charged with respect to a loan, the "contracted for rate of
    interest" for the Loan shall consist of the following: (a) interest
    calculated in accordance with the provisions of subsection 2.2.1; (b)
    interest calculated in accordance with the provisions of Section 2.5; (c)
    the late charges, described and payable in accordance with provisions of
    Section 2.6; (d) the Loan Fees; and (e) all Additional Sums, if any.
    Borrower agrees to pay an effective "contracted for rate of interest" which
    is the sum of items (a), (b), (c), (d) and (e), as applicable, above. If any
    Excess Interest is provided for or determined by a court of competent
    jurisdiction to have been provided for in this Loan Agreement or any other
    Loan Instrument, then in such event (i) Borrower shall not be obligated to
    pay such Excess Interest, (ii) any Excess Interest collected by Lenders
    shall be, at Lenders' option, (A) applied to the Principal Balance or to
    accrued and unpaid interest not in excess of the maximum rate permitted by
    applicable law or (B) refunded to the payor thereof, (iii) the interest
    rates provided for herein (collectively, including, without limitation, the
    Loan Fees, the "Stated Rate") shall be automatically reduced to the maximum
    rate allowed from time to time under applicable law (the "Maximum Rate") and
    this Loan Agreement and the other Loan Instruments, as applicable, shall be
    deemed to have been, and shall be, modified to reflect such reduction, and
    (iv) Borrower shall not have any action against Agent or Lenders for any
    damages arising out of the payment or collection of such Excess Interest;
    provided, however, that if at any time thereafter the Stated Rate is less
    than the Maximum Rate, Borrower shall, to the extent permitted by law,
    continue to pay interest at the Maximum Rate until such time as the total
    interest received by Lenders is equal to the total interest which Lenders
    would have received had the Stated Rate been (but for the operation of this
    provision) the interest rate payable. Thereafter, the interest rate payable
    shall be the Stated Rate unless and until the Stated Rate again exceeds the
    Maximum Rate, in which event the provisions contained in this subsection
    2.2.3 again shall apply.

    

        2.3    Intentionally Omitted .

        2.4    Principal and Interest Payments.

    
                2.4.1    Interest.  Except as otherwise provided
    in subsection 2.8.1(b), interest on (i) the Tranche A Loan shall be paid
    monthly in arrears on the first Business Day of each calendar quarter
    commencing July 1, 2002, and (ii) the Tranche B Loan shall be paid at the
    Maturity Date. All accrued and unpaid interest shall be due and payable in
    full on the Maturity Date.

    
                2.4.2 Principal.  Subject to subsection 2.4.3
    and subsection 2.8.2, the Aggregate Principal Balance, together with all
    accrued and unpaid interest thereon and all other sums which then are due
    and payable pursuant to the terms of the Loan Instruments, shall be due and
    payable in full on the Maturity Date.

               
    
    2.4.3 Forgiveness.  Notwithstanding anything
    to the contrary set forth in this Loan Agreement or any other Loan
    Instrument, in the event that the Tranche A Loan (together with all accrued
    and unpaid interest thereon) is repaid in full prior to March 31, 2006, from
    sources other than a sale or issuance of equity, sales of assets or issuance
    of Indebtedness (except a Permitted Refinancing), then the outstanding
    principal balance of the Tranche B Loan, together with accrued and unpaid
    interest thereon, shall be forgiven, and the Tranche B Note then cancelled;
    provided, however, that in the event that any such repayment
    of or in respect of the Tranche A Loan shall be rescinded or otherwise must
    be restored or returned by Lenders upon the insolvency, bankruptcy,
    dissolution, liquidation or any other action of the Borrower or for any
    other reason, the Tranche B Loan and accrued interest thereon shall continue
    to be effective or automatically reinstated, as the case may be, all as
    though such payment in respect of the Tranche A Loan had not be made.

        2.5    Default Rate.  During a Default Rate Period,
Borrower's Obligations shall bear interest at the applicable Default Rate.

        2.6    Late Charges.  If a payment of principal or
interest to be made pursuant to this Loan Agreement becomes past due for a
period in excess of five Business Days, Borrower shall pay on demand to Lenders
a late charge of 2% of the amount of such overdue payment.

        2.7    Fees.  All fees previously paid by Borrower to
Lenders or added to the Principal Balance were fully earned by Lenders and are
non-refundable.

        2.8    Prepayments.

    
                2.8.1 Voluntary Prepayments.  Borrower may at
    any time voluntarily prepay the Principal Balance of the Tranche A Loan or
    the Tranche B Loan in whole or in part, without any premium or penalty,
    subject to the following conditions:

                (a) Notice of Prepayment; Number and Amount of
        Prepayments.  Not less than 10 days prior to the date upon which
        Borrower desires to make any voluntary prepayment of such Principal
        Balance, Borrower shall deliver to Lenders notice of its intention to
        prepay, which notice shall be irrevocable and shall state the prepayment
        date and the amount of such Principal Balance to be prepaid. The amount
        of any voluntary partial prepayment of such Principal Balance shall be
        not less than $100,000 or integral multiples thereof. A voluntary
        prepayment of such Principal Balance shall not be made more frequently
        than once a month.

        
                    (b) Additional Payments.  Concurrently
        with any voluntary prepayment of such Principal Balance pursuant to this
        subsection 2.8.1, Borrower shall pay to Lenders accrued and unpaid
        interest on the portion of the Principal Balance which is being prepaid
        to the date on which Lenders are in receipt of Good Funds, and any other
        sums which then are due and payable pursuant to the terms of any of the
        Loan Instruments.

        
                    (c) Application of Partial Prepayments.  Any
        voluntary partial prepayment of any Principal Balance pursuant to this
        subsection 2.8.1 shall be applied to the Principal Balance of the
        Tranche A Loan until paid in full and then, subject to Section 2.4.3, to
        the Principal Balance of the Tranche B Loan.

    
    
    2.8.2 Mandatory Prepayments. 

    
                    (a)    Required Prepayments.  Until the
        Tranche A Loan and all accrued interest thereon is paid in full, within
        thirty (30) days after the end of each fiscal year end of the Borrower,
        the Borrower shall pay to Lenders the Required Prepayment for such year
        end.

        
                    (b)    Prepayments from Insurance Proceeds.  Until
        Borrower's Obligations are paid in full, Borrower shall pay to Lenders
        all insurance proceeds to the extent required by subsection 6.6.2.

        
                    (c)    Application of Mandatory Prepayments.  Prepayments
        received by Lenders pursuant to clauses (a) and (b) of this subsection
        2.8.2 shall be applied in the following order of priority to the payment
        of: (i) any and all sums which are due and payable pursuant to the terms
        of the Loan Instruments, except the Aggregate Principal Balance and
        accrued and unpaid interest thereon, (ii) with respect to prepayments
        received pursuant to clause (a) of this subsection 2.8.2 only, the
        accrued and unpaid interest on the portion of the Principal Balance of
        the Tranche A Loan being repaid and then to such portion of the
        Principal Balance of the Tranche A Loan and (iii) with respect to
        repayments received pursuant to clause (b) of this subsection 2.8.2, (A)
        accrued and unpaid interest on the portion of the Principal Balance of
        the Tranche A Loan being repaid and then such portion of the Principal
        Balance of the Tranche A Loan and (B) subject to Section 2.4.3, accrued
        and unpaid interest on the portion of the Principal Balance of the Tranche B Loan being repaid and then such portion of the Principal
        Balance of the Tranche B Loan.

  

        2.9    Payments after Event of Default.  All payments
received by Lenders during the existence of an Event of Default shall be applied
in accordance with Section 8.4.

        2.10    Method of Payment; Good Funds.  All payments
to be made pursuant to the Loan Instruments by Borrower to Lenders shall be made
by wire transfer of Good Funds to the account of Agent at Citibank, N.A., 399
Park Avenue, New York, New York, ABA 021000089, Credit: FINOVA Capital
Corporation, Credit Account No. 40680477, or to such other account as Agent
shall notify Borrower.

ARTICLE III 

SECURITY

            Borrower's Obligations shall be secured by a Lien upon all of
the Collateral, which Lien at all times shall be superior and prior to all other
Liens, except Permitted Prior Liens.

ARTICLE IV 

CONDITIONS OF CLOSING

            The effectiveness of this Agreement shall be subject to the
satisfaction or waiver of all of the following conditions on or before the
Closing Date in a manner, form and substance satisfactory to Agent:

        4.1    Representations and Warranties.  On the
Closing Date, the representations and warranties of each Obligor set forth in
the Loan Instruments to which such Person is a party shall be true and correct
in all material respects.

        4.2 Performance; No Default.  Each Person shall
have performed and complied with all agreements and conditions contained in the
Instruments to which such Person is a party to be performed by or complied with
by such Person prior to or at the Closing Date, and no Event of Default or
Incipient Default then shall exist or result from the disbursement of such
portion of the Loan.

        4.3 Delivery of Documents.  The following shall
have been delivered to Agent, each duly authorized and executed, where
applicable, and in form and substance satisfactory to Agent:

        (i)    a certificates of authority to do business for
    Borrower from the Secretary of State of each new State in which Borrower
    will be conducting its Paging Business, each dated a recent date prior to
    the Closing Date;

            (ii)    certified copies of (i) the articles of
    incorporation of Borrower, certified by the Secretary of State of Delaware
    as of a recent date prior to the Closing Date; (ii) the by-laws of Borrower,
    certified by the secretary of Borrower and (iii) resolutions adopted by the
    board of directors of Borrower authorizing the execution and delivery of the
    Loan Instruments and Restructuring Transaction Documents and the
    consummation of the transactions contemplated thereby, certified as of the
    Closing Date by the secretary of Borrower;

            (iii)    signature and incumbency certificates of officers
    of Borrower;

            (iv)    to the extent available to Borrower, certified
    copies or executed originals of each of the following:

    (1)    the Operating Agreements not previously
            delivered to Agent; 

            (2)    the Leases not previously delivered to Agent;
            and

            (3)    all instruments and documents evidencing
            Permitted Senior Indebtedness existing as of the Closing Date;

          
        provided that Borrower shall use reasonable efforts
        to obtain all of the foregoing and to provide the same to Agent within
        30 days after the Closing Date;

    (v)    such other instruments, documents, certificates,
    consents, waivers and opinions as Agent reasonably may request.

      
    

        4.4    Opinions of Counsel; Direction for Delivery.  Agent
shall have received opinions dated the Closing Date from (A) Hodgson Russ LLP,
counsel to Borrower, and (B) Richard S. Becker & Associates, special regulatory
counsel for Borrower, in each case addressed to Agent, as a Lender and as Agent,
in such form and covering such matters as Agent reasonably may require.

        4.5    Intentionally Omitted. 

        4.6    Security Interests.  All filings of Uniform
Commercial Code financing statements and all other filings and actions necessary
to perfect and maintain the Security Interests as first, valid and perfected
Liens in the Property covered thereby, subject in priority only to Permitted
Prior Liens, shall have been filed or taken and Agent shall have received such UCC, state and federal tax Lien, pending suit, judgment and other Lien searches
as it deems necessary to confirm the foregoing.

        4.7    Financial Statements and Projections.  Agent
shall have such received pro-forma balance sheets, financial statements and
operating projections with respect to Borrower as Agent reasonably may require.

        4.8    Insurance.  At least three Business Days prior
to the Closing Date, Borrower shall have delivered to Agent evidence
satisfactory to Agent that all Business Insurance coverage required pursuant to
Section 6.6 is in full force and effect and all premiums then due thereon have
been paid in full.

        4.9    Approval of Instruments and Security Interests;
Consents.  Agent shall have received evidence that all material
approvals or consents shall have been obtained from the FCC and all other
Governmental Bodies and, except to the extent the failure to obtain such
approvals or consents could reasonably be expected to have a Material Adverse
Effect, all other Persons, whose approval or consent is required to enable (i)
Borrower and the other Persons party to the Instruments to enter into and
perform their respective obligations under the Instruments to which each such
Person is a party and (ii) such Person to grant to Agent the Security Interests
contemplated in the Security Instruments to which such Person is a party.

        4.10    Use of Assets.  Agent shall be satisfied that
Borrower at all times shall be entitled to the use and quiet enjoyment of all
Property necessary for the continued ownership and operation of Borrower's
Paging Business, except where the failure to be entitled to such use and quiet
enjoyment could not reasonably be expected to have a Material Adverse Effect.

        4.11    Proceedings and Documents.  All corporate and
other proceedings in connection with the Instruments and all documents and
instruments incident thereto shall be reasonably satisfactory to Agent, and
Agent shall have received all such counterpart originals or certified or other
copies as Agent may request.

        4.12    Material Adverse Change.  No event shall have
occurred since December 31, 2001 and no litigation or governmental proceeding or
investigation shall be pending, which has had or could reasonably be expected to
have a Material Adverse Effect. No judgment, order, injunction or other
restraint prohibiting or imposing materially adverse conditions on the
transactions to be consummated on the Closing Date shall be in effect.

        4.13    Broker Fees.  If the services of a broker or
other agent have been used in connection with the transaction contemplated
hereby and by the Restructuring Transaction Documents, all fees owed to such
broker or agent shall have been paid and Agent shall have received evidence of
such payment.

        4.14    Fees and Expenses.  Agent shall have received
payment of all fees and expenses described in subsection 11.1.1.

        4.15    Restructuring Agreement. 

        (i)     The Restructuring Agreement shall have been executed
    and delivered by the parties thereto and shall be full force and effect.

            (ii)    The shall be not be any suit, litigation or other
    proceeding challenging the validity and effectiveness of the Restructuring
    Agreement and the transactions contemplated thereby. 

            (iii)    All conditions to the obligations of Desert and FINOVA to consummate the "Contemplated Transactions" (as defined in the
    Restructuring Agreement) have been satisfied.

  

        4.16    FCC Approvals.  The Borrower shall have
obtained the FCC Consents necessary to be obtained at or prior to the Closing to
execute and deliver the Restructuring Transaction Documents and the other
agreements and instruments executed and delivered by the Borrower in connection
herewith and therewith, to issue the Purchased Shares and the Purchaser Warrants
(as such terms are defined in the Restructuring Agreement) and to carry out the
transactions contemplated by the Restructuring Agreement, and such consents
shall be in full force and effect at the Closing.

        4.17    Acknowledgment.  The Borrower shall have
executed and delivered the Acknowledgment to the Agent.

        4.18    Capital Expenditure Budget.  The Borrower
shall have delivered a capital expenditure budget for fiscal year 2002, in form
and substance satisfactory to FINOVA.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

        Borrower represents and warrants to Agent and Lenders as
follows:

        5.1    Existence and Power.  Borrower is a
corporation duly formed, validly existing and in good standing under the laws of
the State of Delaware. Borrower is in good standing under the laws of each other
jurisdiction in which the failure to be in good standing could have a Material
Adverse Effect, except in Illinois and Wisconsin, where applications for
authority to transact business are pending. Borrower has all requisite power and
authority to own its Property and to carry on its business as now conducted and
as proposed to be conducted following the Closing Date.

        5.2    Authority.  Borrower has full power and
authority to enter into, execute, deliver and carry out the terms of the
Instruments to which it is a party and to incur the obligations provided for
therein, all of which have been duly authorized by all proper and necessary
action and are not prohibited by its articles of incorporation or by-laws.

        5.3    Borrower Capital Stock and Related Matters.

        5.3.1 Borrower Capital Stock.  There is set
    forth in Exhibit 5.3.1 a complete description of the Borrower Capital Stock.
    The Borrower Capital Stock is validly issued, fully paid and non-assessable,
    and has been issued and sold in compliance with all applicable federal and
    state laws, rules and regulations, including, without limitation, all
    so-called "Blue-Sky" laws. The Borrower Capital Stock is owned beneficially
    and of record by the Persons in the respective percentages set forth on
    Exhibit 5.3.1, free and clear of all Liens except the Security Interests.
    

    
            5.3.2 Restrictions.  Except as set forth in
    Exhibit 5.3.2, Borrower (i) is not a party to and has no knowledge of any
    agreements restricting the transfer of the Borrower Capital Stock, except
    the Loan Instruments, (ii) has not issued any rights which can be
    convertible into or exchangeable or exercisable for any Borrower Capital
    Stock, or any rights to subscribe for or to purchase, or any options for the
    purchase of, or any agreements providing for the issuance (contingent or
    otherwise) of, or any calls, commitments or claims of any character relating
    to, any of the Borrower Capital Stock or any securities convertible into or
    exchangeable or exercisable for any Borrower Capital Stock and (iii) is not
    subject to any obligation (contingent or otherwise) to repurchase or
    otherwise acquire or retire any Borrower Capital Stock. Borrower is not
    required to file, and Borrower has not filed, pursuant to the Securities Act
    or Section 12 of the Securities Exchange Act, a registration statement
    relating to any class of debt or equity securities.

  

        5.4    Binding Agreements.  This Loan Agreement and
the other Loan Instruments, when executed and delivered, will constitute the
valid and legally binding obligations of Borrower to the extent Borrower is a
party thereto, enforceable against Borrower in accordance with their respective
terms, except as such enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws now or
hereafter in effect affecting the enforcement of creditors' rights generally and
(ii) equitable principles (whether or not any action to enforce such document is
brought at law or in equity).

        5.5    Business and Property of Borrower.

        5.5.1 Business and Property.  Borrower (i)
    holds all FCC Licenses necessary to the operation of the System and all
    other Licenses necessary to the operation of the System, except where the
    failure to hold such other Licenses could not reasonably be expected to have
    a Material Adverse Effect and (ii) has not engaged in and does not propose
    to engage in any business activity other than the operation of the System
    and the Paging Business relating thereto.

    
            5.5.2 Licenses.  There is set forth in
    Exhibit 5.5.2 a description of all material Licenses which have been issued
    or assigned to Borrower, including all such Licenses issued by the FCC. All
    of such Licenses are in full force and effect and have been duly issued in
    the name of, or validly assigned to, Borrower, no default or breach exists thereunder and Borrower has full power and authority thereunder to operate
    the System and the Paging Business relating thereto.

    
            5.5.3 Operating Agreements.  There is set
    forth in Exhibit 5.5.3 a description of all material Operating Agreements
    relating to the operation of the System which has not otherwise been
    disclosed in Exhibit 5.5.3 to the Existing Loan Agreement. Each such
    Operating Agreement shall be in full force and effect and no event shall
    have occurred which could result in the cancellation or termination of any
    such Operating Agreement or the imposition thereunder of any liability upon
    Borrower which could have a Material Adverse Effect.

    
            5.5.4 Facility Sites.  There is set forth in
    Exhibit 5.5.4 the locations of the chief executive office of Borrower, the
    locations of all of Borrower's Property, the places where Borrower's books
    and records are kept and the locations of all switches, transmitters,
    control points, antennae, equipment and offices presently used in the
    operation of the System.

    
            5.5.5 Leases.  There is set forth in
    Exhibit 5.5.5 a list of all Leases, together with a complete and accurate
    address of each parcel of Leasehold Property subject to such Leases and the
    address of each Landlord under such Lease. Each Lease shall be in full force
    and effect, there shall have been no default in the performance of any of
    its terms or conditions by Borrower except as disclosed on Exhibit 5.5.5 or,
    to the best knowledge of Borrower, any other party thereto, and, to the best
    knowledge of Borrower, no claims of default shall have been asserted with
    respect thereto except as disclosed on Exhibit 5.5.5. The present and
    contemplated use of the Leasehold Property is in compliance with all
    applicable zoning ordinances and regulations and other laws and regulations,
    the violation of which could have a Material Adverse Effect.

    
            5.5.6 Real Estate.  There is set forth in
    Exhibit 5.5.6 a complete and accurate address and legal description of the
    Real Estate, together with the tax identification numbers applicable
    thereto. The present and contemplated use of the Real Estate is in
    compliance with all applicable zoning ordinances and regulations and other
    laws and regulations the failure to comply with which would have a Material
    Adverse Effect.

    
            5.5.7 Operation and Maintenance of Equipment.  To
    the best knowledge of Borrower, no Person owning or operating any equipment
    necessary for the operation of the System has used, operated or maintained
    the same in a manner which now or hereafter could result in the cancellation
    or termination of the right of Borrower to use or make use of the same or
    which could result in any material liability of Borrower for damages in
    connection therewith. To the best knowledge of Borrower, all of the
    equipment and other tangible personal property owned by Borrower is, in all
    material respects, in good operating condition and repair (subject to normal
    wear and tear) and, to the best knowledge of Borrower, has been used,
    operated and maintained in substantial compliance with all applicable laws,
    rules and regulations.

  

        5.6    Title to Property; Liens.  Borrower shall have
(i) good title to all Property necessary to conduct its Paging Business, except
(A) any License which cannot be transferred without the consent of a
Governmental Body and (B) the portion thereof consisting of a leasehold estate
and (ii) a valid leasehold estate in each portion of its Property which consists
of a leasehold estate. All Property formerly held by Aquis Group and used in the
operation by Borrower of its Paging Business have been transferred to Borrower
as of the Original Closing Date and all consents necessary for such transfer
have been obtained. All of such Property is free and clear of all Liens, except
Permitted Liens. Upon the proper filing with the appropriate Governmental Bodies
of appropriate Uniform Commercial Code financing statements, the applicable Loan
Instruments will create valid and perfected first Liens in the Property
described therein, subject in priority only to Permitted Prior Liens.

        5.7    Projections and Financial Statements.

        5.7.1 Financial Statements.  Borrower has
    delivered to Agent the financial statements described in Exhibit 5.7.1
    pertaining to the operations of the System. To the best knowledge of
    Borrower (i) such financial statements present fairly in all material
    respects the results of operations of the System for the periods covered
    thereby and the financial condition of the System as of the dates indicated
    therein, (ii) all of such financial statements have been prepared in
    conformity with GAAP consistently applied, except for the absence of
    footnotes and subject to year-end adjustments and (iii) since December 31,
    2001, there has been no change which has had a Material Adverse Effect
    except as previously disclosed in writing to Agent. Borrower also has
    delivered to Agent a pro-forma balance sheet as of the Closing Date. Such
    pro-forma balance sheet, which assumes the consummation of the transactions
    contemplated by the Instruments, presents fairly in all material respects
    the anticipated financial condition of Borrower as of the Closing Date.

    
            5.7.2 Projections.  Borrower has delivered to
    Agent the projections described in Exhibit 5.7.2 of the future operations of
    Borrower. Such projections give effect to the switch of the System to a 900
    Mhz mode and represent the best estimates of future performance of Borrower
    believed by Borrower to be reasonable as of the Closing Date. 

  

        5.8    Litigation.  There is set forth in Exhibit 5.8
a description of all actions, suits, arbitration proceedings and claims pending
or, to the best knowledge of Borrower, threatened against Borrower, relating to
the System or the business or operations thereof or maintained by Borrower at
law or in equity or before any Governmental Body which if adversely determined
could reasonably be expected to have a Material Adverse Effect. None of the
matters set forth in such Exhibit 5.8 could reasonably be expected to be
adversely determined.

        5.9    Defaults in Other Agreements; Consents; Conflicting
Agreements.  Borrower is not in default under any agreement to which it
is a party or by which it or any of its Property is bound, the effect of which
default could have a Material Adverse Effect. No material authorization,
consent, approval or other action by, and no notice to or filing with, any
Governmental Body or any other Person which has not already been obtained, taken
or filed, as applicable, is required (i) for the due execution, delivery or
performance by Borrower of any of the Instruments to which Borrower is a party
or (ii) as a condition to the validity or enforceability of any of the
Instruments to which Borrower is a party or any of the transactions contemplated
thereby or the priority of the Security Interests, except for (A) certain
filings to establish and perfect the Security Interests and (B) filing of
certain of the Loan Instruments with the FCC. No provision of any mortgage,
indenture, material contract, material agreement, statute, rule, regulation,
judgment, decree or order binding on Borrower or affecting its Property
conflicts with, or requires any consent which has not already been obtained
under, or would in any way prevent the execution, delivery or performance of the
terms of any of the Instruments or affect the validity or priority of the
Security Interests. The execution, delivery and performance of the terms of the
Instruments will not constitute a default under, or result in the creation or
imposition of, or obligation to create, any Lien other than Permitted Liens upon
the Property of Borrower pursuant to the terms of any such mortgage, indenture,
contract or agreement.

        5.10    Taxes.  Borrower has filed all tax returns
required to be filed, and has paid, or made adequate provision for the payment
of, all taxes shown to be due and payable on such returns or in any assessments
made against it, except such taxes or assessments as are being contested in good
faith and by appropriate proceedings diligently conducted and for which adequate
reserves have been set aside in accordance with GAAP, and no tax liens have been
filed and, to the best knowledge of Borrower, no claims are being asserted in
respect of such taxes which are required by GAAP to be reflected in the
financial statements of Borrower and are not so reflected therein. The charges,
accruals and reserves on the books of Borrower with respect to all federal,
state, local and other taxes are considered by the management of Borrower to be
adequate, and Borrower does not know of any unpaid assessment which is or might
be due and payable by Borrower or create a Lien against any of Borrower's
Property, except such assessments as are being contested in good faith and by
appropriate proceedings diligently conducted, and for which adequate reserves
have been set aside in accordance with GAAP. None of the tax returns of Borrower
are under audit and Borrower is not the subject or target of any investigation
by the Internal Revenue Service.

        5.11    Compliance with Applicable Laws.  Borrower is
not in default in respect of any judgment, order, writ, injunction, decree or
decision of any Governmental Body, which default could have a Material Adverse
Effect. Borrower is in compliance in all material respects with all applicable
statutes and regulations, including, without limitation, the Communications Act,
all Environmental Laws, ERISA, ADA and all laws and regulations relating to
unfair labor practices, equal employment opportunity and employee safety, of all
Governmental Bodies, the non-compliance with which could reasonably be expected
to have a Material Adverse Effect. No material condemnation, eminent domain or
expropriation has been commenced or, to the best knowledge of Borrower,
threatened against Borrower's Property.

        5.12    Patents, Trademarks, Franchises, Agreements.  Borrower
owns, possesses or has the right to use all patents, trademarks, service marks,
trade names, copyrights, franchises and rights with respect thereto (i) which
are necessary for the conduct of the Paging Business proposed to be conducted by
Borrower after the Original Closing Date and (ii) for which the failure to own,
possess or have the right to use could have a Material Adverse Effect, in each
case, without any known conflict with the rights of others and free of any Liens
other than the Security Interests.

        5.13    FCC Matters.  Borrower (i) has duly and
timely filed all reports and other filings which are required to be filed by
Borrower under the Communications Act and any other applicable law, rule or
regulation of any Governmental Body, the non-filing of which could have a
Material Adverse Effect, and (ii) is in compliance with the Communications Act
and all such laws, rules and regulations, the noncompliance with which could
have a Material Adverse Effect. All information provided by or on behalf of
Borrower in any material filing with the FCC was at the time of filing true,
complete and correct in all material respects, and the FCC has been notified of
any substantial or significant changes in such information as required in
accordance with the Communications Act and all other applicable laws, rules and
regulations.

        5.14    Environmental Matters.  Borrower is in
compliance in all material respects with all applicable Environmental Laws and
no portion of any of Real Estate or the Leasehold Property has, to the best
knowledge of Borrower, been used as a land fill. To the best knowledge of
Borrower, there currently are not any known Hazardous Materials generated,
manufactured, released, stored, buried or deposited over, beneath, in or on (or
used in the construction and/or renovation of) the Real Estate or Leasehold
Property in violation of applicable Environmental Laws.

        5.15    Application of Certain Laws and Regulations.  Borrower
is not and no Affiliate of Borrower is:

            5.15.1 Investment Company Act.  An "investment
    company," or a company "controlled" by an "investment company," within the
    meaning of the Investment Company Act of 1940, as amended.

    
            5.15.2 Holding Company Act.  A "holding
    company," or a "subsidiary company" of a "holding company," or an
    "affiliate" of a "holding company" or of a "subsidiary company" of a
    "holding company," as such terms are defined in the Public Utility Holding
    Company Act of 1935, as amended.

    
            5.15.3 Foreign or Enemy Status.  (i) An
    "enemy" or an "ally of an enemy" within the meaning of Section 2 of the
    Trading with the Enemy Act, (ii) a "national" of a foreign country
    designated in Executive Order No. 8389, as amended, or of any "designated
    enemy country" as defined in Executive Order No. 9095, as amended, of the
    President of the United States of America, in each case within the meaning
    of such Executive Orders, as amended, or of any regulation issued thereunder,
    (iii) a "national of any designated foreign country" within the meaning of
    the Foreign Assets Control Regulations or the Cuban Assets Control
    Regulations of the United States of America (Code of Federal Regulations,
    Title 31, Chapter V, Part 515, Subpart B, as amended) or (iv) an alien or a
    representative of any alien or foreign government within the meaning of
    Section 310 of Title 47 of the United States Code.

    
            5.15.4 Regulations as to Borrowing.  Subject
    to any statute or regulation which regulates the incurrence of any
    Indebtedness for Borrowed Money, including, without limitation, statutes or
    regulations relative to common or interstate carriers or to the sale of
    electricity, gas, steam, water, telephone, telegraph or other public utility
    services.

  

        5.16    Margin Regulations.  None of the transactions
contemplated by this Loan Agreement or any of the other Loan Instruments,
including the use of the proceeds of the Loan, will violate or result in a
violation of Section 7 of the Securities Exchange Act of 1934, as amended, or
any regulations issued pursuant thereto, including, without limitation,
Regulations T, U and X, and Borrower does not own or intend to carry or purchase
any "margin security" within the meaning of such Regulation U.

        5.17    Other Indebtedness.  Upon the Closing, there
will be no Indebtedness for Borrowed Money owed by Borrower to any Person,
except (i) Borrower's Obligations and (ii) Permitted Senior Indebtedness
permitted to exist as of the Closing Date pursuant to this Loan Agreement.

        5.18    No Misrepresentation.  Neither this Loan
Agreement nor any other Loan Instrument, certificate, information or report
furnished or to be furnished by or on behalf of Borrower to Agent or any Lender
in connection with any of the transactions contemplated hereby or thereby,
contains or will contain a misstatement of material fact, or omits or will omit
to state a material fact required to be stated in order to make the statements
contained herein or therein, taken as a whole, not misleading in the light of
the circumstances under which such statements were made. There is no fact, other
than information known to the public generally, known to Borrower after diligent
inquiry, that could have a Material Adverse Effect that has not expressly been
disclosed to Agent in writing.

        5.19    Employee Benefit Plans.

        5.19.1 No Other Plans.  Neither Borrower nor
    any ERISA Affiliate maintains or contributes to, or has any obligation
    under, any Employee Benefit Plan other than those identified on Exhibit
    5.19.1. Borrower has provided Agent accurate and complete copies of all
    contracts, agreements and documents described on Exhibit 5.19.1.

    
            5.19.2 ERISA and Code Compliance and Liability.  Borrower
    and each ERISA Affiliate are in compliance with all applicable provisions of
    ERISA and the regulations and published interpretations thereunder with
    respect to all Employee Benefit Plans except where failure to comply would
    not result in a material liability to Borrower and except for any required
    amendments for which the remedial amendment period as defined in Section
    401(b) of the Code has not yet expired. Each Employee Benefit Plan that is
    intended to be qualified under Section 401(a) of the Code has been or will
    be determined by the Internal Revenue Service to be so qualified, and each
    trust related to such plan has been or will be determined to be exempt under
    Section 401(a) of the Code. No material liability has been incurred by
    Borrower or any ERISA Affiliate which remains unsatisfied for any taxes or
    penalties with respect to any Employee Benefit Plan or any Multiemployer
    Plan.

    
            5.19.3 Funding.  No Pension Plan has been
    terminated, nor has any accumulated funding deficiency (as defined in
    Section 412 of the Code) been insured (without regard to any waiver granted
    under Section 412 of the Code), nor has any funding waiver from the Internal
    Revenue Service been received or requested with respect to any Pension Plan,
    nor has Borrower or any ERISA Affiliate failed to make any contributions or
    to pay any amounts due and owing as required by Section 412 of the Code,
    Section 302 of ERISA or the terms of any Pension Plan prior to the due dates
    of such contributions under Section 412 of the Code or Section 302 of ERISA,
    nor has there been any event requiring any disclosure under Section
    4041(c)(3)(C), 4063(a) or 4068 of ERISA with respect to any Pension Plan.

    
            5.19.4 Prohibited Transactions and Payments.  Neither
    Borrower nor any ERISA Affiliate has: (i) engaged in a nonexempt "prohibited
    transaction" as such term is defined in Section 406 of ERISA or Section 4975
    of the Code; (ii) incurred any liability to the PBGC which remains
    outstanding other than the payment of premiums and there are no premium
    payments which are due and unpaid; (iii) failed to make a required
    contribution or payment to a Multiemployer Plan; or (iv) failed to make a
    required installment or other required payment under Section 412 of the
    Code.

    
            5.19.5 No Termination Event.  No Termination
    Event has occurred or is reasonably expected to occur.

    
            5.19.6 ERISA Litigation.  No material
    proceeding, claim, lawsuit and/or investigation is existing or, to the best
    knowledge of Borrower, threatened concerning or involving any (i) employee
    welfare benefit plan (as defined in Section 3(1) of ERISA) currently
    maintained or contributed to by Borrower or any ERISA Affiliate, (ii)
    Pension Plan or (iii) Multiemployer Plan.

  

        5.20    Employee Matters.

        5.20.1 Collective Bargaining Agreements; Grievances.  Except
    as set forth in Exhibit 5.20.1, (i) none of the employees of Borrower is
    subject to any collective bargaining agreement with Borrower, (ii) no
    petition for certification or union election is pending with respect to the
    employees of Borrower and no union or collective bargaining unit has sought
    such certification or recognition with respect to the employees of Borrower
    and (iii) there are no strikes, slowdowns, work stoppages, unfair labor
    practice complaints, grievances, arbitration proceedings or controversies
    pending or, to the best knowledge of Borrower, threatened against Borrower
    by any of Borrower's employees, other than employee grievances or
    controversies arising in the ordinary course of business that could not in
    the aggregate be expected to have a Material Adverse Effect.

    
            5.20.2 Claims Relating to Employment.  Neither
    Borrower nor, to Borrower's best knowledge, any employee of Borrower, is
    subject to any employment agreement or non-competition agreement with any
    former employer or any other Person which agreement would have a Material
    Adverse Effect due to (i) any information which Borrower would be prohibited
    from using under the terms of such agreement or (ii) any legal
    considerations relating to unfair competition, trade secrets or proprietary
    information.

  

        5.21    Burdensome Obligations.  After giving effect
to the transactions contemplated by the Instruments Borrower (A) will not be a
party to or be bound by any franchise, agreement, deed, lease or other
instrument, or be subject to any restriction, which is so unusual or burdensome
so as to cause, in the foreseeable future, a Material Adverse Effect and (B)
does not intend to incur, or believe that it will incur, debts beyond its
ability to pay such debts as they become due. Borrower does not presently
anticipate that future expenditures needed to meet the provisions of federal or
state statutes, orders, rules or regulations will be so burdensome so as to have
a Material Adverse Effect.

        5.22    Broker Fees.  Except as set forth on Schedule
5.22, the services of a broker or other similar agent have not been used in
connection with the Loan or the transactions contemplated by the Restructuring
Agreement.

        5.23    Pagers in Service.  As of the date of the
Restructuring Agreement there are no less than 190,000 Pagers in Service.

        5.24    Insurance.  No notice of cancellation has
been received with respect to any insurance policies required pursuant to
Section 6.6.1 and Borrower is in material compliance with all conditions
contained in such policies.

ARTICLE VI 

AFFIRMATIVE COVENANTS

        Until all of Borrower's Obligations are paid and performed in
full Borrower agrees that it will:

        6.1    Legal Existence; Good Standing.  Maintain its
existence and its good standing in Delaware and maintain its qualification in
each other jurisdiction in which the failure so to qualify could have a Material
Adverse Effect.

        6.2    Inspection.  Permit representatives of Agent
and Lenders, upon reasonable prior notice and during normal business hours if no
Event of Default or Incipient Default exists and is continuing, or without
notice at any time if an Event of Default or Incipient Default exists and is
continuing, to (i) visit its offices, (ii) examine its books and records and
Accountants' reports relating thereto, (iii) make copies or extracts therefrom,
(iv) discuss its affairs with its employees, (v) examine and inspect its
Property and (vi) meet and discuss its affairs with the Accountants, and such
Accountants, as a condition to their retention by Borrower, are hereby
irrevocably authorized by Borrower to fully discuss and disclose all such
affairs with Agent and Lenders.

        6.3   

Financial Statements and Other Information.  Maintain
a standard system of accounting in accordance with GAAP and furnish to each
Lender:

        6.3.1 Monthly Statements.  As soon as
    available and in any event within 30 days after the close of each month:

           (a)    a copy of the balance sheet of Borrower as of the
        end of such month,

               (b)    statements of operations and Operating Cash Flow
        for such month and for the period from the beginning of the then current
        year to the end of such month, setting forth in each case in comparative
        form the corresponding figures for the corresponding period set forth in
        the Projections, and

                (c)    a Pager Certificate for each Borrower as of the
        last day of such month,

    
    
    all in reasonable detail, containing such information as
    Lenders reasonably may require, and certified as complete and correct,
    subject to normal year-end adjustments, by the Chief Financial Officer of
    Borrower.

    
        6.3.2    Annual Statements.  As soon as available
    and in any event within 90 days after the close of each year:

             (a) the balance sheet of Borrower as of the end of
        such year and the statements of operations, cash flows, shareholders'
        equity (collectively, the "Basic Financial Statements"), Operating Cash
        Flow and Excess Cash Flow for such year setting forth in each case in
        comparative form the corresponding figures set forth in the Projections
        for such year,

                (b) an opinion of the Accountants which shall
        accompany the Basic Financial Statements of Borrower, which opinion
        shall be unqualified as to going concern and scope of audit, stating
        that (i) the examination by the Accountants in connection with such
        Basic Financial Statements has been made in accordance with generally
        accepted auditing standards, (ii) such Basic Financial Statements have
        been prepared in conformity with GAAP and in a manner consistent with
        prior periods, and (iii) such Basic Financial Statements fairly present
        in all material respects the financial position and results of
        operations of Borrower, and

                (c) a letter from the Accountants stating that the
        statements of Operating Cash Flow and Excess Cash Flow were computed in
        accordance with the requirements of this Loan Agreement.

    
    
        6.3.3    Intentionally Omitted.

    
         6.3.4    Officer's Certificates.  The financial
    statements described in subsection 6.3.2 shall be accompanied by a
    Compliance Certificate.

    
        6.3.5    Accountants' Certificate.  Simultaneously
    with the delivery of the certified Basic Financial Statements required by
    subsection 6.3.2, copies of a certificate of the Accountants stating that (i)
    they have checked the computations delivered by Borrower in compliance with
    subsection 6.3.2, and (ii) in making the examination necessary for their
    audit or review of the Basic Financial Statements for such year, nothing
    came to their attention of a financial or accounting nature that caused them
    to believe that (A) Borrower was not in compliance with the terms,
    covenants, provisions or conditions of any of the Loan Instruments, or (B)
    there shall have occurred any condition or event which would constitute an
    Event of Default, or, if so, specifying in such certificate all such
    instances of non-compliance and the nature and status thereof.

    
        6.3.6    Audit Reports.  Promptly upon receipt
    thereof, a copy of each report, other than the reports referred to in
    subsection 6.3.2, including any so-called "Management Letter", management
    report or similar report, or any correspondence or "going concern opinions",
    in each case submitted to Borrower by the Accountants in connection with any
    annual, interim or special audit made by the Accountants of the books of
    Borrower.

    
        6.3.7    Business Plans.  Not less than 30 days
    prior to the end of each year, a business plan for the Paging Business of
    Borrower for the following year setting forth in reasonable detail the
    projected Operating Cash Flow, Capital Expenditures and operations budget of
    such Paging Business and of Borrower, and such other information as Lenders
    reasonably may request, for such following year.

    
        6.3.8    Notice of Defaults; Loss.  Prompt
    written notice if: (i) any Indebtedness of Borrower is declared or shall
    become due and payable prior to its declared or stated maturity, or called
    and not paid when due, (ii) there shall occur and be continuing an Event of
    Default, accompanied by a statement of the president of Borrower setting
    forth what action Borrower proposes to take in respect thereof, or (iii) any
    event shall occur which has a Material Adverse Effect, including the amount
    or the estimated amount of any loss or adverse effect.

    
        6.3.9    Notice of Suits; Adverse Events.  Prompt
    written notice of: (i) any citation, summons, subpoena, order to show cause
    or other order naming Borrower a party to any proceeding before any
    Governmental Body which might reasonably be expected to have a Material
    Adverse Effect, including with such notice a copy of such citation, summons,
    subpoena, order to show cause or other order, (ii) any lapse or other
    termination of any license, permit, franchise, agreement or other
    authorization issued to Borrower by any Governmental Body or any other
    Person that is material to the operation of the Paging Business of Borrower,
    (iii) any refusal by any Governmental Body or any other Person to renew or
    extend any such license, permit, franchise, agreement or other authorization
    and (iv) any dispute between Borrower and any Governmental Body or any other
    Person, which lapse, termination, refusal or dispute referred to in clauses
    (ii) and (iii) above or in this clause (iv) could have a Material Adverse
    Effect.

    
        6.3.10    Reports to Shareholders, Creditors and
    Governmental Bodies.

            (a)    Promptly upon becoming available, copies of all
        financial statements, reports, notices and other statements sent or made
        available generally by Borrower to its shareholders, of all regular and
        periodic reports and all registration statements and prospectuses filed
        by Borrower with any securities exchange or with the Securities and
        Exchange Commission or any Governmental Body succeeding to any of its
        functions, and of all statements generally made available by Borrower or
        others concerning material developments in the business of Borrower.

                (b)    Promptly upon becoming available, copies of any
        periodic or special reports filed by Borrower with any Governmental Body
        or Person, if such reports indicate any material change in the business,
        operations, affairs or condition of Borrower, or if copies thereof are
        requested by any Lender, and copies of any material notices and other
        communications from any Governmental Body or Person which specifically
        relate to Borrower.

    
    
        6.3.11    ERISA Notices and Requests.

            (a)    With reasonable promptness, and in any event
        within 30 days after occurrence of any of the following, notice and/or
        copies of: (i) the establishment of any new Employee Benefit Plan,
        Pension Plan or Multiemployer Plan; (ii) the commencement of
        contributions to any Employee Benefit Plan, Pension Plan or
        Multiemployer Plan to which Borrower or any of its ERISA Affiliates was
        not previously contributing or any increase in the benefits of any
        existing Employee Benefit Plan, Pension Plan or Multiemployer Plan;
        (iii) each funding waiver request filed with respect to any Employee
        Benefit Plan and all communications received or sent by Borrower or any ERISA Affiliate with respect to such request; and (iv) the failure of
        Borrower or any of its ERISA Affiliates to make a required installment
        or payment under Section 302 of ERISA or Section 412 of the Code by the
        due date.

                (b)    Promptly and in any event within 10 days of
        becoming aware of the occurrence of or forthcoming occurrence of any (i)
        Termination Event or (ii) "prohibited transaction," as such term is
        defined in Section 406 of ERISA or Section 4975 of the Code, in
        connection with any Pension Plan or any trust created thereunder, a
        notice specifying the nature thereof, what action Borrower has taken, is
        taking or proposes to take with respect thereto and, when known, any
        action taken or threatened by the Internal Revenue Service, the
        Department of Labor or the PBGC with respect thereto.

                (c)    With reasonable promptness but in any event
        within 10 days after the occurrence of any of the following, copies of:
        (i) any favorable or unfavorable determination letter from the Internal
        Revenue Service regarding the qualification of an Employee Benefit Plan
        under Section 401(a) of the Code; (ii) all notices received by Borrower
        or any ERISA Affiliate of the PBGC's intent to terminate any Pension
        Plan or to have a trustee appointed to administer any Pension Plan;
        (iii) each Schedule B (Actuarial Information) to the annual report (Form
        5500 Series) filed by Borrower or any ERISA Affiliate with the Internal
        Revenue Service with respect to each Pension Plan; and (iv) all notices
        received by Borrower or any ERISA Affiliate from a Multiemployer Plan
        sponsor concerning the imposition or amount of withdrawal liability
        pursuant to Section 4202 of ERISA; and written notice within two
        Business Days of Borrower's or any ERISA Affiliate's filing of or
        intention to file a notice of intent to terminate any Pension Plan under
        a distress termination within the meaning of Section 4041(c) of ERISA.

    
    
        6.3.12    Capital Expenditure Budget.  By January
    20 of each fiscal year, a copy of a budget showing capital expenditures for
    such fiscal year, which budget shall in all respects be in form and
    substance reasonably satisfactory to FINOVA or, and shall be subject to
    approval by FINOVA, but which in any event shall contain a description of
    the intended use of such amounts and the jurisdiction in which the assets to
    be acquired shall be located, with support describing the rationale for such
    expenditure (each such report for such fiscal year, an "Approved Capital
    Expenditure Budget").

    
        6.3.13    Other Information.

            (a)    Immediate notice of any material change in, or
        termination of, the employment of Keith Powell, any change in the
        location of any Property of Borrower which is material to or necessary
        for the continued operation of Borrower's business, any change in the
        name of Borrower, any sale or purchase of Property outside the regular
        course of business of Borrower, and any change in the business or
        financial affairs of Borrower, which change could have a Material
        Adverse Effect.

                (b)    Promptly upon request therefor, such other
        information and reports relating to the past, present or future
        financial condition, operations, plans and projections of Borrower as
        Lenders reasonably may request from time to time.

    
  

        6.4    Reports to Governmental Bodies and Other Persons.  Timely
file all material reports, applications, documents, instruments and information
required to be filed pursuant to all rules, regulations or requests of any
Governmental Body or other Person having jurisdiction over the operation of the
business of Borrower, including, but not limited to, such of the Loan
Instruments as are required to be filed with any such Governmental Body or other
Person pursuant to applicable rules and regulations promulgated by such
Governmental Body or other Person, except where the failure to file could not
reasonably be expected to have a Material Adverse Effect.

        6.5    Maintenance of Licenses and Other Agreements.  Maintain
in full force and effect at all times (subject to any modification in the
ordinary of business which could not reasonably be expected to have a Material
Adverse Effect), and apply in a timely manner for renewal of, all Licenses,
trademarks, trade names and agreements necessary for the operation of its Paging
Business, the loss of any of which could have a Material Adverse Effect, and
deliver to Agent (i) prompt notice of the proposed amendment or modification of
any of such Licenses, trademarks, tradenames or agreements which could
reasonably be expected to have a Material Adverse Effect and (ii) (A) evidence
of the filing of any application for renewal of any such Licenses not later than
the last day such application may be filed in accordance with applicable law and
(B) copies of any petition filed to deny any such renewal application promptly
after receipt thereof by Borrower.

        6.6    Insurance.

    6.6.1    Maintenance of Insurance.  Maintain in
    full force and effect Business Insurance as required by the insurance letter
    agreement between Borrower and Agent attached hereto as Exhibit 6.6.1, all
    of which shall be written by insurers and in amounts and forms satisfactory
    to Agent and otherwise comply with the terms of such insurance letter
    agreement, and deliver to Agent such evidence of compliance with this
    subsection 6.6.1 as Agent may require.

    
        6.6.2    Claims and Proceeds.  Borrower hereby
    directs all insurers under all policies of Business Insurance to pay all
    proceeds payable thereunder directly to Agent and Borrower hereby authorizes
    Agent to collect all such proceeds. Borrower irrevocably appoints Agent (and
    all officers, employees or agents designated by Agent) as Borrower's true
    and lawful attorney and agent in fact for the purpose of and with power to
    make, settle and adjust claims under such policies of insurance, endorse the
    name of Borrower on any check, draft, instrument or other item of payment
    for the proceeds of such policies of insurance, and to make all
    determinations and decisions with respect to such policies of insurance.
    Borrower acknowledges that such appointment as attorney and agent in fact is
    a power coupled with an interest, and therefore is irrevocable. The
    insurance proceeds received on account of any loss, damage, destruction or
    other casualty (i) if any Event of Default exists and is continuing or if
    the aggregate amount thereof exceeds $200,000, at the option of Agent may be
    applied to the payment of Borrower's Obligations in the order as provided in
    Section 2.8.2(c) or (ii) at the option of Agent may be (or if no Event of
    Default exists and is continuing and the aggregate amount thereof is
    $200,000 or less, shall be), held by Agent and applied to pay for the cost
    of repair or replacement of the Property which was the subject of such loss,
    damage, destruction or other casualty, in which event such proceeds shall be
    made available in the manner and under such conditions as Agent may require.
    In the event such proceeds are to be applied to the repair or replacement of
    Property, the Property shall be repaired or replaced so as to be of at least
    equal value and substantially the same character as prior to such loss,
    damage, destruction or other casualty within 90 days after receipt of such
    proceeds.

  

        6.7    Future Leases.  Deliver to Agent, concurrently
with the execution by Borrower, as lessee, of any lease pertaining to real
property, (i) an executed copy thereof, (ii) at the option of Agent, either a
leasehold mortgage upon or a collateral assignment of such lease in favor of
Agent, in either case in form and substance satisfactory to Agent, and (iii) a
Landlord Consent and Waiver from the lessor under such lease.

        6.8    Future Acquisitions of Real Property.  Deliver
to Agent concurrently with the (i) execution by Borrower of any contract
relating to the purchase by Borrower of real property, an executed copy of such
contract and (ii) closing of the purchase of such real property, (A) a first
mortgage or deed of trust in favor of Agent on such real property, in form and
substance satisfactory to Agent, (B) a lender's policy of title insurance, in
such form and amount and containing such endorsements as shall be satisfactory
to Agent, (C) an ALTA/ACSM survey of such real property and (D) such other
documents and assurances with respect to such real property as Agent may
require.

        6.9    Environmental Matters.

    6.9.1    Compliance.   At all times comply with,
    and be responsible for, its material obligations under all Environmental
    Laws applicable to the Real Estate, Leasehold Property and any other
    Property owned by Borrower or used by Borrower in the operation of
    Borrower's Paging Business. At its sole cost and expense, Borrower shall (i)
    comply in all respects with (A) any notice of any violation or
    administrative or judicial complaint or order having been filed against
    Borrower, any portion of any Real Estate or Leasehold Property or any other
    Property owned by Borrower or used by Borrower in the operation of its
    business alleging violations of any law, ordinance and/or regulation
    requiring Borrower to take any action in connection with the release,
    transportation and/or clean-up of any Hazardous Materials, and (B) any
    notice from any Governmental Body or any other Person alleging that Borrower
    is or may be liable for costs associated with a response or clean-up of any
    Hazardous Materials or any damages resulting from such release or
    transportation, or (ii) diligently contest in good faith by appropriate
    proceedings any demands set forth in such notices, provided (A) reserves in
    an amount reasonably satisfactory to Agent to pay the costs associated with
    complying with any such notice are established by Borrower and (B) no Lien
    would or will attach to the Property which is the subject of any such notice
    as a result of any compliance by Borrower which is delayed during any such
    contest. Promptly upon receipt of any notice described in the foregoing
    clause (i), Borrower shall deliver to Agent a copy thereof.

    
        6.9.2    Certification.  Deliver to Agent, not
    later than the first Business Day of each year, an Environmental Compliance
    Certificate.

  

        6.10    Compliance with Laws.  Comply with the
Communications Act and all other federal, state and local laws, ordinances,
requirements and regulations and all judgments, orders, injunctions and decrees
applicable to Borrower and its operations, the failure to comply with which
could have a Material Adverse Effect.

        6.11    Taxes and Claims.  Pay and discharge all
taxes, assessments and governmental charges or levies imposed upon it or upon
its income or profits, or upon any Property belonging to it, prior to the date
on which penalties attach thereto, and all lawful claims which, if unpaid, might
become a Lien (other than a Permitted Lien) upon the Property of Borrower,
provided that Borrower shall not be required by this Section 6.11 to pay any
such amount if the same is being contested diligently and in good faith by
appropriate proceedings and as to which Borrower has set aside reserves on its
books reasonably satisfactory to Agent.

        6.12    Maintenance of Properties.  Maintain all of
its Properties necessary in the operation of its Paging Business in good working
order and condition.

        6.13    Governmental Approvals.  Upon the exercise by
Agent and/or Lenders of any power, right or privilege pursuant to the provisions
of any of the Loan Instruments after the occurrence and during the continuance
of any Event of Default requiring any consent, approval or authorization of any
Governmental Body (including, without limitation, transfers of Licenses),
promptly execute and cause the execution of all applications, certificates,
instruments and other documents that Agent and/or Lenders may be required to
obtain for such consent, approval or authorization.

        6.14    Payment of Indebtedness.  Except as to
matters being contested in good faith and by appropriate proceedings and except
to the extent prohibited by the terms of this Loan Agreement, promptly pay when
due, or in conformance with customary trade terms, all of its Indebtedness.

ARTICLE VII

NEGATIVE COVENANTS

        Until all of Borrower's Obligations are paid and performed in
full, Borrower shall not:

        7.1    Borrowing.  Create, incur, assume or suffer to
exist any liability for Indebtedness for Borrowed Money except (i) Borrower's
Obligations and (ii) Permitted Senior Indebtedness, provided that any Permitted
Senior Indebtedness repaid cannot be reborrowed.

        7.2    Liens.  Create, incur, assume or suffer to
exist any Lien upon any of its Property, whether now owned or hereafter
acquired, except Permitted Liens.

        7.3    Merger and Acquisition.  Consolidate with or
merge with or into any Person, acquire directly or indirectly all or
substantially all of the capital stock, equity interests or Property of any
Person, or acquire any Paging Business, or enter into any agreement for or
related to the foregoing.

        7.4    Contingent Liabilities.  Assume, guarantee,
endorse, contingently agree to purchase, become liable in respect of any letter
of credit, or otherwise become liable upon the obligation of any Person, except
for liabilities arising from the endorsement of negotiable instruments for
deposit or collection or similar transactions in the ordinary course of
business.

        7.5    Distributions.  Make any dividends,
distributions or other shareholder expenditures with respect to the Borrower
Capital Stock or apply any of its Property to the purchase, redemption or other
retirement of, or set apart any sum for the payment of, or make any other
distribution by reduction of capital or otherwise in respect of, any of the
Borrower Capital Stock.

        7.6    Capital Expenditures.  Make or incur any
Capital Expenditures in any year set forth below in excess of the amount set
forth below opposite such year, provided such Capital Expenditures are in
accordance with the Approved Capital Expenditure Budget for such year, except to
the extent such Capital Expenditures are made from the proceeds of additional
cash capital contributions to Borrower, no Event of Default exists and is
continuing at the time such cash capital contributions are made and such Capital
Expenditures have been included in the Approved Capital Expenditure Budget for
such year:

	 	
  

Year  

    

    	
  Amount

    
	
   

    	
2002   

    	
$1,062,000

    
	
   

    	
2003   

    	
$1,102,000

    
	
   

    	
2004   

    	
$1,130,000

    
	
   

    	
2005   

    	
$1,074,000

    
	
   

    	
2006   

    	
$1,027,000

    
	
   

    	
2007   

    	
$  988,000

    

        7.7        Payments of Indebtedness for Borrowed Money.  Make
any payment or prepayment on account of any Indebtedness for Borrowed Money
other than Borrower's Obligations, except that Borrower may make regularly
scheduled payments on account of Permitted Senior Indebtedness.

        7.8    Obligations as Lessee Under Operating Leases.  Enter
into or suffer to exist any arrangement as lessee of Property under any
Operating Lease if the aggregate rentals for all such Operating Leases during
any year would exceed $4,000,000.

        7.9    Investments, Loans.  At any time purchase or
otherwise acquire, hold or invest in the capital stock of, or any other interest
in, any Person, or make any loan or advance to, or enter into any arrangement
for the purpose of providing funds or credit to, or make any other investment,
whether by way of capital contribution or otherwise, in or with any Person,
including, without limitation, any Affiliate (including any payment or advance
to or for the benefit of Aquis Group or any of its subsidiaries other than
Borrower in connection with any acquisition by such Person), or expend more than
$10,000 in the nature of earnest money, deposit or down payment for the purchase
of capital stock or any other interest in any Person or of substantially all of
the assets of any Person, or expend more than $10,000 in the nature of due
diligence or other investigation of any Person or the assets of any Person in
connection with the proposed purchase of capital stock or any other interest in
any Person or of substantially all of the assets of any Person, except (i)
investments in direct obligations of, or instruments unconditionally guaranteed
by, the United States of America or in certificates of deposit issued by a
Qualified Depository, (ii) investments in commercial or finance paper which, at
the time of investment, is rated "A" or better by Moody's Investors Service,
Inc., or Standard & Poor's Corporation, respectively, or at the equivalent rate
by any of their respective successors, and (iii) any interests in any money
market account maintained, at the time of investment, with a Qualified
Depository, the investments of which, at the time of investment, are restricted
to the types specified in clause (i) above. All investments permitted pursuant
to clauses (i), (ii) and (iii) of this Section 7.9 shall have a maturity not
exceeding one year.

        7.10    Fundamental Business Changes.  Materially
change the nature of its business or engage in any business other than the
Paging Business.

        7.11    Facility Sites.  Not change the locations of
any tower installations, transmitters, switches or offices used in the operation
of the System unless (i) Agent shall have received notice of such change not
later than 10 Business Days after such change, (ii) Borrower shall have complied
with all applicable laws, rules and regulations and shall have received all
required consents and approvals from any Governmental Body, including, without
limitation, the FCC, (iii) such change could not reasonably be expected to have
a Material Adverse Effect and (iv) Borrower shall have executed and delivered to
Agent any documents Agent reasonably may require in order to maintain the
validity and priority of the Security Interests.

        7.12    Sale or Transfer of Assets.  Sell, lease,
assign, transfer or otherwise dispose of any Property except for (i) the sale or
disposition of (A) inventory in the ordinary course of business, (B) Property
which is not material to or necessary for the continued operation of its
business and (C) obsolete or unusable items of equipment which promptly are
replaced with new items of equipment of like function and comparable value to
the unusable items of equipment when the same were new or not obsolete or
unusable, provided such replacement items of equipment shall become subject to
the Security Interests, (ii) Trade Out Transactions consummated in connection
with promotional or other activities, all of which shall be conducted by
Borrower in the ordinary course of business consistent with past practices, and
(iii) asset sales with respect to which Borrower has obtained Lenders' prior
written consent, which consent may be given or withheld in the sole and absolute
discretion of Lenders.

        7.13    Amendment of Certain Agreements.  Amend,
modify or waive any term or provision of (i) its articles of incorporation or
by-laws or (ii) the Amro Subordinated Note.

        7.14    Acquisition of Additional Properties.  Acquire
any additional Property except, subject to the conditions and limitations set
forth in this Loan Agreement, such Property as is necessary to or useful in the
operation of its business.

        7.15    Equity Sales.  Issue or sell any additional
capital stock or any options or other interests convertible into or exercisable
for any such additional capital stock or any debt securities, provided that the
foregoing shall not be deemed to prohibit Borrower from accepting Equity
Contributions or consummating the transactions under the Restructuring
Agreement.

        7.16    Transactions with Affiliates.  Sell, lease,
assign, transfer or otherwise dispose of any Property to any Affiliate, lease
Property, render or receive services or purchase assets from any Affiliate, or
otherwise enter into any contractual relationship with any Affiliate on terms
which are less favorable to Borrower than those otherwise reasonably attainable
on an arm's length basis from a Person which is not one of its Affiliates.

        7.17    Compliance with ERISA.

        (i) Permit the occurrence of any Termination Event which
    would result in a liability to Borrower or any ERISA Affiliate in excess of
    $50,000;

            (ii) Permit the present value of all benefit liabilities
    under all Pension Plans to exceed the current value of the assets of such
    Pension Plans allocable to such benefit liabilities by more than $50,000;

            (iii) Permit any accumulated funding deficiency in excess
    of $50,000 (as defined in Section 302 of ERISA and Section 412 of the Code)
    with respect to any Pension Plan, whether or not waived;

            (iv) Fail to make any contribution or payment to any
    Multiemployer Plan which Borrower or any ERISA Affiliate may be required to
    make under any agreement relating to such Multiemployer Plan, or any law
    pertaining thereto which results in or is likely to result in a liability in
    excess of $50,000;

            (v) Engage, or permit Borrower or any ERISA Affiliate to
    engage, in any "prohibited transaction" as such term is defined in Section
    406 of ERISA or Section 4975 of the Code for which a civil penalty pursuant
    to Section 502(i) of ERISA or a tax pursuant to Section 4975 of the Code in
    excess of $50,000 is imposed;

            (vi) Permit the establishment of any Employee Benefit
    Plan providing post-retirement welfare benefits or establish or amend any
    Employee Benefit Plan which establishment or amendment could result in
    liability to Borrower or any ERISA Affiliate or increase the obligation of
    Borrower or any ERISA Affiliate to a Multiemployer Plan which liability or
    increase, individually or together with all similar liabilities and
    increases, is material to Borrower or any ERISA Affiliate; or

            (vii) Fail, or permit Borrower or any ERISA Affiliate to
    fail, to establish, maintain and operate each Employee Benefit Plan in
    compliance in all material respects with ERISA, the Code and all other
    applicable laws and regulations and interpretations thereof.

  

        7.18    Minimum Cash Balance.  During Borrower's 2002
fiscal year, permit the Cash Equivalents to be less than $1,000,000 as of the
last day of each fiscal quarter.

        7.19    Senior Leverage Ratio.  Permit the Senior
Leverage Ratio as of the last day of each fiscal year set forth below to be
greater than the ratio set forth opposite such date set forth below:

	 	

Year   

    	

Ratio

    
	 	2002   	4.00 to 1.00
	 	2003   	2.35 to 1.00
	 	2004   	1.61 to 1.00
	 	2005   	1.07 to 1.00
	 	2006 and thereafter   	0.68 to 1.00

        7.20    Minimum EBITDA.  Permit (i) as of December
31, 2002, Operating Cash Flow to be less than 92% of the amount set forth for
such corresponding date on the Projections and (ii) as of March 31, 2003 and the
last day of each fiscal quarter thereafter (calculated for a period of four
consecutive fiscal quarters ended on the last day of such fiscal quarter),
Operating Cash Flow to be less than 92% of the amount set forth for each such
corresponding date on the Projections.

        7.21    Certain Agreements.  Enter into any joint
operating or similar agreements with respect to the operation of the System or
any other paging system without the prior written consent of Lenders.

        7.22    Amro Subordinated Note.  Make any payment of
principal, interest, fees or any other amount under or in respect of the AMRO
Subordinated Note.

        7.23    Fiscal Year.  Cause its fiscal year to end on
a date other than on December 31.

ARTICLE VIII

DEFAULT AND REMEDIES

        8.1    Events of Default.  The occurrence of any of
the following shall constitute an Event of Default under the Loan Instruments:

        8.1.1   Default in Payment.  If Borrower shall
    fail to pay all or any portion of Borrower's Obligations when the same
    become due and payable.

    
        8.1.2    Breach of Covenants.

        (a)    If Borrower shall fail to observe or perform any
        covenant or agreement made by Borrower contained in Section 6.1, 6.2,
        6.3.2, 6.5, 6.6, 6.9, 6.10, 6.11, 6.13 or 6.14 or in Article VII; or

            (b)    If any Obligor shall fail to observe or perform
        any covenant or agreement (other than those referred to in subparagraph
        (a) or (b) above or specifically addressed elsewhere in this Section
        8.1) made by such Person in any of the Loan Instruments to which such
        Person is a party, and such failure shall continue for a period of 30
        days after written notice of such failure is given by Lenders.

    
    
        8.1.3    Breach of Warranty.  If any
    representation or warranty made by or on behalf of any Obligor in or
    pursuant to any of the Loan Instruments or in any instrument or document
    furnished in compliance with the Loan Instruments shall prove to be false or
    misleading in any material respect.

    
        8.1.4    Default Under Other Indebtedness for Borrowed
    Money.  If (i) Borrower or Aquis Group at any time shall be in
    default (as principal or guarantor or other surety) in the payment of any
    principal of or premium or interest on any Indebtedness for Borrowed Money
    (other than Borrower's Obligations) beyond the grace period, if any,
    applicable thereto and the aggregate amount of such payments then in default
    beyond such grace period shall exceed $100,000, (ii) any default shall occur
    in respect of any issue of Indebtedness for Borrowed Money of Borrower
    (other than Borrower's Obligations) or Aquis Group outstanding in a
    principal amount of at least $200,000, or in respect of any agreement or
    instrument relating to any such issue of Indebtedness for Borrowed Money,
    and such default shall continue beyond the grace period, if any, applicable
    thereto, or (iii) Aquis Group shall be in default under the Restructuring
    Transaction Documents.

    
        8.1.5    Bankruptcy.

        (a)    If Borrower or Aquis Group shall (i) generally
        not be paying its debts as they become due, (ii) file, or consent, by
        answer or otherwise, to the filing against it of a petition for relief
        or reorganization or arrangement or any other petition in bankruptcy or
        insolvency under the laws of any jurisdiction, (iii) make an assignment
        for the benefit of creditors, (iv) consent to the appointment of a
        custodian, receiver, trustee or other officer with similar powers for it
        or for any substantial part of its Property, or (v) be adjudicated
        insolvent.

            (b)    If any Governmental Body of competent
        jurisdiction shall enter an order appointing, without consent of
        Borrower or Aquis Group, a custodian, receiver, trustee or other officer
        with similar powers with respect to it or with respect to any
        substantial part of its Property, or if an order for relief shall be
        entered in any case or proceeding for liquidation or reorganization or
        otherwise to take advantage of any bankruptcy or insolvency law of any
        jurisdiction, or ordering the dissolution, winding-up or liquidation of
        Borrower or Aquis Group of any petition for any such relief shall be
        filed against it and such petition shall not be dismissed or stayed
        within 60 days.

    
    
        8.1.6    Judgments.  If there shall be entered
    against Borrower or Aquis Group one or more judgments, awards or decrees, or
    orders of attachment, garnishment or any other writ, which exceed $250,000
    in the aggregate at any one time outstanding (after taking into account any
    insurance with respect to which the insurer has assumed responsibility in
    writing and any indemnification upon terms and by credit-worthy indemnitors
    which are satisfactory to Lenders), or which have been in force for less
    than the applicable period for filing an appeal so long as execution has not
    been levied thereunder (or in respect of which Borrower or Aquis Group shall
    at the time in good faith be prosecuting an appeal or proceeding for review
    and in respect of which a stay of execution or appropriate appeal bond shall
    have been obtained pending such appeal or review).

    
        8.1.7    Impairment of Licenses; Other Agreements.  If
    (i) any Governmental Body shall revoke, terminate, suspend or adversely
    modify any License of Borrower, the adverse modification or non-continuation
    of which could reasonably be expected to have a Material Adverse Effect, or
    (ii) there shall exist any violation or default in the performance of, or a
    material failure to comply with any agreement, or condition or term of any
    License, which violation, default or failure could reasonably be expected to
    have a Material Adverse Effect, or (iii) any agreement which is necessary to
    the operation of the Paging Business of Borrower or Aquis Group shall be
    revoked or terminated and not replaced by a substitute acceptable to Lenders
    within 30 days after the date of such revocation or termination, and such
    revocation or termination and non-replacement could reasonably be expected
    to have a Material Adverse Effect.

    
        8.1.8    Collateral.  If any material portion of
    the Collateral shall be seized or taken by a Governmental Body or Person, or
    Borrower shall fail to maintain or cause to be maintained the Security
    Interests and priority of the Loan Instruments as against any Person, or the
    title and rights of any Person party to any Loan Instrument to any material
    portion of the Collateral shall have become the subject matter of litigation
    which could reasonably be expected to result in impairment or loss of the
    security provided by the Loan Instruments.

    
        8.1.9    Interruption of Operations.  If the
    operations of the System shall cease completely at any time for more than 72
    hours during any period of 10 consecutive days, unless (i) the operations of
    all or substantially all of the paging systems in the relevant market also
    are interrupted for a like period of time and (ii) Borrower shall be
    receiving during such period proceeds of business interruption insurance
    sufficient to assure that its per diem Operating Cash Flow during such
    period is at least equal to its average per diem Operating Cash Flow for the
    consecutive three month period preceding the initial date of interruption;
    provided, however, that, notwithstanding the provisions of clauses (i) and
    (ii) to the contrary, an Event of Default shall be deemed to occur hereunder
    if the operations of the System shall cease completely at any time for more
    than 120 hours during any period of 20 consecutive days.

    
        8.1.10    Plans.  If an event or condition
    specified in subsection 6.3.11 hereof shall occur or exist with respect to
    any Pension Plan or Multiemployer Plan and, as a result of such event or
    condition, together with all other such events or conditions, Borrower or
    any ERISA Affiliate shall incur, or in the opinion of Lenders be reasonably
    likely to incur, a liability to a Pension Plan or Multiemployer Plan or the PBGC (or any of them) which, in the reasonable judgment of Lender, would
    have a Material Adverse Effect.

    
        8.1.11    Change in Control.  If any "person" or
    "group" (as such terms are used for purposes of Sections 13(d) and 14(d) of
    the Securities Exchange Act, whether or not applicable) is or becomes the
    "beneficial owner" (as such term is used in Rules 13d-3 and 13d-5 under the
    Securities Exchange Act, whether or not applicable, except that a "person"
    shall be deemed to have "beneficial ownership" of all shares that any such
    person has the right to acquire, whether such right is exercisable
    immediately or only after the passage of time), directly or indirectly
    (including as a result of a merger or consolidation), of more than 30% of
    the total voting power in the aggregate of all classes of capital stock of Aquis Group then outstanding normally entitled to vote in elections of
    directors (but excluding from the percentage of voting power held by any
    group the voting power of shares owned by Desert or any such "person" or
    "group" to whom Desert assigns or transfers any such capital stock). 

        8.1.12    Subordinated Indebtedness.  If any
    payment is made on or in respect of the Amro Subordinated Note, if the
    payment of the Amro Subordinated Note is accelerated, any "event of default"
    (howsoever defined) shall have occurred therein or if any holder of the Amro
    Subordinated Note takes any action to collect any amounts thereon or in
    respect thereof.

    
        8.1.13    Amro Subordination Agreement.  If the
    Amro Subordination Agreement ceases to be in full force and effect or if
    there is a breach by Amro, Aquis Group or the Borrower thereunder.

  

        8.2    Acceleration of Borrower's Obligations.  Upon
the occurrence of:

    (a)    any Event of Default described in clauses (ii),
        (iii), (iv) and (v) of subsection 8.1.5(a) or in 8.1.5(b), all of
        Borrower's Obligations at that time outstanding automatically shall
        mature and become due, and

        (b)    any other Event of Default, Lenders, at any time,
        at their option, without further notice or demand, may declare all of
        Borrower's Obligations due and payable, whereupon Borrower's Obligations
        immediately shall mature and become due and payable,

      
    
  
all without presentment, demand, protest or notice (other
than notice of the declaration referred to in clause (b) above), all of which
hereby are waived.

        8.3    Remedies on Default.  If Borrower's
Obligations have been accelerated pursuant to Section 8.2, Lenders, at their
option, may:

        8.3.1    Enforcement of Security Interests.  Enforce
    their rights and remedies under the Loan Instruments in accordance with
    their respective terms.

    
        8.3.2    Other Remedies.  Enforce any of the
    rights or remedies accorded to Lenders and/or Agent at equity or law, by
    virtue of statute or otherwise.

  

        8.4    Application of Funds.  Any funds received by
Lenders or Agent pursuant to the exercise of any rights accorded to Lenders
and/or Agent pursuant to, or by the operation of any of the terms of, any of the
Loan Instruments, including, without limitation, insurance proceeds,
condemnation proceeds or proceeds from the sale of Collateral shall be applied
to Borrower's Obligations in the following order of priority:

    8.4.1 Expenses.  First, to the payment of (i)
    all fees and expenses actually incurred, including, without limitation,
    court costs, fees of appraisers, title charges, costs of maintaining and
    preserving the Collateral, costs of sale, and all other costs incurred by
    Agent and Lenders, in exercising any rights accorded to such Persons
    pursuant to the Loan Instruments or by applicable law, including, without
    limitation, reasonable attorney's fees, and (ii) all Liens superior to the
    Liens of Agent except such superior Liens subject to which any sale of the
    Collateral may have been made.

    
    8.4.2 Borrower's Obligations.  Next, to the
    payment of Borrower's Obligations in such order as Lenders may determine,
    provided that no amount shall be applied to the Tranche B Note before the
    Principal Balance of the Tranche A Note and all accrued interest thereon is
    paid in full and any application to the Principal Balance of the Tranche B
    Note and accrued interest thereon shall at all times be subject to Section
    2.4.3.

    
    8.4.3 Surplus.  Any surplus, to the Person or
    Persons entitled thereto.

  

        8.5    Performance of Borrower's Obligations.  If
Borrower fails to (i) maintain in force and pay for any insurance policy or bond
which Borrower is required to provide pursuant to any of the Loan Instruments,
(ii) keep the Collateral free from all Liens except for Permitted Liens,
(iii) pay when due all taxes, levies and assessments on or in respect of the
Collateral, except as otherwise permitted pursuant to the terms hereof,
(iv) make all payments and perform all acts on the part of Borrower to be paid
or performed in the manner required by the terms hereof and by the terms of the
other Loan Instruments with respect to any of the Collateral, including, without
limitation, all expenses of protecting, storing, warehousing, insuring, handling
and maintaining the Collateral, (v) keep fully and perform promptly any other of
the obligations of Borrower hereunder or under any of the other Loan
Instruments, and (vi) keep fully and perform promptly the obligations of
Borrower with respect to any issue of Indebtedness for Borrowed Money secured by
a Permitted Prior Lien, then Agent or Lenders may (but shall not be required to)
procure and pay for such insurance policy or bond, place such Collateral in good
repair and operating condition, pay, contest or settle such Liens or taxes or
any judgments based thereon or otherwise make good any other aforesaid failure
of Borrower. Borrower shall reimburse Agent and Lenders immediately upon demand
for all sums paid or advanced on behalf of Borrower for any such purpose,
together with costs and expenses (including reasonable attorney's fees) paid or
incurred by Agent and Lenders in connection therewith and interest on all sums
advanced from the date of advancement until repaid to Agent and Lenders at the
Default Rate. All such sums advanced by Agent and Lenders, with interest
thereon, immediately upon advancement thereof, shall be deemed to be part of
Borrower's Obligations.

ARTICLE IX

ADDITIONAL LENDERS AND PARTICIPANTS; THE AGENT

        9.1    Assignment to Other Lenders.

    9.1.1    Assignment.  FINOVA may make one or more
    Loan Assignments to an Assignee and each Assignee, with the prior written
    consent of Agent (which may be given or denied in the sole discretion of
    Agent), may make a Loan Assignment of the rights and obligations which were
    assigned to such Assignee, provided, however, that (i) each Loan Assignment
    shall be of a constant, and not a varying, percentage of all rights and
    obligations of such Lender under this Loan Agreement, (ii) each Loan
    Assignment shall not be less than $1,000,000 and shall be in integral
    multiples of $1,000,000 in excess thereof, (iii) the parties to each such
    Loan Assignment shall execute and deliver to the Agent an Assignment and
    Acceptance, together with any Note or Notes subject to such assignment and
    (iv) FINOVA at all times shall maintain not less than a 51% interest in
    Borrower's Obligations.

    
        9.1.2    Effect of Loan Assignment.  Upon the
    execution, delivery, acceptance and recording of an Assignment and
    Acceptance (i) the Assignee thereunder shall be a party to this Loan
    Agreement and, to the extent that rights and obligations hereunder have been
    assigned to it pursuant to such Assignment and Acceptance, have the rights
    and obligations of a Lender hereunder and (ii) the Lender thereunder shall,
    to the extent that rights and obligations hereunder have been assigned by it
    pursuant to such Assignment and Acceptance, relinquish its rights and be
    released from its obligations under this Loan Agreement.

    
        9.1.3    Register.  Agent shall maintain a copy
    of each Assignment and Acceptance delivered to and accepted by it and a
    register for the recordation of the names, addresses, and interests of the
    Lenders in Borrower's Obligations (the "Register"). The entries in the
    Register shall be conclusive and binding for all purposes, absent manifest
    error, and Borrower, Agent and Lenders may treat each Person whose name is
    recorded in the Register as a Lender hereunder for all purposes of this
    Agreement. The Register shall be available for inspection by Borrower or any
    Lender at any reasonable time and from time to time upon reasonable prior
    notice.

    
        9.1.4    Substitution of Notes.  Simultaneously
    with the delivery by Agent to Borrower of any Note which is the subject of a
    Loan Assignment which is marked "canceled," Borrower shall execute and
    deliver to Agent for delivery to (i) the applicable Assignee, a Note payable
    to the order of such Assignee in an amount equal to the amount assigned to
    such Assignee, and (ii) the assigning Lender, a Note payable to the order of
    such Lender in an amount equal to the amount retained by such Lender, each
    such Note to be substantially in the form of the canceled Note.

    
        9.1.5    Inspections.  Any action which any
    Assignee shall desire to undertake pursuant to Section 6.2 shall be
    coordinated by such Assignee through Agent, and Agent shall accompany each
    such Assignee which desires to undertake any such action pursuant to Section
    6.2.

  

        9.2    Participations.  Subject to the restrictions
set forth in subsection 9.1.1, each Lender shall have the right to sell
Participations. In the event of the sale of a Participation, the obligations of
the Lender selling such a Participation shall remain unchanged, such Lender
shall remain solely responsible for the performance thereof, such Lender shall
remain the holder of any Note which previously has been delivered to Lender
pursuant to the terms of this Loan Agreement, and Borrower shall continue to
deal solely and directly with such Lender in connection with such Lender's
rights and obligations under this Loan Agreement. Notwithstanding the sale of
any Participation, all amounts payable by Borrower pursuant to the terms of the
Loan Instruments shall be determined as if no such Participation had been sold.
No Participant shall be entitled to require a Lender to take or omit to take any
action pursuant to the Loan Instruments except as provided in the Participation
Agreement executed by and between the Participant and such Lender.

        9.3    Set Off and Sharing of Payments.  Upon the
occurrence of any Event of Default and the acceleration of Borrower's
Obligations, each Lender is authorized by Borrower, at any time or from time to
time thereafter, without notice to Borrower or to any other Person, to set off
and to appropriate and apply any and all balances held by such Lender for the
account of Borrower, and any other Property at any time held or owing by such
Lender to or for the credit or for the account of Borrower, against and on
account of any of Borrower's Obligations which are not paid when due. Borrower
agrees that (i) each Lender may exercise its right to set off with respect to
amounts in excess of such Lender's share of Borrower's Obligations and may sell
Participations in such excess to other Lenders and (ii) any Lender so purchasing
a Participation in the Loan made or other of Borrower's Obligations held by
other Lenders may exercise all rights of set-off, bankers' lien, counterclaim or
similar rights with respect to such Participation as fully as if such Lender
were a direct holder of the Loan and other of Borrower's Obligations in the
amount of such Participation.

        9.4    Lenders' Decisions.  Until a Loan Assignment
is made, all Lenders' Decisions shall be made solely by FINOVA. After a Loan
Assignment is made, any Lenders' Decisions which may be made pursuant to the
Loan Instruments by Lenders or as to which the Lenders shall have the right to
consent shall be made as set forth in the applicable Lender Addition Agreements;
provided, however, that (i) except as set forth in clause (ii) below, such
Lender Addition Agreements shall provide that any holder or holders of 67% or
more of the Principal Balance shall have the right to make all Lenders'
Decisions and to consent to any matter arising under the Loan Instruments
without obtaining the consent of any other holder or holders of the Principal
Balance and (ii) the Lender Addition Agreements may provide that the consent of
all Lenders shall be required for Lenders' Decisions relating to (A) increasing
the amount of the Loan, (B) extending the Maturity Date, (C) altering the
interest rates applicable to or the repayment terms of the Loan or (D) amending
Article VII or Article IX.

        9.5    Appointment of Agent.  Each Lender hereby
irrevocably appoints and authorizes FINOVA to act as Agent for such Lender under
this Loan Agreement and to execute and deliver or accept the other Loan
Instruments on behalf of such Lender. Each Lender hereby irrevocably authorizes,
and each holder of any Note by the acceptance of a Note shall be deemed
irrevocably to authorize, the Agent to take such action on its behalf under the
provisions of this Loan Agreement and the other Loan Instruments and any other
instruments and agreements referred to herein and therein, and to exercise such
powers and to perform such duties hereunder as are specifically delegated to or
required of the Agent by the terms of this Loan Agreement, together with such
powers as are reasonably incidental thereto. FINOVA agrees to act as the Agent
on behalf of the Lenders to the extent provided in this Loan Agreement.

        9.6    Delegation of Duties.  The Agent may perform
any of its respective duties hereunder by or through agents or employees and
shall be entitled to engage and pay for the advice or services of any attorneys,
accountants or other experts concerning all matters pertaining to its duties
hereunder and to rely upon any advice so obtained.

        9.7    Nature of Duties; Independent Credit Investigation.  Agent
shall have no duties or responsibilities except those expressly set forth in
this Loan Agreement and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Loan Agreement or
otherwise exist. The duties of Agent shall be mechanical and administrative in
nature. Agent shall not have by reason of this Loan Agreement a fiduciary or
trust relationship in respect of any Lender, and nothing in this Loan Agreement
express or implied, is intended to or shall be so construed as to impose upon
Agent any obligations in respect of this Loan Agreement except as expressly set
forth herein. Each Lender expressly acknowledges that (i) Agent has not made any
representations or warranties to it and that no act by Agent hereafter taken,
including any review of the affairs of any of the Persons party to any Loan
Instrument shall be deemed to constitute any representation or warranty by Agent
to any Lender and (ii) it has made and will continue to make, without reliance
upon Agent, its own independent investigation of the financial condition and
affairs and its own appraisal of the creditworthiness of each of the Persons
party to any Loan Instrument and the condition and value of the Collateral in
connection with this Loan Agreement and the making of the Loan.

        9.8    Instructions from Lenders.  Agent shall have
the right to request instructions from the Lenders by notice to each of the
Lenders. If Agent shall request instructions from the Lenders with respect to
any act or action (including the failure to act) in connection with this Loan
Agreement, Agent shall be entitled to refrain from such act or taking such
action unless and until Agent shall have received instructions from the Lenders,
and Agent shall not incur liability to any Person by reason of so refraining. No
Lender shall have any right of action against Agent as a result of Agent acting
or refraining from acting in accordance with the instructions of the Lenders.

        9.9    Exculpatory Provisions.  None of Agent or any
of its respective directors, officers, employees, agents, attorneys or
Affiliates shall (i) be liable to any Lender for any action taken or omitted to
be taken by it or them pursuant to any Loan Instruments unless caused by it or
its respective directors, officers, employees, agents, attorneys or Affiliates
own gross negligence or willful misconduct, (ii) be responsible in any manner to
any of Lenders for the effectiveness, enforceability, genuineness, validity or
due execution of this Loan Agreement or any other Loan Instruments or for any
recital, representation, warranty, document, certificate, report or statement
herein or made or furnished under or in connection with this Loan Agreement or
any other Loan Instruments, or (iii) be under any obligation to any of Lenders
to ascertain or to inquire as to the performance or observance of any of the
terms, covenants or conditions hereof or thereof on the part of the Persons
party to any Loan Instrument, the financial condition of such Persons, or the
existence or possible existence of any Event of Default or Incipient Default.

        9.10    Reimbursement and Indemnification by Lenders of Agent.  Each
Lender agrees to reimburse and indemnify Agent (to the extent not reimbursed by
Borrower and without limiting the obligation of Borrower to do so) in proportion
to its Ratable Share from and against all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever which may be imposed on, incurred by or
asserted against Agent in its capacity as such, in any way relating to or
arising out of this Loan Agreement or any other Loan Instruments or any action
taken or omitted by Agent hereunder or thereunder, provided that no Lender shall
be liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting
from Agent's gross negligence or willful misconduct.

        9.11    Reliance by Agent.  Agent shall be entitled
to rely upon any writing, telegram, telex or teletype message, resolution,
notice, consent, certificate, letter, statement, order or other document or
conversation by telephone or otherwise believed by it to be genuine and correct
and to have been signed, sent or made by the proper Person or Persons, and upon
the advice and opinions of counsel and other professional advisers selected by
Agent. Agent shall be fully justified in failing or refusing to take any action
hereunder unless it shall first be indemnified to its satisfaction by Lenders
against any and all liability and expense (other than a liability or expense
relating to gross negligence or willful misconduct) which may be incurred by it
by reason of taking or continuing to take any such action.

        9.12    Notice of Default.  Agent shall not be deemed
to have knowledge or notice of the occurrence of any Incipient Default or Event
of Default unless Agent has received written notice from a Lender or Borrower
referring to this Loan Agreement, describing such Incipient Default or Event of
Default and stating that such notice is a "notice of default."

        9.13    Release of Collateral.  Lenders hereby
authorize Agent to release any Lien granted to Agent upon any Collateral upon (i)
the payment and satisfaction of all of Borrower's Obligations or (ii) the
request of Borrower if such release is required pursuant to the terms of any of
the Loan Instruments.

        9.14    Lenders in Their Individual Capacities.  With
respect to the portions of the Loan made by it, Agent shall have the same rights
and powers as any other Lender and may exercise the same as thought it were not
Agent, and the term "Lenders" shall, unless the context otherwise indicates,
include Agent in its individual capacity. Agent and its Affiliates and each of
the Lenders and their respective Affiliates may, without liability to account,
except as prohibited herein, make loans to, accept deposits from, discount
drafts for, act as trustee under indentures of, and generally engage in any kind
of banking or trust business with, Borrower and its Affiliates as though such
Lender were not a Lender hereunder.

        9.15    Holders of Notes.  Agent may deem and treat
any payee of any Note as the owner hereof for all purposes unless and until
Agent receives an Assignment and Acceptance with respect thereto. Any request,
authority or consent of any Person who at the time of making such request or
giving such authority or consent is the holder of any Note shall be conclusive
and binding on any subsequent holder, transferee or assignee of such Note or of
any Note or Notes issued in exchange therefor.

        9.16    Successor Agent.  Agent may resign at any
time by giving not less than 30 days' prior written notice to Borrower and the
other Lenders. The Lenders shall have the right to appoint a successor Agent. If
a successor Agent is not appointed within 30 days following Agent's notice of
its resignation or its removal, Agent shall appoint a successor agent who shall
serve as Agent until such time as the Lenders appoint a successor Agent. Upon
its appointment, such successor Agent shall succeed to the rights, powers and
duties of Agent and the term "Agent" shall mean such successor effective upon
its appointment, and the former Agent's rights, powers and duties as Agent shall
be terminated without any other or further act or deed on the part of such
former Agent or any of the parties to this Agreement. After the resignation of
any Agent, the provisions of this Article IX shall inure to the benefit of such
former Agent and such former Agent shall not by reason of such resignation be
deemed to be released from liability for any actions taken or not taken by it
while it was Agent.

        9.17    Delivery of Information.  Agent shall not be
required to deliver to any Lender originals or copies of any documents,
instruments, reports, notices, communications or other information received by
Agent from Borrower or any other Person under or in connection with any Loan
Instruments except (i) as specifically provided in the Loan Instruments or (ii)
as specifically requested from time to time in writing by any Lender with
respect to a specific document, instrument, notice or other written
communication received by and in the possession of Agent at the time of receipt
of such request and then only in accordance with such specific request.

        9.18    Beneficiaries.  Except as expressly provided
in this Loan Agreement, the provisions of this Article IX are solely for the
benefit of Agent and Lenders, and Borrower shall not have any rights to rely on
or enforce any of the provisions hereof. In performing its functions and duties
under this Loan Agreement, Agent shall act solely as agent of Lenders and does
not assume and shall not be deemed to have assumed any obligation toward or
relationship of agency or trust with or for Borrower.

                                ARTICLE X

                                
CLOSING

            The Closing Date shall be such date as the parties shall
determine, and the Closing shall take place on such date, provided all
conditions for the Closing as set forth in this Loan Agreement have been
satisfied or otherwise waived by Agent. The Closing shall take place at the
offices of Piper Rudnick LLP, 1251 Avenue of the Americas, New York, NY 10020 or
such other place as the parties hereto shall agree. Unless the Closing occurs on
or before August 12, 2002, this Loan Agreement shall terminate and be of no
further force or effect and, except for any obligation of Borrower to Agent
pursuant to Article XI, none of the parties hereto shall have any further
obligation to any other party except as provided in the Existing Loan Agreement.

ARTICLE XI 

EXPENSES AND INDEMNITY

        11.1    Attorney's Fees and Other Fees and Expenses.  Whether
or not any of the transactions contemplated by this Loan Agreement shall be
consummated, Borrower agrees to pay to Agent on demand all expenses incurred by
Agent and Lenders, in connection with the transactions contemplated hereby
(including, without limitation, any appraisal fees, environmental audit fees and
title and recording charges) and in connection with any amendments,
modifications or waivers (whether or not the same become effective) under or in
respect of any of the Loan Instruments, including, without limitation:

        11.1.1 Fees and Expenses for Preparation of Loan
    Instruments.  All expenses, disbursements and reasonable attorney's
    fees (including, without limitation, charges for required mortgagee's title
    insurance, lien searches, reproduction of documents, long distance telephone
    calls and overnight express carriers) of counsel retained by Agent and
    Lenders in connection with the preparation and negotiation of the Loan
    Instruments or any amendments, modifications or waivers hereto or thereto.

    
        11.1.2 Fees and Expenses in Enforcement of Rights or
    Defense of Loan Instruments.  Any expenses or other costs, including
    reasonable attorney's fees and expert witness fees actually incurred by
    Agent and Lenders in connection with the enforcement or collection against
    Borrower or any other Person party to any Loan Instrument of any provision
    of any of the Loan Instruments, and in connection with or arising out of any
    litigation, investigation or proceeding instituted by any Governmental Body
    or any other Person with respect to any of the Loan Instruments, whether or
    not suit is instituted, including, but not limited to, such costs or
    expenses arising from the enforcement or collection against Borrower or any
    other Person party to the Loan Instruments of any provision of any of the
    Loan Instruments in any state or federal bankruptcy or reorganization
    proceeding.

  

        11.2    Indemnity.  Borrower agrees to indemnify and
save Agent and Lenders harmless of and from the following:

         11.2.1    Brokerage Fees.  The fees, if any, of
    brokers and finders engaged by Borrower.

    
        11.2.2    General.  Any loss, cost, liability,
    damage or expense (including reasonable attorney's fees and expenses)
    incurred by Agent and Lenders, in investigating, preparing for, defending
    against, providing evidence, producing documents or taking other action in
    respect of any commenced or threatened litigation, administrative
    proceeding, suit instituted by any Person or investigation under any law,
    including any federal securities law, the Bankruptcy Code, any relevant
    state corporate statute or any other securities law, bankruptcy law or law
    affecting creditors generally of any jurisdiction, or any regulation
    pertaining to any of the foregoing, or at common law or otherwise, relating,
    directly or indirectly, to the transactions contemplated by or referred to
    in, or any other matter related to, the Loan Instruments, whether or not
    Agent or any Lender is a party to such litigation, proceeding or suit, or is
    subject to such investigation, except to the extent of any gross negligence
    or willful misconduct of Agent or any Lender.

    
        11.2.3    Operation of Collateral; Joint Venturers.  Any
    loss, cost, liability, damage or expense (including reasonable attorney's
    fees and expenses) incurred in connection with the ownership, operation or
    maintenance of the Collateral, the construction of Agent or any Lender and
    Borrower as having the relationship of joint venturers or partners or the
    determination that Agent or any Lender has acted as agent for Borrower.

    
        11.2.4    Environmental Indemnity.  Any and all
    claims, losses, damages, response costs, clean-up costs and expenses
    suffered and/or incurred at any time by Agent and Lenders arising out of or
    in any way relating to the existence at any time of any Hazardous Materials
    in, on, under, at, transported to or from, or used in the construction
    and/or renovation of, any of the Real Estate or Leasehold Property, or
    otherwise with respect to any Environmental Law, and/or the failure of
    Borrower to perform its obligations and covenants hereunder with respect to
    environmental matters, including, but not limited to: (i) claims of any
    Persons for damages, penalties, response costs, clean-up costs, injunctive
    or other relief, (ii) costs of removal and restoration, including fees of
    attorneys and experts, and costs of reporting the existence of Hazardous
    Materials to any Governmental Body, and (iii) any expenses or obligations,
    including attorney's fees and expert witness fees, incurred at, before and
    after any trial or other proceeding before any Governmental Body or appeal therefrom whether or not taxable as costs, including, without limitation,
    witness fees, deposition costs, copying and telephone charges and other
    expenses, all of which shall be paid by Borrower to Agent or such Lender
    when incurred by Agent or such Lender, except to the extent of any gross
    negligence or willful misconduct of Agent or any Lender.

  

ARTICLE XII

MISCELLANEOUS

        12.1    Notices.  All notices and communications
under this Loan Agreement shall be in writing and shall be (i) delivered in
person, (ii) sent by telecopy, or (iii) mailed, postage prepaid, either by
registered or certified mail, return receipt requested, or by overnight express
carrier, addressed in each case as follows:

	   	To Borrower:   	Aquis Wireless Communications, Inc.
	   	   	1719A Route 10
	   	   	Suite 300
	   	   	Parsippany, New Jersey 07054
	   	   	Attention: D. Brian Plunkett
	   	   	Telecopy No.: (973) 560-8004
	 
	   	Copy to:   	Hodgson Russ LLP
	   	   	One MT Plaza
	   	   	Suite 2000
	   	   	Buffalo, New York 14203
	   	   	Attention: Joseph Galda, Esq.
	   	   	Telecopy No.: (716) 849-0349
	 
	   	To Lender:   	FINOVA Capital Corporation
	   	   	500 Church Street
	   	   	Suite 200
	   	   	Nashville, TN 37219
	   	   	Attention: Portfolio Manager
	   	   	Communications Finance
	   	   	Telecopy No.: (615) 242-0842
	 
	   	Copy to:   	FINOVA Capital Corporation
	   	   	The FINOVA Corporate Center
	   	   	4800 North Scottsdale Road
	   	   	Scottsdale, Arizona 85251-7623
	   	   	Attention: Vice President, Law
	   	   	Telecopy No.: (602) 207-5036
	 
	   	Copy to:   	Piper Rudnick LLP
	   	   	1251 Avenue of the Americas
	   	   	New York, New York 10020
	   	   	Attention: David J. Fisher, Esq.
	   	   	Telecopy No.: (212) 835-6001

or to any other address or telecopy number, as to any of the
parties hereto, as such party shall designate in a written notice to the other
parties hereto. All notices sent pursuant to the terms of this Section 12.1
shall be deemed received (i) if personally delivered, then on the Business Day
of delivery, (ii) if sent by telecopy before 2:00 p.m. Phoenix time, on the day
sent if a Business Day or if such day is not a Business Day or if sent after
2:00 p.m. Phoenix time, then on the next Business Day, (iii) if sent by
overnight, express carrier, on the next Business Day immediately following the
day sent, or (iv) if sent by registered or certified mail, on the earlier of the
fifth Business Day following the day sent or when actually received. Any notice
by telecopy shall be followed by delivery on the next Business Day by overnight,
express carrier or by hand.

        12.2    Survival of Loan Agreement; Indemnities.  All
covenants, agreements, representations and warranties made in this Loan
Agreement and in the certificates delivered pursuant hereto shall survive the
making by Lender of the Loan and the execution and delivery to Lenders of the
Note and of all other Loan Instruments, and shall continue in full force and
effect so long as any of Borrower's Obligations remain outstanding, unperformed
or unpaid. Notwithstanding the repayment of all amounts due under the Loan
Instruments, the cancellation of the Note and the release and/or cancellation of
any and all of the Loan Instruments or the foreclosure of any Liens on the
Collateral, the obligations of Borrower to indemnify Agent and Lenders with
respect to the expenses, damages, losses, costs and liabilities described in
Section 11.2 shall survive until all applicable statute of limitations periods
with respect to actions which may be brought against Agent or any Lender have
run.

        12.3    Further Assurance.  From time to time,
Borrower shall execute and deliver to Agent and Lenders such additional
documents as Lenders reasonably may require to carry out the purposes of the
Loan Instruments and to protect Lenders' rights thereunder, including, without
limitation, using its best efforts in the event any Collateral is to be sold to
secure the approval by any Governmental Body of any application required by such
Governmental Body in connection with such sale, and not take any action
inconsistent with such sale or the purposes of the Loan Instruments.

        12.4    Taxes and Fees.  Should any tax (other than
taxes based upon the net income of any Lender), recording or filing fees become
payable in respect of any of the Loan Instruments, or any amendment,
modification or supplement thereof, Borrower agrees to pay the same on demand,
together with any interest or penalties thereon attributable to any delay by
Borrower in meeting any Lender's demand, and agrees to hold Lenders harmless
with respect thereto.

        12.5    Severability.  In the event that any
provision of this Loan Agreement is deemed to be invalid by reason of the
operation of any law, including, but not limited to, any of the rules and
regulations and policies of the FCC, or by reason of the interpretation placed
thereon by any court or the FCC or any other Governmental Body, as applicable,
the validity, legality and enforceability of the remaining terms and provisions
of this Loan Agreement shall not in any way be affected or impaired thereby, all
of which shall remain in full force and effect, and the affected term or
provision shall be modified to the minimum extent permitted by law so as to
achieve most fully the intention of this Loan Agreement.

        12.6    Waiver.  No delay on the part of Agent or any
Lender in exercising any right, power or privilege hereunder shall operate as a
waiver thereof, and no single or partial exercise of any right, power or
privilege hereunder shall preclude other or further exercise thereof, or be
deemed to establish a custom or course of dealing or performance between the
parties hereto, or preclude the exercise of any other right, power or privilege.

        12.7    Modification of Loan Instruments.  No
modification or waiver of any provision of any of the Loan Instruments shall be
effective unless the same shall be in writing, and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which
given. No notice to or demand on Borrower in any case shall entitle Borrower to
any other or further notice or demand in the same, similar or other
circumstances.

        12.8    Captions.  The headings in this Loan
Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof.

        12.9    Successors and Assigns.  This Loan Agreement
shall be binding upon and inure to the benefit of and be enforceable by the
respective successors and assigns of the parties hereto, subject to the
limitations set forth in Article IX; provided, however, that Borrower shall not
be entitled to assign any of its rights or delegate any of its duties hereunder.

        12.10    Remedies Cumulative.  All rights and
remedies of Agent and Lenders pursuant to this Loan Agreement, any other Loan
Instruments or otherwise, shall be cumulative and non-exclusive, and may be
exercised singularly or concurrently. Neither Agent nor any Lender shall be
required to prosecute collection, enforcement or other remedies against Borrower
or any other Person party to the Loan Instruments before proceeding against any
such Person or to enforce or resort to any security, liens, collateral or other
rights of Agent or Lenders. One or more successive actions may be brought
against Borrower and/or any other Person party to the Loan Instruments, either
in the same action or in separate actions, as often as Lenders deem advisable,
until all of Borrower's Obligations are paid and performed in full.

        12.11    Entire Agreement; Conflict.  This Loan
Agreement and the other Loan Instruments executed prior or pursuant hereto
constitute the entire agreement among the parties hereto with respect to the
transactions contemplated hereby or thereby and supersede any prior agreements,
whether written or oral, relating to the subject matter hereof. In the event of
a conflict between the terms and conditions set forth herein and the terms and
conditions set forth in any other Loan Instrument, the terms and conditions set
forth herein shall govern.

        12.12    APPLICABLE LAW.  THE LOAN INSTRUMENTS SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS AND DECISIONS OF THE STATE
OF ARIZONA. FOR PURPOSES OF THIS SECTION 12.12, THE LOAN INSTRUMENTS SHALL BE
DEEMED TO BE PERFORMED AND MADE IN THE STATE OF ARIZONA.

        12.13    JURISDICTION AND VENUE.  BORROWER HEREBY AGREES
THAT ALL ACTIONS OR PROCEEDINGS INITIATED BY BORROWER AND ARISING DIRECTLY OR
INDIRECTLY OUT OF THE LOAN INSTRUMENTS SHALL BE LITIGATED IN THE SUPERIOR COURT
OF MARICOPA COUNTY, OR THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF
ARIZONA OR, IF AGENT OR ANY LENDER INITIATES SUCH ACTION, IN ADDITION TO THE
FOREGOING COURTS, ANY COURT IN WHICH AGENT OR SUCH LENDER SHALL INITIATE OR TO
WHICH AGENT OR SUCH LENDER SHALL REMOVE SUCH ACTION, TO THE EXTENT SUCH COURT
HAS JURISDICTION. BORROWER HEREBY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO
SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED BY AGENT OR ANY LENDER
IN OR REMOVED BY AGENT OR ANY LENDER TO ANY OF SUCH COURTS, AND HEREBY AGREES
THAT PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS
ISSUED THEREIN MAY BE SERVED IN THE MANNER PROVIDED FOR NOTICES HEREIN, AND
AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT OR OTHER PROCESS OR PAPERS MAY
BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO BORROWER AT THE ADDRESS TO
WHICH NOTICES ARE TO BE SENT PURSUANT TO SECTION 12.1. BORROWER WAIVES ANY CLAIM
THAT MARICOPA COUNTY, ARIZONA OR THE DISTRICT OF ARIZONA IS AN INCONVENIENT
FORUM OR AN IMPROPER FORUM BASED ON LACK OF VENUE. TO THE EXTENT PROVIDED BY
LAW, SHOULD BORROWER, AFTER BEING SO SERVED, FAIL TO APPEAR OR ANSWER TO ANY
SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THE NUMBER OF DAYS
PRESCRIBED BY LAW AFTER THE MAILING THEREOF, BORROWER SHALL BE DEEMED IN DEFAULT
AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED BY THE COURT AGAINST BORROWER AS
DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. THE
EXCLUSIVE CHOICE OF FORUM FOR BORROWER SET FORTH IN THIS SECTION 12.13 SHALL NOT
BE DEEMED TO PRECLUDE THE ENFORCEMENT BY AGENT OR ANY LENDER OF ANY JUDGMENT
OBTAINED IN ANY OTHER FORUM OR THE TAKING BY AGENT OR ANY LENDER OF ANY ACTION
TO ENFORCE THE SAME IN ANY OTHER APPROPRIATE JURISDICTION, AND BORROWER HEREBY
WAIVES THE RIGHT TO COLLATERALLY ATTACK ANY SUCH JUDGMENT OR ACTION.

        12.14    WAIVER OF RIGHT TO JURY TRIAL.  AGENT, LENDERS
AND BORROWER ACKNOWLEDGE AND AGREE THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
ANY OF THE LOAN INSTRUMENTS OR WITH RESPECT TO THE TRANSACTIONS CONTEMPLATED
THEREBY WOULD BE BASED UPON DIFFICULT AND COMPLEX ISSUES AND, THEREFORE, THE
PARTIES AGREE THAT ANY LAWSUIT ARISING OUT OF ANY SUCH CONTROVERSY WILL BE TRIED
IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

        12.15    TIME OF ESSENCE.  TIME IS OF THE ESSENCE FOR THE
PERFORMANCE BY BORROWER OF THE OBLIGATIONS SET FORTH IN THIS LOAN AGREEMENT AND
THE OTHER LOAN INSTRUMENTS.

        12.16    Estoppel Certificate.  Within 15 days after
Agent or any Lender requests Borrower to do so, Borrower will execute and
deliver to Agent or such Lender a statement certifying (i) that this Loan
Agreement is in full force and effect and has not been modified except as
described in such statement, (ii) the date to which interest on the Note has
been paid, (iii) the Principal Balance, (iv) whether or not to its knowledge an
Event of Default has occurred and is continuing, and, if so, specifying in
reasonable detail each such Event of Default of which it has knowledge, (v)
whether to its knowledge it has any defense, setoff or counterclaim to the
payment of the Note in accordance with its terms, and, if so, specifying each
defense, setoff or counterclaim of which it has knowledge in reasonable detail
(including where applicable the amount thereof), and (vi) as to any other matter
reasonably requested by Agent or such Lender.

        12.17    Consequential Damages.  Neither Agent nor
any Lender nor any agent or attorney of Agent or such Lender shall be liable to
Borrower for consequential damages arising from any breach of contract, tort or
other wrong relating to the establishment, administration or collection of the
Borrower's Obligations.

        12.18    Counterparts.  This Loan Agreement may be
executed by the parties hereto in several counterparts and each such counterpart
shall be deemed to be an original, but all such counterparts shall together
constitute one and the same agreement.

        12.19    No Fiduciary Relationship.  No provision in
this Loan Agreement or in any other Loan Instrument, and no course of dealing
among the parties hereto, shall be deemed to create any fiduciary duty by Agent
or any Lender to Borrower.

        12.20    Confidentiality.  Except as provided for in
the Loan Instruments and except as necessary to enable Agent or Lenders to
realize upon Borrower's Obligations and except in connection with the
administration or enforcement of Agent's and Lenders' rights under the Loan
Instruments, Agent and Lenders each shall use their commercially reasonable
efforts not to disclose any information relative to the Paging Business of
Borrower designated by Borrower as confidential to any Person without the prior
written consent of Borrower, except that Agent and Lenders may disclose any such
information (i) in connection with any proposed Loan Assignment or
Participation, (ii) which otherwise is in the public domain, (iii) to the extent
required by applicable law or any rule, regulation, decree, order or injunction
of any Governmental Body, subject to any protective order obtained by Borrower
or (iv) which is obtained by Agent or any Lender from a third party not known to
Agent or any Lender to be under an obligation of confidentiality to Borrower.

        12.21    Governmental Approval.  Notwithstanding
anything to the contrary contained herein or in any other Loan Instrument, no
party hereto shall take any action that would constitute or result in the
transfer or assignment of any FCC license, or other license, permit or authority
issued by any Governmental Body, or a transfer of control over any such license,
permit or authorization, if such assignment or transfer would require the prior
approval of and/or notice to any Governmental Body, without such party first
having notified such Governmental Body of any such assignment or transfer and,
if required, obtaining the approval of such Governmental Body therefor.

[remainder of this page intentionally left blank]

        IN WITNESS WHEREOF, this Loan Agreement has been executed
and delivered by each of the parties hereto by a duly authorized officer of each
such party on the date first set forth above.

	 	
                        
                        AQUIS WIRELESS COMMUNICATIONS, INC., 

    a Delaware
                        corporation

 
	 	By: /s/ D. Brian Plunkett
	 	D. Brian Plunkett

    Chief
    Financial Officer
	 	  

	 	
                        
                        FINOVA CAPITAL CORPORATION,

     a Delaware
                        corporation

 
	 	By: /s/ Eugene I. Davis
	 	Eugene I. Davis

    Chief
    Executive Officer

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