Document:

INTERCREDITOR AGREEMENT

     THIS INTERCREDITOR AGREEMENT ("Intercreditor Agreement") dated as of August
30,  2006 is by and among New Stream Commercial Finance, LLC, a Delaware limited
liability  company ("Revolving Loan Lender", as hereinafter further defined) and
Gottbetter  Capital  Finance,  LLC, a Delaware limited liability company, in its
capacity  as agent pursuant to the Noteholder Documents (as hereinafter defined)
for  the  Noteholders  (as hereinafter defined) (in such capacity, together with
its  successors  and  assigns,  in  such  capacity,  the  "Noteholder  Agent").
                                                           -----------------

                              W I T N E S S E T H:

     WHEREAS,  Parent,  Borrower,  certain  other subsidiaries of Parent and the
Noteholder  Agent  are  entering into the Security Agreement, dated as of August
30,  2006,  (as  such Security Agreement may be amended, modified, supplemented,
extended,  renewed,  restated  or  refinanced,  the  "Noteholder  Collateral
                                                      ----------------------
Agreement")  securing  Parent's  Senior  Secured Convertible Notes due 2008 (the
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"Notes"),  pursuant  to  which  Parent  and  Borrower are granting a lien on the
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Collateral  (as  hereinafter defined) to Noteholder Agent for the benefit of the
Noteholders;  and

     WHEREAS,  Revolving  Loan  Lender  has  entered  or  is about to enter into
financing arrangements with Borrower and Parent pursuant to which Revolving Loan
Lender  may,  upon  certain  terms  and conditions, make loans and provide other
financial  accommodations  to  Borrower  secured  by  certain  of the assets and
properties  of  Obligors;  and

     WHEREAS,  Revolving  Loan  Lender  and Noteholder Agent and the Noteholders
desire  to  enter  into this Intercreditor Agreement to (i) confirm the relative
priority  of  the security interests of Revolving Loan Lender and the Noteholder
Agent  in  the  assets  and  properties of Obligors, (ii) provide certain access
rights  and  use  of  the  Noteholder Priority Collateral (as defined below) and
(iii)  provide  for  the  orderly  sharing  among  them, in accordance with such
priorities,  of  proceeds  of  such  assets  and properties upon any foreclosure
thereon  or  other  disposition  thereof.

     NOW  THEREFORE,  in  consideration  of  the  mutual  benefits  accruing  to
Revolving Loan Lender, Noteholder Agent and Noteholders hereunder and other good
and  valuable  consideration,  the  receipt  and  sufficiency of which is hereby
acknowledged,  the  parties  hereto  do  hereby  agree  as  follows:

     1.   DEFINITIONS

     As  used  above  and  in  this Intercreditor Agreement, the following terms
shall  have  the  meanings  ascribed  to  them  below:

          1.1     "Agreements"  shall  mean,  collectively,  the  Revolving Loan
Agreements  and  the  Noteholder  Documents.

<PAGE>
          1.2     "Borrower"  shall  mean Crochet & Borel Services, Inc. and its
successors  and assigns, including, without limitation, any receiver, trustee or
debtor-in-possession  on  behalf of such person or on behalf of any successor or
assign.

          1.3     "Collateral"  shall  mean,  collectively,  the  Revolving Loan
Priority  Collateral  and  the  Noteholder  Priority  Collateral.

          1.4     "Event  of  Default"  means each "Event of Default" or similar
term,  as such term is defined in any Revolving Loan Agreement or any Noteholder
Document,  so  long  as  any  such  Agreement  is  in  effect.

          1.5     "Insolvency  Proceeding" shall mean, as to any Obligor, any of
the  following, occurring after the date hereof: (a) any case or proceeding with
respect to such Obligor under the U.S. Bankruptcy Code, any other federal, state
or  provincial  bankruptcy,  insolvency,  reorganization  or other law affecting
creditors'  rights  generally  or  any other or similar proceedings of any other
jurisdiction  or  otherwise  seeking  any  stay,  reorganization,  arrangement,
liquidation,  dissolution,  composition  or  readjustment of the obligations and
indebtedness  of  such  Obligor or (b) any proceeding seeking the appointment of
any  receiver, administrative receiver, receiver and manager, examiner, judicial
custodian,  trustee,  liquidator,  official  manager,  administrator  or similar
official  for  any  Obligor  or  any  material part of its properties or (c) any
proceedings  for liquidation, dissolution or other winding up of the business of
such  Obligor  or  (d)  the  sale  of  all or substantially all of the assets or
capital stock of such Obligor or (e) any assignment for the benefit of creditors
or  any  marshaling  of  assets  of  such  Obligor.

          1.6     "Lien"  shall  mean  any  mortgage,  deed  of  trust,  pledge,
hypothecation,  assignment,  deposit arrangement, security interest, encumbrance
(including,  but  not  limited  to, easements, rights of way and the like), lien
(statutory  or  other),  security  agreement  or  transfer intended as security,
including  without  limitation,  any  conditional  sale or other title retention
agreement, the interest of a lessor under a capital lease or any financing lease
having  substantially  the  same  economic  effect  as  any  of  the  foregoing.

          1.7     "Lien  Enforcement Action" means (a) any action by any Secured
Creditor  to  foreclose  on  the  Lien  of  such  Person  in  any portion of the
applicable Collateral, (b) any action by any Secured Creditor to take possession
of,  sell  or  otherwise  realize (judicially or non-judicially) upon all or any
portion  of  the applicable Collateral (including, without limitation, by setoff
or  notification of account debtors), and/or (c) the commencement by any Secured
Creditor  of any legal proceedings against or with respect to any portion of the
applicable  Collateral  to facilitate the actions described in (a) or (b) above.

          1.8     "Noteholder  Agent"  shall  include,  in  addition  to  the
Noteholder  Agent referred to in the recitals hereto, the then acting collateral
agent  under  the  Noteholder  Collateral  Agreement  and  any successor thereto
exercising  substantially  the  same rights and powers, or if there is no acting
collateral  agent  under  the  Noteholder  Collateral Agreement, the Noteholders
holding  a  majority  in  principal  amount of Noteholder Debt then outstanding.

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<PAGE>
          1.9     "Noteholder  Collateral  Agreement"  shall  mean  the Security
Agreement dated as of August  , 2006, among Obligors, certain other subsidiaries
                            --
of  Parent,  and  the  Noteholder  Agent.

          1.10    "Noteholder  Collateral  Documents" shall mean the Noteholder
Collateral  Agreement,  and  any  other  document  or  instrument  executed  and
delivered at any time pursuant to any Noteholder Document or otherwise, pursuant
to  which a Lien is granted by an Obligor to secure any Noteholder Debt or under
which rights or remedies with respect to any such Lien are governed, as the same
may be amended, modified, supplemented, extended, renewed, or restated from time
to  time.

          1.11    "Noteholder  Debt"  shall  mean  any  and  all  obligations,
liabilities  and indebtedness of every kind, nature and description owing by any
Obligor  to  the  Noteholder  Agent  or any of the Noteholders arising under the
Noteholder  Documents, whether direct or indirect, absolute or contingent, joint
or  several,  due  or not due, primary or secondary, liquidated or unliquidated,
secured  or  unsecured,  including principal, interest, charges, fees, premiums,
costs,  indemnities  and  expenses,  however  evidenced,  whether  as principal,
surety,  endorser,  guarantor  or  otherwise,  whether now existing or hereafter
arising, whether arising before, during or after the initial or any renewal term
of  the  Noteholder  Documents  or  after  the  commencement  of  any Insolvency
Proceeding  with  respect to any Obligor (and including, without limitation, the
payment  of  interest which would accrue and become due but for the commencement
of  such  Insolvency  Proceeding,  whether  or  not  such interest is allowed or
allowable  in  whole  or  in  part  in  any  such  Insolvency  Proceeding).

          1.12    "Noteholder  Documents"  shall  mean  the  Notes,  the  Note
Purchase  Agreement,  the Noteholder Collateral Documents, the other Transaction
Documents  (as  defined in the Note Purchase Agreement and any other document or
instrument  executed  and  delivered  at  any  time  pursuant  to any Noteholder
Document  or  otherwise, with respect to any Noteholder Debt, as the same may be
amended,  modified,  supplemented,  extended,  renewed, or restated from time to
time.

          1.13    "Noteholder  Priority  Collateral"  shall  mean all assets of
Parent  (other  than  the  Pledged Stock) and any other subsidiary of the Parent
(other  than  the  Borrower) and all now owned and hereafter acquired equipment,
fixtures  and  real  property  of  Borrower.

          1.14    "Note  Purchase Agreement" shall mean that certain Securities
Purchase  Agreement,  dated  August  30,  2006,  among  the  Parent,  Borrower,
Noteholder  Agent  and  certain  other  buyers  specified  therein.

          1.15    "Noteholders" shall mean the Persons holding Noteholder Debt.

          1.16    "Notes"  shall  have  the  meaning  set forth in the recitals
hereto.

          1.17    "Obligors"  shall  mean,  collectively,  Borrower and Parent;
sometimes  being  referred  to  herein  individually  as  an  "Obligor".

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<PAGE>
          1.18    "Parent"  shall  mean Charys Holding Company, Inc. and its of
successors  and  assigns,  including, without limitation, a receiver, trustee or
debtor-in-possession on behalf of such person or on behalf of any such successor
or  assign.

          1.19    "Person"  or  "person"  shall  mean  any  individual,  sole
proprietorship,  partnership,  corporation  (including,  without  imitation, any
corporation  which elects subchapter S status under the Internal Revenue Code of
1986, as amended), limited liability corporation, limited liability partnership,
business  trust,  unincorporated  association, joint stock company, trust, joint
venture,  or  other entity or any government or any agency or instrumentality or
political  subdivision  thereof.

          1.20    "Pledged  Stock" shall mean all of the issued and outstanding
capital  stock  of  the  Borrower.

          1.21    "Purchase Option Trigger" shall mean the occurrence of any of
the  following: (a) an Event of Default has occurred and is continuing under the
Revolving  Loan  Agreements  and  the  revolving loan and other loan commitments
under  the  Revolving  Loan Agreements have been terminated; (b) the maturity of
the  Revolving  Loan  Debt  has  been  accelerated  pursuant to a written notice
delivered  by  Revolving  Loan  Lender  to Obligors based on an Event of Default
under  the  Revolving  Loan  Agreements; or (c) Revolving Loan Lender shall have
commenced, or shall have notified Noteholder Agent in writing that it intends to
commence,  a Lien Enforcement Action with respect to any Revolving Loan Priority
Collateral,  or  shall  have  commenced, or shall have notified Noteholder Agent
that it intends to commence, the exercise of any of its rights and remedies with
respect  to  Borrower  and/or  any  other Obligors to collect the Revolving Loan
Debt,  all  in  accordance  with  the Revolving Loan Agreements; or (d) from and
after  the  date  which  is ninety-one (91) days from the date hereof, a payment
Event  of Default has occurred and is continuing under the Noteholder Documents.

          1.22    "Revolving  Loan  Agreement" shall mean the Loan and Security
Agreement,  dated  of even date herewith, by and among Revolving Loan Lender and
Borrower,  as  the  same  now  exists  or  may  hereafter  be amended, modified,
supplemented,  extended,  renewed,  restated  or  replaced.

          1.23    "Revolving  Loan  Agreements"  shall  mean, collectively, the
Revolving  Loan Agreement, the Pledge Agreement executed and delivered by Parent
in  favor of Revolving Loan Lender and all agreements, documents and instruments
at  any  time executed and/or delivered by any Obligor or any other person with,
to  or  in  favor  of  Revolving  Loan Lender in connection therewith or related
thereto,  as  all  of  the  foregoing  now  exist  or  may hereafter be amended,
modified,  supplemented,  extended,  renewed,  restated  or  replaced.

          1.24    "Revolving  Loan  Debt"  shall  mean any and all obligations,
liabilities  and indebtedness of every kind, nature and description owing by any
Obligor  to Revolving Loan Lender, including principal, interest, charges, fees,
premiums,  indemnities  and  expenses,  however evidenced, whether as principal,
surety,  endorser,  guarantor  or  otherwise,  arising  under  the

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<PAGE>
Revolving  Loan  Agreements  (including, without limitation the "Obligations" as
such  term  is  defined in the Revolving Loan Agreement as in effect on the date
hereof),  whether  now  existing  or  hereafter arising, whether arising before,
during or after the initial or any renewal term of the Revolving Loan Agreements
or  after  the commencement of any Insolvency Proceeding (and including, without
limitation,  any  principal,  interest, fees, costs, expenses and other amounts,
which  would  accrue  and become due but for the commencement of such Insolvency
Proceeding, whether or not such amounts are allowable in whole or in part in any
such  case  or  proceeding), whether direct or indirect, absolute or contingent,
joint  or  several,  due  or  not  due,  primary  or  secondary,  liquidated  or
unliquidated,  secured  or  unsecured, and whether arising directly or howsoever
acquired  by  Revolving  Loan  Lender.

          1.25    "Revolving  Loan  Lender"  shall  mean  New Stream Commercial
Finance,  LLC  and  its  respective  successors and assigns (including any other
Secured  Creditor  or group of Secured Creditors that at any time succeeds to or
refinances, replaces or substitutes for all or any portion of the Revolving Loan
Debt  at  any  time  and  from  time  to  time).

          1.26    "Revolving  Loan  Priority Collateral" shall mean the Pledged
Stock  and  all  assets  of  the Borrower other than all now owned and hereafter
acquired  equipment,  fixtures  and  real  property  of  Borrower.

          1.27    "Revolving  Loan  Termination  Date" shall mean the date that
the  Revolving  Loan  Lender  have  received  payment  in  full in cash or other
immediately  available  funds  of  all  of  the  Revolving Loan Debt (other than
contingent indemnity obligations not yet due and payable), Revolving Loan Lender
shall have received either cash collateral or a letter of credit with respect to
contingent  obligations in accordance with the Revolving Loan Agreement, and the
agreement  of the Revolving Loan Lender to make any further loans or provide any
further  financial  accommodations  to  Obligors  shall  have  been  terminated.

          1.28    "Secured  Creditors"  shall mean, collectively, (a) Revolving
Loan  Lender  and (b) Noteholder Agent and Noteholders, and, in each case, their
respective  successors  and  assigns;  sometimes  being  referred  to  herein
individually  as  a  "Secured  Creditor".

     All  terms defined in the Uniform Commercial Code as in effect in the State
of  New  York, unless otherwise defined herein shall have the meanings set forth
therein.  All  references  to  any term in the plural shall include the singular
and  all  references  to  any  term  in  the  singular shall include the plural.

     2.   SECURITY INTERESTS; PRIORITIES; REMEDIES

          2.1     Acknowledgment  of  Liens.  Revolving  Loan  Lender  hereby
                  -------------------------
acknowledges  that  Noteholder  Agent acting for and on behalf of itself and the
Noteholders  has  been  granted Liens upon all of the Collateral pursuant to the
Noteholder  Documents  to secure the Noteholder Debt.  Noteholder Agent and each
Noteholder hereby acknowledges that Revolving Loan Lender has been granted Liens
upon  the  Revolving  Loan  Priority  Collateral  pursuant to the Revolving Loan
Agreements  to  secure  the  Revolving  Loan  Debt.

          2.2     Priority  of  Liens.  Notwithstanding  the  order  or  time of
                  -------------------
attachment,  or the order, time or manner of perfection, or the order or time of
filing  or  recordation  of  any  document  or  instrument,  or  other method of
perfecting  a  security  interest  in  favor  of  each  Secured  Creditor in any
Collateral, and notwithstanding any conflicting terms or conditions which may be
contained  in  any  of  the  Agreements,  (a)  the Liens upon the Revolving Loan
Priority  Collateral  of

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<PAGE>
Revolving  Loan  Lender  have  and  shall  have priority over the Liens upon the
Revolving  Loan Priority Collateral of Noteholder Agent and the Noteholders, and
such  Liens  of  Noteholder  Agent  and  the  Noteholders  in the Revolving Loan
Priority  Collateral  are and shall be, in all respects, subject and subordinate
to the Liens of Revolving Loan Lender in the Revolving Loan Priority Collateral,
and  (b)  the  Liens upon the Noteholder Priority Collateral of Noteholder Agent
have  and  shall  have  priority  over  the  Liens,  if any, upon the Noteholder
Priority  Collateral  of Revolving Loan Lender, and such Liens of Revolving Loan
Lender  in the Noteholder Priority Collateral are and shall be, in all respects,
subject  and  subordinate  to  the  Liens  of Noteholder Agent in the Noteholder
Priority Collateral.  As more particularly set forth in Section 2.1 above, as of
the  date  hereof,  Revolving  Loan  Lender  has not been granted Liens upon the
Noteholder  Priority  Collateral.

          2.3     Priorities  Unaffected  by  Action  or  Inaction.  The  lien
                  ------------------------------------------------
priorities provided in Section 2.2 shall not be altered or otherwise affected by
any  amendment,  modification,  supplement,  extension,  renewal,  restatement,
replacement  or  refinancing of either the Revolving Loan Debt or the Noteholder
Debt,  nor by any action or inaction which any Secured Creditor may take or fail
to  take  in  respect  of  the  Collateral.

          2.4     Rights  of  Third  Parties;  No  Contest of Lien. Each Secured
                  ------------------------------------------------
Creditor  shall  be  solely  responsible  for  perfecting  and  maintaining  the
perfection  of its Lien in and to each item constituting the Collateral in which
such Secured Creditor has been granted a Lien.  The foregoing provisions of this
Intercreditor  Agreement  are  intended  solely  to  govern  the respective lien
priorities  as between the Secured Creditors and shall not impose on any Secured
Creditor  any  obligations  in  respect  of  the  disposition  of  proceeds  of
foreclosure  on  any Collateral which would conflict with prior perfected claims
therein  in  favor  of  any  other person or any order or decree of any court or
other  governmental  authority  or  any  applicable  law.  Each Secured Creditor
agrees  that  it  will  not  contest  the  validity,  perfection,  priority  or
enforceability  of  the  Liens  upon  the Collateral of Revolving Loan Lender or
Noteholder Agent, as the case may be, and that as between Revolving Loan Lender,
on  the  one  hand,  and the Noteholder Agent and Noteholders, on the other, the
terms  of  this  Intercreditor Agreement shall govern even if part or all of the
Revolving  Loan  Debt  or  the Noteholder Debt or the Liens securing payment and
performance  thereof are avoided, disallowed, set aside or otherwise invalidated
in  any  judicial  proceeding  or  otherwise.

          2.5     Access  to  Books  and  Records. In the event that any Secured
                  -------------------------------
Creditor  shall,  in the exercise of its respective enforcement rights under its
Agreements,  receive  possession  or  control  of  any  books and records of any
Obligor  which  contain  information  identifying  or  pertaining  to any of the
property  of  any  Obligor  in which the other party has been granted a Lien, it
shall  notify  Noteholder  Agent  and Revolving Loan Lender that it has received
such  books  and  records and shall, as promptly as practicable thereafter, make
available to Noteholder Agent or Revolving Loan Lender, as the case may be, such
books  and  records  for  inspection  and  duplication.

          2.6     Right to Enforce Agreements; Standstill  by  Noteholder  Agent
                  --------------------------------------------------------------
and Noteholders.
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                                     A-6
<PAGE>
          (a)     Subject  to  the  terms  and  conditions  set  forth  in  this
Intercreditor  Agreement,  (i)  Revolving  Loan  Lender shall have the exclusive
right  to manage, perform and enforce the terms of the Revolving Loan Agreements
and  take  action  with  respect  to  the Revolving Loan Priority Collateral, to
exercise  and  enforce  all  privileges and rights thereunder according to their
discretion  and  the  exercise  of  their  business judgment, including, without
limitation,  the exclusive right to take or retake control or possession of such
Collateral  and  to hold, prepare for sale, process, sell, lease, dispose of, or
liquidate  such  Collateral (ii) and Noteholder Agent and Noteholders shall have
the  exclusive  right to manage, perform and enforce the terms of the Noteholder
Documents and take action with respect to the Noteholder Priority Collateral, to
exercise  and  enforce  all  privileges and rights thereunder according to their
discretion  and  the  exercise  of  their  business judgment, including, without
limitation,  the exclusive right to take or retake control or possession of such
Collateral  and  to hold, prepare for sale, process, sell, lease, dispose of, or
liquidate  such  Collateral.  N

          (b)     Until  the  Revolving  Loan Termination Date, Noteholder Agent
and  Noteholders  will  not,  directly  or indirectly, take or commence any Lien
Enforcement  Action  against  any  of  the  Collateral;  except  that

               (i)     Noteholder  Agent and Noteholders shall have the right to
take  action  or  institute  proceedings with respect to the Noteholder Priority
Collateral  ninety  (90)  days  (the  "Noteholder  Priority  Collateral  Waiting
Period")  after  the  receipt  by  Revolving  Loan Lender of written notice from
Noteholder  Agent  (the  "Noteholder  Agent  Notice") setting forth the event of
default  which  exists  under  the Noteholder Documents (the "Noteholder Subject
Event  of  Default")  provided  that,  as  of  the  expiration of the Noteholder
Priority  Collateral  Waiting  Period  (such  date  being  referred  to  as  the
"Noteholder  Priority Collateral Enforcement Date") the Noteholder Subject Event
of  Default  remains  uncured  and  is  continuing;  and

               (ii)    Noteholder Agent and Noteholders shall have the right to
take action or institute proceedings with respect to the Revolving Loan Priority
Collateral  three  hundred  and  sixty  (360)  days  (the  "Revolving  Priority
Collateral  Waiting  Period")  after  the  receipt by Revolving Loan Lender of a
Noteholder  Agent  Notice  setting  forth  Noteholder  Subject  Event of Default
provided  that,  (A)  as  of the expiration of the Revolving Priority Collateral
Waiting  Period  (such  date  being  referred  to  as  the  "Revolving  Priority
Collateral  Enforcement  Date")  (1)  the  Noteholder  Subject  Event of Default
remains  uncured  and  is  continuing  and (2) throughout the Revolving Priority
Collateral Waiting Period, Noteholder Agent and Noteholders have diligently been
pursuing Lien Enforcement Actions against the Noteholder Priority Collateral and
as  of  the  Revolving  Priority  Collateral  Enforcement Date, Noteholder Agent
continues  to  diligently  pursue  the  Lien  Enforcement  Actions  against  the
Noteholder  Priority  Collateral; (B) so long as the Revolving Loan Debt remains
outstanding,  Noteholder  Agent and Noteholders agree that any proceeds which it
receives from the Revolving Loan Priority Collateral shall be held by Noteholder
Agent  and Noteholders in trust for Revolving Loan Lender, and shall be promptly
remitted  to  Revolving  Loan Lender for application to the Revolving Loan Debt,
and  (C)  in  the  event  that  Revolving  Loan  Lender institutes any action or
proceedings  with  respect  to  the Revolving Loan Priority Collateral after the
commencement  by  Noteholder  Agent  and Noteholders of any action or proceeding
against the Revolving Loan Priority Collateral, Noteholder Agent and Noteholders
shall  desist  from such enforcement efforts against the Revolving Loan Priority
Collateral  immediately  upon  the

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<PAGE>
commencement  of  foreclosure  or  other  enforcement  efforts by Revolving Loan
Lender  against  the  Revolving  Loan  Priority  Collateral.

          2.7     Sale  and  Release  of  Collateral.  Only the Secured Creditor
                  ----------------------------------
with  the  senior  Lien  in  the  Collateral shall have the right to restrict or
permit,  or  approve  or  disapprove, the sale, transfer or other disposition of
such  Collateral.  The  Secured  Creditor with the junior Lien on any Collateral
shall:  (a)  be deemed to have automatically and without further action released
and  terminated  any  Liens  it  may  have on such Collateral to the extent such
Collateral  is sold or otherwise disposed of either by the Secured Creditor with
the  senior  Lien on such Collateral, any agent of such Secured Creditor, or any
Obligor  with  the  consent  of  such  Secured  Creditor,  (b) be deemed to have
authorized  the Secured Creditor with the senior Lien on such Collateral to file
UCC  amendments  and  terminations  covering the Collateral so sold or otherwise
disposed  of  as to UCC financing statements between any Obligor and the Secured
Creditor  with the junior Lien thereon or any other Secured Creditor to evidence
such  release  and  termination,  (c)  promptly  upon the request of the Secured
Creditor  with  the  senior  Lien thereon execute and deliver such other release
documents  and  confirmations  of  the  authorization to file UCC amendments and
terminations  provided for herein, in each case as the Secured Creditor with the
senior  Lien  thereon  may  require  in  connection  with  such  sale  or  other
disposition  by  such  Secured  Creditor,  such Secured Creditor's agents or any
Obligor  with  the  consent  of such Secured Creditor to evidence and effectuate
such  termination and release, provided, that, any such release or UCC amendment
or  termination  by  or  on  behalf of the Secured Creditor with the junior Lien
thereon  shall  not  extend to or otherwise affect any of the rights, if any, of
such Secured Creditor with the junior Lien to the proceeds from any such sale or
other disposition of Collateral upon the payment and satisfaction in full of the
Revolving  Loan  Debt  or  the Noteholder Debt, as the case may be, whichever is
secured  by  the  senior  Lien  on  such  Collateral  and  (d) be deemed to have
consented  under  the  Agreements  of  the Secured Creditor with the junior Lien
thereon  and  the  Secured Creditors for whom such Secured Creditor is acting to
such sale or other disposition, provided, that, in any sale or other disposition
of any of the Collateral by either Secured Creditor under the Uniform Commercial
Code  or  other applicable law, such Secured Creditor shall conduct such sale or
other  disposition  in  a  commercially  reasonable  manner.

          2.8     Limitation  on  Remedies.  Except  as set forth in Section 2.6
                  ------------------------
hereof,  the  Secured  Creditor  with  a junior Lien on any Collateral will not,
directly  or indirectly,(a) exercise any of its or their rights or remedies upon
a  default  or event of default by any Obligor under its Agreements against such
Collateral,  or  (b)  seek  to  foreclose  or  realize  upon  (judicially  or
non-judicially)  its  junior  Lien  on  such  Collateral or assert any claims or
interest  therein  (including,  without limitation, by setoff or notification of
account  debtors).

          2.9     Rights  of Access and Use.  In the event that Noteholder Agent
                  -------------------------
or  any  Noteholder shall acquire control or possession of any of the Noteholder
Priority  Collateral  or  shall,  through  the  exercise  of  remedies under the
Noteholder  Documents  or  otherwise,  sell  any  of  the  Noteholder  Priority
Collateral  to any third party (a "Third Party Purchaser"), Noteholder Agent and
Noteholders  shall  permit  Revolving  Loan Lender (or require as a condition of
such  sale  to the Third Party Purchaser that the Third Party Purchaser agree to
permit  Revolving  Loan Lender), at its option and in accordance with applicable
law:  (a)  to  enter any or all of the Noteholder Priority Collateral under such
control  or  possession  (or sold to a Third Party Purchaser) consisting of real
property  during  normal  business hours in order to inspect, remove

                                     A-8
<PAGE>
or  take any action with respect to the Revolving Loan Priority Collateral or to
enforce  Revolving Loan Lender's rights with respect thereto, including, but not
limited  to,  the  examination and removal of Revolving Loan Priority Collateral
and  the  examination  and  duplication  of the books and records of any Obligor
related  to  the  Revolving  Loan  Priority  Collateral  or to otherwise handle,
deliver,  ship,  transport,  deal with or dispose of any Revolving Loan Priority
Collateral,  such  right  to  include,  without  limiting  the generality of the
foregoing,  the right to conduct one or more public or private sales or auctions
thereon;  and  (b)  use  any  of  the  Noteholder Priority Collateral under such
control  or  possession  (or  sold  to  a  Third  Party Purchaser) consisting of
equipment (including computers or other data processing equipment related to the
storage or processing of records, documents or files pertaining to the Revolving
Loan  Priority Collateral) to handle, deal with or dispose of any Revolving Loan
Priority Collateral pursuant to the rights of Revolving Loan Lender as set forth
in  the Revolving Loan Agreements, the Uniform Commercial Code of any applicable
jurisdiction  and  other applicable law. The rights of Revolving Loan Lender set
forth  in  this Section 2.9 shall be irrevocable and shall continue at Revolving
Loan  Lender's  option  for a period of ninety days (90) days from the date that
Noteholder  Agent  notifies  Revolving  Loan  Lender  that  Noteholder  Agent or
Noteholders  have  acquired  possession  or  control  of  any  of the Noteholder
Priority  Collateral.  Noteholder  Agent  and  Noteholders  shall  not  have any
responsibility  or liability for the acts or omissions of Revolving Loan Lender,
and Revolving Loan Lender shall not have any responsibility or liability for the
acts or omissions of Noteholder Agent or any Noteholder, in each case arising in
connection with such other Secured Creditor's use and/or occupancy of any of the
Noteholder  Priority  Collateral.

          2.10    Right  to  Cure.  Revolving Loan Lender shall have the right,
                  ---------------
but not any obligation, to cure any event of default, or act, condition or event
which  with  notice  or  passage  of  time  or both would constitute an event of
default,  under the Noteholder Documents for the account of Obligors at any time
within  ten  (10)  days  after  the  receipt by Revolving Loan Lender of written
notice thereof or such longer period as Noteholder Agent may agree.  In no event
shall  Revolving Loan Lender, by virtue of the payment of amounts or performance
of  any  obligation required to be paid or performed by any Obligor be deemed to
have  assumed  any obligation of any Obligor to Noteholder Agent, Noteholders or
any other person and in no event shall the Noteholder Agent or any Noteholder be
required  to  delay in the exercise of any rights or remedies as a result of any
event  of  default  (or  act, condition or event which with notice or passage of
time  or  both  would  constitute  an  event  of  default)  under the Noteholder
Documents to allow for such right of Revolving Loan Lender to cure such event of
default.

          2.11    Certain  Revolving  Loans.  If  Revolving  Loan Lender should
                  -------------------------
honor  a  request  by  any  Obligor  for  a  loan,  advance  or  other financial
accommodation under the Revolving Loan Agreements, whether or not Revolving Loan
Lender  has knowledge that the honoring of such request would result in an event
of  default,  or act, condition or event which with notice or passage of time or
both would constitute an event of default, under the Noteholder Documents, in no
event  shall  Revolving  Loan Lender have any liability whatsoever to Noteholder
Agent  or  any  Noteholder  as a result of such breach, and without limiting the
generality  of  the  foregoing,  Noteholder  Agent  and  Noteholders  agree that
Revolving  Loan  Lender  shall  not have any liability for tortious interference
with  contractual  relations  or  for inducement by Revolving Loan Lender of any
Obligor  to  breach of contract or otherwise.  Nothing contained in this Section
2.11  shall limit or waive any right that Noteholder Agent has

                                     A-9
<PAGE>
to  enforce  any  of  the  provisions  of  the  Noteholder Documents against any
Obligor, subject to such limitations, waivers or restrictions that are otherwise
imposed  on  the  Noteholder  Agent  or  Noteholders  as  provided  for  herein.

     3.   MISCELLANEOUS

          3.1     Additional  Representations.
                  ---------------------------

          (a)     Noteholder  Agent  and each Noteholder represents and warrants
severally  for  itself  and  not  jointly  to  Revolving  Loan  Lender  that:

               (i)     the  execution,  delivery  and  performance  of  this
Intercreditor Agreement by Noteholder Agent is within its powers in its capacity
as  agent  for the Noteholders, has been duly authorized by the Noteholders, and
does not contravene any law, any provision of any of the Noteholder Documents or
any agreement to which Noteholder Agent or any Noteholder is a party or by which
it  is  bound;

               (ii)    the  Noteholder  Agent and the Noteholders have not been
granted  and do not have any Liens upon the assets and properties of any Obligor
pursuant  to the Noteholder Documents, except to the extent of the Liens granted
by  such  Obligor to Noteholder Agent in its capacity as agent acting for and on
behalf  of  the  Noteholders;

               (iii)   the  Noteholder  Agent  has  been  duly  appointed  and
constituted  as  agent  to act for and on behalf of each Noteholder and has been
irrevocably  authorized  to execute and deliver this Intercreditor Agreement for
itself  and  on  behalf of each Noteholder and to perform all of its obligations
hereunder,  and  to  take  such  actions  on behalf of each Noteholder as may be
required  of  it under the terms hereof, without any further consent or approval
of any Noteholder and each Noteholder is and shall be bound by the terms of this
Intercreditor  Agreement  whether  or not such Noteholder is a signatory hereto;
and

               (iv)    this  Intercreditor  Agreement  constitutes  the  legal,
valid  and  binding  obligations  of  Noteholder  Agent  and  such  Noteholder,
enforceable  in  accordance  with  its  terms  and  shall  be  binding  on  it.

          (b)     Revolving  Loan  Lender  hereby  represents  and  warrants  to
Noteholder  Agent  and  the  Noteholders  that:

               (i)     the  execution,  delivery  and  performance  of  this
Intercreditor Agreement by Revolving Loan Lender has been duly authorized by the
Revolving  Loan Lender, and does not contravene any law, any provision of any of
the Revolving Loan Agreements or any agreement to which Revolving Loan Lender is
a  party  or  by  which  it  is  bound;  and

               (ii)    this  Intercreditor  Agreement  constitutes  the  legal,
valid  and  binding  obligations  of  Revolving  Loan  Lender,  enforceable  in
accordance  with  its  terms  and  shall  be  binding  on  it.

          3.2     Amendments.  Any  waiver,  permit,  consent or approval by any
                  ----------
Secured  Creditor  of  or  under  any  provision,  condition or covenant to this
Intercreditor  Agreement  must

                                      A-10
<PAGE>
be  in  writing  and  shall  be  effective only to the extent it is set forth in
writing  and  as  to  the  specific  facts or circumstances covered thereby. Any
amendment  of  this  Intercreditor  Agreement  must  be in writing and signed by
Revolving  Loan  Lender,  the  Required Holders (as defined in the Note Purchase
Agreement)  and  Noteholder Agent. Any waiver, permit, consent or approval of or
under any provision of this Intercreditor Agreement, or any amendment hereto, in
writing  and  signed  only  by  Noteholder  Agent shall constitute the valid and
binding  agreement  upon all of the Noteholders, and Revolving Loan Lender shall
be  entitled  to  rely  thereon  without  any  inquiry  or  diligence.

          3.3     Successors  and  Assigns.
                  ------------------------

          (a)     This  Intercreditor  Agreement  shall  be  binding  upon  each
Secured  Creditor  and its successors and assigns and shall inure to the benefit
of  each  Secured  Creditor  and  its  successors,  participants  and  assigns.
Notwithstanding  that  a  Noteholder  may not sign this Intercreditor Agreement,
each  shall  be  deemed  a party hereto and bound by the terms hereof as if such
Secured  Creditor  were  an  original  signatory  hereto.

          (b)     To  the  extent  provided in their respective Agreements, each
Secured  Creditor  reserves  the  right to grant participations in, or otherwise
sell,  assign, transfer or negotiate all or any part of, or any interest in, the
Revolving  Loan  Debt or Noteholder Debt, as the case may be, and the Collateral
securing  same;  provided,  that, no Secured Creditor shall be obligated to give
any  notices to or otherwise in any manner deal directly with any participant in
the  Revolving  Loan  Debt  or  Noteholder  Debt,  as  the  case  may be, and no
participant shall be entitled to any rights or benefits under this Intercreditor
Agreement except through the Secured Creditor with which it is a participant. In
connection  with  any  participation  or other transfer or assignment, a Secured
Creditor  (i)  may,  subject  to  its  Agreements,  disclose  to  such assignee,
participant  or other transferee or assignee all documents and information which
such  Secured  Creditor  now  or hereafter may have relating to Borrower, any of
Obligors  or the Collateral and (ii) shall disclose to such participant or other
transferee  or  assignee  the  existence  and  terms  and  conditions  of  this
Intercreditor  Agreement. In the case of an assignment or transfer, the assignee
or  transferee  acquiring  any  interest in the Noteholder Debt or the Revolving
Loan  Debt,  as  the  case  may be, shall execute and deliver to each of Secured
Creditors  a  written acknowledgement of receipt of a copy of this Intercreditor
Agreement  and  the written agreement by such person to be bound by the terms of
this  Intercreditor  Agreement.

          (c)     In  connection  with any successor financing or replacement of
the  existing  credit  facility  provided  by Revolving Loan Lender to Obligors,
Noteholder  Agent  and  Noteholders  agree  to  execute and deliver an agreement
containing  terms  substantially identical to those contained herein in favor of
any such successor or replacement Secured Creditors (provided, that, the maximum
principal  amount  of  loans  available  to  Obligors in the aggregate from such
successor or replacement Secured Creditors shall not exceed the principal amount
of  loans  available to Obligors under the Revolving Loan Agreement as in effect
on  the  date  such  successor  or replacement Secured Creditors enter into such
financing  arrangements  with  Obligors)  and  in  connection with any successor
financing or replacement of the existing credit facility provided by Noteholders
to  Obligors,  Revolving  Loan Lender agrees to execute and deliver an agreement
containing  terms  substantially identical to those contained herein in favor of
any such successor or replacement Secured Creditors (provided, that, the maximum
principal

                                      A-11
<PAGE>
amount  of  loans  available to Obligors in the aggregate from such successor or
replacement Secured Creditors shall not exceed the principal amount of the loans
outstanding as of the date such successor or replacement Secured Creditors enter
into  such  financing  arrangements  with  Obligors).

          3.4     Insolvency.  This  Intercreditor Agreement shall be applicable
                  ----------
both  before  and  after any Insolvency Proceeding by or against any Obligor and
all  converted or succeeding cases in respect thereof, and all references herein
to  any  Obligor shall be deemed to apply to a Noteholder Agent for such Obligor
or  any  Obligor as debtor-in-possession.  The relative rights of Revolving Loan
Lender,  on the one hand, and Noteholder Agent and Noteholders, on the other, to
repayment  of the Revolving Loan Debt and the Noteholder Debt, respectively, and
in  or  to any distributions from or in respect of any Obligor or any Collateral
or  proceeds  of Collateral, shall continue after the filing thereof on the same
basis as prior to the date of the petition, subject to any court order approving
the  financing  of,  or  use  of  cash  collateral  by,  any  Obligor  as
debtor-in-possession.

          3.5     Bankruptcy  Financing.  If Borrower shall become subject to an
                  ---------------------
Insolvency  Proceeding and if Revolving Loan Lender desires to permit the use of
cash  collateral or to provide financing to Borrower under either Section 363 or
Section  364 of the U.S. Bankruptcy Code or other applicable statute, Noteholder
Agent  and Noteholders agree as follows: (a) adequate notice to Noteholder Agent
and  Noteholders  shall  have  been  provided  for such financing or use of cash
collateral  if  Noteholder  Agent receives notice two (2) business days prior to
the  entry  of  the order approving such financing or use of cash collateral and
(b)  no  objection  will  be raised by Noteholder Agent or any Noteholder to any
such  financing  or use of cash collateral on the ground of a failure to provide
"adequate protection" for the Liens of Noteholder Agent or as a result of any of
the  terms  of  such  financing  or  use  of  cash collateral so long as (i) the
interest  rate,  fees,  advance  rates  and  lending  limits and other terms are
commercially  reasonable  under  the  circumstances,  (ii)  to the extent of the
secured  claim of Noteholder Agent against Borrower, Noteholder Agent receives a
replacement  Lien on the same post-petition assets of Borrower as are subject to
the Lien of Noteholder Agent, and with the same priority as existed with respect
to  such  types  of assets, prior to the commencement of the case under the U.S.
Bankruptcy  Code,  and (iii) such financing or use of cash collateral is subject
to  the  terms  of  this  Intercreditor Agreement. For purposes of this Section,
notice  of  a proposed financing or use of cash collateral shall be deemed given
when  given, in the manner prescribed by Section 3.8 hereof, to Noteholder Agent
or  its counsel. Noteholder Agent further agrees that neither Noteholder nor the
Noteholders will provide to Borrower as debtor-in-possession any financing under
Section  364(d)  of the U.S. Bankruptcy Code to the extent that Noteholder Agent
or any Noteholder would, in connection with such financing, be granted a priming
or  pari  passu  Lien  on  the  pre-petition  Collateral  of  Borrower.

          3.6     Bailee  for  Perfection;  Delivery  of Proceeds.  Each Secured
                  -----------------------------------------------
Creditor  hereby  appoints  the  others  as agent for the purposes of perfecting
their  respective  Liens  in  and  on  any of the Collateral; provided, that, no
Secured  Creditor  shall  have  any duty or liability to protect or preserve any
rights  pertaining  to any of the Collateral and, except for gross negligence or
wilful  misconduct  as  determined pursuant to a final non-appealable order of a
court  of  competent  jurisdiction,  each  Secured  Creditor  hereby waives, and
releases  the  other  Secured Creditors from, all claims and liabilities arising
pursuant  to  the other's role as bailee with respect

                                      A-12
<PAGE>
to  the  Collateral.  In  the  event  Noteholder  Agent receives proceeds of any
Revolving  Loan  Priority  Collateral,  all  such proceeds of the Revolving Loan
Priority  Collateral  received by Noteholder Agent shall be forthwith paid over,
in  the funds and currency received, to Revolving Loan Lender for application to
the  Revolving  Loan  Debt,  and  in  the  event  Revolving Loan Lender receives
proceeds  of  any  Noteholder  Priority  Collateral,  all  such  proceeds of the
Noteholder  Priority  Collateral  received  by  Revolving  Loan  Lender shall be
forthwith paid over, in the funds and currency received, to Noteholder Agent for
application  to  the Noteholder Debt. After the Revolving Loan Termination Date,
any  proceeds  of  the  Revolving Loan Priority Collateral received by Revolving
Loan  Lender  shall be remitted to Noteholder Agent unless otherwise directed by
an  order  of  a  court  of  competent  jurisdiction.

          3.7     Notices  of  Default,  Acceleration  and  Enforcement.  Each
                  -----------------------------------------------------
Secured  Creditor  shall  (a) give the other Secured Creditor written notice of:
(i)sending  any  written  notice  to  a Obligor of an event of default under its
Agreements which has not been waived or cured; (ii) any demand of payment of any
of the Noteholder Debt or the Revolving Loan Debt, as the case may be, (iii) any
commencement  of  a  foreclosure  or  other  lien enforcement proceeding by such
Secured  Creditor  against  any  Obligor  or any of the Collateral, in each case
concurrently  with the sending of such notice to any Obligor, and (b) provide to
the other Secured Creditor a copy of any written notice received by such Secured
Creditor  from a landlord or other third party of a default by any Obligor under
any  lease  or  other  agreement  of such Obligor with such third party promptly
after  the receipt thereof by such Secured Creditor; provided, that, the failure
                                                     --------  ----
of either Secured Creditor to send any such notices or provide such copy, as the
case may be, shall not create a cause of action against such Secured Creditor or
create  any claim against it or effect the relative rights, duties or priorities
established  by  this  Intercreditor  Agreement.  The  failure by either Secured
Creditor  to  send  a  copy of any such notice to the other shall not affect the
validity  of  such notice as against any Obligor. Each Obligor hereby authorizes
and  consents  to each Secured Creditor sending to the other such notices or any
other  information  with  respect  thereto.

          3.8     Notices.  All  notices,  requests  and  demands to or upon the
                  -------
respective  parties  hereto  shall be in writing and shall be deemed duly given,
made  or  received:  if  delivered  in  person, immediately upon delivery; if by
telex,  telegram  or  facsimile  transmission, immediately upon sending and upon
confirmation  of  receipt; if by nationally recognized overnight courier service
with  instructions  to deliver the next business day, one (1) business day after
sending;  and  if  mailed  by certified mail, return receipt requested, five (5)
days after mailing to the parties at their addresses set forth below (or to such
other  addresses  as the parties may designate in accordance with the provisions
of  this  Section):

   To Revolving Loan Lender:  NEW STREAM COMMERCIAL FINANCE, LLC
                              38C Grove Street
                              Ridgefield, CT 06877
                              Attention: William Steward
                              Telephone: 203-431-0330 Ext 824
                              Facsimile: 203-702-5377

   To Noteholder Agent
     and Noteholders:         GOTTBETTER CAPITAL FINANCE, LLC, as Agent
                              488 Madison Avenue, 12th  Fl.
                              New York, NY 10022
                              Attention: Michael W. Chorske
                              Telephone: 212.400.6990
                              Telecopy: 212.400.6999

                                      A-13
<PAGE>
Either  Secured  Creditor  may  change  the  address(es)  to  which all notices,
requests  and  other  communications  are to be sent by giving written notice of
such  address  change  to  the  other  Secured  Creditor in conformity with this
Section  3.8, but such change shall not be effective until notice of such change
has  been  received  by  the  other  Secured  Creditor.

          3.9     Counterparts.  This Intercreditor Agreement may be executed in
                  ------------
any  number  of  counterparts,  but  all  of  such  counterparts  shall together
constitute  but  one  and  the  same  agreement.  In  making  proof  of  this
Intercreditor Agreement it shall not be necessary to produce or account for more
than  one counterpart thereof signed by each of the parties hereto.  Delivery of
an  executed  counterpart of this Intercreditor Agreement by telefacsimile shall
have  the  same force and effect as delivery of an original executed counterpart
of this Intercreditor Agreement. Any party delivering an executed counterpart of
this  Intercreditor  Agreement  by  telefacsimile shall also deliver an original
executed  counterpart of this Intercreditor Agreement but the failure to deliver
an  original executed counterpart shall not affect the validity, enforceability,
and binding effect of this Intercreditor Agreement as to such party or any other
party.

          3.10    Governing Law.  The validity, construction and effect of this
                  -------------
Intercreditor  Agreement  shall be governed by the internal laws of the State of
New  York  but excluding any principles of conflicts of law or any other rule of
law  that  would  result in the application of the law of any jurisdiction other
than  the  laws  of  the  State  of  New  York.

          3.11    CONSENT  TO  JURISDICTION; WAIVER OF JURY TRIAL.  EACH OF THE
                  -----------------------------------------------
PARTIES  HERETO HEREBY IRREVOCABLY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF
ANY  STATE OR FEDERAL COURT LOCATED IN THE STATE OF NEW YORK AND WAIVES TRIAL BY
JURY  IN  ANY ACTION OR PROCEEDING WITH RESPECT TO THIS INTERCREDITOR AGREEMENT.

          3.12    Complete  Agreement.  This written Intercreditor Agreement is
                  -------------------
intended by the parties as a final expression of their agreement and is intended
as  a  complete  statement  of  the  terms  and  conditions  of their agreement.

          3.13    No  Third Parties Benefited.  Except as expressly provided in
                  ---------------------------
Section  3.3  and consents which are deemed to have been given under Section 2.7
hereof,  this  Intercreditor  Agreement  is  solely  for  the benefit of Secured
Creditors  and  their  respective  successors,  participants and assigns, and no
other  person  shall  have  any  right,  benefit, priority or interest under, or
because  of  the  existence  of,  this  Intercreditor  Agreement.

          3.14    Disclosures;  Non-Reliance.  Each  Secured  Creditor  has the
                  --------------------------
means  to,  and  shall  in the future remain, fully informed as to the financial
condition  and  other affairs of Obligors and no Secured Creditor shall have any
obligation  or  duty  to  disclose  any  such  information  to any other Secured
Creditor.  Except  as  expressly  set forth in this Intercreditor

                                      A-14
<PAGE>
Agreement,  the parties hereto have not otherwise made to each other nor do they
hereby make to each other any warranties, express or implied, nor do they assume
any  liability  to each other with respect to: (a) the enforceability, validity,
value  or collectability of any of the Noteholder Debt or Revolving Loan Debt or
any  guarantee  or  security  which  may  have  been  granted  to any of them in
connection  therewith,  (b)  the  title  of  any  Obligor to or the right of any
Obligor  to  transfer  any  of the Collateral, or (c) any other matter except as
expressly  set  forth  in  this  Intercreditor  Agreement.

          3.15    Term.  This Intercreditor Agreement is a continuing agreement
                  ----
and  shall  remain in full force and effect until the earlier of (a) payment and
satisfaction  in  full  of  all  Revolving  Loan Debt and the termination of the
financing arrangements between Revolving Loan Lender and Obligors or (b) payment
and  satisfaction  in  full  of  all  Noteholder Debt and the termination of the
financing  arrangements  between  Noteholder Agent and Noteholders and Obligors.

     4.   NOTEHOLDER PURCHASE OPTION

          4.1     Notice of Exercise.  If the Purchase Option Trigger shall have
                  -------------------
occurred, Noteholder Agent on behalf of the Noteholders shall have the option at
any  time  upon  ten  (10) Business Days' prior written notice to Revolving Loan
Lender  to  purchase  from  Revolving Loan Lender all of the Revolving Loan Debt
(the  "Revolving  Loan  Buyout  Amount").  Such  notice from Noteholder Agent to
Revolving  Loan  Lender  shall  be  irrevocable.

          4.2     Purchase  and Sale.  On the date specified by Noteholder Agent
                  -------------------
in  such  notice  (which shall not be less than five (5) Business Days, nor more
than  twenty  (20)  calendar days, after the receipt by Revolving Loan Lender of
the  notice  from  Noteholder  Agent  of  its election to exercise such option),
Revolving Loan Lender shall sell to Noteholder Agent, and Noteholder Agent shall
purchase  from  Revolving  Loan Lender, the Revolving Loan Debt to the extent of
the  Revolving  Loan  Buyout  Amount  (the  "Revolving Loan Debt Purchase").  In
connection  with  the  Revolving  Loan  Debt Purchase, Revolving Loan Lender and
Noteholder  Agent,  on  behalf  of the Noteholders, shall execute and deliver an
assignment  and  Revolving Loan Lender shall assign to the Noteholder Agent, for
the  benefit  of  the  Noteholders,  the  Revolving  Loan  Debt  relating to the
Revolving  Loan  Debt  Purchase.  In  addition  to  and not in limitation of the
foregoing,  contemporaneously  with  the consummation of the Revolving Loan Debt
Purchase,  the Revolving Loan Lender shall have no further obligation whatsoever
to  make  any  loans,  advances  or other financial accommodations to or for the
benefit  of  any  Obligor  under  any Revolving Loan Agreements.  Revolving Loan
Lender  hereby  represents and warrants that, as of the date hereof, no approval
of  any  court or other regulatory or governmental authority is required for the
Revolving  Loan  Debt  Purchase.

          4.3     Payment of Purchase Price.  Upon the date of such purchase and
                  --------------------------
sale,  Noteholder  Agent  shall (a) pay to Revolving Loan Lender as the purchase
price  therefor  the  full  amount  of all the Revolving Loan Buyout Amount then
outstanding  and  unpaid  (including  principal,  interest,  fees  and expenses,
including  reasonable attorneys' fees and legal expenses payable pursuant to the
Revolving  Loan  Agreement),  (b)  without duplication of any amounts paid under
Section  4.3(a)  above,  furnish  cash  collateral to Revolving Loan Lender in a
manner  and  in  such  amounts as Revolving Loan Lender determines is reasonably
necessary  to  secure

                                      A-15
<PAGE>
Revolving  Loan  Lender in connection with any issued and outstanding letters of
credit  provided  by  Revolving Loan Lender (or letters of credit that Revolving
Loan  Lender  has  arranged  to  be  provided  by  third parties pursuant to the
financing arrangements of Revolving Loan Lender with Borrower or any Obligor) to
Borrower  or any Obligor (but not in any event in an amount greater than 110% of
the  aggregate  undrawn  face  amount  of  such letters of credit), (c) agree to
reimburse Revolving Loan Lender for any loss, cost, damage or expense (including
reasonable  attorneys'  fees  and  legal  expenses)  in  connection  with  any
commissions,  fees,  costs  or  expenses  related  to any issued and outstanding
letters  of  credit  as  described  above  and  any  checks  or  other  payments
provisionally  credited to the Revolving Loan Debt, and/or as to which Revolving
Loan Lender has not yet received final payment, (d) agree to reimburse Revolving
Loan  Lender  in  respect  of  indemnification obligations of Borrower under the
Revolving  Loan  Agreements  as  to matters or circumstances known to Noteholder
Agent at the time of the purchase and sale which would reasonably be expected to
result  in  any  loss,  cost, damage or expense (including reasonable attorneys'
fees  and  legal  expenses) to Revolving Loan Lender, provided that, in no event
will  Noteholder  Agent  or  Noteholders  have any liability for such amounts in
excess  of proceeds of Collateral received by Noteholder Agent, and (e) agree to
indemnify  and  hold  harmless  Revolving Loan Lender from and against any loss,
liability,  claim,  damage or expense (including reasonable fees and expenses of
legal  counsel) arising out of any claim asserted by a third party in respect of
the  Revolving  Loan  Debt  or  Collateral  as  a  direct  result of any acts by
Noteholder  Agent occurring after the date of such purchase. Such purchase price
and  cash collateral shall be remitted by wire transfer in federal funds to such
bank  account of Revolving Loan Lender as Revolving Loan Lender may designate in
writing  to  Noteholder  Agent for such purpose. Interest shall be calculated to
but  excluding  the  Business Day on which such purchase and sale shall occur if
the  amounts  so  paid  by  Noteholder  Agent  to the bank account designated by
Revolving  Loan Lender are received in such bank account prior to 1:00 p.m., New
York  City  time and interest shall be calculated to and including such Business
Day if the amounts so paid by Noteholder Agent to the bank account designated by
Revolving  Loan  Lender  are received in such bank account later than 1:00 p.m.,
New  York  City  time.

          4.4     Limitation  on  Representations and Warranties.  Such purchase
                  -----------------------------------------------
shall  be  expressly  made  without  representation  or  warranty of any kind by
Revolving  Loan  Lender  as  to the Revolving Loan Debt or otherwise and without
recourse  to  Revolving  Loan  Lender,  except  that Revolving Loan Lender shall
represent and warrant: (a) the amount of the Revolving Loan Debt being purchased
from  it,  (b)  that Revolving Loan Lender owns the Revolving Loan Debt free and
clear  of  any  Liens or encumbrances and (c) that Revolving Loan Lender has the
right  to assign such Revolving Loan Debt and the assignment is duly authorized.

          4.5     Notice  of Exercise of Remedies.  Revolving Loan Lender agrees
                  --------------------------------
that  it will give Noteholder Agent ten (10) business days' prior written notice
of its intention to commence the exercise of any Lien Enforcement Action against
the  Revolving Loan Priority Collateral.  In the event that during such ten (10)
business  day  period,  Noteholder Agent shall send to Revolving Loan Lender the
irrevocable  notice  of  Noteholder  Agent's  intention to exercise the purchase
option  given  by  Revolving  Loan  Lender to Noteholder Agent under Section 4.1
hereof, Revolving Loan Lender shall not commence any foreclosure or other action
to  sell  or otherwise realize upon the Collateral (provided that (a) continuing
collection  of  accounts  receivable  and (b) to the extent such action does not
constitute  a  Lien  Enforcement  Action,  other  actions  permitted  under  the
Revolving  Loan  Agreements  shall not be prohibited

                                      A-16
<PAGE>
hereunder),  provided, that, Revolving Loan Lender's forbearance shall terminate
if  the  purchase  and sale with respect to the Revolving Loan Debt provided for
herein  shall  not  have closed within twenty (20) days after the receipt by the
Revolving  Loan  Lender  of  the  irrevocable  notice from Noteholder Agent, and
Revolving  Loan  Lender shall not have received payment in full of the Revolving
Loan  Debt  as  provided  for  herein  within  such  twenty  (20)  day  period.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      A-17
<PAGE>
     IN WITNESS WHEREOF, the parties have caused this Intercreditor Agreement to
be  duly  executed  as  of  the  day  and  year  first  above  written.

                                        NEW STREAM COMMERCIAL FINANCE, LLC

                                        By:
                                           ---------------------------

                                        Title:
                                               -----------------------

                                        GOTTBETTER CAPITAL FINANCE, LLC,
                                          as Agent

                                        By:
                                           ---------------------------

                                        Title: President

                                      A-18
<PAGE>
     Each  of  the  undersigned  hereby acknowledges and agrees to the foregoing
terms  and  provisions.  By  its signature below, the undersigned agrees that it
will,  together  with  its  successors  and  assigns, be bound by the provisions
hereof.

     Each of the undersigned agrees that any Secured Creditor holding Collateral
does  so  as  bailee (under the UCC) for each other Secured Creditor which has a
Lien  on  such  Collateral  and is hereby authorized to and may turn over to the
other  Secured  Creditor  upon  request  therefor any such Collateral, after all
obligations  and  indebtedness  of each of the undersigned to the bailee Secured
Creditor  have  been  fully  paid  and  performed.

     Each  of  the undersigned acknowledges and agrees that: (i) although it may
sign this Intercreditor Agreement it is not a party hereto and does not and will
not  receive  any  right,  benefit, priority or interest under or because of the
existence  of  the foregoing Intercreditor Agreement (except for a consent which
is deemed to have been given by any of Secured Creditors under Section 2.7), and
(ii)  it  will  execute  and  deliver  such  additional  documents and take such
additional  action  as may be necessary or desirable in the opinion of either of
Noteholder  Agent  or  Revolving  Loan  Lender  to effectuate the provisions and
purposes  of  the  foregoing  Intercreditor  Agreement.

                                        CROCHET & BOREL SERVICES, INC.

                                        By:
                                           ---------------------------
                                        Name:
                                             -------------------------
                                        Title:
                                              ------------------------

                                        CHARYS HOLDINGS COMPANY, INC.

                                        By:
                                           ---------------------------
                                        Name:
                                             -------------------------
                                        Title:
                                              ------------------------

                                      A-19THIS  WARRANT  WAS  ORIGINALLY  ISSUED  ON  AUGUST  28, 2006, AND SUCH
     ISSUANCE  WAS  NOT  REGISTERED  UNDER  THE  SECURITIES ACT OF 1933, AS
     AMENDED, OR ANY COMPARABLE STATE SECURITIES LAWS. NEITHER THIS WARRANT
     NOR  ANY  OF THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD,
     ASSIGNED,  TRANSFERRED,  PLEDGED  OR  OTHERWISE DISPOSED OF UNLESS THE
     SAME IS REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS
     OR  UNLESS  AN  EXEMPTION  FROM SUCH REGISTRATION IS AVAILABLE AND THE
     COMPANY  HAS  RECEIVED  EVIDENCE  OF  SUCH  EXEMPTION  REASONABLY
     SATISFACTORY  TO  IT.

                          CHARYS HOLDING COMPANY, INC.

                             STOCK PURCHASE WARRANT
                             ----------------------

Date of Issuance: August 28, 2006            Certificate No. W-2006-1

     FOR  VALUE  RECEIVED,  CHARYS HOLDING COMPANY, INC., a Delaware corporation
(the "COMPANY"), hereby grants to NEW STREAM COMMERCIAL FINANCE, LLC, a Delaware
limited  liability  company,  or  its  registered successors and/or assigns (the
"REGISTERED  HOLDERS")  the  right to purchase from the Company 2,000,000 shares
(the  "WARRANT  QUANTITY") of its Common Stock, at a price per share of four and
80/100  ($4.80)  dollars  (the "EXERCISE PRICE"). Certain capitalized terms used
herein  are  defined  in  Section  1  hereof.  The amount and kind of securities
obtainable  pursuant  to the rights granted hereunder and the purchase price for
such  securities  are subject to adjustment pursuant to the provisions contained
in  this  Warrant.

     This  Warrant  is  subject  to  the  following  provisions:

  SECTION  1.     DEFINITIONS
                  -----------

     "ADDITIONAL  SHARES  OF  COMMON STOCK" means all shares (including treasury
shares)  of  Common Stock issued or sold (or deemed to be issued) by the Company
after  the date hereof, whether or not subsequently reacquired or retired by the
Company,  other  than:

     (a)     shares  issued  on  the  exercise  of  this  Warrant;

     (b)     such  number of additional shares as may  become  issuable  on  the
exercise  of  this  Warrant  by  reason  of adjustments required pursuant to the
anti-dilution  provisions  applicable  to  this Warrant as in effect on the date
hereof;

<PAGE>
     (c)     shares,  warrants, options  and  other  securities  issued  by  the
Company  at  any  time  to  the  Registered  Holder  or  any  affiliate thereof;

     (d)     in  connection  with  an  Approved  Share  Plan;  and

     (e)     issued  upon  exercise of any  Options  or  Convertible  Securities
that  are  outstanding  on  the  date  immediately  preceding  the  date hereof.

     "APPROVED  SHARE  PLAN"  means  any  employee  benefit  plan  that has been
approved  by  the  Company's board of directors, pursuant to which the Company's
equity securities may be issued to any employee, officer, consultant or director
for  services  provided  to  the  Company.

     "COMMISSION"  means  the  Securities  and  Exchange Commission or any other
federal  agency  then  administering  the  Securities  Act  and  other  federal
securities  laws.

     "COMMON STOCK" means the Company's common stock, par value $0.001 per share
and  any other stock into which such common stock shall have been changed or any
stock  resulting  from  any reclassification of such common stock, and all other
stock of any class or classes (however designated) of the Company the holders of
which  have  the  right,  without limitation as to amount, either to all or to a
share  of  the  balance of current dividends and liquidating dividends after the
payment  of  dividends  and  distributions on any shares entitled to preference.

     "CONVERTIBLE  SECURITIES"  means  any  evidences of indebtedness, shares of
stock  (other  than  Common  Stock)  or  other securities directly or indirectly
convertible  into  or  exchangeable  for  Additional  Shares  of  Common  Stock.

     "CURRENT  MARKET PRICE" means, on any date specified herein, the average of
the  daily  Market  Price  during  the 10 consecutive trading days commencing 15
trading  days  before  such date, except that, if on any such date the shares of
Common  Stock  are not listed or admitted for trading on any national securities
exchange  or  quoted  in  the  over-the-counter market, the Current Market Price
shall  be  the  Market  Price  on  such  date.

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

     "FAIR  VALUE"  means, on any date specified herein (i) in the case of cash,
the  dollar  amount  thereof, (ii) in the case of a security, the Current Market
Price,  and (iii) in all other cases, the fair value thereof (as of a date which
is  within  20  days  of  the  date as of which the determination is to be made)
determined in good faith by the Company; provided that if the Registered Holders
provide  written notice to the Company that they do not agree with the Company's
determination  of Fair Value within a reasonable period of time after receipt of
such valuation and the documentation on which it is based, such Fair Value shall
be determined by an appraiser jointly selected by the Company and the Registered
Holders  or,  if  that  selection cannot be made within 10 days, by an appraiser
selected  by  the  American  Arbitration  Association  in

                                        2
<PAGE>
accordance  with  its  rules. The determination of such appraiser shall be final
and binding on the Company and the Registered Holders, and the fees and expenses
of  such  appraiser  shall  be  paid  by  the  Company.

     "MARKET  PRICE"  means as to any security the average of the closing prices
of  such  security's  sales  on  all domestic securities exchanges on which such
security  may at the time be listed, or, if there have been no sales on any such
exchange  on  any day, the average of the highest bid and lowest asked prices on
all  such  exchanges  at the end of such day, or, if on any day such security is
not  so listed, the average of the representative bid and asked prices quoted in
the NASDAQ System as of 4:00 P.M., New York time, on such day, or, if on any day
such security is not quoted in the NASDAQ System, the average of the highest bid
and  lowest  asked prices on such day in the domestic over-the-counter market as
reported  by  the  National  Quotation  Bureau,  Incorporated,  or  any  similar
successor  organization,  in  each  such  case averaged over a period of 21 days
consisting  of the day as of which "Market Price" is being determined and the 20
consecutive  business  days prior to such day; provided that if such security is
listed  on  any domestic securities exchange the term "business days" as used in
this sentence means business days on which such exchange is open for trading. If
at  any  time such security is not listed on any domestic securities exchange or
quoted in the NASDAQ System or the domestic over-the-counter market, the "Market
Price"  shall  be  the  Fair  Value  thereof.

     "OPTIONS"  means any rights, options or warrants to subscribe for, purchase
or  otherwise  acquire  either  Additional Shares of Common Stock or Convertible
Securities.

     "OTHER  SECURITIES"  means  any  stock  (other than Common Stock) and other
securities of the Company or any other Person (corporate or otherwise) which the
holders  of this Warrant at any time shall be entitled to receive, or shall have
received, upon the exercise of this Warrant, in lieu of or in addition to Common
Stock,  or  which  at  any  time  shall be issuable or shall have been issued in
exchange  for  or  in  replacement  of  Common  Stock  or  Other  Securities.

     "PERSON"  means  an  individual,  a  partnership,  a  joint  venture,  a
corporation,  a  limited  liability  company,  a  trust,  an  unincorporated
organization  and  a  government  or  any  department  or  agency  thereof.

     "REGISTRABLE  SECURITIES"  means  (i)  any  of  the  shares of Common Stock
issuable  on  the  exercise  of this Warrant and (ii) any shares of Common Stock
issued or to be issued with respect to the Common Stock issuable on the exercise
of  this Warrant by way of a stock dividend or stock split. As to any particular
Registrable Security, such security will cease to be a Registrable Security when
it  (A) has been effectively registered under the Securities Act and disposed of
in  accordance  with  the registration statement covering such security, (B) has
been  transferred through a broker-dealer in an open market transaction pursuant
to Rule 144 (or any similar provision then in force) or (C) is eligible for sale
pursuant  to  Rule  144(k)  (or  any  similar  provision  then  in  force).

     "SECURITIES  ACT"  means  the  Securities  Act  of 1933, as amended, or any
similar  federal  statute,  and  the  rules  and  regulations  of the Commission
thereunder,  all  as  the  same  shall  be  in  effect  at  the  time.

                                        3
<PAGE>
SECTION  2.     EXERCISE  OF  WARRANT
                ---------------------

2A.     Exercise  Period.  A  Registered  Holder may exercise, in  whole  or  in
        ----------------
part  (but  not  as  to a fractional share of Common Stock), the purchase rights
represented  by this Warrant at any time and from time to time after the Date of
Issuance  until  5:00  p.m.,  Eastern  Time,  on  August 28, 2011 (the "EXERCISE
PERIOD").

2B.     Exercise Procedure.
        ------------------

     (i)     This Warrant shall be  deemed  to  have  been  exercised  when  the
Company  has  received  all  of  the  following  items  (the  "EXERCISE  TIME"):

          (a)     a  completed Exercise Agreement, as  described  in  Section 2C
     below  and  in  the  form  set  forth  in Exhibit I hereto, executed by the
     Person  exercising  all  or part of the purchase rights represented by this
     Warrant  (the  "PURCHASER");

          (b)     this  Warrant;

          (c)     if  this  Warrant  is  not  registered  in  the  name  of  the
     Purchaser,  an  Assignment  or  Assignments  in  the  form  set  forth  in
     Exhibit  II  hereto  evidencing  the  assignment  of  this  Warrant  to the
     -----------
     Purchaser  together  with  reasonably  requested  supporting  documentation
     and/or  information  relating  thereto,  if theretofore requested, in which
     case  the  Registered  Holder  shall  have complied with the provisions set
     forth  in  Section  7  hereof;  and

          (d)     either  (1)  a  check  payable  to the Company  in  an  amount
     equal  to  the  product  of  the Exercise Price multiplied by the number of
     shares  of  Common Stock being purchased upon such exercise (the "AGGREGATE
     EXERCISE  PRICE"),  (2)  if (A) the Commission does not declare effective a
     registration  statement  contemplated  by  Section 5B of this Warrant on or
     before  the  date that is 180 days after the date of this Warrant or (B) if
     the  Company  has  not  filed  a registration statement with respect to the
     Registrable Securities on or before the date that is 90 days after the date
     of  this Warrant and the Initiating Holder (as defined below) requests that
     the  Company file a registration statement in accordance with Section 5A of
     this  Warrant  and  the  Commission  does  not  declare  that  registration
     statement  effective on or before a date that is 180 days after the date of
     such request (the circumstances described in subsections 2B(i)(d)(2)(A) and
     2B(i)(d)(2)(B)  of  this  Warrant being herein called "TRIGGERING EVENTS"),
     the surrender to the Company of debt or equity securities of the Company or
     any  of  its  wholly-owned  subsidiaries having a Market Price equal to the
     Aggregate  Exercise  Price  of  the  Common Stock being purchased upon such
     exercise  (provided  that for purposes of this subsection, the Market Price
     of  any  note or other debt security or any preferred stock shall be deemed
     to  be  equal  to the aggregate outstanding principal amount or liquidation
     value  thereof  plus  all accrued and unpaid interest thereon or accrued or
     declared and unpaid dividends thereon) or (3) if a Triggering Event occurs,
     a  written  notice  to  the  Company  that  the

                                        4
<PAGE>
     Purchaser  is  exercising the Warrant (or a portion thereof) by authorizing
     the  Company  to  withhold from issuance a number of shares of Common Stock
     issuable  upon  such  exercise  of the Warrant which when multiplied by the
     Market  Price  of the Common Stock is equal to the Aggregate Exercise Price
     (and  such withheld shares shall no longer be issuable under this Warrant).

          (ii)     Certificates  for  shares  of  Common  Stock  purchased  upon
exercise  of  this  Warrant  shall  be delivered by the Company to the Purchaser
within 10 business days after the date of the Exercise Time. Unless this Warrant
has  expired  or  all  of  the  purchase  rights  represented  hereby  have been
exercised,  the  Company  shall  prepare  a new Warrant, substantially identical
hereto,  representing the rights formerly represented by this Warrant which have
not  expired  or  been  exercised and shall, within such 10 business day period,
deliver  such  new Warrant to the Person designated for delivery in the Exercise
Agreement.

          (iii)     The  Common  Stock  issuable  upon  the  exercise  of  this
Warrant  shall  be  deemed  to have been issued to the Purchaser at the Exercise
Time,  and  the  Purchaser  shall  be deemed for all purposes to have become the
record  holder  of  such  Common  Stock at the Exercise Time, but if the Company
shall  have  notified  the  Purchaser, in writing, that additional documentation
and/or  information  is required to effect the exercise of this Warrant, for the
purpose  of  Section  2B(i)(c),  the  "Exercise Time" shall be the time when the
Company  receives  such  documentation  and/or  information.

          (iv)     The  issuance  of certificates for  shares  of  Common  Stock
upon  exercise  of  this  Warrant shall be made without charge to the Registered
Holder  or  the  Purchaser for any issuance tax in respect thereof or other cost
incurred  by  the  Company  in  connection  with  such  exercise and the related
issuance  of  shares  of  Common Stock. Each share of Common Stock issuable upon
exercise  of  this Warrant shall upon payment of the Exercise Price therefor, be
fully  paid  and  nonassessable  and free from all taxes, liens and charges with
respect  to  the  issuance  thereof.

          (v)     The  Company  shall not close its books against  the  transfer
of  this  Warrant  or  of  any share of Common Stock issued or issuable upon the
exercise of this Warrant in any manner which interferes with the timely exercise
of this Warrant. The Company shall from time to time take all such action as may
be necessary to assure that the par value per share of the unissued Common Stock
acquirable  upon  exercise of this Warrant is at all times equal to or less than
the  Exercise  Price  then  in  effect.

          (vi)     The  Company  shall assist and cooperate with any  Registered
Holder  or  Purchaser  required  to  make any governmental filings or obtain any
governmental  approvals  prior  to  or  in  connection with any exercise of this
Warrant  (including,  without limitation, making any filings required to be made
by  the  Company).

          (vii)     Notwithstanding  any  other provision hereof, if an exercise
of  any  portion  of  this Warrant is to be made in connection with a registered
public  offering or the sale of the Company, the exercise of any portion of this
Warrant  may,  at  the election of a Registered Holder hereof, be conditioned on
the  consummation  of  the  public  offering  or  sale  of  the  Company  in

                                        5
<PAGE>
which  case  such  exercise  shall  not  be  deemed  to  be  effective until the
consummation  of  such  transaction.

          (viii)     The  Company shall at all times reserve and keep  available
out of its authorized but unissued shares of Common Stock solely for the purpose
of  issuance  upon the exercise of the Warrants, such number of shares of Common
Stock  issuable upon the exercise of all outstanding Warrants. The Company shall
take  all  such  actions  as  may be necessary to assure that all such shares of
Common  Stock  may  be  so  issued  without  violation  of any applicable law or
governmental  regulation or any requirements of any domestic securities exchange
upon  which  shares of Common Stock may be listed (except for official notice of
issuance  which  shall  be  immediately  delivered by the Company upon each such
issuance). The Company shall not take any action which would cause the number of
authorized  but  unissued  shares  of Common Stock to be less than the number of
such  shares required to be reserved hereunder for issuance upon exercise of the
Warrants.

          (ix)      Upon  any  exercise of this Warrant, the Company may require
customary  investment representations from a Registered Holder and the Purchaser
to  assure  that  the  issuance  of the Common Stock hereunder shall not require
registration  or  qualification under the Securities Act or any applicable state
securities laws and such Registered Holder or the Purchaser, as the case may be,
agrees  promptly  to  provide  such  investment  representations to the Company.

     2C.     Exercise  Agreement.  Upon  any  exercise  of  this  Warrant,  the
             -------------------
Exercise  Agreement  shall  be  substantially in the form set forth in Exhibit I
                                                                       ---------
hereto,  except  that  if the shares of Common Stock are not to be issued in the
name  of  the  Person  in  whose  name  this Warrant is registered, the Exercise
Agreement  shall  also state the name of the Person to whom the certificates for
the  shares  of  Common  Stock  are to be issued, and if the number of shares of
Common  Stock  to  be  issued  does  not  include all the shares of Common Stock
purchasable  hereunder, it shall also state the name of the Person to whom a new
Warrant  for the unexercised portion of the rights hereunder is to be delivered.
Such  Exercise  Agreement  shall  be dated the actual date of execution thereof.

     2D.     Fractional  Shares.  If  a  fractional share of Common Stock would,
             ------------------
but  for  the  provisions of paragraph 2A, be issuable on exercise of the rights
represented  by  this  Warrant, the Company shall, within 10 business days after
the  date  of the Exercise Time, deliver to the Purchaser a check payable to the
Purchaser  in lieu of such fractional share in an amount equal to the difference
between  Market  Price  of  such fractional share as of the date of the Exercise
Time  and  the  Exercise  Price  of  such  fractional  share.

   SECTION  3.     ADJUSTMENT  OF  EXERCISE  PRICE  AND  NUMBER OF SHARES.  In
                   ------------------------------------------------------
order  to prevent dilution of the rights granted under this Warrant, the Warrant
Quantity  shall  be  subject to adjustment from time to time as provided in this
Section  3.

     3A.     Adjustment of Number of Shares upon  Certain  Issuances. Subject to
             -------------------------------------------------------
the  other provisions of this Section 3, in case the Company at any time or from
time  to  time  after  the  date hereof shall issue or sell Additional Shares of
Common  Stock  (including  Additional  Shares  of

                                        6
<PAGE>
Common  Stock  deemed to be issued pursuant to Section 3B) without consideration
or  for  consideration  per  share  less than the Current Market Price in effect
immediately  prior  to  such issue or sale, then, in each such case, the Warrant
Quantity  shall be increased, concurrently with such issue or sale, to an amount
determined  by  multiplying  such  Warrant  Quantity  by  a  fraction:

          (i)     the  numerator  of  which  shall be the number  of  shares  of
Common  Stock  outstanding  immediately after such issue or sale, provided that,
                                                                  ---------
for  the  purposes  of  this Section 3A(i), (i) immediately after any Additional
Shares  of  Common  Stock are deemed to have been issued pursuant to Section 3B,
such  Additional  Shares  shall  be  deemed to be outstanding, and (ii) treasury
shares  shall  not  be  deemed  to  be  outstanding,  and

          (ii)     the  denominator  of which shall be the sum of (x) the number
of  shares  of  Common Stock outstanding immediately prior to such issue or sale
and  (y)  the number of shares of Common Stock which the aggregate consideration
received by the Company for the total number of such Additional Shares of Common
Stock  so  issued  or  sold  would  purchase  at  such  Current  Market  Price.

     3B.     Treatment  of  Options  and  Convertible  Securities. In  case  the
             ----------------------------------------------------
Company  at  any  time  or  from time to time after the date hereof shall issue,
sell,  grant  or  assume,  or  shall  fix a record date for the determination of
holders  of  any  class  of  securities  of the Company entitled to receive, any
Options  or  Convertible  Securities  (whether  or not the rights thereunder are
immediately  exercisable),  then,  and  in each such case, the maximum number of
Additional  Shares  of  Common  Stock  (as  set forth in the instrument relating
thereto,  without  regard  to  any provisions contained therein for a subsequent
adjustment of such number) issuable upon the exercise of such Options or, in the
case  of Convertible Securities and Options therefor, the conversion or exchange
of  such  Convertible  Securities,  shall  be  deemed to be Additional Shares of
Common  Stock issued as of the time of such issue, sale, grant or assumption or,
in case such a record date shall have been fixed, as of the close of business on
such record date (or, if the Common Stock trades on an ex-dividend basis, on the
date  prior  to  the  commencement of ex-dividend trading), provided, that, such
                                                            --------
Additional Shares of Common Stock shall not be deemed to have been issued unless
the  consideration  per share (determined pursuant to Section 3D) of such shares
would  be  less  than  the  Current  Market  Price  in effect on the date of and
immediately  prior to such issue, sale, grant or assumption or immediately prior
to  the close of business on such record date (or, if the Common Stock trades on
an  ex-dividend  basis,  on  the  date  prior to the commencement of ex-dividend
trading),  as  the  case may be, and provided, further, that in any such case in
                                     -------- --------
which  Additional  Shares  of  Common  Stock  are  deemed  to  be  issued:

          (i)     whether  or  not  the  Additional  Shares  of  Common  Stock
underlying  such  Options  or Convertible Securities are deemed to be issued, no
further  adjustment  of  the  Warrant Quantity shall be made upon the subsequent
issue  or  sale  of  Convertible  Securities  or shares of Common Stock upon the
exercise  of  such  Options  or  the  conversion or exchange of such Convertible
Securities,  except  in  the  case of any such Options or Convertible Securities
which  contain provisions requiring an adjustment, subsequent to the date of the
issue  or  sale  thereof,  of  the  number  of Additional Shares of Common Stock
issuable upon the exercise of such Options or the conversion or exchange of such
Convertible  Securities by reason of (x) a change of control of the Company, (y)
the  acquisition  by  any  Person or group of Persons of any specified number or

                                        7
<PAGE>
 percentage  of the voting securities of the Company or (z) any similar event or
occurrence, each such case to be deemed hereunder to involve a separate issuance
of  Additional Shares of Common Stock, Options or Convertible Securities, as the
case  may  be;

          (ii)     if  such  Options  or  Convertible  Securities by their terms
provide,  with  the  passage  of  time  or  otherwise,  for  any increase in the
consideration  payable  to  the Company, or decrease in the number of Additional
Shares  of  Common  Stock  issuable,  upon  the exercise, conversion or exchange
thereof (by change of rate or otherwise), the Warrant Quantity computed upon the
original issue, sale, grant or assumption thereof (or upon the occurrence of the
record  date,  or  date prior to the commencement of ex-dividend trading, as the
case  may  be,  with  respect  thereto),  and  any  subsequent adjustments based
thereon,  shall,  upon  any  such  increase  or  decrease becoming effective, be
recomputed  to  reflect  such  increase  or  decrease insofar as it affects such
Options,  or  the  rights  of  conversion  or  exchange  under  such Convertible
Securities,  which  are  outstanding  at  such  time;

          (iii)     upon  the  expiration  (or  purchase  by  the  Company  and
cancellation  or  retirement)  of  any  such  Options  which shall not have been
exercised  or  the  expiration of any rights of conversion or exchange under any
such  Convertible  Securities which (or purchase by the Company and cancellation
or  retirement  of  any  such Convertible Securities the rights of conversion or
exchange  under  which)  shall  not  have  been  exercised, the Warrant Quantity
computed upon the original issue, sale, grant or assumption thereof (or upon the
occurrence  of the record date, or date prior to the commencement of ex-dividend
trading,  as  the  case  may  be,  with  respect  thereto),  and  any subsequent
adjustments  based thereon, shall, upon such expiration (or such cancellation or
retirement,  as  the  case  may  be),  be  recomputed  as  if:

               (a)     in  the  case  of Options for Common Stock or Convertible
     Securities,  the  only  Additional  Shares  of  Common Stock issued or sold
     were the Additional Shares of Common Stock, if any, actually issued or sold
     upon  the  exercise  of  such Options or the conversion or exchange of such
     Convertible  Securities  and  the  consideration  received therefor was the
     consideration  actually  received by the Company for the issue, sale, grant
     or  assumption  of  all  such  Options,  whether or not exercised, plus the
     consideration  actually  received by the Company upon such exercise, or for
     the  issue  or  sale of all such Convertible Securities which were actually
     converted or exchanged, plus the additional consideration, if any, actually
     received  by  the  Company  upon  such  conversion  or  exchange,  and

               (b)     in  the  case of Options for Convertible Securities, only
     the  Convertible  Securities,  if  any,  actually  issued  or sold upon the
     exercise  of  such  Options  were  issued at the time of the issue or sale,
     grant  or assumption of such Options, and the consideration received by the
     Company  for the Additional Shares of Common Stock deemed to have then been
     issued  was  the  consideration  actually  received  by the Company for the
     issue,  sale,  grant  or  assumption  of  all  such Options, whether or not
     exercised,  plus  the  consideration  deemed  to  have been received by the
     Company (pursuant to Section 3D) upon the issue or sale of such Convertible
     Securities  with  respect  to  which  such Options were actually exercised;

                                        8
<PAGE>
          (iv)     no  readjustment  pursuant to subdivision (ii) or (iii) above
shall  have the effect of decreasing the Warrant Quantity by an amount in excess
of the amount of the adjustment thereof originally made in respect of the issue,
sale,  grant  or  assumption  of  such  Options  or  Convertible Securities; and

          (v)     in  the  case  of any such Options which expire by their terms
not  more  than  30  days  after  the  date  of issue, sale, grant or assumption
thereof,  no  adjustment  of  the  Warrant  Quantity  shall  be  made  until the
expiration  or  exercise of all such Options, whereupon such adjustment shall be
made  in  the  manner  provided  in  subdivision  (iii)  above.

     3C.     Stock  Dividends, Splits, etc.   In case the Company at any time or
             ------------------------------
from time to time after the date hereof shall declare or pay any dividend on the
Common  Stock  payable  in  Common  Stock,  or shall effect a subdivision of the
outstanding  shares  of  Common  Stock into a greater number of shares of Common
Stock  (by reclassification or otherwise than by payment of a dividend in Common
Stock),  then, and in each such case, Additional Shares of Common Stock shall be
deemed  to  have  been  issued (a) in the case of any such dividend, immediately
after  the close of business on the record date for the determination of holders
of any class of securities entitled to receive such dividend, or (b) in the case
of  any  such subdivision, at the close of business on the day immediately prior
to  the  day  upon  which  such  corporate  action  becomes  effective.

     3D.     Computation of Consideration.   For the purposes of this Section 3,
             ----------------------------
the consideration for the issue or sale of any Additional Shares of Common Stock
shall,  irrespective  of  the  accounting  treatment  of  such  consideration,

          (i)     insofar  as  it consists of cash, be computed at the amount of
cash received by the Company, without deducting any expenses paid or incurred by
the Company or any commissions or compensations paid or concessions or discounts
allowed  to  underwriters,  dealers  or  others  performing  similar services in
connection  with  such  issue  or  sale,

          (ii)     insofar  as  it  consists  of property (including securities)
other than cash, be computed at the Fair Value thereof at the time of such issue
or  sale,  and

          (iii)     in case Additional Shares of Common Stock are issued or sold
together  with  other  stock  or securities or other assets of the Company for a
consideration  which covers both, the portion of such consideration so received,
computed as provided in clauses (i) and (ii) above, allocable to such Additional
Shares of Common Stock, such allocation to be determined in the same manner that
the  Fair  Value  of  property  not  consisting  of cash or securities, is to be
determined  as  provided  in  the  definition  of  Fair  Value  herein;

          (iv)     Additional  Shares of Common Stock deemed to have been issued
pursuant to Section 3B, relating to Options and Convertible Securities, shall be
deemed to have been issued for a consideration per share determined by dividing:

               (a)     the  total amount, if any, received and receivable by the
     Company  as  consideration  for  the  issue,  sale,  grant or assumption of
     the  Options  or  Convertible

                                        9
<PAGE>
     Securities  in  question,  plus  the minimum aggregate amount of additional
     consideration  (as  set  forth in the instruments relating thereto, without
     regard  to  any  provision contained therein for a subsequent adjustment of
     such  consideration)  payable  to  the Company upon the exercise in full of
     such  Options  or the conversion or exchange of such Convertible Securities
     or, in the case of Options for Convertible Securities, the exercise of such
     Options  for  Convertible Securities and the conversion or exchange of such
     Convertible  Securities,  in  each  case  computing  such  consideration as
     provided  in  this  subsection  (a),

     by

               (b)     the  maximum  number  of  shares  of Common Stock (as set
     forth  in the instruments relating thereto, without regard to any provision
     contained therein for a subsequent adjustment of such number) issuable upon
     the  exercise  of  such  Options  or  the  conversion  or  exchange of such
     Convertible  Securities;  and

          (v)     Additional  Shares  of Common Stock deemed to have been issued
pursuant  to  Section 3C, relating to stock dividends, stock splits, etc., shall
be  deemed  to  have  been  issued  for  no  consideration.

     3E.     Adjustments  for Combinations, etc.  In case the outstanding shares
             ----------------------------------
of  Common  Stock  shall  be  combined  or  consolidated, by reclassification or
otherwise,  into a lesser number of shares of Common Stock, the Warrant Quantity
in  effect  immediately  prior  to  such  combination  or  consolidation  shall,
concurrently  with  the  effectiveness  of such combination or consolidation, be
proportionately  decreased.

     3F.     Dilution in Case of Other Securities.  In case any Other Securities
             ------------------------------------
shall  be  issued  or  sold  or  shall  become subject to issue or sale upon the
conversion or exchange of any stock (or Other Securities) of the Company (or any
issuer  of  Other Securities or any other Person referred to in Section 1) or to
subscription,  purchase  or  other acquisition pursuant to any Options issued or
granted  by the Company (or any such other issuer or Person) for a consideration
such  as  to dilute, on a basis consistent with the standards established in the
other provisions of this Section 3, the purchase rights granted by this Warrant,
then,  and  in  each  such case, the computations, adjustments and readjustments
provided  for  in  this  Section 3 with respect to the Warrant Quantity shall be
made  as  nearly  as possible in the manner so provided and applied to determine
the amount of Other Securities from time to time receivable upon the exercise of
this  Warrant,  so  as to protect the Registered Holders of this Warrant against
the  effect  of  such  dilution.

     3G.     De  Minimis  Adjustments.  If  the  amount of any adjustment of the
             ------------------------
Warrant  Quantity required pursuant to this Section 3 would be less than 0.5% of
the  Warrant  Quantity  in  effect  at  the time such adjustment is otherwise so
required  to  be  made, such amount shall be carried forward and adjustment with
respect  thereto made at the time of and together with any subsequent adjustment
which,  together  with  such  amount  and any other amount or amounts so carried
forward,  shall  aggregate  a change in the Warrant Quantity of at least 0.5% of
such Warrant Quantity.  All calculations under this Warrant shall be made to the
nearest  1/10  of  a  share.

                                       10
<PAGE>
     3H.     Abandoned  Dividend  or  Distribution.  If the Company shall take a
             -------------------------------------
record  of  the holders of its Common Stock for the purpose of entitling them to
receive  a dividend or other distribution (which results in an adjustment to the
Warrant  Quantity  under  the  terms of this Warrant) and shall, thereafter, and
before  such  dividend  or  distribution  is  paid  or delivered to shareholders
entitled  thereto,  legally  abandon its plan to pay or deliver such dividend or
distribution,  then any adjustment made to the Warrant Quantity by reason of the
taking  of  such record shall be reversed, and any subsequent adjustments, based
thereon,  shall  be  recomputed.

     3I.     Reorganization,  Reclassification,  Consolidation, Merger or Sale .
             -----------------------------------------------------------------
Any recapitalization, reorganization, reclassification, consolidation, merger or
sale  of  all or substantially all of the Company's assets or other transaction,
in  each  case  which is effected in such a way that the holders of Common Stock
are  entitled to receive (either directly or upon subsequent liquidation) stock,
securities or assets with respect to or in exchange for Common Stock is referred
to  herein  as  an  "ORGANIC  CHANGE".  Prior to the consummation of any Organic
Change,  the  Company  shall  make  appropriate provision (in form and substance
satisfactory  to  the Registered Holders of the Warrants representing a majority
of  the  Common Stock obtainable upon exercise of all Warrants then outstanding)
to  insure  that each of the Registered Holders of the Warrants shall thereafter
have  the  right  to acquire and receive, in lieu of or addition to (as the case
may  be)  the  shares  of  Common  Stock  immediately theretofore acquirable and
receivable upon the exercise of such Registered Holder's Warrant, such shares of
stock, securities or assets as would have been issued or payable in such Organic
Change (if the Registered Holder had exercised this Warrant immediately prior to
such  Organic Change) with respect to or in exchange for the number of shares of
Common  Stock immediately theretofore acquirable and receivable upon exercise of
such  Registered  Holder's  Warrant had such Organic Change not taken place.  In
any  such  case,  the  Company  shall  make  provision  (in  form  and substance
commercially  reasonably  satisfactory to the Registered Holders of the Warrants
representing  a  majority  of  the  Common Stock obtainable upon exercise of all
Warrants  then  outstanding) with respect to such Registered Holders' rights and
interests  to  insure that the provisions of this Section 3 and Section 4 hereof
shall  thereafter  apply to the Warrants.  The Company shall not effect any such
consolidation,  merger  or  sale,  unless prior to the consummation thereof, the
successor  entity  (if  other  than the Company) resulting from consolidation or
merger  or  the  entity purchasing such assets assumes by written instrument (in
form  and  substance  commercially  reasonably  satisfactory  to  the Registered
Holders  of Warrants representing a majority of the Common Stock obtainable upon
exercise  of all of the Warrants then outstanding), the obligation to deliver to
each  such  Registered  Holder such shares of stock, securities or assets as, in
accordance with the foregoing provisions, such Registered Holder may be entitled
to  acquire.

     3J.     Certain  Events  .  If any event occurs of the type contemplated by
             ---------------
the  provisions  of  this  Section  3  but  not  expressly  provided for by such
provisions  (including,  without  limitation, the granting of stock appreciation
rights,  phantom  stock  rights  or other rights with equity features), then the
Company's board of directors shall make an appropriate adjustment in the Warrant
Quantity  so as to protect the rights of the Registered Holders of the Warrants;
provided  that  no such adjustment shall decrease the number of shares of Common
Stock  obtainable  as  otherwise  determined  pursuant  to  this  Section  3.

     3K.     Notices.
             -------

                                       11
<PAGE>
          (i)     Immediately  upon  any adjustment of the Warrant Quantity, the
Company  shall  give  written  notice thereof to the Registered Holders, setting
forth  in  reasonable  detail and certifying the calculation of such adjustment.

          (ii)     The  Company  shall  give  written  notice  to the Registered
Holder  at least 20 days prior to the date on which the Company closes its books
or takes a record (A) with respect to any pro rata subscription offer to holders
of  Common  Stock  or  (B)  for  determining  rights to vote with respect to any
Organic  Change,  dissolution  or  liquidation.

     SECTION  4.     PURCHASE RIGHTS .If at any time the Company issues or sells
                     ---------------
any  Options,  Convertible  Securities  or rights to purchase stock, warrants or
equity  securities  pro  rata to the record holders of any class of Common Stock
(the  "PURCHASE  RIGHTS"),  then the Registered Holders of this Warrant shall be
entitled  to  acquire,  upon  the  terms applicable to such Purchase Rights, the
aggregate  Purchase  Rights  which such Registered Holder could have acquired if
such  Registered Holder had held the number of shares of Common Stock acquirable
on  complete  exercise  of  this  Warrant immediately before the date on which a
record  is taken for the grant, issuance or sale of such Purchase Rights, or, if
no such record is taken, the date as of which the record holders of Common Stock
are  to  be  determined  for  the  grant, issue or sale of such Purchase Rights;
provided that such Registered Holder provides the Company with written notice of
its  election  to acquire such Purchase Rights within 5 business days of receipt
of  notice  thereof  by  the  Company.

     SECTION  5.     REGISTRATION  RIGHTS
                     --------------------

     5A.     Required Registration.  If the Company has not filed a registration
             ---------------------
statement  with respect to the Registrable Securities on or before the date that
is  90  days  after  the  date of this Warrant, at any time thereafter and after
receipt  of  a  written  request  from  the  Registered  Holder (the "INITIATING
HOLDER"), asking the Company to effect a registration (provided that the Company
has  previously not been required to effect a registration as provided below) of
Registrable  Securities owned by the Initiating Holders under the Securities Act
and  specifying  the  intended  method or methods of disposition thereof and the
number  of  Registrable  Securities  sought  to be registered, the Company shall
promptly  notify  all Registered Holders of Registrable Securities in writing of
the  receipt  of  such  request and each Registered Holder may elect (by written
notice  sent  to  the  Company  within  10  Business  Days from the date of such
Registered  Holder's receipt of the aforementioned Company's notice) to have its
shares  of Registrable Securities included in such registration thereof pursuant
to  this  Section  5A,  but the Company shall only be required to proceed with a
registration pursuant to this Section 5A if the number of Registrable Securities
that  the  Registered  Holders  and the Company shall have elected to include in
such  registration pursuant to this Section 5A have an aggregate Market Price in
excess of $5,000,000, before deducting any underwriter commissions or discounts.
Thereupon  the  Company shall, as expeditiously as possible, file a registration
statement  with  respect to, and use its best efforts to effect the registration
under  the  Securities  Act  of,  all  shares of Registrable Securities that the
Company  has  been  so  asked  by  such  Registered Holders, subject to the next
paragraph,  to  register  for  sale,  all  to  the extent required to permit the
disposition  (in  accordance  with  the  intended  method or methods thereof, as
aforesaid)  of  the  Registrable  Securities  so

                                       12
<PAGE>
registered.  Except  as  otherwise provided in Section 5D the Company shall bear
all  expenses  of  such  registration.

          The Company shall not be required to effect more than one registration
pursuant  to this Section 5A; but the right of the Registered Holders under this
Section  5A  to require the Company to effect a registration shall not be deemed
to  have  been  exercised if (x) a registration statement filed pursuant to this
Section  5A  shall not have become effective under the Securities Act other than
at  the  request  of  the Registered Holders or as a result of any action on the
part  of  the  Registered Holders or (y) if a registration statement pursuant to
this  Section  5A  shall have become effective under the Securities Act and  the
underwriters,  in  the  case of an underwritten offering, shall not purchase any
Registrable  Securities  because  of  a  failure of a condition contained in the
underwriting agreement (other than a condition to be performed by the Registered
Holders)  relating to the offering covered by the registration statement or  the
sale of the Registrable Securities pursuant to the registration statement is not
effected  due to any stop order, injunction or other order or requirement of the
Commission  or  other  governmental  agency  or  court (other than a stop order,
injunction,  other  order  or requirement directly attributable to any action or
inaction  on  the  part  of  the  Registered  Holders).

          If  a registration pursuant to this Section 5A is underwritten and the
managing  underwriter  or  underwriters  advise  the  Company and the Initiating
Holder  in  writing that, in their good faith opinion, the number of Registrable
Securities  requested  to  be  included  would adversely affect the marketing or
price of the Registrable Securities to be sold, the Company will include in such
registration  pursuant  to this Section 5A (i) first, the Registrable Securities
requested  to  be  included  in such registration by the Initiating Holder, (ii)
second, the Registrable Securities requested to be included in such registration
by  any  other Registered Holders and (iii) third, any other securities that the
Company  desires  to  include.  A  registration  shall not be considered to be a
registration pursuant to this Section 5A, and the Company shall nevertheless pay
the  expenses  of  such  registration,  if  (x)  as  a  result  of the foregoing
allocation,  the requesting Registered Holders are not able to register and sell
in  the  registration  at  least  75% of the Registrable Securities sought to be
included  in  the  registration, as specified in the notices by which the demand
was  made  or  (y) the registration statement requested by the Initiating Holder
does  not  become  effective  for  any  reason  other than at the request of the
Registered  Holders.

          The  Company will not be obligated to effect any registration pursuant
to  this  Section  5A  within  9 months after the effective date of any previous
registration  statement.  In  addition,  the  Company  will  not be obligated to
effect  any  registration  pursuant  to  this Section 5A if, at the time of such
request,  the filing of such registration statement would, as determined in good
faith  by  a  majority  of  the  Company's  board  of  directors,  be materially
detrimental  to  the  Company  or materially adversely affect a material Company
financing project or a material proposed or pending acquisition, merger or other
material  corporate  transaction to which the Company or any of its subsidiaries
is  or expects to be a party, but the Company may exercise such right to delay a
request  for  registration  not more than once for not more than 6 months in any
12-month  period.

     5B.     Piggyback  Registration Rights.  Until such time as the Registrable
             ------------------------------
Securities  may  be  sold in accordance with Rule 144(k) of the Commission under
the  Securities  Act,  if  the

                                       13
<PAGE>
Company  at  any  time proposes to file on its behalf and/or on behalf of any of
its security holders (the "DEMANDING SECURITY HOLDERS") a registration statement
under  the  Securities  Act  on any form (other than a registration statement on
Form  S-4 or S-8 or any successor form or to the Company's employees pursuant to
any  employee  benefit  plan,  respectively)  for  the  general  registration of
securities  to  be  sold for cash with respect to the Common Stock, it will give
written  notice  to  the  Registered Holders at least 30 days before the initial
filing  with  the Commission of the registration statement (or, in the case of a
registration  statement  that has already been filed with the Commission but has
not  yet  been  declared  effective,  within  30  days  before  the filing of an
amendment  to  the  registration  statement),  which  notice shall set forth the
intended  method  of  disposition of the securities that the Company proposes to
register.  The notice shall offer to include in such filing the aggregate number
of Registrable Securities as the Registered Holder may request.  Nothing in this
Section 5B shall preclude the Company from discontinuing the registration of its
securities  being  effected  on its behalf under this Section 5B at any time and
for  any  reason before the effective date of the registration relating thereto;
but,  in  that  event,  the  Company shall notify the Registered Holders of such
discontinuation  of  the  registration.

          Each  Registered  Holder  desiring  to  have  Registrable  Securities
registered  under  this Section 5B shall advise the Company in writing within 20
days after the date of receipt of such offer from the Company, setting forth the
amount of Registrable Securities for which registration is being requested.  The
Company  shall  thereupon  include  in  such  filing  the  number  of  shares of
Registrable  Securities  for  which registration is so requested, subject to the
next  sentence.  If  the  managing  underwriter  or underwriters of the proposed
public  offering  shall  advise the Company in writing that, in their good faith
opinion,  the  number  of  securities  to be included in such registration would
materially  and adversely affect the marketing or price of such securities to be
sold,  the  Company  will  allocate  the  securities  to  be  included  in  such
registration  first,  the  securities to be included in such registration by the
holder  or  holders  initiating the registration and  the Registrable Securities
requested  to  be  included  in  such registration by the Registered Holders and
securities  proposed  to be sold by the Company for its own account or requested
to  be  included  in  such  registration by holders of securities other than the
Registered  Holders  (pro  rata based on the number of securities proposed to be
sold by all Registered Holders and the Company). Except as otherwise provided in
Section  5D,  the  Company  shall  bear  all  expenses  of  such  registration.

          If  any  registration pursuant to this Section 5B is underwritten, the
Company will select investment banker(s) and manager(s) and make other decisions
regarding  the  underwriting  arrangements  for  the  offering.

          The  Company  has  not  entered into, and on or after the date of this
Warrant, will not enter into, any agreement that is inconsistent with the rights
granted  to  the  Registered Holders in this Warrant or that otherwise conflicts
with  its  provisions.  The  rights granted to the Registered Holders under this
Warrant do not in any way conflict with and are not inconsistent with the rights
granted  to the holders of the Company's other issued and outstanding securities
under  any  such  agreements.  Without limiting the generality of the foregoing,
the  Company  shall  not grant to any Person the right to request it to register
any  of  its  securities  under  the  Securities

                                       14
<PAGE>
Act  unless  the rights so granted are not in conflict with or inconsistent with
the  provisions  of  this  Warrant.

          Unless  otherwise  consented to in writing by the managing underwriter
or  underwriters,  neither  the Company nor any holder of Registrable Securities
will  effect  any  public  sale  or  distribution  of  its  Common  Stock or its
Convertible  Securities  during  the 10 day period before, and during the 60 day
period  beginning  on,  the  closing  date  of each underwritten offering by the
Company made pursuant to a registration statement filed pursuant to this Section
5B  or  Section 5A (except as part of such underwritten registration) whether or
not the holder participates in such registration; and, except as may be required
under  agreements  that  the  Company  enters  into  before the date hereof, the
Company  shall  cause  each  holder  of  its  privately  placed  Common Stock or
Convertible  Securities  issued  by  it at any time on or after the date of this
Warrant  to  agree  not  to  effect  any public sale or distribution of any such
securities  during  such  period,  including a sale pursuant to Rule 144 or Rule
144A  of  the  Commission  under  the  Securities  Act.

     5C.     Registration  Procedures.  If  the  Company  is  required  by  the
             ------------------------
provisions  of  this  Section 5 to use its commercially reasonable efforts (best
efforts  if  the  registration  is  pursuant  to  Section  5A)  to  effect  the
registration  of any of its Registrable Securities under the Securities Act, the
Company  will,  as  expeditiously  as  possible:

          (i)     prepare  and file with the Commission a registration statement
with  respect  to  such  securities  and use its commercially reasonable efforts
(best  efforts  if  the  registration  is  pursuant  to Section 5A) to cause the
registration  statement  to  become  effective  and  remain  effective until the
earliest  to  occur  of  (1)  the date on which all of the securities registered
thereunder  have been sold, (2) the expiration of the Exercise Period or (3) the
date  on  which  the  Registered  Holders  may  sell  the Registrable Securities
pursuant  to  Rule  144(k)  of  the  Commission  under  the  Securities Act (the
"EFFECTIVENESS  PERIOD");

          (ii)     prepare  and  file  with  the  Commission such amendments and
supplements  to the registration statement and the prospectus used in connection
therewith  as  may be necessary to keep the registration statement effective and
to  comply with the provisions of the Securities Act with respect to the sale or
other disposition of all securities covered by the registration statement during
the  Effectiveness  Period;

          (iii)     furnish  to  such  selling  security  holders such number of
copies  of  a  summary  prospectus  or other prospectus, including a preliminary
prospectus,  in conformity with the requirements of the Securities Act, and such
other  documents,  as  such  selling  security  holders  may reasonably request;

          (iv)     use  its  reasonable  efforts  to  register  or  qualify  the
securities  covered by the registration statement under such other securities or
blue  sky  laws  of  such  jurisdictions as each holder of such securities shall
request  (but,  the  Company  shall  not  be  obligated  to qualify as a foreign
corporation to do business under the laws of any jurisdiction in which it is not
then  qualified  or  to  file  any  general  consent to service or process or to
subject  itself  to  taxation in any jurisdiction), and do such other reasonable
acts  and  things  as  may  be  required  of  it  to  enable  such

                                       15
<PAGE>
security  holder  to  consummate  the  disposition  in  such jurisdiction of the
securities  covered  by  the  registration  statement

          (v)     use  its reasonable efforts to cause the securities covered by
the  registration  statement  to  be  registered  with or approved by such other
governmental agencies or authorities as may be necessary to enable such security
holder  to  consummate  the  disposition  of  the  securities  covered  by  the
registration  statement;

          (vi)     notify  each security holder of any securities covered by the
registration  statement, promptly at any time when a prospectus relating thereto
is  required  to  be  delivered under the Securities Act, of the occurrence of a
Discontinuation  Event  (as  defined below) and each Registered Holder agrees by
its  acquisition  of  such Registrable Securities that, upon receipt of a notice
from  the  Company of the occurrence of a Discontinuation Event, such Registered
Holder  will  forthwith  discontinue  disposition of such Registrable Securities
under  the  applicable  registration  statement  until  such Registered Holder's
receipt of the copies of the supplemented prospectus and/or amended registration
statement  or  until it is advised in writing by the Company that the use of the
applicable  prospectus  may be resumed, and, in either case, has received copies
of  any additional or supplemental filings that are incorporated or deemed to be
incorporated  by  reference  in  such prospectus or registration statement.  For
purposes  of  this Section 5C(vi), a "DISCONTINUATION EVENT" shall mean (1) when
the  Commission  notifies  the  Company  that  there  will be a "review" of such
registration  statement  and whenever the Commission comments in writing on such
registration  statement  and  until  the Company has addressed the comments in a
supplemented  prospectus  and/or  amended  registration  statement  and/or
supplementally;  (2) any request by the Commission or any other Federal or state
governmental  authority  for  amendments  or  supplements  to  such registration
statement  or prospectus or for additional information and until the request has
been  responded  to;  (3)  the  issuance  by  the  Commission  of any stop order
suspending  the effectiveness of such registration statement covering any or all
of  the  Registrable  Securities  or  the initiation of any proceedings for that
purpose;  (4) the receipt by the Company of any notification with respect to the
suspension  of  the  qualification or exemption from qualification of any of the
Registrable  Securities  for  sale  in  any  jurisdiction,  or the initiation or
threatening,  in  writing,  of  any  proceeding for such purpose; and/or (5) the
occurrence  of  any event or passage of time that makes the financial statements
included  in such registration statement ineligible for inclusion therein or any
statement  made  in  such  registration  statement or prospectus or any document
incorporated  or  deemed  to  be incorporated therein by reference untrue in any
material  respect or that requires any revisions to such registration statement,
prospectus  or  other  documents  so  that,  in  the  case  of such registration
statement  or  prospectus,  as  the  case may be, it will not contain any untrue
statement  of  a material fact or omit to state any material fact required to be
stated  therein  or  necessary  to  make  the statements therein in light of the
circumstances  under  which  they  were  made,  not  misleading;

          (vii)     furnish,  at  the  request  of  any  selling security holder
requesting registration of Registrable Securities pursuant to Section 5A, on the
date that such Registrable Securities are delivered to the underwriters for sale
pursuant  to  such registration or, if such Registrable Securities are not being
sold  through  underwriters,  on  the  date that the registration statement with
respect  to such Registrable Securities becomes effective, (1) an opinion, dated
such  date, of the independent counsel representing the Company for the purposes
of  such  registration,  addressed

                                       16
<PAGE>
to  the  underwriters,  or  if  such  Registrable  Securities are not being sold
through  underwriters,  then to any selling security holder making such request,
reasonably  satisfactory  in form and substance to such underwriters and to such
selling  security  holder  and  (2)  a letter dated such date from the Company's
independent  certified  public accountants, addressed to the underwriters, or if
such Registrable Securities are not being sold through underwriters, then to the
Company  and,  if  feasible,  to the selling security holder making such request
substantially  to  the  effect  that  they  are  independent  certified  public
accountants  within  the meaning of the Securities Act and  that, in the opinion
of such accountants, the Company's financial statements and other financial data
included  in  the  registration statement or the prospectus, or any amendment or
supplement  thereto,  comply  as  to  form  in  all  material  respects with the
applicable  accounting requirements of the Securities Act.  Such letter from the
independent  certified  public  accountants  shall additionally cover such other
financial matters (including information as to the period ending not more than 5
business days prior to the date of such letter) with respect to the registration
in  respect  of  which  such letter is being given as is customarily given in an
underwritten  public  offering;

          (viii)     enter  into customary agreements (including an underwriting
agreement  in  customary  form)  and  take  such other actions as are reasonably
required  in order to expedite or facilitate the disposition of such Registrable
Securities;

          (ix)     make available for inspection by any selling security holder,
by  any  underwriter participating in any disposition to be effected pursuant to
the  registration  statement  and  by  any  attorney,  accountant or other agent
retained  by  any  such  selling  security  holder  or any such underwriter, all
pertinent  financial  and  other  records,  pertinent  corporate  documents  and
properties  of  the  Company, and cause all of the Company's officers, directors
and  employees  to  supply  all information reasonably requested by such selling
security  holder,  underwriter, attorney, accountant or agent in connection with
such  registration  statement;  and

          (x)     otherwise  use  its  reasonable  efforts  to  comply  with all
applicable  rules  and  regulations of the Commission, and make available to its
security  holders,  as  soon  as  reasonably  practicable, but not later than 18
months  after  the  effective  date  of  the registration statement, an earnings
statement  covering  the  period  of at least 12 months beginning with the first
full  month  after  the  effective  date  of  the  registration statement, which
earnings  statements  shall  satisfy  the  provisions  of  Section  11(a) of the
Securities  Act.

          It  shall be a condition precedent to the Company's obligation to take
any  action  pursuant to this Section 5 in respect of the securities that are to
be  registered  at  the  request  of  any Registered Holder that such Registered
Holder  shall  furnish  to the Company such information regarding the securities
held  by  such Registered Holder, the intended method of disposition thereof and
any  other  information  as the Company shall reasonably request and as shall be
required  in  connection  with  the  action taken by the Company.  No Registered
Holder may participate in any underwritten registration pursuant to this Warrant
unless  it  (a)  agrees  to  sell  its  securities  on the basis provided in any
underwriting arrangements approved by the Persons entitled under this Warrant to
approve such arrangements; (b) completes and executes all questionnaires, powers
of  attorney, lock-up agreements, indemnities, underwriting agreements and other
documents  reasonably required under the terms of such underwriting arrangements
and

                                       17
<PAGE>
(c)  provides  all  such  information  reasonably  requested  by  the Company in
connection  with  such  registration.

     5D.     Expenses.  All  expenses  incurred  in  complying  with  Section 5,
             --------
including,  without  limitation, all registration and filing fees (including all
expenses  incident  to  filing  with  the  NASD,  printing  expenses,  fees  and
disbursements of counsel for the Company and its independent public accountants,
including,  without  limitation,  expenses  of any special audits incident to or
required by any such registration, fees and expenses incurred in connection with
the  listing  of  the  securities on any securities exchange on which the Common
Stock  is  then  listed, the reasonable fees and expenses of one counsel for the
selling  security  holders  (selected  by  those  holding  a  majority  of  the
Registrable  Securities  being  registered), fees and expenses of complying with
the  securities  or  blue  sky  laws of any jurisdictions pursuant to subsection
5C(iv)  and  any  fees and disbursements of underwriters customarily paid by the
issuers  or sellers of securities, shall be paid by the Company, except that the
Company shall not be liable for any underwriting discounts or commissions or any
transfer  taxes.

     5E.     Indemnification and Contribution.  In the event of any registration
             --------------------------------
of  any Registrable Securities under the Securities Act pursuant to this Section
5,

          (i)     the  Company  shall  indemnify and hold harmless the holder of
such  Registrable  Securities,  such  holder's  directors  and  officers,  each
underwriter  who participated in the offering of such Registrable Securities and
each  other  Person,  if any, who controls such holder or underwriter within the
meaning  of  the  Securities  Act,  against  any  losses,  claims,  damages  or
liabilities, joint or several, to which such holder, such director or officer or
underwriter or controlling Person may become subject under the Securities Act or
any  other  statute or at common law, insofar as such losses, claims, damages or
liabilities  (or  actions  in respect thereof) arise out of or are based on  any
alleged  untrue  statement of any material fact contained, on the effective date
thereof,  in  any  registration  statement  under  which  such  securities  were
registered  under  the  Securities  Act,  any  preliminary  prospectus  or final
prospectus  contained  therein,  or any amendment or supplement thereto, or  any
alleged  omission to state therein a material fact required to be stated therein
or  necessary to make the statements therein not misleading, and shall reimburse
such holder or such director, officer, underwriter or controlling Person for any
legal or any other expenses reasonably incurred by such holder or such director,
officer,  underwriter  or controlling Person in connection with investigating or
defending  any  such  loss,  claim, damage, liability or action; but the Company
shall  not  be  liable in any such case to the extent that any such loss, claim,
damage  or  liability  arises  out  of  or  is  based  on (i) any alleged untrue
statement  or  alleged omission made in such registration statement, preliminary
prospectus,  prospectus  or  amendment  or  supplement  in  reliance  on  and in
conformity  with  written  information  furnished to the Company by such holder,
director,  officer,  underwriter  or  controlling  Person,  as  the case may be,
specifically  for  use  therein  or  (ii)  a failure by the indemnified party to
deliver  a  copy  of the registration statement or prospectus or an amendment or
supplement  thereto after the Company has furnished the indemnified party with a
sufficient  number  of  copies of the same.  Such indemnity shall remain in full
force  and  effect  regardless of any investigation made by or on behalf of such
holder  or  such director, officer, underwriter or controlling Person, and shall
survive  the  transfer  of  such  securities  by  such  holder.

                                       18
<PAGE>
          (ii)     Each  holder  of  any  Registrable  Securities, by acceptance
thereof,  agrees  to  indemnify and hold harmless the Company, its directors and
officers  and  each  other  Person,  if any, who controls the Company within the
meaning  of the Securities Act against any losses, claims, liabilities, joint or
several,  to  which the Company, any such director or officer or any such Person
may  become  subject  under the Securities Act or any other statute or at common
law, insofar as such losses, claims, liabilities (or actions in respect thereof)
arise  out  of or are based on information in writing provided to the Company by
such  holder  of  such  Registrable  Securities contained, on the effective date
thereof,  in  any  registration statement under which securities were registered
under  the  Securities  Act  at  the  request  of  such  holder, any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereto;  but  such  holder's  indemnification obligations under this subsection
5E(ii) shall be limited to an amount equal to the net proceeds actually received
by  the holder from the sale of Registrable Securities covered by the applicable
registration  statement.

          (iii)     If  the  indemnification provided for in this Section 5 from
the  indemnifying  party  is  unavailable  to  an indemnified party hereunder in
respect  of  any  losses,  claims,  damages, liabilities or expenses referred to
herein,  then  the  indemnifying party, in lieu of indemnifying such indemnified
party,  shall contribute to the amount paid or payable by such indemnified party
as  a  result  of  such losses, claims, damages, liabilities or expenses in such
proportion  as  is appropriate to reflect the relative fault of the indemnifying
party  and  indemnified  parties in connection with the actions that resulted in
such  losses,  claims,  damages,  liabilities  or expenses, as well as any other
relevant  equitable  considerations.  The  relative  fault  of such indemnifying
party  and  indemnified parties shall be determined by reference to, among other
things,  whether  any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material
fact, has been made by, or relates to information supplied by, such indemnifying
party or indemnified parties, and the parties relative intent, knowledge, access
to  information  and  opportunity to correct or prevent such action.  The amount
paid  or  payable  by  a  party  under this Section 5 as a result of the losses,
claims,  damages,  liabilities and expenses referred to above shall be deemed to
include any legal or other fees or expenses reasonably incurred by such party in
connection  with  any  investigation  or  proceeding.

          The  parties  hereto  agree that it would not be just and equitable if
contribution  pursuant  to  this  subsection 5E(iii) were determined by pro rata
allocation  or  by  any other method of allocation that does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
No  Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f)  of  the Securities Act) shall be entitled to contribution from any Person
who  was  not  guilty  of  such  fraudulent  misrepresentation.

          (iv)     If  any  action  or  proceeding  (including  any governmental
investigation or inquiry) shall be brought or asserted against any holder or any
Person controlling a holder in respect of which indemnity may be sought from the
Company,  such holder or controlling Person shall promptly notify the Company in
writing,  and  the  Company  shall  assume  the  defense  thereof, including the
employment  of  counsel  satisfactory  to  a  majority  of  the  holders  to  be
indemnified and the payment of all reasonable expenses in relation thereto.  All
such  holders  or  such  controlling  Persons shall have the right to employ one
counsel  plus  additional  local  counsel,  if  reasonably required, in any such
action  and  to  participate  in  the  defense  thereof  unless,  in  the

                                       19
<PAGE>
reasonable  judgment  of such holders or such controlling Persons, a conflict of
interest  exists  and  it is therefore advisable for such holders or controlling
Persons  to  be  jointly  represented by separate counsel, and in that event the
Company  shall  pay  the  reasonable fees and expenses of such separate counsel.
The  Company  shall  not  be  liable  for  any  settlement of any such action or
proceeding effected without its written consent, but if settled with its written
consent, or if there be a final judgment for the plaintiff in any such action or
proceeding,  the  Company  agrees to indemnify and hold harmless each holder and
any  such controlling Person from and against any loss or liability by reason of
such  settlement  or  judgment.

          (v)     Indemnification  similar  to that specified in subsections (i)
and  (ii) of this Section 5E shall be given by the Company and each holder (with
such  modifications  as  shall  be  appropriate)  with  respect  to any required
registration,  or  other  qualification  of the Registrable Securities under any
Federal  or state law or regulation of any governmental authority other than the
Securities  Act.

     5F.     Public  Availability  of Information.  From and after the date when
             ------------------------------------
any  registration  statement  with respect to the Registrable Securities becomes
effective  and  as  long  as  required under the Exchange Act, the Company shall
maintain  the  registration of its Common Stock under Section 12 of the Exchange
Act  and  shall  keep  effective  such  registration  and shall timely file such
information,  documents  and  reports as the Commission may require or prescribe
under  Section  13  of  the Exchange Act, or otherwise.  From and after the date
when any registration statement of the Registrable Securities becomes effective,
the Company shall comply with the reporting requirements of Section 15(d) of the
Exchange  Act  (whether  or  not  it  shall be required to do so pursuant to the
provisions  of  said  Section  15(d))  and  shall  comply with, all other public
information  reporting requirements required by the Commission as a condition to
the  availability  of  an  exemption from the Securities Act for the sale of any
Registrable Securities, presently existing or hereafter adopted, including Rules
144  and  144A  thereunder.

     5G.     Supplying  Information.  The  Company  shall  cooperate  with  each
             ----------------------
holder  of  Registrable  Securities  in  supplying  such  information  as may be
reasonably  necessary  for  such  holder  to  complete  and file any information
reporting forms presently or hereafter required by the Commission as a condition
to  the availability of an exemption from the Securities Act for the sale of any
Registrable  Securities.

     SECTION  6.     NO  VOTING  RIGHTS; LIMITATIONS  OF LIABILITY. This Warrant
                     ---------------------------------------------
shall  not  entitle  the  holder  hereof  to  any rights as a stockholder of the
Company.  No  provision  hereof,  in  the  absence  of affirmative action by the
Registered  Holder  to  purchase  Common Stock, and no enumeration herein of the
rights  or  privileges of the Registered Holder shall give rise to any liability
of  such  holder  for  the Exercise Price of Common Stock acquirable by exercise
hereof  or  as  a  stockholder  of  the  Company.

     SECTION  7.     WARRANT  TRANSFERABLE .  Subject to the transfer conditions
                     ---------------------
referred to in the legend endorsed hereon, this Warrant and all rights hereunder
are  transferable, in whole or in part, without charge to the Registered Holder,
upon  surrender of this Warrant with a properly executed Assignment (in the form
of  Exhibit  II  hereto)  and  any  other  documentation

                                       20
<PAGE>
reasonably  requested  by  the Company in connection therewith, at the principal
office  of  the  Company.

     SECTION  8.     WARRANT  EXCHANGEABLE  FOR  DIFFERENT  DENOMINATIONS.  This
                     ----------------------------------------------------
Warrant  is  exchangeable, upon the surrender hereof by the Registered Holder at
the principal office of the Company, for new Warrants of like tenor representing
in  the  aggregate  the purchase rights hereunder, and each of such new Warrants
shall  represent  such portion of such rights as is designated by the Registered
Holder  at  the  time  of such surrender.  The date the Company initially issues
this  Warrant  shall be deemed to be the "Date of Issuance" hereof regardless of
the  number of times new certificates representing the unexpired and unexercised
rights  formerly  represented  by  this  Warrant  shall be issued.  All Warrants
representing  portions  of  the  rights hereunder are also referred to herein as
the"WARRANTS".

     SECTION  9.     REPLACEMENT.  Upon  receipt  of  evidence  reasonably
                     -----------
satisfactory to the Company of the ownership and the loss, theft, destruction or
mutilation  of  any  certificate evidencing this Warrant, and in the case of any
such  loss,  theft  or  destruction,  upon  receipt  of  indemnity  reasonably
satisfactory  to  the  Company,  or,  in  the  case  of any such mutilation upon
surrender  of such certificate, the Company shall execute and deliver in lieu of
such  certificate  a  new  certificate of like kind representing the same rights
represented  by  such lost, stolen, destroyed or mutilated certificate and dated
the  date  of  such  lost,  stolen,  destroyed  or  mutilated  certificate.

     SECTION  10.     NOTICES.  Except  as  otherwise expressly provided herein,
                      -------
all  notices  referred  to  in  this  Warrant  shall  be in writing and shall be
delivered  personally,  sent  by  reputable  overnight  courier service (charges
prepaid)  or  sent  by  registered  or certified mail, return receipt requested,
postage  prepaid  and shall be deemed to have been given when so delivered, sent
or  deposited  in  the  U.S. Mail (i) to the Company, at its principal executive
offices  and  (ii)  to the Registered Holder of this Warrant, at such Registered
Holder's  address  as it appears in the records of the Company (unless otherwise
indicated  by  any  such  Registered  Holder).

     SECTION 11.     AMENDMENT AND WAIVER.  Except as otherwise provided herein,
                     --------------------
the  provisions  of  this  Warrant  may  be amended and the Company may take any
action  herein  prohibited,  or  omit  to  perform any act herein required to be
performed  by  it,  only  if the Company has obtained the written consent of the
Registered  Holders  of Warrants representing a majority of the shares of Common
Stock  obtainable  upon  exercise  of  the  Warrants.

     SECTION  12.     DESCRIPTIVE  HEADINGS;  GOVERNING  LAW.  The  descriptive
                      --------------------------------------
headings of the several Sections and paragraphs of this Warrant are inserted for
convenience  only  and  do not constitute a part of this Warrant.  All questions
concerning  the  construction,  validity, enforcement and interpretation of this
Warrant  shall be governed by the internal law of the State of Delaware, without
giving effect to any choice of law or conflict of law provision or rule (whether
of  the  State  of  Delaware  or  any  other jurisdictions) that would cause the
application  of  the laws of any jurisdictions other than the State of Delaware.

                                   *  *  *  *  *

                                       21
<PAGE>
          IN  WITNESS  WHEREOF, the Company has caused this Warrant to be signed
by  its  duly  authorized  officer  and to be dated the Date of Issuance hereof.

                                                  CHARYS HOLDING COMPANY, INC.

                                                  By:   ________________________

                                                  Name: ________________________

                                                  Title:________________________

<PAGE>
                                                                       EXHIBIT I

                               EXERCISE AGREEMENT
                               ------------------

To:                                        Dated:

     The  undersigned,  pursuant  to  the  provisions  set forth in the attached
Warrant (Certificate No. W-____), hereby agrees to subscribe for the purchase of
______  shares  of  the  Common  Stock covered by such Warrant and makes payment
herewith  in  full  therefor  [in  the  amount  of  $_________  (in  cash)]  [by
surrendering debt or equity securities of the Company or any of its wholly-owned
Subsidiaries  having  a  Market  Price  equal  to  _____________________][by
authorizing  the  Company to withhold from issuance a number of shares of Common
Stock  issuable  upon  such exercise of the Warrant which when multiplied by the
Market  Price  of  the  Common Stock is equal to _____________________ (and such
withheld  shares  shall  no  longer  be  issuable  under  this  Warrant)].

     The  certificate(s)  evidencing ____ shares of Common Stock is to be issued
in  the  name  of  _____________________________________,  whose  address  is
________________________________________________________________________________
and  whose  (SS#)(FEIN#)  is  ___________.

     [The  number  of  shares  of Common Stock to be issued does not include all
shares  of  Common  Stock  purchasable  as provided in the attached Warrant and,
accordingly,  a  certificate  evidencing  a  new Warrant for _________ shares of
Common  Stock  is  to  be  issued  in  the  name  of
_____________________________________,  whose  address  is
________________________________________________________________________________
and  whose  (SS#)(FEIN#)  is  ___________.]

-

                                        Signature___________________________

                                        By__________________________________

                                        Title_______________________________

                                        Address_____________________________
-

<PAGE>
                                                                      EXHIBIT II

                                   ASSIGNMENT
                                   ----------

     FOR  VALUE  RECEIVED,  ______________________________ hereby sells, assigns
and  transfers  all  of the rights of the undersigned under the attached Warrant
(Certificate  No.  W-_____)  with  respect to the number of shares of the Common
Stock  covered  thereby  set  forth  below,  unto:

Name(s) of Assignee(s)            Address(es)            No. of Shares
----------------------            -----------            -------------

                                               Signature________________________

                                               By       ________________________

                                               Title    ________________________

                                               Date     ________________________

                                               Witness  ________________________

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